Attached files
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| 8-K - FORM 8-K - Scripps Networks Interactive, Inc. | d771301d8k.htm |
Exhibit 99
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Scripps Networks Interactive reports second quarter financial results
| • | Revenues of $708 million |
| • | Segment profit of $319 million |
| • | Net income attributable to Scripps Networks Interactive of $1.07 per share |
For immediate release
Aug. 7, 2014
KNOXVILLE, Tenn. — Scripps Networks Interactive Inc. (NYSE: SNI) today reported operating results for the second quarter 2014.
Consolidated revenues for the quarter increased 6.5 percent to $708 million from the prior-year period. Results for the three-month period ended June 30 reflect strong advertising revenue of $497 million, up 7.6 percent, and affiliate fee revenue of $198 million, up 4.5 percent compared with the prior year period.
Costs of services and selling, general and administrative expenses for the quarter increased 13 percent from the prior-year period to $389 million. The increase was driven by higher programming amortization and associated marketing and promotion expenses at the company’s lifestyle television networks. Also contributing to the increase were expenses related to international expansion including $9.7 million of costs for the early termination of certain third-party back-office and sales related services.
Total segment profit was $319 million, consistent with the prior year period. (See reconciliation of non-GAAP financial measures for a definition of segment profit.)
Second quarter net income attributable to Scripps Networks Interactive was $154 million, or $1.07 per diluted share. Excluding the impact from the early contract termination, net income attributable to Scripps Networks Interactive was $1.14 per diluted share, compared with $1.08 in the prior year period.
“The company delivered another solid quarter validating the strength of our lifestyle brands and the quality of viewers they attract both domestically and internationally,” said Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive. “Our popular lifestyle networks delivered on our expectations for the quarter. Our confidence in the company enabled us to continue investing in our brands by developing compelling content, while returning cash to shareholders through our share repurchase program.”
Segment results
| Three months ended June 30, |
Six months ended June 30, |
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| (in thousands) |
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||||
| Segment operating revenues: |
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| Lifestyle media |
$ | 684,531 | $ | 645,276 | 6.1 | % | $ | 1,308,012 | $ | 1,224,758 | 6.8 | % | ||||||||||||
| Corporate and other |
25,026 | 19,852 | 26.1 | % | 46,021 | 34,755 | 32.4 | % | ||||||||||||||||
| Intersegment eliminations |
(1,425 | ) | (2,152 | ) | ||||||||||||||||||||
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| Total operating revenues |
$ | 708,132 | $ | 665,128 | 6.5 | % | $ | 1,351,881 | $ | 1,259,513 | 7.3 | % | ||||||||||||
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| Segment profit (loss): |
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| Lifestyle media |
$ | 362,488 | $ | 346,054 | 4.7 | % | $ | 673,465 | $ | 626,626 | 7.5 | % | ||||||||||||
| Corporate and other |
(43,203 | ) | (26,373 | ) | 63.8 | % | (83,446 | ) | (59,471 | ) | 40.3 | % | ||||||||||||
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| Total segment profit |
$ | 319,285 | $ | 319,681 | (0.1 | )% | $ | 590,019 | $ | 567,155 | 4.0 | % | ||||||||||||
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Lifestyle media revenues in the second quarter of 2014 increased 6.1 percent to $685 million driven by advertising and affiliate fee revenue growth. Total advertising revenue for the lifestyle media segment grew 6.5 percent to $486 million. Affiliate fee revenue grew 4.1 percent to $188 million due to higher rates and the benefit of expanded distribution for Cooking Channel and DIY Network.
Lifestyle media segment profit increased 4.7 percent to $362 million reflecting the strong revenue growth and the planned increase in program amortization and marketing and promotion expense.
Corporate and other revenues, which are primarily international operations, increased 26 percent to $25.0 million. Contributing to the increase was expanded international distribution and the launch of our uLive digital business in the U.S.
Corporate and other segment loss increased 64 percent to $43.2 million, driven primarily by continued investments in international operations and uLive. Included in the international operations was $9.7 million of costs for the early termination of certain third-party back-office and sales related services. The company will be performing these services going forward.
Share repurchase program
For the quarter ended June 30, the company repurchased 4.0 million shares for an aggregate purchase price of $300 million. As of June 30, $1.1 billion remains available for repurchase under the company’s share repurchase program.
Conference call
The senior management team of Scripps Networks Interactive will discuss the company’s second quarter results during a telephone conference call at 10 a.m. ET today. Scripps Networks Interactive will offer a live webcast of the conference call. To access the webcast, visit www.scrippsnetworksinteractive.com and follow the Investors link at the top of the page. The webcast link can be found next to the microphone icon on the investor relations landing page.
