NEW YORK, March 6, 2015 /PRNewswire/ -- Tribune Media
Company (the "Company") (NYSE:TRCO) today reported its results for
the three months and year ended December 28,
2014 and announced a special dividend of $650 million as well as the adoption of a
quarterly dividend policy.
Special Dividend and Ordinary Quarterly
Dividend
On March 5, Tribune's Board of
Directors authorized and declared a special cash dividend of
$6.73 per share on the Company's
Class A common stock and Class B common stock. In addition, holders
of warrants will receive a cash payment equal to the amount of the
dividend paid per common share for each share of common stock such
warrants are exercisable into. The dividend is payable on
April 9, 2015 to stockholders and
warrant holders of record at the close of business on March 25, 2015. The aggregate payment the Company
will make to its security holders in connection with this special
dividend is approximately $650
million.
In addition, the Company intends to begin payments of regular
quarterly cash dividends of $0.25 per
share commencing in the second fiscal quarter of 2015. Such future
dividend payments are subject to the discretion of the Board of
Directors taking into account future earnings, cash flows,
financial requirements, and other factors.
These actions underscore the Company's confidence in its
financial future, its strong balance sheet and cash generation
profile.
Fourth Quarter 2014 Financial Highlights
- Consolidated operating revenues grew 85% to $553.4 million as compared to $299.5 million in Q4'13.
- Consolidated operating profit grew 276% to $163.4 million as compared to $43.4 million in Q4'13.
- Consolidated Adjusted EBITDA grew 121% to $211.0 million as compared to $95.3 million in Q4'13.
- Diluted earnings per share from continuing operations of
$3.14, as compared to $0.33 in Q4'13.
- On a pro forma(1) basis, Television and
Entertainment segment revenues grew 15% to $479.1 million as compared to $415.9 million in Q4'13.
- On a pro forma(1) basis, Television and
Entertainment Adjusted EBITDA grew 30% to $202.6 million as compared to $155.3 million in Q4'13.
- Inclusive of acquisitions, Digital and Data segment revenues
increased 217% year-over-year to $61.2
million and Adjusted EBITDA increased 220% year-over-year to
$23.8 million.
Full Year 2014 Financial Highlights
- Consolidated operating revenues grew 70% to $1,949.3 million as compared to $1,147.2 million in 2013.
- Consolidated operating profit grew 51% to $301.1 million as compared to $199.0 million in 2013.
- Consolidated Adjusted EBITDA, which excludes cash distributions
from equity investments, grew 74% to $607.8
million as compared to $348.9
million in 2013.
- Cash distributions from equity investments of $210.7 million.
- Diluted earnings per share from continuing operations of
$4.62, as compared to $1.62 in 2013.
- On a pro forma(1) basis, Television and
Entertainment segment revenues grew 8.8% to $1,720.5 million as compared to $1,581.2 million in 2013.
- On a pro forma(1) basis, Television and
Entertainment Adjusted EBITDA grew 7.4% to $614.8 million as compared to $572.6 million in 2013.
- Inclusive of acquisitions, Digital and Data segment revenues
increased 120% year-over-year to $174.0
million and Adjusted EBITDA increased 34% year-over-year to
$38.6 million.
2014 Strategic Highlights
- Successfully converted 50% of WGN America subscriber base from
superstation to cable.
- Successfully launched two original series on WGN America,
Salem and Manhattan.
- Completed four strategic acquisitions within our Digital and
Data segment – Gracenote, What's-ON, Baseline and HWW.
- Completed the spin-off of the Company's publishing operations
into an independent publicly-traded company.
- In a series of transactions, monetized the company's interest
in Classified Ventures, including Apartments.com and Cars.com, for
total net proceeds after taxes of approximately $525 million.
- Sold property in Baltimore for
net proceeds after taxes and transaction costs of approximately
$30 million.
- In the fourth quarter, repurchased approximately 1.1 million
shares of Class A common stock for approximately $68 million. Cumulative repurchases through
March 5, 2015, total approximately
3.9 million shares for approximately $233
million.
- Listed Tribune Media Company Class A common stock on the New
York Stock Exchange.
CEO Message
Peter Liguori, Tribune Media's
President and Chief Executive Officer, stated, "Our strong
financial and operational results in the fourth quarter and
full-year 2014 demonstrate the strength of our strategy to develop
Tribune Media into a diverse modern media company."
"For 2015, we are well-positioned to increase revenue by
building our station group market share and growing substantially
our retransmission consent and carriage fees. Importantly, we are
accomplishing this in an off-cycle political year."
"In terms of WGN America, we are taking a measured approach to
investments in programming, which we believe will increase
distribution, advertising revenue, carriage fees and brand
value. We are particularly excited about the fourth quarter
of 2015, when audiences will get a first-hand look at WGN America's
future, as we will premiere a full slate of exclusive syndicated
and original series, which we anticipate will drive significant
revenue, EBITDA, and margin growth for years to come."
"In addition, given the strength of our balance sheet and our
ongoing commitment to shareholder returns, we are pleased to
announce a special dividend of $650
million and the intention to implement a regular quarterly
dividend – all while preserving the financial flexibility to invest
in and grow our business."
"Combined, we are confident that the strength of our broadcast
business, the growth trajectory of WGNA and our Digital and Data
segments, our robust and valuable real estate portfolio, and our
commitment to return capital to shareholders will drive significant
shareholder value in 2015 and the years ahead."
Pro Forma Results, Discontinued Operations and Changes in
Presentation
All 2013 pro forma numbers included in this release are
reflective of the acquisition of Local TV (which was completed on
December 27, 2013) as if the
acquisition had occurred as of the beginning of fiscal 2013, and
are combined figures based on Local TV's historical basis of
presentation and assume no impact from purchase accounting.
As a result of the spin-off of the Company's publishing
operations on August 4, 2014 (the
"Publishing Spin-off"), and the changes to our reportable segments,
as further described below, certain previously reported amounts
have been reclassified to conform to the current presentation as
well as to reflect the reclassification of the historical results
of operations for the businesses included in the Publishing
Spin-Off to discontinued operations for all periods presented.
Following the Publishing Spin-Off, we conduct our operations
through two reportable segments: Television and
Entertainment and Digital and Data. In addition, we
report and include under Corporate and Other certain
administrative activities associated with operating the corporate
office functions and managing our predominantly frozen
company-sponsored defined benefit pension plans, as well as the
management of certain real estate assets, including revenues from
leasing our owned office and production facilities.
Fourth Quarter 2014 Results
Consolidated
Consolidated operating revenues for the
fourth quarter of 2014 were $553.4
million compared to $299.5
million in the fourth quarter of 2013, representing an
increase of $253.9 million, or
85%.
