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14.03.2018 21:20:00
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Entravision Communications Corporation Reports Fourth Quarter And Full Year 2017 Results
SANTA MONICA, Calif., March 14, 2018 /PRNewswire/ -- Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and twelve-month periods ended December 31, 2017.
Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 11. Unaudited financial highlights are as follows:
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||||||
Net revenue: | ||||||||||||||||||||||||
Revenue from advertising and retransmission consent | $ | 73,460 | $ | 70,291 | 5 | % | $ | 272,091 | $ | 258,514 | 5 | % | ||||||||||||
Revenue from spectrum usage rights | - | - | * | 263,943 | - | * | ||||||||||||||||||
$ | 73,460 | $ | 70,291 | 5 | % | $ | 536,034 | $ | 258,514 | 107 | % | |||||||||||||
Cost of revenue - television (spectrum usage rights) (1) | 209 | - | * | 12,340 | - | * | ||||||||||||||||||
Cost of revenue - digital media (1) | 11,782 | 3,043 | 287 | % | 32,206 | 9,536 | 238 | % | ||||||||||||||||
Operating expenses (2) | 45,118 | 41,102 | 10 | % | 168,399 | 160,237 | 5 | % | ||||||||||||||||
Corporate expenses (3) | 8,242 | 7,918 | 4 | % | 27,937 | 24,543 | 14 | % | ||||||||||||||||
Foreign currency (gain) loss | 57 | - | * | 350 | - | * | ||||||||||||||||||
Consolidated adjusted EBITDA (4) | 11,199 | 20,620 | (46) | % | 51,400 | 69,243 | (26) | % | ||||||||||||||||
Free cash flow (5) | $ | 5,901 | $ | 14,919 | (60) | % | $ | 287,618 | $ | 45,204 | 536 | % | ||||||||||||
Net income | $ | 12,972 | $ | 7,003 | 85 | % | $ | 176,293 | $ | 20,405 | 764 | % | ||||||||||||
Net income per share, basic | $ | 0.14 | $ | 0.08 | 75 | % | $ | 1.95 | $ | 0.23 | 748 | % | ||||||||||||
Net income per share, diluted | $ | 0.14 | $ | 0.08 | 75 | % | $ | 1.92 | $ | 0.22 | 773 | % | ||||||||||||
Weighted average common shares outstanding, basic | 89,980,200 | 89,733,294 | 90,272,257 | 89,340,589 | ||||||||||||||||||||
Weighted average common shares outstanding, diluted | 91,613,199 | 91,642,487 | 91,891,957 | 91,303,056 | ||||||||||||||||||||
(1) Cost of revenue – digital media consists primarily of the costs of online media acquired from third-party publishers. Media cost is classified as cost of revenue in the period in which the corresponding revenue is recognized. Cost of revenue – television (spectrum usage rights) consists primarily of the carrying value of spectrum usage rights surrendered in the Federal Communications Commission ("FCC") auction for broadcast spectrum. | ||||||||||||||||||||||||
(2) Operating expenses include direct operating and selling, general and administrative expenses. Included in operating expenses are $0.4 million and $0.6 million of non-cash stock-based compensation for the three-month periods ended December 31, 2017 and 2016, respectively, and $1.2 million and $1.3 million of non-cash stock-based compensation for the twelve-month periods ended December 31, 2017 and 2016, respectively. Operating expenses do not include corporate expenses, foreign currency (gain) loss, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment and other income (loss). | ||||||||||||||||||||||||
(3) Corporate expenses include $2.5 million and $1.8 million of non-cash stock-based compensation for the three-month periods ended December 31, 2017 and 2016, respectively, and $4.9 million and $3.7 million of non-cash stock-based compensation for the twelve-month periods ended December 31, 2017 and 2016, respectively. | ||||||||||||||||||||||||
(4) Consolidated adjusted EBITDA means net income (loss) plus gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation included in operating and corporate expenses, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from FCC spectrum incentive auction less related expenses, expenses associated with investments, acquisitions and dispositions and certain pro-forma cost savings. We use the term consolidated adjusted EBITDA because that measure is defined in the agreement governing our current credit facility ("the 2017 Credit Facility") and does not include gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization and does include syndication programming payments, revenue from FCC spectrum incentive auction less related expenses, expenses associated with investments, acquisitions and dispositions and certain pro-forma cost savings. | ||||||||||||||||||||||||
(5) Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, and capital expenditures plus revenue from FCC spectrum incentive auction less related cash expenses. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income. | ||||||||||||||||||||||||
Commenting on the Company's earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, "During the fourth quarter, we achieved revenue growth driven by increases in our digital media segment attributable to the acquisition of Headway. This growth in our digital media segment offsets decreases in both our television and radio segments, which were affected by decreases in local and national advertising revenue and the loss of political advertising revenue compared to 2016. We continued to build our digital footprint and, looking ahead, we remain well positioned to build on our success in further attracting Latino and other audiences worldwide, and expanding our advertiser base to the benefit of our shareholders."
