Tribune Publishing Company (NASDAQ:TPCO) today announced financial
results for the fourth quarter and full year ended
December 27, 2020. Unless otherwise noted, amounts and
disclosures throughout this earnings release relate to continuing
operations and exclude BestReviews LLC.
2020 Full Year Highlights:
- Net increase in cash of $36.7 million compared to
December 29, 2019
- Reduced lease obligations by $51.1 million, pension
obligations by $3.5 million and a capital lease (classified as
debt) by $6.9 million
- Digital-only subscribers increased 30.5% to 436 thousand at the
end of the fourth quarter 2020, up from 334 thousand at the end of
the fourth quarter 2019
- Digital content revenues increased $16.5 million or
57.0%
- Total operating expenses decreased $138.1 million compared to
2019
- Loss from continuing operations increased to $46.8 million
from $7.1 million in 2019 as a result of a non-cash impairment
charges of $78.7 million
- Q4 income from continuing operations was $1.4 million, which
was an increase of $10.0 million year over year
Terry Jimenez, Tribune Publishing CEO and President, said,
“Thanks to the efforts of all our staff and business partners, we
continue to make significant progress in mitigating the negative
impact of the COVID-19 pandemic and positioning the Company for a
successful future. In 2020, we grew our digital-only subscribers to
436 thousand, an increase of 30.5% from last year, and our
digital-only revenue grew $16.5 million or 57.0% from the prior
year. Due to our prudent focus on expenditures, we were also able
to reduce operating expenses by $138.1 million or 14.5% compared to
2019. We also reduced more than $60 million of lease and pension
obligations while substantially increasing cash. Despite the
challenges the pandemic has presented, we were able to grow
Adjusted EBITDA over both the third and fourth quarters compared to
the prior-year periods, with fourth quarter Adjusted EBITDA of
$27.3 million improving 7.3% over 2019.
Mr. Jimenez continued, “Although 2020 presented challenges for
the Company, our employees, our customers and our communities, the
steps we took over the course of the year to rationalize our cost
structure, significantly reduce future obligations, pursue digital
growth and invest in high quality content enabled Tribune to create
a platform to succeed for years to come."
"The journalism our newsrooms produce and the creative solutions
our marketing teams deliver will remain core to our success. We are
immensely proud of the positive impact our teams have in the
communities we serve."
2020 Fourth Quarter and Full Year ResultsFourth
quarter 2020 total revenues were $192.7 million, down $46.7 million
or 19.5% compared to $239.3 million for fourth quarter 2019.
Advertising revenue continued to face challenges in all categories
and declined by $32.7 million. Circulation revenues decreased 3.4%
or $3.1 million in the three months ended
December 27, 2020, compared to the same period for 2019.
Home delivery decreased $6.0 million and single copy decreased $2.6
million. These declines were partially offset by an increase of
$5.4 million in digital subscription revenue driven by an increased
number of digital subscribers and higher subscription rates per
subscriber. Other revenue declined $10.8 million or 25.3%, of which
$2.5 million was related to a decline in transition services
provided to the California properties compared to the prior year
following the expiration of that agreement in the second
quarter.
Total operating expenses, including depreciation and
amortization, in the fourth quarter of 2020 were $190.9 million,
down 22.7%, compared to $246.9 million in the fourth quarter of
2019. Total operating expenses for the full year decreased $138.1
million from the prior-year period. These decreases resulted from
the Company’s ongoing strong cost management, including a focus on
the reduction of fixed costs.
Income from continuing operations was $1.4 million in the
fourth quarter of 2020, compared to a loss of $8.6 million in
the fourth quarter of 2019, driven partially by an improvement in
revenue declines compared to the prior 2020 quarters and aggressive
cost management. For the full year, the Company reported a loss
from continuing operations of $46.8 million compared to $7.1
million in 2019
Adjusted EBITDA was $27.3 million in the fourth quarter of 2020,
an increase of $1.9 million compared to $25.5 million in the fourth
quarter of 2019. Full-year adjusted EBITDA of $71.8 million
decreased $14.5 million or 16.8% from 2019.
For the full year ended December 27, 2020, capital
expenditures totaled $10.1 million. Cash balance at
December 27, 2020, was $98.9 million, which excludes
$29.9 million of restricted cash reflected in long-term assets and
reflects an increase of $36.7 million from
December 29, 2019.
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.