Consolidated operating profit for the fourth quarter 2014
increased by $120.0 million to
$163.4 million from $43.4 million in the fourth quarter 2013.
Basic and diluted earnings per common share from continuing
operations for fourth quarter 2014 were $3.15 and $3.14,
respectively, compared to $0.33 for
fourth quarter 2013.
Consolidated Adjusted EBITDA increased to $211.0 million from $95.3
million in the fourth quarter 2013.
Cash distributions from equity investments in fourth quarter
2014 were $37.3 million compared to
$67.7 million in fourth quarter 2013,
primarily as a result of lower annual cash distributions from
CareerBuilder and Classified Ventures as a result of the sale of
our investment in Classified Ventures in the fourth quarter of
2014.
Television and Entertainment Segment
Television and
Entertainment segment revenues were $479.1
million in fourth quarter 2014, an increase of $212.6 million, or 80%, as compared to
$266.5 million in fourth quarter
2013.
Television and Entertainment Adjusted EBITDA was $202.6 million in fourth quarter 2014, compared
to $93.5 million in fourth quarter
2013, an increase of $109.1
million.
On a pro forma basis, Television and Entertainment segment
revenues were $479.1 million in
fourth quarter 2014, compared to $415.9
million in fourth quarter 2013, an increase of $63.2 million, or 15%, and is comprised of:
- Advertising revenues of $381.4
million as compared with $336.9
million in fourth quarter 2013, representing an increase of
$44.5 million, or 13%. Increases in
political advertising revenues of approximately $49.4 million were partially offset by declines
in core advertising of $7.7 million,
or 2.4%.
- Local Station retransmission consent fees of $58.4 million in fourth quarter 2014, compared to
$34.7 million in fourth quarter 2013,
an increase of $23.7 million or 68%,
as a result of contract renewals with distribution partners at
higher rates.
On a pro forma basis, Television and Entertainment Adjusted
EBITDA for fourth quarter 2014 was $202.6
million, compared to $155.3
million in fourth quarter 2013. Television and Entertainment
Adjusted EBITDA in fourth quarter 2014 included $6.0 million of costs associated with airing
Manhattan at WGN America.
Television and Entertainment Adjusted EBITDA was further
unfavorably impacted by an increase in programming fees and higher
costs associated with new syndicated content, including the
premiere of the syndicated series Blue Bloods.
Digital and Data Segment
Digital and Data segment
revenues in fourth quarter 2014 were $61.2
million, compared to $19.3
million in fourth quarter 2013, an increase of $41.9 million. This increase was primarily
attributable to the acquisition of Gracenote in January 2014, which historically generates a
disproportionately higher level of its automotive music revenues in
the fourth quarter.
Digital and Data Adjusted EBITDA was $23.8 million in fourth quarter 2014, compared to
$7.4 million in fourth quarter 2013,
an increase of $16.4 million.
This increase was primarily attributable to the acquisition of
Gracenote in January 2014.
Corporate and Other
Real estate revenues for fourth
quarter 2014 were $13.0 million
compared to $13.7 million in fourth
quarter 2013, representing a decrease of $0.7 million, or 5.1%.
Corporate and Other Adjusted EBITDA for fourth quarter 2014
represented a loss of $15.5 million,
compared to a loss of $5.6 million in
fourth quarter 2013. The increase in expenses was primarily
attributable to higher corporate costs driven by increased
compensation expense and the implementation of improved business
and technology applications.
Full Year 2014 Results
Consolidated
Consolidated operating revenues for
fiscal 2014 were $1,949.3 million
compared to $1,147.2 million in
fiscal 2013, representing an increase of $802.1 million, or 70%.
Consolidated operating profit for fiscal 2014 was $301.1 million compared to $199.0 million in fiscal 2013, representing an
increase of $102.1 million, or
51%.
Basic and diluted earnings per common share from continuing
operations for the fiscal 2014 were $4.63 and $4.62,
respectively, compared to $1.63 and
$1.62, respectively, for fiscal
2013.
Consolidated Adjusted EBITDA increased to $607.8 million in fiscal 2014 from $348.9 million in fiscal 2013.
Cash distributions from equity investments in fiscal 2014 were
$210.7 million compared to
$208.0 million in fiscal 2013. In
addition to these cash distributions, the Company also received a
one-time cash distribution in the second quarter of 2014 of
$159.6 million from Classified
Ventures, LLC in connection with the sale of its Apartments.com
business.
Television and Entertainment Segment
Television and
Entertainment segment revenues increased $706.1 million, or 70%, to $1,720.5 million in fiscal 2014 as compared to
$1,014.4 million in fiscal
2013. The acquisition of Local TV, as well as growing
retransmission revenues in 2014 drove the year-over-year
increase.
Television and Entertainment Adjusted EBITDA was $614.8 million in fiscal 2014, compared to
$336.0 million in fiscal 2013, an
increase of $278.8 million, or
83%.
On a pro forma basis, Television and Entertainment segment
revenues were $1,720.5 million,
compared to $1,581.2 million in
fiscal 2013, an increase of $139.3
million, or 8.8%, and is comprised of:
- Advertising revenues of $1,335.9
million in fiscal 2014 as compared with $1,293.3 million in fiscal 2013, representing an
increase of $42.6 million, or 3.3%.
Increases in political advertising revenues of approximately
$74.4 million for the year were
partially offset by declines in core advertising of $40.2 million, or 3.3%.
- Local station retransmission consent fees of $229.2 million in fiscal 2014, compared to
$130.5 million in fiscal 2013, an
increase of $98.7 million, or 76%, as
a result of contract renewals with distribution partners at higher
rates.
On a pro forma basis, Television and Entertainment Adjusted
EBITDA was $614.8 million in fiscal
2014, compared to $572.6 million in
fiscal 2013. Television and Entertainment Adjusted EBITDA in 2014
included $62.0 million of costs
associated with airing Salem and Manhattan at WGN America.
Digital and Data Segment
Digital and Data segment
revenues in fiscal 2014 were $174.0
million, compared to $79.2
million in fiscal 2013, an increase of $94.8 million, primarily as a result of the
acquisition of Gracenote in January
2014.
Digital and Data Adjusted EBITDA was $38.6 million in fiscal 2014, compared to
$28.8 million in fiscal 2013, an
increase of $9.8 million, or 34%. The
increase was primarily due to increased revenues, the impact of
which was partially offset by costs associated with the
establishment of the Digital and Data business infrastructure,
operating costs incurred in connection with Newsbeat, which was
shut down during the third quarter of 2014, and costs associated
with the integration of acquired businesses.
Corporate and Other
Corporate and Other operating
revenues represent real estate rental revenues earned from third
parties, including Tribune Publishing, formerly part of Tribune
Media prior to the Publishing Spin-Off.
