Exhibit 99.1

 

ENTRAVISION COMMUNICATIONS CORPORATION REPORTS

FIRST QUARTER 2018 RESULTS

 

- Announces Quarterly Cash Dividend of $0.05 Per Share –

- Announces $15 Million Share Repurchase Program –

 

SANTA MONICA, CALIFORNIA, May 8, 2018 – Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three-month period ended March 31, 2018.

Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 9. Unaudited financial highlights are as follows:

 

 

Three-Month Period

 

 

Ended March 31,

 

 

2018

 

 

2017

 

 

% Change

 

Net revenue

$

66,838

 

 

$

57,510

 

 

 

16

%

Cost of revenue - digital media (1)

 

10,625

 

 

 

1,752

 

 

 

506

%

Operating expenses (2)

 

44,327

 

 

 

38,292

 

 

 

16

%

Corporate expenses (3)

 

5,975

 

 

 

5,867

 

 

 

2

%

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated adjusted EBITDA (4)

 

6,937

 

 

 

12,570

 

 

 

(45

)%

 

 

 

 

 

 

 

 

 

 

 

 

Free cash flow (5)

$

1,590

 

 

$

7,265

 

 

 

(78

)%

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(1,808

)

 

$

2,618

 

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share, basic and diluted

$

(0.02

)

 

$

0.03

 

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

90,319,092

 

 

 

90,236,476

 

 

 

 

 

Weighted average common shares outstanding, diluted

 

90,319,092

 

 

 

91,760,531

 

 

 

 

 

 

(1)

Cost of revenue – digital media consists primarily of the costs of online media acquired from third-party publishers. Media cost is classified as cost of revenue in the period in which the corresponding revenue is recognized.

 

(2)

Operating expenses include direct operating and selling, general and administrative expenses. Included in operating expenses are $0.2 million of non-cash stock-based compensation for each of the three-month periods ended March 31, 2018 and 2017. Operating expenses do not include corporate expenses, foreign currency (gain) loss, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment, other income (loss) and change in fair value of contingent consideration.

(3)

Corporate expenses include $1.0 million and $0.8 million of non-cash stock-based compensation for the three-month periods ended March 31, 2018 and 2017, respectively.

(4)

Consolidated adjusted EBITDA means net income (loss) plus gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation included in operating and corporate expenses, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from FCC spectrum incentive auction less related expenses, expenses associated with investments, acquisitions and dispositions and certain pro-forma cost savings. We use the term consolidated adjusted EBITDA because that measure is defined in the agreement governing our current credit facility (“the 2017 Credit Facility”) and does not include gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from FCC spectrum incentive auction less related expenses, expenses associated with investments, acquisitions and dispositions and certain pro-forma cost savings.

 


Entravision Communications

Page 2 of 10

 

(5)

Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, and capital expenditures plus dividend income and revenue from FCC spectrum incentive auction less related cash expenses. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.

Commenting on the Company’s earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, “During the first quarter, we achieved revenue growth driven by increases in our digital media segment attributable to the acquisition of Headway.  This growth in our digital media segment offsets decreases in both our television and radio segments, which were affected by decreases in local and national advertising revenue compared to 2017.  We continued to build our digital footprint, while undertaking an extensive review of our business in order to more efficiently align operations and reduce costs.  Looking ahead, we remain well positioned to build on our success in further attracting Latino and other audiences worldwide, and expanding our advertiser base to the benefit of our shareholders.”

Quarterly Cash Dividend

The Company announced today that its Board of Directors has approved a quarterly cash dividend to shareholders of $0.05 per share of the Company's Class A, Class B and Class U common stock, in an aggregate amount of approximately $4.5 million. The quarterly dividend will be payable on June 29, 2018 to shareholders of record as of the close of business on June 14, 2018, and the common stock will trade ex-dividend on June 13, 2018. As previously announced, the Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.

Share Repurchase Program

The Company announced today that its Board of Directors has approved the extension of its share repurchase program announced in August 2017 with a repurchase authorization of up to an additional $15 million of the Company’s common stock, for a total repurchase authorization of up to $30 million.  Under the new share repurchase program, the Company is authorized to purchase shares from time to time through open market purchases or negotiated purchases, subject to market conditions and other factors.

