Entravision Communications reported third quarter net revenue was up 216% to $199 million from $62.9 million in 2020. Consolidated Adjusted EBITDA gained 42% to $23.1 million from $16.3 million. Operating cash flow increased 50%, while free cash flow grew 112% $22.3 million from $10.5 million. The company posted a net income of $13.8 million (14 cents per diluted share) as compared to $9.06 million (11 cents) in the year-ago period.
"Entravision reported very strong results for the third quarter, with revenue improving 216% and adjusted EBITDA increasing by 42% over the prior-year period," said Chairman and CEO Walter F. Ulloa. "Thanks to the exceptional work of our entire team, we saw growth in core revenue across each of our business segments, with digital, in particular, making a significant contribution to our overall performance and now comprising 73% of total revenue."
Ulloa continued, "During the quarter, we continued to strengthen our digital segment, both organically and through acquisitions. At the end of August, we acquired the remaining 49 percent of Cisneros Interactive, which is now wholly-owned by us, expanding our reach in Latin America. Prior to that, in July, we acquired MediaDonuts, marking our entry into Southeast Asia."
The company announced Thursday that on November 1 it acquired 100% of the issued and outstanding shares of stock of 365 Digital Media, a digital marketing solutions agency headquartered in South Africa, marking the company's entry into Africa, and bringing its digital presence to five continents. The transaction, funded from cash on hand, includes a purchase price of $1.9 million in cash.
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