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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 today for Entravision's fourth-quarter and 2020 earnings call.
Entravision had a very strong fourth quarter.
As a result, we are well positioned for growth in the first quarter and full-year 2021.
Beginning with the top line, revenues for the quarter totaled $171.7 million, up 142% year over year and 173% sequentially.
On a pro forma basis, including Cisneros Interactive, revenues improved 51% over the fourth quarter of 2019.
Our digital segment performed well due in large part to our acquisition of Cisneros Interactive.
While I will speak to the digital segment in further detail shortly, we are particularly pleased with our performance of Cisneros Interactive led by Victor Kong.
Cisneros Interactive continues to be additive to our cash flow and EBITDA, and we have the utmost confidence that they will successfully execute their business plan in 2021.
As highlighted last quarter, political ad sales were all a strong driver of our fourth-quarter revenues.
In total, political advertising revenue for the fourth quarter was $14.2 million, surpassing our prior record set in the fourth quarter of 2012.
Excluding political ad sales, and including Cisneros Interactive on a pro forma basis, revenue increased by 39% in the quarter.
Adjusted EBITDA totaled $32.6 million for the fourth quarter of 2020, an increase of 195% compared to $11.1 million in the prior year period.
On a pro forma basis, EBITDA increased 159% in 2020 versus 2019.
Moving beyond the fourth quarter and turning to the full-year results.
For 2020, revenues totaled $344 million, up 26% over 2019.
Adjusted EBITDA totaled $60.4 million for full-year 2020 as compared to $41.2 million in 2019 or a 47% EBITDA growth in 2020 versus 2019.
We entered 2021 primed for growth.
With the onset of COVID-19, we made a number of expense cuts in anticipation of a prolonged economic impact from the virus.
Fortunately, due in part to these proactive reductions in our SG&A, our business continued to grow quarter over quarter.
As a result, we were able to reinstate certain expenses back in the business, namely employee salaries.
I could not be prouder of the team we have assembled at Entravision.
Their commitment to both our clients and our company this past year never wavered.
I was pleased to be able to reinstate our well-deserved employee salaries to the pre-COVID-19 levels.
Even though salary expenses have been reinstated, the rest of our expense cuts remain in place, and we will continue to operate as a leaner, more efficient business, with strong free cash flow generation.
As Chris Young, our CFO, will discuss shortly, in Q4, we more than doubled our prior record of free cash flow set in the second quarter of 2006.
This strong cash flow generation should help offset some of the revenue loss from the lack of political ad sales in the first quarter of 2021.
With that as a background, let's turn to our three operating segments in further detail.
Our television division generated revenues of $50.5 million for the quarter, up 37% compared to the prior year and up 34% sequentially.
Breaking this down further, television advertising and multicast revenue was up 48% over the prior year fourth quarter, while retransmission consent revenues were up 1% year over year.
Excluding political spend, our core television revenues increased by 10%, with television political revenues totaling $11.1 million in the quarter versus the nonmaterial amount of political revenue in the fourth quarter of 2019.
Excluding political revenue, national advertising revenues were up 20% driven mainly by Tier 2 automotive and healthcare, while local advertising revenues, excluding political, were up 2% driven by legal services and healthcare.
On a full-year basis, television revenues totaled $154.5 million, up 3% year over year.
Excluding political ad sales, core television revenues for 2020 were $131.9 million, a decrease of 12% over full-year 2019.
Turning to our top 10 television ad categories.
Although several advertising categories did see year-over-year revenue declines, many experienced improvements sequentially, another indication that our business continues on an upward trend.
Auto, our largest television ad category, increased 3% year over year, but improved 28% from Q3 2020.
Services, our second largest advertising category, was up 17% compared to the prior year period.
Health care, our third largest category, was up 26% over the prior year and also improved 102% sequentially.
Media was up 22% year over year and up 26% sequentially.
Retail, while still down 21% year over year, posted a strong gain sequentially of 60%.
Next, let's discuss our television ratings performance for the quarter.
Our Univision television affiliates built upon their market leadership in November 2020.
For adults 18 to 49 in early local news, our Univision television stations finished ahead of or tied their Telemundo competitor in 11 of 17 markets where we have head-to-head competition.
In late local news, we finished ahead of or tied Telemundo competitors in 10 markets among the 17 markets where we have head-to-head competition.
Additionally, our early local news ranked No.
1 or 2 against English and Spanish language television competitors in nine markets, and we built up audience levels from the 15-minute lead-in in eight markets.
Our late local newscasts ranked No.
1 or 2 against English and Spanish language television competitors in six markets.
Our local news teams reported the latest on the COVID-19 pandemic and an unprecedented election year.
During the full week, our Univision and UniMás television stations combined have a cumulative audience of 3.8 million persons of two plus in our markets combined compared to Telemundo's 3.1 million persons two plus.