Financial Results | ||||||||||||
Three-Month Period Ended December 31, 2017 Compared to Three-Month Period Ended | ||||||||||||
December 31, 2016 | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
December 31, | ||||||||||||
2017 | 2016 | % Change | ||||||||||
Net, revenue from advertising and retransmission consent | $ | 73,460 | $ | 70,291 | 5 | % | ||||||
Cost of revenue - television (spectrum usage rights) (1) | 209 | - | * | |||||||||
Cost of revenue - digital media (1) | 11,782 | 3,043 | 287 | % | ||||||||
Operating expenses (1) | 45,118 | 41,102 | 10 | % | ||||||||
Corporate expenses (1) | 8,242 | 7,918 | 4 | % | ||||||||
Depreciation and amortization | 3,951 | 3,618 | 9 | % | ||||||||
Foreign currency (gain) loss | 57 | - | * | |||||||||
Operating income | 4,101 | 14,610 | (72) | % | ||||||||
Interest expense, net | (5,326) | (3,746) | 42 | % | ||||||||
Other income (loss) | 262 | - | * | |||||||||
Gain (loss) on debt extinguishment | (3,306) | (161) | 1953 | % | ||||||||
Income before income taxes | (4,269) | 10,703 | * | |||||||||
Income tax (expense) benefit | 17,376 | (3,700) | * | |||||||||
Net income (loss) before equity in net income (loss) of nonconsolidated affiliates | 13,107 | 7,003 | 87 | % | ||||||||
Equity in net income (loss) of nonconsolidated affiliates | (135) | - | * | |||||||||
Net income | $ | 12,972 | $ | 7,003 | 85 | % | ||||||
(1) Cost of revenue, operating expenses and corporate expenses are defined on page 1. | ||||||||||||
Net revenue from advertising and retransmission consent increased to $73.5 million for the three-month period ended December 31, 2017 from $70.3 million for the three-month period ended December 31, 2016, an increase of $3.2 million. Of the overall increase, $13.6 million was attributable to our digital media segment and was primarily due to the acquisition of 100% of the stock of several entities collectively doing business as Headway ("Headway") during the second quarter of 2017, which did not contribute to net revenue in prior periods. The overall increase was partially offset by a decrease in our television segment of $7.3 million due primarily to a decrease in both local and national revenue and a decrease in political advertising revenue, which was not material in 2017, partially offset by an increase in retransmission consent revenue. Additionally, the overall increase was partially offset by a decrease in our radio segment of $3.1 million due primarily to decreases in both local and national advertising revenue, and a decrease in political advertising revenue, which was not material in 2017.
Cost of revenue related to revenue from spectrum usage rights was $0.2 million for the three-month period ended December 31, 2017. We did not incur cost of revenue from spectrum usage rights in 2016.
