EVC - Earnings call transcript Q3 2020 | Entravision Communications Corporation

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Operator

Greetings, and welcome to the Entravision Communications Corporation Third Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Kimberly Esterkin [ph] of Investor Relations. you. Thank

begin. may You

Unidentified Company Representative

Good Earnings and everyone Conference safe. healthy operator. Third is to Quarter and XXXX Call. afternoon you, welcome everyone, Entravision's staying Thank I hope

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

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

Walter Ulloa

quarter a lows Call. across had appreciate nicely our the We sequentially the following today Thank of segments. Entravision Third third revenues everyone. XXXX quarter. and of you picked joining operating us you, Earnings afternoon the up three second good Kimberly, for Entravision's quarter in all Quarter Business improving strong with

will $XX.X line XXXX operating up cost-cutting top quarter for the the XX% significantly line prior QX increased our Financial for million million, in we prospects our Chris into declined X% XX% $XX driver third further down revenue the sequentially quarter our in ad later quarter with our XX% as totaled expenses Adjusted radio about third our third million, XXXX, year EBITDA political quarter $X.X television up fourth measures year-over-year, for and key for Officer political to A for Young, results. consolidated on $XX.X revenue but and revenues pacings head our Revenues million the XXXX totaled Beginning while minus in Political excited advertising of year. million. year-over-year. the the balance XXXX. are of Chief compared call. speak to been the $X.X totaled today's sales. of has with quarter sales totaled these We core

generated about detail. represent Television elections. operating million now national a largest With well revenues future up revenue to behind sequentially that of to up large our in quarter, Arizona With now quarter, elections as prospects excess market Entravision's three XX% and grew $XX.X second X% year of up Republicans advertising and Latino X% and and the while parties, and up recommission political Democrats X% let's In down revenues background, both the Texas, from where compared registrations Nevada vote. year-over-year. million multicast Breaking prior was cycle the particularly importance to days we our been a election alike by two of today total us, this recognized in further election are in bodes XX% segments of the total third over the consent the for further, XXXX. has Investing Hispanic as in Florida of voter TV in record the were political the quarter. this the for over Colorado, which focus Latino speak and million and with for as of expected XXXX of surpassed $XX.X compared our have $XX each political prior peak XX% of advertising revenues segment prior have our

Excluding our third million declined spend, quarter in mainly up National totaling advertising driven XX% of revenues XX% the XXXX. non-material the were while political the the result COVID-XX. $X.X with quarter political revenues advertising revenues of TV core continued amount television of were in revenues down political of by revenue as XX% a spend, versus political local a impact

our TV top to XX Turning categories. ad

six upwards the did total sequentially, of revenue. out XX% declines, categories XX%. prior another categories were advertising category prior also year improvements sequential up advertising from indication Auto, nine advertising is six categories of X% our improved from our care, Grocery lows Although with XX% XX% QX TV category over that the was experienced prior and represents our ad business also largest second sequentially. but year in fourth improved year a was basis, year-over-year the services declined top our XX% of XXXX. improved down quarter. compared The see trending and and XX stores to political. sequentially. revenue remaining Health following category largest over the the our the our were Services, XX% year-over-year XX% XXX% second up On exception up up largest year-over-year

ages discuss be let's otherwise noted. performance XX I to for the cases, ratings our quarter. all will referring to television among Hispanic XX performance Next, In adults unless

Telemundo compete late where ranked against competitors also ahead or we in XX in finished upon early with television Similarly, where English markets head-to-head. stations their eight and affiliates local XX ahead newscasts Our head-to-head tied in XX in finished in Spanish market of In built leadership news, same competition. our of Telemundo competitors August. their markets. competitor first second we local markets news, or we These Univision XX have Univision television of

local in second competitors XX newscasts ranked English or Spanish markets. first Our against late

year. news latest pandemic. in August our during for and continued local news local last news caps, eight trend of early COVID-XX the late to in This markets the updates all of XX impressions continue quarter provide initial for our the we with local viewers. into teams with Our increasing of month news the spread April to line third saw peak Across compared local to impressions markets

a at in our Univision people to Looking audience stats stations combined ages of totaled our four audience full whose markets television plus two cumulative have people. of Unimás X.X the two million weekly Telemundo plus compared during week. ages million combined and

