The increase to $273 million is powered by a 28% boost from its digital properties and higher local advertising and retrans revenue that offset lower national and political television ad dollars.
QUARTERLY REPORT
Entravision 2Q Net Revenue Up 23%
On Thursday, Entravision Communications Corp. reported second quarter net revenue of $273,381,000, a 23% increase from $221,695,000 in the same period a year earlier.
Of the overall increase, $55.5 million was attributable to the digital segment and was primarily due to advertising revenue growth from the company’s digital commercial partnerships business, and due to various acquisitions, which did not contribute to financial results in the digital segment in the comparable period.
The overall increase was partially offset by a decrease of $2.5 million attributable to the television segment, primarily due to decreases in political advertising revenue and national advertising revenue, partially offset by increases in local advertising revenue, spectrum usage rights revenue and retransmission consent revenue.
In addition, the overall increase was partially offset by a decrease of $1.4 million attributable to the company’s audio segment, primarily due to a decrease in political advertising revenue, and decreases in local and national advertising revenue.
Operating expenses in the first quarter of 2023 totaled $56.6 million, up 20% from $47.4 million in the prior-year period. Of the overall increase, $7.8 million was attributable to the digital segment and was primarily due to an increase in non-cash stock-based compensation.
Corporate expenses in the first quarter of 2023 totaled $12 million, up 41% from $8.5 million in the prior-year period. The increase was primarily due to an increase in non-cash stock-based compensation.
BRAND CONNECTIONS
Commenting on the company’s earnings results, Chris Young, interim chief executive officer and chief financial officer, said: “We delivered another strong quarter at Entravision with record quarterly revenue of $273.4 million, increasing 23% year-over-year. While elevated operating expenses led to a decline in adjusted EBITDA, we remain focused on managing expenses and leveraging our strong balance sheet to ensure we are well-positioned to grow in the current macroeconomic environment. We were also excited to welcome Michael Christenson as our new CEO at the beginning of July. We look forward to continuing to drive growth under his leadership.”
Read the company’s report here.
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