Tribune Publishing Company (NASDAQ: TPCO) today announced financial
results for the third quarter ended September 27, 2020.
Third Quarter 2020 Highlights:
- Total revenues were $188.7 million, down from $236.0 million in
the third quarter of 2019
- Net income from continuing operations increased to $8.5
million, from $6.9 million in the third quarter of 2019
- Adjusted EBITDA was $27.3 million, an increase of $2.5 million
compared to the third quarter of 2019
- Digital-only subscriber revenue increased 67.4% or $5.1 million
and digital subscribers grew to 427,000 at the end of the third
quarter 2020, compared to 314,000 at the end of the third quarter
2019
- BestReviews continued significant growth during the third
quarter with an increase in revenues exceeding 40%
Terry Jimenez, Tribune Publishing Chief Executive Officer and
President said, “We have made significant progress mitigating the
negative impact of the COVID-19 pandemic on the Company through
aggressive cost discipline and deep focus on our transition to
digital. As a result, we increased Net income from continuing
operations by 24% and improved Adjusted EBITDA by 10% over the
prior year quarter despite significant pandemic-related revenue
headwinds.”
“In the third quarter, we saw improved sequential revenue trends
in advertising, circulation and other revenue categories compared
to the second quarter of 2020. However, we remain cautious
about the continuing impact and duration of the pandemic and
accordingly, we persist in our efforts to reduce our cost
structure, particularly our fixed costs, including real estate and
other infrastructure. We believe that a continuing focus on
cost management, coupled with substantial growth in our digital
subscription revenue, has positioned the Company to succeed in a
post-pandemic future.”
Third Quarter 2020 ResultsThird quarter 2020
total revenues were $188.7 million, down $47.4 million or 20.1%
compared to $236.0 million for the third quarter 2019.
Revenues were in line with previously provided guidance.
Advertising revenues decreased 38.2%, or $35.6 million, in the
three months ended September 27, 2020, compared to the same
period for 2019, due to declines in all advertising
categories. Circulation revenues decreased 2.5%, or $2.3
million, in the three months ended September 27, 2020,
compared to the same period for 2019. Home delivery decreased
$5.5 million and single copy decreased $1.9 million. These
decreases were partially offset by an increase of $5.1 million in
digital subscription revenue driven by an increased number of
digital subscribers and higher subscriptions rates per subscriber.
Other revenue declined $9.5 million or 18.1%, of which $4.2 million
is related to transition services provided to the California
properties in the prior year as we wrapped up that agreement in the
second quarter.
Third quarter total operating expenses, including depreciation
and amortization, were $181.3 million, down 20.0% compared to
$226.7 million in the third quarter of 2019. The decrease
reflects the Company’s ongoing disciplined cost management and
aggressive efforts to reduce our overall costs.
Net income from continuing operations was $8.5 million in
the third quarter of 2020, an increase of 23.5% compared to $6.9
million in the third quarter of 2019.
Adjusted EBITDA was $27.3 million in the third quarter of 2020,
an increase of 9.9% or $2.5 million compared to the third quarter
of 2019. Adjusted EBITDA exceeded previously provided
guidance.
For the quarter ended September 27, 2020, capital
expenditures totaled $2.1 million. Cash balance at
September 27, 2020, was $90.0 million, which does not include
$31.4 million of restricted cash reflected in long-term assets.
Segment ResultsThe Company assesses its
operating segments in accordance with ASC Topic 280, “Segment
Reporting.” Beginning with the first quarter of fiscal 2020,
Tribune began managing its business as one business and one
reportable segment. The prior periods have been restated to
reflect the change in reportable segments.
2020 OutlookFor the fourth quarter of 2020, the
Company expects total revenues of $203 million to $208 million and
Adjusted EBITDA of $36 million to $39 million.
Conference Call DetailsTribune Publishing will
host a conference call to discuss the Company’s third quarter 2020
results at 5:00 p.m. Eastern Time (4:00 p.m. Central
Time) on Wednesday, November 4, 2020. The conference
call may be accessed via Tribune Publishing’s Investor Relations
website at investor.tribpub.com or by dialing 844.209.4036
(478.219.0556 for international callers) and entering conference ID
9449596. An archived version of the webcast will also be
available for one year on the Tribune Publishing website. You
can also access this replay via telephone by dialing 855.859.2056
(404.537.3406 for international callers) and entering conference ID
9449596.
