Q3 2024 Entravision Communications Corp Earnings Call Transcript
Key Points
- Entravision Communications Corp (EVC) reported a 25% increase in revenue for the third quarter compared to the same period in 2023, driven by political advertising and growth in their advertising technology and services segment.
- The company's media segment revenue increased by 23% in the third quarter, primarily due to political advertising revenue.
- Entravision's advertising technology and services segment saw a 30% revenue growth, with improved operating margins attributed to better performance in Smadex and Adwake businesses.
- The company successfully expanded its news production capabilities, doubling the amount of news provided to its audience, which was profitable in its first full quarter.
- Entravision's strategic investments in media and political sales have positioned it as a critical player in reaching Latino audiences, with political revenue for 2024 expected to surpass previous highs.
- Entravision Communications Corp (EVC) reported a net loss of $12 million attributable to common stockholders in the third quarter, compared to a net income of $2.7 million in the prior year.
- The decline in net income was primarily due to an income tax loss incurred in the third quarter of 2024.
- The sale of the Entravision Global Partners business impacted the timing of quarterly tax expenses, contributing to financial volatility.
- Free cash flow decreased to $9.3 million in the third quarter of 2024 from $17 million in the same period of 2023, largely due to the absence of cash flow from the sold EGP business.
- Despite increased political revenue, the amount spent on key races was lower than expected, not meeting the company's most ambitious revenue expectations.
Greetings and welcome to the Entravision third quarter, 2024 earnings report.
(Operator Instructions)
It is now my pleasure to turn the call over to Roy from Entravision.
Good afternoon, everyone. I am Roy Nir, Vice President of Financial Reporting and Investor relations. Welcome to Entravision third quarter, 2024 earnings report. Joining me today are Michael Christenson, Chief Executive Officer and Mark Boelke, Chief Financial Officer.
Before we begin, I must inform you that our report will contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ. Please refer to Entravision's SEC filings for a list of risks and uncertainties that could impact actual results.
Our report will also include non-GAAP financial measures. The company has provided a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures in its press release. The
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