Time Inc. Archives
Time Inc. Increased Fourth Quarter Operating Income From $10 Million To $122 Million and Increased Fourth Quarter Adjusted OIBDA By 14% Year-Over-Year—The Highest Rates Of Growth In Any Single Quarter Since Spin-Off In 2014
Time Inc.'s Digital Advertising Revenue Exceeded $500 Million in 2016, Increasing 55% Year-Over-Year
Time Inc.’s Digital Advertising Grew 63% Year-Over-Year During the Fourth Quarter
Time Inc.’s Digital Advertising Revenues Excluding Viant Grew 15% Year-Over-Year—Sequential Improvement for the Third Quarter in a Row
In December 2016, Time Inc. Joined the Top Ten for the First Time in U.S. Multi-Platform Unique Digital Audience According to comScore
Feb 16, 2017
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Results Summary |
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In millions (except per share amounts) | Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
GAAP Measures | ||||||||||||||||
Revenues | $ | 867 | $ | 877 | $ | 3,076 | $ | 3,103 | ||||||||
Asset impairments | 3 | — | 192 | — | ||||||||||||
Goodwill impairment | 1 | — | 1 | 952 | ||||||||||||
Operating income (loss) | 122 | 10 | 2 | (823 | ) | |||||||||||
Net income (loss) | 56 | 17 | (48 | ) | (881 | ) | ||||||||||
Diluted EPS | 0.56 | 0.15 | (0.49 | ) | (8.32 | ) | ||||||||||
Cash provided by (used in) operations | 89 | 27 | 195 | 154 | ||||||||||||
Non-GAAP Measures | ||||||||||||||||
Adjusted OIBDA | $ | 182 | $ | 159 | $ | 414 | $ | 440 | ||||||||
Adjusted Net income (loss) | 73 | 62 | 117 | 125 | ||||||||||||
Adjusted Diluted EPS | 0.75 | 0.58 | 1.17 | 1.10 | ||||||||||||
Free cash flow | 66 | (53 | ) | 94 | (58 | ) | ||||||||||
The Company’s Adjusted OIBDA, Adjusted Net income (loss), Adjusted Diluted EPS and Free cash flow are non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” below and the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in Schedules I through IV attached hereto.
FOURTH QUARTER AND FULL YEAR RESULTS
Revenues decreased
For the full year 2016, Revenues decreased
Advertising Revenues increased
For the full year 2016, Advertising revenues increased
Circulation Revenues decreased
For the full year 2016, Circulation revenues decreased
Other Revenues, which include marketing and support services provided to third parties, branded book publishing, events and licensing, decreased
For the full year 2016, Other revenues increased
Revenues Summary | ||||||||||||||||||||
In millions | Three Months Ended | Year Ended | ||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||
Print and other advertising | $ | 343 | $ | 382 | (10)% | $ | 1,200 | $ | 1,324 | (9)% | ||||||||||
Digital advertising | 166 | 102 | 63% | 512 | 331 | 55% | ||||||||||||||
Advertising revenues | 509 | 484 | 5% | 1,712 | 1,655 | 3% | ||||||||||||||
Subscription | 169 | 185 | (9)% | 632 | 684 | (8)% | ||||||||||||||
Newsstand | 68 | 84 | (19)% | 278 | 329 | (16)% | ||||||||||||||
Other circulation | 10 | 9 | 11% | 34 | 30 | 13% | ||||||||||||||
Circulation revenues | 247 | 278 | (11)% | 944 | 1,043 | (9)% | ||||||||||||||
Other revenues | 111 | 115 | (3)% | 420 | 405 | 4% | ||||||||||||||
Revenues | $ | 867 | $ | 877 | (1)% | $ | 3,076 | $ | 3,103 | (1)% | ||||||||||
Costs of Revenues and Selling, General, and Administrative Expenses decreased
For the year ended
Restructuring and Severance Costs decreased
Operating Income (Loss) was income of
Operating income (loss) was income of
Adjusted OIBDA of
Cash Provided By (Used In) Operations increased
Free Cash Flow was an inflow of
On February 16, 2017, our Board of Directors declared a dividend of
During the year ended
OUTLOOK
Our Outlook for 2017 is as follows:
$ in millions | ||||||
Full Year 2017 Outlook | ||||||
2016 Actual(1) |
Range(1) |
|||||
Revenues | (1%) | ~$3,000 | ||||
Operating income (loss) | $2 | $273 | to | $287 | ||
Adjusted OIBDA |
$414 |
At least $400 with a plan |
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to be flat year-over-year |
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Capital expenditures | $101 | $80 | to | $90 | ||
(1) |
The Full Year 2016 results averaged a USD to GBP exchange rate of 1.3. The Full Year 2017 Outlook assumes USD to GBP exchange rate of 1.25. |
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The Company’s Adjusted OIBDA is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” below and the reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure in Schedule V attached hereto.