Non-GAAP Financial Information
Adjusted EBITDA, Adjusted Operating Expenses, Adjusted Income
(Loss) from continuing operations attributable to Tribune common
stockholders, and Adjusted Diluted EPS are not measures presented
in accordance with United States generally accepted accounting
principles (“U.S. GAAP”) and Tribune Publishing’s use of the terms
Adjusted EBITDA, Adjusted Operating Expenses, Adjusted Income
(Loss) from continuing operations attributable to Tribune common
stockholders, and Adjusted Diluted EPS may vary from that of others
in the Company’s industry. Adjusted EBITDA, Adjusted
Operating Expenses, Adjusted Income (Loss) from continuing
operations attributable to Tribune common stockholders, and
Adjusted Diluted EPS should not be considered as an alternative to
net income (loss), income from operations, operating expenses, net
income (loss) per diluted share, revenues or any other performance
measures derived in accordance with U.S. GAAP as measures of
operating performance or liquidity. Further information
regarding Tribune Publishing’s presentation of these measures,
including a reconciliation of Adjusted EBITDA, Adjusted Operating
Expenses, Adjusted Income (Loss) from continuing operations
attributable to Tribune common stockholders and Adjusted Diluted
EPS to the most directly comparable U.S. GAAP financial measure, is
included below in this press release.
Cautionary Statements Regarding Forward-looking
StatementsThis press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 that
are based largely on our current expectations and reflect various
estimates and assumptions by us. Forward-looking statements are
subject to certain risks, trends and uncertainties that could cause
actual results and achievements to differ materially from those
expressed in such forward-looking statements. Such risks, trends
and uncertainties, which in some instances are beyond our control,
include, without limitation, the effect of the novel coronavirus
(“COVID-19”) and related governmental and economic responses;
changes in advertising demand, circulation levels and audience
shares; competition and other economic conditions; our ability to
develop and grow our online businesses; changes in newsprint price
and availability; our ability to maintain data security and comply
with privacy-related laws; economic and market conditions that
could impact the level of our required contributions to the defined
benefit pension plans to which we contribute; decisions by trustees
under rehabilitation plans (if applicable) or other contributing
employers with respect to multiemployer plans to which we
contribute which could impact the level of our contributions; our
ability to maintain effective internal control over financial
reporting; concentration of stock ownership among our principal
stockholders whose interest may differ from those of other
stockholders; and other events beyond our control that may result
in unexpected adverse operating results. For specific risks
related to the COVID-19 pandemic, refer to Item 1A. Risk Factors in
the most recently filed Quarterly Report on Form 10-Q. For
more information about these and other risks, see Item 1A (Risk
Factors) of the Company’s most recent Annual Report on Form 10-K
and in the Company’s other reports filed with the Securities and
Exchange Commission.
The words “believe,” “expect,” “anticipate,” “estimate,”
“could,” “should,” “intend,” “may,” “will,” “plan,” “seek” and
similar expressions generally identify forward-looking
statements. However, such words are not the exclusive means
for identifying forward-looking statements, and their absence does
not mean that the statement is not forward looking. Whether or not
any such forward-looking statements, in fact occur will depend on
future events, some of which are beyond our control. Readers
are cautioned not to place undue reliance on such forward-looking
statements, which are being made as of the date of this press
release. Except as required by law, we undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
About Tribune Publishing CompanyTribune
Publishing Company (NASDAQ: TPCO) is a media company rooted in
award-winning journalism. Headquartered in Chicago, Tribune
Publishing operates local media businesses in eight markets with
titles including the Chicago Tribune, New York Daily
News, The Baltimore Sun, Hartford Courant, South
Florida's Sun Sentinel and Orlando Sentinel, Virginia’s Daily
Press and The Virginian-Pilot, and The Morning Call of Lehigh
Valley, Pennsylvania. In addition to award-winning local
media businesses, Tribune Publishing operates Tribune Content
Agency and is the majority owner of the product review website
BestReviews.
Tribune’s unique and valuable content across its brands have
earned a combined 65 Pulitzer Prizes and are committed to
informing, inspiring and engaging local communities. Our
brands are committed to informing, inspiring and engaging
local communities. We create and distribute content across
our media portfolio, offering integrated marketing, media, and
business services to consumers and advertisers, including digital
solutions and advertising opportunities.
