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Form 8-K ENTRAVISION COMMUNICATIO For: May 07

May 7, 2015 4:12 PM EDT

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 8-K

 

Current Report

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  May 7, 2015

ENTRAVISION COMMUNICATIONS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

1-15997

95-4783236

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

2425 Olympic Boulevard, Suite 6000 West

Santa Monica, California 90404

(Address of principal executive offices) (Zip Code)

(310) 447-3870

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


Item 2.02   Results of Operations and Financial Condition.

On May 7, 2015, Entravision Communications Corporation (the “Company”) issued a press release announcing its results of operations for the three-month period ended March 31, 2015.  A copy of that press release is furnished herewith as Exhibit 99.1.

The information in this Current Report on Form 8-K, including the exhibit hereto, is being furnished under Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference into any future registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01   Financial Statements and Exhibits

(d) Exhibits

99.1

Press release issued by Entravision Communications Corporation on May 7, 2015.

- 2 -

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

ENTRAVISION COMMUNICATIONS
CORPORATION

Date:  May 7, 2015

 

By:

/s/ Walter F. Ulloa

 

 

 

Walter F. Ulloa

 

 

 

Chairman and Chief Executive
Officer

 

- 3 -

 

 


EXHIBIT INDEX

 

Exhibit 

Number

 

Description of Exhibit

99.1

 

Press release issued by Entravision Communications Corporation on May 7, 2015.

 

 

- 4 -

 

 

Exhibit 99.1

 

ENTRAVISION COMMUNICATIONS CORPORATION REPORTS

FIRST QUARTER 2015 RESULTS

- First Quarter 2015 Net Revenue and Consolidated Adjusted EBITDA Increases 13% and 12% Respectively -
- Free Cash Flow Increases 10% -
- Announces Quarterly Cash Dividend of $0.025 Per Share -

SANTA MONICA, CALIFORNIA, May 7, 2015 – Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three-month period ended March 31, 2015.

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 9. Unaudited financial highlights are as follows:

 

 

Three-Month Period

 

 

Ended March 31,

 

 

2015

 

 

2014

 

 

% Change

 

Net revenue

$

59,550

 

 

$

52,656

 

 

 

13

%

Cost of revenue - digital media (1)

 

1,360

 

 

 

-

 

 

 

100

%

Operating expenses (2)

 

37,186

 

 

 

33,507

 

 

 

11

%

Corporate expenses (3)

 

4,993

 

 

 

4,836

 

 

 

3

%

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated adjusted EBITDA (4)

 

16,842

 

 

 

14,985

 

 

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

Free cash flow (5)

$

10,258

 

 

$

9,353

 

 

 

10

%

Free cash flow per share, basic (5)

$

0.12

 

 

$

0.11

 

 

 

9

%

Free cash flow per share, diluted (5)

$

0.11

 

 

$

0.10

 

 

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

5,284

 

 

$

4,388

 

 

 

20

%

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share, basic and diluted

$

0.06

 

 

$

0.05

 

 

 

20

%

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

87,531,375

 

 

 

88,683,948

 

 

 

 

 

Weighted average common shares outstanding, diluted

 

90,085,961

 

 

 

90,943,866

 

 

 

 

 

 

(1)

Cost of revenue 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.

(2)

Operating expenses include direct operating, selling, general and administrative expenses. Included in operating expenses are $0.4 million and $0.1 million of non-cash stock-based compensation for the three-month periods ended March 31, 2015 and 2014, respectively. Operating expenses do not include corporate expenses, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment and other income (loss).

