Entravision Communications Corporation reported its financial results for the third quarter ended September 30, 2024, reflecting significant changes in its operational structure and financial performance compared to the previous fiscal period. Following the sale of its Entravision Global Partners (EGP) business in Q2 2024, the company has realigned its operations into two segments: media and advertising technology & services.

For the three-month period, Entravision's net revenue increased to $97.2 million, a 25.6% rise from $77.4 million in Q3 2023. This growth was driven by a $11.1 million increase in advertising revenue from the media segment and an $8.7 million increase from the advertising technology & services segment. The media segment accounted for approximately 62% of total revenue, while the advertising technology & services segment contributed 38%. Operating income for the quarter was $7.6 million, a turnaround from an operating loss of $3.8 million in the same period last year.

Despite the revenue growth, the company reported a net loss attributable to common stockholders of $12.0 million for Q3 2024, compared to a profit of $2.7 million in Q3 2023. This loss was attributed to significant impairment charges and losses related to the sale of the EGP business, totaling $49.4 million and $45.1 million, respectively, for the nine-month period. The net loss from continuing operations for the quarter was $10.8 million, worsening from a loss of $6.1 million in the prior year.

Total assets decreased to $557.3 million as of September 30, 2024, down from $865.9 million at the end of 2023, primarily due to the divestiture of the EGP business. Total liabilities also fell to $349.9 million from $599.7 million, while stockholders' equity decreased to $207.4 million from $222.5 million.

The company’s cash flow from operating activities for the nine-month period was $61.9 million, a decline from $69.1 million in the same period last year. Entravision's capital expenditures were significantly reduced to $6.3 million from $19.9 million year-over-year, reflecting a strategic shift in investment priorities.

Entravision's financial strategy includes a new credit facility established in March 2023, which has allowed for debt prepayments totaling $20 million in 2024. The company remains in compliance with its financial covenants, maintaining a focus on operational efficiency and strategic growth in its core media and advertising technology segments.