Entravision Communications Corporation (NYSE:EVC) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET

Company Participants

Kimberly Esterkin – Investor Relations

Walter Ulloa – Chairman and Chief Executive Officer

Chris Young – Chief Financial Officer

Conference Call Participants

Michael Kupinski – Noble Capital Markets

James Dix – Industry Capital Research

Lisa Springer – Singular Research

Operator

Greetings, and welcome to Entravision First Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. Now, I’d like to turn the conference over to your host, Kimberly Esterkin of Investor Relations. Please go ahead.

Kimberly Esterkin

Thank you, operator. Good afternoon, everyone, and welcome to Entravision’s first quarter 2022 earnings conference call. I hope everyone is staying healthy and safe. Joining me on the call today are Walter Ulloa, Chairman and Chief Executive Officer; and Chris Young, Chief Financial Officer.

Before we begin, I must inform you that this conference call will contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ. Please refer to Entravision’s SEC filings for a list of risks and uncertainties that could impact actual results. This call is the property of Entravision Communications Corporation. Any redistribution, retransmission or rebroadcast of this call in any form without the expressed written consent of Entravision Communications Corporation is strictly prohibited.

Also, this call will include non-GAAP financial measures. The company has provided a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures in today’s press release. The press release is available on the company’s website and was filed with the SEC on Form 8-K. In addition, all pro forma figures, including revenue, operating expenses and consolidated adjusted EBITDA noted throughout the prepared remarks, include the contributions from MediaDonuts and 365 Digital in the prior year period.

I will now turn the call over to Walter Ulloa, Chairman and Chief Executive Officer.

Walter Ulloa

Thank you, Kimberly, and good afternoon, everyone. We appreciate you joining us for Entravision’s first quarter 2022 earnings call. Entravision is off to a very strong start for the year, demonstrated by all-time first quarter record revenue, EBITDA and free cash flow as we continue to generate organic growth, as well as expand our strategic partnerships. Net revenue for the first quarter totaled $197.2 million, up 32% year-over-year.

On a pro forma basis, revenue increased 24% over the first quarter of 2021. The continued growth of our digital segment, combined with improvements in our core television and audio businesses drove our strong growth during the quarter. Consolidated adjusted EBITDA totaled $18.1 million for the first quarter, up 28% year-over-year. On a pro forma basis, adjusted EBITDA improved 17% compared to the prior year period.