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Text: I hope everyone is staying healthy and safe.
Joining me on the call today is Walter Ulloa, chairman and chief executive officer; and Chris Young, chief financial officer.
We appreciate you joining us for Entravision's first-quarter 2021 earnings call.
Entravision posted strong results for the first quarter with net revenue of $148.9 million, up 132% year over year.
On a pro forma basis including Cisneros Interactive revenue in our prior-year results, revenue increased 43% over the first quarter of 2020.
Growth during the quarter was driven by our core broadcasting businesses excluding political, along with the continued strong performance of our digital segment.
We are pleased to see our underlying businesses continue on an upward course, since a pandemic-driven lows in 2020.
Each of our businesses is now firmly on the path to recovery.
And our first-quarter results give us confidence and an optimistic outlook for the balance of 2021.
Adjusted EBITDA totaled $14.2 million for the quarter, which is up 47% from the prior-year period.
On a pro forma basis, accounting for Cisneros Interactive, adjusted EBITDA increased a solid 35% year over year.
From an expense management perspective, we continue to operate as a much more efficient business.
Our lean cost structure is helping propel our company forward as macroeconomic conditions continue to improve.
Chris Young, our CFO will speak further about our first-quarter expenses later in today's call.
Now let's take a look at our segment performance for the quarter.
Our television division generated $36.1 million for the first quarter, down 8% compared to the prior year, primarily due to lack of non-returning political revenue compared to the first quarter last year, excluding $5.3 million of non-returning television political spend in the first quarter of 2020.
Core television advertising increased by 3%.
With national advertising revenues increasing by 4% and local advertising revenues up 1%.
Strength in core television revenues in the first quarter was driven by growth in services, up 13%, healthcare improved 23% and groceries and finance were up 11% compared to the prior-year period.
Auto, our largest television advertising category decreased 1% year over year.
Although the auto category did face some supply chain issues during the quarter.
With more Americans heading back on the road, we anticipate this to be a short-term disruption to our auto performance.
Approximately 16 million cars are forecasted to be sold in the United States this year, which equals an increase in cars sold off almost 10% over the last year.
Consumer demand for auto definitely remained strong.
In terms of television ratings for winter 2021 or Univision television stations finished ahead of or tied with their Telemundo competitor among adults 18 to 49 for early local news in 12 of the 17 markets where we have head-to-head competition with Telemundo.
For late local news, we finished ahead of our or tied our Telemundo competitors in 11 of the 17 markets where we have head-to-head competition.
During a full week, our Univision and UniMás television stations have a cumulative audience of 4.4 million people ages two-plus across all of our markets, compared to Telemundo 3.5 million people ages two-plus.
We have 26% more viewers in Telemundo, in our Univision and UniMás television footprint, which is 4% higher than the November 2020 range release.
Turning to our digital operations, digital revenues total $101.5 million for the first quarter, compared to $13.3 million in the prior-year period, an increase of 661%.
Digital revenues represented 68% of total revenues for the company in the first quarter.
The primary driver of this growth was our acquisition of majority interest in Cisneros Interactive in the fourth quarter of 2020.
On a pro forma basis, our digital revenues increased 90% compared to the prior-year period.
Other drivers of growth for our digital unit in the first quarter were our U.S. local advertising solutions business, up 21% and Smadex are global programmatic and performance product grew its revenue 21% compared to the first quarter of 2020.
Entravision continues to provide our clients, brands, and marketers, the best platforms, the strongest reach, and complete advertising campaign transparency.
Our highly proficient digital sales operation now serves more than 4600 clients each month in 21 countries.
Now let's turn to your audio segment.
Our audio revenues for the first-quarter 2021 totaled $11.3 million, a decrease of 4% year over year.
Local audio revenues decreased 10% year over year, while national audio revenues were up 9% year over year, excluding radio political spending $1.1 million the prior-year period, core radio revenues increased 6% versus the first quarter of 2020.
In the 12 markets where we subscribe to Miller Kaplan Data for total spot revenue, we outperformed the market by 13 points in total revenue combined.
We outperform the total market in 10 of the 12 markets to which we subscribe.
This includes exceptional performance in three of our top radio markets.
Our Los Angeles radio cluster beat the market by 23 points.
Our Phoenix radio stations outperformed the market by 15 points, and our McAllen radio cluster surpassed the market in total spot revenue by 31 points.
These three markets are all Top 10 U.S. Hispanic markets.
In terms of advertising categories, services remain our largest category representing 42% of total audio revenue.
Services improved 22% year over year.
Auto, our second-largest ad category declined 36% for the quarter as compared to the first quarter of 2020.
As with television, radio, auto ads were impacted by supply chain issues during the quarter, which had a larger impact on tier two and tier three auto dealer spending across all our radio markets.
Our audio division rates remain very strong, and as more people increase their driving time, we should see these rates improve even more.
to 7 p.m. for the winner measurement period among Hispanic adults 18 to 49 and Hispanic adults 25 to 54, including ties.