Real estate revenues for fiscal 2014 were $54.8 million compared to $53.6 million in fiscal 2013, an increase of
$1.2 million, or 2.2%.
Corporate and Other Adjusted EBITDA for fiscal 2014 represented
a loss of $45.6 million, compared to
a loss of $15.9 million in fiscal
2013. The increase in expenses within the Corporate and Other
segment was primarily attributable to higher corporate costs driven
by increased compensation expense and the implementation of
improved business and technology applications.
Stock Repurchase Program
In October 2014 the Company
announced a $400 million stock
repurchase program. Since the commencement of the program through
March 5, 2015, approximately 3.9
million shares of the Company's Class A common stock have been
repurchased, representing approximately 4% of the Company's
outstanding Class A common stock, for an aggregate purchase price
of approximately $233
million.
Financial Guidance
In 2015, the Company expects solid revenue growth despite it
being an off-cycle political advertising year. Adjusted
EBITDA in 2015 will be impacted by the cyclical loss of political
advertising, continued measured programming investment in WGN
America and increased operational costs in our Digital and Data
segment. In addition, in 2015, the Company is incurring costs
associated with general business and technology applications, which
will improve productivity and increase operating efficiencies in
the long term. As indicated in the forward guidance for 2016 and
beyond, these actions are expected to drive strong and sustainable
profitability growth in the years ahead.
The following represents the Company's financial guidance for
the full year 2015. The following statements, by their nature, are
forward-looking and are subject to substantial risks and
uncertainties, which are discussed below under "Cautionary
Statement Regarding Forward-Looking Statements", and may differ
materially from our actual results.
Consolidated
- Net Revenues: $2.00 billion to $2.03
billion
- Adjusted EBITDA: $480 million to $495
million
Television and Entertainment Segment
- Total Net Revenues: $1.75 billion to
$1.77 billion
- Core Advertising (local and national advertising revenues): Low
to mid-single digit increases over 2014
- Retransmission Revenues: $275 million to
$277 million
- Cable Network Carriage Fees: $85 million
to $87 million
- WGN America / Tribune Studios Programming Expenses:
approximately $130 million
- Adjusted EBITDA: $500 million to
$515
million
Digital and Data Segment
- Net Revenues: $200 million to $205
million
- Adjusted EBITDA: $46 million to $48
million
Corporate & Other
- Real Estate Revenues: approximately $50
million
- Real Estate Expenses: approximately $30
million
- Corporate Expenses, excluding stock-based comp: $86 million to $88 million
- Adjusted EBITDA: $(66) million to $(68)
million
Key Cash Flow Metrics
- Capital Expenditures: Total of $100
million, including approximately $50
million of non-recurring capital expenditures
- Cash Taxes: $135 million to $140
million
- Cash Interest: approximately $140
million
- Depreciation & Amortization: approximately $260 million
- Stock-based Compensation: approximately $35 million
Long Term Outlook
- 2016 Consolidated Adjusted EBITDA year-over-year growth of
greater than 30%
In addition, the Company currently expects the following for
the period of 2016 - 2019:
- WGN America and Tribune Studios revenue growth to be greater
than 20% annually
- WGN America and Tribune Studios programming expenses
approximating 50% of net revenues
- Digital and Data net revenue growth of 10% to 12% annually
- Digital and Data Adjusted EBITDA margins growing to low 30%
range
Conference Call Information
The Company will host a conference call today at 8:30 a.m. ET to discuss its fourth quarter and
full year 2014 results and a presentation deck will be posted to
our website in advance of the call. The conference call can be
accessed on the Investor Relations homepage of Tribune Media's
website at www.tribunemedia.com, or by dialing 888-317-6003
(domestic) or 412-317-6061 (international). The confirmation code
is 9412843.
An audio webcast replay will be available in the Events and
Presentations section of the Tribune Media website approximately
one hour after completion of the call. A replay of the call will
also be available until March 14,
2015 at 877-344-7529 (domestic) or 412-317-0088
(international). The confirmation code for the replay is
10060845.
Tribune Media Company (NYSE: TRCO) is home to a diverse
portfolio of television and digital properties driven by quality
news, entertainment and sports programming. Tribune Media is comprised of Tribune Broadcasting's
42 owned or operated local television stations reaching more than
50 million households, national entertainment network WGN America,
available in approximately 73 million households, Tribune Studios,
and Gracenote, one of the world's leading sources of TV and music
metadata powering electronic program guides in televisions,
automobiles and mobile devices. Tribune Media also includes Chicago's WGN-AM, the national multicast
networks Antenna TV and THIS TV. Additionally, the Company owns and
manages a significant number of real estate properties across the
U.S. and holds other strategic investments in media. For more
information please visit www.tribunemedia.com.
Non-GAAP Financial Measures
This press release
includes a discussion of Adjusted EBITDA for the Company and our
operating segments (Television and Entertainment, Digital and Data,
and Corporate and Other) and Broadcast Cash Flow for our Television
and Entertainment segment. Adjusted EBITDA and Broadcast Cash Flow
are financial measures that are not recognized under accounting
principles generally accepted in the U.S. ("GAAP"). Adjusted EBITDA
for the Company is defined as net income before income (loss) from
discontinued operations, net of taxes, income taxes, investment
transactions, losses on the extinguishment of debt, interest and
dividend income, interest expense, pension expense (credit), equity
income and losses, depreciation and amortization, stock-based
compensation, certain special items (including severance),
non-operating items, sales of real estate and reorganization items.
Adjusted EBITDA for the Company's operating segments is calculated
as segment operating profit plus depreciation, amortization,
pension expense (credit), stock-based compensation and certain
special items (including severance). Broadcast Cash Flow for the
Television and Entertainment segment is calculated as Television
and Entertainment Adjusted EBITDA plus broadcast rights-
amortization expense less broadcast rights- cash payments. We
believe that Adjusted EBITDA and Broadcast Cash Flow are measures
commonly used by investors to evaluate our performance with that of
our competitors. We also present Adjusted EBITDA because we believe
investors, analysts and rating agencies consider it useful in
measuring our ability to meet our debt service obligations. We
further believe that the disclosure of Adjusted EBITDA and
Broadcast Cash Flow is useful to investors, as these non-GAAP
measures are used, among other measures, by our management to
evaluate our performance. By disclosing Adjusted EBITDA and
Broadcast Cash Flow, we believe that we create for investors a
greater understanding of, and an enhanced level of transparency
into, the means by which our management operates our company.
