Entravision Communications Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Entravision Communications Corp. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ENTRAVISION COMMUNICATIONS CORP (EVC) filed a Annual Report (10-K) with the SEC on March 14, 2024. Entravision Communications Corp. filed its 2023 Form 10-K on March 14, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Television Broadcasting Stations. Key dates mentioned include various asset and acquisition dates throughout 2021-2023. The filing includes details on common stock, restricted stock units, and performance shares.

Why It Matters

For investors and stakeholders tracking ENTRAVISION COMMUNICATIONS CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Entravision's financial health, operational segments, and strategic initiatives for the past fiscal year, crucial for investors assessing the company's trajectory. The detailed disclosures within the 10-K are essential for understanding the company's revenue streams, asset base, liabilities, and any potential risks or opportunities moving forward.

Risk Assessment

Risk Level: medium — ENTRAVISION COMMUNICATIONS CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the specific financial details and risk factors within the report will determine the actual risk level for investors.

Analyst Insight

Investors should carefully review the financial statements and risk factors sections of the 10-K to understand Entravision's performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (Reported Period)
• 20240314 — Filing Date (Date of Submission)
• 120 — Public Document Count (Number of documents in the filing)
• 4833 — SIC Code (Television Broadcasting Stations)

Key Players & Entities

• ENTRAVISION COMMUNICATIONS CORP (company) — Filer
• 0000950170-24-031460 (filing_id) — Accession Number
• 20231231 (date) — Fiscal Year End
• 20240314 (date) — Filing Date
• TELEVISION BROADCASTING STATIONS (industry) — Standard Industrial Classification
• SANTA MONICA (location) — Business Address City
• DE (location) — State of Incorporation
• 001-15997 (filing_id) — SEC File Number

FAQ

Industry Context

Entravision Communications Corp. operates in the Television Broadcasting Stations industry, a sector focused on the transmission and sale of advertising time on television channels.

Regulatory Implications

The company is subject to regulations from the Federal Communications Commission (FCC) governing broadcasting operations in the United States.

What Investors Should Do

1. Analyze the full financial statements within the 10-K for revenue, net income, and other key performance indicators.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing Entravision.
3. Examine management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-14: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending December 31, 2023. Comparisons to prior periods will be found within the detailed financial statements and MD&A.

Key Financial Figures

• $0.0001 — ock outstanding, a nd 9,352,729 shares, $0.0001 par value per share, of the registrant'
• $611 billion — ising spending is expected to grow from $611 billion in 2024 to $920 billion in 2027, with d
• $920 billion — ed to grow from $611 billion in 2024 to $920 billion in 2027, with digital advertising accou
• $12.3 billion — the United States is expected to reach $12.3 billion in 2024, which represents a 24% increas
• $1,106.9 million — or the year ended December 31, 2023 was $1,106.9 million. Of this amount, revenue generated by o

Filing Documents

• evc-20231231.htm (10-K) — 4480KB
• evc-ex4_1.htm (EX-4.1) — 13KB
• evc-ex21_1.htm (EX-21.1) — 36KB
• evc-ex23_1.htm (EX-23.1) — 3KB
• evc-ex23_2.htm (EX-23.2) — 4KB
• evc-ex31_1.htm (EX-31.1) — 13KB
• evc-ex31_2.htm (EX-31.2) — 13KB
• evc-ex32.htm (EX-32) — 9KB
• evc-ex97.htm (EX-97) — 31KB
• img5032793_0.jpg (GRAPHIC) — 64KB
• 0000950170-24-031460.txt (&nbsp;) — 19755KB
• evc-20231231.xsd (EX-101.SCH) — 2401KB
• evc-20231231_htm.xml (XML) — 4360KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 11 ITEM 1B. UNRESOLVED STAFF COMMENTS 20 ITEM 1C. CYBERSECURITY 20 ITEM 2.

PROPERTIES

PROPERTIES 21 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 21 ITEM 4. MINE SAFETY DISCLOSURES 21 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 22 ITEM 6. RESERVED 23 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 24 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 35 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 36 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 36 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 36 ITEM 9B. OTHER INFORMATION 37 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 37 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 38 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 38 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 38 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 38 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 38 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 39 ITEM 16. FORM 10-K SUMMARY 42

SIGNATURES

SIGNATURES 43 POWER OF ATTORNEY 43 2

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words "may," "could," "will," "estimate," "intend," "continue," "believe," "expect", "anticipate" or other similar words. These forward-looking statements present our estimates and assumptions only as of the date of this report. Except for our ongoing obligation to disclose material information as required by the federal securities laws, we do not intend, and undertake no obligation, to update any forward-looking statement. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. Some of the key factors impacting these risks and uncertainties include, but are not limited to: risks related to our substantial indebtedness and/or our ability to raise capital; provisions of our debt instruments, including the agreement dated as of March 17,

B USINESS

ITEM 1. B USINESS The discussion of the business of Entravision Communications Corporation and its wholly-owned subsidiaries, or Entravision or the Company, is as of the date of filing this report, unless otherwise indicated. Overview Introduction We are a leading global advertising solutions, media and technology company. Our operations encompass integrated, end-to-end advertising solutions across multiple media, comprised of digital, television and audio properties. For financial reporting purposes, we report in three segments based upon the type of advertising medium: digital, television and audio. Our digital segment, whose operations are primarily located in Europe, Latin America, Asia, the United States and Africa, reaches a global market, with a focus on advertisers that wish to advertise on digital platforms owned and operated primarily by global media companies. We have commercial partnerships with Meta, ByteDance Ltd., or ByteDance, which owns the TikTok platform, X Corp., or X (formerly known as Twitter), Spotify AB, or Spotify, Snap Inc., or Snap, and Pinterest, Inc., or Pinterest. Additionally, marketers can use our Smadex programmatic ad purchasing platform to deliver targeted advertising to audiences around the globe. On March 4, 2024, we received a communication from Meta that it intends to wind down its authorized sales partner, or ASP, program globally and end its relationship with all of its ASPs, including us, by July 1, 2024. We expect that the termination of this program will have a material effect on our digital operations and results of operations and that our consolidated and digital segment revenue and cash flow from operations will be materially and adversely affected in future periods. As a result, we have initiated a review of our current digital strategy and operations, discussed in more detail below. The discussion regarding our digital operations throughout this report, including all references to our commercial relationsh

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