Company Delivers Improved Financial Performance
as Management Continues to Execute on Strategic Plan
Quarterly Revenues Rose 8%, with Continued
Gains in Filmed Entertainment and Media Networks
Year-to-Date Net Cash Provided by Operating
Activities Increased to $653 Million, Up $253 Million; Operating
Free Cash Flow Grew to $548 Million, Up $228 Million
Viacom Inc. (NASDAQ: VIAB, VIA) today reported financial results
for the third quarter of fiscal 2017 ended June 30, 2017.
Bob Bakish, President and Chief Executive Officer, said, "In the
third quarter, Viacom strengthened its top line, with growth in
advertising and affiliate revenues and gains across its Filmed
Entertainment segment, while continuing to execute on a strategic
plan to reinvigorate our brands, break down silos, deepen our
relationships with business partners and reposition Paramount for
the future.
"Among other recent successes, the Company entered into an
unprecedented distribution and data partnership with Altice USA,
secured a significant cross-platform talent agreement with
award-winning writer, director and actor Tyler Perry and recorded
quarterly year-over-year ratings growth across our Media Networks
portfolio, with strong momentum at our flagship networks, including
MTV. We also further delevered our balance sheet by redeeming over
$1 billion of outstanding debt and completing the sale of our
substantial interest in EPIX.
"Every day we are working hard to reinvent Viacom and revitalize
its brands for the future, and the early, tangible results are
encouraging. There remains much work to be done, but we will
continue to build on this progress for our shareholders, partners
and fans."
FISCAL YEAR 2017 RESULTS
(in millions, except per share amounts)
Quarter Ended June 30, B/(W)
Nine Months Ended June 30, B/(W)
2017 2016
2017 vs. 2016
2017 2016
2017 vs. 2016
GAAP
Revenues
$ 3,364 $ 3,107 8 %
$ 9,944 $
9,262 7 % Operating income
746 769 (3 )
1,784 2,194
(19 ) Net earnings from continuing operations attributable to
Viacom
680 432 57
1,197 1,184 1 Diluted EPS from
continuing operations
1.69 1.09 55
2.99 2.98 —
Non-GAAP*
Adjusted operating income
$ 805 $ 769 5 %
$
2,165 $ 2,194 (1 )% Adjusted net earnings from continuing
operations attributable to Viacom
471 419 12
1,201
1,192 1 Adjusted diluted EPS from continuing operations
1.17
1.05 11
3.00 3.00 —
* Non-GAAP measures referenced in this release are detailed in
the Supplemental Disclosures at the end of this release.
Revenues in the third fiscal quarter increased 8%, or
$257 million, to $3.36 billion, reflecting growth across Filmed
Entertainment and Media Networks segments. Operating income
declined 3% to $746 million, reflecting restructuring and
programming charges of $59 million, principally resulting from the
execution of strategic initiatives at Paramount. Adjusted
operating income rose 5% to $805 million in the quarter. Net
earnings from continuing operations attributable to Viacom grew
57%, or $248 million, to $680 million in the quarter, principally
due to the gain on the sale of the Company's investment in EPIX.
Adjusted net earnings from continuing operations
attributable to Viacom grew 12%, or $52 million, to $471 million,
driven by the increase in tax-effected adjusted operating income.
Diluted earnings per share for the quarter increased
$0.60 to $1.69, and adjusted diluted earnings per share
increased $0.12 to $1.17.
MEDIA NETWORKS
Media Networks revenues grew 2% to $2.56 billion in the
quarter, with affiliate revenues up 4% to $1.19 billion and
advertising revenues up 2% to $1.24 billion. Domestic
revenues were substantially flat at $2.04 billion, and
international revenues increased 8% to $522 million. Excluding
foreign exchange, which had a 5-percentage point unfavorable
impact, international revenues increased 13% in the quarter,
primarily driven by the acquisition of Telefe.
Domestic affiliate revenues increased 4% to $1.01 billion,
principally reflecting higher revenues from SVOD and other OTT
agreements, as well as rate increases, partially offset by a
decline in subscribers. International affiliate revenues increased
1% to $178 million.
Domestic advertising revenues declined 2% to $955 million,
reflecting higher pricing, more than offset by lower impressions.
International advertising revenues grew 14% to $280 million in the
quarter.
Ancillary revenues decreased 9% to $135 million in the
quarter. Domestic ancillary revenues fell 17% to $71 million, while
international ancillary revenues grew 2% to $64 million.