CONFERENCE CALL WEBCAST
The Company’s conference call can be heard live at
USE OF NON-GAAP FINANCIAL MEASURES
Some limitations of OIBDA, Adjusted OIBDA, Adjusted Net income (loss), Adjusted Diluted EPS and Free cash flow are that they do not reflect certain charges that affect the operating results of the Company’s business and they involve judgment as to whether items affect fundamental operating performance.
A general limitation of these measures is that they are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and may not be comparable to similarly titled measures of other companies due to differences in methods of calculation and excluded items. OIBDA, Adjusted OIBDA, Adjusted Net income (loss), Adjusted Diluted EPS and Free cash flow should be considered in addition to, not as a substitute for, the Company’s Operating income (loss), Net income (loss), Diluted net income (loss) per common share and various cash flow measures (e.g., Cash provided by (used in) operations), as well as other measures of financial performance and liquidity reported in accordance with GAAP.
In addition, this earnings release includes comparisons that exclude the impacts of foreign currency exchange rate changes. These comparisons, which are non-GAAP measures, are calculated by assuming constant foreign currency exchange rates used for translation based on the rates in effect for the comparable prior-year period. In order to compute our constant currency results, we multiply or divide, as appropriate, our current year U.S. dollar results by the current year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior year average foreign exchange rates. We believe this provides useful supplemental information regarding our results of operations, consistent with how we evaluate our own performance.
ABOUT
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of Time Inc.’s businesses. More detailed information about these factors may be found in filings by
TIME INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited; in millions, except share amounts) | ||||||||
December 31, | December 31, | |||||||
2016 | 2015 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 296 | $ | 651 | ||||
Short-term investments | 40 | 60 | ||||||
Receivables, less allowances of $203 and $248 at December 31, 2016 and 2015, |
||||||||
respectively |
543 | 484 | ||||||
Inventories, net of reserves | 31 | 35 | ||||||
Prepaid expenses and other current assets | 110 | 187 | ||||||
Total current assets | 1,020 | 1,417 | ||||||
Property, plant and equipment, net | 304 | 267 | ||||||
Intangible assets, net | 846 | 1,046 | ||||||
Goodwill | 2,069 | 2,038 | ||||||
Other assets | 66 | 116 | ||||||
Total assets | $ | 4,305 | $ | 4,884 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities | $ | 598 | $ | 683 | ||||
Deferred revenue | 403 | 436 | ||||||
Current portion of long-term debt | 7 | 7 | ||||||
Total current liabilities | 1,008 | 1,126 | ||||||
Long-term debt | 1,233 | 1,286 | ||||||
Deferred tax liabilities | 210 | 242 | ||||||
Deferred revenue | 86 | 89 | ||||||
Other noncurrent liabilities | 328 | 332 | ||||||
Stockholders' equity | ||||||||
Common stock, $0.01 par value, 400 million shares authorized; 98.95 million and 106.03 |
||||||||
million shares issued and outstanding at December 31, 2016 and 2015, respectively |
1 | 1 | ||||||
Preferred stock, $0.01 par value, 40 million shares authorized; none issued | — | — | ||||||
Additional paid-in-capital | 12,548 | 12,604 | ||||||
Accumulated deficit | (10,732 | ) | (10,570 | ) | ||||
