LIN Media LLC Supplemental Financial Data
Transcription
LIN Media LLC Supplemental Financial Data
LIN Media LLC Supplemental Financial Data (1) GAAP to Non-GAAP Reconciliation (Pages 1-3) Historical Revenue by Source (Pages 4-6) Supplemental Financial Data (Pages 7-9) (in thousands) 2014 1Q 2Q 3Q Year to date GAAP to Non-GAAP Reconciliation Operating income/(loss) (per GAAP, Statement of Operations) Add: Subtract: $ Amortization of program rights Depreciation Amortization of intangible assets Impairment of intangible assets Restructuring charge Contract termination costs Share-based compensation expense included in Direct Operating & SG&A (stations) Corporate expense Loss on sale of other assets Cash payments for programming Subtract: $ 32,728 $ (20,438) $ 28,672 6,788 11,087 5,706 - 6,972 10,892 3,788 60,867 1,084 - 20,353 32,665 15,065 60,867 1,084 - 527 12,541 94 538 8,656 5 528 8,521 42 1,593 29,718 141 45,528 6,918 $ 58,590 6,660 $ 65,596 20,444 $ 169,714 Share-based compensation expense (corporate) 1,780 1,501 1,237 4,518 Non-recurring and acquisition-related charges 4,559 1,925 1,830 8,314 12,541 8,656 8,521 29,718 Corporate expense $ Adjusted EBITDA (Non-GAAP) Add: Cash (utilized by) generated from discontinued operations Subtract: Cash interest expense Cash taxes - recurring operations Cash taxes - Merger related Cash capital expenditures Scheduled principal amortization and mandatory repayments $ Free Cash Flow (Non-GAAP) (1) $ 6,593 10,686 5,571 - 6,866 Broadcast Cash Flow (Non-GAAP) Add: 16,382 39,326 $ 53,360 $ 60,142 $ 152,828 - - - - 13,302 156 5,609 4,342 13,258 6,057 5,854 4,339 13,315 (112) 5,603 4,018 39,875 6,101 17,066 12,699 15,917 $ 23,852 $ 37,318 $ 77,087 The supplemental financial data in these schedules excludes the operations of WWHO-TV, in Columbus, OH and WUPW-TV, in Toledo, OH, which were classified as held for sale as of December 31, 2011, and are presented as discontinued operations in the Company's consolidated statements of operations and cash flows. -- 1 -- LIN Media LLC Supplemental Financial Data (1) GAAP to Non-GAAP Reconciliation (Pages 1-3) Historical Revenue by Source (Pages 4-6) Supplemental Financial Data (Pages 7-9) (in thousands) 2013 1Q 2Q 3Q 4Q Year to date GAAP to Non-GAAP Reconciliation Operating income (per GAAP, Statement of Operations) Add: Subtract: $ Amortization of program rights Depreciation Amortization of intangible assets Impairment of intangible assets Restructuring charge Contract termination costs Share-based compensation expense included in Direct Operating & SG&A (stations) Corporate expense Loss on sale of other assets Cash payments for programming Subtract: $ $ 26,916 7,785 11,638 5,429 2,132 - 7,152 11,320 5,723 391 - 470 10,271 95 533 9,094 87 7,707 Broadcast Cash Flow (Non-GAAP) Add: 11,776 41,889 $ 8,365 $ 52,851 23,226 $ $ 89,944 6,700 12,467 5,788 904 3,887 29,242 46,854 22,826 3,895 3,887 533 10,682 (9) 244 11,330 537 1,780 41,377 710 7,922 $ 28,026 7,605 11,429 5,886 468 - 51,898 7,683 $ 62,200 31,677 $ 208,838 Share-based compensation expense (corporate) 1,471 2,054 1,705 2,364 7,594 Non-recurring and acquisition-related charges 3,051 1,960 3,257 2,574 10,842 10,271 9,094 10,682 11,330 41,377 Corporate expense $ Adjusted EBITDA (Non-GAAP) Add: Cash (utilized by) generated from discontinued operations Subtract: Cash interest expense Cash taxes - recurring operations Cash taxes - Merger related (2) Cash capital expenditures Scheduled