Adjusted operating income for Media Networks was
substantially flat at $870 million in the quarter, primarily
reflecting the increase in revenues offset by an increase in
operating and SG&A expenses.
Performance highlights:
- The Company secured a groundbreaking
partnership with Altice USA, which ensures continued distribution
of Viacom's premiere networks in the Cablevision system, returns
Viacom programming to Suddenlink customers, expands next-generation
branded content offerings for viewers and leverages our
industry-leading advertising products across multiple platforms and
screens.
- Viacom entered a multi-year talent
agreement with Tyler Perry that encompasses television, film,
short-form and digital video. The partnership will bring Perry's
signature brand of storytelling to Viacom's audiences.
- Sequential quarterly improvement in
domestic ad sales revenues and momentum from the U.S. upfront
indicate that the Company's flagship brand strategy and renewed
commitment to partnerships are resonating.
- Under six months of new leadership, MTV
recorded year-over-year ratings growth in June for the first time
since 2011, and claimed four of the top 30 cable series in the
quarter, including a rebooted Fear Factor - the network's highest
rated new series in the last two years.
- BET experienced its strongest June
year-over-year ratings growth in four years, and July was the
network's second consecutive month of year-over-year growth.
- Comedy Central's The Daily Show with
Trevor Noah continued its ratings climb as cable's number-one daily
late night talk show with millennials, recording its highest-rated
and most-watched quarter ever.
- Nickelodeon continued to dominate the
ratings in its major demographics, with 9 of the top 10 shows for
kids 2-11 and four of the top five shows for kids 2-5. It grew
year-over-year ratings by 5% and has remained the number-one kids
network for eight consecutive quarters.
- Revenue weighted share for VIMN’s
portfolio of flagship brands increased 6% internationally, while
Channel 5 outperformed the market and grew share for a sixth
straight quarter. The successful integration of Telefe continued as
the network maintained its strong market leadership in
Argentina.
FILMED ENTERTAINMENT
Filmed Entertainment revenues grew 36% to $847 million,
reflecting continued increases across all revenue streams. Domestic
revenues rose 19% to $388 million in the quarter, while
international revenues increased 56% to $459 million.
Theatrical revenues increased 189% to $263 million, with
revenues from current quarter releases up 199% compared to revenues
from releases in the third quarter of fiscal 2016. The growth in
theatrical revenues was primarily driven by the release of
Transformers: The Last Knight. Domestic theatrical revenues rose
85%, while international theatrical revenues increased 296%.
Licensing revenues rose 1% to $300 million in the
quarter. Domestic licensing revenues decreased 9% due to the mix of
titles available in the pay-TV window, while international
licensing revenues grew 7%, reflecting higher revenues from
arrangements with SVOD distributors.
Home entertainment revenues increased 14% to $218
million, primarily reflecting catalog distribution revenues, as
domestic and international revenues increased 6% and 33%,
respectively.
Ancillary revenues grew 61% to $66 million. Domestic
ancillary revenues increased 77% in the quarter, while
international ancillary revenues rose 10%.
Filmed Entertainment reported adjusted operating
income of $9 million in the quarter compared to an adjusted
operating loss of $26 million in the prior year quarter, an
improvement of $35 million. The improvement principally reflected
the various revenue increases, partially offset by higher operating
expenses.
Performance highlights:
- In June, Paramount announced the
establishment of Paramount Players, a new production division that
will develop, produce and market feature films in collaboration
with Viacom's flagship brands. AwesomenessTV founder Brian Robbins
will lead the division as President.
- The studio recently named accomplished
filmmaker and producer Mireille Soria as President of Paramount
Animation to oversee the group's operations and work with Viacom's
teams to guide the creative development and production of its
animated feature slate.
- Transformers: The Last Knight opened to
number one in the U.S. and in 53 markets internationally, including
China.
- Paramount TV continued to strengthen
its portfolio, with 16 shows ordered to production and over 50
projects in development. Remaining fiscal 2017 releases include new
seasons of Shooter, Berlin Station and Nickelodeon's School of
Rock, which was recently nominated for a Primetime Emmy for
Outstanding Children's Program.
BALANCE SHEET AND LIQUIDITY
In the quarter, the Company continued to implement its plan to
strengthen its balance sheet, reduce leverage and enhance
liquidity, redeeming over $1.0 billion of senior notes and
debentures, and executing on the sale of our stake in EPIX. At
June 30, 2017, total debt outstanding was $11.17 billion,
compared with $11.91 billion at September 30, 2016.
