EX-99.1 2 ex-991forrevenuerecognitio.htm EXHIBIT 99.1

Exhibit

Exhibit 99.1

Consolidated Results of Operations

The tables below present the impact of the adoption of the standard on our condensed consolidated statement of operations for the years ended December 31, 2017 and 2016. The syndicated programming barter revenue adjustments are reflected in the advertising revenue line and impact our Local Media segment results. The gross versus net adjustments for certain transactions at our Midroll business are reflected in the other revenue line and impact our National Media segment.

		Year Ended December 31, 2017
(in thousands)		As Previously Reported				Adjustments for Adoption of New Revenue Standard				As Adjusted
Operating Revenues:
Advertising		$	564,708			$	(829	)		$	563,879
Retransmission and carriage		259,712				—				259,712
Other		40,414				12,967				53,381
Total operating revenues		864,834				12,138				876,972
Costs and Expenses:
Employee compensation and benefits		367,735				—				367,735
Programming		216,467				12,138				228,605
Other expenses		185,869				—				185,869
Restructuring costs		4,422				—				4,422
Total costs and expenses		$	774,493			$	12,138			$	786,631

		Year Ended December 31, 2016
(in thousands)		As Previously Reported				Adjustments for Adoption of New Revenue Standard				As Adjusted
Operating Revenues:
Advertising		$	609,612			$	(864	)		$	608,748
Retransmission and carriage		220,723				—				220,723
Other		38,485				6,495				44,980
Total operating revenues		868,820				5,631				874,451
Costs and Expenses:
Employee compensation and benefits		343,570				—				343,570
Programming		166,986				5,631				172,617
Other expenses		173,797				—				173,797
Acquisition and related integration costs		578				—				578
Total costs and expenses		$	684,931			$	5,631			$	690,562

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Business Segment Results

Quarterly operating results for our Local Media segment as adjusted for the adoption of the new revenue standard, are as follows:

		2017
(in thousands)		1st Quarter				2nd Quarter				3rd Quarter				4th Quarter				Total
Segment operating revenues:
Core advertising		$	115,733			$	129,164			$	117,745			$	129,991			$	492,633
Political		1,041				2,525				1,689				3,396				8,651
Retransmission		66,211				66,059				63,733				63,496				259,499
Other revenue		4,079				3,682				4,338				5,494				17,593
Total operating revenues		187,064				201,430				187,505				202,377				778,376
Segment costs and expenses:
Employee compensation and benefits		73,453				70,891				71,644				71,770				287,758
Programming		44,935				44,624				47,598				48,959				186,116
Other expenses		36,325				37,179				37,891				36,217				147,612
Total costs and expenses		154,713				152,694				157,133				156,946				621,486
Segment profit		$	32,351			$	48,736			$	30,372			$	45,431			$	156,890

Quarterly operating results for our National Media segment as adjusted for the adoption of the new revenue standard, are as follows:

		2017
(in thousands)		1st Quarter				2nd Quarter				3rd Quarter				4th Quarter				Total
Segment operating revenues:
Katz		$	—			$	—			$	—			$	40,975			$	40,975
Midroll		6,513				7,402				7,102				10,182				31,199
Newsy		1,202				3,136				2,623				3,128				10,089
Other revenue		1,972				2,478				2,779				3,649				10,878
Total operating revenues		9,687				13,016				12,504				57,934				93,141
Segment costs and expenses:
Employee compensation and benefits		6,505				6,643				6,189				11,784				31,121
Programming		3,788				4,554				4,554				29,593				42,489
Other expenses		3,351				5,415				6,135				13,890				28,791
Total costs and expenses		13,644				16,612				16,878				55,267				102,401
Segment profit (loss)		$	(3,957	)		$	(3,596	)		$	(4,374	)		$	2,667			$	(9,260	)

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