Discovery Communications Reports Second Quarter 2013 Results
Discovery Communications Reports Second Quarter 2013 Results
SILVER SPRING, Md., July 30, 2013 /PRNewswire/ --
Second Quarter 2013 Financial Highlights:
-- Revenues increased 30% to $1,467 million
-- Adjusted OIBDA increased 23% to $668 million
-- Net income increased to $300 million
-- Free cash flow increased 125% to $311 million
-- Repurchased 7.77 million shares of common and preferred stock for an
aggregate purchase price of $521 million
Discovery Communications, Inc. ("Discovery" or the "Company") (NASDAQ: DISCA, DISCB, DISCK) today reported financial results for the second quarter ended June 30, 2013.
David Zaslav, Discovery's President and Chief Executive Officer said, "Discovery's strong operating and financial momentum continued during the second quarter as we further capitalized on the organic growth opportunities across our portfolio while beginning to take advantage of the benefits that our recent strategic acquisitions provide. Our sustained commitment to producing captivating content and the further expansion of global pay-tv markets combined to once again drive audience and revenue growth across our unique distribution platform. The consistent financial gains we are delivering, along with the strength of our balance sheet, enable us to return significant capital to our shareholders while thoughtfully investing in our diverse brands and platforms in order to further build additional long-term growth opportunities."
Second Quarter Results
Second quarter revenues of $1,467 million were up $341 million, or 30%, compared to the second quarter a year ago, led by 61% growth at International Networks and 13% growth at U.S. Networks. Adjusted Operating Income Before Depreciation and Amortization((1)) ("OIBDA") increased 23% to $668 million, as International Networks were up 51% and U.S. Networks were up 11%. Excluding the impact of licensing agreements, newly acquired businesses((2)) and foreign currency fluctuations, total company revenues increased 10% and Adjusted OIBDA increased 5%.
Second quarter net income available to Discovery Communications, Inc. stockholders of $300 million ($0.82 per diluted share) increased $7 million compared to $293 million ($0.76 per diluted share) for the second quarter a year ago, primarily due to the strong operating performance in the current year partially offset by higher interest and taxes as well as increased amortization associated with purchase price allocation for the SBS transaction.
Free cash flow was $311 million for the second quarter, an increase of 125% from the second quarter of 2012, primarily due to increased operating performance and lower tax payments partially offset by higher content spending. Free cash flow is defined as cash provided by operating activities less purchases of property and equipment.
See the definition of
Adjusted Operating
Income Before
Depreciation and
(1) Amortization on page 4.
Newly acquired businesses
include SBS Nordic
acquired in April 2013,
Switchover Media
acquired in December
2012 and a TV station in
Dubai acquired in
December 2012. See page
9 for reconciliation to
results excluding newly
(2) acquired businesses.
SEGMENT RESULTS
(dollars in millions) Three Months Six Months Ended
Ended June 30, June 30,
--------------- -----------------
2013 2012 Change 2013 2012 Change
---- ---- ------ ---- ---- ------
Revenues:
U.S. Networks $793 $700 13% $1,479 $1,381 7%
International Networks 652 405 61% 1,096 785 40%
Education 24 21 14% 51 45 13%
Corporate and Eliminations (2) - NM (3) - NM
--- --- --- ---
Total Revenues $1,467 $1,126 30% $2,623 $2,211 19%
==== ==== ==== ====
Adjusted OIBDA:
U.S. Networks $472 $426 11% $849 $821 3%
International Networks 265 176 51% 449 347 29%
Education 4 3 33% 11 9 22%
Corporate and Eliminations (73) (61) (20)% (143) (125) (14)%
--- --- ---- ----
Total Adjusted OIBDA $668 $544 23% $1,166 $1,052 11%
==== ==== ==== ====
U.S. Networks
-------------
(dollars in Three Months Six Months Ended
millions) Ended June 30, June 30,
--------------- -----------------
2013 2012 Change 2013 2012 Change
---- ---- ------ ---- ---- ------
Revenues:
Distribution $348 $297 17% $656 $634 3%
Advertising 426 387 10% 782 716 9%
Other 19 16 19% 41 31 32%
--- --- --- ---
Total Revenues $793 $700 13% $1,479 $1,381 7%
==== ==== ==== ====
Adjusted OIBDA $472 $426 11% $849 $821 3%
Adjusted OIBDA
Margin 60% 61% 57% 59%
U.S. Networks' revenues in the second quarter of 2013 increased 13% to $793 million, primarily driven by advertising and distribution revenue growth. Advertising revenue increased 10% mainly due to higher delivery and increased pricing. Distribution revenue increased 17%, largely due to $37 million of additional revenue from licensing agreements versus last year's second quarter. The current quarter also included higher rates and subscriber growth primarily from networks carried on the digital tier. Excluding licensing revenues, distribution revenues grew 5% and total revenues grew 8% compared with the second quarter a year ago.