Adjusted EBITDA and Broadcast Cash Flow are not measures presented
in accordance with GAAP, and our use of these terms may vary from
that of others in our industry. Adjusted EBITDA and Broadcast Cash
Flow should not be considered as an alternative to net income,
operating profit, revenues, cash provided by operating activities
or any other measures derived in accordance with GAAP as measures
of operating performance or liquidity. The tables at the end
of this press release include reconciliations of consolidated and
segment Adjusted EBITDA and Broadcast Cash Flow to the most
directly comparable financial measure calculated and presented in
accordance with GAAP. No reconciliation of the forecasted
range for Adjusted EBITDA on a consolidated or segment basis for
fiscal 2015 is included in this release because we are unable to
quantify certain amounts that would be required to be included in
the GAAP measure without unreasonable efforts and we believe such
reconciliations would imply a degree of precision that would be
confusing or misleading to investors.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" within the meaning of the federal securities
laws. Forward-looking statements are subject to known and
unknown risks and uncertainties, many of which may be beyond our
control. Forward-looking statements may include, but are not
limited to, statements concerning our financial outlook and
guidance, including our 2015 forecasted revenues, Adjusted EBITDA
and other consolidated and segment financial performance guidance,
our expectations for Adjusted EBITDA growth in 2016, our
long-term outlook for WGN America and Tribune Studios revenue and
programming expenses as well as Digital and Data segment revenue
growth and Adjusted EBITDA margins, our expectation with respect to
future cash dividends on our common stock, the conditions in our
industry, our operations, our economic performance and financial
condition, including, in particular, statements relating to our
business and growth strategy and product development efforts.
Important factors that could cause actual results, developments and
business decisions to differ materially from these forward-looking
statements are uncertainties discussed below and in the "Risk
Factors" section of the Company's Annual Report on Form
10-K filed with the U.S. Securities and Exchange Commission on
March 6, 2015. "Forward-looking
statements" include all statements that do not relate solely to
historical or current facts, and can be identified by the use of
words such as "may," "might," "will," "could" "should," "estimate,"
"project," "plan," "anticipate," "expect," "intend," "outlook,"
"seek," "designed," "assume," "implied," "believe" and other
similar expressions. You are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of their
dates. These forward-looking statements are based on estimates and
assumptions by our management that, although we believe to be
reasonable, are inherently uncertain and subject to a number of
risks and uncertainties.
The following list represents some, but not necessarily all,
of the factors that could cause actual results to differ from
projected or historical results or those anticipated or predicted
by these forward-looking statements: competition and other economic
conditions including fragmentation of the media landscape and
competition from other media alternatives; changes in advertising
demand and audience shares; changes in the overall market for
television advertising, including through regulatory and judicial
rulings; our ability to protect our intellectual property and
other proprietary rights; availability and cost of broadcast
rights; our ability to adapt to technological changes; our ability
to develop and grow our online businesses; availability and cost of
quality network, syndicated and sports programming affecting our
television ratings; the loss or modification of our network
affiliation agreements; our ability to renegotiate retransmission
consent agreements; our ability to expand our operations
internationally; the incurrence of costs to address contamination
issues at sites owned, operated or used by our business; adverse
results from litigation, governmental investigations or tax-related
proceedings or audits; our ability to settle unresolved claims
filed in connection with our and certain of our direct and indirect
wholly-owned subsidiaries' Chapter 11 cases and resolve the appeals
seeking to overturn the bankruptcy court order confirming the
Fourth Amended Joint Plan of Reorganization for Tribune Company and
its Subsidiaries; our ability to satisfy pension and other
postretirement employee benefit obligations; our ability to attract
and retain employees; the effect of labor strikes, lock-outs and
labor negotiations; our ability to realize benefits or synergies
from acquisitions or divestitures or to operate our businesses
effectively following acquisitions or divestitures; the financial
performance of our equity method investments; the impairment of our
existing goodwill and other intangible assets; changes in
accounting standards; our ability to pay cash dividends on our
common stock; increased interest rate risk due to our variable rate
indebtedness; our indebtedness and ability to comply with covenants
applicable to our debt financing and other contractual commitments;
our ability to satisfy future capital and liquidity requirements;
our ability to access the credit and capital markets at the times
and in the amounts needed and on acceptable terms and other events
beyond our control that may result in unexpected adverse operating
results. In addition, in light of these risks and
uncertainties, the matters referred to in the forward-looking
statements contained in this press release may not in fact occur.
Any forward-looking information presented herein is made only as of
the date of this press release and we undertake no obligation to
update or revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise
required by law.
(1)
|
Amounts are pro forma
for the acquisition of Local TV, which was completed on December
27, 2013, as if the acquisition had occurred as of the beginning of
fiscal 2013.
|
Tribune Media
Company and Subsidiaries
|
Consolidated
Statements of Operations
|
(In thousands of
dollars, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
|
|
December 28,
2014
|
|
December 29,
2013
|
|
|
December 28,
2014
|
|
December 29,
2013
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
|
|
|
|
|
|
|
|
|
|
Television and
Entertainment
|
|
|
|
|
|
|
|
|
|
|
Advertising
|
|
$
381,371
|
|
$
207,821
|
|
|
$
1,335,964
|
|
$
809,732
