EX-99.2 3 exhibit9922q14trending.htm TRENDING SCHEDULES Exhibit 99.2 2Q14 Trending


Exhibit 99.2

TIME INC.
2014 TRENDING SCHEDULES
BASIS OF PRESENTATION

Time Inc. utilizes Adjusted Operating Income Before Depreciation and Amortization (Adjusted OIBDA), among other measures, to evaluate the performance of its business. Adjusted OIBDA is defined as Operating Income less Depreciation and Amortization (OIBDA) and adjusted for noncash impairments of goodwill, intangibles, fixed asset and investments, restructuring and severance costs, gains and losses on operating assets, and other costs related to mergers, acquisitions, investments or dispositions.

Free Cash Flow is defined as Cash provided by (used in) operations less capital expenditures. The Company uses Free Cash Flow to evaluate its business and this measure is considered an important indicator of the Company's liquidity, including its ability to reduce net debt, make strategic investments, and pay dividends to common shareholders.

We believe that the presentation of OIBDA, Adjusted OIBDA, and Free Cash Flow helps investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provides useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business and helps investors evaluate our ability to service our debt.

Some limitations of OIBDA, Adjusted OIBDA, 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 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, and Free Cash Flow should be considered in addition to, not as a substitute for, the Company’s Operating income (loss), Income (loss) from continuing operations 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 U.S. generally accepted accounting principles.

The pro forma share information presented herein gives effect to the issuance of 108.94 million common shares of the Company in connection with the spin-off of the Company from Time Warner as if it had occurred at the beginning of each period presented through the date of the spin-off, June 6, 2014. In addition, certain prior period amounts have been adjusted to conform to the current period presentation.





TIME INC.
2014 TRENDING SCHEDULES
CONSOLIDATED AND COMBINED BALANCE SHEETS
(In millions, except share amounts; Unaudited)
 
2012
 
 
2013
 
 
2014
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
 
March 31,
 
June 30,
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
94

 
$
116

 
$
88

 
$
81

 
 
$
70

 
$
69

 
$
63

 
$
46

 
 
$
51

 
$
204

Receivables, less allowances
507

 
497

 
468

 
588

 
 
530

 
520

 
502

 
489

 
 
414

 
383

Inventories, net of reserves
94

 
89

 
94

 
83

 
 
98

 
99

 
71

 
56

 
 
63

 
62

Deferred tax assets
100

 
89

 
85

 
82

 
 
82

 
82

 
82

 
75

 
 
75

 
98

Prepaid expenses and other current assets
70

 
71

 
67

 
52

 
 
73

 
84

 
96

 
97

 
 
133

 
113

Assets held for sale
—

 
—

 
—

 
—

 
 
—

 
—

 
—

 
—

 
 
—

 
51

Total current assets
865

 
862

 
802

 
886

 
 
853

 
854

 
814

 
763

 
 
736

 
911

Property, plant and equipment, net
620

 
599

 
588

 
576

 
 
544

 
529

 
521

 
534

 
 
494

 
475

Intangible assets subject to amortization, net
501

 
491

 
483

 
638

 
 
627

 
617

 
608

 
582

 
 
1,150

 
1,130

Intangible assets not subject to amortization
800

 
799

 
799

 
637

 
 
636

 
636

 
637

 
586

 
 
—

 
—

Goodwill
3,142

 
3,134

 
3,145

 
3,150

 
 
3,123

 
3,123

 
3,132

 
3,162

 
 
3,174

 
3,163

Other assets
46

 
48

 
50

 
48

 
 
45

 
45

 
44

 
47

 
 
72

 
78

Total assets
$
5,974

 
$
5,933

 
$
5,867

 
$
5,935

 
 
$
5,828

 
$
5,804

 
$
5,756

 
$
5,674

 
 
$
5,626

 
$
5,757

LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
429

 
$
476

 
$
466

 
$
531

 
 
$
453

 
$
494

 
$
514

 
$
534

 
 
$
499

 
$
564

Deferred revenue
535

 
510

 
494

 
485

 
 
509

 
486

 
463

 
449

 
 
468

 
437

Current portion of long-term debt
—

 
—

 
—

 
—

 
 
—

 
—

 
—

 
—

 
 
—

 
7

Liabilities held for sale
—

 
—

 
—

 
—

 
 
—

 
—

 
—

 
—

 
 
—

 
12

Total current liabilities
964

 
986

 
960

 
1,016

 
 