Adjusted OIBDA increased 11% to $472 million, primarily reflecting the 13% revenue growth which was offset by 17% higher operating expenses, mainly due to increased content amortization and marketing costs. Excluding the impact of licensing agreements, Adjusted OIBDA grew 3% over last year's second quarter.
International Networks
----------------------
(dollars in millions) Three Months Six Months Ended
Ended June 30, June 30,
-------------- ----------------
2013 2012 Change 2013 2012 Change
---- ---- ------ ---- ---- ------
Revenues:
Distribution $314 $243 29% $589 $482 22%
Advertising 322 147 119% 474 271 75%
Other 16 15 7% 33 32 3%
--- --- --- ---
Total Revenues $652 $405 61% $1,096 $785 40%
==== ==== ==== ====
Adjusted OIBDA $265 $176 51% $449 $347 29%
Adjusted OIBDA Margin 41% 43% 41% 44%
International Networks' revenues for the second quarter increased 61% to $652 million, as advertising revenues were up 119% and distribution revenues were up 29%. Excluding newly acquired businesses and foreign currency fluctuations, total revenues were up 14%. Distribution revenues, excluding newly acquired businesses, in local currency terms grew 14% mainly from increased subscribers, most notably in Latin America, as well as from additional contributions due to the consolidation of Discovery Japan. Advertising revenues, excluding newly acquired businesses, were up 21% in local currency terms primarily due to higher pricing and delivery in Latin America and increased viewership and higher pricing in Western Europe. Other revenue, excluding newly acquired businesses, declined by $8 million in local currency terms due to revenue recognized in the prior year associated with services provided to Discovery Japan.
Adjusted OIBDA increased 51% to $265 million on a reported basis, and was up 12% excluding newly acquired businesses and foreign currency fluctuations, reflecting the 14% revenue growth partially offset by a 16% increase in operating expenses. The higher operating expenses were primarily due to increased content amortization, higher expenses related to channel launches in Western Europe and higher personnel costs, as well as costs related to consolidating Discovery Japan.
Education
---------
(dollars in Three Months Six Months Ended
millions) Ended June 30, June 30,
-------------- ----------------
2013 2012 Change 2013 2012 Change
---- ---- ------ ---- ---- ------
Revenues $24 $21 14% $51 $45 13%
Adjusted OIBDA $4 $3 33% $11 $9 22%
Adjusted OIBDA
Margin 17% 14% 22% 20%
Education revenues increased by $3 million and Adjusted OIBDA increased by $1 million compared to the second quarter of 2012, primarily due to assessment benchmark revenues and increased professional development fees.
Corporate and Eliminations
For the second quarter of 2013 Adjusted OIBDA decreased $12 million, primarily due to higher professional fees and personnel costs.
STOCK REPURCHASE
During the quarter, the Company, pursuant to its existing stock repurchase program, repurchased 3.77 million shares of its Series C common stock at an average price of $70.17 per share for an aggregate purchase price of approximately $265 million. Additionally, the Company repurchased 4 million shares of Series C convertible preferred stock for $256 million, or $64.10 per share, from Advance Programming Holdings, LLC.