principal amortization and mandatory repayments $ Free Cash Flow (Non-GAAP) 36,140 $ 47,771 $ 46,178 $ 55,808 $ 185,897 - - - - - 12,975 604 6,798 2,840 13,516 1,850 7,372 2,778 13,061 50 7,501 2,773 13,417 30,433 7,703 2,769 52,969 2,504 30,433 29,374 11,160 12,923 $ 22,255 $ 22,793 $ 1,486 $ 59,457 (1) The supplemental financial data in these schedules excludes the operations of WWHO-TV, in Columbus, OH and WUPW-TV, in Toledo, OH, which were classified as held for sale as of December 31, 2011, and are presented as discontinued operations in the Company's consolidated statements of operations and cash flows. (2) On July 30, 2013, LIN TV Corp. (“LIN TV”), completed its merger with and into LIN Media LLC ("LIN LLC"), a wholly owned subsidiary of LIN TV, with LIN LLC continuing as the surviving entity (the “Merger”) pursuant to the Agreement and Plan of Merger, dated February 12, 2013, by and between LIN TV and LIN LLC. -- 2 -- LIN Media LLC Supplemental Financial Data (1) GAAP to Non-GAAP Reconciliation (Pages 1-3) Historical Revenue by Source (Pages 4-6) Supplemental Financial Data (Pages 7-9) (in thousands) 2012 1Q 2Q Q3 Q4 Year to date GAAP to Non-GAAP Reconciliation Operating income (per GAAP, Statement of Operations) Add: Subtract: $ Amortization of program rights Depreciation Amortization of intangible assets Impairment of intangible assets Restructuring charge Contract termination costs Share-based compensation expense included in Direct Operating & SG&A (stations) Corporate expense Loss on sale of other assets Cash payments for programming (3) $ Share-based compensation expense (corporate) Non-recurring and acquisition-related charges Subtract: $ Corporate expense $ Adjusted EBITDA (Non-GAAP) 34,995 $ 44,367 $ 71,239 $ 171,061 5,219 6,759 477 - 5,381 6,651 478 - 5,612 6,824 507 - 6,836 11,915 4,902 1,009 - 23,048 32,149 6,364 1,009 - 374 6,746 (1) 372 8,219 4 402 9,264 (15) 141 10,017 108 1,289 34,246 96 5,572 Broadcast Cash Flow (Non-GAAP) Add: 20,460 34,462 5,724 $ 50,376 5,906 $ 61,055 7,928 $ 98,239 25,130 $ 244,132 1,174 1,818 1,168 1,408 5,568 439 1,113 1,021 634 3,207 6,746 8,219 9,264 10,017 34,246 29,329 $ 45,088 $ 53,980 $ 90,264 $ 218,661 Add: Cash (utilized by) generated from discontinued operations 5,174 21,610 - - 26,784 Subtract: Cash interest expense Cash taxes - recurring operations Cash taxes - Merger related (2) Cash capital expenditures Scheduled principal amortization and mandatory repayments 9,809 59 5,450 724 8,674 381 8,266 720 8,717 86 5,621 713 16,894 577 8,893 1,034 44,094 1,103 28,230 3,191 $ Free Cash Flow (Non-GAAP) 18,461 $ 48,657 $ 38,843 $ 62,866 $ 168,827 (1) The supplemental financial data in these schedules excludes the operations of WWHO-TV, in Columbus, OH and WUPW-TV, in Toledo, OH, which were classified as held for sale as of December 31, 2011, and are presented as discontinued operations in the Company's consolidated statements of operations and cash flows. (2) On July 30, 2013, LIN TV Corp. (“LIN TV”), completed its merger with and into LIN Media LLC ("LIN LLC"), a wholly owned subsidiary of LIN TV, with LIN LLC continuing as the surviving entity (the “Merger”) pursuant to the Agreement and Plan of Merger, dated February 12, 2013, by and between LIN TV and LIN LLC. (3) Actual cash payments for programming during the fourth quarter 2012 were $7,056. The amount shown herein reflects program payment amounts as they were scheduled to be paid, and is included in