962

 
980

 
977

 
983

 
 
967

 
1,020

Long-term debt
34

 
35

 
35

 
36

 
 
36

 
37

 
37

 
38

 
 
38

 
1,370

Deferred tax liabilities
292

 
292

 
305

 
313

 
 
306

 
315

 
326

 
313

 
 
298

 
296

Deferred revenue
151

 
145

 
141

 
137

 
 
140

 
133

 
128

 
135

 
 
129

 
122

Other noncurrent liabilities
95

 
86

 
90

 
149

 
 
101

 
89

 
130

 
163

 
 
213

 
191

Commitments and contingencies
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shareholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 400 million shares authorized; 108.97 million shares issued and outstanding
—

 
—

 
—

 
—

 
 
—

 
—

 
—

 
—

 
 
—

 
1

Preferred stock, $0.01 par value, 40 million shares authorized; none issued
—

 
—

 
—

 
—

 
 
—

 
—

 
—

 
—

 
 
—

 
—

Additional paid-in-capital
—

 
—

 
—

 
—

 
 
—

 
—

 
—

 
—

 
 
—

 
12,654

Time Warner investment
4,567

 
4,545

 
4,477

 
4,429

 
 
4,477

 
4,444

 
4,332

 
4,158

 
 
4,079

 
—

Accumulated deficit
—

 
—

 
—

 
—

 
 
—

 
—

 
—

 
—

 
 
—

 
(9,819
)
Accumulated other comprehensive loss, net
(129
)
 
(156
)
 
(141
)
 
(145
)
 
 
(194
)
 
(194
)
 
(174
)
 
(116
)
 
 
(98
)
 
(78
)
Total shareholders' equity
4,438

 
4,389

 
4,336

 
4,284

 
 
4,283

 
4,250

 
4,158

 
4,042

 
 
3,981

 
2,758

Total liabilities and shareholders' equity
$
5,974

 
$
5,933

 
$
5,867

 
$
5,935

 
 
$
5,828

 
$
5,804

 
$
5,756

 
$
5,674

 
 
$
5,626

 
$
5,757




TIME INC.
2014 TRENDING SCHEDULES
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(In millions, except per share amounts; Unaudited)
 
Year Ended
 
 
Three Months Ended
 
Year Ended
 
 
Three Months Ended
 
Year Ended
 
 
Three Months Ended
 
12/31/2011
 
 
3/31/2012
 
6/30/2012
 
9/30/2012
 
12/31/2012
 
12/31/2012
 
 
3/31/2013
 
6/30/2013
 
9/30/2013
 
12/31/2013
 
12/31/2013
 
 
3/31/2014
 
6/30/2014
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advertising
$
1,923

 
 
$
383

 
$
472

 
$
437

 
$
527

 
$
1,819

 
 
$
389

 
$
448

 
$
430

 
$
540

 
$
1,807

 
 
$
390

 
$
461

Circulation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subscription
754

 
 
179

 
180

 
179

 
210

 
748

 
 
166

 
174

 
176

 
205

 
721

 
 
180

 
171

Newsstand
498

 
 
107

 
108

 
115

 
117

 
447

 
 
88

 
95

 
105

 
101

 
389

 
 
86

 
83

Other
19

 
 
3

 
4

 
3

 
5

 
15

 
 
4

 
4

 
4

 
7

 
19

 
 
4

 
4

Total Circulation
1,271

 
 
289

 
292

 
297

 
332

 
1,210

 
 
258

 
273

 
285

 
313

 
1,129

 
 
270

 
258

Other
483

 
 
101

 
94

 
104

 
108

 
407

 
 
90

 
112

 
103

 
113

 
418

 
 
85

 
101

Total revenues
3,677

 
 
773

 
858

 
838

 
967

 
3,436

 
 
737

 
833

 
818

 
966

 
3,354

 
 
745

 
820

Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Production costs
(847
)
 
 
(184
)
 
(202
)
 
(192
)
 
(217
)
 
(795
)
 
 
(171
)
 
(182
)
 
(182
)
 
(211
)
 
(746
)
 
 
(175
)
 
(191
)
    Editorial costs
(455
)
 
 
(118
)
 
(118
)
 
(113
)
 
(118
)
 
(467
)
 
 
(110
)
 
(107
)
 
(109
)
 
(117
)
 
(443
)
 
 
(108
)
 
(111
)
    Other
(78
)
 
 
(16
)
 
(17
)
 
(30
)
 
(19
)
 
