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Entravision Communications (EVC)

Participants
Kimberly Esterkin ADDO Investor Relations
Walter Ulloa Chairman & Chief Executive Officer
Chris Young Chief Financial Officer & Treasurer
Michael Kupinski NOBLE Capital Markets
James Dix Industry Capital Research
Lisa Springer Singular Research
Call transcript
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Operator

Greetings, and welcome to the Entravision Communications Corporation Second Quarter 2021 Earnings Conference Call.

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kimberly Esterkin of investor relations. Thank you.

You may begin.

Kimberly Esterkin

operator. you, Thank and conference everyone, Entravision's second XXXX Good welcome earnings call. quarter afternoon, to everyone and I staying is hope healthy safe.

Officer. Chris Joining me and Chief and Chairman Walter is Financial Young, on the Chief call Executive today Ulloa, Officer;

call Before we financial measures. company begin, will could property with a over of Executive of risks list forward-looking was non-GAAP filings The measures must to on of this Form release. inform cause provided Entravision website company's financial to This actual that Officer. The press and and subject uncertainties I uncertainties these differ. turn Entravision will impact release the press Corporation reconciliation consent redistribution, could Please the today's Any results. Entravision's their this are Entravision's the refer you measures prohibited. in Communications form Chief statements and contain call that SEC GAAP on I without non-GAAP Walter conference of risks that that results call most This the comparable Ulloa, available actual to to retransmission is strictly expressed now for of has the written any include rebroadcast filed is Corporation. call Communications a or in is X-K. to will call SEC

Walter Ulloa

platforms all our quarter Entravision's Thank call. you, of Kimberly, second and to Entravision momentum good quarter. appreciate in you XXXX the earnings second with strong afternoon, us for perform everyone. joining We maintained well upward continuing

our We challenges companies, of past of the expense second last XX the that call, structure cylinders, the quarter. our Our this approached business intact. the Entravision cannot keep success firing experienced to making all of the like and proactively be I experiencing and business key of time was quarter over last the At changes by of all on year's is business, months to our prouder global brunt COVID-XX pandemic.

driven the today's stronger pandemic on on XXXX. and been Growth was well segment during to note Chief the Officer, forma as XXX% Net for able Interactive largest and of basis, cost our digital up core which before. million, the audio and Financial the sequential Young, the $XXX.X prior-year our increased our continued quarter revenue is second call, our largely now Chris year's business, by pro tremendous improvements versus maintain as a we Cisneros even we pro of our On revenue quarter XXXX. results grew a television than year-over-year revenue will When later XX% with revenue revenue totaled our XXX% in results, quarter QX in from total compare forma QX second As basis, over structure emerged pre-COVID businesses. year-over-year. lean have our this XXXX quarter XXXX numbers, including have second quarter a second

revenue June segments sequential the business of XXXX. For in quarter, way. million, $XXX.X period continued totaled year-over-year time each to the leading nearly year-to-date months ended Similar the all the digital benefited six from tripling same revenue of with three compared XX, improvement and the to

of year. On half year-over-year. Interactive, to compared Cisneros XX an for million of optimistic totaled basis, balance the adjusted give the Adjusted $X.X XXXX first quarter Our XXX% in over times the for pro for EBITDA results million and second prior-year quarter, second $XX.X period. accounting forma us the EBITDA outlook a increased

versus quarter second XX% of with QX EBITDA quarter our XXXX compare we of XXXX basis, second incredibly As growth. strong seen the the at reductions, pre-COVID XXXX of pro approximately have our in I to quarter we EBITDA second line, same which our helped results, finish while maintain forma drive cost noted, a many our on When we've improved the time top able grew previously an XXXX. been

beginning majority quarter, a million growth in largest Digital, LinkedIn in Interactive totaled second digital Digital revenue XXXX. $XX.X up America, Interactive take well. quarter and increased continues. let's with performing to acquisition our primary period. major the of of interest Meanwhile, like the in company to Spotify the of in integration quarter. $XXX.X Cisneros compared million compared for our platforms of the XXX% total Cisneros represented the fourth quite forma with performance pro The for technology period. partnerships sales quarter, the Cisneros revenue business maintains in the our significantly for was Now the look basis, driver a Latin the prior-year second Facebook, On and Digital prior-year our at is revenue Interactive the of segment. revenues revenue segment XX% the