Cost of revenue in our digital media segment increased to $11.8 million for the three-month period ended December 31, 2017 from $3.0 million for the three-month period ended December 31, 2016, an increase of $8.8 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to cost of revenue in prior periods.
Operating expenses increased to $45.1 million for the three-month period ended December 31, 2017 from $41.1 million for the three-month period ended December 31, 2016, an increase of $4.0 million. The increase was primarily attributable to the acquisition of Headway during the second quarter of 2017, which did not contribute to operating expenses in prior periods, an increase in salary expense and an increase in bad debt expense. The overall increase was partially offset by a decrease in expenses associated with the decrease in television and radio advertising revenue and a decrease in expenses for ratings services and promotional events.
Corporate expenses increased to $8.2 million for the three-month period ended December 31, 2017 from $7.9 million for the three-month period ended December 31, 2016, an increase of $0.3 million. The increase was primarily due to an increase in non-cash stock-based compensation expense.
Income tax expense for the three-month period ended December 31, 2017 includes a one-time provisional tax benefit of $17.3 million. This net tax benefit primarily consists of the net tax impact to our deferred taxes from the corporate rate reduction as a result of the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act.
Twelve-month Period Ended December 31, 2017 Compared to Twelve-month Period Ended | ||||||||||||
December 31, 2016 | ||||||||||||
(Unaudited) | ||||||||||||
Twelve Months Ended | ||||||||||||
December 31, | ||||||||||||
2017 | 2016 | % Change | ||||||||||
Net revenue: | ||||||||||||
Revenue from advertising and retransmission consent | $ | 272,091 | $ | 258,514 | 5 | % | ||||||
Revenue from spectrum usage rights | 263,943 | - | * | |||||||||
Total net revenue | 536,034 | 258,514 | 107 | % | ||||||||
Cost of revenue - television (spectrum usage rights) (1) | 12,340 | - | * | |||||||||
Cost of revenue - digital media (1) | 32,206 | 9,536 | 238 | % | ||||||||
Operating expenses (1) | 168,399 | 160,237 | 5 | % | ||||||||
Corporate expenses (1) | 27,937 | 24,543 | 14 | % | ||||||||
Depreciation and amortization | 16,411 | 15,342 | 7 | % | ||||||||
Foreign currency (gain) loss | 350 | - | * | |||||||||
Operating income | 278,391 | 48,856 | 470 | % | ||||||||
Interest expense, net | (15,935) | (15,169) | 5 | % | ||||||||
Other income (loss) | 262 | - | * | |||||||||
Gain (loss) on debt extinguishment | (3,306) | (161) | 1953 | % | ||||||||
Income before income taxes | 259,412 | 33,526 | 674 | % | ||||||||
Income tax (expense) benefit | (82,809) | (13,121) | 531 | % | ||||||||
Net income (loss) before equity in net income (loss) of nonconsolidated affiliates | 176,603 | 20,405 | 765 | % | ||||||||
Equity in net income (loss) of nonconsolidated affiliates | (310) | - | * | |||||||||
Net income | $ | 176,293 | $ | 20,405 | 764 | % | ||||||
(1) Cost of revenue, operating expenses and corporate expenses are defined on page 1. | ||||||||||||
Net revenue from advertising and retransmission consent increased to $272.1 million for the twelve-month period ended December 31, 2017 from $258.5 million for the twelve-month period ended December 31, 2016, an increase of $13.6 million. Of the overall increase, $34.0 million was attributable to our digital media segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to net revenue in prior periods. The overall increase was partially offset by a decrease in our television segment of $11.5 million due to a decrease in local revenue and a decrease in political advertising revenue, which was not material in 2017, partially offset by an increase in national advertising revenue and an increase in retransmission consent revenue. Additionally, the overall increase was partially offset by a decrease in our radio segment of $8.9 million due to decreases in both local and national advertising revenue, and a decrease in political advertising revenue, which was not material in 2017.