|
|
Retransmission
consent and carriage fees
|
|
72,842
|
|
27,676
|
|
|
286,380
|
|
103,381
|
|
Other
|
|
24,944
|
|
31,073
|
|
|
98,192
|
|
101,311
|
|
Total
|
|
479,157
|
|
266,570
|
|
|
1,720,536
|
|
1,014,424
|
|
Digital and
Data
|
|
61,228
|
|
19,305
|
|
|
174,031
|
|
79,217
|
|
Other
|
|
13,035
|
|
13,686
|
|
|
54,792
|
|
53,599
|
|
Total operating
revenues
|
|
553,420
|
|
299,561
|
|
|
1,949,359
|
|
1,147,240
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
Programming
|
|
85,115
|
|
59,922
|
|
|
354,666
|
|
254,225
|
|
Direct operating
expenses
|
|
109,506
|
|
56,230
|
|
|
420,763
|
|
225,924
|
|
Selling, general and
administrative
|
|
128,768
|
|
98,777
|
|
|
584,274
|
|
312,147
|
|
Depreciation
|
|
17,945
|
|
11,480
|
|
|
70,187
|
|
41,187
|
|
Amortization
|
|
48,642
|
|
29,721
|
|
|
218,287
|
|
114,717
|
|
Total operating
expenses
|
|
389,976
|
|
256,130
|
|
|
1,648,177
|
|
948,200
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit
|
|
163,444
|
|
43,431
|
|
|
301,182
|
|
199,040
|
|
|
|
|
|
|
|
|
|
|
|
|
Income on equity
investments, net
|
|
38,938
|
|
59,206
|
|
|
236,713
|
|
145,241
|
|
Interest and dividend
income
|
|
687
|
|
118
|
|
|
1,368
|
|
413
|
|
Interest
expense
|
|
(39,051)
|
|
(10,605)
|
|
|
(157,866)
|
|
(39,134)
|
|
Loss on
extinguishment of debt
|
|
-
|
|
(28,380)
|
|
|
-
|
|
(28,380)
|
|
Gain on investment
transactions, net
|
|
371,783
|
|
-
|
|
|
372,485
|
|
150
|
|
Write-downs of
investments
|
|
(94)
|
|
-
|
|
|
(94)
|
|
-
|
|
Other non-operating
loss, net
|
|
(3,640)
|
|
(1,671)
|
|
|
(4,710)
|
|
(1,492)
|
|
Reorganization items,
net
|
|
(1,293)
|
|
(3,390)
|
|
|
(7,268)
|
|
(16,931)
|
|
Income from
Continuing Operations Before Income Taxes
|
|
530,774
|
|
58,709
|
|
|
741,810
|
|
258,907
|
|
Income tax
expense
|
|
216,098
|
|
25,449
|
|
|
278,699
|
|
95,965
|
|
Income from
Continuing Operations
|
|
314,676
|
|
33,260
|
|
|
463,111
|
|
162,942
|
|
Income from
Discontinued Operations, net of taxes
|
|
-
|
|
33,854
|
|
|
13,552
|
|
78,613
|
|
Net
Income
|
|
$
314,676
|
|
$
67,114
|
|
|
$
476,663
|
|
$
241,555
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Common Share from:
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
|
$
3.15
|
|
$
0.33
|
|
|
$
4.63
|
|
$
1.63
|
|
Discontinued
Operations
|
|
-
|
|
0.34
|
|
|
0.13
|
|
0.79
|
|
Net Earnings Per
Common Share
|
|
$
3.15
|
|
$
0.67
|
|
|
$
4.76
|
|
$
2.42
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings
Per Common Share from:
|
|
|
|
|
|
|
|
|
|
|
Continuing
Operations
|
|
$
3.14
|
|
$
0.33
|
|
|
$
4.62
|
|
$
1.62
|
|
Discontinued
Operations
|
|
-
|
|
0.34
|
|
|
0.13
|
|
0.79
|
|
Net Earnings Per
Common Share
|
|
$
3.14
|
|
$
0.67
|
|
|
$
4.75
|
|
$
2.41
|
|
Tribune Media
Company and Subsidiaries
|
Consolidated
Balance Sheets
|
(In thousands of
dollars)
|
|
|
|
|
|
|
|
|
December 28,
2014
|
|
December 29,
2013
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,455,183
|
|
$
640,697
|
|
Restricted cash and
cash equivalents
|
|
17,600
|
|
221,879
|
|
Accounts receivable
(net of allowances of $7,313 and $16,254)
|
|
440,722
|
|
644,024
|
|
Inventories
|
|
-
|
|
14,222
|
|
Broadcast
rights
|
|
147,423
|
|
105,325
|
|
Income taxes
receivable
|
|
4,931
|
|
11,240
|
|
Deferred income
taxes
|
|
29,675
|
|
54,221
|
|
Prepaid expenses and
other
|
|
65,289
|
|
43,672
|
|
Total current
assets
|
|
2,160,823
|
|
1,735,280
|
|
|
|
|
|
|
|
Properties
|
|
|
|
|
|
Machinery, equipment
and furniture
|
|
240,507
|
|
340,800
|
|
Buildings and
leasehold improvements
|
|
253,426
|
|
276,856
|
|
|
|
493,933
|
|
617,656
|
|
Accumulated
depreciation
|
|
(102,841)
|
|
(74,446)
|
|
|
|
391,092
|
|
543,210
|
|
Land
|
|
422,635
|
|
436,641
|
|
Construction in
progress
|
|
36,870
|
|
60,956
|
|
Net
properties
|
|
850,597
|
|
1,040,807
|
|
|
|
|
|
|
|
Other
Assets
|
|
|
|
|
|
Broadcast
rights
|
|
157,014
|
|
61,175
|
|
Goodwill
|
|
3,918,136
|
|
3,815,196
|
|
Other intangible
assets, net
|
|
2,397,794
|
|
2,516,543
|
|
Investments
|
|
1,717,192
|
|
2,163,162
|
|
Other
|
|
194,899
|
|
143,846
|
|
Total other
assets
|
|
8,385,035
|
|
8,699,922
|
|
Total
Assets
|
|
$
11,396,455
|
|
$
11,476,009
|
|
Tribune Media
Company and Subsidiaries
|
Consolidated
Balance Sheets
|
(In thousands of
dollars, except for share and per share data)
|
|
|
|
|
|
|
|
|
December 28,
2014
|
|
December 29,
2013
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Accounts
payable
|
|
$
77,295
|
|
$
93,396
|
|
Senior Toggle
Notes
|
|
-
|
|
172,237
|
|
Debt due within one
year
|
|
4,088
|
|
32,472
|
|
Income taxes
payable
|
|
252,570
|
|
2,276
|
|
Employee compensation
and benefits
|
|
80,270
|
|
200,033
|
|
Contracts payable for
broadcast rights
|
|
178,685
|
|
139,146
|
|
Deferred
revenue
|
|
34,352
|
|
77,029
|
|
Other
|
|
56,920
|
|
82,248
|
|
Total current
liabilities
|
|
684,180
|
|
798,837
|
|
|
|
|
|
|
|
Non-Current
Liabilities
|
|
|
|
|
|
Long-term
debt
|
|
3,490,897
|
|
3,760,475
|
|
Deferred income
taxes
|
|
1,156,214
|
|
1,393,413
|
|
Contracts payable for
broadcast rights
|
|
279,819
|
|
80,942
|
|
Contract intangible
liability, net
|
|
34,425
|
|
193,730
|
|
Pension obligations,
net
|
|
469,116
|
|
199,176
|
|
Post-retirement,
medical, life and other benefits
|
|
21,456
|
|
63,123
|
|
Other
obligations
|
|
64,917
|
|
60,752
|
|
Total non-current
liabilities
|
|
5,516,844
|
|
5,751,611
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
Preferred stock
($0.001 par value per share)
|
|
|
|
|
|
Authorized:
40,000,000 shares; No shares issued and outstanding at Dec. 28,
2014 and at Dec. 29, 2013
|
|
|
|
|
-
|
|
-
|
|
Class A Common Stock
($0.001 par value per share)
|
|
|
|
|
|
Authorized:
1,000,000,000 shares; 95,708,401 shares issued and 94,732,807
shares outstanding at Dec. 28, 2014 and 89,933,876 shares issued
and outstanding at Dec. 29, 2013
|
|
|
|
|
96
|
|
90
|
|
Class B Common Stock
($0.001 par value per share)
|
|
|
|
|
|
Authorized:
200,000,000 shares; Issued and outstanding: 2,438,083 shares at
Dec. 28, 2014 and 3,185,181 shares at Dec. 29, 2013
|
|
|
|
|
2
|
|
3
|
|
Treasury stock, at
cost: 975,594 shares at Dec. 28, 2014 and no shares at Dec. 29,
2013
|
|
(67,814)
|
|
-
|
|
Additional
paid-in-capital
|
|
4,591,470
|
|
4,543,228
|
|
Retained
earnings
|
|
718,218
|
|
241,555
|
|
Accumulated other
comprehensive (loss) income
|
|
(46,541)
|
|
140,685
|
|
Total shareholders'
equity
|
|
5,195,431
|
|
4,925,561
|
|
Total Liabilities
and Shareholders' Equity
|
|
$
11,396,455
|
|
$
11,476,009
|
|
Tribune Media
Company and Subsidiaries
|
Consolidated
Statement of Cash Flows
|
(In thousands of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended Dec.
