EX-99.2
Published on February 4, 2019
Exhibit 99.2
Selected Historical Supplemental Non-GAAP Measures
The following selected historical supplemental non-GAAP measures are presented to retrospectively adjust certain supplemental non-GAAP financial measures included in our filings with the SEC to account for the previous recast of our financial results as a result of our previously disclosed determination that our Latin America operations should no longer be reflected within our Americas segment and should be included in the results of our International segment and as a result of our correction of misstatements associated with VAT obligations in our International segment as well as other previously identified immaterial errors.
The Company defines OIBDAN as consolidated operating income adjusted to exclude non-cash compensation expenses included within corporate expenses, as well as the following line items presented in its Statement of Operations: Depreciation and amortization; Impairment charges; and Other operating income (expense), net. The Company uses OIBDAN, among other measures, to evaluate the Companys operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of the Companys operational strength and performance of its business because it provides a link between operational performance and operating income. It is also a primary measure used by management in evaluating companies as potential acquisition targets.
The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Companys management. The Company believes it helps improve investors ability to understand the Companys operating performance and makes it easier to compare the Companys results with other companies that have different capital structures or tax rates. In addition, the Company believes this measure is also among the primary measures used externally by the Companys investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry.
Since OIBDAN is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, operating income as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. OIBDAN is not necessarily a measure of the Companys ability to fund its cash needs. As it excludes certain financial information compared with operating income, the most directly comparable GAAP financial measure, users of this financial information should consider the types of events and transactions which are excluded.
The other non-GAAP financial measures presented in the tables below are: revenues and OIBDAN, each excluding the effects of foreign exchange rates and the results from businesses sold. The Company presents revenues and OIBDAN, each excluding the effects of foreign exchange rates and the results from the businesses sold, because management believes that viewing certain financial results without the impact of fluctuations in foreign currency rates facilitates period to period comparisons of business performance and provides useful information to investors. A significant portion of the Companys advertising operations are conducted in foreign markets, principally Europe, the U.K. and China, and management reviews the results from its foreign operations on a constant dollar basis. Revenues and OIBDAN, each
1
excluding the effects of foreign exchange rates, are calculated by converting the current periods amounts in local currency to U.S. dollars using average foreign exchange rates for the prior period.
During the first quarter of 2016, the Company sold nine markets in the U.S. and sold its businesses in Turkey and Australia in the second and fourth quarters of 2016, respectively. In addition, during the third quarter of 2017, the Company sold its ownership interest in a joint venture in Canada. The Company presents revenues and OIBDAN, each excluding the effects of foreign exchange rates and the results from the businesses sold, for the consolidated Company and the Companys segments, in order to facilitate investors understanding of operational trends without the impact of fluctuations in foreign currency rates and without the results from the businesses that were sold, as these results will not be included in the Companys results in current and future periods.
Since these non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the most directly comparable GAAP financial measures as an indicator of operating performance.
The Company provides reconciliations below to the most directly comparable amounts reported under GAAP, including (i) Consolidated OIBDAN and OIBDAN for each segment, to consolidated and segment operating income (loss); (ii) Consolidated and segment OIBDAN, excluding effects of foreign exchange rates and results from businesses sold, to Consolidated and segment operating income (loss); and (iii) Consolidated and segment revenues, excluding effects of foreign exchange rates and results from businesses sold, to Consolidated and segment revenues, in each case for each of the four years ended December 31, 2017, the nine months ended September 30, 2017 and 2018, the twelve months ended September 30, 2018, and the three months ended March 31, June 30 and September 30, 2017 and 2018.
The selected historical supplemental non-GAAP measures presented below for the twelve months ended September 30, 2018 are derived by adding the historical financial information for the nine months ended September 30, 2018 to the historical financial information for the year ended December 31, 2017 and subtracting the historical financial information for the nine months ended September 30, 2017. Historical results are not necessarily indicative of the results to be expected for future periods and the interim results are not necessarily indicative of the results that may be expected for the full year.