We have 22% more viewers than Telemundo in our television footprint.
During weekday primetime, when comparing to all stations in total, we had a higher ratings than at least one of the big four networks in nine markets among adults 18 to 49 and 10 markets among adults 18 to 34.
Telecast for Univision's Latin GRAMMY Awards show on November 19 was among the top 10 broadcast television primetime programs for the night among adults 18 to 49 and adults 25 to 54 in 13 markets.
Among adults 18 to 34, the show ranked among the top 10 in 15 markets.
Our sales teams did a remarkable job selling the Latin GRAMMYS, setting a revenue record for this signature TV special, with revenues up 25% over 2019.
Now, let's turn to our audio operating segment.
Audio revenues for the fourth quarter totaled $16.2 million, an increase of 17% over the prior year period and up 41% sequentially.
Local audio revenues decreased 3% over the prior year fourth quarter, while national revenues were up 51% over prior year, largely bolstered by political ad sales.
Excluding political spend, core radio revenues declined 5% versus the prior year fourth quarter, with political revenues totaling $3 million in the quarter versus a nonmaterial amount of political revenue in the fourth quarter of 2019.
Excluding political spend, national advertising revenues were up 8% driven by the service category, while local advertising revenues were down 11% in our audio unit as a result of the continued impact of the COVID-19 pandemic.
On a full-year basis, audio revenues totaled $46.3 million, down 16% year over year.
Excluding political ad sales, core audio revenues for 2020 were down 26% over full-year 2019.
The 12 markets where we subscribe to Miller Kaplan data, we outperformed the market by 34.6 points in total revenue combined.
We outperformed the total market in 11 out of the 12 markets where we subscribe to Miller Kaplan.
Turning to radio advertising categories.
Services, our largest category, representing 26% of our total audio revenue, improved 31% over the prior year fourth-quarter period.
Legal services, including those related to immigration as well as government messaging regarding COVID-19 safety, continue to represent a large portion of the services add in this past quarter.
Auto, our second largest advertising category, declined 28% for the fourth quarter as compared to the fourth quarter of '19, but was up 49% sequentially.
Auto repair advertising was up a healthy 34% year over year as was grocery store advertising, which improved 3% over the prior year period.
We also saw increases in the product brand and paid programming categories.
The remaining top 10 advertising categories were all down year over year in the fourth quarter, with the exception of political ads, where revenues totaled $3 million in the fourth quarter compared to an immaterial amount in the prior year period.
Of particular note, during the quarter, we announced the launch of our new streaming destination, El Botón.
Listeners can now stream their favorite Entravision radio shows and stations directly on their mobile phones or desktops.
We are positioning El Botón as a hub to direct our audiences across different genres, while also aggregating content to provide our listeners a seamless search and discovery experience.
The addition of digitally streaming content to our radio offering fits with Entravision's overall positioning as an omnichannel audio solutions expert.
The firm deployment of our podcast offering, mobile app presence and first-party data subscription services are also part of Entravision's vision.
On this front, it is important to note that our recent investment in the digital space includes the acquisition of a controlling stake of Audio.
Ad, the strongest audio network and digital audio publisher platform in Latin America.
This investment enhances our proprietary Audio.
Ad network AudioEngage, currently serving the U.S. Latino market.
In addition, with the Super Bowl just a month ago, Entravision has now completed its fifth season as the NFL's exclusive nationwide Spanish language radio broadcaster.
The NFL has been an exceptional partner, and we look forward to continuing to share their programming with our radio listenership.
Looking at our audio division ratings performance for fall 2020, among the Spanish language radio stations, the Erazno y La Chokolata show is ranked No.
1 in nine out of 14 markets, including Los Angeles, released for fall among Hispanic adults 18 to 49, including ties; and No.
1 in 11 markets, including Los Angeles, among Hispanic adults 25 to 54.
Across our 14 O&O radio stations, the Erazno y La Chokolata show reached more than 608,000 Hispanics 18 to 49 in the fall 2020 survey.
For fall 2020, Piolin ranked as the No.
1 or 2 Spanish language midday show, including Los Angeles, in 10 out of our 13 markets released among Hispanic adults 18 to 49, including ties.
El Show de El Genio Lucas was No.
1 or 2 among Spanish language radio stations in eight out of our 11 El Genio markets among Hispanic adults 18 to 49 and Hispanic adults 25 to 54.
In Entravision's audio markets, the Hispanic list is recovering at a faster rate than the total market average.
All 2020 Hispanic adults 18 to 49 weekly reach was at 95% of 2019 levels, while fall 2020 reach for total adults 18 to 49 was at 91% of 2019 levels.
Now, moving on to digital.
Our third and final operating segment is digital.
Digital revenues totaled $105 million for the fourth-quarter 2020, a substantial increase of 424% as compared to the prior year period.
