8-K

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): August 05, 2021

ENTRAVISION COMMUNICATIONS CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-15997	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)

Registrant’s Telephone Number, Including Area Code: 310 447-3870

(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:

☐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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common stock	EVC	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 5, 2021, Entravision Communications Corporation (the “Company”) issued a press release announcing its results of operations for the three-month period ended June 30, 2021. A copy of that press release is furnished herewith as Exhibit 99.1.

The information provided pursuant to Item 2.02 in this Current Report on Form 8-K, including the exhibit thereto, 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 August 5, 2021 announcing its results of operations for the three-month period ended June 30, 2021.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

- 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: August 5, 2021	By:	/s/ Walter F. Ulloa
		Walter F. Ulloa
		Chairman and Chief Executive Officer

- 3 -

EX-99.1

Entravision Communications

Page 1 of 11

Exhibit 99.1

ENTRAVISION COMMUNICATIONS CORPORATION REPORTS

SECOND QUARTER 2021 RESULTS

SANTA MONICA, CALIFORNIA, August 5, 2021 – Entravision Communications Corporation (NYSE: EVC), a leading global media, marketing and technology company, today announced financial results for the three- and six-month periods ended June 30, 2021.

Second Quarter 2021 Highlights

Net revenue up 295% over the prior-year period

Net income attributable to common stockholders up 236% over the prior-year period

Consolidated Adjusted EBITDA up 932% over the prior-year period

Operating cash flow up 181% over the prior-year period

Free cash flow of $12.4 million compared to a loss of $1.4 million in the prior-year period

Quarterly cash dividend of $0.025 per share

“Entravision had a strong second quarter of 2021 and an even stronger first half of the year. Net revenues for the second quarter improved 295% as compared to the prior-year period, while Adjusted EBITDA increased 932% year-over-year,” said Walter F. Ulloa, Chairman and Chief Executive Officer. “Growth in the quarter was largely driven by our digital business, which is now our largest segment, currently at 73% of consolidated revenues. Our core television and audio businesses also saw sequential and year-over-year revenue improvements, bolstering our overall performance.”

Mr. Ulloa continued, “Our digital segment continues to represent a significant part of the growth of our business. Right after the end of the second quarter we acquired MediaDonuts, a company engaged in the sale and marketing of digital advertising in Southeast Asia. Through the acquisition of MediaDonuts, along with our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020, we have now added two digital powerhouses to our platform whose combined leadership, sales, operations and geographic reach further propel our core digital offerings and position us to partner with the world’s leading technology and social platforms."

Quarterly Cash Dividend

The Company also announced today that its Board of Directors approved a quarterly cash dividend to shareholders of $0.025 per share on the Company's Class A, Class B and Class U common stock, in an aggregate amount of approximately $2.1 million. The quarterly dividend will be payable on September 30, 2021 to shareholders of record as of the close of business on September 15, 2021, and the common stock will trade ex-dividend on September 14, 2021. 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.

Non-GAAP Financial Measures

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 10.

Entravision Communications

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Unaudited Financial Highlights

	Three-Month Period									Six-Month Period
	Ended June 30,									Ended June 30,
	2021			2020			% Change			2021			2020			% Change
Net revenue	$	178,410		$	45,116			295	%	$	327,290		$	109,365			199	%
Cost of revenue - digital (1)		109,030			6,447		*				193,786			13,794		*
Operating expenses (2)		41,442			33,037			25	%		81,856			73,307			12	%
Corporate expenses (3)		7,345			5,384			36	%		14,503			12,224			19	%
Foreign currency (gain) loss		(309	)		(155	)		99	%		277			1,353			(80	)%
Consolidated adjusted EBITDA (4)		17,787			1,724			932	%		31,982			11,402			180	%
Free cash flow (5)	$	12,420		$	(1,408	)	*			$	25,449		$	3,821			566	%
Net income (loss)	$	10,476		$	2,338			348	%	$	17,478		$	(33,254	)	*
Net (income) loss attributable to redeemable noncontrolling interest	$	(2,612	)	$	-		*			$	(4,185	)	$	-		*
Net income (loss) attributable to common stockholders	$	7,864		$	2,338			236	%	$	13,293		$	(33,254	)	*
Net income (loss) per share attributable to common stockholders, basic	$	0.09		$	0.03			200	%	$	0.16		$	(0.39	)	*
Net income (loss) per share attributable to common stockholders, diluted	$	0.09		$	0.03			200	%	$	0.15		$	(0.39	)	*
Weighted average common shares outstanding, basic		85,188,182			84,123,530						85,115,310			84,220,649
Weighted average common shares outstanding, diluted		87,777,039			84,669,250						87,382,215			84,220,649