2
Reconciliation of Consolidated and Segment OIBDAN to Consolidated and Segment Operating Income (Loss)
| Years Ended December 31, | Nine Months Ended September 30, |
Twelve Months Ended September 30, |
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| (Dollars in thousands) |
2014 | 2015 | 2016 | 2017 | 2017 | 2018 | 2018 | |||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||||
| Consolidated operating income |
$ | 275,876 | $ | 273,608 | $ | 631,936 | $ | 232,285 | $ | 135,499 | $ | 135,321 | $ | 232,107 | ||||||||||||||
| Excluding: Non-cash compensation expense |
7,857 | 8,502 | 10,291 | 9,590 | 7,153 | 6,757 | 9,194 | |||||||||||||||||||||
| Excluding: Depreciation and amortization |
406,243 | 375,962 | 344,124 | 325,991 | 236,880 | 244,232 | 333,343 | |||||||||||||||||||||
| Excluding: Impairment charges |
3,530 | 21,631 | 7,274 | 4,159 | 1,591 | 7,772 | 10,340 | |||||||||||||||||||||
| Excluding: Other operating (income) expense, net |
(7,259 | ) | 4,824 | (354,688 | ) | (26,391 | ) | (28,657 | ) | (1,700 | ) | 566 | ||||||||||||||||
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| Consolidated OIBDAN |
$ | 686,247 | $ | 684,527 | $ | 638,937 | $ | 545,634 | $ | 352,466 | $ | 392,382 | $ | 585,550 | ||||||||||||||
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| Americas Outdoor operating income |
$ | 290,967 | $ | 301,806 | $ | 279,546 | $ | 257,014 | $ | 181,440 | $ | 199,332 | $ | 274,906 | ||||||||||||||
| Excluding: Depreciation and amortization |
194,640 | 193,775 | 175,438 | 179,119 | 130,127 | 127,410 | 176,402 | |||||||||||||||||||||
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| Americas Outdoor OIBDAN |
$ | 485,607 | $ | 495,581 | $ | 454,984 | $ | 436,133 | $ | 311,567 | $ | 326,742 | $ | 451,308 | ||||||||||||||
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| International Outdoor operating income |
$ | 116,360 | $ | 120,168 | $ | 128,124 | $ | 101,777 | $ | 36,248 | $ | 56,100 | $ | 121,629 | ||||||||||||||
| Excluding: Depreciation and amortization |
207,431 | 176,799 | 162,974 | 141,812 | 102,711 | 113,875 | 152,976 | |||||||||||||||||||||
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| International Outdoor OIBDAN |
$ | 323,791 | $ | 296,967 | $ | 291,098 | $ | 243,589 | $ | 138,959 | $ | 169,975 | $ | 274,605 | ||||||||||||||
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| Three Months Ended March 31, |
Three Months Ended June 30, |
Three Months Ended September 30, |
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| (Dollars in thousands) |
2017 | 2018 | 2017 | 2018 | 2017 | 2018 | ||||||||||||||||||
| (unaudited) |
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| Consolidated operating income (loss) |
$ | 19,704 | $ | (9,848 | ) | $ | 87,653 | $ | 93,989 | $ | 28,142 | $ | 51,180 | |||||||||||
| Excluding: Non-cash compensation expense |
2,359 | 2,106 | 1,900 | 1,519 | 2,894 | 3,132 | ||||||||||||||||||
| Excluding: Depreciation and amortization |
77,494 | 84,060 | 78,290 | 82,767 | 81,096 | 77,405 | ||||||||||||||||||
| Excluding: Impairment charges |
| | | | 1,591 | 7,772 | ||||||||||||||||||
| Excluding: Other operating (income) expense, net |
(32,611 | ) | 54 | (7,829 | ) | (929 | ) | 11,783 | (825 | ) | ||||||||||||||
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| Consolidated OIBDAN |
$ | 66,946 | $ | 76,372 | $ | 160,014 | $ | 177,346 | $ | 125,506 | $ | 138,664 | ||||||||||||
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| Americas Outdoor operating income |
$ | 36,501 | $ | 37,520 | $ | 74,865 | $ | 78,662 | $ | 70,074 | $ | 83,150 | ||||||||||||
| Excluding: Depreciation and amortization |
42,816 | 44,504 | 42,854 | 43,123 | 44,457 | 39,783 | ||||||||||||||||||
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| Americas Outdoor OIBDAN |
$ | 79,317 | $ | 82,024 | $ | 117,719 | $ | 121,785 | $ | 114,531 | $ | 122,933 | ||||||||||||
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| International Outdoor operating income |
$ | (13,342 | ) | $ | (10,888 | ) | $ | 41,640 | $ | 53,287 | $ | 7,950 | $ | 13,701 | ||||||||||