  

 


Entravision Communications

Page 3 of 10

 

Financial Results

Three-Month Period Ended March 31, 2018 Compared to Three-Month Period Ended

March 31, 2017

(Unaudited)

 

 

Three-Month Period

 

 

Ended March 31,

 

 

2018

 

 

2017

 

 

% Change

 

Net revenue

$

66,838

 

 

$

57,510

 

 

 

16

%

Cost of revenue - digital media (1)

 

10,625

 

 

 

1,752

 

 

 

506

%

Operating expenses (1)

 

44,327

 

 

 

38,292

 

 

 

16

%

Corporate expenses (1)

 

5,975

 

 

 

5,867

 

 

 

2

%

Depreciation and amortization

 

3,939

 

 

 

3,546

 

 

 

11

%

Change in fair value of contingent consideration

 

2,100

 

 

 

-

 

 

*

 

Foreign currency (gain) loss

 

213

 

 

 

-

 

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

(341

)

 

 

8,053

 

 

*

 

Interest expense, net

 

(2,485

)

 

 

(3,536

)

 

 

(30

)%

Dividend income

 

128

 

 

 

-

 

 

*

 

Other income (loss)

 

22

 

 

 

-

 

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

(2,676

)

 

 

4,517

 

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit (expense)

 

930

 

 

 

(1,899

)

 

*

 

Net income (loss) before equity in net income (loss) of nonconsolidated affiliates

 

(1,746

)

 

 

2,618

 

 

*

 

Equity in net income (loss) of nonconsolidated affiliates, net of tax

 

(62

)

 

 

-

 

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(1,808

)

 

$

2,618

 

 

*

 

 

(1)

Cost of revenue, operating expenses and corporate expenses are defined on page 1.

Net revenue increased to $66.8 million for the three-month period ended March 31, 2018 from $57.5 million for the three-month period ended March 31, 2017, an increase of $9.3 million. Of the overall increase, approximately $14.2 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to our results of operations in the prior year period. The overall increase was partially offset by a decrease in our television segment of approximately $3.2 million primarily due to decreases in national and local advertising revenue, partially offset by an increase in retransmission consent revenue and an increase in political advertising revenue, which was not material in 2017.  Additionally, the overall increase was partially offset by a decrease in our radio segment of approximately $1.6 million primarily due to decreases in local and national advertising revenue.

Cost of revenue in our digital media segment increased to $10.6 million for the three-month period ended March 31, 2018 from $1.8 million for the three-month period ended March 31, 2017, an increase of $8.8 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to cost of revenue in the prior year period.

Operating expenses increased to $44.3 million for the three-month period ended March 31, 2018 from $38.3 million for the three-month period ended March 31, 2017, an increase of $6.0 million. The increase was primarily due to the acquisition of Headway in our digital segment during the second quarter of 2017, which did not contribute to operating expenses in the prior year period, partially offset by an increase in salary expense and an increase in expenses related to the acquisition of station KMIR-TV in the fourth quarter of 2017, which did not contribute to operating expenses in the prior year period.

Corporate expenses increased to $6.0 million for the three-month period ended March 31, 2018 from $5.9 million for the three-month period ended March 31, 2017, an increase of $0.1 million. The increase was primarily due to an increase in non-cash stock-based compensation expense.