(1)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 includes direct operating and selling, general and administrative expenses. Included in operating expenses are $0.3 million and $0.1 million of non-cash stock-based compensation for the three-month periods ended June 30, 2021 and 2020, respectively, and $0.6 million and $0.2 million of non-cash stock-based compensation for the six-month periods ended June 30, 2021 and 2020, respectively.

(3)Corporate expenses include $0.8 million and $0.7 million of non-cash stock-based compensation for the three-month periods ended June 30, 2021 and 2020, respectively, and $1.6 million and $1.4 million of non-cash stock-based compensation for the six-month periods ended June 30, 2021 and 2020, 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 operating gain (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 the Federal Communications Commission, or FCC, spectrum incentive auction less related expenses, expenses associated with investments, EBITDA attributable to redeemable noncontrolling interest, 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 less syndication programming payments, revenue from FCC spectrum incentive auction less related expenses, expenses associated with investments, EBITDA attributable to redeemable noncontrolling interest, 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, capital expenditures and non-recurring cash expenses plus dividend income, and other operating gain (loss). Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.

Entravision Communications

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Unaudited Financial Results

	Three-Month Period
	Ended June 30,
	2021			2020			% Change
Net revenue	$	178,410		$	45,116			295	%
Cost of revenue - digital (1)		109,030			6,447		*
Operating expenses (1)		41,442			33,037			25	%
Corporate expenses (1)		7,345			5,384			36	%
Depreciation and amortization		5,074			3,873			31	%
Impairment charge		112			-		*
Foreign currency (gain) loss		(309	)		(155	)		99	%
Other operating (gain) loss		(523	)		(2,030	)		(74	)%
Operating income (loss)		16,239			(1,440	)	*
Interest expense, net		(1,773	)		(1,485	)		19	%
Dividend income		2			-		*
Income (loss) before income taxes		14,468			(2,925	)	*
Income tax benefit (expense)		(3,992	)		5,263		*
Net income (loss)		10,476			2,338			348	%
Net (income) loss attributable to redeemable noncontrolling interest		(2,612	)		-		*
Net income (loss) attributable to common stockholders	$	7,864		$	2,338			236	%

(1) Cost of revenue, operating expenses and corporate expenses are defined on page 2.

Net revenue in the second quarter of 2021 totaled $178.4 million, up 295% from $45.1 million in the prior-year period.Of the overall increase, approximately $118.8 million was attributable to our digital segment and was primarily due to our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020. In addition, of the overall increase, approximately $7.1 million was attributable to our television segment, primarily due to increases in local and national advertising revenue, partially offset by decreases in political revenue and revenue from spectrum usage rights. Additionally, of the overall increase, approximately $7.3 million was attributable to our radio segment primarily due to increases in local and national advertising revenue, partially offset by a decrease in political revenue.

Cost of revenue in the second quarter of 2021 totaled $109.0 million compared to $6.4 million in the prior-year period. The increase was primarily due to increased costs of revenue associated with the increase in net revenue due to our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020.

Operating expenses in the second quarter of 2021 totaled $41.4 million, up 25% from $33.0 million in the prior-year period. The increase was primarily due to our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020, and due to an increase in expenses associated with the increase in advertising revenue, partially offset by decreases in bad debt and salary expense associated with furloughs and layoffs that occurred in 2020.

Corporate expenses in the second quarter of 2021 totaled $7.3 million, up 36% from $5.4 million in the prior-year period. The increase was primarily due to an increase in salaries, audit fees and financial due diligence fees.