| Excluding: Depreciation and amortization |
33,152 | 38,565 | 34,095 | 38,683 | 35,464 | 36,627 | ||||||||||||||||||
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| International Outdoor OIBDAN |
$ | 19,810 | $ | 27,677 | $ | 75,735 | $ | 91,970 | $ | 43,414 | $ | 50,328 | ||||||||||||
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3
Reconciliation of Consolidated and Segment OIBDAN, excluding effects of foreign exchange rates and results from businesses sold to, Consolidated and Segment Operating Income (Loss)
| Years Ended December 31, | Nine Months Ended September 30, |
Twelve Months Ended September 30, |
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| (Dollars in thousands) |
2014 | 2015 | 2016 | 2017 | 2017 | 2018 | 2018 | |||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||||
| Consolidated operating income |
$ | 275,876 | $ | 273,608 | $ | 631,936 | $ | 232,285 | $ | 135,499 | $ | 135,321 | $ | 232,107 | ||||||||||||||
| Excluding: Revenue, direct operating and SG&A expenses from businesses sold |
(95,031 | ) | (81,262 | ) | (27,138 | ) | (95 | ) | (95 | ) | | | ||||||||||||||||
| Excluding: Effects of foreign exchange(1) |
| 25,444 | 7,985 | (3,325 | ) | | (3,407 | ) | (8,627 | ) | ||||||||||||||||||
| Excluding: Non-cash compensation expense |
7,857 | 8,502 | 10,291 | 9,590 | 7,153 | 6,757 | 9,194 | |||||||||||||||||||||
| Excluding: Depreciation and amortization |
406,243 | 375,962 | 344,124 | 325,991 | 236,880 | 244,232 | 333,343 | |||||||||||||||||||||
| Excluding: Impairment charges |
3,530 | 21,631 | 7,274 | 4,159 | 1,591 | 7,772 | 10,340 | |||||||||||||||||||||
| Excluding: Other operating (income) expense, net |
(7,259 | ) | 4,824 | (354,688 | ) | (26,391 | ) | (28,657 | ) | (1,700 | ) | 566 | ||||||||||||||||
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| Consolidated OIBDAN, excluding effects of foreign exchange and OIBDAN from businesses sold |
$ | 591,216 | $ | 628,709 | $ | 619,784 | $ | 542,214 | $ | 352,371 | $ | 388,975 | $ | 576,923 | ||||||||||||||
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| Americas Outdoor operating income |
$ | 290,967 | $ | 301,806 | $ | 279,546 | $ | 257,014 | $ | 181,440 | $ | 199,332 | $ | 274,906 | ||||||||||||||
| Excluding: Revenue, direct operating and SG&A expenses from business sold |
(56,018 | ) | (51,025 | ) | (2,311 | ) | (95 | ) | (95 | ) | | | ||||||||||||||||
| Excluding: Effects of foreign exchange(1) |
| 48 | 13 | 67 | | (2 | ) | (2 | ) | |||||||||||||||||||
| Excluding: Depreciation and amortization |
194,640 | 193,775 | 175,438 | 179,119 | 130,127 | 127,410 | 176,402 | |||||||||||||||||||||
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| Americas Outdoor OIBDAN, excluding effects of foreign exchange and OIBDAN from businesses sold |
$ | 429,589 | $ | 444,604 | $ | 452,686 | $ | 436,105 | $ | 311,472 | $ | 326,740 | $ | 451,306 | ||||||||||||||
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| International Outdoor operating income |
$ | 116,360 | $ | 120,168 | $ | 128,124 | $ | 101,777 | $ | 36,248 | $ | 56,100 | $ | 121,629 | ||||||||||||||
| Excluding: Revenue, direct operating and SG&A expenses from businesses sold |
(39,013 | ) | (30,237 | ) | (24,827 | ) | | | | | ||||||||||||||||||
| Excluding: Effects of foreign exchange(1) |
| 28,907 | 12,094 | (1,961 | ) | | (4,773 | ) | (9,993 | ) | ||||||||||||||||||
| Excluding: Depreciation and amortization |
207,431 | 176,799 | 162,974 | 141,812 | 102,711 | 113,875 | 152,976 | |||||||||||||||||||||
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| International Outdoor OIBDAN, excluding effects of foreign exchange and OIBDAN from businesses sold |
$ | 284,778 | $ | 295,637 | $ | 278,365 | $ | 241,628 | $ | 138,959 | $ | 165,202 | $ | 264,612 | ||||||||||||||
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| (1) | The impact of foreign exchange fluctuations is calculated by applying the prior comparative period foreign currency exchange rates to the current applicable period financial data in local currencies. |
4
| Three Months Ended March 31, |
