Tribune Media — Q2 2016 Earnings Presentation
24 slides from Tribune Media's earnings presentation, Aug 9, 2016
Slide 1: Q2 2016 Performance Summary
Q2 2016 Performance Summary AUGUST 2016 Exhibit 99.2
Slide 2: Cautionary Statement Regarding Forward Looking Statements
Cautionary Statement Regarding Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Forward-l
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes a discussion of Adjusted EBITDA and Adjusted EPS for the Company and Adjusted EBITDA for our operating segments (Television and Entertainment, Digital and Data, and Corporate and Other) and presents Broadcast Cash Flow for our Television and Ent
Slide 4: Tribune Media
Tribune Media A diverse combination of media assets that meaningfully touch millions of people every day, including compelling content in news and entertainment, significant broadcast distribution, an emerging cable network, and a cutting-edge digital and data business. Broadcast: 42 owned or operat
Slide 5: Q2 and 1H 2016 Highlights
Q2 and 1H 2016 Highlights As compared to the three months and six months ended June 30, 2015 Consolidated operating revenues increased 5% to $526.1 million. Core advertising revenues decreased 2% (1) to $308.4 million. Net political advertising revenues were $13.4 million. Retransmission consent rev
Slide 6: Consolidated Financial Results
Consolidated Financial Results (unaudited) (USD thousands) See slide 18 for reconciliation of Adjusted EBITDA to Net (Loss) Income. (1)
Slide 7: Television and Entertainment Segment Operating Results
Television and Entertainment Segment Operating Results (unaudited) (USD thousands) See slide 19 for a reconciliation of Adjusted EBITDA to Operating Profit for the Television and Entertainment segment. (1)
Slide 8: Television and Entertainment Segment Revenues
Television and Entertainment Segment Revenues (unaudited) (USD thousands) Core advertising revenues in both periods presented now include multicast advertising revenues, primarily from Antenna TV, which were previously shown as Other Advertising revenues. (1)
Slide 9: Television and Entertainment Segment Adjusted EBITDA & Broadcast Cash Flow
Television and Entertainment Segment Adjusted EBITDA & Broadcast Cash Flow (unaudited) (USD thousands) See Slide 19 for a reconciliation of Adjusted EBITDA for the Television and Entertainment segment and Broadcast Cash Flow to the comparable GAAP measures. (1)
Slide 10: Digital and Data Segment Operating Results
Digital and Data Segment Operating Results (unaudited) (USD thousands) See Slide 20 for a reconciliation of Adjusted EBITDA to Operating Loss for the Digital and Data segment. (1)
Slide 11: Digital and Data Segment Revenues & Adjusted EBITDA
Digital and Data Segment Revenues & Adjusted EBITDA (unaudited) (USD thousands) See Slide 20 for a reconciliation of Adjusted EBITDA to Operating Loss for the Digital and Data segment. (1)
Slide 12: Corporate and Other Revenues & Adjusted EBITDA
Corporate and Other Revenues & Adjusted EBITDA (unaudited) (USD thousands) See Slide 21 for a reconciliation of Adjusted EBITDA for Corporate and Other to Operating Loss. (1)
Slide 13: Real Estate Premier Sale & Redevelopment Properties
Real Estate Premier Sale & Redevelopment Properties as of August 9, 2016 Property Location Sq.Ft Acres Redevelopment Status Current Occupancy Tribune Tower Chicago, IL 737K 3.2 Operating as an office tower tronc, Inc.; TRCO; other 3rd parties Freedom Center North Chicago, IL 117K 7.0 JV partner sele
Slide 14: Debt and Cash
Debt and Cash (unaudited) (USD thousands) December 31, 2015 balances have been reclassified to present debt issuance costs as a direct deduction from the carrying amount of an associated debt liability in accordance with ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplify
Slide 15: 2016 Guidance
Capital Expenditures Approx. $127 million n/a n/a Cash Taxes (5) $115 million to $125 million n/a n/a Cash Interest Approx. $160 million n/a n/a 2016 Guidance (1) (2) TV&E Segment Revenues $1.975 billion to $2.000 billion ~13% to 14% ~18-21% TV&E Segment Adjusted EBITDA (3) $640 million to $665 mill
Slide 16: Positioned to Capitalize on 2016 Political Races
Positioned to Capitalize on 2016 Political Races Heavy Medium Light KTLA CW5 Los Angeles KTXL FOX40 Sacramento KRCW CW32 Portland KSTU FOX13 Salt Lake City KDVR FOX31 KWGN CW2 Denver WQAD ABC8 Davenport KCPQ FOX13 KZJO MY22 Seattle WDAF FOX4 Kansas City KDAF CW33 Dallas KIAH CW39 Houston WHO NBC13 D
Slide 17: Non-GAAP Reconciliations
Tribune Media Non-GAAP Reconciliations
Slide 18: Consolidated Reconciliation of Net (Loss) Income to Adjusted EBITDA
Consolidated Reconciliation of Net (Loss) Income to Adjusted EBITDA (unaudited) (USD thousands)Three months ended:Six months ended:June 30, 2016June 30, 2015June 30, 2016June 30, 2015Revenues$526,113$501,524$1,046,628$974,261Net (Loss) Income$(161,563)$(3,265)$(150,470)$33,152Income tax expense (ben
Slide 19: Television and Entertainment Reconciliation of Operating Profit to Adjusted EBITDA and Broadcast Cash Flow
Television and Entertainment Reconciliation of Operating Profit to Adjusted EBITDA and Broadcast Cash Flow (unaudited) (USD thousands)Three Months EndedSix Months EndedJune 30, 2016June 30, 2015June 30, 2016June 30, 2015Advertising$337,235$334,557$657,519$634,259Retransmission consent fees83,27870,0
Slide 20: Digital and Data Reconciliation of Operating Loss to Adjusted EBITDA
Digital and Data Reconciliation of Operating Loss to Adjusted EBITDA (unaudited) (USD thousands)Three Months EndedSix Months EndedJune 30, 2016June 30, 2015June 30, 2016June 30, 2015Video and other$34,334$29,329$71,098$55,551Music13,00014,29629,48938,276Total Revenues$47,334$43,625$100,587$93,827Ope
Slide 21: Corporate and Other Reconciliation of Operating Loss to Adjusted EBITDA
Corporate and Other Reconciliation of Operating Loss to Adjusted EBITDA (unaudited) (USD thousands)Three Months EndedSix Months EndedJune 30, 2016June 30, 2015June 30, 2016June 30, 2015Total Revenues$11,630$12,277$24,195$24,512Operating Loss$(27,150)$(23,154)$(55,767)$(45,301)Depreciation3,3593,6226
Slide 22: Consolidated Reconciliation of Diluted EPS to Adjusted EPS
Consolidated Reconciliation of Diluted EPS to Adjusted EPS (unaudited) (USD thousands, except per share amounts) Adjusted EPS totals may not foot due to rounding. For purposes of calculating Adjusted EPS for each period presented, the Company utilizes the same weighted-average outstanding shares as
Slide 23: Consolidated Reconciliation of Diluted EPS to Adjusted EPS
Consolidated Reconciliation of Diluted EPS to Adjusted EPS (unaudited) (USD thousands, except per share amounts) Adjusted EPS totals may not foot due to rounding. For purposes of calculating Adjusted EPS for each period presented, the Company utilizes the same weighted-average outstanding shares as
Slide 24: Q2 2016 Performance Summary
Q2 2016 Performance Summary AUGUST 2016