Entravision Communications

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	Six-Month Period
	Ended June 30,
	2021			2020			% Change
Net revenue	$	327,290		$	109,365			199	%
Cost of revenue - digital (1)		193,786			13,794		*
Operating expenses (1)		81,856			73,307			12	%
Corporate expenses (1)		14,503			12,224			19	%
Depreciation and amortization		10,258			8,385			22	%
Impairment charge		1,438			39,835			(96	)%
Foreign currency (gain) loss		277			1,353			(80	)%
Other operating (gain) loss		(2,436	)		(2,866	)		(15	)%
Operating income (loss)		27,608			(36,667	)	*
Interest expense, net		(3,350	)		(3,542	)		(5	)%
Dividend income		4			24			(83	)%
Income (loss) before income taxes		24,262			(40,185	)	*
Income tax benefit (expense)		(6,784	)		6,931		*
Net income (loss)		17,478			(33,254	)	*
Net (income) loss attributable to redeemable noncontrolling interest		(4,185	)		-		*
Net income (loss) attributable to common stockholders	$	13,293		$	(33,254	)	*

(1) Cost of revenue, operating expenses and corporate expenses are defined on page 2.

Net revenue for the six-month period of 2021 totaled $327.3 million, up 199% from $109.4 million in the prior-year period. Of the overall increase, approximately $207.0 million was attributable to our digital segment and was primarily due to our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020. In addition, of the overall increase, approximately $3.9 million was attributable to our television segment, primarily due to increases in local and national advertising revenue, and revenue from spectrum usage rights, partially offset by a decrease in political revenue. Additionally, of the overall increase, approximately $6.9 million was attributable to our radio segment primarily due to increases in local and national advertising revenue, partially offset by a decrease in political revenue.

Cost of revenue for the six-month period of 2021 totaled $193.8 million compared to $13.8 million in the prior-year period. The increase was primarily due to increased costs of revenue associated with the increase in net revenue due to our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020.

Operating expenses for the six-month period of 2021 totaled $81.9 million, up 12% from $73.3 million in the prior-year period. The increase was primarily due to our acquisition of a majority interest in Cisneros Interactive during the fourth quarter of 2020, and due to an increase in expenses associated with the increase in advertising revenue, partially offset by decreases in bad debt and salary expense associated with furloughs and layoffs that occurred in 2020.

Corporate expenses for the six-month period of 2021 totaled $14.5 million, up 19% from $12.2 million in the prior-year period. The increase was primarily due to an increase in salaries, audit fees and financial due diligence fees.

Balance Sheet and Related Metrics

Cash and marketable securities as of June 30, 2021 totaled approximately $181.9 million. Total debt was $213.8 million. Net of $75 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 1.7 times as of June 30, 2021. Net of total accessible cash and marketable securities, total leverage was 0.7 times.

Entravision Communications

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Unaudited Segment Results

	Three-Month Period							Six-Month Period
	Ended June 30,							Ended June 30,
	2021		2020		% Change			2021		2020		% Change
Net Revenue
Digital	$	130,223	$	11,373		1045	%	$	231,705	$	24,704		838	%
Television		34,057		26,955		26	%		70,148		66,154		6	%
Radio		14,130		6,788		108	%		25,437		18,507		37	%
Total	$	178,410	$	45,116		295	%	$	327,290	$	109,365		199	%
Cost of Revenue - digital (1)
Digital	$	109,030	$	6,447	*			$	193,786	$	13,794	*
Operating Expenses (1)
Digital		12,027		6,156		95	%		22,877		13,020		76	%
Television		19,516		17,736		10	%		39,400		39,493		(0	)%
Radio		9,899		9,145		8	%		19,579		20,794		(6	)%
Total	$	41,442	$	33,037		25	%	$	81,856	$	73,307		12	%
Corporate Expenses (1)	$	7,345	$	5,384		36	%	$	14,503	$	12,224		19	%
Consolidated adjusted EBITDA (1)	$	17,787	$	1,724		932	%	$	31,982	$	11,402		180	%

(1)Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 2.