28, 2014
|
|
Year ended Dec.
29, 2013
|
|
|
|
|
|
Operating
Activities
|
|
|
|
|
|
Net income
|
|
$
476,663
|
|
$
241,555
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
27,918
|
|
7,319
|
|
Pension credits, net
of contributions
|
|
(41,164)
|
|
(41,620)
|
|
Depreciation
|
|
88,890
|
|
75,516
|
|
Amortization of
contract intangible assets and liabilities
|
|
(35,774)
|
|
(29,525)
|
|
Amortization of other
intangible assets
|
|
222,216
|
|
121,206
|
|
Income on equity
investments, net
|
|
(236,088)
|
|
(144,054)
|
|
Distributions from
equity investments
|
|
189,789
|
|
154,123
|
|
Amortization of debt
issuance costs and original issue discount
|
|
13,433
|
|
3,869
|
|
Write-down of
investment
|
|
94
|
|
-
|
|
Non-cash loss on
extinguishment of debt
|
|
-
|
|
17,462
|
|
Gain on investment
transactions, net
|
|
(373,968)
|
|
(150)
|
|
Gain on sales of real
estate
|
|
(21,690)
|
|
(135)
|
|
Other non-operating
loss, net
|
|
4,729
|
|
1,492
|
|
Non-cash
reorganization items, net
|
|
-
|
|
(3,228)
|
|
Excess tax benefits
from stock-based awards
|
|
(868)
|
|
-
|
|
Transfers from
restricted cash
|
|
2,357
|
|
166,866
|
|
Changes in working
capital items, excluding effects from acquisitions:
|
|
|
|
|
|
Accounts receivable,
net
|
|
39,149
|
|
(20,449)
|
|
Inventories, prepaid
expenses and other current assets
|
|
(1,532)
|
|
26,847
|
|
Accounts
payable
|
|
2,855
|
|
(85,088)
|
|
Employee compensation
and benefits, and other current liabilities
|
|
(23,569)
|
|
5,528
|
|
Deferred
revenue
|
|
23,189
|
|
1,121
|
|
Accrued
reorganization costs
|
|
(780)
|
|
(111,461)
|
|
Income
taxes
|
|
261,591
|
|
(1,947)
|
|
Deferred
compensation, postretirement medical, life and other
benefits
|
|
(3,099)
|
|
(13,581)
|
|
Change in broadcast
rights, net of liabilities
|
|
(21,098)
|
|
(6,913)
|
|
Deferred income
taxes
|
|
(179,099)
|
|
8,955
|
|
Change in non-current
obligations for uncertain tax positions
|
|
(2,814)
|
|
(3,780)
|
|
Other, net
|
|
(32,875)
|
|
(10,357)
|
|
Net cash provided by
operating activities
|
|
378,455
|
|
359,571
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
Capital
expenditures
|
|
(89,438)
|
|
(70,869)
|
|
Acquisitions, net of
cash acquired
|
|
(279,833)
|
|
(2,550,410)
|
|
Increase (decrease)
in restricted cash related to acquisition of Local TV
|
|
201,922
|
|
(201,922)
|
|
Transfers from
restricted cash, net
|
|
(1,109)
|
|
-
|
|
Investments
|
|
(2,330)
|
|
(2,817)
|
|
Distributions from
equity investments
|
|
180,521
|
|
53,871
|
|
Proceeds from sales
of investments
|
|
659,395
|
|
2,174
|
|
Proceeds from sales
of real estate
|
|
49,870
|
|
10,739
|
|
Net cash provided by
(used in) investing activities
|
|
718,998
|
|
(2,759,234)
|
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
Long-term borrowings
related to Publishing Spin-off
|
|
346,500
|
|
-
|
|
Long-term
borrowings
|
|
-
|
|
3,790,500
|
|
Repayment of Senior
Toggle Notes
|
|
(172,237)
|
|
-
|
|
Repayments of
long-term debt
|
|
(299,285)
|
|
(1,102,234)
|
|
Long-term debt
issuance costs related to Publishing Spin-off
|
|
(10,179)
|
|
-
|
|
Long-term debt
issuance costs
|
|
-
|
|
(78,480)
|
|
Common stock
repurchases
|
|
(60,211)
|
|
-
|
|
Cash and restricted
cash distributed to Tribune Publishing
|
|
(86,530)
|
|
-
|
|
Excess tax benefits
from stock-based awards
|
|
868
|
|
-
|
|
Tax withholdings
related to net share settlements of share-based awards
|
|
(3,201)
|
|
-
|
|
Proceeds from stock
option exercises
|
|
1,308
|
|
-
|
|
Net cash provided by
(used in) financing activities
|
|
(282,967)
|
|
2,609,786
|
|
|
|
|
|
|
|
Net Increase in
Cash and Cash Equivalents
|
|
814,486
|
|
210,123
|
|
Cash and cash
equivalents, beginning of period
|
|
640,697
|
|
430,574
|
|
Cash and cash
equivalents, end of period
|
|
$
1,455,183
|
|
$
640,697
|
|
|
|
|
|
|
|
Supplemental
Schedule of Cash Flow Information
|
|
|
|
|
|
Cash paid during the
period for:
|
|
|
|
|
|
Interest
|
|
$
140,338
|
|
$
44,280
|
|
Income taxes, net of
refunds
|
|
$
217,579
|
|
$
151,311
|
|
Tribune Media
Company - Consolidated
|
Reconciliation of
Net Income to Adjusted EBITDA
|
(In thousands of
dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
Year
ended
|
|
|
|
December 28,
2014
|
|
December 29,
2013
|
|
|
December 28,
2014
|
|
December 29,
2013
|
Revenue
|
|
|
$
553,420
|
|
$
299,561
|
|
|
$
1,949,359
|
|
$
1,147,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
$
314,676
|
|
$
67,114
|
|
|
$
476,663
|
