Entravision Communications Corporation (NYSE:EVC) Q4 2019 Earnings Conference Call - Final Transcript
Mar 05, 2020 • 05:00 pm ET
Good day, and welcome to the Entravision Fourth Quarter 2019 Earnings Conference Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]
I would now like to turn the conference over to Walter Ulloa, CEO. Please go ahead.
Walter F. Ulloa
Thank you, Ailee. Good afternoon everyone and welcome to Entravision's fourth quarter 2019 earnings conference call. Joining me on the call today is Jeff Liberman, our President and COO; and Chris Young, our 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 our SEC filings for a list of risks and uncertainties that could impact actual results. This call is the property of Entravision Communications Corporation. Any redistribution, retransmission or rebroadcast of this call in any form without the expressed written consent of Entravision Communications Corporation is strictly prohibited.
Also this call will include 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.
Our fourth quarter results were adversely impacted by revenue declines in our television and audio business segments, compared to the prior year, due primarily to the absence of political revenue modestly offset by a slight increase in our digital revenues and a significant increase in cash flow from our digital business in the fourth quarter. Looking beyond the general business environment, our balance sheet today continues to be solid with approximately $138 million in cash and marketable securities on the books versus a total debt of approximately $218 million.
During the fourth quarter, we are also active in buying back our stock, with approximately 802,000 shares repurchased at an average price of $2.73 per share. We also continue to return capital to our shareholders through our quarterly dividend.
Now turning to our financial performance. Revenues decreased 14% to $70.8 million in the fourth quarter, consolidated operating expenses were down 1% and consolidated adjusted EBITDA was $11.1 million, compared to $20.9 million last year or in 2019. For the year 2018, excuse me, for the year, total revenues decreased by 8% to $273.6 million, compared to $297.8 million in the prior year. Consolidated operating expenses for the year were down 2% and consolidated adjusted EBITDA decreased 24% to $41.2 million.
Turning to our television segment. Television revenues in the fourth quarter were down 19% to $36.9 million, compared to the prior year period, primarily due to the absence of approximately $7 million in non-recurring political revenue in the fourth quarter 2018 mid-term election cycle. National advertising revenue was down 39%, while local revenue was down 6%.
On a core basis fourth quarter television advertising revenue, excluding political was down 7% during the quarter with national down 11% and local down 4%. Fourth quarter retransmission revenues