Following the quarter, from July 1, 2013 through July 26, 2013, the Company repurchased 1.59 million shares of its Series C common stock for approximately $119 million.
The Company has repurchased 62.05 million shares of Series C common stock and 1.99 million shares of its Series A common stock under its $4.0 billion stock repurchase program to date at an aggregate purchase price of approximately $2.87 billion. In aggregate, including the 17.73 million preferred shares acquired from Advance/Newhouse and from Advance Programming Holdings, LLC, the Company has repurchased 19% of its outstanding shares since buyback activity was authorized in 2010.
Under the stock repurchase program, management is authorized to purchase shares from time to time through open market purchases or privately negotiated purchases at prevailing prices as permitted by securities laws and other legal requirements, and subject to stock price, business market conditions and other factors.
FULL YEAR 2013 OUTLOOK
For the full year ending December 31, 2013, Discovery Communications, Inc. expects total revenue between $5.550 billion and $5.625 billion, Adjusted OIBDA between $2.425 billion and $2.475 billion, and net income available to Discovery Communications, Inc. stockholders of $1.100 billion to $1.150 billion. Our updated outlook incorporates the impact of the purchase price allocation associated with the SBS transaction, current foreign exchange rates for revenues and expenses and the current share price for mark-to-market equity-based compensation calculations.
NON-GAAP FINANCIAL MEASURES
Adjusted OIBDA and Free Cash Flow
In addition to the results prepared in accordance with U.S. generally accepted accounting principles ("GAAP") provided in this release, the Company has presented Adjusted OIBDA and free cash flow. The Company evaluates the operating performance of its segments based on financial measures such as revenues and adjusted operating income before depreciation and amortization ("Adjusted OIBDA"). Adjusted OIBDA is defined as revenues less costs of revenues and selling, general and administrative expenses excluding: (i) mark-to-market equity-based compensation, (ii) depreciation and amortization, (iii) amortization of deferred launch incentives, (iv) exit and restructuring charges, (v) certain impairment charges, and (vi) gains and losses on business and asset dispositions. The Company uses this measure to assess operating results and performance of its segments, perform analytical comparisons, identify strategies to improve performance and allocate resources to each segment. The Company believes Adjusted OIBDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes mark-to-market equity-based compensation, exit and restructuring charges, certain impairment charges, and gains and losses on business and asset dispositions from the calculation of Adjusted OIBDA due to their volatility. The Company also excludes depreciation of fixed assets and amortization of intangible assets and deferred launch incentives, as these amounts do not represent cash payments in the current reporting period.
The Company defines free cash flow as cash provided by operating activities less acquisitions of property and equipment. The Company uses free cash flow as it believes it is an important indicator for management and investors of the Company's liquidity, including its ability to reduce debt, make strategic investments and return capital to stockholders.
Adjusted OIBDA and free cash flow are non-GAAP measures, and should be considered in addition to, but not as a substitute for, operating income, net income and other measures of financial performance reported in accordance with GAAP. Please review the supplemental financial schedules beginning on page 10 for reconciliations to GAAP measures.