Notice of Conference Call

Entravision Communications Corporation will hold a conference call to discuss its second quarter 2021 results on Thursday, August 5, 2021 at 5 p.m. Eastern Time. To access the conference call, please dial (877) 407-9716 (U.S.) or (201) 493-6779 (Int’l) ten minutes prior to the start time and reference Conference ID number 13720020. The call will also be available via live webcast on the investor relations portion of the Company's website located at www.entravision.com.

About Entravision Communications Corporation

Entravision is a diversified global media, marketing and technology company serving clients throughout the United States and in more than 20 countries across Latin America, Europe, and Southeast Asia. Entravision has 54 television stations and is the largest affiliate group of the Univision and UniMás television networks, and 47 Spanish-language radio stations that feature nationally recognized, award-winning talent. Our dynamic digital portfolio includes Entravision Digital, which serves small- and medium-size businesses in high-density U.S. Latino markets and provides cutting-edge mobile programmatic solutions and demand-side platforms that allow advertisers to execute performance campaigns using machine-learned bidding algorithms. We also offer digital advertising solutions representing major technology platforms in Latin America, through our Cisneros Interactive business, and in Southeast Asia, through our MediaDonuts business.  Shares of Entravision Class A Common Stock trade on The New York Stock Exchange under the ticker symbol: EVC. Learn more about all of our media, marketing and technology offerings at entravision.com or connect with us on LinkedIn and Facebook.

Forward-Looking Statements

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.

Entravision Communications

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For more information, please contact:

Christopher T. Young	Kimberly Esterkin
Chief Financial Officer	ADDO Investor Relations
Entravision Communications Corporation	310-829-5400
310-447-3870	evc@addo.com

# # #

(Financial Table Follows)

Entravision Communications

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Entravision Communications Corporation

Consolidated Balance Sheets

(In thousands; unaudited)

	June 30,			December 31,
	2021			2020
ASSETS
Current assets
Cash and cash equivalents	$	171,862		$	119,162
Marketable securities		10,009			27,988
Restricted cash		749			749
Trade receivables, net of allowance for doubtful accounts		141,697			142,004
Assets held for sale		7,248			2,141
Prepaid expenses and other current assets		23,345			18,021
Total current assets		354,910			310,065
Property and equipment, net		66,375			72,004
Intangible assets subject to amortization, net		45,760			49,412
Intangible assets not subject to amortization		211,753			216,653
Goodwill		58,043			58,043
Operating leases right of use asset		33,741			33,525
Other assets		7,436			7,643
Total assets	$	778,018		$	747,345
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt	$	3,000		$	3,000
Accounts payable and accrued expenses		141,767			126,849
Operating lease liabilities		7,524			7,290
Total current liabilities		152,291			137,139
Long-term debt, less current maturities, net of unamortized debt issuance costs		208,612			210,454
Long-term operating lease liabilities		31,447			31,775
Other long-term liabilities		3,507			3,732
Deferred income taxes		57,729			54,980
Total liabilities		453,586			438,080
Redeemable noncontrolling interest		37,470			33,285
Stockholders' equity
Class A common stock		6			6
Class B common stock		2			2
Class U common stock		1			1
Additional paid-in capital		826,474			828,813
Accumulated deficit		(538,493	)		(551,786	)
Accumulated other comprehensive income (loss)		(1,028	)		(1,056	)
Total stockholders' equity		286,962			275,980
Total liabilities and stockholders' equity	$	778,018		$	747,345

Entravision Communications

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Entravision Communications Corporation

