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 --
`