Conference Call Information
Discovery Communications, Inc. will host a conference call today at 8:30 a.m. ET to discuss its second quarter results. To listen to the call, visit http://www.discoverycommunications.com or dial 1-866-543-6403 inside the U.S. and 1-617-213-8896 outside of the U.S., using the following passcode: 91824906.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties and on information available to the Company as of the date hereof. The Company's actual results could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risk factors disclosed in its Annual Report on Form 10-K/A filed with the SEC on February 19, 2013. Forward-looking statements include statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. Forward-looking statements in this release include, without limitation, the full year 2013 outlook and plans for stock repurchases. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
DISCOVERY COMMUNICATIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; in millions, except per share amounts)
Three Six Months
Months Ended
Ended
June 30, June 30,
-------- --------
2013 2012 2013 2012
---- ---- ---- ----
Revenues:
Distribution $662 $540 $1,245 $1,116
Advertising 749 534 1,257 987
Other 56 52 121 108
--- --- --- ---
Total revenues 1,467 1,126 2,623 2,211
----- ----- ----- -----
Costs and expenses:
Costs of revenues, excluding depreciation and amortization 437 298 779 594
Selling, general and administrative 379 307 746 618
Depreciation and amortization 78 31 110 60
Restructuring charges 9 2 10 3
Total costs and expenses 903 638 1,645 1,275
--- --- ----- -----
Operating income 564 488 978 936
Interest expense (80) (61) (148) (116)
Losses from equity investees, net (7) (6) (9) (54)
Other income (expense), net 4 - 37 (2)
--- --- --- ---
Income from continuing operations before income taxes 481 421 858 764
Provision for income taxes (181) (127) (327) (247)
---- ---- ---- ----
Income from continuing operations, net of taxes 300 294 531 517
Loss from discontinued operations, net of taxes - (1) - - (2)
Net income 300 293 531 515
Net income attributable to noncontrolling interests - - - (1)
--- --- --- ---
Net income available to Discovery Communications, Inc. stockholders $300 $293 $531 $514
==== ==== ==== ====
Basic earnings per share available to Discovery
Communications, Inc. stockholders:
Continuing operations $0.83 $0.77 $1.47 $1.35
Discontinued operations $ - $ - $ - $(0.01)
Net income $0.83 $0.77 $1.47 $1.34
Diluted earnings per share available to Discovery Communications, Inc. stockholders:
Continuing operations $0.82 $0.77 $1.45 $1.33
Discontinued operations $ - $ - $ - $(0.01)
Net income $0.82 $0.76 $1.45 $1.33
Weighted average shares outstanding:
Basic 359 381 361 383
=== === === ===
Diluted 363 384 365 387
=== === === ===
DISCOVERY COMMUNICATIONS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited; in millions)
June December
30, 31,
2013 2012
---- ----
ASSETS
Current assets:
Cash and cash equivalents $375 $1,201
Receivables, net 1,332 1,130
Content rights, net 214 122
Deferred income taxes 75 74
Prepaid expenses and other current
assets 269 203
--- ---
Total current assets 2,265 2,730
Noncurrent content rights, net 1,781 1,555
Property and equipment, net 460 388
Goodwill 7,278 6,399
Intangible assets, net 1,618 611
Equity method investments 1,097 1,095
Other noncurrent assets 188 152
--- ---
Total assets $14,687 $12,930
===== =======
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $116 $71
Accrued expenses and other current
liabilities 741 721
Deferred revenues 122 123
Current portion of long-term debt 23 31
--- ---
Total current liabilities 1,002 946
Long-term debt 6,455 5,212
Deferred income taxes 656 272
Other noncurrent liabilities 270 207
--- ---
Total liabilities 8,383 6,637
31 -
Redeemable noncontrolling interest
Equity:
Preferred stock 2 2
Common stock 3 3
Additional paid-in capital 6,758 6,689
Treasury stock, at cost (2,747) (2,482)
Retained earnings 2,349 2,075
Accumulated other comprehensive
(loss) income (96) 4
--- ---
Total Discovery Communications,
Inc. stockholders' equity 6,269 6,291
Noncontrolling interest 4 2
--- ---
Total equity 6,273 6,293
----- -----
Total liabilities and equity $14,687 $12,930
===== =======