(82
)
 
 
(19
)
 
(30
)
 
(31
)
 
(53
)
 
(133
)
 
 
(23
)
 
(26
)
Total Cost of revenues
(1,380
)
 
 
(318
)
 
(337
)
 
(335
)
 
(354
)
 
(1,344
)
 
 
(300
)
 
(319
)
 
(322
)
 
(381
)
 
(1,322
)
 
 
(306
)
 
(328
)
Selling, general and administrative expenses
(1,557
)
 
 
(379
)
 
(379
)
 
(340
)
 
(378
)
 
(1,476
)
 
 
(361
)
 
(359
)
 
(345
)
 
(381
)
 
(1,446
)
 
 
(375
)
 
(384
)
Amortization of intangible assets
(42
)
 
 
(9
)
 
(9
)
 
(9
)
 
(9
)
 
(36
)
 
 
(10
)
 
(10
)
 
(10
)
 
(12
)
 
(42
)
 
 
(19
)
 
(20
)
Restructuring and severance costs
(18
)
 
 
(6
)
 
(12
)
 
(6
)
 
(3
)
 
(27
)
 
 
(53
)
 
(1
)
 
(4
)
 
(5
)
 
(63
)
 
 
(115
)
 
(55
)
Asset impairments
(17
)
 
 
—

 
—

 
—

 
(6
)
 
(6
)
 
 
—

 
—

 
—

 
(79
)
 
(79
)
 
 
(26
)
 
—

Goodwill impairment
—

 
 
—

 
—

 
—

 
—

 
—

 
 
—

 
—

 
—

 
—

 
—

 
 
—

 
(26
)
Depreciation
(100
)
 
 
(23
)
 
(24
)
 
(22
)
 
(22
)
 
(91
)
 
 
(22
)
 
(20
)
 
(22
)
 
(21
)
 
(85
)
 
 
(24
)
 
(28
)
Gain (loss) on operating assets
—

 
 
(42
)
 
—

 
1

 
5

 
(36
)
 
 
—

 
—

 
—

 
13

 
13

 
 
—

 
—

Total operating expenses
(3,114
)
 
 
(777
)
 
(761
)
 
(711
)
 
(767
)
 
(3,016
)
 
 
(746
)
 
(709
)
 
(703
)
 
(866
)
 
(3,024
)
 
 
(865
)
 
(841
)
Operating income (loss)
563

 
 
(4
)
 
97

 
127

 
200

 
420

 
 
(9
)
 
124

 
115

 
100

 
330

 
 
(120
)
 
(21
)
Interest income (expense), net
(4
)
 
 
(1
)
 
—

 
(1
)
 
(1
)
 
(3
)
 
 
(1
)
 
—

 
(1
)
 
(1
)
 
(3
)
 
 
(1
)
 
(11
)
Other income (expense), net
6

 
 
(2
)
 
(1
)
 
—

 
—

 
(3
)
 
 
—

 
(3
)
 
—

 
2

 
(1
)
 
 
5

 
(1
)
Income (loss) before income taxes
565

 
 
(7
)
 
96

 
126

 
199

 
414

 
 
(10
)
 
121

 
114

 
101

 
326

 
 
(116
)
 
(33
)
Income tax (provision) benefit
(197
)
 
 
(4
)
 
(34
)
 
(42
)
 
(71
)
 
(151
)
 
 
2

 
(46
)
 
(46
)
 
(35
)
 
(125
)
 
 
42

 
1

Net income (loss)
$
368

 
 
$
(11
)
 
$
62

 
$
84

 
$
128

 
$
263

 
 
$
(8
)
 
$
75

 
$
68

 
$
66

 
$
201

 
 
$
(74
)
 
$
(32
)
Basic net income (loss) per common share
$
3.38

 
 
$
(0.10
)
 
$
0.57

 
$
0.77

 
$
1.17

 
$
2.41

 
 
$
(0.07
)
 
$
0.69

 
$
0.62

 
$
0.61

 
$
1.85

 
 
$
(0.68
)
 
$
(0.30
)
Diluted net income (loss) per common share
$
3.38

 
 
$
(0.10
)
 
$
0.57

 
$
0.77

 
$
1.17

 
$
2.41

 
 
$
(0.07
)
 
$
0.69

 
$
0.62

 
$
0.61

 
$
1.85

 
 
$
(0.68
)
 
$
(0.30
)
Weighted average basic common shares outstanding(1)
108.94

 
 