Miller revenues year-over-year segment, third declined political revenue X% the audio radio turn a Now data, million revenues sequential and direction. Further, the are we the quarter. in declined of from improved down the the On our basis, points let's year-over-year, while right the resilient XXXX. Kaplan XX% second for of in total XX declines, Hispanic which revenues in by XX% market XX% quarter largely $XX.X national operating operating segment revenues the outperformed bolstered third of generated subscribed audio to audio revenue ad these Despite just in Entravision's the audience is Local compared share third that to Audio sales. year-over-year, in by audio XX.X we were revenues quarter moving quarter. combined. markets to this

services, this large Turning representing immigration, messaging, to revenue portion year radio audio well the services of our categories, total adds represented past of government regarding a improved as COVID-XX to sequentially. including prior as over largest our category, safety, those period XX% XX% Legal XX% related advertising quarter. the services, and

XX to Auto, radio second with ads, up improvement paid political in XX% Hispanic but of sequential programming where ages XX We people XX% the a basis, advertising saw the categories of for the average is year-over-year all totaled down quarter single work and we $X.X XX% in were eight as prior listenership quarter categories every categories. of XX exception category, third for out listeners -- nevertheless a Remaining revenue also our industry, top largest every was plus. political of quarter. increases down in home on on XXXX, amount saw top ad adults With an to an for compared third our sequentially. in as immaterial one XX% to the the million declined the audio listen for the advertising one of year. compared amongst less daily quarter commuting

y on to including Show our average dropped La La listeners Pandilla our adults nine El morning ages more XXX,XXX de Los see weekly in markets ages XX can XX Chokolata Hispanic listeners. our as seven morning markets The ratings and number Across XX; in XX and reached morning of Show markets the division su Los to among September and Los including such one than adults audio XX Erazno six in Angeles, drive morning to the our among XX Our Chokolata and network one in XXXX. one midday success number Hispanic midday O&O choices Show top for drive and spots amongst markets, Lucas Flaco Sacramento Riverside. Hispanic these then ranked stations including in programming Genio sales and show were and the Angeles, amongst Erazno anchor network, as y Spanish Phoenix in Hispanic to XX. La El Angeles y Piolin El nine Tricolor José Denver, In XX. ranked ties. adults number radio our On both High-profile Suavecita shows Hispanic the adults

XX, For the XX Los Hispanic our show non-markets including XX and 'El to in markets Hispanic among in of one Angeles, as XX the our summer including Genio' among of four Spanish seven number ties. including XXXX, Lucas adults to eight adults to Hispanic second XX, among annual and adults Piolin ranked XX first ranked ties. Spanish five second programs adults amongst language XX XX or Hispanic markets midday to language in

digital. final and segment is third Our operating

service of getting were of has seen have gaming consumers. surged adoption an due proud of COVID-XX. a announced each unprecedented that leading revenues use brought and American platforms of to and we by majority who This provides the for mobile we work why continue largely third done in to discuss improved umbrella to commerce to clients' of mission lot let's app the by a rate brand U.S. growth this digital quarter programmatic creative digital over same and quarter brands Sequentially, strategic which happy exceptional advertising quarter. programmatic advertising through to best $XX.X today. marketers, positioning digital this advertisers the X% on that Digital combined and totaled of America. our Smadex Cisneros to digital a our premier just the Latin to in our strategy. buy-side our We as Digiday the performance serving product launch data investment, of during solutions. digital for long-term enter digital, like quarter. Entravision consumers review platforms. and Smadex into engineering A third a agencies versus Interactive, one our capabilities end, platforms the while teams, meet a in last build the the becomes by digital single registering period revenues a competitive of science source advertising decrease year, globally. Hispanic post of million for this continue largest solution, But be investment assets XX% together company and we our Then are for details, with XX%. acceleration it's this Also, needs. I'd our agencies Mobile and digital third and industry the Earlier year, our advertising investment publication of and the improve impact announce across to under more a their serving one with market capabilities has important companies one expand before unified those enhance each been shortlisted the apps portfolio XXXX, of the performance-oriented U.S. growth capabilities Latin aligns The month we offerings, That's year. X,XXX

advertising advertisers its streaming. that for increased in-game XXX onboarded Following we've solution gamers non-intrusive we ScrollerAds mobile during launched brand with to demand audiences, play. Since gaming ads allows play, an game reach inception, an feedback advertisers as perspective, of after exceptional their automotive, consumer a performance and from clients online advertising financial, goods diverse delivery from and starting spending increasing such with campaigns. product XX% categories received We