Net revenue from spectrum usage rights was $263.9 million for the twelve-month period ended December 31, 2017. We did not generate revenue from spectrum usage rights in 2016.
Cost of revenue related to revenue from spectrum usage rights was $12.3 million for the twelve-month period ended December 31, 2017. We did not incur cost of revenue from spectrum usage rights in 2016.
Cost of revenue in our digital media segment increased to $32.2 million for the twelve-month period ended December 31, 2017 from $9.5 million for the twelve-month period ended December 31, 2016, an increase of $22.7 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to cost of revenue in prior periods.
Operating expenses increased to $168.4 million for the twelve-month period ended December 31, 2017 from $160.2 million for the twelve-month period ended December 31, 2016, an increase of $8.2 million. The increase was primarily attributable to the acquisition of Headway during the second quarter of 2017, which did not contribute to operating expenses in prior periods. The overall increase was partially offset by decreases in expenses associated with the decrease in television and radio advertising revenue and decreases in rent expense, ratings service expense and event expense.
Corporate expenses increased to $27.9 million for the twelve-month period ended December 31, 2017 from $24.5 million for the twelve-month period ended December 31, 2016, an increase of $3.4 million. The increase was primarily due to expenses associated with the FCC auction for broadcast spectrum and non-cash stock-based compensation expense.
Income tax expense for the twelve-month period ended December 31, 2017 includes a one-time provisional tax benefit of $17.3 million. This net tax benefit primarily consists of the net tax impact to our deferred taxes from the corporate rate reduction as a result of the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act.
Segment Results | ||||||||||||||||||||||||
The following represents selected unaudited segment information: | ||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||||||
Net Revenue | ||||||||||||||||||||||||
Revenue from advertising and retransmission | ||||||||||||||||||||||||
Television | $ | 36,038 | $ | 43,380 | (17) | % | $ | 148,059 | $ | 159,523 | (7) | % | ||||||||||||
Radio | 17,118 | 20,242 | (15) | % | 66,934 | 75,847 | (12) | % | ||||||||||||||||
Digital | 20,304 | 6,669 | 204 | % | 57,098 | 23,144 | 147 | % | ||||||||||||||||
Total | $ | 73,460 | $ | 70,291 | 5 | % | $ | 272,091 | $ | 258,514 | 5 | % | ||||||||||||
Revenue from spectrum usage rights (television) | $ | - | $ | - | * | $ | 263,943 | $ | - | * | ||||||||||||||
Total Net Revenue | $ | 73,460 | $ | 70,291 | 5 | % | $ | 536,034 | $ | 258,514 | 107 | % | ||||||||||||
Cost of Revenue (1) | ||||||||||||||||||||||||
Television | 209 | - | * | 12,340 | - | * | ||||||||||||||||||
Digital | 11,782 | 3,043 | 287 | % | 32,206 | 9,536 | 238 | % | ||||||||||||||||
Total | $ | 11,991 | $ | 3,043 | 294 | % | $ | 44,546 | $ | 9,536 | 367 | % | ||||||||||||
Operating Expenses (1) | ||||||||||||||||||||||||
Television | 21,214 | 21,312 | (0) | % | 81,730 | 83,611 | (2) | % | ||||||||||||||||
Radio | 16,021 | 16,904 | (5) | % | 63,315 | 65,390 | (3) | % | ||||||||||||||||
Digital | 7,883 | 2,886 | 173 | % | 23,354 | 11,236 | 108 | % | ||||||||||||||||
Total | $ | 45,118 | $ | 41,102 | 10 | % | $ | 168,399 | $ | 160,237 | 5 | % | ||||||||||||
Corporate Expenses (1) | $ | 8,242 | $ | 7,918 | 4 | % | $ | 27,937 | $ | 24,543 | 14 | % | ||||||||||||
Foreign currency (gain) loss | $ | 57 | $ | - | * | $ | 350 | $ | - | * | ||||||||||||||
Consolidated adjusted EBITDA (1) | $ | 11,199 | $ | 20,620 | (46) | % | $ | 51,400 | $ | 69,243 | (26) | % | ||||||||||||
(1) Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 1. | ||||||||||||||||||||||||
Entravision Communications Corporation will hold a conference call to discuss its 2017 fourth quarter and full year results on March 14, 2018 at 5 p.m. Eastern Time. To access the conference call, please dial 412-317-5440 ten minutes prior to the start time. The call will be webcast live and archived for replay on the investor relations portion of the Company's web site located at www.entravision.com.