DISCOVERY COMMUNICATIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in millions)
Six Months
Ended June
30,
-----------
2013 2012
---- ----
OPERATING ACTIVITIES
Net income $531 $515
Adjustments to reconcile net
income to cash provided by
operating activities:
Equity-based compensation expense 84 72
Depreciation and amortization 110 61
Content amortization and
impairment expense 542 421
Remeasurement gain on previously
held equity interest (92) -
Equity in losses and
distributions from investee
companies 13 67
Deferred income tax expense
(benefit) 139 (71)
Other, net 83 18
Changes in operating assets and
liabilities:
Receivables, net (90) (109)
Content rights (680) (528)
Accounts payable and accrued
liabilities (83) (11)
Equity-based compensation
liabilities (61) (37)
Income tax receivable 9 19
Other, net (35) (28)
Cash provided by operating
activities 470 389
INVESTING ACTIVITIES
Purchases of property and
equipment (54) (24)
Business acquisition, net of cash
acquired (1,832) (20)
Investments in foreign exchange
contracts (55) -
Distribution from equity method
investee 4 17
Investments in and advances to
equity method investees (26) (87)
Other investing activities, net (1) -
Cash used in investing activities (1,964) (114)
FINANCING ACTIVITIES
Borrowings from long term debt,
net of discount and issuance
costs 1,186 983
Principal repayments of capital
lease obligations (17) (13)
Repurchases of common stock (265) (692)
Repurchases of preferred stock (256) -
Tax settlements associated with
equity-based plans (22) (3)
Proceeds from issuance of common
stock in connection with equity-
based plans 31 70
Excess tax benefits from equity-
based compensation 26 33
Other financing activities, net (3) (2)
--- ---
Cash provided by financing
activities 680 376
Effect of exchange rate changes
on cash and cash equivalents (12) (1)
--- ---
NET CHANGE IN CASH AND CASH
EQUIVALENTS (826) 650
Cash and cash equivalents,
beginning of period 1,201 1,048
----- -----
CASH AND CASH EQUIVALENTS, END
OF PERIOD $375 $1,698
==== ====
DISCOVERY COMMUNICATIONS, INC.
SUPPLEMENTAL FINANCIAL DATA
RECONCILIATION OF NEWLY ACQUIRED BUSINESSES(1)
(unaudited; amounts in millions)
Three Months Ended June 30
--------------------------
2013 2013 2013 2012
International Networks As
Reported Newly International Networks Ex- International
Acquired Acquisitions Networks % Change
Businesses As Reported
---
Revenues:
Distribution $314 $42 $272 $243 12%
Advertising 322 145 177 147 20%
Other 16 8 8 15 (47%)
--- --- --- --- ----
Total Revenues $652 $195 $457 $405 13%
==== ==== ==== ==== ===
Adjusted OIBDA $265 $48 $217 $176 23%
Three Months Ended June 30
--------------------------
2013
2013 Newly 2013 2012
Total Company As Reported Acquired Total Company Ex- Total Company As Reported % Change
Businesses Acquisitions
---
Revenues:
Distribution $662 $42 $620 $540 15%
Advertising 749 145 604 534 13%
Other 56 8 48 52 (8%)
--- --- --- --- ---
Total Revenues $1,467 $195 $1,272 $1,126 13%
====== ==== ====== ====== ===
Adjusted OIBDA $668 $48 $620 $544 14%
Six Months Ended June 30
------------------------
2013 2013 2013 2012
International Networks As
Reported Newly International Networks Ex- International
Acquired Acquisitions Networks % Change
Businesses As Reported
---------- -----------
Revenues:
Distribution $589 $43 $546 $482 13%
Advertising 474 155 319 271 18%
Other 33 8 25 32 (22%)
--- --- --- --- ----
Total Revenues $1,096 $206 $890 $785 13%
====== ==== ==== ==== ===
Adjusted OIBDA $449 $48 $401 $347 16%
Six Months Ended June 30
------------------------
2013
2013 Newly 2013 2012
Total Company As
Reported Acquired Total Company Ex- Total Company % Change
Businesses Acquisitions As Reported
---------- ------------ -----------
Revenues:
Distribution $1,245 $43 $1,202 $1,116 8%
Advertising 1,257 155 1,102 987 12%
Other 121 8 113 108 5%
--- --- --- --- ---
Total Revenues $2,623 $206 $2,417 $2,211 9%
====== ==== ====== ====== ===
Adjusted OIBDA $1,166 $48 $1,118 $1,052 6%
(1) Newly acquired businesses
include SBS Nordic
acquired in April 2013,
Switchover Media
acquired in December
2012 and a TV station in
Dubai acquired in
December 2012. Note
that this reconciliation
does not take into
account other one-time
items such as foreign
exchange and licensing
revenues.