which second digital month of in global acquisition, digital the X,XXX our As our team the was our in US the clients cost XXXX; programmatic second in transformation we our the the in than drivers campaigns operates. more segment year-over-year. enhanced XX structure later our running the recent have quarter of I countries. part revenue its Cisneros will in address the quarter, just and end XXX% Other serves XXX performance business now Including where MediaDonuts, countries and after detail Interactive's key and of local growth compared advertising each more of included call. digital XX% and XX in closed to over growth strategy, up countries, most Smadex, than its solutions which quarter business global revenue with streamlined grew that our second products, more

due prior-year including for our which was Television number segment, period, revenue, partially a in political and national from XX% local Now by the up usage million turn spectrum $XX.X revenue quarter. let's revenue comprised revenue and advertising second primarily key offset to for QX, decrease revenue a Television factors, rights. of to XX% to of compared the

XX% revenue XX% non-returning year-over-year. $X.X core national in sales, advertising our continues chain Auto, automotive electronic advertising supply QX year-over-year. auto face services. in and particular, growth revenue television category XX% local car in advertising our television revenue increased pressures international related category, in driven QX was strength increased of in supply XX% Excluding new in increasing with largest chips. to million to the political XXXX, television and up advertising The spend core by and, The

While consumer strong, in cars for of delays production. being new demand availability remains the by affected cars is

so Services we year's and conditions. Retail, period. more travel macro leisure, were impact up than the seeing assisted and XX% grew initially same last overall to are was auto by QX XX% category to anticipated. up healthcare And improving in compared restaurants, all

Turning to ratings performance. our

leadership Our Univision XXXX. market in upon built television June affiliates their

Long-anticipated America kicked period XX of stations. on to XX in late head-to-head markets finished local versus Number of Copa among have XX ahead Americas' tie. Cup markets, and Univision in of television where among markets, XX on XX XX. we ahead finished have television the of adults Copa adults Brazil stations we mid-June, local to New soccer competition. in competitor Telemundo to to we drawing audiences competitors June propelled Our off UniMas news, XX adults Telemundo's XX language tournaments XX XX in and to XX XX markets head-to-head where Ecuador Univision Univision early one In to news adults in plus among stations time television regardless the York XX the our in XX our One competition, and

language. Cup's One awarded markets the Emmy Germany excellent television XX also KCEC-TV Colorado, Euro in stations validating in in XX period June time regardless I'm categories, coverage Latino news made in team Number Denver, adults pleased XX in communities. was versus at to connection Entravision's Colorado, While Univision's XX Awards to that Portugal of and among six with news report strong Colorado's recently our our on XX,

segment, national XXX% million was audio year-over-year. quarter our to which revenue remaining while XX% of totaled increased turn XXX% the a revenue Local let's increase $XX.X of for quarter, second X% up the sizable year-over-year, second year-over-year. Finally, comprised revenue audio Audio the audio revenue.

a Excluding audio the radio Entravision's core coming period, revenue said, with at That Los meaningful rate in market, low In second last XXX% listeners recovering had $XXX,XXX prior-year year easy of QX very total Number comparison, markets, of increased One since best radio was political are Angeles spend quarterly In audio market the point quarter Hispanic our for XXXX. faster average. year-over-year a back than the even our revenue performance XXXX. radio PPM business. our versus this cluster the the in definitely is way. a

delivered ad last revenue revenue year, up also by ad XXX% Angeles our compared to [ph] outpacing core team XXXX while Los performance Our by XX%.

the which cluster where the market Angeles X half XXXX, we Los a outperformed outperformed has market total For XX% Kaplan markets spot combined. the We of we total for by in market subscribed total total in the for we remarkable the XX markets by XX%, outperformed Miller XX Data Entravision first of the In revenue, the subscribe. revenue to achievement.