and marketplace Our has moving Also, more safe QX, solution, cookie-less into services and our launched the world division XXXX. as is solution. a increased transparent data video versus revenue data DataXpand, XX% its unit, DataXpand Persona, digital data data

of in digital strong marketers possess by user media technologies, new results for DataXpand insights the use building the our users for target Overall, digital digital being As data-driven of data third-party identification quality is and even and of Entravision and market is Persona cookies is prospects portfolio assets slowly programmatic a to replaced solution demonstrated creative advertising. with difficult a resiliency of capabilities. third conditions. the our quarter that most assets, reach, state-of-the-art

to each our back. preparing further We're pleased growth, to To now our Young, I this fourth our quarter We across are outlook, their economy quarter operating very growth third bounces Officer. call Chief return see segments also pre-COVID-XX Chris performance over levels, the to and will of the sequential the about speak sequential turn to our board. as Financial

Chris Young

you, everyone. Thank afternoon, good Walter, and

As XX% sequentially. totaled a million, Walter QX revenue X% up XXXX, for from decrease but third quarter $XX the discussed, of of

our division, $X.X year-over-year. For X% Retransmission $XX.X TV up revenue revenues X% million, year-over-year. million, totaled up totaled

For over a the sequentially, prior up sequentially. totaled right decrease the up our in totaled year but moving revenues million, was result least, audio in but revenues but decrease XX% down XX% year-over-year, of advertising. Last local of not million, $XX.X mainly direction in The being division, decreases XX%. XX% $XX.X revenue period, digital the

business. Our conservative of cost point structure remains a our focal

that to million We expenses million the and for acquisition. to costs Direct cutting Cisneros can year-over-year our expenses when we decrease to last Operating XX% QX, you QX quarter, approximately were expenses for decreased $XX.X by $XX.X year onetime noted expenses to compared compared exclude million XX% and variable our in of and Interactive XXXX. total recent during impacts QX decrease continue the of COVID-XX. for period. take third quarter, $XX our did, XXXX, ago to million. limit a a we steps ensure fixed of XX% totaled the with quarter the weather $X.X operating of associated million anticipated company $XX.X strategic As expenses SG&A

for million same totaling X%, Finally, year. corporate of compared to the the expenses last decreased $X.X $X.X million, in quarter quarter

hold. third quarter, remained buyback on the our During

diligence. $X.XXX to strategic in maintained and at our secondary to to I our We Interactive which and businesses. mentioned also legal incur approximately dividend Cisneros of corporate some did, our the and core eliminate level, due serving operating at continue was deemed primarily media investment expenses $X before, financial expenses related We million, as

proceeds for compared cash the million, broadcast interest Consolidated of earnings a was payments million, of XXXX. Going compared into loss totaled same $X.X million totaled approximately in $X.X will our EBITDA to We QX, positive to as full year-over-year. in from totaled for million to $X.X share per maintain the compared to adjusted the year. period. for cuts. $XX.X XXXX, cash share were we to incentive onetime majority taxes the XX% for result while flow the cost prior a same for prior quarter in expect CapEx XXXX. year. the the compared $X.XX expense high defined paid the of operating last approximately last expense $X.X third year Cash million quarter million Earning million. tax year. up $XX.X $X.X per Cash the were Income anticipate period in cash as related the Free was $XXX,XXX $X our in year capital a release $X.XX of QX, quarter million states certain auction was expenditures back quarter to million FCC $X.X in Net in taxes be

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

to the like our quarter. review to fourth I'd the turning call back Before Walter, pacing for

pacing, XX%. of As our TV is advertising plus today, business

October and Our million audio Cisneros XX. plus is business $XX acquired business We including Interactive from is for XXX%. our pacing, Cisneros revenue pacing, Interactive plus XX%, digital on

$X fourth add results. of quarter revenue For EBITDA into back million our to QX, I'll $XX With to said, to Cisneros and investment Walter in call Interactive more approximately $X.X the turn our incremental is Walter? to speak million months to strategic million that in the Cisneros final X.X recent pacing about Interactive.