To access the conference call by telephone, dial 800-230-1059 (U.S.) or 612-234-9959 (international) approximately ten minutes before the start of the call. Callers will need the name of the call, “SNI Second Quarter Earnings Call,” to be granted access. Callers also will be asked to provide their name and company affiliation. The media and general public are granted access to the conference call on a listen-only basis.
A replay line will be open from 12:30 p.m. ET, Aug. 7 until 11:59 p.m. ET, Aug. 21. The domestic number to access the replay is 800-475-6701 and the international number is 320-365-3844. The access code for both numbers is 331480. A replay of the conference call also will be available online. To access the audio replay, visit www.scrippsnetworksinteractive.com approximately four hours after the call, choose Investors then follow the Audio Archives link on the top right side of the investor relations landing page.
Forward-looking statements
This press release contains certain forward-looking statements related to the company’s businesses that are based on management’s current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The company’s written policy on forward-looking statements can be found on page F-3 of its 2013 Form 10-K filed with the Securities and Exchange Commission.
The company undertakes no obligation to publicly update any forward-looking statements to reflect events or circumstances after the date the statement is made.
About Scripps Networks Interactive
Scripps Networks Interactive is one of the leading developers of engaging lifestyle content in the home, food and travel categories for television, the Internet and emerging platforms. The company’s lifestyle media portfolio comprises popular television and Internet brands HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and Great American Country, which collectively reach more than 177 million consumers each month. Companion websites complement on-air programming with video and social media that inform and inspire. The company’s global networks reach millions of consumers across North and South America, Asia, Europe, the Middle East and Africa. Scripps Networks Interactive is headquartered in Knoxville, Tenn. For more information, please visit http://www.scrippsnetworksinteractive.com.
# # #
Contact: Scripps Networks Interactive, Inc.
Investors: Mike Gallentine, 865-560-4473, mgallentine@scrippsnetworks.com
Media: Lee Hall, 865-560-3853, LHall@scrippsnetworks.com
SCRIPPS NETWORKS INTERACTIVE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| (unaudited) | Three months ended June 30, |
Six months ended June 30, |
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| (in thousands, except per share data) |
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||||
| Operating revenues |
$ | 708,132 | $ | 665,128 | 6.5 | % | $ | 1,351,881 | $ | 1,259,513 | 7.3 | % | ||||||||||||
| Cost of services, excluding depreciation and amortization of intangible assets |
(190,181 | ) | (168,677 | ) | 12.7 | % | (371,319 | ) | (332,428 | ) | 11.7 | % | ||||||||||||
| Selling, general and administrative |
(198,666 | ) | (176,770 | ) | 12.4 | % | (390,543 | ) | (359,930 | ) | 8.5 | % | ||||||||||||
| Depreciation and amortization of intangible assets |
(34,173 | ) | (29,554 | ) | 15.6 | % | (65,467 | ) | (56,254 | ) | 16.4 | % | ||||||||||||
| Gains (losses) on disposal of property and equipment |
(1,647 | ) | (499 | ) | (1,495 | ) | (1,475 | ) | ||||||||||||||||
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| Operating income |
283,465 | 289,628 | (2.1 | )% | 523,057 | 509,426 | 2.7 | % | ||||||||||||||||
| Interest expense |
(12,232 | ) | (12,197 | ) | 0.3 | % | (24,663 | ) | (24,342 | ) | 1.3 | % | ||||||||||||
| Equity in earnings of affiliates |
27,263 | 25,410 | 7.3 | % | 49,524 | 45,992 | 7.7 | % | ||||||||||||||||
| Miscellaneous, net |
(468 | ) | 3,643 | (195 | ) | 282 | ||||||||||||||||||
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| Income from operations before income taxes |
298,028 | 306,484 | (2.8 | )% | 547,723 | 531,358 | 3.1 | % | ||||||||||||||||
| Income tax provision |
(92,359 | ) | (96,141 | ) | (3.9 | )% | (169,265 | ) | (169,828 | ) | (0.3 | )% | ||||||||||||
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| Net income |
205,669 | 210,343 | (2.2 | )% | 378,458 | 361,530 | 4.7 | % | ||||||||||||||||
| Net income attributable to noncontrolling interests |
(51,875 | ) | (50,614 | ) | 2.5 | % | (96,368 | ) | (93,982 | ) | 2.5 | % | ||||||||||||
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| Net income attributable to SNI |
153,794 | 159,729 | (3.7 | )% | $ | 282,090 | $ | 267,548 | 5.4 | % | ||||||||||||||
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| Net income attributable to SNI common shareholders per basic share of common stock |
$ | 1.08 | $ | 1.09 | $ | 1.95 | $ | 1.81 | ||||||||||||||||
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| Net income attributable to SNI common shareholders per diluted share of common stock |
$ | 1.07 | $ | 1.08 | $ | 1.94 | $ | 1.79 | ||||||||||||||||
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| Weighted average basic shares outstanding |
142,342 | 147,132 | 144,321 | 147,967 | ||||||||||||||||||||
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| Weighted average diluted shares outstanding |
143,224 | 148,259 | 145,252 | 149,069 | ||||||||||||||||||||
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SCRIPPS NETWORKS INTERACTIVE, INC.
