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UNIVISION COMMUNICATIONS INC. and SUBSIDIARIES 2020 Year End Reporting Package

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UNIVISION COMMUNICATIONS INC. AND SUBSIDIARIES 2020 Year End Reporting Package UNIVISION COMMUNICATIONS INC. AND SUBSIDIARIES INDEX Page Financial Information: Report of Independent Auditors ......................................................................................................................... 3 Consolidated Balance Sheets at December 31, 2020 and December 31, 2019 ................................................. 4 Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018 ................... 5 Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2020, 2019 and 2018 ...................................................................................................................................................... 6 Consolidated Statements of Changes in Stockholder’s Equity for the years ended December 31, 2018, 2019, and 2020 ........................................................................................................................................................ 7 Consolidated Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 ................... 8 Notes to Consolidated Financial Statements ...................................................................................................... 9 Management’s Discussion and Analysis of Financial Condition and Results of Operations ............................. 48 2 Ernst & Young LLP Tel: +1 212 773 3000 5 Times Square Fax: +1 212 773 6350 New York, NY 10036-6530 ey.com Report of Independent Auditors Board of Directors and Stockholder of Univision Communications Inc. and subsidiaries We have audited the accompanying consolidated financial statements of Univision Communications Inc. and subsidiaries, which comprise the consolidated balance sheets as of December 31, 2020 and 2019, and the related consolidated statements of operations, comprehensive (loss) income, changes in stockholder’s equity and cash flows for each of the three years in the period ended December 31, 2020, and the related notes to the consolidated financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in conformity with U.S. generally accepted accounting principles; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Univision Communications Inc. and subsidiaries at December 31, 2020 and 2019, and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 31, 2020 in conformity with U.S. generally accepted accounting principles. March 30, 2021 A member firm of Ernst & Young Global Limited UNIVISION COMMUNICATIONS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share and per-share data) December 31, December 31, 2020 2019 ASSETS Current assets: Cash and cash equivalents ................................................................................................................ $ 523,700 $ 291,400 Accounts receivable, less allowance for doubtful accounts of $8,800 in 2020 and $4,200 in 2019 . 645,300 629,300 Program rights and prepayments ...................................................................................................... 108,500 161,000 Prepaid expenses and other ............................................................................................................... 125,100 104,500 Total current assets ................................................................................................................ 1,402,600 1,186,200 Property and equipment, net........................................................................................................................ 438,100 516,800 Intangible assets, net ................................................................................................................................... 2,359,400 2,571,400 Goodwill ..................................................................................................................................................... 4,591,800 4,591,800 Program rights and prepayments ................................................................................................................. 27,800 52,400 Investments ................................................................................................................................................. 58,800 51,400 Operating lease right-of-use assets .............................................................................................................. 161,500 179,700 Other assets ................................................................................................................................................. 248,100 171,000 Total assets .................................................................................................................................................. $ 9,288,100 $ 9,320,700 LIABILITIES AND STOCKHOLDER’S EQUITY Current liabilities: Accounts payable and accrued liabilities .......................................................................................... $ 451,000 $ 358,400 Deferred revenue .............................................................................................................................. 74,900 69,400 Current operating lease liabilities ..................................................................................................... 45,400 45,300 Current portion of long-term debt and finance lease obligations ...................................................... 140,900 81,600 Total current liabilities ........................................................................................................... 712,200 554,700 Long-term debt and finance lease obligations ............................................................................................. 7,275,200 7,354,800 Deferred tax liabilities, net .......................................................................................................................... 376,300 403,000 Deferred revenue ......................................................................................................................................... 280,300 333,300 Noncurrent operating lease liabilities .......................................................................................................... 163,900 184,000 Other long-term liabilities ........................................................................................................................... 146,900 134,200 Total liabilities ............................................................................................................................................ 8,954,800 8,964,000 Stockholder’s equity: Common Stock, $0.01 par value; 100,000 shares authorized in 2020 and 2019; 1,000 shares issued and outstanding at December 31, 2020 and December 31, 2019 ...................................... — — Additional paid-in-capital ................................................................................................................. 5,338,700 5,314,600 Accumulated deficit .......................................................................................................................... (4,847,200) (4,823,400) Accumulated other comprehensive loss ............................................................................................ (158,200) (134,500) Total stockholder’s equity ........................................................................................................................... 333,300 356,700 Total liabilities and stockholder’s equity ...................................................................................................
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