Executive Summary

Q4 2024 net revenue rose 37% year over year to $106.96M, driven by record political advertising in Media and strong Advertising Technology & Services, but the quarter posted a GAAP EPS of -$0.62 due to a $61.2M impairment charge .
Media segment net revenue grew 30% YoY to $67.26M and operating profit rose 62% YoY to $18.55M; Advertising Technology & Services net revenue increased 49% YoY to $39.70M with operating profit up 39% YoY to $2.19M .
Corporate expense fell 48% YoY in Q4, reflecting ongoing reorganization and cost alignment; total leverage was 2.8x (1.8x net of cash and marketable securities) at year-end, and the Board maintained a $0.05 quarterly dividend payable March 31, 2025 .
Stock-relevant narrative: Top-line acceleration from political advertising and ad tech growth is positive, but the sizable non-cash impairment weighed on headline EPS; continued deleveraging and dividend support capital return while management focuses on news programming expansion and sales realignment .

What Went Well and What Went Wrong

What Went Well

Political cycle tailwinds: “We achieved net revenue growth of 37%… driven primarily by record political advertising revenue in our Media segment” (CEO) .
Segment execution: Media operating profit +62% YoY to $18.55M; Ad Tech & Services operating profit +39% YoY, with consolidated segment operating profit +59% YoY .
Cost discipline and balance sheet: Corporate expenses -48% YoY in Q4; total leverage 2.8x and 1.8x net of cash/marketable securities; $20M of credit facility prepayments in 2024 .

What Went Wrong

GAAP profitability: Q4 posted net loss attributable to common stockholders of -$56.36M and GAAP EPS of -$0.62, largely reflecting a $61.2M impairment charge recognized in Q4 .
Margin pressure in consolidated operations: Q4 operating loss widened to -$48.57M versus -$15.18M in Q4 2023 amid impairment and higher cost of revenue (+47% YoY) .
Revenue mix headwinds noted earlier in the year: Management previously cited declines in spectrum usage rights and retransmission consent revenue in Media (Q2/Q3 commentary), partially offsetting growth drivers .

Financial Results

Consolidated Performance vs Prior Quarters (oldest → newest)

Metric	Q2 2024	Q3 2024	Q4 2024
Net Revenue ($USD Millions)	$82.654	$97.156	$106.962
Operating Income (Loss) ($USD Millions)	$(3.344)	$7.585	$(48.572)
Net Income (Loss) Attributable to Common Stockholders ($USD Millions)	$(31.680)	$(11.980)	$(56.358)
Diluted EPS ($USD)	$(0.35)	$(0.13)	$(0.62)
Weighted Avg Shares (Basic & Diluted)	90.721M (diluted)	89.987M	90.176M
Dividend Declared per Share ($)	$0.05	$0.05	$0.05

Year-over-Year Comparison (Q4 2024 vs Q4 2023)

Metric	Q4 2023	Q4 2024	YoY Δ
Net Revenue ($USD Millions)	$78.256	$106.962	+37%
Operating Income (Loss) ($USD Millions)	$(15.182)	$(48.572)	(worse)
Net Income (Loss) Attributable to Common Stockholders ($USD Millions)	$(18.208)	$(56.358)	(worse)
Diluted EPS ($USD)	$(0.21)	$(0.62)	(worse)

Segment Breakdown – Q4 2024

Metric ($USD Thousands)	Media	Advertising Technology & Services	Consolidated
Net Revenue	67,260	39,702	106,962
Cost of Revenue	4,838	23,475	28,313
Direct Operating Expenses	28,583	8,505	37,088
SG&A	12,159	4,900	17,059
Depreciation & Amortization	3,135	637	3,772
Segment Operating Profit	18,545	2,185	20,730
Operating Margin (calc)	~27.6% (=18,545/67,260)	~5.5% (=2,185/39,702)	~19.4% (=20,730/106,962)

KPIs and Balance Sheet Highlights

KPI	Q4 2024	Context
Capital Expenditures ($USD Thousands)	2,617 (Q4) ; 7,461 (FY)	FY capex aligned with prior ~$7M expectation
Corporate Expenses ($USD Thousands)	7,509 (Q4)	-48% YoY benefit from reorg/cost alignment
Total Leverage (Credit Agreement)	2.8x; 1.8x net of cash/marketable securities	Deleveraging aided by $20M prepayments
Cash & Cash Equivalents ($USD Thousands)	95,914	Year-end liquidity position
Long-Term Debt (net of issuance costs) ($USD Thousands)	186,958	Credit facility outstanding
Dividend per Share ($)	$0.05 declared, payable Mar 31, 2025	Ongoing quarterly capital return

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Dividend per Share	Q1 2025	$0.05 (ongoing quarterly cadence)	$0.05 declared, payable Mar 31, 2025	Maintained
Capital Expenditures	FY 2024	~$7M expected	$7.461M actual	Achieved/Modestly above