Accumulated other comprehensive loss, net | (377 | ) | (226 | ) | ||||
Total stockholders' equity | 1,440 | 1,809 | ||||||
Total liabilities and stockholders' equity | $ | 4,305 | $ | 4,884 | ||||
TIME INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(Unaudited; in millions, except per share amounts) | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenues | ||||||||||||||||
Advertising | ||||||||||||||||
Print and other advertising | $ | 343 | $ | 382 | $ | 1,200 | $ | 1,324 | ||||||||
Digital advertising | 166 | 102 | 512 | 331 | ||||||||||||
Total advertising revenues | 509 | 484 | 1,712 | 1,655 | ||||||||||||
Circulation | ||||||||||||||||
Subscription | 169 | 185 | 632 | 684 | ||||||||||||
Newsstand | 68 | 84 | 278 | 329 | ||||||||||||
Other circulation | 10 | 9 | 34 | 30 | ||||||||||||
Total circulation revenues | 247 | 278 | 944 | 1,043 | ||||||||||||
Other | 111 | 115 | 420 | 405 | ||||||||||||
Total revenues | 867 | 877 | 3,076 | 3,103 | ||||||||||||
Costs of revenues | ||||||||||||||||
Production costs | 175 | 199 | 653 | 703 | ||||||||||||
Editorial costs | 87 | 93 | 376 | 375 | ||||||||||||
Other | 75 | 40 | 260 | 130 | ||||||||||||
Total costs of revenues | 337 | 332 | 1,289 | 1,208 | ||||||||||||
Selling, general and administrative expenses | 350 | 391 | 1,398 | 1,471 | ||||||||||||
Amortization of intangible assets | 20 | 20 | 83 | 80 | ||||||||||||
Depreciation | 13 | 23 | 54 | 92 | ||||||||||||
Restructuring and severance costs | 23 | 169 | 77 | 191 | ||||||||||||
Asset impairments | 3 | — | 192 | — | ||||||||||||
Goodwill impairment | 1 | — | 1 | 952 | ||||||||||||
(Gain) loss on operating assets, net | (2 | ) | (68 | ) | (20 | ) | (68 | ) | ||||||||
Operating income (loss) | 122 | 10 | 2 | (823 | ) | |||||||||||
Bargain purchase (gain) | — | — | (3 | ) | — | |||||||||||
Interest expense, net | 17 | 19 | 68 | 77 | ||||||||||||
Other (income) expense, net | 9 | (1 | ) | 18 | 2 | |||||||||||
Income (loss) before income taxes | 96 | (8 | ) | (81 | ) | (902 | ) | |||||||||
Income tax provision (benefit) | 40 | (25 | ) | (33 | ) | (21 | ) | |||||||||
Net income (loss) | $ | 56 | $ | 17 | $ | (48 | ) | $ | (881 | ) | ||||||
Per share information attributable to Time Inc. common stockholders: | ||||||||||||||||
Basic net income (loss) per common share | $ | 0.57 | $ | 0.15 | $ | (0.49 | ) | $ | (8.32 | ) | ||||||
Weighted average basic common shares outstanding | 99.39 | 106.10 | 99.20 | 105.94 | ||||||||||||
Diluted net income (loss) per common share | $ | 0.56 | $ | 0.15 | $ | (0.49 | ) | $ | (8.32 | ) | ||||||
Weighted average diluted common shares outstanding | 100.01 | 106.21 | 99.20 | 105.94 | ||||||||||||
Cash dividends declared per share of common stock | $ | 0.19 | $ | 0.19 | $ | 0.76 | $ | 0.76 | ||||||||
TIME INC. | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(Unaudited; in millions) | |||||||
Year Ended | |||||||
December 31, | |||||||
2016 | 2015 | ||||||
Cash provided by (used in) operations | $ | 195 | $ | 154 | |||
Cash provided by (used in) investing activities | (282) | 216 | |||||
Cash provided by (used in) financing activities | (258) | (236) | |||||
Effect of exchange rate changes on Cash and cash equivalents | (10) | (2) | |||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (355) | 132 | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 651 | 519 | |||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 296 | $ | 651 | |||
Schedule I | |||||||||||
TIME INC. | |||||||||||
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OIBDA | |||||||||||