2021 OutlookFor first quarter of 2021, the
Company expects total revenues of $170 million to $172 million and
Adjusted EBITDA of $22 million to $23 million.
Pending Acquisition by Alden Global Capital As
announced on February 16, 2021, Tribune has entered into a
definitive merger agreement under which affiliates of Alden Global
Capital (“Alden”) will acquire all of the outstanding shares of
Tribune common stock not currently owned by Alden for $17.25 per
share in cash. The Company continues to expect the transaction to
close in the second quarter of 2021, subject to, among other
things, the expiration or termination of the applicable waiting
periods under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, the approval of holders of two-thirds of Tribune common stock
not owned by Alden, as well as other customary closing conditions.
Upon completion of the transaction, Tribune will become a privately
held company, and its common stock will no longer be listed on any
public market.
Conference CallIn light of the pending
transaction, the Company will not be hosting a conference call.
Non-GAAP Financial InformationAdjusted 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
generally accepted accounting principles in the United States
("U.S. GAAP" or "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 acquisition of the Company by
Alden Global Capital may not be completed in a timely manner or at
all; 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 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.
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. Tribune’s
brands 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 BullisTribune
Publishing Investor Relations312.222.2102abullis@tribpub.com
Media Contact:Max ReinsdorfTribune Publishing
Media Relations847.867.6294mreinsdorf@tribpub.com
Source: Tribune Publishing
Exhibits:Consolidated Statements of Income (Loss)Consolidated
Balance SheetsNon-GAAP Reconciliations - Income (Loss) from
Continuing Operations to Adjusted EBITDA Non-GAAP Reconciliations -
Total Operating Expenses to Adjusted Operating ExpensesNon-GAAP
Reconciliations - Net Income (Loss) from Continuing Operations
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 |
|
Year ended |
|
|
December 27, 2020 |
|
December 29, 2019 |
|
December 27, 2020 |
|
December 29, 2019 |
|
|
|
|
|
|
|
|
|
Operating revenues |
|
$ |
192,650 |
|
|
|
$ |
239,344 |
|
|
|
$ |
746,250 |
|
|
|
$ |
945,777 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
190,936 |
|
|
|
246,949 |
|
|
|
812,774 |
|
|
|
950,897 |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations |
|
1,714 |
|
|
|
(7,605 |
) |
|
|
(66,524 |
) |
|
|
(5,120 |
) |
|
|
|
|
|
|
|
|
|
|
Interest income (expense),
net |
|
(382 |
) |
|
|
21 |
|
|
|
(773 |
) |
|
|
499 |
|
|
Income (loss) on equity
investments, net |
|
(700 |
) |
|
|
267 |
|
|
|
(817 |
) |
|
|
(2,988 |
) |
|
Other income (expense),
net |
|
131 |
|
|
|
(220 |
) |
|
|
1,368 |
|
|
|
45 |
|
|
Income (loss) from
continuing operations |
|
763 |
|
|
|
(7,537 |
) |
|
|
(66,746 |
) |
|
|
(7,564 |
) |
|
Income tax expense (benefit) |
|
(624 |
) |
|
|
1,105 |
|
|
|
(19,930 |
) |
|
|
(434 |
) |
|
Income (loss) from
continuing operations |
|
1,387 |
|
|
|
(8,642 |
) |
|
|
(46,816 |
) |
|
|
(7,130 |
) |
|
Plus: Earnings from discontinued operations, net of taxes |
|
1,076 |
|
|
|
14,465 |