CONSOLIDATED BALANCE SHEETS
| As of |
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| (unaudited) (in thousands, except share and par value amounts) |
June 30, 2014 |
December 31, 2013 |
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| ASSETS |
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| Current assets: |
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| Cash and cash equivalents |
$ | 202,005 | $ | 686,371 | ||||
| Accounts receivable (less allowances: 2014- $10,299; 2013- $6,853) |
656,176 | 619,619 | ||||||
| Programs and program licenses |
464,641 | 423,949 | ||||||
| Deferred income taxes |
53,847 | 41,140 | ||||||
| Other current assets |
72,247 | 90,231 | ||||||
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| Total current assets |
1,448,916 | 1,861,310 | ||||||
| Investments |
504,802 | 488,198 | ||||||
| Property and equipment, net |
237,359 | 246,350 | ||||||
| Goodwill |
574,940 | 574,582 | ||||||
| Other intangible assets, net |
627,836 | 655,009 | ||||||
| Programs and program licenses (less current portion) |
462,336 | 413,057 | ||||||
| Deferred income taxes |
52,758 | 39,075 | ||||||
| Other non-current assets |
160,330 | 160,866 | ||||||
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| Total Assets |
$ | 4,069,277 | $ | 4,438,447 | ||||
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| LIABILITIES AND EQUITY |
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| Current liabilities: |
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| Accounts payable |
$ | 17,725 | $ | 18,278 | ||||
| Current portion of debt |
884,919 | |||||||
| Program rights payable |
37,186 | 30,412 | ||||||
| Customer deposits and unearned revenue |
49,097 | 70,427 | ||||||
| Employee compensation and benefits |
49,641 | 67,188 | ||||||
| Accrued marketing and advertising costs |
7,472 | 11,053 | ||||||
| Other accrued liabilities |
94,544 | 81,341 | ||||||
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| Total current liabilities |
1,140,584 | 278,699 | ||||||
| Debt (less current portion) |
499,705 | 1,384,488 | ||||||
| Other liabilities (less current portion) |
218,217 | 223,368 | ||||||
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| Total liabilities |
1,858,506 | 1,886,555 | ||||||
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| Redeemable noncontrolling interest |
124,763 | 133,000 | ||||||
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| Equity: |
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| SNI shareholders’ equity: |
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| Preferred stock, $.01 par - authorized: 25,000,000 shares; none outstanding |
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| Common stock, $.01 par: |
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| Class A - authorized: 240,000,000 shares; issued and outstanding: 2014 - 105,766,835 shares; 2013 - 111,891,667 shares |
1,058 | 1,119 | ||||||
| Voting - authorized: 60,000,000 shares; issued and outstanding: 2014 - 34,317,171 shares; 2013 - 34,317,171 shares |
343 | 343 | ||||||
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| Total |
1,401 | 1,462 | ||||||
| Additional paid-in capital |
1,425,420 | 1,447,496 | ||||||
| Retained earnings |
412,434 | 662,574 | ||||||
| Accumulated other comprehensive income (loss) |
(6,371 | ) | (12,529 | ) | ||||
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| Total SNI shareholders’ equity |
1,832,884 | 2,099,003 | ||||||
| Noncontrolling interest |
253,124 | 319,889 | ||||||
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| Total equity |
2,086,008 | 2,418,892 | ||||||
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| Total Liabilities and Equity |
$ | 4,069,277 | $ | 4,438,447 | ||||
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SCRIPPS NETWORKS INTERACTIVE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Six months ended June 30, |
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| (unaudited) (in thousands) |
2014 | 2013 | ||||||
| Cash Flows from Operating Activities: |
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| Net income |
$ | 378,458 | $ | 361,530 | ||||
| Depreciation and amortization of intangible assets |
65,467 | 56,254 | ||||||
| Program amortization |
293,591 | 260,846 | ||||||
| Equity in earnings of affiliates |