Investor Relations Contact:Amy
Bullis312.222.2102abullis@tribpub.com
Media Contact:Max
Reinsdorf847.867.6294mreinsdorf@tribpub.com
Source: Tribune Publishing
Exhibits:Consolidated Statements of Income (Loss)Consolidated
Condensed Balance SheetsNon-GAAP Reconciliations - Income (Loss)
from Operations to Adjusted EBITDANon-GAAP Reconciliations - Total
Operating Expenses to Adjusted Operating ExpensesNon-GAAP
Reconciliations - Net income (loss) attributable to Tribune common
stockholders to Adjusted Income (Loss) from continuing operations
attributable to Tribune common stockholders and Adjusted Diluted
EPS
|
TRIBUNE PUBLISHING COMPANYCONSOLIDATED
STATEMENTS OF INCOME (LOSS)(In thousands, except
per share data)(Unaudited) |
Preliminary |
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
|
September 27, 2020 |
|
September 29, 2019 |
|
September 27, 2020 |
|
September 29, 2019 |
|
|
|
|
|
|
|
|
|
Operating revenues |
|
$ |
188,668 |
|
|
$ |
236,027 |
|
|
$ |
588,253 |
|
|
$ |
730,879 |
|
|
|
|
|
|
|
|
|
|
Compensation |
|
64,888 |
|
|
83,066 |
|
|
231,981 |
|
|
276,583 |
|
Newsprint and ink |
|
7,665 |
|
|
12,613 |
|
|
25,784 |
|
|
43,834 |
|
Outside services |
|
61,982 |
|
|
77,549 |
|
|
203,193 |
|
|
241,787 |
|
Other operating expenses |
|
32,400 |
|
|
42,163 |
|
|
97,891 |
|
|
123,604 |
|
Depreciation and
amortization |
|
9,360 |
|
|
11,261 |
|
|
28,702 |
|
|
34,993 |
|
Impairment |
|
4,960 |
|
|
— |
|
|
56,009 |
|
|
— |
|
Total operating
expenses |
|
181,255 |
|
|
226,652 |
|
|
643,560 |
|
|
720,801 |
|
Income (loss) from
operations |
|
7,413 |
|
|
9,375 |
|
|
(55,307 |
) |
|
10,078 |
|
Interest income (expense), net |
|
(176 |
) |
|
(57 |
) |
|
(391 |
) |
|
478 |
|
Loss on equity investments, net |
|
— |
|
|
(2,213 |
) |
|
(117 |
) |
|
(3,255 |
) |
Other income (expense), net |
|
401 |
|
|
248 |
|
|
1,237 |
|
|
265 |
|
Income (loss) from
continuing operations before income taxes |
|
7,638 |
|
|
7,353 |
|
|
(54,578 |
) |
|
7,566 |
|
Income tax expense (benefit) |
|
(853 |
) |
|
480 |
|
|
(20,619 |
) |
|
63 |
|
Net income (loss) from
continuing operations |
|
8,491 |
|
|
6,873 |
|
|
(33,959 |
) |
|
7,503 |
|
Plus: Loss from discontinued operations, net of taxes |
|
— |
|
|
(12,848 |
) |
|
— |
|
|
(13,570 |
) |
Net income
(loss) |
|
8,491 |
|
|
(5,975 |
) |
|
(33,959 |
) |
|
(6,067 |
) |
Less: Income attributable to noncontrolling interest |
|
1,824 |
|
|
1,150 |
|
|
5,316 |
|
|
3,037 |
|
Net income (loss)
attributable to Tribune common stockholders |
|
$ |
6,667 |
|
|
$ |
(7,125 |
) |
|
$ |
(39,275 |
) |
|
$ |
(9,104 |
) |
|
|
|
|
|
|
|
|
|
Basic net income (loss)
attributable to Tribune per common share: |
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
0.18 |
|
|
$ |
(0.25 |
) |
|
$ |
(1.09 |
) |
|
$ |
(0.29 |
) |
Income (loss) from discontinued operations |
|
$ |
— |
|
|
$ |
(0.36 |
) |
|