|
$
241,555
|
Income from
discontinued operations, net of taxes
|
|
|
—
|
|
33,854
|
|
|
13,552
|
|
78,613
|
Income from
Continuing Operations
|
|
|
314,676
|
|
33,260
|
|
|
463,111
|
|
162,942
|
Income tax
expense
|
|
|
216,098
|
|
25,449
|
|
|
278,699
|
|
95,965
|
Reorganization items,
net
|
|
|
1,293
|
|
3,390
|
|
|
7,268
|
|
16,931
|
Other non-operating
loss, net
|
|
|
3,640
|
|
1,671
|
|
|
4,710
|
|
1,492
|
Write-downs of
investments
|
|
|
94
|
|
—
|
|
|
94
|
|
—
|
Gain on investment
transactions, net
|
|
|
(371,783)
|
|
—
|
|
|
(372,485)
|
|
(150)
|
Loss on
extinguishment of debt
|
|
|
—
|
|
28,380
|
|
|
—
|
|
28,380
|
Interest
expense
|
|
|
39,051
|
|
10,605
|
|
|
157,866
|
|
39,134
|
Interest and dividend
income
|
|
|
(687)
|
|
(118)
|
|
|
(1,368)
|
|
(413)
|
Income on equity
investments, net
|
|
|
(38,938)
|
|
(59,206)
|
|
|
(236,713)
|
|
(145,241)
|
Operating
Profit
|
|
|
163,444
|
|
43,431
|
|
|
301,182
|
|
199,040
|
Depreciation
|
|
|
17,945
|
|
11,480
|
|
|
70,187
|
|
41,187
|
Amortization
|
|
|
48,642
|
|
29,721
|
|
|
218,287
|
|
114,717
|
Stock-based
compensation
|
|
|
5,788
|
|
2,181
|
|
|
26,191
|
|
5,417
|
Severance and related
charges
|
|
|
1,484
|
|
1,154
|
|
|
6,609
|
|
2,556
|
Transaction-related
costs
|
|
|
2,570
|
|
14,497
|
|
|
15,684
|
|
19,774
|
Gain on sales of real
estate
|
|
|
(21,388)
|
|
—
|
|
|
(21,691)
|
|
(135)
|
Contract termination
cost
|
|
|
(646)
|
|
—
|
|
|
15,000
|
|
—
|
Other
|
|
|
827
|
|
1,517
|
|
|
6,977
|
|
1,143
|
Pension (credit)
expense
|
|
|
(7,661)
|
|
(8,695)
|
|
|
(30,643)
|
|
(34,780)
|
Adjusted
EBITDA
|
|
|
$
211,005
|
|
$
95,286
|
|
|
$
607,783
|
|
$
348,919
|
Tribune Media
Company - Television and Entertainment
|
Reconciliation of
Operating Profit to Adjusted EBITDA
|
(In thousands of
dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
December 28, 2014
|
|
Three months
ended
December 29, 2013
|
|
|
Year ended
December 28, 2014
|
|
Year ended
December 29, 2013
|
|
|
|
As
Reported
|
|
Pro Forma
(1)
|
|
As
Reported
|
|
|
As
Reported
|
|
Pro Forma
(1)
|
|
As
Reported
|
Advertising
|
|
|
$
381,371
|
|
$
336,912
|
|
$
207,821
|
|
|
$
1,335,964
|
|
$
1,293,399
|
|
$
809,732
|
Retransmission
consent fees
|
|
|
58,447
|
|
34,774
|
|
14,741
|
|
|
229,243
|
|
130,537
|
|
49,586
|
Carriage
fees
|
|
|
14,395
|
|
12,936
|
|
12,935
|
|
|
57,137
|
|
53,796
|
|
53,795
|
Barter/trade
|
|
|
9,257
|
|
11,253
|
|
8,651
|
|
|
41,267
|
|
42,768
|
|
31,292
|
Copyright
royalties
|
|
|
7,104
|
|
10,689
|
|
10,689
|
|
|
27,161
|
|
32,954
|
|
32,954
|
Other
|
|
|
8,583
|
|
9,328
|
|
11,733
|
|
|
29,764
|
|
27,751
|
|
37,065
|
Total
Revenues
|
|
|
$
479,157
|
|
$
415,892
|
|
$
266,570
|
|
|
$
1,720,536
|
|
$
1,581,205
|
|
$
1,014,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit
|
|
|
$
146,391
|
|
$
108,845
|
|
$
55,978
|
|
|
$
336,921
|
|
$
398,937
|
|
$
195,940
|
Depreciation
|
|
|
12,057
|
|
14,444
|
|
8,222
|
|
|
50,262
|
|
53,715
|
|
29,947
|
Amortization
|
|
|
42,217
|
|
29,451
|
|
27,405
|
|
|
197,054
|
|
114,056
|
|
105,526
|
Stock-based
compensation
|
|
|
2,063
|
|
792
|
|
661
|
|
|
8,800
|
|
2,578
|
|
1,844
|
Severance and related
charges
|
|
|
229
|
|
302
|
|
302
|
|
|
2,098
|
|
1,641
|
|
1,641
|
Transaction-related
costs
|
|
|
(387)
|
|
181
|
|
181
|
|
|
1,894
|
|
229
|
|
229
|
Gain on sales of real
estate
|
|
|
(103)
|
|
—
|
|
—
|
|
|
(103)
|
|
—
|
|
—
|
Contract termination
cost
|
|
|
(646)
|
|
—
|
|
—
|
|
|
15,000
|
|
—
|
|
—
|
Other
|
|
|
829
|
|
1,275
|
|
795
|
|
|
2,755
|
|
1,508
|
|
1,028
|
Pension (credit)
expense
|
|
|
—
|
|
(22)
|
|
(22)
|
|
|
124
|
|
(86)
|
|
(86)
|
Adjusted
EBITDA
|
|
|
$
202,650
|
|
$
155,268
|
|
$
93,522
|
|
|
$
614,805
|
|
$
572,578
|
|
$
336,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broadcast rights -
Amortization
|
|
|
65,624
|
|
53,266
|
|
41,843
|
|
|
268,797
|
|
239,835
|
|
192,626
|
Broadcast rights -
Cash Payments
|
|
|
(76,130)
|
|
(68,470)
|
|
(55,141)
|
|
|
(321,335)
|
|
(279,273)
|
|
(223,650)
|
Broadcast Cash
Flow
|
|
|
$
192,144
|
|
$
140,064
|
|
$
80,224
|
|
|
$
562,267
|
|
$
533,140
|
|
$
305,046
|
(1) Amounts are
pro forma for the acquisition of Local TV, which was completed on
December 27, 2013, as if the acquisition had occurred as of the
beginning of fiscal 2013. Pro forma operating expenses,
depreciation and amortization for Local TV are based on Local TV's
historical basis of presentation and do not reflect the impact of
purchase accounting.