(49,524 | ) | (45,992 | ) | ||||
| Program payments |
(376,686 | ) | (296,864 | ) | ||||
| Dividends received from equity investments |
55,853 | 39,603 | ||||||
| Deferred income taxes |
(26,687 | ) | 78,790 | |||||
| Stock and deferred compensation plans |
26,635 | 30,439 | ||||||
| Changes in certain working capital accounts: |
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| Accounts receivable |
(36,207 | ) | (48,568 | ) | ||||
| Other assets |
(3,383 | ) | (6,109 | ) | ||||
| Accounts payable |
(626 | ) | 3,381 | |||||
| Accrued employee compensation and benefits |
(24,308 | ) | (16,872 | ) | ||||
| Accrued / refundable income taxes |
25,532 | (21,968 | ) | |||||
| Other liabilities |
(16,125 | ) | 8,082 | |||||
| Other, net |
3,867 | 25,506 | ||||||
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| Cash provided by (used in) operating activities |
315,857 | 428,058 | ||||||
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| Cash Flows from Investing Activities: |
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| Additions to property and equipment |
(25,883 | ) | (36,072 | ) | ||||
| Collections (funds advanced) on note receivable |
2,518 | 9,228 | ||||||
| Purchase of long-term investments |
(16,042 | ) | (171 | ) | ||||
| Purchase of subsidiary companies, net of cash acquired |
(63,912 | ) | ||||||
| Other, net |
(9,506 | ) | (31,107 | ) | ||||
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| Cash provided by (used in) investing activities |
(48,913 | ) | (122,034 | ) | ||||
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| Cash Flows from Financing Activities: |
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| Proceeds from debt |
80,000 | |||||||
| Payments on debt |
(80,000 | ) | ||||||
| Dividends paid |
(57,491 | ) | (44,379 | ) | ||||
| Dividends paid to noncontrolling interests |
(171,303 | ) | (127,224 | ) | ||||
| Repurchase of Class A common stock |
(550,062 | ) | (250,078 | ) | ||||
| Proceeds from stock options |
28,622 | 29,707 | ||||||
| Other, net |
(1,111 | ) | (3,182 | ) | ||||
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| Cash provided by (used in) financing activities |
(751,345 | ) | (395,156 | ) | ||||
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| Effect of exchange rate changes on cash and cash equivalents |
35 | (932 | ) | |||||
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| Increase (decrease) in cash and cash equivalents |
(484,366 | ) | (90,064 | ) | ||||
| Cash and cash equivalents: |
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| Beginning of year |
686,371 | 437,525 | ||||||
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| End of period |
$ | 202,005 | $ | 347,461 | ||||
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| Supplemental Cash Flow Disclosures: |
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| Interest paid, excluding amounts capitalized |
$ | 23,004 | $ | 22,625 | ||||
| Income taxes paid |
150,115 | 97,627 | ||||||
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Notes to Results of Operations
NON-GAAP FINANCIAL MEASURES
Our chief operating decision maker evaluates the operating performance of our business segments and makes decisions about the allocation of resources to our business segments using a measure we call segment profit. Segment profit excludes interest, income taxes, depreciation and amortization, divested operating units, restructuring activities, investment results and certain other items that are included in net income determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Items excluded from segment profit generally result from decisions made in prior periods or from decisions made by corporate executives rather than the managers of the business segments. Depreciation and amortization charges are the result of decisions made in prior periods regarding the allocation of resources and are therefore excluded from the measure. Financing, tax structure and divestiture decisions are generally made by corporate executives. Excluding these items from our business segment performance measure enables us to evaluate business segment operating performance for the current period based upon current economic conditions and decisions made by the managers of those business segments in the current period.