 

 


Entravision Communications

Page 4 of 10

 

Segment Results

The following represents selected unaudited segment information:

 

 

Three-Month Period

 

 

Ended March 31,

 

 

 

2018

 

 

 

2017

 

 

% Change

 

Net Revenue

 

 

 

 

 

 

 

 

 

 

 

Television

$

34,491

 

 

$

37,710

 

 

 

(9

)%

Radio

 

14,103

 

 

 

15,719

 

 

 

(10

)%

Digital

 

18,244

 

 

 

4,081

 

 

 

347

%

Total

$

66,838

 

 

$

57,510

 

 

 

16

%

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Revenue - digital media (1)

 

 

 

 

 

 

 

 

 

 

 

Digital

$

10,625

 

 

$

1,752

 

 

 

506

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses (1)

 

 

 

 

 

 

 

 

 

 

 

Television

 

21,522

 

 

 

20,205

 

 

 

7

%

Radio

 

15,280

 

 

 

15,721

 

 

 

(3

)%

Digital

 

7,525

 

 

 

2,366

 

 

 

218

%

Total

$

44,327

 

 

$

38,292

 

 

 

16

%

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Expenses (1)

$

5,975

 

 

$

5,867

 

 

 

2

%

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated adjusted EBITDA (1)

$

6,937

 

 

$

12,570

 

 

 

(45

)%

 

(1)

Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 1.

Entravision Communications Corporation will hold a conference call to discuss its 2018 first quarter results on May 8, 2018 at 5 p.m. Eastern Time. To access the conference call, please dial 412-317-5440 ten minutes prior to the start time. The call will be webcast live and archived for replay on the investor relations portion of the Company’s web site located at www.entravision.com.

Entravision Communications Corporation is a leading global media company that, through its television and radio segments, reaches and engages U.S. Hispanics across acculturation levels and media channels. Additionally, our digital segment, whose operations are located primarily in Spain, Mexico, and Argentina and other countries in Latin America, reaches a global market. The Company’s expansive portfolio encompasses integrated marketing and media solutions, comprised of television, radio, and digital properties and data analytics services. Entravision has 55 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravision also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. Entravision's Pulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision's digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the United States, Mexico and other markets in Latin America. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

# # #

(Financial Table Follows)


Entravision Communications

Page 5 of 10

 

For more information, please contact:

 

Christopher T. Young

  

Mike Smargiassi/Brad Edwards

Chief Financial Officer

  

The Plunkett Group

Entravision Communications Corporation

  

212-739-6724

310-447-3870

  

 

 

 

 


Entravision Communications

Page 6 of 10

 

Entravision Communications Corporation

Consolidated Balance Sheets

(In thousands; unaudited)

 

 

March 31,

 

 

December 31,

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

89,224

 

 

$

39,560

 

Marketable securities

 

157,752

 

 

 

-

 

Restricted cash

 

769

 

 

 

222,294

 

Trade receivables, net of allowance for doubtful accounts

 

73,728

 

 

 

84,348

 

Prepaid expenses and other current assets

 

9,732

 

 

 

6,260

 

Total current assets

 

331,205

 

 

 

352,462

 

Property and equipment, net

 

60,075

 

 

 

60,337

 

Intangible assets subject to amortization, net

 

25,306

 

 

 

26,758

 

Intangible assets not subject to amortization

 

254,506

 

 

 

251,163

 

Goodwill

 

70,557

 

 

 

70,557

 

Other assets

 

4,253

 

 

 

4,690

 

Total assets

$

745,902

 

 

$

765,967

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Current maturities of long-term debt

$

3,000

 

 

$

3,000

 

Accounts payable and accrued expenses

 

46,397

 

 

 

57,563

 

Deferred revenue

 

1,535

 

 

 

1,959

 

Total current liabilities

 

50,932

 

 

 

62,522

 

Long-term debt, less current maturities, net of unamortized debt issuance costs

 

291,863

 

 

 

292,489

 

Other long-term liabilities

 

23,420

 

 

 

21,447

 

Deferred income taxes

 

39,289

 

 

 

40,639

 

Total liabilities

 

405,504

 

 

 

417,097

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

Class A common stock

 

7

 

 

 

7

 

Class B common stock

 

2

 

 

 

2

 

Class U common stock

 

1

 

 

 

1

 

Additional paid-in capital

 

882,935

 

 

 

888,650

 

Accumulated deficit

 

(541,538

)

 

 

(539,730

)

Accumulated other comprehensive income (loss)

 

(1,009

)

 

 

(60

)

Total stockholders' equity

 

340,398

 

 

 

348,870

 