(3)

Corporate expenses include $0.5 million and $0.6 million of non-cash stock-based compensation for the three-month periods ended March 31, 2015 and 2014, 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 and syndication programming amortization less syndication programming payments. We use the term consolidated adjusted EBITDA because that measure is defined in our 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 and syndication programming amortization and does include syndication programming payments. While many in the financial community and we consider consolidated adjusted EBITDA to be important, it should be considered in addition to, but not as a substitute for or superior to, other measures of liquidity and financial performance prepared in accordance with accounting principles generally accepted in the United States of America, such as cash flows from operating activities, operating income and net income. As consolidated adjusted EBITDA excludes non-cash gain (loss) on sale of assets, non-cash depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation expense, 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 and syndication programming amortization and includes syndication programming payments, consolidated adjusted EBITDA has certain limitations because it excludes and includes several important non-cash


Entravision Communications

Page 2 of 10

 

financial line items. Therefore, we consider both non-GAAP and GAAP measures when evaluating our business. Consolidated adjusted EBITDA is also used to make executive compensation decisions.

(5)

Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, and capital expenditures. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income. Free cash flow per share is defined as free cash flow divided by the basic or diluted weighted average common shares outstanding.

Commenting on the Company’s earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, “During the first quarter, we achieved revenue growth driven by increases in our television, radio and digital media segments. We also improved our free cash flow and net income over the first quarter of 2014.  We continued to build our digital footprint through the acquisition of Pulpo Media in June 2014, which provides us with an integrated platform to allow advertisers and marketers to connect with Latino audiences.  Looking ahead, we remain well positioned to build on our success in attracting Latino audiences, expanding our advertiser base and monetizing our reach to the benefit of our shareholders.”

Quarterly Cash Dividend

The Company announced today that its Board of Directors has approved a quarterly cash dividend to shareholders of $0.025 per share of the Company's Class A, Class B and Class U common stock, in an aggregate amount of approximately $2.2 million. The quarterly dividend will be payable on June 30, 2015 to shareholders of record as of the close of business on June 15, 2015, and the common stock will trade ex-dividend on June 11, 2015. As previously announced, the Company currently anticipates that future cash dividends will be paid on a quarterly basis. However any decision to pay future cash dividends will be subject to approval by the Board.

 

 

 

 


Entravision Communications

Page 3 of 10

 

Financial Results

Three-Month Period Ended March 31, 2015 Compared to Three-Month Period Ended

March 31, 2014

(Unaudited)

 

 

Three-Month Period

 

 

Ended March 31,

 

 

2015

 

 

2014

 

 

% Change

 

Net revenue

$

59,550

 

 

$

52,656

 

 

 

13

%

Cost of revenue - digital media (1)

 

1,360

 

 

 

-

 

 

 

100

%

Operating expenses (1)

 

37,186

 

 

 

33,507

 

 

 

11

%

Corporate expenses (1)

 

4,993

 

 

 

4,836

 

 

 

3

%

Depreciation and amortization

 

3,962

 

 

 

3,515

 

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

12,049

 

 

 

10,798

 

 

 

12

%

Interest expense, net

 

(3,219

)

 

 

(3,426

)

 

 

(6

)%

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

8,830

 

 

 

7,372

 

 

 

20

%

 

 

 

 

 

 

 

 

 

 

 

 

Income tax (expense) benefit

 

(3,546

)

 

 

(2,984

)

 

 

19

%

Net income (loss)

$

5,284

 

 

$

4,388

 

 

 

20

%

 

(1)

Cost of revenue, operating expenses and corporate expenses are defined on page 1.

Net revenue increased to $59.6 million for the three-month period ended March 31, 2015 from $52.7 million for the three-month period ended March 31, 2014, an increase of $6.9 million. Of the overall increase, approximately $1.8 million was generated by our television segment and was primarily attributable to approximately $5.0 million of revenue associated with television station channel modifications made by the Company in order to accommodate the operations of a telecommunications operator. This increase was partially offset by decreases in local and national advertising revenue, a decrease in political advertising revenue, which was not material in 2015, and a decrease in retransmission consent revenue. Additionally, $1.4 million of the overall increase was generated by our radio segment and was primarily attributable to increases in local and national advertising. The remaining $3.7 million of the overall increase was generated by our digital segment, resulting from our acquisition of Pulpo Media (“Pulpo”) in June 2014 and which did not contribute to revenues in prior periods.