Overall, we have an outstanding 2021 first-quarter performance.
We believe that our first-quarter earnings results will provide strong momentum for renovations throughout the year.
As Walter discussed revenue for Q1 2021 totaled $148.9 million, an increase of 132% from the first quarter of 2020.
When comparing on a pro forma basis and including Cisneros Interactive's revenue in 2020.
results, revenues were increased 43% year over year.
For our TV division, total ad and spectrum-related revenue was $26.4 million, down 11% at year over year, excluding political core ad and spectrum-related revenue was up 9% year over year.
Retransmission revenue totaled $9.6 million and was up 1% year over year.
For our digital division, digital revenues totaled $101.5 million, up 661% year over year.
When comparing on a pro forma basis and including Cisneros Interactive's revenue in our 2020 results, digital revenues increased 90% year over year.
Lastly, for our audio division revenues totaled $11.3 million, down 4% over the prior-year period, excluding political core audio revenue was up 6% over Q1 of last year.
As we spoke to our last quarters call during the second half of 2020, we took strategic steps to limit our expenses due to market conditions.
Following a strong finish to the year we were pleased to fully reinstate all employee salaries to pre COVID levels.
And while salaries have been reinstated, we were able to maintain most of the remaining expense guts in 2021.
SG&A expenses were $13.9 million for the quarter, an increase of 2%, compared to the $13.6 million in the year-ago period.
Excluding the Cisneros acquisition SG&A expenses were down 19%.
Direct operating expenses totaled $26.6 million in Q1 of 2021, down slightly from $26.7 million in Q1 of 2020.
Excluding the Cisneros acquisition direct operating expenses were down 9% year over year.
Finally, corporate expenses for the quarter increased 5% to a total of $7.2 million, compared to $6.8 million in the same quarter of last year.
The primary driver of corporate expense was audit-related expense and salary expense.
During the first quarter, our share buyback remained on hold.
We also maintained a dividend at $0.250 and continue to eliminate expenses at the operating and corporate level been secondary to serving our core media businesses.
We will continue to evaluate our buyback and dividend each quarter, which will be at the discretion of our board of directors.
Looking forward, we expect that our operating expenses excluding the digital cost of goods sold and corporate will be up approximately 3% in the second quarter as compared to the first quarter of this year.
Excluding expenses related to Cisneros, operating expenses are expected to be approximately flat compared to the first quarter of this year.
Consolidated adjustment EBITDA totaled $14.2 million for the first quarter, up 47% compared to the first quarter of last year.
On a pro forma basis, accounting for the Cisneros acquisition, adjusted EBITDA was up 35% year over year.
This was a strong quarter of EBITDA generation despite the lack of political revenue.
Entravision's 51% portion of Cisneros interactive adjusted EBITDA represented a $3 million contribution to our total EBITDA in the first quarter.
Strong free cash flow has been a cornerstone of Entravision's business and supported our ability to grow both organically and through acquisitions without the need to take on leverage.
We expect this high free cash flow conversion rate to continue for the foreseeable future.
Earnings per share for the quarter in 2021 were $0.06, compared to a loss of $0.42 per share in the same quarter of last year.
Net cash interest expense was $1.4 million for the first quarter compared to $1.9 million in the same quarter of last year.
Cash capital expenditures for Q1 totaled $1.8 million compared to $2.7 million in the prior year.
Capital expenditures for the year are expected to be approximately 8 million.
Turning to our balance sheet, which remains very strong.
Cash and marketable securities as of March 31, totaled $165.7 million, total debt was $214.5 million, net of $75 million of cash and marketable securities on the books are total leverage as defined in our credit agreement was 2.15 times at the end of the first quarter.
Net of total accessible cash and marketable securities, our total net leverage was one turn of EBITDA.
Turning to our pacings for the second quarter of 2021.
As of today, our TV advertising business is pacing 44% over the prior-year period with core TV, excluding political pacing at a plus 55%.
Our digital business, including revenue from Cisneros Interactive is pacing plus 900%, factoring in Cisneros revenue generated in Q2 of last year, our digital business on a pro forma basis is pacing plus 115%.
Lastly, our audio business is pacing plus 84% with core audio, excluding political pacing plus 103%.
All-in our total revenue compared to last year is pacing at a plus 360%, pro forma on Cisneros acquisition, our total revenue is currently pacing at a plus 87%.
A majority investment in Cisneros Interactive has performed strongly since the closing of the acquisition in the fourth quarter of last year.
And we are excited to continue to expand and enhance our digital offerings.
We're also very optimistic about Entravision's continued growth given the overall improvement of macroeconomic conditions.
With a more streamlined cost structure, we will continue to operate our businesses more efficiently while at the same time delivering high-quality and dynamic services, content, and products to our customers.
We appreciate your continued support of Entravision.

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q1 revenue rose 132 percent to $148.9 million.
qtrly net income per share attributable to common stockholders, basic and diluted$0.06.

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