Entravision Communications Corporation is a leading global media company that, through its television and radio segments, reaches and engages U.S. Hispanics across acculturation levels and media channels. Additionally, our digital segment, whose operations are located primarily in Spain, Mexico, and Argentina and other countries in Latin America, reaches a global market. The Company's expansive portfolio encompasses integrated marketing and media solutions, comprised of television, radio, and digital properties and data analytics services. Entravision has 55 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravision also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision's owned and operated, as well as its affiliate partner, radio stations. Entravision's Pulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision's digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the United States, Mexico and other markets in Latin America. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission.
(Financial Table Follows)
Entravision Communications Corporation | ||||||||
Consolidated Balance Sheets | ||||||||
(In thousands; unaudited) | ||||||||
December 31, | December 31, | |||||||
2017 | 2016 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 39,560 | $ | 61,520 | ||||
Restricted Cash | 222,294 | $ | - | |||||
Trade receivables, net of allowance for doubtful accounts | 84,348 | 65,072 | ||||||
Prepaid expenses and other current assets | 6,260 | 4,870 | ||||||
Total current assets | 352,462 | 131,462 | ||||||
Property and equipment, net | 60,337 | 55,368 | ||||||
Intangible assets subject to amortization, net | 26,758 | 13,120 | ||||||
Intangible assets not subject to amortization | 251,163 | 220,701 | ||||||
Goodwill | 70,557 | 50,081 | ||||||
Deferred income taxes | - | 44,677 | ||||||
Other assets | 4,690 | 2,512 | ||||||
Total assets | $ | 765,967 | $ | 517,921 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Current maturities of long-term debt | $ | 3,000 | $ | 3,750 | ||||
Accounts payable and accrued expenses | 59,522 | 30,810 | ||||||
Total current liabilities | 62,522 | 34,560 | ||||||
Long-term debt, less current maturities, net of unamortized debt issuance costs | 292,489 | 286,697 | ||||||
Other long-term liabilities | 21,447 | 13,208 | ||||||
Deferred income taxes | 40,639 | — | ||||||
Total liabilities | 417,097 | 334,465 | ||||||
Stockholders' equity | ||||||||
Class A common stock | 7 | 7 | ||||||
Class B common stock | 2 | 2 | ||||||
Class U common stock | 1 | 1 | ||||||
Additional paid-in capital | 888,650 | 904,867 | ||||||
Accumulated deficit | (539,730) | (718,444) | ||||||
Accumulated other comprehensive income (loss) | (60) | (2,977) | ||||||
Total stockholders' equity | 348,870 | 183,456 | ||||||
Total liabilities and stockholders' equity | $ | 765,967 | $ | 517,921 | ||||
Entravision Communications Corporation | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three-Month Period | Twelve-Month Period | |||||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net revenue | ||||||||||||||||
Revenue from advertising and retransmission consent | $ | 73,460 | $ | 70,291 | $ | 272,091 | $ | 258,514 | ||||||||
Revenue from spectrum usage rights | - | - | 263,943 | - | ||||||||||||
73,460 | 70,291 | 536,034 | 258,514 | |||||||||||||
Expenses: | ||||||||||||||||
Cost of revenue - television (spectrum usage rights) | 209 | - | 12,340 | - | ||||||||||||