$ |
— |
|
|
$ |
(0.38 |
) |
Basic net income (loss)
attributable to Tribune per common share |
|
$ |
0.18 |
|
|
$ |
(0.61 |
) |
|
$ |
(1.09 |
) |
|
$ |
(0.67 |
) |
|
|
|
|
|
|
|
|
|
Diluted net income (loss)
attributable to Tribune per common share: |
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
0.18 |
|
|
$ |
(0.25 |
) |
|
$ |
(1.09 |
) |
|
$ |
(0.29 |
) |
Income (loss) from discontinued operations |
|
$ |
— |
|
|
$ |
(0.36 |
) |
|
$ |
— |
|
|
$ |
(0.38 |
) |
Diluted net income (loss)
attributable to Tribune per common share |
|
$ |
0.18 |
|
|
$ |
(0.61 |
) |
|
$ |
(1.09 |
) |
|
$ |
(0.67 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
36,522 |
|
|
35,863 |
|
|
36,426 |
|
|
35,734 |
|
Diluted |
|
36,635 |
|
|
35,863 |
|
|
36,426 |
|
|
35,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRIBUNE PUBLISHING COMPANYCONSOLIDATED
CONDENSED BALANCE SHEETS(In
thousands)(Unaudited) |
Preliminary |
|
|
|
|
|
|
|
September 27, 2020 |
|
December 29, 2019 |
Assets |
|
|
|
|
Current
assets |
|
|
|
|
Cash |
|
$ |
89,992 |
|
|
$ |
60,963 |
|
Accounts receivable, net |
|
75,905 |
|
|
112,754 |
|
Inventories |
|
3,056 |
|
|
4,820 |
|
Prepaid expenses and other current assets |
|
24,712 |
|
|
15,114 |
|
Total current assets |
|
193,665 |
|
|
193,651 |
|
Property, plant and
equipment, net |
|
84,997 |
|
|
123,913 |
|
Other
assets |
|
|
|
|
Goodwill |
|
115,197 |
|
|
117,675 |
|
Intangible assets, net |
|
56,917 |
|
|
69,165 |
|
Software, net |
|
18,734 |
|
|
20,736 |
|
Lease right-of-use asset |
|
56,502 |
|
|
99,480 |
|
Restricted cash |
|
31,371 |
|
|
37,290 |
|
Other long-term assets |
|
24,144 |
|
|
20,368 |
|
Total other assets |
|
302,865 |
|
|
364,714 |
|
Total
assets |
|
$ |
581,527 |
|
|
$ |
682,278 |
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
Current
liabilities |
|
|
|
|
Accounts payable |
|
$ |
32,530 |
|
|
$ |
46,482 |
|
Employee compensation and benefits |
|
24,903 |
|
|
36,305 |
|
Deferred revenue |
|
37,466 |
|
|
42,773 |
|
Current portion of long-term lease liability |
|
26,327 |
|
|
25,380 |
|
Current portion of long-term debt |
|
6,974 |
|
|
105 |
|
Other current liabilities |
|
22,348 |
|
|
24,317 |
|
Total current liabilities |
|
150,548 |
|
|
175,362 |
|
Non-current
liabilities |
|
|
|
|
Long term lease liability |
|
73,980 |
|
|
98,847 |
|
Workers’ compensation, general liability and auto insurance
payable |
|
24,243 |
|
|
24,192 |
|
Pension and postretirement benefits payable |
|
16,690 |
|
|
20,338 |
|
Deferred revenue |
|
2,051 |
|
|
2,504 |
|
Long-term debt |
|
57 |
|
|
6,857 |
|
Other obligations |
|
15,846 |
|
|
5,851 |
|
Total non-current liabilities |
|
132,867 |
|
|
158,589 |
|
Noncontrolling
interest |
|
— |
|
|
63,501 |
|
Stockholders’
equity |
|
|
|
|
Total stockholders’ equity |
|
298,112 |
|
|
284,826 |
|
Total liabilities and
stockholders’ equity |
|