(Unaudited; in millions) | |||||||||||
Three Months Ended | Year Ended | ||||||||||
December 31, | December 31, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Operating income (loss) | $ | 122 | $ | 10 | $ | 2 | $ | (823) | |||
Depreciation | 13 | 23 | 54 | 92 | |||||||
Amortization of intangible assets | 20 | 20 | 83 | 80 | |||||||
OIBDA(1) | 155 | 53 | 139 | (651) | |||||||
Asset impairments(2) | 3 | — | 192 | — | |||||||
Goodwill impairment | 1 | — | 1 | 952 | |||||||
Restructuring and severance costs | 23 | 169 | 77 | 191 | |||||||
(Gain) loss on operating assets, net(3) | (2) | (68) | (20) | (68) | |||||||
Pension settlements/curtailments | — | — | — | 6 | |||||||
Other costs(4) | 2 | 5 | 25 | 10 | |||||||
Adjusted OIBDA(5) | $ | 182 | $ | 159 | $ | 414 | $ | 440 | |||
______________
(1) | OIBDA is defined as Operating income (loss) excluding Depreciation and Amortization of intangible assets. | |
(2) | Asset impairments primarily relate to a definite-lived tradename intangible. | |
(3) | (Gain) loss on operating assets, net primarily reflects the recognition of the deferred gain from the sale-leaseback of the Blue Fin building and a gain on sale of certain of our titles in 2016 and the gain from the sale-leaseback of the Blue Fin Building that was completed in the fourth quarter of 2015. | |
(4) | Other costs related to mergers, acquisitions, investments and dispositions during the periods presented are included within Selling, general and administrative expenses within the Statements of Operations. | |
(5) | Adjusted OIBDA is defined as OIBDA adjusted for impairments of Goodwill, intangible assets, fixed assets and investments; Restructuring and severance costs; (Gain) loss on operating assets, net; Pension settlements/curtailments; and Other costs related to mergers, acquisitions, investments and dispositions. | |
Schedule II | ||||||||||||||||||||||||
TIME INC. | ||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME | ||||||||||||||||||||||||
(Unaudited; in millions) | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Gross Impact | Tax Impact | Net Impact | Gross Impact | Tax Impact | Net Impact | |||||||||||||||||||
Net income (loss) | $ | 96 | $ | (40 | ) | $ | 56 | $ | (8 | ) | $ | 25 | $ | 17 | ||||||||||
Asset impairments(1) | 3 | (1 | ) | 2 | — | — | — | |||||||||||||||||
Goodwill impairment | 1 | — | 1 | — | 2 | 2 | ||||||||||||||||||
Restructuring and severance costs | 23 | (9 | ) | 14 | 169 | (63 | ) | 106 | ||||||||||||||||
(Gain) loss on operating assets, net(2) | (2 | ) | — | (2 | ) | (68 | ) | — | (68 | ) | ||||||||||||||
(Gain) loss on extinguishment of debt(4) | — | — | — | (2 | ) | 1 | (1 | ) | ||||||||||||||||
Other costs(5) | 2 | — | 2 | 5 | 1 | 6 | ||||||||||||||||||
Adjusted Net income (loss)(6) | $ | 123 | $ | (50 | ) | $ | 73 | $ | 96 | $ | (34 | ) | $ | 62 | ||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||
December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Gross Impact | Tax Impact | Net Impact | Gross Impact | Tax Impact | Net Impact | |||||||||||||||||||
Net income (loss) | $ | (81 | ) | $ | 33 | $ | (48 | ) | $ | (902 | ) | $ | 21 | $ | (881 | ) | ||||||||
Asset impairments(1) | 192 | (73 | ) | 119 | — | — | — | |||||||||||||||||
Goodwill impairment | 1 | — | 1 | 952 | (9 | ) | 943 | |||||||||||||||||
Restructuring and severance costs | 77 | (27 | ) | 50 | 191 | (71 | ) | 120 | ||||||||||||||||
(Gain) loss on operating assets, net(2) | (20 | ) | 4 | (16 | ) | (68 | ) | — | (68 | ) | ||||||||||||||