The Company’s cash balance was $425 million at June 30,
2017, an increase from $379 million at September 30, 2016. In
the nine months, net cash provided by operating activities
increased $253 million, or 63%, to $653 million, free cash flow
increased $195 million, or 61%, to $515 million and operating free
cash flow increased $228 million, or 71%, to $548 million.
About Viacom
Viacom is home to premier global media brands that create
compelling television programs, motion pictures, short-form
content, apps, games, consumer products, social media experiences,
and other entertainment content for audiences in more than 180
countries. Viacom's media networks, including Nickelodeon, Comedy
Central, MTV, VH1, Spike, BET, CMT, TV Land, Nick at Nite, Nick
Jr., Logo, Nicktoons, TeenNick, Channel 5 (UK), Telefe (Argentina)
and Paramount Channel, reach over 3.9 billion cumulative television
subscribers worldwide. Paramount Pictures is a major global
producer and distributor of filmed entertainment. Paramount
Television develops, finances and produces programming for
television and other platforms.
For more information about Viacom and its businesses, visit
www.viacom.com. Viacom may also use social media channels to
communicate with its investors and the public about the company,
its brands and other matters, and those communications could be
deemed to be material information. Investors and others are
encouraged to review posts on Viacom’s company blog
(blog.viacom.com), Twitter feed (twitter.com/viacom) and Facebook
page (facebook.com/viacom).
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains both historical and forward-looking
statements. All statements that are not statements of historical
fact are, or may be deemed to be, forward-looking statements.
Forward-looking statements reflect our current expectations
concerning future results, objectives, plans and goals, and involve
known and unknown risks, uncertainties and other factors that are
difficult to predict and which may cause future results,
performance or achievements to differ. These risks, uncertainties
and other factors include, among others: the effect of recent
changes in management and our board of directors; the ability of
our recently-announced strategic initiatives to achieve their
operating objectives; the public acceptance of our brands,
programs, motion pictures and other entertainment content on the
various platforms on which they are distributed; the impact of
inadequate audience measurement on our program ratings and
advertising and affiliate revenues; technological developments and
their effect in our markets and on consumer behavior; competition
for content, audiences, advertising and distribution; the impact of
piracy; economic fluctuations in advertising and retail markets,
and economic conditions generally; fluctuations in our results due
to the timing, mix, number and availability of our motion pictures
and other programming; the potential for loss of carriage or other
reduction in the distribution of our content; changes in the
Federal communications or other laws and regulations; evolving
cybersecurity and similar risks; other domestic and global
economic, business, competitive and/or regulatory factors affecting
our businesses generally; and other factors described in our news
releases and filings with the Securities and Exchange Commission,
including but not limited to our 2016 Annual Report on Form 10-K
and reports on Form 10-Q and Form 8-K. The forward-looking
statements included in this document are made only as of the date
of this document, and we do not have any obligation to publicly
update any forward-looking statements to reflect subsequent events
or circumstances. If applicable, reconciliations for any non-GAAP
financial information contained in this news release are included
in this news release or available on our website at
http://www.viacom.com.
VIACOM INC.