Walter Ulloa

more product is space transparent performance-based our client media enhance we solutions. The and best to therefore demands portfolio, Chris. and To our service and continue including more products solutions. Thanks, growing evolving driven base, digitally digital-focused

our other high-growth ourselves such As look of we part as this to align Cisneros business, evolution with of Interactive. companies

service our into $XXX majority XXXX in our anticipating while and advance to will digital year revenues. is strategic also Our Cisneros million clients, approximately digital revenues Cisneros segment operating our $XX in million Interactive offerings Interactive investment EBITDA. expanding full

COVID-XX. record remained a the fourth of investor, resilient post impact Cisneros the of will primarily digital financial technology As Interactive wholesaler the businesses of closing. Entravision Interactive's and XX% for performance majority leading Facebook, whose have is of some including companies quarter Cisneros advertising LinkedIn from Spotify world's

addition, digital digital In which line acquisitions. strong of $XX with Audio.Ad flow, times multiple previous is have our investment million into Cisneros AudioEngage approximately audio audio a cash our to represents unit, they Interacting six business. in complement current

the balance to of remains the our Entravision the acquisitions. And our COVID-XX, make terms strong. us strength sheet comes with The future, measures impact of comfortably it positioned our investment. opportunistic combined strategic remains with sheet cost-cutting of In when balance even has to

look add economy two strong quarter third assets the accretive making business portfolio direction well cash as first its Going and by quarter That forward, significant turn along Entravision's we companies company. shown Entravision's right to had as of third and digital one summary, the overall or are the years, will pacing. results a challenges. said, very trending that quarter to with in In flow fourth and as contribute to our positive our is in media

from In services other revenues, financial our the key are to anticipated addition strength making to categories ad of progress. advertising auto political good

for are and you in strong support your questions. continued continued radio had will of Chris and today and for Thank strength the open a Entravision. time and programming summer your anticipating Our now we for again, rating television season be fall. I

Operator

you. Thank

with a question Capital with from your [Operator proceed will question. Michael comes Our Markets. NOBLE line the of now Kupinski first We session. be Instructions] Please question-and-answer conducting

Michael Kupinski

Yes.

results congratulations Really, strong cash on your the on all really quarter. of flow line. First

me here. the help Just do math

So, is in TV the for the the what political, radio for but gave for year, QX it what you QX? regarding political total already political and is

Chris Young

thanks -- Political Michael.

So, million for approximately political for about digital. for QX ended $XX.X $XXX,XXX for $X being million video, TV and up approximately

Michael Kupinski

Okay. That's...

Chris Young

$XX.X -- do the did That quarter. for give take or million

Michael Kupinski

which awesome. is Amazing

XX%. In excluding down terms of assume -- would about digital pacings right? Cisneros would then, I gave digital that QX. it would about Cisneros be then, you the for Is

Chris Young

More or less, that's correct.

Michael Kupinski

on? excluding bit if QX happening little maybe they're then, a talk a about Smadex, digital? Or revenue a starting of you color What's Cisneros. you can going on And just and to digital see then little give pickup bit little programmatic? bit Okay. the more in in Are what's

Chris Young

You're on mute.

Walter Ulloa

Okay.

So it's Walter. Michael,

of So, things couple a digital about our business.

Our of local digital XX talking -- Martech Adtech business. QX. I about quite business for which we I is locals business is pacing that local over plus for the basically about about international international QX that year. strongly we're say no about and number is pacing business is When our Smadex X% minus XX. believe, plus business, our half -- yes of last pacing and it's -- is will talk

to So, expect and which then, the advertising, it see as to significantly. digital future as the to we trend more programmatic, that grow we're is -- business relates clients to starting move certainly

And so we're certainly bullish about that business.

Just company as pacing gave I'm XX plus add just of QX. to you -- in is that it the including information Interactive, part we're not Cisneros not I

the wholesale for some of leading we is including the assets So we're assembled. business. of will Facebook, audio that Latin the of with all-in-all, the XX% we digital other the which is the of is ad well-positioned And digital digital advertising technology Interactive I the about in largest say about the growth one for that our businesses. XX% is -- America. One three business Cisneros that's Audio.Ad and to basically Spotify is Besides think business. future complementary -- digital LinkedIn Audio.Ad, AudioEngage companies and

the in with of pleased expertise certainly current will will as -- what we're of that our kind give business, that that what in our give linear as business audio linear business, our So terms well audio U.S.

