Tribune Media — FY2016 Earnings Presentation
20 slides from Tribune Media's earnings presentation, Mar 1, 2017
Slide 1: Q4 and FY 2016 Performance Summary
Q4 and FY 2016 Performance Summary MARCH 2017 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, Adjusted EBITDA Margin and Adjusted EPS for the Company and Adjusted EBITDA and Adjusted EBITDA Margin for our operating segments (Television and Entertainment and Corporate and Other) and presents Broadcast Cash
Slide 4: Tribune Media
Tribune Media A diverse portfolio of media assets that meaningfully touch millions of people every day, including compelling content in news and entertainment, significant broadcast distribution and an emerging cable network Broadcast: 42 owned or operated broadcast television stations in major mark
Slide 5: Q4 and FY 2016 Highlights
Q4 and FY 2016 Highlights(1) As compared to the three months and year ended December 31, 2015 Consolidated operating revenues increased 11% to $529.6 million Core advertising revenues of $289.0 million decreased 10% Net political advertising revenues were $76.6 million Retransmission consent revenue
Slide 6: Consolidated Financial Results
Consolidated Financial Results Full year 2016 operating expenses include a program impairment charge of $37 million related to the write-down of Elementary and fourth quarter and full year 2015 operating expenses include a program impairment charge of $74 million related to the write-down of Person
Slide 7: Television and Entertainment Segment Operating Results
Television and Entertainment Segment Operating Results Beginning in the fourth quarter of 2016, the Company moved its Covers Media Group from the Digital and Data reportable segment to the Television and Entertainment reportable segment. Certain previously reported amounts have been reclassified to
Slide 8: Television and Entertainment Segment Revenues
Television and Entertainment Segment Revenues Core advertising revenues in both periods presented now include multicast advertising revenues, primarily from Antenna TV, which were previously shown as Other Advertising revenues Beginning in the fourth quarter of 2016, the Company moved its Covers Med
Slide 9: Television and Entertainment Segment Adjusted EBITDA & Broadcast Cash Flow
Television and Entertainment Segment Adjusted EBITDA & Broadcast Cash Flow Beginning in the fourth quarter of 2016, the Company moved its Covers Media Group from the Digital and Data reportable segment to the Television and Entertainment reportable segment. Certain previously reported amounts have b
Slide 10: Corporate and Other Revenues & Adjusted EBITDA
Corporate and Other Revenues & Adjusted EBITDA See Slide 17 for a reconciliation of Adjusted EBITDA for Corporate and Other to Operating (Loss) Profit (USD in thousands) Three Months Ended Variance Year Ended Variance December 31, 2016 December 31, 2015 $ % December 31, 2016 Decem ber 31, 2015 $ % O
Slide 11: Real Estate Premier Sale & Redevelopment Properties
Real Estate Premier Sale & Redevelopment Properties as of March 1, 2017 Property Location Sq.Ft Acres Redevelopment Status Current Occupancy Freedom Center North Chicago, IL 117K 7.0 JV partner selected Vacant Freedom Center South Chicago, IL 854K 30.4 Operating as an industrial site tronc, Inc. LA
Slide 12: Debt and Cash
Debt and Cash(1) Subsequent to December 31, 2016, the Company received gross proceeds of $581 million from the Gracenote Sale on January 31, 2017, paid a $499 million cash special dividend on February 3, 2017 and repaid $400 million of outstanding Term Loan Facility on February 1, 2017 using proceed
Slide 13: 2017 Guidance
2017 Guidance(1) (2) The actual results for the full year may differ materially from the above guidance, which is based on our assets and operations as they exist today. See “Cautionary Statement Regarding Forward Looking Statements” on Slide 2 No reconciliation of the forecasted range for Adjusted
Slide 14: Non-GAAP Reconciliations
Tribune Media Non-GAAP Reconciliations
Slide 15: Consolidated Reconciliation of Net Income (Loss) to Adjusted EBITDA
Consolidated Reconciliation of Net Income (Loss) to Adjusted EBITDA (unaudited) (USD in thousands) Three Months Ended Year Ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Revenues $ 529,624 $ 478,009 $ 1,947,930 $ 1,801,967 Net Income (Loss) $ 18,951 $ (380,928 ) $ 14,2
Slide 16: Television and Entertainment Reconciliation to Adjusted EBITDA and Broadcast Cash Flow
Television and Entertainment Reconciliation of Operating Profit (Loss) to Adjusted EBITDA and Broadcast Cash Flow (unaudited) Beginning in the fourth quarter of 2016, the Company moved its Covers Media Group from the Digital and Data reportable segment to the Television and Entertainment reportable
Slide 17: Corporate and Other Reconciliation of Operating Profit to Adjusted EBITDA
Corporate and Other Reconciliation of Operating (Loss) Profit to Adjusted EBITDA (unaudited) (USD thousands) Interest expense and transaction-related costs that historically have been recorded in Corporate and Other but are directly attributable to the businesses included in the Gracenote Sale have
Slide 18: Consolidated Reconciliation of Diluted EPS to Adjusted EPS (Quarter)
Consolidated Reconciliation of Diluted EPS to Adjusted EPS (unaudited) (USD thousands, except per share amounts) Adjusted EPS totals may not foot due to rounding. Three Months Ended December 31, 2016 December 31, 2015 Pre - Tax After - Tax Diluted EPS Pre - Tax After - Tax Diluted EPS Diluted EPS $
Slide 19: Consolidated Reconciliation of Diluted EPS to Adjusted EPS (Year)
Consolidated Reconciliation of Diluted EPS to Adjusted EPS (unaudited) (USD thousands, except per share amounts) Adjusted EPS totals may not foot due to rounding. Year Ended December 31, 2016 December 31, 2015 Pre - Tax After - Tax Diluted EPS Pre - Tax After - Tax Diluted EPS Diluted EPS $ 0.16 $ (
Slide 20: Q4 and FY 2016 Performance Summary
Q4 and FY 2016 Performance Summary MARCH 2017