Pension settlements/curtailments | — | — | — | 6 | (2 | ) | 4 | |||||||||||||||||
Bargain purchase (gain)(3) | (3 | ) | — | (3 | ) | — | — | — | ||||||||||||||||
(Gain) loss on extinguishment of debt(4) | (4 | ) | 2 | (2 | ) | (2 | ) | 1 | (1 | ) | ||||||||||||||
Other costs(5) | 25 | (9 | ) | 16 | 10 | — | 10 | |||||||||||||||||
(Gain) loss on non-operating assets, net | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||
Adjusted Net income (loss)(6) | $ | 187 | $ | (70 | ) | $ | 117 | $ | 185 | $ | (60 | ) | $ | 125 |
________________________
(1) | Asset impairments primarily relate to a definite-lived tradename intangible. | |
(2) | (Gain) loss on operating assets, net primarily reflects the recognition of the deferred gain from the sale-leaseback of the Blue Fin building and a gain on sale of certain of our titles in 2016 and the gain from the sale-leaseback of the Blue Fin Building that was completed in the fourth quarter of 2015. | |
(3) | Bargain purchase (gain) relates to the acquisition of certain assets of Viant in the first quarter of 2016. | |
(4) | (Gain) loss on extinguishment of debt in connection with repurchases of our Senior Notes are included within Other (income) expense, net on the Statements of Operations. | |
(5) | Other costs related to mergers, acquisitions, investments and dispositions during the periods presented are included within Selling, general and administrative expenses within the Statements of Operations. | |
(6) | Adjusted Net income (loss) is defined as Net income (loss) adjusted for impairments of Goodwill, intangible assets, fixed assets and investments; Restructuring and severance costs; Gain (loss) on operating and/or non-operating assets; Pension settlements/curtailments; Bargain purchase (gain); (Gain) loss on extinguishment of debt; and Other costs related to mergers, acquisitions, investments and dispositions; as well as the impact of income taxes on the above items. | |
Schedule III | ||||||||||||
TIME INC. | ||||||||||||
RECONCILIATION OF DILUTED EPS TO ADJUSTED DILUTED EPS | ||||||||||||
(Unaudited; all per share amounts are net of tax) | ||||||||||||
Three Months Ended | Year Ended | |||||||||||
December 31, | December 31, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Diluted net income (loss) per common share | $ | 0.56 | $ | 0.15 | $ | (0.49) | $ | (8.32) | ||||
Asset impairments(1) | 0.02 | — | 1.20 | — | ||||||||
Goodwill impairment | 0.01 | 0.02 | 0.01 | 8.84 | ||||||||
Restructuring and severance costs | 0.15 | 1.00 | 0.50 | 1.12 | ||||||||
(Gain) loss on operating assets, net(2) | (0.02) | (0.64) | (0.16) | (0.64) | ||||||||
Pension settlements/curtailments | — | — | — | 0.04 | ||||||||
Bargain purchase (gain)(3) | — | — | (0.03) | — | ||||||||
(Gain) loss on extinguishment of debt(4) | — | (0.01) | (0.03) | (0.01) | ||||||||
Other costs(5) | 0.03 | 0.06 | 0.17 | 0.09 | ||||||||
(Gain) loss on non-operating assets, net | — | — | — | (0.02) | ||||||||
Adjusted Diluted EPS(6)(7) | $ | 0.75 | $ | 0.58 | $ | 1.17 | $ | 1.10 |
______________
(1) | Asset impairments primarily relate to a definite-lived tradename intangible. | |
(2) | (Gain) loss on operating assets, net primarily reflects the recognition of the deferred gain from the sale-leaseback of the Blue Fin building and a gain on sale of certain of our titles in 2016 and the gain from the sale-leaseback of the Blue Fin Building that was completed in the fourth quarter of 2015. | |
(3) | Bargain purchase (gain) relates to the acquisition of certain assets of Viant in the first quarter of 2016. | |