108.94

 
108.94

 
108.94

 
108.94

 
108.94

 
 
108.94

 
108.94

 
108.94

 
108.94

 
108.94

 
 
108.94

 
108.97

Weighted average diluted common shares outstanding(1)
108.94

 
 
108.94

 
108.94

 
108.94

 
108.94

 
108.94

 
 
108.94

 
108.94

 
108.94

 
108.94

 
108.94

 
 
108.94

 
108.97

___________________



(1) The pro forma share information presented herein gives effect to the issuance of 108.94 million common shares of the Company in connection with the spin-off of the Company from Time Warner as if it had occurred at the beginning of each period presented through the date of the spin-off, June 6, 2014.




TIME INC.
2014 TRENDING SCHEDULES
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(In millions; Unaudited)
 
2011
 
 
2012
 
 
2013
 
 
2014
 
Year Ended
 
 
Three Months Ended
 
Six Months Ended
 
Nine Months Ended
 
Year Ended
 
 
Three Months Ended
 
Six Months Ended
 
Nine Months Ended
 
Year Ended
 
 
Three Months Ended
 
Six Months Ended
 
December 31,
 
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
 
March 31,
 
June 30,
OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
368

 
 
$
(11
)
 
$
51

 
$
135

 
$
263

 
 
$
(8
)
 
$
67

 
$
135

 
$
201

 
 
$
(74
)
 
$
(106
)
Adjustments to reconcile net income to cash provided by operations:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
142

 
 
32

 
65

 
96

 
127

 
 
32

 
62

 
94

 
127

 
 
43

 
91

Asset impairments
17

 
 
—

 
—

 
—

 
6

 
 
—

 
—

 
—

 
79

 
 
26

 
26

Goodwill impairment
—

 
 
—

 
—

 
—

 
—

 
 
—

 
—

 
—

 
—

 
 
—

 
26

(Gain) Loss on investment and other assets, net
1

 
 
42

 
42

 
41

 
36

 
 
—

 
—

 
—

 
—

 
 
1

 
—

Equity in (gains) losses of investee companies, net of cash distributions
(6
)
 
 
1

 
2

 
2

 
4

 
 
1

 
2

 
3

 
2

 
 
2

 
2

Equity-based compensation
41

 
 
16

 
25

 
32

 
39

 
 
7

 
9

 
13

 
18

 
 
2

 
10

Deferred income taxes
18

 
 
2

 
5

 
17

 
32

 
 
(5
)
 
3

 
13

 
28

 
 
(11
)
 
(11
)
Changes in operating assets and liabilities
(107
)
 
 
(13
)
 
2

 
9

 
(46
)
 
 
(28
)
 
(25
)
 
(11
)
 
(37
)
 
 
11

 
42

Cash provided by (used in) operations
474

 
 
69

 
192

 
332

 
461

 
 
(1
)
 
118

 
247

 
418

 
 
—

 
80

INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments and acquisitions, net of cash acquired
(2
)
 
 
(1
)
 
(6
)
 
(8
)
 
(8
)
 
 
(1
)
 
(2
)
 
(3
)
 
10

 
 
(12
)
 
(29
)
Capital expenditures
(48
)
 
 
(6
)
 
(12
)
 
(20
)
 
(34
)
 
 
(6
)
 
(12
)
 
(19
)
 
(34
)
 
 
(7
)
 
(23
)
Other investment proceeds
4

 
 
15

 
15

 
16

 
16

 
 
—

 
—

 
—

 
1

 
 
—

 
—

Cash provided by (used in) investing activities
(46
)
 
 
8

 
(3
)
 
(12
)
 
(26
)
 
 
(7
)
 
(14
)
 
(22
)
 
(23
)
 
 
(19
)
 
(52
)
FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from the issuance of debt
—

 
 
—

 
—

 
—

 
—

 
 
—

 
—

 
—

 
—

 
 
—

 
1,377

Financing costs
—

 
 
—

 
—

 
—

 
—

 
 
—

 
—

 
—

 
—

 
 
—

 
(13
)
Excess tax benefit from equity instruments
6

 
 
12

 
12

 
11

 
16

 
 
18

 
26

 
30

 
34

 
 
12

 
—

Transfer to Time Warner in connection with Spin-Off
—

 
 
—

 
—

 
—

 
—

 
 
—

 
—

 
—

 
—

 
 
—

 
(1,400
)
Net transfers from (to) Time Warner
(411
)
 
 
(90
)
 