DISCOVERY COMMUNICATIONS, INC.
SUPPLEMENTAL FINANCIAL DATA
RECONCILIATION OF ADJUSTED OPERATING INCOME BEFORE
DEPRECIATION AND AMORTIZATION
(unaudited; in millions)
Three Months Ended June 30, 2013
--------------------------------
Adjusted Depreciation Amortization of Mark-to-Market Other (a) Operating
Operating and Deferred Launch Equity-Based Income
Income Before Amortization Incentives Compensation
Depreciation and
Amortization
------------
U.S. Networks $472 $(3) $(2) $ - $(2) $465
International Networks 265 (61) (3) - (7) 194
Education 4 - - - - 4
Corporate and Eliminations (73) (14) - (12) - (99)
--- --- --- --- --- ---
Total $668 $(78) $(5) $(12) $(9) $564
==== ==== === ==== === ====
Three Months Ended June 30, 2012
--------------------------------
Adjusted Amortization of Mark-to-Market Other (a) Operating
Operating Deferred Launch Equity-Based Income
Income Before Depreciation Incentives Compensation
Depreciation and and
Amortization Amortization
------------ ------------
U.S. Networks $426 $(3) $(3) $ - $ - $420
International Networks 176 (14) (2) - (1) 159
Education 3 (1) - - - 2
Corporate and Eliminations (61) (13) - (18) (1) (93)
--- --- --- --- --- ---
Total $544 $(31) $(5) $(18) $(2) $488
==== ==== === ==== === ====
(a) For the three months
ended June 30, 2013,
amount represents
restructuring charges of
$9 million and for the
three months ended June
30, 2012, amount
represents restructuring
charges of $2 million.
DISCOVERY COMMUNICATIONS, INC.
SUPPLEMENTAL FINANCIAL DATA
RECONCILIATION OF ADJUSTED OPERATING INCOME BEFORE
DEPRECIATION AND AMORTIZATION
(unaudited; amounts in millions)
Six Months Ended June 30, 2013
------------------------------
Adjusted Depreciation Amortization of Mark-to-Market Other (a) Operating
Operating and Deferred Launch Stock-Based Income
Income Before Amortization Incentives Compensation
Depreciation and
Amortization
------------
U.S. Networks $849 $(6) $(4) $ - $(3) $836
International Networks 449 (76) (6) - (7) 360
Education 11 (1) - - - 10
Corporate and Eliminations (143) (27) - (58) - (228)
---- --- --- --- --- ----
Total $1,166 $(110) $(10) $(58) $(10) $978
====== ===== ==== ==== ==== ====
Six Months Ended June 30, 2012
------------------------------
Adjusted Amortization of Mark-to-Market Other (a) Operating
Operating Deferred Launch Stock-Based Income
Income Before Depreciation Incentives Compensation
Depreciation and and
Amortization Amortization
------------ ------------
U.S. Networks $821 $(6) $(5) $ - $(1) $809
International Networks 347 (25) (5) - (1) 316
Education 9 (1) - - - 8
Corporate and Eliminations (125) (28) - (43) (1) (197)
---- --- --- --- --- ----
Total $1,052 $(60) $(10) $(43) $(3) $936
====== ==== ==== ==== === ====
(a) For the six months ended
June 30, 2013, amount
represents restructuring
charges of $10 million
and for the six months
ended June 30, 2012,
amount represents
restructuring charges of
$3 million.
DISCOVERY COMMUNICATIONS, INC.