Three Months Ended June 30, |
Three Months Ended September 30, |
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| (Dollars in thousands) |
2017 | 2018 | 2017 | 2018 | 2017 | 2018 | ||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Consolidated operating income (loss) |
$ | 19,704 | $ | (9,848 | ) | $ | 87,653 | $ | 93,989 | $ | 28,142 | $ | 51,180 | |||||||||||
| Excluding: Revenue, direct operating and SG&A expenses from businesses sold |
768 | | (685 | ) | | (177 | ) | | ||||||||||||||||
| Excluding: Effects of foreign exchange(1) |
| (1,158 | ) | | (3,893 | ) | | 1,642 | ||||||||||||||||
| Excluding: Non-cash compensation expense |
2,359 | 2,106 | 1,900 | 1,519 | 2,894 | 3,132 | ||||||||||||||||||
| Excluding: Depreciation and amortization |
77,494 | 84,060 | 78,290 | 82,767 | 81,096 | 77,405 | ||||||||||||||||||
| Excluding: Impairment charges |
| | | | 1,591 | 7,772 | ||||||||||||||||||
| Excluding: Other operating (income) expense, net |
(32,611 | ) | 54 | (7,829 | ) | (929 | ) | 11,783 | (825 | ) | ||||||||||||||
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| Consolidated OIBDAN, excluding effects of foreign exchange and OIBDAN from businesses sold |
$ | 67,714 | $ | 75,214 | $ | 159,329 | $ | 173,453 | $ | 125,329 | $ | 140,306 | ||||||||||||
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| Americas Outdoor operating income |
$ | 36,501 | $ | 37,520 | $ | 74,865 | $ | 78,662 | $ | 70,074 | $ | 83,150 | ||||||||||||
| Excluding: Revenue, direct operating and SG&A expenses from business sold |
768 | | (685 | ) | | (177 | ) | | ||||||||||||||||
| Excluding: Effects of foreign exchange(1) |
| | | (1 | ) | | (1 | ) | ||||||||||||||||
| Excluding: Depreciation and amortization |
42,816 | 44,504 | 42,854 | 43,123 | 44,457 | 39,783 | ||||||||||||||||||
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| Americas Outdoor OIBDAN, excluding effects of foreign exchange and OIBDAN from businesses sold |
$ | 80,085 | $ | 82,024 | $ | 117,034 | $ | 121,784 | $ | 114,354 | $ | 122,932 | ||||||||||||
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| International Outdoor operating income |
$ | (13,342 | ) | $ | (10,888 | ) | $ | 41,640 | $ | 53,287 | $ | 7,950 | $ | 13,701 | ||||||||||
| Excluding: Revenue, direct operating and SG&A expenses from businesses sold |
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| Excluding: Effects of foreign exchange(1) |
| (1,974 | ) | | (4,475 | ) | | 1,674 | ||||||||||||||||
| Excluding: Depreciation and amortization |
33,152 | 38,565 | 34,095 | 38,683 | 35,464 | 36,627 | ||||||||||||||||||
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| International Outdoor OIBDAN, excluding effects of foreign exchange and OIBDAN from businesses sold |
$ | 19,810 | $ | 25,703 | $ | 75,735 | $ | 87,495 | $ | 43,414 | $ | 52,002 | ||||||||||||
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| (1) | The impact of foreign exchange fluctuations is calculated by applying the prior comparative period foreign currency exchange rates to the current applicable period financial data in local currencies. |
5
Reconciliation of Consolidated and Segment Revenues, excluding effects of foreign exchange rates and results from businesses sold, to Consolidated and Segment Revenues
| Years Ended December 31, |
Nine Months Ended September 30, |
Twelve Months Ended September 30, |
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| (Dollars in thousands) | 2014 | 2015 | 2016 | 2017 | 2017 | 2018 | 2018 | |||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||||
| Consolidated revenue |
$ | 2,961,107 | $ | 2,806,204 | $ | 2,679,822 | $ | 2,588,702 | $ | 1,860,298 | $ | 1,974,117 | $ | 2,702,521 | ||||||||||||||
| Excluding: Revenue from businesses sold |
(317,549 | ) | (283,843 | ) | (152,678 | ) | (13,680 | ) | (13,680 | ) | | | ||||||||||||||||
| Excluding: Effects of foreign exchange(1) |
| 200,396 | 52,603 | (8,610 | ) | | (47,866 | ) | (74,532 | ) | ||||||||||||||||||
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| Consolidated revenue excluding effects of foreign exchange and businesses sold |
