Entravision Communications Corporation (NYSE:EVC) Q1 2024 Earnings Conference Call May 2, 2024 5:00 PM ET
Corporate Participants
Roy Nir - Vice President, Financial Reporting and Investor Relations
Michael Christenson - Chief Executive Officer
Chris Young - Chief Financial Officer
Conference Call Participants
Operator
Greetings, and welcome to the Entravision First Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Roy Nir, Vice President, Financial Reporting and Investor Relations. You may begin.
Roy Nir
Good afternoon, everyone, and welcome to Entravision's first quarter 2024 earnings conference call. Joining me today are Michael Christenson, 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 filing for a list of risks and uncertainties that could impact actual results. This call will also 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 Investor Relations page and was filed with the SEC on Form 8K.
I will now turn the call over to Michael Christenson.
Michael Christenson
Thank you, Roy, and thank you to all of you for joining us on this call today.
The first quarter of 2024 was transformative for Entravision. As you all know, Meta informed us that they were terminating their authorized sales partner program. The effective date is July 1. For this quarter, we are working with Meta to wind down the business. We are working to provide a smooth transition for advertisers, for Meta, and for Entravision.
In round numbers for 2023, Meta was half of our revenue and half of our cash flow. Terminating the Meta business will have a significant impact on our strategy and operations, and you'll hear more about this transformation as we progress through 2024. Fortunately, we have a strong balance sheet with substantial cash and modest debt, and our remaining businesses are profitable and generate significant cash flow. So we have the financial capacity to absorb this event and move on.
Now we are focused on our future, and we are excited about the opportunities ahead of us. We are certainly more excited about the opportunities ahead of us than the market price of our stock would indicate. We believe broadcasters provide a valuable service to their audiences in America. We have served our audience for three decades. One in five of the Latinos in America are in our broadcast markets.