A reconciliation of segment profit to operating income determined in accordance with GAAP for each business segment is as follows:
| Three months ended June 30, |
Six months ended June 30, |
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| (in thousands) |
2014 | 2013 | 2014 | 2013 | ||||||||||||
| Operating income |
$ | 283,465 | $ | 289,628 | $ | 523,057 | $ | 509,426 | ||||||||
| Depreciation and amortization of intangible assets: |
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| Lifestyle media |
27,111 | 25,465 | 52,456 | 48,781 | ||||||||||||
| Corporate and other |
7,062 | 4,089 | 13,011 | 7,473 | ||||||||||||
| Losses (gains) on disposal of property and equipment: |
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| Lifestyle media |
1,647 | 429 | 1,495 | 1,405 | ||||||||||||
| Corporate and other |
70 | 70 | ||||||||||||||
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| Total segment profit |
$ | 319,285 | $ | 319,681 | $ | 590,019 | $ | 567,155 | ||||||||
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We define free cash flow as cash provided by operating activities less dividends paid to noncontrolling interests and acquisitions of property and equipment. We measure free cash flow as we believe it is an important indicator for management and investors as to our liquidity, including our ability to reduce debt, make strategic investments and return capital to shareholders. A reconciliation of free cash flow is as follows:
| Three months ended June 30, |
Six months ended June 30, |
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| (in thousands) |
2014 | 2013 | 2014 | 2013 | ||||||||||||
| Segment profit |
$ | 319,285 | $ | 319,681 | $ | 590,019 | $ | 567,155 | ||||||||
| Income taxes paid |
(150,428 | ) | (130,134 | ) | (150,115 | ) | (97,627 | ) | ||||||||
| Interest paid |
(7,645 | ) | (6,871 | ) | (23,004 | ) | (22,625 | ) | ||||||||
| Working capital and other |
(63,641 | ) | (22,687 | ) | (101,043 | ) | (18,845 | ) | ||||||||
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| Cash provided by operating activities |
97,571 | 159,989 | 315,857 | 428,058 | ||||||||||||
| Dividends paid to noncontrolling interests |
(45,783 | ) | (37,359 | ) | (171,303 | ) | (127,224 | ) | ||||||||
| Additions to property and equipment |
(16,688 | ) | (18,567 | ) | (25,883 | ) | (36,072 | ) | ||||||||
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| Free cash flow |
$ | 35,100 | $ | 104,063 | $ | 118,671 | $ | 264,762 | ||||||||
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Since segment profit and free cash flow are non-GAAP measures, they should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance reported in accordance with GAAP.
SUPPLEMENTAL FINANCIAL INFORMATION
Our lifestyle media division earns revenue primarily from the sale of advertising time on our national television networks, affiliate fees paid by cable and satellite distributors and telecommunication service providers that carry our network programming, the licensing of our content to third parties, the licensing of our brands for consumer products such as books and kitchenware, and from the sale of advertising on our lifestyle media affiliated websites.
Supplemental information for lifestyle media is as follows:
| Three months ended June 30, |
Six months ended June 30, |
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| (in thousands) |
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||||
| Operating revenues by brand: |
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| HGTV |
$ | 246,597 | $ | 230,957 | 6.8 | % | $ | 473,812 | $ | 436,324 | 8.6 | % | ||||||||||||
| Food Network |
237,993 | 223,677 | 6.4 | % | 456,966 | 431,260 | 6.0 | % | ||||||||||||||||
| Travel Channel |
85,227 | 83,864 | 1.6 | % | 164,968 | 160,503 | 2.8 | % | ||||||||||||||||
| DIY Network |
43,209 | 38,587 | 12.0 | % | 78,351 | 70,375 | 11.3 | % | ||||||||||||||||
| Cooking Channel |
32,229 | 28,493 | 13.1 | % | 60,527 | 54,679 | 10.7 | % | ||||||||||||||||
| Great American Country |
7,849 | 7,016 | 11.9 | % | 14,953 | 13,419 | 11.4 | % | ||||||||||||||||
| Digital Businesses |
27,124 | 28,633 | (5.3 | )% | 51,059 | 51,228 | (0.3 | )% | ||||||||||||||||
| Other |
4,518 | 4,204 | 7.5 | % | 7,778 | 8,100 | (4.0 | )% | ||||||||||||||||
| Intrasegment eliminations |
(215 | ) | (155 | ) | (402 | ) | (1,130 | ) | ||||||||||||||||
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| Total segment operating revenues |
$ | 684,531 | $ | 645,276 | 6.1 | % | $ | 1,308,012 | $ | 1,224,758 | 6.8 | % | ||||||||||||
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| Operating revenues by type: |
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| Advertising |
$ | 485,759 | $ | 456,206 | 6.5 | % | $ | 911,757 | $ | 847,417 | 7.6 | % | ||||||||||||
| Network affiliate fees, net |
187,503 | 180,072 | 4.1 | % | 377,674 | 359,035 | 5.2 | % | ||||||||||||||||
| Other |
11,269 | 8,998 | 25.2 | % | 18,581 | 18,306 | 1.5 | % | ||||||||||||||||
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