|
|
|
15,320 |
|
|
|
6,886 |
|
|
Net income
(loss) |
|
2,463 |
|
|
|
5,823 |
|
|
|
(31,496 |
) |
|
|
(244 |
) |
|
Less: Income attributable to noncontrolling interest |
|
2,200 |
|
|
|
1,788 |
|
|
|
7,516 |
|
|
|
4,825 |
|
|
Net income (loss)
attributable to Tribune common stockholders |
|
$ |
263 |
|
|
|
$ |
4,035 |
|
|
|
$ |
(39,012 |
) |
|
|
$ |
(5,069 |
) |
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) attributable to Tribune per common share: |
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
(0.02 |
) |
|
|
$ |
(0.59 |
) |
|
|
$ |
(1.50 |
) |
|
|
$ |
(1.05 |
) |
|
Income (loss) from discontinued operations |
|
0.03 |
|
|
|
0.41 |
|
|
|
0.42 |
|
|
|
0.19 |
|
|
Basic net income (loss)
attributable to Tribune per common share |
|
$ |
0.01 |
|
|
|
$ |
(0.18 |
) |
|
|
$ |
(1.08 |
) |
|
|
$ |
(0.85 |
) |
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) attributable to Tribune per common share: |
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
(0.02 |
) |
|
|
$ |
(0.59 |
) |
|
|
$ |
(1.50 |
) |
|
|
$ |
(1.05 |
) |
|
Income (loss) from discontinued operations |
|
0.03 |
|
|
|
0.41 |
|
|
|
0.42 |
|
|
|
0.19 |
|
|
Diluted net income (loss)
attributable to Tribune per common share |
|
$ |
0.01 |
|
|
|
$ |
(0.18 |
) |
|
|
$ |
(1.08 |
) |
|
|
$ |
(0.85 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
36,547 |
|
|
|
36,038 |
|
|
|
36,456 |
|
|
|
35,810 |
|
|
Diluted |
|
36,781 |
|
|
|
36,038 |
|
|
|
36,456 |
|
|
|
35,810 |
|
|
|
|
|
|
|
|
|
|
|
TRIBUNE PUBLISHING
COMPANYCONSOLIDATED BALANCE
SHEETS(In
thousands)(Unaudited)
Preliminary
|
|
December 27, 2020 |
|
December 29, 2019 |
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash |
|
$ |
98,862 |
|
|
$ |
54,840 |
|
Accounts receivable, net |
|
73,866 |
|
|
99,340 |
|
Inventories |
|
4,055 |
|
|
4,820 |
|
Prepaid expenses |
|
18,344 |
|
|
15,114 |
|
Current assets related to discontinued operations |
|
111,239 |
|
|
19,537 |
|
Total current assets |
|
306,366 |
|
|
193,651 |
|
Property, plant and
equipment, net |
|
48,325 |
|
|
123,891 |
|
Other
assets |
|
|
|
|
Goodwill |
|
28,146 |
|
|
30,624 |
|
Intangible assets, net |
|
50,148 |
|
|
61,517 |
|
Software, net |
|
17,503 |
|
|
20,736 |
|
Lease right-of-use asset |
|
36,705 |
|
|
99,480 |
|
Restricted cash |
|
29,925 |
|
|
37,290 |
|
Equity investments |
|
11,354 |
|
|
2,655 |
|
Other long-term assets |
|
19,682 |
|
|
17,713 |
|
Assets related to discontinued operations |
|
— |
|
|
94,721 |
|
Total other assets |
|
193,463 |
|
|
364,736 |
|
Total
assets |
|
$ |
548,154 |
|
|
$ |
682,278 |
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
Current
liabilities |
|
|
|
|
Accounts payable |
|
$ |
28,022 |
|
|
$ |
43,674 |
|
Employee compensation and benefits |
|
33,495 |
|
|
36,238 |
|
Deferred revenue |
|
34,620 |
|
|
42,773 |
|
Current portion of long-term lease liability |
|
23,914 |
|
|
25,380 |
|
Other current liabilities |
|
23,329 |
|
|
24,412 |
|
Current liabilities associated with discontinued operations |
|
4,759 |
|
|
2,885 |
|
Total current liabilities |
|
148,139 |
|
|
175,362 |
|
Non-current
liabilities |
|
|
|
|
Long-term lease liability |
|
49,182 |
|
|
98,847 |
|
Pension and postretirement benefits payable |
|
16,803 |
|
|
20,338 |
|
Long-term debt |
|
— |
|
|
6,857 |
|
Workers’ compensation, general liability and auto insurance
payable |
|
20,120 |
|
|
24,192 |
|