business ad of ecosystem. gaming the with The Unity, It part Android just which is that in and is mobile world's network, the which a it is their gaming exchange be iOS is global gamers is systems. network. gamers inventory of the aligned sits give MOBS, significance in for is used one to within largest which And Cisneros other of operating platforms, the that by compatible of games. But Unity with that video

be America. So repping we're business going Latin in that in them to

in a The So about going certainly it's we're CEO, with XX that excited the for digital people. lift are think Victor We to operate business. years. of to lot Kong experienced it business been acquisition. the -- this be our people digital added starting already They've

we're certainly about being And part Entravision. so of them excited

Michael Kupinski

also thoughts of reductions flow to Sounds and little us cost your color how they're cost not and as like you as the to about those more going more Can a in how QX? going to expected some give reductions indicated be us you temporary into permanent. a be great like look opportunity. looked QX? that's that's Can might give You on that going some

Chris Young

since $X QX as the as Otherwise what think should to be have be That from that pacing you sequential about increase million can other up Cisneros place. We're revenue an in it also looking million expense all numbers I in to WELL, going the call million of they expense be associated given gave expenses at bulk the quarter. sequentially variable will certainly $X.X in will the is for incremental a -- remain the you're we that will to increase. do so $X with significantly, far QX.

Michael Kupinski

When you. obviously, its company is might the hitting Got really dividend is or your a on that you are doing now or generation thoughts what the maybe prior it expected. better And, are guys reinstating that its consider much -- on cash that? than and plan, boosting flow dividend,

Walter Ulloa

crisis followed, dividend. of -- the took to was to economic Well, I expenses. the and measures and of of measures conserve course to conservation reduction that we cash one and certainly plan there's due no reduce Michael. the the COVID then mean, the And

third comments quarter. So from can our a We've today, for -- you got pacing very but see we're coming as strong QX. out excellent of

strong QX our topic to also in in report meeting a then question, finish answer to this year -- forward. we'll is to XXXX. talking at We Board full XXXX that then we a look everything be going expect and in just and your decisions about make we'll to And our and expect December

Michael Kupinski

you. you. I'll others let Well, Got congratulations, Thank ask again questions.

Walter Ulloa

Michael. you Thank

Chris Young

Mike. Thanks

Operator

Thank you.

question line with question. Springer the proceed Our from Lisa Singular next Research. your comes of Please with

Lisa Springer

my to thank the it I for M&A businesses ask Is digital there wanted taking multiples the possible small in to you about climate Are be and now making the you, add? questions. another right you other that Are area might in Thank might you the reasonable? want business. more acquisitions in future?

Walter Ulloa

thank that there other the in but report spending that questions our a perhaps we're to Sure, linear at lot we're our Lisa, more at companies, to the is digital and but talk multiples that at And digital quarter looking fourth our of We add and we'll to topic -- a are hope at companies have we we're your review. certainly time XXXX. looking of to assets. are more companies value for question. you that companies when companies in our portfolio looking And report complement business. could answer big the digital these to continue fourth reasonable, -- certainly of results

Lisa Springer

that perhaps looking also are area, And we acquisitions in are radio TV see the and the digital some space? mostly you Okay. at to

Walter Ulloa

if or It's it's certainly growing beyond come we that in market we one-off our -- if and -- at look broadcast consolidated portfolio, Hispanic complement be of pretty radio Well, an markets, in is it. a we our perhaps able even if the so now. difficult that one that would it strategic a fit certainly That strong divest were interested asset broadcast Univision would to issue existing our across were TV assets find and said, of existing asset assets. to that with portfolio

Lisa Springer

Okay. Well, you. thank

Walter Ulloa

Thank you.

Chris Young

you. Thank

Operator

Thank you.

Our with next Please Hodge proceed line question. of with Gordon from question is the your coming Tracker Research.

Gordon Hodge

afternoon. Yeah, good

Just couple questions. on from questions, following of had a Michael's

us national back from for get just can what you a for of and post of, squeeze curious affected pacings probably some feel that November. forth. just the pacings, and tell November political October -- obviously there's local so sort and TV as political bit December trying the On bounce to I'm about out just, and a

Chris Young

in front, the Well, the have on for of me political. I post that pacing numbers looking front you're

core talk one. about quarter plus core. So let's The right for now just is for pace the TV

and You've pacing minus -- got at national local five pacing national plus got a you seven. at

first that's feels break. there pent-up a was result building now of so business as positive the back of like all -- to the seeing the revenue great. as out quarter. back month starting you're which demand And to it And much at the is in crowded So political core territory,