Total liabilities and stockholders' equity

$

745,902

 

 

$

765,967

 

 

 

 


Entravision Communications

Page 7 of 10

 

Entravision Communications Corporation

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

Three-Month Period

 

 

Ended March 31,

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

Net revenue

$

66,838

 

 

$

57,510

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

Cost of revenue - digital media

 

10,625

 

 

 

1,752

 

Direct operating expenses

 

31,033

 

 

 

27,092

 

Selling, general and administrative expenses

 

13,294

 

 

 

11,200

 

Corporate expenses

 

5,975

 

 

 

5,867

 

Depreciation and amortization

 

3,939

 

 

 

3,546

 

Change in fair value of contingent consideration

 

2,100

 

 

 

-

 

Foreign currency (gain) loss

 

213

 

 

 

-

 

 

 

67,179

 

 

 

49,457

 

Operating income (loss)

 

(341

)

 

 

8,053

 

Interest expense

 

(3,398

)

 

 

(3,645

)

Interest income

 

913

 

 

 

109

 

Dividend income

 

128

 

 

 

-

 

Other income (loss)

 

22

 

 

 

-

 

Income (loss) before income taxes

 

(2,676

)

 

 

4,517

 

Income tax benefit (expense)

 

930

 

 

 

(1,899

)

Income (loss) before equity in net income (loss) of nonconsolidated affiliate

 

(1,746

)

 

 

2,618

 

Equity in net income (loss) of nonconsolidated affiliate, net of tax

 

(62

)

 

 

-

 

Net income (loss)

$

(1,808

)

 

$

2,618

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share:

 

 

 

 

 

 

 

Net income (loss) per share, basic and diluted

$

(0.02

)

 

$

0.03

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

$

0.05

 

 

$

0.03

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, basic

 

90,319,092

 

 

 

90,236,476

 

Weighted average common shares outstanding, diluted

 

90,319,092

 

 

 

91,760,531

 

 

 

 


Entravision Communications

Page 8 of 10

 

Entravision Communications Corporation

Consolidated Statements of Cash Flows

(In thousands; unaudited)

 

 

Three-Month Period

 

 

Ended March 31,

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income (loss)

$

(1,808

)

 

$

2,618

 

Adjustments to reconcile net income (loss) to net cash provided by

  operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

3,939

 

 

 

3,546

 

Deferred income taxes

 

(1,014

)

 

 

1,473

 

Amortization of debt issue costs

 

124

 

 

 

183

 

Amortization of syndication contracts

 

176

 

 

 

109

 

Payments on syndication contracts

 

(186

)

 

 

(113

)

Equity in net (income) loss of nonconsolidated affiliate

 

62

 

 

 

-

 

Non-cash stock-based compensation

 

1,249

 

 

 

975

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

(Increase) decrease in accounts receivable

 

11,043

 

 

 

10,979

 

(Increase) decrease in prepaid expenses and other assets

 

(3,981

)

 

 

(891

)

Increase (decrease) in accounts payable, accrued expenses

   and other liabilities

 

(5,977

)

 

 

(5,963

)

Net cash provided by operating activities

 

3,627

 

 

 

12,916

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment

 

(3,030

)

 

 

(1,526

)

Purchases of intangible assets

 

(3,153

)

 

 

-

 

Purchases of marketable securities

 

(159,403

)

 

 

-

 

Purchases of investments

 

-

 

 

 

(250

)

Deposits on acquisition

 

-

 

 

 

(230

)

Net cash provided by (used in) investing activities

 

(165,586

)

 

 

(2,006

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from stock option exercises

 

-

 

 

 

311

 

Tax payments related to shares withheld for share-based compensation plans

 

(2,227

)

 

 

-

 

Payments on long-term debt

 

(750

)

 

 

(938

)

Dividends paid

 

(4,518

)

 

 

(2,821

)

Repurchase of Class A common stock

 

(2,402

)

 

 

-

 

Net cash used in financing activities

 

(9,897

)

 

 

(3,448

)

Effect of exchange rates on cash, cash equivalents and restricted cash

 