Other obligations |
|
12,508 |
|
|
8,355 |
|
Total non-current liabilities |
|
98,613 |
|
|
158,589 |
|
Noncontrolling
interest |
|
— |
|
|
63,501 |
|
Stockholders'
equity |
|
301,402 |
|
|
284,826 |
|
Total liabilities and
stockholders’ equity |
|
$ |
548,154 |
|
|
$ |
682,278 |
|
TRIBUNE PUBLISHING
COMPANYNON-GAAP
RECONCILIATIONS(In thousands)
(Unaudited)
Preliminary
Reconciliation of Income (Loss) from Continuing
Operations to Adjusted EBITDA:
|
|
Three months ended |
|
Year ended |
|
|
Dec. 27, 2020 |
|
Dec. 29, 2019 |
|
% Change |
|
Dec. 27, 2020 |
|
Dec. 29, 2019 |
|
% Change |
Income (loss) from continuing operations |
|
$ |
1,387 |
|
|
|
$ |
(8,642 |
) |
|
|
* |
|
$ |
(46,816 |
) |
|
|
$ |
(7,130 |
) |
|
|
* |
Income tax expense
(benefit) |
|
(624 |
) |
|
|
1,105 |
|
|
|
* |
|
(19,930 |
) |
|
|
(434 |
) |
|
|
* |
Interest income (expense),
net |
|
382 |
|
|
|
(21 |
) |
|
|
(1,919.0%) |
|
773 |
|
|
|
(499 |
) |
|
|
* |
Loss (gain) on equity
investments, net |
|
700 |
|
|
|
(267 |
) |
|
|
* |
|
817 |
|
|
|
2,988 |
|
|
|
(72.7%) |
Other income (expense),
net |
|
(131 |
) |
|
|
220 |
|
|
|
* |
|
(1,368 |
) |
|
|
(45 |
) |
|
|
* |
Income (loss) from
operations |
|
1,714 |
|
|
|
(7,605 |
) |
|
|
(122.5%) |
|
(66,524 |
) |
|
|
(5,120 |
) |
|
|
* |
Depreciation and
amortization |
|
7,088 |
|
|
|
11,657 |
|
|
|
(39.2%) |
|
33,834 |
|
|
|
44,615 |
|
|
|
(24.2%) |
Impairment |
|
22,730 |
|
|
|
14,496 |
|
|
|
* |
|
78,739 |
|
|
|
14,496 |
|
|
|
* |
Restructuring and transaction
costs (1) |
|
(5,256 |
) |
|
|
4,832 |
|
|
|
(208.8%) |
|
20,556 |
|
|
|
19,191 |
|
|
|
7.1% |
Stock-based compensation |
|
1,064 |
|
|
|
2,105 |
|
|
|
(49.5%) |
|
5,198 |
|
|
|
13,170 |
|
|
|
(60.5%) |
Adjusted EBITDA |
|
$ |
27,340 |
|
|
|
$ |
25,485 |
|
|
|
7.3% |
|
$ |
71,803 |
|
|
|
$ |
86,352 |
|
|
|
(16.8%) |
* 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, costs related to completed and
potential acquisitions and a one-time charge related to the
Consulting Agreement in 2018. See Note 7 for further information on
the Consulting Agreement.
Adjusted EBITDA and Adjusted EBITDA
marginAdjusted EBITDA is a financial measure that is not
calculated in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP” or "GAAP").
Management believes that because Adjusted EBITDA excludes
(i) certain non-cash expenses (such as depreciation,
amortization, impairment, 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 buybacks 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, the
additional expenses related to the BestReviews disposition and the
impact of the TSA expenses in 2019. 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
December 27, 2020 |
|
Three months ended
December 29, 2019 |
|
|
GAAP |
|
Adjustments(1) |
|
Adjusted Operating Expenses |
|
GAAP |
|
Adjustments(1) |
|
Adjusted Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
$ |
72,632 |
|
|
$ |
(5,695 |
) |
|
|
$ |
66,937 |
|
|
$ |
85,459 |
|
|
$ |
(3,196 |
) |
|
|
$ |
82,263 |
|
Newsprint and
ink |
|
7,993 |
|
|
— |
|
|
|
7,993 |
|
|
12,951 |
|
|
— |
|
|
|
12,951 |
|
Outside
services |
|
65,907 |
|
|
(620 |
) |
|
|
65,287 |
|
|
86,115 |
|
|
(3,669 |
) |
|
|
82,446 |
|
Other operating
expenses |
|
14,586 |
|
|
10,507 |
|
|
|
25,093 |
|
|
36,271 |
|
|
(72 |
) |
|
|
36,199 |
|
Depreciation and
amortization |
|
7,088 |
|
|
(7,088 |
) |
|
|
— |
|
|
11,657 |
|
|
(11,657 |
) |
|
|
— |