tier total third quarter period. our our for quarter growth travel improved on largest audio Services XXX% we year-over-year our was as improved saw In audio achieved in saw which our retail, category, terms and up second growth ad largest compared leisure, our restaurants, XXXX. categories. top to as and remains quarter, of Auto, basis. surged which were categories, of category, XXX% all category, Services on healthcare, with in and which second improved representing strong prior-year and growth platform ad the of the compared each XX% advertising a in of each revenue. the XXX% XXX% second categories, XXX%; which grew Other largest the year-over-year, XXX%;

show than language which ties. had among to half radio XX, year. and XXXX, half on stronger great Chokolata stations, as division Number even including show momentum ranked we O&O outstanding basis. to One Los ratings of nine performance enter spring audio an nine in Hispanic second second XX quarter and reached the at a weekly Chokolata XXX,XXX Hispanic La XX the of adults among more Entravision XX summary, In Erazno our Erazno our the XXXX. y Looking of adults our Hispanic markets, This spring stations, first La adults, for us an Angeles performance including provides Across XX XX seven y to Spanish for

turn and I'll CFO, the Before discuss Chris to third performance to XXXX pacings. quarter Chris? call second speaking XXXX further, quarter Young, our over our

Chris Young

Thanks, everyone. and good afternoon, Walter,

increase revenue on from $XXX.X Interactive's XXX% in a pro the When revenue forma As XXXX Walter year-over-year. results, XXXX. comparing quarter million, discussed, including second for XXXX Cisneros totaled an basis XXX% QX of revenue and of increased our

digital Interactive's revenue totaled results, When pro year-over-year. than on X,XXX% revenue forma in $XXX.X division, our more digital year-over-year. up our million, Cisneros comparing increased For basis, XXX% XXXX including revenue a

total For revenue division, year-over-year. our $XX.X million, up was TV XX%

ad spectrum-related the core revenue flat was political, million, year-over-year. Retransmission revenue $X.X quarter which year-over-year. and totaled XX% was consent for up Excluding

audio our Lastly, XXX% $XX.X over for million, revenue division, period. up prior-year totaled the

of Excluding audio political, year. last over QX revenue up core XXX% was

Now expenses in million $XX.X for the mentioned, remained SG&A an to expenses, turn let's quarter, ago were compared as year lean. $XX.X the to XX.X% million increase very which, Walter of period.

million $XX.X XX% Excluding Cisneros-related were QX QX compared to million expenses X.X% 'XX, $XX.X down prior-year totaled up quarter. SG&A XXXX. in Direct of expenses for the SG&A, operating from

the operating Excluding acquisition, up were Cisneros direct expenses year-over-year. XX.X%

year. quarter MediaDonuts to Finally, corporate audit-related million July to for $X.X XX% our and quarter costs expenses, in primary increases drivers last the of expenses diligence acquisition of to million compared increased corporate were expense due of the The expense salary same second related X. $X.X total on

quarter, remained second hold. the on buyback our During share

maintained to also secondary deemed at the core at our to dividend levels business. We eliminate share operating expenses per and media serving continued our $X.XXX and corporate

cash loss earnings our total flow, quarter contribution as in in $XX.X defined approximately quarter, of to quarter. to will XXX% We acquisition, $X.X in million of release, second in which the Cisneros our EBITDA and forma of adjusted adjusted compared million in for Interactive On to million a the million Free adjusted the a EBITDA discretion compared was $X.X $X.X million second quarter, second be been our represented business year. to the the dividend Entravision's a continue on and Board grow the flow last XX% and at year-over-year. supported to need the will ability basis, year. buyback totaled second portion Entravision's up Directors. through of last Strong $XX.X of free our to of EBITDA Interactive's Cisneros quarter long a leverage. pro for evaluate accounting EBITDA acquisitions without was take has quarter both of Consolidated organically the cash our each cornerstone

expected to expenditures to last the interest million $X be the We the flow in Capital $X.X for year. the XXXX million in are to future. for of foreseeable cash $X.X the million Earnings year in same of capital last continue Net was quarter million, compared expense $X year. this high share same income was the rate paid expect period. the $X.X second the $X.XX share million. per last million compared the to for free quarter for same to quarter were year. Cash compared for compared quarter taxes in for $X.X quarter of second approximately prior-year for $X.XX conversion QX Cash quarter cash expenditures totaled per to million $X

books, Turning very of Total securities as marketable $XXX.X remains to Net our XX, totaled securities the cash end agreement, marketable total XXXX, defined credit the in million cash X.X total of and of $XXX.X quarter. million. times. Net leverage the $XX securities, as was X.XX balance of was strong, on sheet, second our which our our as total cash of leverage, of marketable times, was June million. and accessible and debt net

to our the Turning of third pacings quarter for XXXX.