SUPPLEMENTAL FINANCIAL DATA
(unaudited; in millions)
CALCULATION OF FREE CASH FLOW
Three Months Six Months
Ended June 30, Ended June 30,
--------------- ---------------
2013 2012 Change 2013 2012 Change
---- ---- ------ ---- ---- ------
Cash
provided
by
operating
activities $339 $141 $198 $470 $389 $81
Purchases
of
property
and
equipment (28) (3) (25) (54) (24) (30)
--- --- --- --- --- ---
Free
cash
flow $311 $138 $173 $416 $365 $51
==== ==== ==== ==== ==== ===
RECONCILIATION OF 2013 OUTLOOK TO GAAP MEASURES
Full Year
2013
----------
Net income available to Discovery Communications, Inc. stockholders $1,100 To $1,150
Interest expense, net 310 To 300
Depreciation and amortization 265 To 285
Other expense, including amortization of deferred launch incentives, mark-to-market equity-based 750 To 740
compensation, asset impairment, exit and restructuring costs, gains (losses) on business
disposition, gains (losses) on sale of securities, equity earnings (losses) in unconsolidated
affiliates, unrealized and realized gains (losses) from derivatives, income tax expense, net loss
(income) attributable to noncontrolling interests, and stock dividends to preferred interests
Adjusted OIBDA $2,425 To $2,475
==== ====
DISCOVERY COMMUNICATIONS, INC.
SUPPLEMENTAL FINANCIAL DATA
SELECTED FINANCIAL DETAIL
(unaudited; in millions)
BORROWINGS
June
30,
2013
-----
3.70% Senior Notes, semi-
annual interest, due June
2015 $850
5.625% Senior Notes, semi-annual
interest, due August 2019 500
5.05% Senior Notes, semi-annual
interest, due June 2020 1,300
4.375% Senior Notes, semi-annual
interest, due June 2021 650
3.30% Senior Notes, semi-annual
interest, due May 2022 500
3.25% Senior Notes, semi-annual
interest, due April 2023 350
6.35% Senior Notes, semi-annual
interest, due June 2040 850
4.95% Senior Notes, semi-annual
interest, due May 2042 500
4.875% Senior Notes, semi-annual
interest, due April 2043 850
Capital lease obligations 145
---
Total long-term debt 6,495
Unamortized discount (17)
---
Long-term debt, net 6,478
Current portion of debt (23)
---
Noncurrent portion of debt $6,455
====
EQUITY-BASED COMPENSATION
June 30, 2013
-------------
Total Units Outstanding Weighted Vested Units Weighted
Long-Term (in millions) Average Outstanding Average
Incentive Plans Grant (in millions) Grant
Price Price
--------------- ------ ------------ ------
Unit Awards 1.7 $38.14 - $ -
Stock Appreciation Rights 3.2 55.15 - -
Stock Options 8.8 34.38 5.1 23.23
Performance-based Restricted Stock Units 1.7 43.57 0.3 32.39
Service-based Restricted Stock Units 0.8 51.81 - -
--- ---
Total Equity-based Compensation Plans 16.2 $40.70 5.4 $23.74
---- ---
SHARE COUNT ROLL FORWARD Common Preferred Total
------------------------ ------ --------- -----
(Basic shares, in millions)
Total shares outstanding as of December 31, 2012 245.17 119.05 364.22
Shares repurchased (3.77) (4.00) (7.77)
Shares issued - equity-based compensation 1.57 - 1.57
Conversion of shares 0.55 (0.55) -
Total shares outstanding as of June 30, 2013 243.52 114.50 358.02
SOURCE Discovery Communications, Inc.
Discovery Communications, Inc.
CONTACT: Corporate Communications: Michelle Russo (240) 662-2901, michelle_russo@discovery.com; Investor Relations: Craig Felenstein (212) 548-5109, craig_felenstein@discovery.com
Web Site: http://www.discoverycommunications.com
-------
Profile: intent
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