|
Impairment |
|
22,730 |
|
|
(22,730 |
) |
|
|
— |
|
|
14,496 |
|
|
(14,496 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
$ |
190,936 |
|
|
$ |
(25,626 |
) |
|
|
$ |
165,310 |
|
|
$ |
246,949 |
|
|
$ |
(33,090 |
) |
|
|
$ |
213,859 |
|
|
|
Year ended December 27, 2020 |
|
Year ended December 29, 2019 |
|
|
GAAP |
|
Adjustments(1) |
|
Adjusted Operating Expenses |
|
GAAP |
|
Adjustments(1) |
|
Adjusted Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation |
|
$ |
303,027 |
|
|
$ |
(37,130 |
) |
|
|
$ |
265,897 |
|
|
$ |
360,779 |
|
|
$ |
(22,975 |
) |
|
|
$ |
337,804 |
|
Newsprint and
ink |
|
33,777 |
|
|
(63 |
) |
|
|
33,714 |
|
|
56,785 |
|
|
— |
|
|
|
56,785 |
|
Outside
services |
|
267,644 |
|
|
(3,259 |
) |
|
|
264,385 |
|
|
326,807 |
|
|
(8,621 |
) |
|
|
318,186 |
|
Other operating
expenses |
|
95,753 |
|
|
14,698 |
|
|
|
110,451 |
|
|
147,415 |
|
|
(765 |
) |
|
|
146,650 |
|
Depreciation and
amortization |
|
33,834 |
|
|
(33,834 |
) |
|
|
— |
|
|
44,615 |
|
|
(44,615 |
) |
|
|
— |
|
Impairment |
|
78,739 |
|
|
(78,739 |
) |
|
|
— |
|
|
14,496 |
|
|
(14,496 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
$ |
812,774 |
|
|
$ |
(138,327 |
) |
|
|
$ |
674,447 |
|
|
$ |
950,897 |
|
|
$ |
(91,472 |
) |
|
|
$ |
859,425 |
|
(1) - 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, the additional expenses related to the BestReviews
disposition and the impact of the TSA expenses in 2019.
TRIBUNE PUBLISHING
COMPANYNON-GAAP
RECONCILIATIONS(In
thousands)(Unaudited)
Preliminary
Reconciliation of Net Income (Loss) from Continuing
Operations 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 Income (loss) from
continuing operations per the Consolidated Statements of Income
(Loss), less Income attributable to noncontrolling interests and
the noncontrolling interest carrying value adjustment as set forth
in the Earnings Per Share calculation in the Company's Form
10-K.
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 |
|
|
December 27, 2020 |
|
December 29, 2019 |
|
|
Earnings |
|
Diluted EPS |
|
Earnings |
|
Diluted EPS |
Net income (loss) from continuing operations attributable to
Tribune common stockholders -
GAAP |
|
$ |
(813 |
) |
|
$ |
(0.02 |
) |
|
$ |
(21,097 |
) |
|
$ |
(0.59 |
) |
Adjustments to operating
expenses, net of 27.8% tax |
|
|
|
|
|
|
|
|
Restructuring and transaction
costs |
|
(3,795 |
) |
|
(0.10 |
) |
|
21,549 |
|
|
0.60 |
|
Adjusted income (loss) from
continuing operations attributable to Tribune common stockholders -
Non-GAAP |
|
$ |
(4,608 |
) |
|
$ |
(0.12 |
) |
|
$ |
452 |
|
|
$ |
0.01 |
|
|
|
Year ended |
|
|
December 27, 2020 |
|
December 29, 2019 |
|
|
Earnings |
|
Diluted EPS |
|
Earnings |
|
Diluted EPS |
Net loss from continuing operations attributable to Tribune common
stockholders -
GAAP |
|
$ |
(54,654 |
) |
|
$ |
(1.50 |
) |
|
$ |
(37,475 |
) |
|
$ |
(1.05 |
) |
Adjustments to operating
expenses, net of 27.8% tax |
|
|
|
|
|
|
|
|
Restructuring and transaction
costs |
|
14,841 |
|
|
0.41 |
|
|
13,856 |
|
|
0.39 |
|
Adjusted income (loss) from
continuing operations attributable to Tribune common stockholders -
Non-GAAP |
|
$ |
(39,813 |
) |
|
$ |
(1.09 |
) |
|
$ |
(23,619 |
) |
|
$ |
(0.66 |
) |
Tribune Publishing (NASDAQ:TPCO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tribune Publishing (NASDAQ:TPCO)
Historical Stock Chart
From Jul 2023 to Jul 2024