plus forma Cisneros of Cisneros pacing today, pacing digital the revenue and on is MediaDonuts year, last a XX%. Factoring Interactive third over our in of prior a is from and positive As digital our a MediaDonuts at including pro in business, revenue the business, basis, quarter generated year. XXX%

is X% plus $X.X political advertising, year, pacing period, of in prior the business the pacing minus over with core at a a million TV prior-year TV Our at excluding XX%.

a a to is audio last at is $X.X year and turn results, prior-year of audio, XX%. pacing our at call forma Lastly, All Walter? in, political year, prior the pacing MediaDonut's a in plus the XX%, to Pro our is plus revenue back currently total our million excluding I'll business core acquisitions XXX%. Walter. compared that, a at with revenue the XX%. Cisneros' at pacing With total our in plus plus pacing

Walter Ulloa

you, Thank Chris.

surging at and with for prepared broadcasting our my I businesses well. with mentioned businesses very second are very the core results digital As quarter performing of our remarks, pleased we our also the beginning

We and the Latino or to I'd moments $X.X ethnic Now of to throughout the United heart Entravision's population targeting that of the the a into our and speak grow a technology in strength US a consumers continues has next strategy. significantly. Latino its The Entravision three Entravision leading platform to grow and US take like recognize company. global will At Latino the the been It's consumers. digital in market, few market, to this to transformation with media and global target racial alone The continues is growth expected States digital time, continue years. spend media trillion US $X.X the reach the business marketing trillion Hispanic we'll group Mexico. Latino largest industry, same

Philippines Spotify the experts acquired population performance digital the world's Thailand, in this of beginning XXX beyond. of platforms, from the growing company of investment has client addition, quarter, Vietnam, also and of Interactive. Twitter, understand MediaDonuts, the we than United marketing is the of MediaDonuts' with Entravision Asia, a in serving strategic a partnerships Cisneros Southeast some solutions in With technology Criteo, key through branding our populations, leading Indonesia, and serve this Hispanic to a adding more part something States a majority base maintains have leading developed consumer at third rapidly player brands. in the year we Malaysia, of the India. As now digital partnerships some and transformation, TikTok, and which technology with and MediaDonuts operations Singapore, the world's including we fastest-growing

new digital clients are management significant growth. investing the broadcast of We and assets market consolidation said, it the for be when in that us we the of seeing the will consolidation XXXXs. strategic bring continue great to reminds comes that space, opportunistic to with That in in opportunities type me

the in to hold emerging can classes substantial a will decades solid We to and balance expand and our platform this footprint team would entire and like date. strong connected be to of expertise, so our and growing succeed. far key for performance continue efforts quickly geographic Entravision's the of where our I year. contribution to Entravision thank take middle produced could quarter proud growth to digital leverage with markets their second I sheet in not be

remarks. and time, At talent of efficiently are support running continued incredible questions. the our best digital, capabilities advertising for language continue returns to to produce with now concludes to you offer audio your the television, for Chris shareholders. your now, the call Entravision. team, forward, to Operator? That we services. the thank our we and same Going open continue again ensure and business I in our to that our will strong of will I want Spanish prepared we will

Operator

Our is Kupinski proceed question. instructions] your with first NOBLE with Capital question [Operator Michael Please from Markets.

Michael Kupinski

first that that My there? to able just you is, able quarter. other key the there, against get afternoon. wondering, increase into cycling credit revenue If you that I facility facility second, on comment Good Cisneros the I at wow, to know you a lot the you congratulations again great what's driver were increase of Cisneros we go A questions. was can once growth. - before a digital. of just couple drove a to which were now the for seeing have you're or are aspects And of I credit back

Chris Young

to Michael, line, quarter up year. really against last in not we've - into fourth ramp-up continues cycled happened of specifics. credit the without That But the grow getting

we've another of, that we'll the issue, of So on easier call line restrain quarter credit third so. without got in us front comps it,

Michael Kupinski

can And you did opportunity be there? type what credit frame facility, if MediaDonuts opportunity you able if wondering there's to Gotcha. have the was I revenue the it's thought Cisneros, of also that terms you of to kind could you if ability type growth a of thought for then just in be about of frame there just us there. the of that pick you and see with little kind just the might that There's maybe might similar Facebook. bit up to Obviously, some that a Cisneros

Walter Ulloa

digital the the MediaDonuts populations you've economies rep adds region of business. even where and in a some particularly think it's world. of fastest-growing Michael, We to acquisition greater our international It's got Walter. our the business, that scale

economies and and and the economic strength China. territories an of China force. power certainly We border these of understand know as All the

