Attached files
| file | filename |
|---|---|
| 8-K - 8-K - LIN Media LLC | lin-1030148k.htm |
Exhibit 99.1
LIN Media LLC (the "Company") reports earnings before interest, taxes, depreciation and amortization, excluding non-recurring charges, restructuring charges, non-cash impairment charges, share-based compensation, loss or gain on sales of assets, and adjusting amortization of program rights to deduct cash paid for programming (“Adjusted EBITDA”), which is a non-GAAP measure. We believe that this measure is useful to investors because it eliminates significant non-cash expenses and non-recurring charges and as a result, allows investors to better understand the Company's performance. Adjusted EBITDA is a non-GAAP financial measure and should be viewed in addition to, and not as an alternative for our reported results. The reconciliation of our (loss) income before income taxes to Adjusted EBITDA is provided below.
(Preliminary) | |||||||
Three Months Ended September 30, | |||||||
2014 | 2013 | ||||||
(unaudited, in thousands) | |||||||
(Loss) income before income taxes- U.S. GAAP | $ | (33,879 | ) | $ | 7,195 | ||
Add: | |||||||
Interest expense | 14,209 | 13,976 | |||||
Other (income) expense | (768 | ) | 2,055 | ||||
Amortization of program rights | 6,972 | 7,605 | |||||
Depreciation | 10,892 | 11,429 | |||||
Amortization of intangible assets | 3,788 | 5,886 | |||||
Impairment of intangible assets | 60,867 | — | |||||
Restructuring charge | 1,084 | 468 | |||||
Share-based compensation expense | 1,765 | 2,238 | |||||
Loss (gain) on sale of other assets | 42 | (9 | ) | ||||
Non-recurring charges | 1,830 | 3,257 | |||||
Subtract: | |||||||
Cash payments for programming | 6,660 | 7,922 | |||||
Adjusted EBITDA - Non-GAAP | $ | 60,142 | $ | 46,178 | |||