Operating expenses increased to $37.2 million for the three-month period ended March 31, 2015 from $33.5 million for the three-month period ended March 31, 2014, an increase of $3.7 million. The increase was primarily attributable to our acquisition of Pulpo in June 2014, and increases in rent expense, salary expense and employee benefits costs.

Corporate expenses increased to $5.0 million for the three-month period ended March 31, 2015 from $4.8 million for the three-month period ended March 31, 2014, an increase of $0.2 million. The increase was primarily attributable to an increase in salary expense.

Cost of revenue was $1.4 million for the three-month period ended March 31, 2015 due to the acquisition of Pulpo in June 2014.

 

 

 

 


Entravision Communications

Page 4 of 10

 

Segment Results

The following represents selected unaudited segment information:

 

 

Three-Month Period

 

 

Ended March 31,

 

 

 

2015

 

 

 

2014

 

 

% Change

 

Net Revenue

 

 

 

 

 

 

 

 

 

 

 

Television

$

39,502

 

 

$

37,741

 

 

 

5

%

Radio

 

16,345

 

 

 

14,915

 

 

 

10

%

Digital

 

3,703

 

 

 

-

 

 

 

100

%

Total

$

59,550

 

 

$

52,656

 

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Revenue - digital media (1)

 

 

 

 

 

 

 

 

 

 

 

Digital

$

1,360

 

 

$

-

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses (1)

 

 

 

 

 

 

 

 

 

 

 

Television

$

19,734

 

 

$

19,451

 

 

 

1

%

Radio

 

14,712

 

 

 

14,056

 

 

 

5

%

Digital

 

2,740

 

 

 

-

 

 

 

100

%

Total

$

37,186

 

 

$

33,507

 

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Expenses (1)

$

4,993

 

 

$

4,836

 

 

 

3

%

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated adjusted EBITDA (1)

$

16,842

 

 

$

14,985

 

 

 

12

%

 

(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 2015 first quarter results on May 7, 2015 at 5 p.m. Eastern Time. To access the conference call, please dial 412-858-4600 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 diversified media company serving Latino audiences and communities with an integrated platform of solutions and services that includes television, radio, digital media and data analytics to reach Latino audiences across the United States and Latin America. Entravision has 58 primary television stations, including in 20 of the nation’s top 50 Latino markets, and is the largest affiliate group of both the top-ranked Univision television network and Univision’s UniMás network. Entravision also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 49 owned and operated radio stations, and Entravision Solutions, a national sales representation and marketing organization specializing in Spanish-language media platforms and radio networks. Entravision also offers a variety of digital media platforms and services, including digital content, digital advertising platforms, including the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and data analytics solutions designed to maximize the opportunity for advertisers and marketers to connect with the growing Latino consumer market. 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

Page 5 of 10

 

For more information, please contact:

 

Christopher T. Young

  

Mike Smargiassi/Brad Edwards

Chief Financial Officer

  

Brainerd Communicators, Inc.

Entravision Communications Corporation

  

212-986-6667

310-447-3870

  

 

 

 

 


Entravision Communications

Page 6 of 10

 

Entravision Communications Corporation

Consolidated Balance Sheets

(In thousands; unaudited)

 

 

March 31,

 

 

December 31,

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

49,864

 

 

$

31,260

 

Trade receivables, net of allowance for doubtful accounts

 

48,947

 

 

 

64,956

 

Deferred income taxes

 

5,900

 

 

 

5,900

 

Prepaid expenses and other current assets

 

5,776

 

 

 

5,295

 

Total current assets

 

110,487

 

 

 

107,411

 

Property and equipment, net

 

56,948

 

 

 

56,784

 

Intangible assets subject to amortization, net

 

19,309

 

 

 

20,193

 

Intangible assets not subject to amortization

 

220,701

 

 

 

220,701

 

Goodwill

 

50,081

 

 

 

50,081

 

Deferred income taxes

 

64,328

 

 

 