Sequentially, digital revenues improved 669%.
On a pro forma basis for Cisneros Interactive, digital revenue increased 67% compared to the prior year period.
On a quarterly basis, digital revenues surpassed that of our television segment.
On a full-year basis, digital revenues totaled $143.3 million, an increase of 108% compared to 2019.
Throughout the past year, we made a number of strategic moves aimed at furthering Entravision's digital segment by building a portfolio of exceptional digital service offerings with creative and programmatic capabilities that meet our clients' needs around the globe.
First, in May, we brought our digital capabilities together through the launch of Entravision Interactive, which provides advertisers and agencies a single source to engage consumers globally.
Then in October, we announced our strategic majority investment in Cisneros Interactive.
Through our majority investment in Cisneros Interactive, we represent the strongest global audience in ad tech platforms such as Facebook, Spotify and LinkedIn across Latin America.
Last, but not least, in November, we announced the appointment of Juan Saldivar as our new chief digital strategy and accountability officer.
Juan has over two decades of experience in media, marketing, technology, venture capital and e-commerce industries as a result of working for Bertelsmann in Germany, Spain and Mexico and as Executive Director of Televisa's digital interactive for 7 years.
Juan has been a member of our board since 2014, and he and his team were instrumental in the acquisition of Cisneros Interactive and its integration into Entravision.
Prior to Juan's appointment, we did not have a single leader running all of our digital business units.
With Juan, a fluent Spanish speaker at the helm of our U.S. and global digital businesses, we expect to be able to grow our solutions, technology and talent pool that serve today more than 4,000 clients in 21 countries.
Entravision believes it is critical to understand, participate and build technology to serve the programmatic advertising space.
On this front, Smadex, our Barcelona-based machine learning DSP platform with proprietary technology has continued to grow and serve the most demanding clients in the gaming, mobile performance and app space by matching the strongest transparency, contextual demographic features and performance standards.
Due to the impact of COVID-19, digital platform usage has increasingly increased all over the world and specifically in Latin America, where it has accelerated Internet adoption and penetration.
Digital video is also a core pillar within our digital and interactive strategy.
Our video network continues to expand and close exclusive connections with Tier 1 publishers.
In 2021, Entravision will continue exploring the most prominent growth markets around the globe as it deploys its digital services and considers strategic and complementary investments and acquisitions.
Overall, while 2020 was a challenging year, our business reemerged, in the fourth quarter, exceeding our expectations and demonstrating the strength of Entravision's business model.
One last thing I would like to comment on before handing it over to Chris is our political performance in 2020.
As we discussed earlier, 2020 was a record for Entravision in terms of political revenue.
We generated over $28 million in political revenue in 2020, which is an incredible 65% increase over our prior year record of $17 million in 2012.
According to a recently published UCLA Latino study of the 2020 presidential election turnout, approximately 16.6 million Latinos cast votes in the 2020 election.
This represents a 31% increase and nearly double the nationwide growth of 16% in ballots cast between 2016 and 2020.
Latino voters supported Joe Biden by a margin across the country, consistent with margins that Obama won in both 2008 and 2012.
That said, without the Latino vote, president Biden probably would not have been able to win Arizona, Nevada and New Mexico.
We expected the outcome of the Latino vote in 2020 to be strong, but it went beyond our estimates.
I believe that, going forward, the Latino voter is only going to become more important, and you're going to see much more investment in the Latino vote, particularly in the markets where we operate: California, Nevada, Arizona, New Mexico, Colorado, Texas and certainly, Florida, Virginia and Massachusetts.
So I'm very bullish about the future and the continuing important role Latinos will play in U.S. politics.
As Walter has discussed, revenue for the fourth-quarter 2020 totaled $171.7 million, an increase of 142% from the fourth quarter of 2019 and up 173% sequentially.
When comparing on a pro forma basis and including Cisneros Interactive's revenue in our 2019 results, revenues increased 51% year over year.
For our TV division, ad revenues totaled $41.8 million, up 48% year over year.
Retransmission revenue totaled $8.8 million and was up 1% year over year.
For our audio division, revenues totaled $16.2 million, up 17% over the prior year period.
Lastly, digital revenues totaled $105 million, up 424% year over year.
When comparing on a pro forma basis and including Cisneros Interactive's revenue in our 2019 results, digital revenues increased 67% year over year.
As Walter spoke to earlier in today's call, over the past few quarters, we've taken strategic steps to limit our expenses due to market conditions.
Throughout this process, it has become apparent to us that we maintain most of these cuts in 2021 while still running the business at an optimal level.
SG&A expenses were $14 million for the quarter, a decrease of 1% compared to $14.1 million in the year ago period.
Excluding the Cisneros acquisition, SG&A expenses were down 23%.