Cost of revenue - digital media | 11,782 | 3,043 | 32,206 | 9,536 | ||||||||||||
Direct operating expenses | 32,045 | 29,098 | 119,283 | 113,439 | ||||||||||||
Selling, general and administrative expenses | 13,073 | 12,004 | 49,116 | 46,798 | ||||||||||||
Corporate expenses | 8,242 | 7,918 | 27,937 | 24,543 | ||||||||||||
Depreciation and amortization | 3,951 | 3,618 | 16,411 | 15,342 | ||||||||||||
Foreign currency (gain) loss | 57 | - | 350 | - | ||||||||||||
69,359 | 55,681 | 257,643 | 209,658 | |||||||||||||
Operating income | 4,101 | 14,610 | 278,391 | 48,856 | ||||||||||||
Interest expense | (5,625) | (3,850) | (16,709) | (15,469) | ||||||||||||
Interest income | 299 | 104 | 774 | 300 | ||||||||||||
Other income (loss) | 262 | - | 262 | - | ||||||||||||
Gain (loss) on debt extinguishment | (3,306) | (161) | (3,306) | (161) | ||||||||||||
Income before income taxes | (4,269) | 10,703 | 259,412 | 33,526 | ||||||||||||
Income tax (expense) benefit | 17,376 | (3,700) | (82,809) | (13,121) | ||||||||||||
Income (loss) before equity in net income (loss) of nonconsolidated | 13,107 | 7,003 | 176,603 | 20,405 | ||||||||||||
Equity in net income (loss) of nonconsolidated affiliate | (135) | - | (310) | - | ||||||||||||
Net income | $ | 12,972 | $ | 7,003 | $ | 176,293 | $ | 20,405 | ||||||||
Basic and diluted earnings per share: | ||||||||||||||||
Net income per share, basic | $ | 0.14 | $ | 0.08 | $ | 1.95 | $ | 0.23 | ||||||||
Net income per share, diluted | $ | 0.14 | $ | 0.08 | $ | 1.92 | $ | 0.22 | ||||||||
Cash dividends declared per common share, basic | $ | 0.05 | $ | 0.03 | $ | 0.16 | $ | 0.13 | ||||||||
Cash dividends declared per common share, diluted | $ | 0.05 | $ | 0.03 | $ | 0.16 | $ | 0.12 | ||||||||
Weighted average common shares outstanding, basic | 89,980,200 | 89,733,294 | 90,272,257 | 89,340,589 | ||||||||||||
Weighted average common shares outstanding, diluted | 91,613,199 | 91,642,487 | 91,891,957 | 91,303,056 | ||||||||||||
Entravision Communications Corporation | ||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||
(In thousands; unaudited) | ||||||||||||||||
Three-Month Period | Twelve-Month Period | |||||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 12,972 | $ | 7,003 | $ | 176,293 | $ | 20,405 | ||||||||
Adjustments to reconcile net income to net cash provided by | ||||||||||||||||
Depreciation and amortization | 3,951 | 3,618 | 16,411 | 15,342 | ||||||||||||
Cost of revenue - television (spectrum usage rights) | 209 | - | 12,340 | - | ||||||||||||
Deferred income taxes | (17,551) | 3,641 | 81,963 | 12,528 | ||||||||||||
Non-cash interest | 2,642 | 197 | 3,237 | 776 | ||||||||||||
Amortization of syndication contracts | 141 | 109 | 452 | 398 | ||||||||||||
Payments on syndication contracts | (145) | (118) | (445) | (388) | ||||||||||||
Equity in net (income) loss of nonconsolidated affiliate | 135 | - | 310 | - | ||||||||||||
Non-cash stock-based compensation | 2,942 | 2,401 | 6,091 | 5,035 | ||||||||||||
(Gain) loss on sale of property | 28 | - | 28 | - | ||||||||||||
(Gain) loss on debt extinguishment | 3,306 | 161 | 3,306 | 161 | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
(Increase) decrease in trade receivables | (12,376) | (4,407) | 414 | 1,397 | ||||||||||||
(Increase) decrease in prepaid expenses and other current | 917 | 1,391 | (913) | 439 | ||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 6,424 | 4,395 | (2,438) | 1,203 | ||||||||||||