So enjoys. we'll We with with we the partnerships company think current Twitter strong expand and with and with to there's that to or of there's able believe the expand TikTok be a we our the that relationships or in and currently have that a already there's a number region. even possibility Spotify, relationship strong possibility partners opportunity increase

and, grow pleased Additionally, manage in Asia team we've are. with they're We our think very Singapore. our expectations going able Southeast business management support, We're got a be to to in what based with efficiently this team. great it beyond the

Michael Kupinski

is understand Cisneros growth I of trying grew mean, expect opportunity we I'm just at growth that with versus understand in would digits because I trying - digits up with ramp. the just double-digit triple rate trajectory anticipating in the guess at MediaDonuts obviously, to picking or like triple or would what this - type were point? what to grow I'm you MediaDonuts Can

Walter Ulloa

Well, we in mean, for growth say rate I'll right third be I results. quarter, quarter XXXX financial when now, expected is XX% which will just we that third for the information, versus that including quarter be to the is anticipate the MediaDonuts our above

Michael Kupinski

Okay. strong. is The key that or exceptionally again? then what Gotcha. what's was And is numbers or with LA, what else happening just seem on for on driven the there? you radio growth was me there, frame driver the And - can going that by all

Walter Ulloa

in in great We're correct comments, quarter. growth you're radio Well, this your seeing Michael.

great a done level of doing tremendous ago. joined a Karl think Chris our right in Munoz, a revenue us terrific sales. just now, officer a national I media we Officer, the raising content or place got by in the combination we've And Univision job in that of Chris a executive year has group Meyer, Chief is former executive job. programming. it's Revenue management And headed about have who strong It's

how that amaze standout network and of just the it's QX within our in sales is units only continues QX. business radio to us sales, in One in national not well of performing, terms but

- So I'm sorry.

go ahead. you Sorry,

Michael Kupinski

I'm I No, didn't you, mean sorry, to Walter. interrupt

Walter Ulloa

No.

local perform QX. - surprised to Los We beyond course, sales in as in do continues I the well national QX, network but well, pointed it's Angeles performance knew very national, the is but it out there anyway, as So surprised particularly going we're has pleased. well exploded. and to but of at well, was well, is performing not It radio our gone And led all, by doing radio, just expectations. certainly, but in

Michael Kupinski

Gotcha. And I stations English you right? language, switched is that understand, some to

Walter Ulloa

in switched to switch country That's - Sacramento, is We format, stations made which we've a a sense. format. kind made well, to also a line correct. of our bilingual switch in a a in we country format, some Fuego And - a

Michael Kupinski

you wondering anything you this can opportunities was if M&A? struck talk bit hit space, there you're that and then in - imminent and a looking of with other kind And a chord MediaDonuts are about upon point Cisneros pressing I at little Gotcha. a the digital anything Obviously, at?

Walter Ulloa

to in we're of are is growth Well, and can't accretive high opportunities to at the this where all potential presented cash speak anything a with we that specific come certainly terms And continue time to flow. positive time. seek looking I there's and us whatever to but acquisitions opportunity,

Michael Kupinski

like And a allocation generating to little what there to very other benchmarks are the return and seems like dividend, point looking Are be a might debt bit or see terms return to obviously little is this bit shareholders. increasing point leverage free at including opportunity the like of at you shareholders, there that of would it low. buyback. certain The benchmarks now maybe to to because you're at this in seems capital cash maybe capital the of

Walter Ulloa

then Right. fourth did economy first quarter, we a We our the Well, reduced now And you improved. strong crisis. quarter, as of a middle second the recall, business in COVID dividend the good improve, quarter. the had excellent

acquisitions at the will continue it what to the be time. We to at else return continue to might We're also able review to - do value shareholders. same board looking

a So you Chris, high-growth add phase do something our right to want business of in now. there? we're

Chris Young

being of but potential quarter taking being position, it acquisition our mindful we're opportunities. quarter Michael, also cash mindful No. by of

quarter by a it's So, process. quarter

Michael Kupinski

you. Thank All I right, guys. all Thanks so have. That's much.

Walter Ulloa

Thank Thank you, you. Michael.