581,527 |
|
|
682,278 |
|
|
|
|
|
|
|
|
|
TRIBUNE PUBLISHING COMPANYSupplemental
Revenue Schedule(In
thousands)(Unaudited) |
Preliminary |
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
|
September 27, 2020 |
|
September 29, 2019 |
|
September 27, 2020 |
|
September 29, 2019 |
Print |
|
$ |
42,151 |
|
|
$ |
71,387 |
|
|
$ |
138,147 |
|
|
$ |
227,054 |
|
Digital |
|
15,432 |
|
|
21,831 |
|
|
50,013 |
|
|
66,484 |
|
Advertising |
|
57,583 |
|
|
93,218 |
|
|
188,160 |
|
|
293,538 |
|
Print |
|
75,594 |
|
|
82,992 |
|
|
233,907 |
|
|
254,482 |
|
Digital |
|
12,736 |
|
|
7,606 |
|
|
31,690 |
|
|
20,562 |
|
Circulation |
|
88,330 |
|
|
90,598 |
|
|
265,597 |
|
|
275,044 |
|
Commercial print &
delivery |
|
17,159 |
|
|
22,404 |
|
|
56,173 |
|
|
70,765 |
|
Direct mail |
|
5,248 |
|
|
8,853 |
|
|
17,914 |
|
|
26,431 |
|
Content syndication and
other |
|
20,348 |
|
|
20,954 |
|
|
60,409 |
|
|
65,101 |
|
Other |
|
42,755 |
|
|
52,211 |
|
|
134,496 |
|
|
162,297 |
|
Total operating revenues |
|
$ |
188,668 |
|
|
$ |
236,027 |
|
|
$ |
588,253 |
|
|
$ |
730,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRIBUNE PUBLISHING COMPANYNON-GAAP
RECONCILIATIONS(In
thousands)(Unaudited) |
Preliminary |
Reconciliation of Income (Loss) from Operations to Adjusted
EBITDA: |
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
|
Sept 27, 2020 |
|
Sept 29, 2019 |
|
% Change |
|
Sept 27, 2020 |
|
Sept 29, 2019 |
|
% Change |
Net income (loss) from continuing operations |
|
$ |
8,491 |
|
|
$ |
6,873 |
|
|
23.5% |
|
$ |
(33,959 |
) |
|
$ |
7,503 |
|
|
* |
Income tax expense (benefit) from continuing operations |
|
(853 |
) |
|
480 |
|
|
* |
|
(20,619 |
) |
|
63 |
|
|
* |
Interest income (expense), net |
|
176 |
|
|
57 |
|
|
* |
|
391 |
|
|
(478 |
) |
|
* |
Loss on equity investments, net |
|
— |
|
|
2,213 |
|
|
* |
|
117 |
|
|
3,255 |
|
|
(96.4%) |
Other income (expense), net |
|
(401 |
) |
|
(248 |
) |
|
61.7% |
|
(1,237 |
) |
|
(265 |
) |
|
* |
Income (loss) from
operations |
|
7,413 |
|
|
9,375 |
|
|
(20.9%) |
|
(55,307 |
) |
|
10,078 |
|
|
* |
Depreciation and amortization |
|
9,360 |
|
|
11,261 |
|
|
(16.9%) |
|
28,702 |
|
|
34,993 |
|
|
(18.0%) |
Impairment |
|
4,960 |
|
|
— |
|
|
* |
|
56,009 |
|
|
— |
|
|
* |
Restructuring and transaction costs (1) |
|
4,531 |
|
|
1,721 |
|
|
* |
|
25,813 |
|
|
14,389 |
|
|
79.4% |
Stock based compensation |
|
1,001 |
|
|
2,449 |
|
|
(59.1%) |
|
4,133 |
|
|
11,065 |
|
|
(62.6%) |
Adjusted EBITDA from
continuing operations |
|
$ |
27,265 |
|
|
$ |
24,806 |
|
|
9.9% |
|
$ |
59,350 |
|
|
$ |
70,525 |
|
|
(15.8%) |
* Represents positive or negative change in excess of 100%
(1) - Restructuring and transaction costs include costs related
to Tribune’s internal restructuring, such as severance, charges
associated with vacated space and costs related to completed and
potential acquisitions.