our calculation of adjusted EBITDA to remain consistent with the calculation of adjusted EBITDA for the financial covenants per our credit facility. -- 3 -- LIN Media LLC Supplemental Financial Data (1) GAAP to Non-GAAP Reconciliation (Pages 1-3) Historical Revenue by Source (Pages 4-6) Supplemental Financial Data (Pages 7-9) (in thousands) 2014 1Q 2Q 3Q Year to date Historical Revenue by Source Actuals: Local revenues National advertising sales Political advertising sales Other revenues $ Broadcast revenues Digital revenues $ 141,715 24,526 Net revenues (1) 108,109 29,951 1,314 2,341 $ 166,241 117,343 31,007 4,641 2,590 $ 155,581 33,184 $ 188,765 111,922 29,528 15,518 2,765 $ 159,733 32,329 32,330 $ 192,063 337,374 90,486 21,473 7,696 457,029 90,040 $ 547,069 The supplemental financial data in these schedules excludes the operations of WWHO-TV, in Columbus, OH and WUPW-TV, in Toledo, OH, which were classified as held for sale as of December 31, 2011, and are presented as discontinued operations in the Company's consolidated statements of operations and cash flows. -- 4 -- LIN Media LLC Supplemental Financial Data (1) GAAP to Non-GAAP Reconciliation (Pages 1-3) Historical Revenue by Source (Pages 4-6) Supplemental Financial Data (Pages 7-9) (in thousands) 2013 1Q 2Q 3Q 4Q Year to date Historical Revenue by Source Actuals: Local revenues National advertising sales Political advertising sales Other revenues $ Broadcast revenues Digital revenues $ 131,951 9,041 Net revenues (1) 99,418 29,496 509 2,528 $ 140,992 107,058 32,572 1,508 2,371 $ 143,509 20,837 $ 164,346 105,541 32,845 2,639 2,569 $ 143,594 19,516 $ 163,110 115,802 36,022 2,944 2,688 $ 157,456 26,459 $ 183,915 427,819 130,935 7,600 10,156 576,510 75,853 $ 652,363 The supplemental financial data in these schedules excludes the operations of WWHO-TV, in Columbus, OH and WUPW-TV, in Toledo, OH, which were classified as held for sale as of December 31, 2011, and are presented as discontinued operations in the Company's consolidated statements of operations and cash flows. -- 5 -- LIN Media LLC Supplemental Financial Data (1) GAAP to Non-GAAP Reconciliation (Pages 1-3) Historical Revenue by Source (Pages 4-6) Supplemental Financial Data (Pages 7-9) (in thousands) 2012 1Q 2Q Q3 Q4 Year to date Historical Revenue by Source Actuals: Local revenues National advertising sales Political advertising sales Other revenues $ Broadcast revenues Digital revenues $ 96,214 6,986 Net revenues (1) 67,659 23,121 2,936 2,498 $ 103,200 74,273 25,403 7,645 3,177 $ 110,498 10,518 $ 121,016 73,072 26,103 20,389 2,716 $ 122,280 10,796 $ 133,076 101,467 32,698 45,488 3,722 $ 183,375 12,795 $ 196,170 316,471 107,325 76,458 12,113 512,367 41,095 $ 553,462 The supplemental financial data in these schedules excludes the operations of WWHO-TV, in Columbus, OH and WUPW-TV, in Toledo, OH, which were classified as held for sale as of December 31, 2011, and are presented as discontinued operations in the Company's consolidated statements of operations and cash flows. -- 6 -- LIN Media LLC Supplemental Financial Data (1) GAAP to Non-GAAP Reconciliation (Pages 1-3) Historical Revenue by Source (Pages 4-6) Supplemental Financial Data (Pages 7-9) (in thousands) 2014 1Q 2Q 3Q Year to date Supplemental Financial Data As of end of period: Debt outstanding Unrestricted cash and cash equivalents Restricted cash Net debt $ $ For quarter ending: Cash capital expenditures Program rights payments