No formal quantitative guidance was provided for revenue, margins, OpEx, OI&E, or tax rate in the Q4 materials. Management commentary emphasized continued investment in local news programming and an expanded media sales team, with ongoing focus on growing Advertising Technology & Services .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Political advertising	Emphasized as 2024 priority; pacing to pick up in H2	Key driver of Media revenue; Q4 Media pacing +28% noted	Record political revenue cited as primary Q4 driver	Strengthened through cycle
News programming expansion	70 hires; expanded news across markets to drive premium inventory	Expanded news profitable in Q2; profitability improved through Q3	Significant enhancements continue to capitalize on inventory	Scaling with profitability
Segment structure realignment	Digital/TV/Audio detail; EGP sale moved to discontinued ops	Realigned to two segments: Media and Ad Tech & Services	Two-segment reporting continues	Stable reporting framework
Smadex/Adwake growth	Digital revenue +36% YoY; margin improvement	Ad Tech & Services revenue +30% YoY; margin improvement	Ad Tech & Services revenue +49% YoY in Q4	Accelerating growth
Cost discipline/Corporate expenses	Corp expense -10% YoY; severance from structure changes	Corp expense -48% YoY; reassignments reduced corporate bucket	Corp expense -48% YoY in Q4	Sustained reductions
Capital allocation & leverage	$20M prepayments; leverage 3.0x (2.2x net of total cash/MS)	Cash & MS $93.1M; leverage ~2.0x net	Total leverage 2.8x; 1.8x net; dividend maintained	Ongoing deleveraging and dividends
Discontinued operations (EGP)	EGP sale closed; reported in discontinued ops	Tax timing impacted Q2/Q3; discontinued ops losses	Minimal discontinued ops impact in Q4 [-$0.687M]	Largely exited

Management Commentary

CEO (Q4 PR): “We achieved net revenue growth of 37%… driven primarily by record political advertising revenue in our Media segment and advertising revenue in our Advertising Technology & Services segment.”
CEO (Strategy focus): Commitment to “providing highly-rated news and content,” strengthening digital marketing solutions alongside TV/radio, and continuing to grow the Ad Tech & Services segment .
CFO (Q3 call): Media operating margin ~20% in Q3; Media pacing +28% for Q4 and Ad Tech & Services pacing +30% for Q4, reflecting robust election-driven demand and ad tech momentum .
Organizational alignment: Realignment into Media and Ad Tech & Services; corporate expense reductions through reassignment and lower personnel/pro services .

Q&A Highlights

The Q3 2024 “earnings report” transcript did not include a traditional analyst Q&A section; management provided prepared remarks and pacing commentary but no captured Q&A exchanges .
No Q4 2024 earnings call transcript was available in the document set; therefore, Q&A highlights for Q4 could not be assessed [ListDocuments 2025-03 showed none].

Estimates Context

S&P Global consensus estimates for Q4 2024 EPS and revenue were unavailable at time of query due to API daily limit constraints; as a result, we cannot provide a beat/miss comparison versus Street consensus at this time [GetEstimates error].
Given strong top-line growth and the impairment charge’s impact on GAAP EPS, Street models may need to adjust for the non-cash impairment in assessing underlying run-rate profitability; however, without retrieved consensus figures, we cannot quantify variance.

Key Takeaways for Investors

Q4 top-line acceleration: Net revenue +37% YoY to $106.96M with Media +30% and Ad Tech & Services +49%—a strong finish to an election year supported by expanded news inventory and direct political sales initiatives .
Non-cash impairment drove GAAP loss: A $61.2M impairment in Q4 turned operating loss to -$48.6M and GAAP EPS to -$0.62; assess normalized profitability excluding this non-recurring item to gauge core trajectory .
Margin signals mixed: Segment operating profitability improved YoY, particularly in Media; consolidated margins were overshadowed by impairment and higher cost of revenue; monitor cost of revenue in Ad Tech as scale continues .
Cost actions gaining traction: Corporate expenses -48% YoY in Q4 reflect reorg and cost alignment; sustained reductions should support margin recovery post-election cycle .
Balance sheet and capital return: Total leverage 2.8x (1.8x net of cash/MS) with $20M prepayments; dividend maintained at $0.05 per share—signals ongoing deleveraging and shareholder returns .
Post-cycle setup: With expanded news programming proving profitable by Q3 and ad tech momentum strengthening (Smadex/Adwake), the narrative shifts to sustaining growth ex-political and optimizing monetization of the broader media footprint .
Monitoring points: Lack of formal quantitative guidance, estimate data constraints today, and prior commentary around spectrum/retrans headwinds warrant continued diligence on revenue mix and sustainable margin expansion [GetEstimates error].

Sources: Q4 2024 press release and 8-K (including Exhibit 99.1) ; Q3 2024 press release and transcript ; Q2 2024 press release and transcript . Additional context press releases in Q4 2024: Smadex leadership expansion and programming additions .

ENTRAVISION COMMUNICATIONS CORP (EVC)·Q4 2024 Earnings Summary