66,558

 

Other assets

 

5,770

 

 

 

6,039

 

Total assets

$

527,624

 

 

$

527,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Current maturities of long-term debt

$

3,750

 

 

$

3,750

 

Advances payable, related parties

 

118

 

 

 

118

 

Accounts payable and accrued expenses

 

27,432

 

 

 

32,195

 

Total current liabilities

 

31,300

 

 

 

36,063

 

Long-term debt, less current maturities

 

335,625

 

 

 

336,563

 

Other long-term liabilities

 

11,451

 

 

 

9,583

 

Total liabilities

 

378,376

 

 

 

382,209

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

Class A common stock

 

6

 

 

 

6

 

Class B common stock

 

2

 

 

 

2

 

Class U common stock

 

1

 

 

 

1

 

Additional paid-in capital

 

911,737

 

 

 

912,161

 

Accumulated deficit

 

(759,190

)

 

 

(764,474

)

Accumulated other comprehensive income (loss)

 

(3,308

)

 

 

(2,138

)

Total stockholders' equity

 

149,248

 

 

 

145,558

 

Total liabilities and stockholders' equity

$

527,624

 

 

$

527,767

 

 

 

 


Entravision Communications

Page 7 of 10

 

Entravision Communications Corporation

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

Three-Month Period

 

 

Ended March 31,

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

 

Net revenue

$

59,550

 

 

$

52,656

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

Cost of revenue - digital media

 

1,360

 

 

 

-

 

Direct operating expenses

 

26,685

 

 

 

24,876

 

Selling, general and administrative expenses

 

10,501

 

 

 

8,631

 

Corporate expenses

 

4,993

 

 

 

4,836

 

Depreciation and amortization

 

3,962

 

 

 

3,515

 

 

 

47,501

 

 

 

41,858

 

Operating income (loss)

 

12,049

 

 

 

10,798

 

Interest expense

 

(3,227

)

 

 

(3,438

)

Interest income

 

8

 

 

 

12

 

Income (loss) before income taxes

 

8,830

 

 

 

7,372

 

Income tax (expense) benefit

 

(3,546

)

 

 

(2,984

)

Net income (loss)

$

5,284

 

 

$

4,388

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share:

 

 

 

 

 

 

 

Net income (loss) per share, basic and diluted

$

0.06

 

 

$

0.05

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

$

0.03

 

 

$

0.03

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

87,531,375

 

 

 

88,683,948

 

Weighted average common shares outstanding, diluted

 

90,085,961

 

 

 

90,943,866

 

 

 

 


Entravision Communications

Page 8 of 10

 

Entravision Communications Corporation

Consolidated Statements of Cash Flows

(In thousands; unaudited)

 

 

Three-Month Period

 

 

Ended March 31,

 

 

2015

 

 

2014

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income (loss)

$

5,284

 

 

$

4,388

 

Adjustments to reconcile net income (loss) to net cash provided by

   (used in) operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

3,962

 

 

 

3,515

 

Deferred income taxes

 

2,959

 

 

 

2,495

 

Amortization of debt issue costs

 

194

 

 

 

201

 

Amortization of syndication contracts

 

86

 

 

 

122

 

Payments on syndication contracts

 

(122

)

 

 

(158

)

Non-cash stock-based compensation

 

867

 

 

 

708

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

(Increase) decrease in accounts receivable

 

15,976

 

 

 

3,510

 

(Increase) decrease in prepaid expenses and other assets

 

(561

)

 

 

(993

)

Increase (decrease) in accounts payable, accrued expenses

   and other liabilities

 

(3,840

)

 

 

(7,041

)

Net cash provided by (used in) operating activities

 

24,805

 

 

 

6,747

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment and intangibles

 

(2,972

)

 

 

(1,918

)

Net cash provided by (used in) investing activities

 

(2,972

)

 

 

(1,918

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from stock option exercises

 

900

 

 

 

1,636

 

Payments on long-term debt

 

(938

)

 

 