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

	Three-Month Period						Six-Month Period
	Ended June 30,						Ended June 30,
	2021			2020			2021			2020
Net revenue	$	178,410		$	45,116		$	327,290		$	109,365
Expenses:
Cost of revenue - digital		109,030			6,447			193,786			13,794
Direct operating expenses		28,336			22,140			54,897			48,819
Selling, general and administrative expenses		13,106			10,897			26,959			24,488
Corporate expenses		7,345			5,384			14,503			12,224
Depreciation and amortization		5,074			3,873			10,258			8,385
Impairment charge		112			-			1,438			39,835
Foreign currency (gain) loss		(309	)		(155	)		277			1,353
Other operating (gain) loss		(523	)		(2,030	)		(2,436	)		(2,866	)
		162,171			46,556			299,682			146,032
Operating income (loss)		16,239			(1,440	)		27,608			(36,667	)
Interest expense		(1,856	)		(2,024	)		(3,573	)		(4,704	)
Interest income		83			539			223			1,162
Dividend income		2			-			4			24
Income (loss) before income taxes		14,468			(2,925	)		24,262			(40,185	)
Income tax benefit (expense)		(3,992	)		5,263			(6,784	)		6,931
Net income (loss)		10,476			2,338			17,478			(33,254	)
Net (income) loss attributable to redeemable noncontrolling interest		(2,612	)		-			(4,185	)		-
Net income (loss) attributable to common stockholders	$	7,864		$	2,338		$	13,293		$	(33,254	)
Basic and diluted earnings per share:
Net income (loss) per share attributable to common stockholders, basic	$	0.09		$	0.03		$	0.16		$	(0.39	)
Net income (loss) per share attributable to common stockholders, diluted	$	0.09		$	0.03		$	0.15		$	(0.39	)
Cash dividends declared per common share, basic and diluted	$	0.03		$	0.03		$	0.05		$	0.08
Weighted average common shares outstanding, basic		85,188,182			84,123,530			85,115,310			84,220,649
Weighted average common shares outstanding, diluted		87,777,039			84,669,250			87,382,215			84,220,649

Entravision Communications

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Entravision Communications Corporation

Consolidated Statements of Cash Flows

(In thousands; unaudited)

	Three-Month Period						Six-Month Period
	Ended June 30,						Ended June 30,
	2021			2020			2021			2020
Cash flows from operating activities:
Net income (loss)	$	10,476		$	2,338		$	17,478		$	(33,254	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		5,074			3,873			10,258			8,385
Impairment charge		112			—			1,438			39,835
Deferred income taxes		712			(5,585	)		3,699			(7,398	)
Non-cash interest		159			163			298			332
Amortization of syndication contracts		119			128			238			258
Payments on syndication contracts		(115	)		(123	)		(239	)		(253	)
Non-cash stock-based compensation		1,135			803			2,206			1,592
(Gain) loss on disposal of property and equipment		—			(627	)		—			(627	)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		(9,460	)		12,031			467			19,513
(Increase) decrease in prepaid expenses and other assets		1,732			4,064			2,909			5,090
Increase (decrease) in accounts payable, accrued expenses and other liabilities		10,989			(9,616	)		5,633			(14,010	)
Net cash provided by operating activities		20,933			7,449			44,385			19,463
Cash flows from investing activities:
Proceeds from sale of property and equipment and intangibles		—			3,989			—			3,989
Purchases of property and equipment		(998	)		(3,005	)		(2,836	)		(5,676	)
Purchases of intangible assets		—			(3	)		—			(158	)
Proceeds from marketable securities		5,680			10,243			17,800			26,860
Net cash provided by (used in) investing activities		4,682			11,224			14,964			25,015
Cash flows from financing activities:
Proceeds from stock option exercises		172			—			172			—
Tax payments related to shares withheld for share-based compensation plans		(449	)		(15	)		(458	)		(15	)
Payments on long-term debt		(750	)		(750	)		(1,500	)		(1,500	)
Dividends paid		(2,133	)		(2,104	)		(4,259	)		(6,322	)
Repurchase of Class A common stock		—			—			—			(525	)
Payments of capitalized debt costs		(604	)		—			(604	)		—
Net cash used in financing activities		(3,764	)		(2,869	)		(6,649	)		(8,362	)
Effect of exchange rates on cash, cash equivalents and restricted cash		24			(45	)		—			32
Net increase (decrease) in cash, cash equivalents and restricted cash		21,875			15,759			52,700			36,148
Cash, cash equivalents and restricted cash:
Beginning		150,736			54,246			119,911			33,857
Ending	$	172,611		$	70,005		$	172,611		$	70,005

