Entravision Communications Corp. Files Q3 2024 10-Q
Ticker: EVC · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 1109116
Sentiment: neutral
Topics: 10-Q, financials, broadcasting
TL;DR
**EVC Q3 10-Q filed. Financials and ops details out.**
AI Summary
Entravision Communications Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and segment performance are presented, reflecting the company's activities in television broadcasting and advertising.
Why It Matters
This filing provides investors and analysts with the latest financial results and operational details for Entravision, crucial for understanding the company's current performance and future outlook.
Risk Assessment
Risk Level: medium — The company operates in the dynamic media and advertising sector, which is subject to economic fluctuations and evolving digital trends.
Key Numbers
- Q3 — Quarterly Filing (Indicates the report covers the third quarter of the fiscal year.)
- 20240930 — Reporting Period End (The end date for the financial data presented in the report.)
- 20241107 — Filing Date (The date the report was officially submitted to the SEC.)
Key Players & Entities
- ENTRAVISION COMMUNICATIONS CORP (company) — Filer
- 20240930 (date) — Reporting Period End Date
- 20241107 (date) — Filing Date
- SANTA MONICA (location) — Business Address City
- DE (location) — State of Incorporation
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 7, 2024.
What is the company's name and ticker symbol?
The company is ENTRAVISION COMMUNICATIONS CORP, and its SEC file number is 001-15997.
Where is Entravision Communications Corp. headquartered?
Entravision Communications Corp. is located in Santa Monica, CA.
What industry does Entravision Communications Corp. operate in?
Entravision Communications Corp. operates in Television Broadcasting Stations.
Filing Stats: 4,530 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-11-07 16:05:37
Key Financial Figures
- $0.0001 — 4, 2024, there were 80,634,381 shares, $0.0001 par value per share, of the registrant'
Filing Documents
- evc-20240930.htm (10-Q) — 2992KB
- evc-ex31_1.htm (EX-31.1) — 12KB
- evc-ex31_2.htm (EX-31.2) — 12KB
- evc-ex32.htm (EX-32) — 11KB
- 0000950170-24-123278.txt ( ) — 14168KB
- evc-20240930.xsd (EX-101.SCH) — 1814KB
- evc-20240930_htm.xml (XML) — 3296KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION ITEM 1.
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS 4 CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 4 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE-AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND SEPTEMBER 30, 2023 5 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) FOR THE THREE- AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND SEPTEMBER 30, 2023 6 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) FOR THE THREE- AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND SEPTEMBER 30, 2023 7 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND SEPTEMBER 30, 2023 9 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 10 ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28 ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 37 ITEM 4.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 37
OTHER INFORMATION
PART II. OTHER INFORMATION ITEM 1.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 38 ITEM 1A.
RISK FACTORS
RISK FACTORS 38 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 38 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 38 ITEM 4. MINE SAFETY DISCLOSURES 38 ITEM 5. OTHER INFORMATION 38 ITEM 6. EXHIBITS 39 GENERAL NOTE As discussed in more detail throughout this report, during the second quarter of 2024 we sold our Entravision Global Partners, or EGP, business. Unless the context indicates otherwise, references throughout this report to discontinued operations refer to EGP prior to its sale. With the sale of our EGP business, we identify ourselves and operate as a media and advertising technology company. As a result, effective July 1, 2024, we have realigned our operating segments into two segments – media and advertising technology & services – consistent with our current operational and management structure. Our media segment consists of sales of advertising through various media, including television, radio and digital. We own and/or operate 49 primary television stations and 44 radio stations (37 FM and 7 AM), reaching and engaging U.S. Latinos. Our advertising technology & services segment consists of Smadex, our programmatic ad purchasing platform, and Adwake, which includes BCNMonetize, our mobile growth solutions business. Our reportable segments are the same as our operating segments. Prior periods have been recast to conform to this presentation throughout this report. See "Management's Discussion and Analysis of Results of Operations" and Note 2 to Notes to Condensed Consolidated Financial Statements.
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,
FINANCI AL STATEMENTS
ITEM 1. FINANCI AL STATEMENTS ENTRAVISION COMMUNICATIONS CORPORATION CONDENSED CO NSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands, except share and per share data) September 30, December 31, 2024 2023 ASSETS Current assets Cash and cash equivalents $ 90,258 $ 67,398 Marketable securities 2,826 13,172 Restricted cash 783 770 Trade receivables, (including related parties of $ 5,457 and $ 10,051 ) net of allowance for doubtful accounts of $ 2,675 and $ 2,399 69,758 70,082 Assets held for sale - 301 Prepaid expenses and other current assets (including related parties of $ 274 and $ 274 ) 31,763 16,863 Current assets of discontinued operations - 217,269 Total current assets 195,388 385,855 Property and equipment, net of accumulated depreciation of $ 162,929 and $ 189,708 61,297 66,932 Intangible assets subject to amortization, net of accumulated amortization of $ 61,856 and $ 59,647 (including related parties of $ 2,089 and $ 2,785 ) 4,890 7,100 Intangible assets not subject to amortization 195,174 195,174 Goodwill 50,673 50,674 Deferred income taxes 87 265 Operating leases right of use asset 41,742 42,868 Other assets 8,007 21,223 Noncurrent assets of discontinued operations - 95,855 Total assets $ 557,258 $ 865,946 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current maturities of long-term debt $ - $ 8,750 Accounts payable and accrued expenses (including related parties of $ 1,934 and $ 1,071 ) 64,528 47,776 Operating lease liabilities 7,740 6,748 Current liabilities of discontinued operations - 208,779 Total current liabilities 72,268 272,053 Long-term debt, less current maturities, net of unamortized debt issuance costs of $ 848 and $ 1,116 186,902 197,884 Long-term operating lease liabilities 43,171 45,178 Other long-term liabilities 4,443 4,624 Deferred income taxes