CONSOLIDATED STATEMENTS OF
EARNINGS
(Unaudited)
Quarter Ended June 30,
Nine Months Ended June 30, (in millions, except per
share amounts)
2017 2016 2017
2016 Revenues
$ 3,364 $ 3,107
$
9,944 $ 9,262 Expenses: Operating
1,788 1,575
5,551 4,822 Selling, general and administrative
756
708
2,205 2,080 Depreciation and amortization
53 55
167 166 Restructuring
21 —
237
— Total expenses
2,618 2,338
8,160
7,068 Operating income
746 769
1,784 2,194 Interest
expense, net
(155 ) (156 )
(469 ) (466
) Equity in net earnings of investee companies
47 19
78 85 Gain on sale of EPIX
285 —
285 —
Gain/(loss) on extinguishment of debt
16 —
(20
) — Other items, net
(18 ) 3
(17
) (1 ) Earnings from continuing operations before provision
for income taxes
921 635
1,641 1,812 Provision for
income taxes
(233 ) (195 )
(417 ) (602
) Net earnings from continuing operations
688 440
1,224 1,210 Discontinued operations, net of tax
3
—
3 — Net earnings (Viacom and
noncontrolling interests)
691 440
1,227 1,210 Net
earnings attributable to noncontrolling interests
(8
) (8 )
(27 ) (26 ) Net earnings attributable
to Viacom
$ 683 $ 432
$
1,200 $ 1,184 Amounts attributable to Viacom:
Net earnings from continuing operations
$ 680 $ 432
$ 1,197 $ 1,184 Discontinued operations, net of tax
3 —
3 — Net earnings
attributable to Viacom
$ 683 $ 432
$ 1,200 $ 1,184 Basic earnings per
share attributable to Viacom: Continuing operations
$
1.69 $ 1.09
$ 3.00 $ 2.99 Discontinued
operations
0.01 —
0.01 —
Net earnings
$ 1.70 $ 1.09
$
3.01 $ 2.99 Diluted earnings per share
attributable to Viacom: Continuing operations
$ 1.69
$ 1.09
$ 2.99 $ 2.98 Discontinued operations
0.01 —
0.01 — Net
earnings
$ 1.70 $ 1.09
$
3.00 $ 2.98 Weighted average number of common
shares outstanding: Basic
402.0 396.5
399.1 396.4
Diluted
402.6 398.0
400.0 397.9 Dividends declared
per share of Class A and Class B common stock
$ 0.20
$ 0.40
$ 0.60 $ 1.20
VIACOM INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in millions, except par value)
June
30, 2017 September 30, 2016
ASSETS Current assets: Cash and cash equivalents
$
425 $ 379 Receivables, net
3,302 2,712 Inventory, net
930 844 Prepaid and other assets
477 587
Total current assets
5,134 4,522 Property and
equipment, net
955 932 Inventory, net
4,074 4,032
Goodwill
11,648 11,400 Intangibles, net
325 315 Other
assets
990 1,307 Total assets
$
23,126 $ 22,508
LIABILITIES AND
EQUITY Current liabilities: Accounts payable
$
325 $ 453 Accrued expenses
878 773 Participants'
share and residuals
848 801 Program obligations
746
692 Deferred revenue
406 419 Current portion of debt
70 17 Other liabilities
523 517 Total
current liabilities
3,796 3,672 Noncurrent portion of debt
11,103 11,896 Participants' share and residuals
370
358 Program obligations
468 311 Deferred tax liabilities,
net
337 381 Other liabilities
1,381 1,349 Redeemable
noncontrolling interest
209 211 Commitments and
contingencies Viacom stockholders' equity: Class A common stock,
par value $0.001, 375.0 authorized; 49.4 and 49.4 outstanding,
respectively
— — Class B common stock, par value $0.001,
5,000.0 authorized; 353.0 and 347.6 outstanding, respectively
— — Additional paid-in capital
10,108 10,139 Treasury
stock, 393.8 and 399.4 common shares held in treasury, respectively
(20,591 ) (20,798 ) Retained earnings
16,589
15,628 Accumulated other comprehensive loss
(697 )
(692 ) Total Viacom stockholders' equity
5,409 4,277
Noncontrolling interests
53 53 Total equity
5,462 4,330 Total liabilities and equity
$ 23,126 $ 22,508
VIACOM INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(Unaudited)
Nine Months Ended June 30, (in
millions)
2017 2016 OPERATING ACTIVITIES Net
earnings (Viacom and noncontrolling interests)
$
1,227 $ 1,210 Discontinued operations, net of tax
(3
) — Net earnings from continuing operations
1,224 1,210 Reconciling items: Depreciation and amortization
167 166 Feature film and program amortization
3,475
3,253 Equity-based compensation
52 71 Equity in net earnings
and distributions from investee companies
(11 ) (81 )
Gain on sale of EPIX
(285 ) — Deferred income taxes
(118 ) 470 Operating assets and liabilities, net of
acquisitions: Receivables
(504 ) (137 ) Production
and programming
(3,252 ) (3,915 ) Accounts payable
and other current liabilities
(139 ) (482 ) Other,
net
44 (155 ) Net cash provided by operating
activities
653 400 INVESTING ACTIVITIES
Acquisitions and investments, net
(358 ) (59 )
Capital expenditures
(139 ) (80 ) Proceeds received
from sale of EPIX
593 — Proceeds received from grantor
trusts
52 — Sale of marketable securities
108
— Net cash provided by/(used in) investing activities
256 (139 ) FINANCING ACTIVITIES Borrowings
2,569 — Debt repayments
(3,300 ) (368 )
Commercial paper
— 453 Purchase of treasury stock
—
(100 ) Dividends paid
(239 ) (476 ) Excess tax
benefits on equity-based compensation awards
1 — Exercise of
stock options
172 10 Other, net
(64 ) (64 )
Net cash flow used in financing activities
(861 )