Entravision Communications

Page 10 of 11

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						Six-Month Period
	Ended June 30,						Ended June 30,
	2021			2020			2021			2020
Consolidated adjusted EBITDA (1)	$	17,787		$	1,724		$	31,982		$	11,402
EBITDA attributable to redeemable noncontrolling interest		4,254			-			7,091			-
Interest expense		(1,856	)		(2,024	)		(3,573	)		(4,704	)
Interest income		83			539			223			1,162
Dividend income		2			-			4			24
Income tax expense		(3,992	)		5,263			(6,784	)		6,931
Amortization of syndication contracts		(119	)		(129	)		(238	)		(258	)
Payments on syndication contracts		115			123			239			253
Non-cash stock-based compensation included in direct operating expenses		(334	)		(104	)		(650	)		(235	)
Non-cash stock-based compensation included in corporate expenses		(801	)		(699	)		(1,556	)		(1,357	)
Depreciation and amortization		(5,074	)		(3,873	)		(10,258	)		(8,385	)
Impairment charge		(112	)		-			(1,438	)		(39,835	)
Non-recurring cash severance charge		-			(512	)		-			(1,118	)
Other operating gain (loss)		523			2,030			2,436			2,866
Net (income) loss attributable to redeemable noncontrolling interest		(2,612	)		-			(4,185	)		-
Net income (loss) attributable to common stockholders		7,864			2,338			13,293			(33,254	)
Depreciation and amortization		5,074			3,873			10,258			8,385
Impairment charge		112			-			1,438			39,835
Deferred income taxes		712			(5,585	)		3,699			(7,398	)
Non-cash interest		159			163			298			332
Amortization of syndication contracts		119			128			238			258
Payments on syndication contracts		(115	)		(123	)		(239	)		(253	)
Non-cash stock-based compensation		1,135			803			2,206			1,592
(Gain) loss on disposal of property and equipment		-			(627	)		-			(627	)
Net income (loss) attributable to redeemable noncontrolling interest		2,612			-			4,185			-
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		(9,460	)		12,031			467			19,513
(Increase) decrease in prepaid expenses and other assets		1,732			4,064			2,909			5,090
Increase (decrease) in accounts payable, accrued expenses and other liabilities		10,989			(9,616	)		5,633			(14,010	)
Cash flows from operating activities		20,933			7,449			44,385			19,463

(1) Consolidated adjusted EBITDA is defined on page 2.

Entravision Communications

Page 11 of 11

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						Six-Month Period
	Ended June 30,						Ended June 30,
	2021			2020			2021			2020
Consolidated adjusted EBITDA (1)	$	17,787		$	1,724		$	31,982		$	11,402
Net interest expense (1)		(1,614	)		(1,322	)		(3,052	)		(3,210	)
Dividend income		2			-			4			24
Cash paid for income taxes		(3,280	)		(323	)		(3,085	)		(467	)
Capital expenditures (2)		(998	)		(3,005	)		(2,836	)		(5,676	)
Non-recurring cash severance charge		-			(512	)		-			(1,118	)
Other operating gain (loss)		523			2,030			2,436			2,866
Free cash flow (1)		12,420			(1,408	)		25,449			3,821
Capital expenditures (2)		998			3,005			2,836			5,676
EBITDA attributable to redeemable noncontrolling interest		4,254			-			7,091			-
(Gain) loss on disposal of property and equipment		-			(627	)		-			(627	)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		(9,460	)		12,031			467			19,513
(Increase) decrease in prepaid expenses and other assets		1,732			4,064			2,909			5,090
Increase (decrease) in accounts payable, accrued expenses and other liabilities		10,989			(9,616	)		5,633			(14,010	)
Cash Flows From Operating Activities	$	20,933		$	7,449		$	44,385		$	19,463

(1)Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 2.

(2)Capital expenditures are not part of the consolidated statement of operations.

XML

Document And Entity Information	Aug. 05, 2021
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 05, 2021
Entity Registrant Name	ENTRAVISION COMMUNICATIONS CORP
Entity Central Index Key	0001109116
Entity Emerging Growth Company	false
Entity File Number	001-15997
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-4783236
Entity Address, Address Line One	2425 Olympic Boulevard
Entity Address, Address Line Two	Suite 6000 West
Entity Address, City or Town	Santa Monica
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90404
City Area Code	310
Local Phone Number	447-3870
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common stock
Trading Symbol	EVC
Security Exchange Name	NYSE