Entravision Communications Corporation (NYSE:EVC) Q4 2014 Earnings Conference Call - Final Transcript
Feb 26, 2015 • 05:00 pm ET
Good day and welcome to the Entravision Communications' Fourth Quarter 2014 Earnings Conference Call and Webcast. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference call over to Mr. Walter Ulloa. Mr. Ulloa, the floor is yours sir.
Thank you, Mike. Good afternoon, everyone. Welcome to Entravision's fourth quarter 2014 earnings conference call. Joining me today is Chris Young, our Executive Vice President and Chief Financial Officer.
(Forward-Looking Cautionary Statement)
Also, this call will include certain non-GAAP financial measures. The company has provided a reconciliation of these non-GAAP financial measures to their most directly 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.
We generated strong fourth quarter results and marked the end of a highly successful year for Entravision. Our performance in the quarter was driven by strong radio and digital revenue as well as the impact of higher political revenues across our TV station group. Our operating results drove solid consolidated adjusted EBITDA and free cash flow during the quarter.
Looking at 2014, we made steady progress throughout the year transforming Entravision into a multimedia company that delivers highly targeted, highly engaged Latino audiences across all traditional and digital platforms. We expanded our digital products and capabilities throughout the year, including acquiring Pulpo Media last summer. We continue our transformation from a pure-play broadcasting company to a global integrated media and technology company serving the Latino community in the United States, Mexico and Latin America.
We also remained committed to returning capital to shareholders for our dividend and share repurchase programs. At the same time, we continue to strengthen our balance sheet most recently with our $20 million prepayment of term loans under our senior secured term loan credit facility.
Turning to our results, during the fourth quarter, our consolidated revenue was $65.3 million, up 9% compared to the fourth quarter of last year. We generated consolidated adjusted EBITDA growth of 8% to $21.3 million and year-over-year free cash flow growth of 16% to $15.7 million or $0.18 a share. Earnings per share were $0.07 in the fourth quarter. For the full-year, consolidated revenue was $242 million, an increase of 8%. Consolidated adjusted EBITDA for the full-year was $79.3 million, up 9%, while free cash flow increased 45% to $56.8 million.
Turning now to our segment operating highlights for the quarter, television revenues increased 1% during the fourth quarter. Local television revenue was flat during the fourth quarter, while national revenue was up 1%. Television political revenues were $4.7 million in the fourth quarter compared to $2.8 million in political revenues during the fourth quarter of 2010. For the year, total political television revenue was $7.8 million. This represents a 53% increase over the $5.1 million we generated in television political revenue in 2010.