(5

)

 

 

-

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(171,861

)

 

 

7,462

 

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

Beginning

 

261,854

 

 

 

61,520

 

Ending

$

89,993

 

 

$

68,982

 

 

 

 


Entravision Communications

Page 9 of 10

 

Entravision Communications Corporation

Reconciliation of Consolidated Adjusted EBITDA to Cash Flows From Operating Activities

(In thousands; unaudited)

The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:

 

 

Three-Month Period

 

 

Ended March 31,

 

 

 

2018

 

 

 

2017

 

 

 

 

 

 

 

 

 

Consolidated adjusted EBITDA (1)

$

6,937

 

 

$

12,570

 

 

 

 

 

 

 

 

 

Interest expense

 

(3,398

)

 

 

(3,645

)

Interest income

 

913

 

 

 

109

 

Dividend income

 

128

 

 

 

-

 

Income tax expense

 

930

 

 

 

(1,899

)

Equity in net loss of nonconsolidated affiliates

 

(62

)

 

 

-

 

Amortization of syndication contracts

 

(176

)

 

 

(109

)

Payments on syndication contracts

 

186

 

 

 

113

 

Non-cash stock-based compensation included in direct operating expenses

 

(216

)

 

 

(223

)

Non-cash stock-based compensation included in corporate expenses

 

(1,033

)

 

 

(752

)

Depreciation and amortization

 

(3,939

)

 

 

(3,546

)

Change in fair value of contingent consideration

 

(2,100

)

 

 

-

 

Other income (loss)

 

22

 

 

 

-

 

Net income (loss)

 

(1,808

)

 

 

2,618

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

3,939

 

 

 

3,546

 

Deferred income taxes

 

(1,014

)

 

 

1,473

 

Amortization of debt issue costs

 

124

 

 

 

183

 

Amortization of syndication contracts

 

176

 

 

 

109

 

Payments on syndication contracts

 

(186

)

 

 

(113

)

Equity in net (income) loss of nonconsolidated affiliate

 

62

 

 

 

-

 

Non-cash stock-based compensation

 

1,249

 

 

 

975

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

(Increase) decrease in accounts receivable

 

11,043

 

 

 

10,979

 

(Increase) decrease in prepaid expenses and other assets

 

(3,981

)

 

 

(891

)

Increase (decrease) in accounts payable, accrued expenses and other liabilities

 

(5,977

)

 

 

(5,963

)

Cash flows from operating activities

 

3,627

 

 

 

12,916

 

 

(1)

Consolidated adjusted EBITDA is defined on page 1.

 

 

 


Entravision Communications

Page 10 of 10

 

Entravision Communications Corporation

Reconciliation of Free Cash Flow to Cash Flows From Operating Activities

(In thousands; unaudited)

The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:

 

 

Three-Month Period

 

 

Ended March 31,

 

 

 

2018

 

 

 

2017

 

Consolidated adjusted EBITDA (1)

$

6,937

 

 

$

12,570

 

Net interest expense (1)

 

(2,361

)

 

 

(3,353

)

Dividend income

 

128

 

 

 

-

 

Cash paid for income taxes

 

(84

)

 

 

(426

)

Capital expenditures (2)

 

(3,030

)

 

 

(1,526

)

Free cash flow (1)

 

1,590

 

 

 

7,265

 

 

 

 

 

 

 

 

 

Capital expenditures (2)

 

3,030

 

 

 

1,526

 

Other income (loss)

 

22

 

 

 

-

 

Change in fair value of contingent consideration

 

(2,100

)

 

 

-

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

(Increase) decrease in accounts receivable

 

11,043

 

 

 

10,979

 

(Increase) decrease in prepaid expenses and other assets

 

(3,981

)

 

 

(891

)

Increase (decrease) in accounts payable, accrued expenses and other liabilities

 

(5,977

)

 

 

(5,963

)

Cash Flows From Operating Activities

$

3,627

 

 

$

12,916

 

 

(1)

Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 1.

(2)

Capital expenditures are not part of the consolidated statement of operations.

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