$ | 2,643,558 | $ | 2,722,757 | $ | 2,579,747 | $ | 2,566,412 | $ | 1,846,618 | $ | 1,926,251 | $ | 2,627,989 | ||||||||||||||
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| Americas revenue |
1,253,190 | 1,265,267 | 1,187,180 | 1,161,059 | 854,344 | 859,190 | $ | 1,165,905 | ||||||||||||||||||||
| Excluding: Revenue from businesses sold |
(154,911 | ) | (140,152 | ) | (31,638 | ) | (13,680 | ) | (13,680 | ) | | | ||||||||||||||||
| Excluding: Effects of foreign exchange(1) |
| 528 | 104 | 28 | | 3 | 3 | |||||||||||||||||||||
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| Americas revenue excluding effects of foreign exchange and businesses sold |
$ | 1,098,279 | $ | 1,125,643 | $ | 1,155,646 | $ | 1,147,407 | $ | 840,664 | $ | 859,193 | $ | 1,165,908 | ||||||||||||||
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| International revenue |
1,707,917 | 1,540,937 | 1,492,642 | 1,427,643 | 1,005,954 | 1,114,927 | $ | 1,536,616 | ||||||||||||||||||||
| Excluding: Revenue from businesses sold |
(162,638 | ) | (143,692 | ) | (121,040 | ) | | | | | ||||||||||||||||||
| Excluding: Effects of foreign exchange(1) |
| 199,868 | 52,499 | (8,638 | ) | | (47,869 | ) | (74,535 | ) | ||||||||||||||||||
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| International revenue excluding effects of foreign exchange and businesses sold |
$ | 1,545,279 | $ | 1,597,113 | $ | 1,424,101 | $ | 1,419,005 | $ | 1,005,954 | $ | 1,067,058 | $ | 1,462,081 | ||||||||||||||
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| (1) | The impact of foreign exchange fluctuations is calculated by applying the prior comparative period foreign currency exchange rates to the current applicable period financial data in local currencies. |
6
| Three Months Ended March 31, |
Three Months Ended June 30, |
Three Months Ended September 30, |
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| (Dollars in thousands) | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | ||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Consolidated revenue |
$ | 544,280 | $ | 598,398 | $ | 671,588 | $ | 711,980 | $ | 644,430 | $ | 663,739 | ||||||||||||
| Excluding: Revenue from businesses sold |
(4,670 | ) | | (6,412 | ) | | (2,597 | ) | | |||||||||||||||
| Excluding: Effects of foreign exchange(1) |
| (34,778 | ) | | (22,488 | ) | | 9,399 | ||||||||||||||||
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| Consolidated revenue excluding effects of foreign exchange and businesses sold |
$ | 539,610 | $ | 563,620 | $ | 665,176 | $ | 689,492 | $ | 641,833 | $ | 673,138 | ||||||||||||
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| Americas revenue |
260,346 | 255,847 | 300,191 | 299,922 | 293,807 | 303,421 | ||||||||||||||||||
| Excluding: Revenue from businesses sold |
(4,670 | ) | | (6,412 | ) | | (2,597 | ) | | |||||||||||||||
| Excluding: Effects of foreign exchange(1) |
| | | 2 | | 1 | ||||||||||||||||||
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| Americas revenue excluding effects of foreign exchange and businesses sold |
$ | 255,676 | $ | 255,847 | $ | 293,779 | $ | 299,924 | $ | 291,210 | $ | 303,422 | ||||||||||||
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| International revenue |
283,934 | 342,551 | 371,397 | 412,058 | 350,623 | 360,318 | ||||||||||||||||||
| Excluding: Revenue from businesses sold |
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| Excluding: Effects of foreign exchange(1) |
| (34,778 | ) | | (22,490 | ) | | 9,398 | ||||||||||||||||
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| International revenue excluding effects of foreign exchange and businesses sold |
$ | 283,934 | $ | 307,773 | $ | 371,397 | $ | 389,568 | $ | 350,623 | $ | 369,716 | ||||||||||||
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| (1) | The impact of foreign exchange fluctuations is calculated by applying the prior comparative period foreign currency exchange rates to the current applicable period financial data in local currencies. |
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