Net cash provided by operating activities | 3,595 | 18,391 | 297,049 | 57,296 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Proceeds from sale of property and equipment and intangibles | 50 | - | 50 | - | ||||||||||||
Purchases of property and equipment | (2,439) | (2,093) | (12,078) | (9,053) | ||||||||||||
Purchases of intangibles | - | - | (32,588) | - | ||||||||||||
Purchase of a business, net of cash acquired | (21,008) | - | (28,497) | - | ||||||||||||
Purchases of short term investments: CDs | - | - | - | (30,000) | ||||||||||||
Proceeds from short term investments: CDs | - | - | - | 30,000 | ||||||||||||
Purchases of investments | (250) | (250) | (2,450) | (500) | ||||||||||||
Deposits on acquisition | 1,050 | - | (190) | - | ||||||||||||
Net cash used in investing activities | (22,597) | (2,343) | (75,753) | (9,553) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from stock option exercises | 697 | (1,105) | 708 | 780 | ||||||||||||
Tax payments related to shares withheld for share-based compensation plans | (798) | - | (798) | - | ||||||||||||
Payments on long-term debt | (290,750) | (20,937) | (293,563) | (23,750) | ||||||||||||
Dividends paid | (4,491) | (2,806) | (14,670) | (11,177) | ||||||||||||
Repurchase of Class A common stock | (3,552) | - | (5,330) | - | ||||||||||||
Termination of swap agreements | (2,441) | - | (2,441) | - | ||||||||||||
Proceeds from borrowings on long-term debt | 298,500 | - | 298,500 | - | ||||||||||||
Payments of capitalized debt offering and issuance costs | (3,382) | - | (3,382) | - | ||||||||||||
Net cash used in financing activities | (6,217) | (24,848) | (20,976) | (34,147) | ||||||||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | (3) | - | 14 | - | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (25,222) | (8,800) | 200,334 | 13,596 | ||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Beginning | 287,076 | 70,320 | 61,520 | 47,924 | ||||||||||||
Ending | $ | 261,854 | $ | 61,520 | $ | 261,854 | $ | 61,520 | ||||||||
Entravision Communications Corporation | ||||||||||||||||
Reconciliation of Consolidated Adjusted EBITDA to Cash Flows From Operating Activities | ||||||||||||||||
(In thousands; unaudited) | ||||||||||||||||
The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows: | ||||||||||||||||
Three-Month Period | Twelve-Month Period | |||||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Consolidated adjusted EBITDA (1) | $ | 11,199 | $ | 20,620 | $ | 51,400 | $ | 69,243 | ||||||||
Net revenue - FCC spectrum incentive auction | - | - | 263,943 | - | ||||||||||||
Expenses - FCC spectrum incentive auction | (209) | - | (14,443) | - | ||||||||||||
Interest expense | (5,625) | (3,850) | (16,709) | (15,469) | ||||||||||||
Interest income | 299 | 104 | 774 | 300 | ||||||||||||
Gain (loss) on debt extinguishment | (3,306) | (161) | (3,306) | (161) | ||||||||||||
Income tax (expense) benefit | 17,376 | (3,700) | (82,809) | (13,121) | ||||||||||||
Amortization of syndication contracts | (141) | (109) | (452) | (398) | ||||||||||||
Payments on syndication contracts | 145 | 118 | 445 | 388 | ||||||||||||
Non-cash stock-based compensation included in direct operating | ||||||||||||||||
expenses | (430) | (630) | (1,236) | (1,330) | ||||||||||||
Non-cash stock-based compensation included in corporate expenses | (2,512) | (1,771) | (4,855) | (3,705) | ||||||||||||
Depreciation and amortization | (3,951) | (3,618) | (16,411) | (15,342) | ||||||||||||
Other income (loss) | 262 | - | 262 | - | ||||||||||||