Adjusted EBITDA
Adjusted EBITDA is a financial measure that is not calculated in
accordance with U.S. GAAP. Management believes that because
Adjusted EBITDA excludes (i) certain non-cash expenses (such
as depreciation, amortization, stock-based compensation, and
gain/loss on equity investments) and (ii) expenses that are
not reflective of the Company’s core operating results over time
(such as restructuring costs, including the employee voluntary
separation program and gain/losses on employee benefit
plan terminations, litigation or dispute settlement charges or
gains, premiums on stock buyback, impairment, and
transaction-related costs), this measure provides investors with
additional useful information to measure the Company’s financial
performance, particularly with respect to changes in performance
from period to period. The Company’s management uses Adjusted
EBITDA (a) as a measure of operating performance; (b) for planning
and forecasting in future periods; and (c) in communications with
the Company’s Board of Directors concerning the Company’s financial
performance. In addition, Adjusted EBITDA, or a similarly
calculated measure, has been used as the basis for certain
financial maintenance covenants that the Company was subject to in
connection with certain credit facilities. Since not all
companies use identical calculations, the Company’s presentation of
Adjusted EBITDA may not be comparable to other similarly titled
measures of other companies and should not be used by investors as
a substitute or alternative to net income or any measure of
financial performance calculated and presented in accordance with
U.S. GAAP. Instead, management believes Adjusted EBITDA
should be used to supplement the Company’s financial measures
derived in accordance with U.S. GAAP to provide a more complete
understanding of the trends affecting the business.
Although Adjusted EBITDA is frequently used by
investors and securities analysts in their evaluations of
companies, Adjusted EBITDA has limitations as an analytical tool,
and investors should not consider it in isolation or as a
substitute for, or more meaningful than, amounts determined in
accordance with U.S. GAAP. Some of the limitations to using
non-GAAP measures as an analytical tool are: they do not reflect
the Company’s interest income and expense, or the requirements
necessary to service interest or principal payments on the
Company’s debt; they do not reflect future requirements for capital
expenditures or contractual commitments; and although depreciation
and amortization charges are non-cash charges, the assets being
depreciated and amortized will often have to be replaced in the
future, and non-GAAP measures do not reflect any cash requirements
for such replacements.
The Company does not provide a reconciliation of
Adjusted EBITDA guidance due to the inherent difficulty in
forecasting and quantifying certain amounts that are necessary for
such reconciliation, including adjustments that could be made for
restructuring and transaction costs, stock-based compensation
amounts and other charges reflected in our reconciliation of
historic numbers, the amount of which, based on historical
experience, could be significant.
TRIBUNE PUBLISHING
COMPANYNON-GAAP
RECONCILIATIONS(In
thousands)(Unaudited)
Preliminary
Reconciliation of Total Operating Expenses to Adjusted
Operating Expenses
Adjusted operating expenses consist of total operating
expenses per the income statement, adjusted to exclude the impact
of items listed in the Adjusted EBITDA non-GAAP
reconciliation. Management believes that adjusted operating
expenses is informative to investors as it enhances the investors'
overall understanding of the financial performance of the Company's
business as they analyze current results compared to prior
periods.
|
|
Three months ended September 27, 2020 |
|
Three months ended
September 29, 2019 |
|
|
GAAP |
|
Adjustments |
|
AdjustedExpenses |
|
GAAP |
|
Adjustments |
|
AdjustedExpenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
$ |
64,888 |
|
|
$ |
(5,224 |
) |
|
$ |
59,664 |
|
|
$ |
83,066 |
|
|
$ |
(3,484 |
) |
|
$ |
79,582 |
|
Newsprint and ink |
|
7,665 |
|
|
(157 |
) |
|
7,508 |
|
|
12,613 |
|
|
— |
|
|
12,613 |
|
Outside services |
|
61,982 |
|
|
(145 |
) |
|
61,837 |
|
|
77,549 |
|
|