|
Tribune Media
Company - Digital and Data
|
Reconciliation of
Operating Profit to Adjusted EBITDA
|
(In thousands of
dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
Year
ended
|
|
|
|
December 28,
2014
|
|
December 29,
2013
|
|
|
December 28,
2014
|
|
December 29,
2013
|
Video
|
|
|
$
25,849
|
|
$
17,758
|
|
|
$
91,299
|
|
$
68,708
|
Music
|
|
|
34,386
|
|
—
|
|
|
77,729
|
|
—
|
Entertainment
websites
|
|
|
|
|
|
|
|
|
|
|
and other
|
|
|
993
|
|
1,547
|
|
|
5,003
|
|
10,509
|
Total
Revenues
|
|
|
$
61,228
|
|
$
19,305
|
|
|
$
174,031
|
|
$
79,217
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit
|
|
|
$
13,926
|
|
$
4,185
|
|
|
$
3,409
|
|
$
16,497
|
Depreciation
|
|
|
1,987
|
|
715
|
|
|
7,744
|
|
2,576
|
Amortization
|
|
|
6,425
|
|
2,316
|
|
|
21,233
|
|
9,191
|
Stock-based
compensation
|
|
|
262
|
|
6
|
|
|
1,641
|
|
17
|
Severance and related
charges
|
|
|
1,212
|
|
216
|
|
|
3,975
|
|
279
|
Other
|
|
|
—
|
|
—
|
|
|
580
|
|
234
|
Adjusted
EBITDA
|
|
|
$
23,812
|
|
$
7,438
|
|
|
$
38,582
|
|
$
28,794
|
Tribune Media
Company - Corporate and Other
|
Reconciliation of
Operating Profit to Adjusted EBITDA
|
(In thousands of
dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
|
Year
ended
|
|
|
|
December 28,
2014
|
|
December 29,
2013
|
|
|
December 28,
2014
|
|
December 29,
2013
|
Total
Revenues
|
|
|
$
13,035
|
|
$
13,686
|
|
|
$
54,792
|
|
$
53,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit
(Loss)
|
|
|
$
3,127
|
|
$
(16,732)
|
|
|
$
(39,148)
|
|
$
(13,397)
|
Depreciation
|
|
|
3,901
|
|
2,543
|
|
|
12,181
|
|
8,664
|
Stock-based
compensation
|
|
|
3,463
|
|
1,514
|
|
|
15,750
|
|
3,556
|
Severance and related
charges
|
|
|
43
|
|
636
|
|
|
536
|
|
636
|
Transaction-related
costs
|
|
|
2,957
|
|
14,316
|
|
|
13,790
|
|
19,545
|
Gain on sales of real
estate
|
|
|
(21,285)
|
|
—
|
|
|
(21,588)
|
|
(135)
|
Other
|
|
|
(2)
|
|
722
|
|
|
3,642
|
|
(119)
|
Pension (credit)
expense
|
|
|
(7,661)
|
|
(8,673)
|
|
|
(30,767)
|
|
(34,694)
|
Adjusted
EBITDA
|
|
|
$
(15,457)
|
|
$
(5,674)
|
|
|
$
(45,604)
|
|
$
(15,944)
|
|
|
|
|
|
|
|
|
|
|
|
Tribune Media
Company - Television and Entertainment
|
Reconciliation of
Operating Profit to Adjusted EBITDA and Broadcast Cash Flow - Pro
forma (1)
|
(In thousands of
dollars)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
2013
|
|
Q2
2013
|
|
Q3
2013
|
|
Q4
2013
|
|
Full Year
2013
|
|
|
|
Pro forma
(1)
|
|
Pro forma
(1)
|
|
Pro forma
(1)
|
|
Pro forma
(1)
|
|
Pro forma
(1)
|
|
Advertising
|
|
$
300,649
|
|
$
336,589
|
|
$
319,249
|
|
$
336,912
|
|
$
1,293,399
|
|
Retransmission
consent fees
|
|
29,567
|
|
32,029
|
|
34,167
|
|
34,774
|
|
130,537
|
|
Carriage
fees
|
|
13,733
|
|
13,719
|
|
13,408
|
|
12,936
|
|
53,796
|
|
Barter/trade
|
|
10,341
|
|
10,634
|
|
10,540
|
|
11,253
|
|
42,768
|
|
Copyright
royalties
|
|
9,708
|
|
6,296
|
|
6,261
|
|
10,689
|
|
32,954
|
|
Other
|
|
5,306
|
|
6,710
|
|
6,407
|
|
9,328
|
|
27,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
369,304
|
|
405,977
|
|
390,032
|
|
415,892
|
|
1,581,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
280,031
|
|
299,590
|
|
295,600
|
|
307,047
|
|
1,182,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit
|
|
89,273
|
|
106,387
|
|
94,432
|
|
108,845
|
|
398,937
|
|
Depreciation
|
|
12,264
|
|
13,408
|
|
13,599
|
|
14,444
|
|
53,715
|
|
Amortization
|
|
28,169
|
|
28,172
|
|
28,264
|
|
29,451
|
|
114,056
|
|
Stock-based
compensation
|
|
200
|
|
663
|
|
923
|
|
792
|
|
2,578
|
|
Severance and related
charges
|
|
109
|
|
504
|
|
726
|
|
302
|
|
1,641
|
|
Transaction-related
costs
|
|
-
|
|
-
|
|
48
|
|
181
|
|
229
|
|
Other
|
|
155
|
|
1
|
|
77
|
|
1,275
|
|
1,508
|
|
Pension (credit)
expense
|
|
(69)
|
|
26
|
|
(21)
|
|
(22)
|
|
(86)
|
|
Adjusted
EBITDA
|
|
$
130,101
|
|
$
149,161
|
|
$
138,048
|
|
$
155,268
|
|
$
572,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broadcast rights -
Amortization
|
|
56,066
|
|
65,607
|
|
64,896
|
|
53,266
|
|
239,835
|
|
Broadcast rights -
Cash Payments
|
|
(63,755)
|
|
(75,383)
|
|
(71,665)
|
|
(68,470)
|
|
(279,273)
|
|
Broadcast Cash
Flow
|
|
$
122,412
|
|
$
139,385
|
|
$
131,279
|
|
$
140,064
|
|
$
533,140
|
|
(1) Amounts are
pro forma for the acquisition of Local TV, which was completed on
December 27, 2013, as if the acquisition had occurred as of the
beginning of fiscal 2013. Pro forma operating expenses,
depreciation and amortization for Local TV are based on Local TV's
historical basis of presentation and do not reflect the impact of
purchase accounting.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tribune-media-company-reports-strong-fourth-quarter-and-full-year-2014-results-300046572.html
SOURCE Tribune Media Company