Equity in net income (loss) of nonconsolidated affiliates | (135) | - | (310) | - | ||||||||||||
Net income | 12,972 | 7,003 | 176,293 | 20,405 | ||||||||||||
Depreciation and amortization | 3,951 | 3,618 | 16,411 | 15,342 | ||||||||||||
Cost of revenue - television (spectrum usage rights) | 209 | - | 12,340 | - | ||||||||||||
Deferred income taxes | (17,551) | 3,641 | 81,963 | 12,528 | ||||||||||||
Amortization of debt issuance costs | 2,642 | 197 | 3,237 | 776 | ||||||||||||
Amortization of syndication contracts | 141 | 109 | 452 | 398 | ||||||||||||
Payments on syndication contracts | (145) | (118) | (445) | (388) | ||||||||||||
Equity in net (income) loss of nonconsolidated affiliate | 135 | - | 310 | - | ||||||||||||
Non-cash stock-based compensation | 2,942 | 2,401 | 6,091 | 5,035 | ||||||||||||
(Gain) loss on sale of property | 28 | - | 28 | - | ||||||||||||
(Gain) loss on debt extinguishment | 3,306 | 161 | 3,306 | 161 | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
(Increase) decrease in accounts receivable | (12,376) | (4,407) | 414 | 1,397 | ||||||||||||
(Increase) decrease in prepaid expenses and other assets | 917 | 1,391 | (913) | 439 | ||||||||||||
Increase (decrease) in accounts payable, accrued expenses and | 6,424 | 4,395 | (2,438) | 1,203 | ||||||||||||
Net cash provided by (used in ) operating activities | $ | 3,595 | $ | 18,391 | $ | 297,049 | $ | 57,296 | ||||||||
(1) Consolidated adjusted EBITDA is defined on page 1. | ||||||||||||||||
Entravision Communications Corporation | ||||||||||||||||
Reconciliation of Free Cash Flow to Cash Flows From Operating Activities | ||||||||||||||||
(In thousands; unaudited) | ||||||||||||||||
The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows: | ||||||||||||||||
Three-Month Period | Twelve-Month Period | |||||||||||||||
Ended December 31, | Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Consolidated adjusted EBITDA (1) | $ | 11,199 | $ | 20,620 | $ | 51,400 | $ | 69,243 | ||||||||
Net, cash interest expense (1) | (2,685) | (3,549) | (12,698) | (14,393) | ||||||||||||
Cash paid for income taxes | (174) | (59) | (846) | (593) | ||||||||||||
Capital expenditures (2) | (2,439) | (2,093) | (12,078) | (9,053) | ||||||||||||
Net revenue - FCC spectrum incentive auction | - | - | 263,943 | - | ||||||||||||
Expenses - FCC spectrum incentive auction | - | - | (2,103) | - | ||||||||||||
Free cash flow (1) | 5,901 | 14,919 | 287,618 | 45,204 | ||||||||||||
Capital expenditures (2) | 2,439 | 2,093 | 12,078 | 9,053 | ||||||||||||
Other income (loss) | 262 | - | 262 | - | ||||||||||||
(Gain) loss on sale of property | 28 | - | 28 | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
(Increase) decrease in accounts receivable | (12,376) | (4,407) | 414 | 1,397 | ||||||||||||
(Increase) decrease in prepaid expenses and other assets | 917 | 1,391 | (913) | 439 | ||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 6,424 | 4,395 | (2,438) | 1,203 | ||||||||||||
Cash Flows From Operating Activities | $ | 3,595 | $ | 18,391 | $ | 297,049 | $ | 57,296 | ||||||||
(1) | Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 1. |
(2) | Capital expenditures are not part of the consolidated statement of operations. |
View original content:http://www.prnewswire.com/news-releases/entravision-communications-corporation-reports-fourth-quarter-and-full-year-2017-results-300614204.html
SOURCE Entravision Communications Corporation
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