Capital Contribution to joint venture with NBCUniversal Shortfall loans to Joint Venture with NBC Universal Cash taxes, net of refunds Share-based compensation: Direct operating expense Selling, general and administrative Corporate Total Interest Expense Components: Credit Facility $200,000; 8 3/8% Senior Notes $290,000; 6 3/8% Senior Notes $375,000; 6 1/2% Senior Subordinated Notes $190,000; 6 1/2% Senior Subordinated Notes - Class B Other interest expense, net Interest expense before amortization of discount and deferred financing fees Amortization of discount and deferred financing fees $ $ Total interest expense, net Basic income per common share: Income from continuing operations attributable to LIN Media LLC Weighted-average number of common shares outstanding used in calculating basic income per common share Diluted income per common share: Income from continuing operations attributable to LIN Media LLC Weighted-average number of common shares outstanding used in calculating diluted income per common share (1) 950,456 20,887 929,569 $ 5,609 6,866 156 $ 83 444 1,780 2,307 $ $ 931,224 19,716 911,508 $ 5,854 6,918 6,057 $ 100 438 1,501 2,039 $ $ 5,603 6,660 (112) 90 438 1,237 1,765 $ $ 17,066 20,444 6,101 273 1,320 4,518 6,111 4,245 4,187 4,622 248 4,267 4,141 4,571 279 4,080 4,188 4,621 426 12,592 12,516 13,814 953 13,302 907 13,258 893 13,315 893 39,875 2,693 $ 14,209 $ 14,151 $ $ 0.03 $ 0.21 $ 53,669 $ 892,314 23,556 868,758 0.03 56,593 53,961 $ 0.20 56,740 14,208 (0.49) $ $ 54,372 $ (0.49) 54,372 42,568 (0.25) 53,962 $ (0.25) 53,962 The supplemental financial data in these schedules excludes the operations of WWHO-TV, in Columbus, OH and WUPW-TV, in Toledo, OH, which were classified as held for sale as of December 31, 2011, and are presented as discontinued operations in the Company's consolidated statements of operations and cash flows. -- 7 -- LIN Media LLC Supplemental Financial Data (1) GAAP to Non-GAAP Reconciliation (Pages 1-3) Historical Revenue by Source (Pages 4-6) Supplemental Financial Data (Pages 7-9) (in thousands) 2013 1Q 2Q 3Q 4Q Year to date Supplemental Financial Data As of end of period: Debt outstanding Unrestricted cash and cash equivalents Restricted cash Net debt $ $ For quarter ending: Cash capital expenditures Program rights payments Capital Contribution to joint venture with NBCUniversal Shortfall loans to Joint Venture with NBC Universal Cash taxes, net of refunds Share-based compensation: Direct operating expense Selling, general and administrative Corporate Total Interest Expense Components: Credit Facility $200,000; 8 3/8% Senior Notes $290,000; 6 3/8% Senior Notes $375,000; 6 1/2% Senior Subordinated Notes $190,000; 6 1/2% Senior Subordinated Notes - Class B Other interest expense, net Interest expense before amortization of discount and deferred financing fees Amortization of discount and deferred financing fees $ $ Total interest expense, net $ Basic (loss) income per common share: (Loss) income from continuing operations attributable to LIN Media LLC Weighted-average number of common shares outstanding used in calculating basic (loss) income per common share Diluted (loss) income per common share: (Loss) income from continuing operations attributable to LIN Media LLC Weighted-average number of common shares outstanding used in calculating diluted (loss) income income per common share (1) $ 952,493 23,500 928,993 $ 6,798 7,707 100,000 604 $ 82 388 1,471 1,941 $ $ $ 7,372 