(4) | (Gain) loss on extinguishment of debt in connection with repurchases of our Senior Notes are included within Other (income) expense, net on the Statements of Operations. | |
(5) | Other costs related to mergers, acquisitions, investments and dispositions during the periods presented are included within Selling, general and administrative expenses within the Statements of Operations. | |
(6) | Adjusted Diluted EPS is defined as Diluted EPS adjusted for impairments of Goodwill, intangible assets, fixed assets and investments; Restructuring and severance costs; Gain (loss) on operating and/or non-operating assets; Pension settlements/curtailments; Bargain purchase (gain); (Gain) loss on extinguishment of debt; and Other costs related to mergers, acquisitions, investments and dispositions; as well as the impact of income taxes on the above items. | |
(7) | For periods in which we were in a net loss position, we have used the expected diluted shares in the calculation of Adjusted Diluted EPS as if we were in a net income position, without giving effect to the impact of participating securities. | |
Schedule IV | ||||||||||||
TIME INC. | ||||||||||||
RECONCILIATION OF CASH PROVIDED BY (USED IN) OPERATIONS TO FREE CASH FLOW | ||||||||||||
(Unaudited; in millions) | ||||||||||||
Three Months Ended |
Year Ended | |||||||||||
December 31, | December 31, | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Cash provided by (used in) operations | $ | 89 | $ | 27 | $ | 195 | $ | 154 | ||||
Less: Capital expenditures | (23) | (80) | (101) | (212) | ||||||||
Free cash flow(1) | $ | 66 | $ | (53) | $ | 94 | $ | (58) |
______________
(1) | Free cash flow is defined as Cash provided by (used in) operations, less Capital expenditures. Capital expenditures for the three months ended and year ended December 31, 2016 reflect lower capital spending due to the completion of the relocation of our corporate headquarters and other properties in 2015. | |
Schedule V | |||||||
TIME INC. | |||||||
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OIBDA - 2017 OUTLOOK | |||||||
(Unaudited; in millions) | |||||||
|
Full Year 2017 Outlook |
||||||
2016 Actual(1) |
Range(1) |
||||||
Operating income (loss) | $ | 2 | $273 | to | $287 | ||
Depreciation | 54 |
|
$60 |
||||
Amortization of intangible assets | 83 |
|
$75 |
||||
OIBDA(2) | $ | 139 | $408 | to | $422 | ||
|
|||||||
Asset impairments, Goodwill impairment, Restructuring and severance costs, |
|||||||
(Gains) losses on operating assets, net; Pension settlements/curtailments; and |
|||||||
Other costs related to mergers, acquisitions, investments and dispositions |
275 |
|
$(8) |
||||
Adjusted OIBDA(3) | $ | 414 | $400 | to | $414 |
______________
(1) | The Full Year 2016 results averaged a USD to GBP exchange rate of 1.3. The Full Year 2017 Outlook assumes USD to GBP exchange rate of 1.25. | |
(2) | OIBDA is defined as Operating income (loss) excluding Depreciation and Amortization of intangible assets. | |
(3) | Adjusted OIBDA is defined as OIBDA adjusted for impairments of Goodwill, intangibles, fixed assets and investments; Restructuring and severance costs; (Gain) loss on operating assets, net; Pension settlements/curtailments; and Other costs related to mergers, acquisitions, investments and dispositions. |
View source version on businesswire.com: http://www.businesswire.com/news/home/20170216005431/en/
Source:
Time Inc.
Investor Relations
Jaison Blair, 212-522-5952
or
Tanya Levy-Odom, 212-522-9225