(545 ) Effect of exchange rate changes on cash and cash equivalents
(2 ) (30 ) Net change in cash and cash equivalents
46 (314 ) Cash and cash equivalents at beginning of period
379 506 Cash and cash equivalents at end of
period
$ 425 $ 192
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP
FINANCIAL INFORMATION
The following tables reconcile our results for the quarter and
nine months ended June 30, 2017 and 2016 to adjusted results that
exclude the impact of certain items identified as affecting
comparability. We use consolidated adjusted operating income,
adjusted earnings from continuing operations before provision for
income taxes, adjusted provision for income taxes, adjusted net
earnings from continuing operations attributable to Viacom and
adjusted diluted earnings per share ("EPS") from continuing
operations, as applicable, among other measures, to evaluate our
actual operating performance and for planning and forecasting of
future periods. We believe that the adjusted results provide
relevant and useful information for investors because they clarify
our actual operating performance, make it easier to compare
Viacom’s results with those of other companies and allow investors
to review performance in the same way as our management. Since
these are not measures of performance calculated in accordance with
accounting principles generally accepted in the United States of
America, they should not be considered in isolation of, or as a
substitute for, operating income, earnings from continuing
operations before provision for income taxes, provision for income
taxes, net earnings from continuing operations attributable to
Viacom and diluted EPS from continuing operations as indicators of
operating performance, and they may not be comparable to similarly
titled measures employed by other companies.
(in millions, except per share amounts)
Quarter Ended June 30, 2017
Operating Income
Earnings from Continuing
Operations Before Provision for Income
Taxes
Provision for Income Taxes
(1)
Net Earningsfrom Continuing
Operations Attributable toViacom
Diluted EPS from Continuing
Operations
Reported results (GAAP)
$ 746 $ 921
$ 233 $ 680 $ 1.69
Factors Affecting Comparability: Restructuring and programming
charges (2)
59 59 21 38 0.09
Gain on extinguishment of debt (3)
— (16 )
(5 ) (11 ) (0.03 ) Gain
on sale of EPIX (4)
— (285 ) (96
) (189 ) (0.47 ) Investment
impairment (5)
— 10 4 6 0.01
Discrete tax benefit (6)
— — 53
(53 ) (0.12 ) Adjusted results
(Non-GAAP)
$ 805 $ 689
$ 210 $ 471 $
1.17
Nine Months Ended June 30, 2017
Operating Income
Earnings from Continuing
Operations Before Provision for Income
Taxes
Provision for Income Taxes
(1)
Net Earningsfrom Continuing
Operations Attributable to Viacom
Diluted EPS from Continuing
Operations
Reported results (GAAP)
$ 1,784 $ 1,641
$ 417 $ 1,197 $ 2.99
Factors Affecting Comparability: Restructuring and programming
charges (2)
381 381 135 246 0.62
Loss on extinguishment of debt (3)
— 20 7
13 0.03 Gain on sale of EPIX (4)
— (285
) (96 ) (189 ) (0.47
) Investment impairment (5)
— 10 4
6 0.02 Discrete tax benefit (6)
—
— 72 (72 ) (0.19
) Adjusted results (Non-GAAP)
$ 2,165
$ 1,767 $ 539 $
1,201 $ 3.00
Quarter
Ended June 30, 2016
Operating Income
Earnings from Continuing
Operations Before Provision for Income
Taxes
Provision for Income Taxes
(1)
Net Earningsfrom Continuing
Operations Attributable to Viacom
Diluted EPS from Continuing
Operations
Reported results (GAAP) $ 769 $ 635 $ 195 $ 432 $ 1.09 Factors
Affecting Comparability: Discrete tax benefit (6) — —
13 (13 ) (0.04 ) Adjusted results (Non-GAAP) $ 769 $
635 $ 208 $ 419 $ 1.05
Nine Months
Ended June 30, 2016
Operating Income
Earnings from Continuing
Operations Before Provision for Income
Taxes
Provision for Income Taxes
(1)
Net Earningsfrom Continuing
Operations Attributable to Viacom
Diluted EPS from Continuing
Operations
Reported results (GAAP) $ 2,194 $ 1,812 $ 602 $ 1,184 $ 2.98
Factors Affecting Comparability: Discrete tax expense (7) —
— (8 ) 8 0.02 Adjusted results (Non-GAAP) $
2,194 $ 1,812 $ 594 $ 1,192 $ 3.00
(1) The tax impact has
been calculated by applying the tax rates applicable to the
adjustments presented. (2) We recognized pre-tax
restructuring and programming charges of $59 million and $381
million in the quarter and nine months ended June 30, 2017,
respectively, resulting from the execution of our flagship brand
strategy and strategic initiatives at Paramount. The charges
include severance charges of $14 million and $212 million in the
quarter and nine months, respectively, a non-cash intangible asset
impairment charge of $18 million in the nine months resulting from
the decision to abandon an international trade name, programming
charges of $38 million and $144 million in the quarter and nine
months, respectively, associated with management’s decision to
cease use of certain original and acquired programming and $7
million of other exit activities in the quarter and nine months.