(938

)

Dividends paid

 

(2,191

)

 

 

(2,224

)

Payment of contingent consideration

 

(1,000

)

 

 

-

 

Net cash provided by (used in) financing activities

 

(3,229

)

 

 

(1,526

)

Net increase (decrease) in cash and cash equivalents

 

18,604

 

 

 

3,303

 

Cash and cash equivalents:

 

 

 

 

 

 

 

Beginning

 

31,260

 

 

 

43,822

 

Ending

$

49,864

 

 

$

47,125

 

 

 

 


Entravision Communications

Page 9 of 10

 

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

 

 

Ended March 31,

 

 

 

2015

 

 

 

2014

 

 

 

 

 

 

 

 

 

Consolidated adjusted EBITDA (1)

$

16,842

 

 

$

14,985

 

Interest expense

 

(3,227

)

 

 

(3,438

)

Interest income

 

8

 

 

 

12

 

Income tax (expense) benefit

 

(3,546

)

 

 

(2,984

)

Amortization of syndication contracts

 

(86

)

 

 

(122

)

Payments on syndication contracts

 

122

 

 

 

158

 

Non-cash stock-based compensation included in direct operating

   expenses

 

(358

)

 

 

(90

)

Non-cash stock-based compensation included in corporate expenses

 

(509

)

 

 

(618

)

Depreciation and amortization

 

(3,962

)

 

 

(3,515

)

Net income (loss)

 

5,284

 

 

 

4,388

 

Depreciation and amortization

 

3,962

 

 

 

3,515

 

Deferred income taxes

 

2,959

 

 

 

2,495

 

Amortization of debt issue costs

 

194

 

 

 

201

 

Amortization of syndication contracts

 

86

 

 

 

122

 

Payments on syndication contracts

 

(122

)

 

 

(158

)

Non-cash stock-based compensation

 

867

 

 

 

708

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

(Increase) decrease in accounts receivable

 

15,976

 

 

 

3,510

 

(Increase) decrease in prepaid expenses and other assets

 

(561

)

 

 

(993

)

Increase (decrease) in accounts payable, accrued expenses and other liabilities

 

(3,840

)

 

 

(7,041

)

Cash flows from operating activities

$

24,805

 

 

$

6,747

 

 

(1)

Consolidated adjusted EBITDA is defined on page 1.

 

 

 


Entravision Communications

Page 10 of 10

 

Entravision Communications Corporation

Reconciliation of Free Cash Flow to Net Income (Loss)

(In thousands; unaudited)

The most directly comparable GAAP financial measure is net income (loss). A reconciliation of this non-GAAP measure to net income (loss) for each of the periods presented is as follows:

 

 

Three-Month Period

 

 

Ended March 31,

 

 

 

2015

 

 

 

2014

 

Consolidated adjusted EBITDA (1)

$

16,842

 

 

$

14,985

 

Net interest expense (1)

 

3,025

 

 

 

3,225

 

Cash paid for income taxes

 

587

 

 

 

489

 

Capital expenditures (2)

 

2,972

 

 

 

1,918

 

Free cash flow (1)

 

10,258

 

 

 

9,353

 

 

 

 

 

 

 

 

 

Capital expenditures (2)

 

2,972

 

 

 

1,918

 

Amortization of debt issue costs

 

(194

)

 

 

(201

)

Non-cash income tax expense

 

(2,959

)

 

 

(2,495

)

Amortization of syndication contracts

 

(86

)

 

 

(122

)

Payments on syndication contracts

 

122

 

 

 

158

 

Non-cash stock-based compensation included in direct operating

   expenses

 

(358

)

 

 

(90

)

Non-cash stock-based compensation included in corporate expenses

 

(509

)

 

 

(618

)

Depreciation and amortization

 

(3,962

)

 

 

(3,515

)

Net income (loss)

$

5,284

 

 

$

4,388

 

 

(1)

Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 1.

(2)

Capital expenditures is not part of the consolidated statement of operations.



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