Chris Young

Michael. you, Thank

Operator

Capital Research. your And our question. James next Industry with with from Please proceed question Dix is

James Dix

evening. Good guys. Hey,

Chris Young

evening. Good

James Dix

business bit. thing moment but to a relates a one results per partner. the Latin America Facebook I business know by expanding at out growth. quite a key at digital of of had you've of on line, the particularly what's Cisneros' going lot kind done what context a Facebook on the company rest on world to as think credit wondering as beyond of Facebook the just don't what's the Cisneros, how at grew a is we the strong They about Just I'm like, fundamentals break just at growth. level, going Cisneros? se, much

Chris Young

we're in key; of that that operating Facebook with far Facebook they're markets It's the just I'd - in been Well, Cisneros market zip mature as has as is numbers. the say the but and US the in markets. Facebook are blossoms as platform code the that co-driver as growth seeing the platforms, results. what those just We're the seeing platform in concerned less same other than the capturing strength nothing we're

James Dix

significant that highlighted? is spread three the is more there across And any platforms kind platform that's you the for that similarly of MediaDonuts, or

Walter Ulloa

Spotify in with please? question was but through the what? only pretty to it just has Latin James, you well, say what last repeat half. Interactive let we Cisneros And I fourth Can year, not said. launched should seeing growth Chris this we're your through as about America quarter Spotify, add in MediaDonuts And year, first the just the me strong it, The did. or

James Dix

the three the at bit split them sounds evenly It dominant the dominant that is a for there you Cisneros. at the little Yes. is described partner moment? more or partner Is MediaDonuts Facebook it for among any moment, like for similar

Walter Ulloa

within Twitter is social is right in that MediaDonuts. strongest call with Asia. see we now media the I'll But TikTok partner potential it, Southeast tremendous another partner,

James Dix

Okay. supporting Cisneros strategy significant kind things, to And the internationally, So, MediaDonuts, focused or you as other companies? is into or similar business, of a is a just for buying organically some I little there more markets to additional internationally? some of bit on with on prospect the growth expand M&A moves mean thing degree it doing side

Walter Ulloa

is as every our to I Well, both part apps looking business, growth a quarter we quarter. we think as as product audio have audio - MediaDonuts, Interactive core of at That this then International, our speak, Katz, at our produce high Southeast AdsWizz our we're offer business this we're on cash programmatic users. day. drives international Triton, our have We're a flow here major also these audio We're in adding adding a also that offer to like that buying the working - focuses and digital three call had doing businesses, I We've and possible. our our well international - markets products, current thinking rep continue Cisneros I regions, our is by our strategy of that where partners, Smadex third potential, well of half quarter. focused great or DSP, as including And and America connected to much is increase it's and our business, beyond about on momentum Asia. the as strong digital well we operating strong US product performing, as programmatic say, platforms should downloads something expectations of business. business. as into mean and markets both got and businesses mobile-first territories broadcast we growth in And US on EVC sales having and in product, partners has inventory That's good [Technical Difficultly]. business is US Within third looking exchange it each with other these second digital our Smadex, our these roster that second our US platforms, our or also Latin that and is the more digital territories, in as very We're we US quarter, US our got our the we've business we carried have - also network. major O&O audio as digital second well three thirdly, in an XX we to said, of and in

James Dix

Great. Okay.

outlook less Just than gave it be bit to growth know versus are do in for have outlook of we second the little you like the was business. should there? expenses, you in to expecting anything, of any as in what quarter you small quarter, expecting. sounds terms an kind of or at a what I of relatively the to kind that the outlook last expect first. versus I of core what second rest if seeing little the turning a the - quarter Any Chris, expenses were third least

Chris Young

you're Yes. where creep. we since going comps, comping against got have or we're see expense neither had the we we've Cisneros Well, the didn't MediaDonuts, quarter - to some

total without range the [ph] that at have keep did the being mid-XX% single-digits. that number and diligence our due Cisneros quarter balance expenses, with our then core and in will that's that third to the in of year-over-year MediaDonuts positives, year the and driven by call at expenses level, year, X% the being have expense with the low level. entity of the Cisneros last in call acquired range. about So it, single-digit so And operating low we associated don't this We that business corporate

James Dix

Okay.

the way it bit So which quarter, lower you're I than that looked like the the versus up in was it of a in quarter is maybe second versus kind about little way excluding third acquisitions, that the number, it was if core expecting. Any first, of mean, thinking expense I the X.X% second?