8,365 1,850 $ 110 423 2,054 2,587 $ $ 942,352 27,717 914,635 $ 7,501 7,922 50 $ 116 417 1,705 2,238 $ $ 944,692 12,525 932,167 7,703 7,683 30,433 12 232 2,364 2,608 $ $ 29,374 31,677 100,000 32,937 320 1,460 7,594 9,374 3,909 4,187 4,621 258 4,394 4,185 4,673 264 4,231 4,152 4,433 245 4,266 4,224 4,658 269 16,800 16,748 18,385 1,036 12,975 896 13,516 912 13,061 915 13,417 915 52,969 3,638 13,871 (0.02) $ 14,428 $ 13,976 $ 14,332 $ 56,607 $ 0.14 $ 2.78 $ 0.09 $ 3.02 51,910 $ 944,938 19,799 925,139 (0.02) 51,910 52,278 $ 0.13 55,595 52,791 $ 2.63 55,855 52,879 $ 0.08 56,240 52,439 $ 2.84 55,639 The supplemental financial data in these schedules excludes the operations of WWHO-TV, in Columbus, OH and WUPW-TV, in Toledo, OH, which were classified as held for sale as of December 31, 2011, and are presented as discontinued operations in the Company's consolidated statements of operations and cash flows. -- 8 -- LIN Media LLC Supplemental Financial Data (1) GAAP to Non-GAAP Reconciliation (Pages 1-3) Historical Revenue by Source (Pages 4-6) Supplemental Financial Data (Pages 7-9) (in thousands) 2012 1Q 2Q Q3 Q4 Year to date Supplemental Financial Data As of end of period: Debt outstanding Unrestricted cash and cash equivalents Restricted cash Net debt (a) $ $ For quarter ending: Cash capital expenditures Program rights payments Capital Contribution to joint venture with NBCUniversal Shortfall loans to Joint Venture with NBC Universal Cash taxes, net of refunds Share-based compensation: Direct operating expense Selling, general and administrative Corporate Total Interest Expense Components: Credit Facility $200,000; 8 3/8% Senior Notes $290,000; 6 3/8% Senior Notes $375,000; 6 1/2% Senior Subordinated Notes $190,000; 6 1/2% Senior Subordinated Notes - Class B Other interest expense, net Interest expense before amortization of discount and deferred financing fees Amortization of discount and deferred financing fees $ $ Total interest expense, net Basic income (loss) per common share: Income (loss) from continuing operations attributable to LIN Media LLC Weighted-average number of common shares outstanding used in calculating basic income (loss) per common share Diluted income (loss) per common share: Income (loss) from continuing operations attributable to LIN Media LLC Weighted-average number of common shares outstanding used in calculating diluted income (loss) per common share (1) 592,129 12,652 579,477 $ 5,450 5,572 595 59 $ 63 311 1,174 1,548 $ $ 591,524 9,038 582,486 $ 8,266 5,724 1,085 381 $ 75 297 1,818 2,190 $ $ 580,930 32,806 548,124 $ 5,621 5,906 612 86 $ 109 293 1,168 1,570 $ $ 8,893 7,928 577 23 118 1,408 1,549 $ $ 28,230 25,130 2,292 1,103 270 1,019 5,568 6,857 4,610 4,187 595 306 111 4,516 4,141 17 4,466 4,237 14 4,374 4,185 4,154 4,181 17,966 16,750 4,154 595 306 4,323 9,809 561 8,674 592 8,717 593 16,894 843 44,094 2,589 $ 10,370 $ 9,266 $ 9,310 $ $ 0.10 $ 0.28 $ 0.37 $ 56,184 $ 890,227 46,307 843,920 0.10 57,512 55,174 $ 0.27 56,300 53,066 $ 0.36 54,353 17,737 (1.09) $ $ 53,169 $ (1.09) 53,169 46,683 (0.32) 54,130 $ (0.32) 54,130 The supplemental financial data in these schedules excludes the operations of WWHO-TV, in Columbus, OH and WUPW-TV, in Toledo, OH, which were classified as held for sale as of December 31, 2011, and are presented as discontinued operations in the Company's consolidated statements of operations and cash flows. -- 9 --
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