(3) We redeemed senior notes and debentures totaling $3.3
billion in the nine months ended June 30, 2017, of which $1.0
billion was redeemed in the quarter ended June 30, 2017. As a
result of these transactions, we recognized a pre-tax
extinguishment gain of $16 million in the quarter ended June 30,
2017 and a pre-tax extinguishment loss of $20 million in the nine
months ended June 30, 2017. (4) During the quarter ended
June 30, 2017, we completed the sale of our 49.76% interest in
EPIX, resulting in a gain of $285 million. (5) During the
quarter ended June 30, 2017, we recognized an impairment loss to
write-down a cost method investment. (6) The net discrete
tax benefit in the quarter ended June 30, 2017 was principally
related to the reversal of a valuation allowance on capital loss
carryforwards in connection with the sale of our investment in EPIX
and the release of tax reserves with respect to certain effectively
settled tax positions. In addition to the items in the quarter, the
net discrete tax benefit in the nine months ended June 30, 2017
included the reversal of valuation allowances on net operating
losses upon receipt of a favorable tax authority ruling. The net
discrete tax benefit in the quarter ended June 30, 2016 was
principally related to the release of tax reserves upon the
remeasurement of excess foreign tax credits associated with the
reorganization of certain non-U.S. subsidiaries in the fourth
quarter of 2015. (7) The net discrete tax expense in the
nine months ended June 30, 2016 was principally related to a
reduction in qualified production activity tax benefits as a result
of retroactively reenacted legislation, partially offset by reserve
releases.
The following table includes a reconciliation of net cash
provided by operating activities (GAAP) to free cash flow and
operating free cash flow (non-GAAP). We define free cash flow as
net cash provided by operating activities minus capital
expenditures, plus excess tax benefits from equity-based
compensation awards (actual tax deductions in excess of amounts
previously recognized, which is included within financing
activities in the statement of cash flows), as applicable. We
define operating free cash flow as free cash flow, excluding the
impact of the cash premium on the extinguishment of debt, as
applicable. Free cash flow and operating free cash flow are
non-GAAP measures. Management believes the use of these measures
provides investors with an important perspective on, in the case of
free cash flow, our liquidity, including our ability to service
debt and make investments in our businesses, and, in the case of
operating free cash flow, our liquidity from ongoing
activities.
Reconciliation of net cash provided by operating
activities
to free cash flow and operating free
cash flow
(in millions)
Quarter Ended June 30,
Better/
(Worse)
Nine Months Ended June 30,
Better/
(Worse)
2017 2016 $ 2017
2016 $ Net cash provided by operating activities
(GAAP)
$ 248 $ 116 $ 132
$ 653 $ 400 $
253 Capital expenditures
(44 ) (26 ) (18 )
(139 ) (80 ) (59 ) Excess tax benefits
1
— 1
1 — 1 Free
cash flow (Non-GAAP)
205 90 115
515 320 195 Debt
retirement premium
— — —
33
— 33 Operating free cash flow (Non-GAAP)
$ 205 $ 90 $ 115
$
548 $ 320 $ 228
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170803006434/en/
Press:Jeremy Zweig, (212)
846-7503Vice President, Corporate Communications andCorporate
Affairsjeremy.zweig@viacom.comorAlex Rindler, (212) 846-4337Senior
Manager, Corporate
Communicationsalex.rindler@viacom.comorInvestors:James Bombassei, (212)
258-6377Senior Vice President, Investor
Relationsjames.bombassei@viacom.comorKareem Chin, (212)
846-6305Vice President, Investor
Relationskareem.chin@viacom.com
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