Chris Young

XX% businesses quarter representing the or call the acquired second, that. versus Third XX% bulk of maybe the it, with sequentially,

it's range X% the take out, the in more businesses acquired If you sequentially.

James Dix

Okay.

last this quarter, you what quarter. in to similar saw somewhat the So

Chris Young

Yes. Correct.

James Dix

Okay. year? were have are I higher that? reason going expecting. Cash Any do on updated those And any for outlook what for little the to be taxes you than was a

Chris Young

where a are year. was a lumpy, that. usually Cash we it around payments Where saw gets a Yes. taxes $X and cash this sometimes run falling, quarter million little the

original $X.X That that about as look see overall million that $X.X it, which another far that to concerned. XXXX didn't you you this represents if million, And quarter XXXX. out think cash tax about related million the right past $XXX,XXX modeling that probably way quarter had balance cash for to $X.X coming about actually an annual $X of taxes payments the the of as So in per you're that million take year, our to is of $X.X million. payment back will was plus we

James Dix

last Okay. just then me. Great. And one for one

flagging TV sounds category, In growth perhaps bit supply disruptions impact audio important. the on terms to expecting. were little the balance for been you expectations at that of or greater think Walter, Any it's versus you of industry that's year? the going I like, is have have chain than your It a the material your the know auto

Walter Ulloa

pretty James, Copa Summer Cup. weakness strong think well, our by we've but I believe the we're We we impact Euro international in national third well Gold for and budgets to events. the not finishing well the the going of television. as temporary. that in we of that have think quarter, some we three wanted, auto track be did national we'll see And And fourth because those on And it's up We're planned. in we in quarter, all But we as with sales is we as of America Cup, Champions as business. place this had some seen - back sales. just our and in

James Dix

two a those I Okay. now much events, you to mean, do them as between sense total? going they're in bring how to have And

Walter Ulloa

$X is and million. calculation between $X.X current Our million

James Dix

Okay.

Chris Young

Right.

James Dix

by miss didn't much. You

Great. That's it Okay. me. for

Chris Young

Thank you, James.

Walter Ulloa

Thank you, James.

Operator

next Singular with question Lisa is question. your from Our with Please proceed Springer Research.

Lisa Springer

quarter. congratulations a great you. really Thank on Well,

Chris Young

Thanks, Lisa.

Lisa Springer

had question, they Cisneros? similar does just a on than the bit compare I And or little margins probably the a MediaDonuts one Chris. gross How higher other? for for quick in Are to range

Chris Young

bit They're actually what we a higher Cisneros. see at the little than

Lisa Springer

Okay.

Chris Young

now going The cash right flow with what range in versus Cisneros. margins XX% that for to are the seeing be we're business

Lisa Springer

you. Thank Okay.

Chris Young

you. Thank Great.

Operator

is And question. proceed Michael Please from question with our next Capital your Markets. with NOBLE Kupinski

Michael Kupinski

quick have expense to I follow-up Thanks. question. a just the

you a your way of vast lower some this the a margins majority - has digital bit in is now majority - than re-margined the you're business little such of of other businesses. the because obviously, legacy kind So businesses,

maybe And anticipate so year margins the to can you of margin we give how margins, next a go where you after. sense you or see and as year grow, you even how us see outlook, into the

Chris Young

there's platforms, yeah, between you think disparity business of them, at the some obviously all right. so I Michael, if look

is flow By radio XX% are as should we growth the cash a should there for function margins time this we so guide margins we're in was were in But second the XXXX, scale we continue So as But had range last growing. And in us. XX% margins XX%. kind TV quarter, as think margins as cash in radio do flow back don't front I improvement what were business way, radio our and those digital the that And right you of in of interest margins, think that how now accounting, It's margins with performing, the margins far at unit revenue really TV. capable minority the is as of there far is do we're seeing. of all before digital X%. to pleased room is digital definitely concerned. on And to want shuffle are the have growth in that's right. capacity way

Michael Kupinski

Thank Perfect. right. All you. Okay.

Chris Young

Thank you.

Operator

the reached have to session. will we Ulloa over closing of remarks. our now the call end turn for question-and-answer I And Walter

Walter Ulloa

progress Thank on the us forward you. earnings Entravision future optimistic in and you. look Thank today remain sharing again your support. Thank November. our of call you joining and quarter with for about you our for early We to third

Operator

you disconnect lines and Thank conference time. participation. today's this you concludes may This your for now your at