(180
)
 
(338
)
 
(465
)
 
 
(21
)
 
(142
)
 
(273
)
 
(464
)
 
 
12

 
166

Cash provided by (used in) financing activities
(405
)
 
 
(78
)
 
(168
)
 
(327
)
 
(449
)
 
 
(3
)
 
(116
)
 
(243
)
 
(430
)
 
 
24

 
130

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
23

 
 
(1
)
 
21

 
(7
)
 
(14
)
 
 
(11
)
 
(12
)
 
(18
)
 
(35
)
 
 
5

 
158

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
72

 
 
95

 
95

 
95

 
95

 
 
81

 
81

 
81

 
81

 
 
46

 
46

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
95

 
 
$
94

 
$
116

 
$
88

 
$
81

 
 
$
70

 
$
69

 
$
63

 
$
46

 
 
$
51

 
$
204

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Free Cash Flow:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash provided by (used in) operations
$
474

 
 
$
69

 
$
192

 
$
332

 
$
461

 
 
$
(1
)
 
$
118

 
$
247

 
$
418

 
 
$
—

 
$
80

Less capital expenditures
(48
)
 
 
(6
)
 
(12
)
 
(20
)
 
(34
)
 
 
(6
)
 
(12
)
 
(19
)
 
(34
)
 
 
(7
)
 
(23
)
Free Cash Flow(1)
$
426

 
 
$
63

 
$
180

 
$
312

 
$
427

 
 
$
(7
)
 
$
106

 
$
228

 
$
384

 
 
$
(7
)
 
$
57

__________________
(1) Free cash flow is defined as net cash flows provided by (used in) operations less capital expenditures.





TIME INC.
2014 TRENDING SCHEDULES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OIBDA
(In millions; Unaudited)
 
Year Ended
 
 
Three Months Ended
 
Year Ended
 
 
Three Months Ended
 
Year Ended
 
 
Three Months
Ended
 
12/31/2011
 
 
3/31/2012
 
6/30/2012
 
9/30/2012
 
12/31/2012
 
12/31/2012
 
 
3/31/2013
 
6/30/2013
 
9/30/2013
 
12/31/2013
 
12/31/2013
 
 
3/31/2014
 
6/30/2014
Operating income (loss)
$
563

 
 
$
(4
)
 
$
97

 
$
127

 
$
200

 
$
420

 
 
$
(9
)
 
$
124

 
$
115

 
$
100

 
$
330

 
 
$
(120
)
 
$
(21
)
Depreciation
100

 
 
23

 
24

 
22

 
22

 
91

 
 
22

 
20

 
22

 
21

 
85

 
 
24

 
28

Amortization
42

 
 
9

 
9

 
9

 
9

 
36

 
 
10

 
10

 
10

 
12

 
42

 
 
19

 
20

OIBDA(1)
705

 
 
28

 
130

 
158

 
231

 
547

 
 
23

 
154

 
147

 
133

 
457

 
 
(77
)
 
27

Asset impairments
17

 
 
—

 
—

 
—

 
6

 
6

 
 
—

 
—

 
—

 
79

 
79

 
 
26

 
—

Goodwill impairment
—

 
 
—

 
—

 
—

 
—

 
—

 
 
—

 
—

 
—

 
—

 
—

 
 
—

 
26

Restructuring and severance costs
18

 
 
6

 
12

 
6

 
3

 
27

 
 
53

 
1

 
4

 
5

 
63

 
 
115

 
55

(Gain) loss on operating assets
—

 
 
42

 
—

 
(1
)
 
(5
)
 
36

 
 
—

 
—

 
—

 
(13
)
 
(13
)
 
 
—

 
—

Other costs(2)
—

 
 
1

 
—

 
—

 
—

 
1

 
 
—

 
—

 
1

 
—

 
1

 
 
—

 
5

Adjusted OIBDA(3)
$
740

 
 
$
77

 
$
142

 
$
163

 
$
235

 
$
617

 
 
$
76

 
$
155

 
$
152

 
$
204

 
$
587

 
 
$
64

 
$
113

___________________
(1) OIBDA is defined as operating income (loss) less depreciation and amortization.
(2) Other costs are primarily transaction costs related to acquisitions and dispositions during the periods presented.
(3) Adjusted OIBDA is defined as OIBDA less Asset impairments, Goodwill impairment, Restructuring and severance costs, Gains or losses on operating assets and other costs related to acquisitions, dispositions and mergers.