Direct operating expenses totaled $31.9 million for Q4 of 2020, an increase of 6% compared to Q4 of 2019.
Excluding the Cisneros acquisition, direct operating expenses were down 2%.
Finally, corporate expenses for the fourth quarter increased 18%, totaling $9.3 million compared to $7.9 million in the same quarter of last year.
The primary driver of corporate expense was salary expense as we retroactively restored salary cuts executed earlier in the year, along with bonus expense.
During the fourth quarter, our share buyback program remained on hold.
We also maintained a dividend of $0.025 per share and continued to eliminate expenses at the operating and corporate levels deemed secondary to serving our core media business.
We will continue to evaluate our buyback and dividend each quarter, which will be at the discretion of our board of directors.
Expense-wise, we expect that our operating expenses, excluding digital cost of goods sold and corporate, will be roughly flat in the first quarter as compared to the prior year period.
Excluding expenses related to Cisneros, operating expenses are expected to be down approximately 13%.
Consolidated adjusted EBITDA totaled $32.6 million for the fourth quarter, up 195% compared to the fourth quarter of last year.
On a pro forma basis, accounting for the Cisneros Interactive acquisition, adjusted EBITDA was up 159% year over year.
This was a record quarter for EBITDA generation due in part to the 2020 presidential election cycle and the contribution of Cisneros Interactive.
Entravision's 51% portion of Cisneros Interactive adjusted EBITDA was $3.6 million for the fourth quarter.
Similar to adjusted EBITDA, the fourth quarter of 2020 also represented a record quarter for Entravision's free cash flow generation.
Strong free cash flow has been the cornerstone of Entravision's business and supported our ability to grow both organically and through acquisitions without the need to take on significant leverage.
We expect this high free cash flow conversion rate to continue for the foreseeable future.
Earnings per share for the fourth-quarter 2020 were $0.24 compared to $0.09 per share in the same quarter of last year.
Net cash interest expense was $1.3 million for the fourth quarter compared to $2.2 million in the same quarter of last year.
Cash capital expenditures for fourth quarter totaled $1.3 million compared to $4.1 million in the prior year.
This brought us to $9.1 million in cash capital expenditures for the full year of 2020.
Turning to our balance sheet, which remains very strong.
Cash and marketable securities as of December 31, 2020 totaled $147.2 million.
Total debt was $215 million.
Net of $75 million of cash and marketable securities on the books, our total leverage, as defined in our credit agreement, was 2.3 times as of the end of the fourth quarter.
Net of total accessible cash and marketable securities, our total net leverage was 1.3 times.
Turning now to our pacings for the first quarter of 2021.
As of today, our TV advertising business is presently pacing a minus 14%, with core TV, excluding political, pacing at a minus 4%.
Our audio business is pacing a minus 8%, with core audio, excluding political again, pacing at a minus 6%.
And our digital business, including revenue from Cisneros Interactive, is pacing plus 500%.
Factoring in Cisneros revenue generated in Q1 of last year of approximately $42.2 million, our digital business on a pro forma basis is currently pacing at a plus 65%.
As part of our expanding business operations and geographic footprint, Entravision acquired a majority interest in Cisneros Interactive during the fourth quarter of 2020.
As a result, we anticipate that we won't be in the position to file our 10-K by the standard SEC filing deadline of next Tuesday, March 16.
If that's the case, we will file a notice with the SEC to extend our 10-K filing deadline for an additional 15 days.
Our auditors have informed us that they anticipate completing their audit procedures by the end of March, and we expect to file the 10-K as soon as practical.
All this said, we believe Cisneros Interactive has been an excellent addition to our digital business.
We're excited about the future of Cisneros Interactive and how this business has enhanced our product portfolio and service offerings and aligns with our mission and sales operations.
As is evident from our fourth-quarter performance, Entravision enters 2021 at a very strong revenue run rate.
Even without political revenues this year, with a leaner cost structure, we expect higher profitability from each of our operating segments.
As Chris noted, our free cash flow generation remains high and our balance sheet is strong.
As a result, our leverage is very low, which leaves us with a lot of dry powder to continue to make acquisitions while still investing in our organic growth.
In addition to growing our digital business organically, we also look to grow our digital efforts through acquisitions, including acquiring complementary businesses in similar geographic regions as Cisneros Interactive.
We plan to target companies with similar multiples to that of Cisneros Interactive and that are accretive to earnings.
It is clear there is a solid runway ahead for Entravision.
And while this past year was challenging, we learned to operate our business units more efficiently and have positioned our company for continued success.

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entravision communications corp - expects to file form 12b-25 for extension of filing deadline for 2020 form 10-k.
entravision communications corp - qtrly net revenue increased to $171.7 million from $70.8 million.
entravision communications corp - qtrly earnings per share $0.24.

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