(295 |
) |
|
77,254 |
|
Other operating expenses |
|
32,400 |
|
|
(6 |
) |
|
32,394 |
|
|
42,163 |
|
|
(390 |
) |
|
41,773 |
|
Depreciation and
amortization |
|
9,360 |
|
|
(9,360 |
) |
|
— |
|
|
11,261 |
|
|
(11,261 |
) |
|
— |
|
Impairment |
|
4,960 |
|
|
(4,960 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
$ |
181,255 |
|
|
$ |
(19,852 |
) |
|
$ |
161,403 |
|
|
$ |
226,652 |
|
|
$ |
(15,430 |
) |
|
$ |
211,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 27, 2020 |
|
Nine months ended September 29, 2019 |
|
|
GAAP |
|
Adjustments |
|
AdjustedExpenses |
|
GAAP |
|
Adjustments |
|
AdjustedExpenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
$ |
231,981 |
|
|
$ |
(31,436 |
) |
|
$ |
200,545 |
|
|
$ |
276,583 |
|
|
$ |
(19,915 |
) |
|
$ |
256,668 |
|
Newsprint and ink |
|
25,784 |
|
|
(157 |
) |
|
25,627 |
|
|
43,834 |
|
|
— |
|
|
43,834 |
|
Outside services |
|
203,193 |
|
|
(2,543 |
) |
|
200,650 |
|
|
241,787 |
|
|
(4,955 |
) |
|
236,832 |
|
Other operating expenses |
|
97,891 |
|
|
4,190 |
|
|
102,081 |
|
|
123,604 |
|
|
(584 |
) |
|
123,020 |
|
Depreciation and
amortization |
|
28,702 |
|
|
(28,702 |
) |
|
— |
|
|
34,993 |
|
|
(34,993 |
) |
|
— |
|
Impairment |
|
56,009 |
|
|
(56,009 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
$ |
643,560 |
|
|
$ |
(114,657 |
) |
|
$ |
528,903 |
|
|
$ |
720,801 |
|
|
$ |
(60,447 |
) |
|
$ |
660,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRIBUNE PUBLISHING
COMPANYNON-GAAP
RECONCILIATIONS(In
thousands)(Unaudited)
Preliminary
Reconciliation of Net income (loss) attributable to
Tribune common stockholders to Adjusted Income (Loss) from
continuing operations attributable to Tribune common stockholders
and Adjusted Diluted EPS:
Adjusted income (loss) from continuing operations attributable
to Tribune common stockholders is defined as Net income (loss) from
continuing operations attributable to Tribune common stockholders -
GAAP excluding the adjustments for restructuring and transaction
costs, net of the impact of income taxes.
Net income (loss) from continuing operations attributable to
Tribune common stockholders - GAAP consists of Net income (loss)
from continuing operations per the Consolidated Statements of
Income (Loss), less Income attributable to noncontrolling interest
and the noncontrolling interest carrying value adjustment as set
forth in the Earnings (Loss) Per Share calculation in the Company's
Form 10-Q.
Adjusted Diluted EPS computes Adjusted income (loss) from
continuing operations attributable to Tribune common stockholders
divided by diluted weighted average shares outstanding.
Management believes Adjusted income (loss) from continuing
operations attributable to Tribune common stockholders and Adjusted
Diluted EPS are informative to investors as they enhance investors'
overall understanding of the financial performance of the Company's
business as they analyze current results compared to future
recurring projections.
|
|
Three months ended |
|
|
September 27, 2020 |
|
September 29, 2019 |
|
|
Earnings |
|
Diluted EPS |
|
Earnings |
|
Diluted EPS |
Net income (loss) from continuing operations attributable to
Tribune common stockholders - GAAP |
|
$ |
6,667 |
|
|
$ |
0.18 |
|
|
$ |
(9,130 |
) |
|
$ |
(0.25 |
) |
Adjustments to operating
expenses, net of 27.8% tax |
|
|
|
|
|
|
|
|
Restructuring and transaction costs |
|
3,271 |
|
|
0.09 |
|
|
1,243 |
|
|
0.03 |
|
Adjusted income (loss) from
continuing operations attributable to Tribune common stockholders -
Non-GAAP |
|
$ |
9,938 |
|
|
$ |
0.27 |
|
|
$ |
(7,887 |
) |
|
$ |
(0.22 |
) |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
September 27, 2020 |
|
September 29, 2019 |
|
|
Earnings |
|
Diluted EPS |
|
Earnings |
|
Diluted EPS |
Net loss from continuing
operations attributable to Tribune common stockholders - GAAP |
|
$ |
(39,597 |
) |
|
$ |
(1.09 |
) |
|
$ |
(10,387 |
) |
|
$ |
(0.29 |
) |
Adjustments to operating
expenses, net of 27.8% tax |
|
|
|
|
|
|
|
|
Restructuring and transaction costs |
|
18,637 |
|
|
0.51 |
|
|
10,389 |
|
|
0.29 |
|
Adjusted income (loss) from
continuing operations attributable to Tribune common stockholders -
Non-GAAP |
|
$ |
(20,960 |
) |
|
$ |
(0.58 |
) |
|
$ |
2 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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