Entravision Communications Corporation

and welcome to the EntraVision 3rd Quarter 2024 Earnings Report. As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Roy Neer from EntraVision.

Good afternoon, everyone. I am Roy Neer, Vice President of Financial Reporting and Investor Relations. Welcome to EntraVision 3rd Quarter 2024 Earnings Report. Joining me today are Michael Christensen, Chief Executive Officer, and Mark Belke, Chief Financial Officer. Before we begin, I must inform you that our report will contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ. Please refer to Entrevision's SEC filings for a list of risks and uncertainties that could impact actual results. Our report will also include non-GAAP financial measures. The company has provided a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures in its press release. The press release is available on the company's investor relations page and was filed with the SEC on Form 8-K. I will now turn it over to Michael Christensen.

Thank you, Roy, and thanks to all of you for joining us for this report today. When we last reported our 2Q results for the quarter ending in June, we talked about the transformation we completed with the separation of our digital platform representation business and the sale of several other operations. More importantly, we talked about how we were investing in our media business and in our remaining advertising technology and services businesses. In media, our mission is to serve our Latino audience, to be the trusted provider of useful news, information, and entertainment, and to serve our advertisers by providing multi-channel marketing capabilities to engage our audience. Remember, this is an audience we've served for three decades. We talked about two important investments in our media business, news and political sales. We have made significant investments this year to expand our news production capabilities. We doubled the amount of news we provide to our audience. We now provide morning, midday, early evening, and late news in all of our markets. And we have weekend early evening and late news in San Diego, Las Vegas, and Denver and in El Paso and McAllen, Texas. We feel good about our news investment and the progress we've made since our launch in the first quarter of this year. What I can tell you today is that the expanded news operation was profitable in its first full quarter, 2Q, and the profitability improved through the year through 3Q. We're proud of our team for their work in expanding this business profitably. We also invested in our sales organization to build a team to engage directly with political decision makers to educate them about our audience and how EntraVision can help them reach our audience. One in five of the Latinos in America are in our broadcast markets. We believe that analysis will show that our audience was critical to determining the outcome of these 2024 elections. And we believe our audience will be critical to the outcome of future elections. We had four objectives for our political initiative. First, to serve our audience by providing news and information about the elections. Second, to maximize our political revenue. Third, to convince the campaigns to allocate their investment in Spanish language media in proportion to the percentage of registered voters that are Latino. Across our markets in our six southwestern states, 27% of registered voters are Latino. Historically, the allocation to Spanish language media has been in the low to mid single digits. And our fourth objective was to promote civic engagement by our audience, get them to register and get them to vote. So two days after the election, we can share a preliminary assessment of how we did. Number one, serving our audience. We did a very good job of providing news and information to our audience about the candidates and the elections. So we believe our first objective was accomplished. Number two, maximizing political revenue. We focused on five critical races in building our revenue plan. The presidential race in Nevada and Arizona, the US Senate races in Nevada, Texas, and Arizona. What I can tell you today is that our political revenue for 2024 will be higher than our previous high in 2022. But it will not meet our most ambitious expectations. The amount of money spent on those five races was lower than we had hoped. Objective number three significantly increased the allocation to Spanish language media. We are proud to say that based on early reports, TV spend for Spanish language media in those five races, again, the presidential race in Nevada and Arizona, the U.S. Senate races in Nevada, Texas, and Arizona was actually higher on a percentage basis than the percentage of registered voters that are Latino. We are very pleased with this result. And our fourth objective, promote civic engagement and voter registration and voter turnout. We're still gathering the data and we'll have more to say about that in the future. In conclusion, we feel very good about the financial outcome for Entrevision. We believe we served our audience well. We believe we changed the way people think about our audience and how they think about Entrevision. In addition to our investments in media, we continue to invest in our remaining advertising and technology and services business, Smatics and AdWake. The investments are to improve their platforms and their operational capabilities. And as we said in our last report, both of these businesses continue to grow faster than their industry growth rates, and they're both profitable. So in closing, I want to thank everyone at Entrevision for their hard work and commitment to Entrevision, and to thank our shareholders for their support. We're excited about the opportunities ahead, and we look forward to building value for IntraVision and our shareholders. Now I'd like to turn it over to Mark, our CFO, to provide the financial report.