Gordon Hodge

Yeah. No. Excellent.

good. then margin. a -- like fourth $XX Okay, on sounds better. have understand they'll -- assume bit just It Cisneros of there's little to for I quarter it And they roughly. the do wholesale so million revenue a

of got back would have cost be, between So right? they're two you would $XX you I $X it -- if I do wholesaling that there's guess, million million numbers $X million Is of you the guess inventory, about is roughly $XX million a -- and the $X.X if of I presume, inventory. into it wholesale expense, like, maybe and those million? if EBITDA difference the I Or

Chris Young

way our of going we're of to P&L. going to full expense to financials XX% it's full It's we'll take EBITDA that, out minority The the earnings. margin. below book, interest Right. our in revenue the work X% a the the about But X% line and

up So come able we of up and be on to flow. with flow the revenue end cash add P&L. to be actual the what the double, showing you're will entity not cash to expense going The

Gordon Hodge

Yeah. you. Got

Chris Young

All right.

Gordon Hodge

Got you.

-- company Is that more around it an if what's strategically what the were which it good. is it the sort curious, else? on -- of America? acquisition something terms -- Latin is is ... what's obviously relationship in Okay. just moat that describe to of you Just then, what And in Very Cisneros, with the business influential is, media

Walter Ulloa

and that manages Spotify, largest business. Facebook, relationship in It's management that LinkedIn, the with world, the tech the the excellent platforms

Gordon Hodge

relationships those relationship it's relationship. … with, And than like, of or and more just sounds more kind It so, it's brokerage Facebook a programmatic a

Walter Ulloa

It's partnership. a special

Gordon Hodge

it more to that. Yeah. than there's --

Walter Ulloa

in theirs in Latin Interactive know, I or just Facebook With is America. particular, Cisneros of partner specifically a

Gordon Hodge

Perfect.

Very Okay. you. good. Thank

Walter Ulloa

Thanks, Gordon.

Operator

Thank you.

Gaviglio, questions your the next Gordon. proceed questions. line Please Evan from with of Our come Angelo

Evan Gaviglio

missed quarter. but in Hi What on of political on radio, beginning. million guys. point the in TV the just $X.X a the I heard Congrats XQ? the missed I TV. was core

Chris Young

Sure.

For $X.X TV for $X.X local, X.X -- maybe million political was it million. in call in national XXX,XXX --

Evan Gaviglio

$X.X I you. have. Thank That's Okay, million. and million all $X.X

Chris Young

Thanks.

Operator

[Operator proceed from your Instructions] Michael of Capital of NOBLE questions Our next the Kupinski Please line Markets. questions. come with

Michael Kupinski

a Yeah. you This spectrum any I'll but obligations lifetime kind tax question, forth? that the and sales have, considered of be from Does alleviate might the of that anyway. be In strange ask acquisition to is Cisneros so might a it exchange? this

Chris Young

No, for expired year, no. reference broadcasting shelter The you and that. how those that exchange SEC matter could auction. to proceeds making lifetime last the But you're -- for you window

Michael Kupinski

Right.

Chris Young

this no play that. There's acquisition strategic with No. in

Michael Kupinski

Yeah. that. And looking on no there's back

You've on the tax paid that? already

Chris Young

No. right. exactly That's

tax In paid NOL of in states fact past some of quarter, to balances taxes true had -- the out where the We we we this cash up. operate. ran

true taxes third But should So and minimis. were, see high that now those be we forward, million. you they up make going why were as to de that's, the in as $X.X had cash payments quarter cash taxes

Michael Kupinski

Okay, great. Thank you.

Chris Young

Thank you, Michael.

Walter Ulloa

Thanks, Michael.

Operator

comments. floor the Ulloa, time. further I turn back over at would no There for like questions this to to closing Walter are

Walter Ulloa

Appreciate and results participating the Darryl. strong you, on your for we year speaking you, will Investors everyone to full New look QX I announce the of earnings XXXX. Thank to for Entravision Investor in thank Call. want our We Earnings Third when -- Quarter today's Year, all attendance. to forward

Operator

does Thank you. today's This conference. conclude

disconnect you your at time. a have this Thank And for participation. lines, your You great day. may

Entravision Communications (EVC) 8 Nov 202020 Q3 Earnings call transcript