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TRNC Q317 earnings presentation
1.
©2017 TRONC, INC.
ALL RIGHTS RESERVED
2.
The statements contained
in this presentation include certain forward-looking statements that are based largely on the current expectations of tronc, Inc. and reflect various estimates and assumptions by us. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties, which in some instances are beyond our control, are described under the heading “Risk Factors” in tronc’s filings with the Securities and Exchange Commission (SEC), which are available on the SEC’s website or at investor.tronc.com, and include, without limitation: q changes in advertising demand, circulation levels and audience shares; q competition and other economic conditions; q our ability to develop and grow our online businesses; q changes in newsprint price; q our ability to maintain effective internal control over financial reporting; q concentration of stock ownership among our principal stockholders whose interests may differ from those of other stockholders; and q other events beyond our control that may result in unexpected adverse operating results. The words “may,” “believe,” “anticipate,” “expect,” “project,” “intend”, “plan,” “projections,” “will,” “continue,” “business outlook,” “outlook,” “estimate” and similar expressions generally identify forward-looking statements. Whether or not any such forward-looking statements are in fact achieved will depend on future events, some of which are beyond our control. You are cautioned not to place undue reliance on such forward-looking statements, which are being made as of the date of this presentation. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 2 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Disclaimer
3.
3 / ©2017
TRONC, INC. ALL RIGHTS RESERVED Creating a billion dollar online media network
4.
4 / ©2017
TRONC, INC. ALL RIGHTS RESERVED Company Overview tronc (tribune online content) is a media company rooted in award-winning journalism with brands that create and distribute content across the company’s media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities. CORPORATE INFORMATION q NASDAQ: TRNC q Headquartered in Chicago, IL q Newsrooms in ten markets including the top three Designated Market Areas1 (DMA). Titles include: o Chicago Tribune o Los Angeles Times o New York Daily News o The Baltimore Sun o Orlando Sentinel o South Florida's Sun-Sentinel o Newport News o Virginia’s Daily Press o Allentown - The Morning Call o Hartford Courant o The San Diego Union-Tribune AWARD WINNING JOURNALISM q 105 Pulitzer Prizes FINANCIAL OVERVIEW (trailing 12 months at the end of Q3’17) q Revenue - $1.51 billion q GAAP net income - $25.3 million q Non-GAAP adjusted EBITDA - $180.2 million BUSINESS SEGMENTS troncM q Comprised of the Company’s media groups excluding their digital revenues and related digital expenses, except digital subscription revenues when bundled with a print subscription. troncX q Includes the Company’s digital revenues and related digital expenses from local tronc websites, third party websites, mobile applications, digital only subscriptions, TCA and forsalebyowner.com. * Please refer to the defini1on of Adjusted EBITDA and the reconcilia1on of GAAP to Non-GAAP in the appendix 1 Based on Nielsen’s DMA rankings
5.
Ø Strong brands Ø
Margin improvement Ø Solid free cash flow Ø Improved balance sheet Ø Experienced and focused management team Ø Investing to accelerate our transformation Ø Working to create a framework for long-term value creation that accelerates digital and extends print 5 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Investment Thesis
6.
Content Commerce Financial
Acquisitions Culture Ø Deliver premium, verified content to our audience across all channels Ø Execute on our plan to accelerate our digital transformation Ø Deliver customer-centric products and business- partner focused solutions Ø Meet annual financial goals: • Revenue • Adjusted EBITDA1 Ø Identify acquisitions that complement our existing portfolio and diversify our offerings Ø Drive performance through attracting, engaging, cultivating, and inspiring our people DESIRED OUTCOME High-performing, audience-centric, culture that potentially delivers sustainable revenue growth and profit while increasing shareholder value Working to build a framework for long-term value creation 6 / ©2017 TRONC, INC. ALL RIGHTS RESERVED 1Adjusted EBITDA is a non-GAAP measure. Please refer to the definition of Adjusted EBITDA and the reconciliation of GAAP to Non-GAAP in the appendix We aim to:
7.
#2 DMA Average Circulation
– 718k Unique Visitors – 33.1M DAILY NEWS Strong Market Position in Large and Diverse Regions (10 markets, including the top 3 DMAs*6) Notes *1 Average Circulation: Q3, 2017 AAM Sunday *2 Unique Visitors: comScore Q3, 2017 Quarterly Average Unique Visitors (unduplicated) *3 Chicago Tribune paid print circulation also includes Chicago Suburban *4 The Baltimore Sun paid print circulation also includes Capital Gazette and Carroll County Times *5 The Morning Call focuses on the Lehigh Valley region within the 4th largest DMA (Philadelphia) *6 Based on Nielsen’s DMA rankings Average Circulation – 303k Unique Visitors – 26.7M #1 DMA tronc Q3’17 Average Circulation – 2.8M*1 Q3’17 Unique Visitors – 81.3M*2 Average Circulation – 763k Unique Visitors – 19.1M #3 DMA *3 Average Circulation – 154k Unique Visitors – 4.7M #18 DMA Average Circulation – 78k Unique Visitors – 0.6M #42 DMA Average Circulation – 237k Unique Visitors – 4.2M #26 DMA *4 *5 Average Circulation – 98k Unique Visitors – 1.1M #4 (#55) DMA Average Circulation – 124k Unique Visitors – 1.3M #30 DMA Average Circulation – 207k Unique Visitors – 3.7M #28 DMA Average Circulation – 161k Unique Visitors – 3.7M #16 DMA 7 / ©2017 TRONC, INC. ALL RIGHTS RESERVED
8.
digital audience growth mobile social
video unique visitors page views
9.
1Digital Only Subscribers:
Balance as of Quarter End 2Unique Visitors: comScore Quarterly Average (unduplicated) UNIQUE VISITORS (in millions)2 DIGITAL ONLY SUBSCRIBERS (000’s)1 Focus Areas § Market to our Audience § Leverage our legacy distribution § Build, buy and syndicate content Other Highlights § Video creation § Launch of data intelligence tool § Solidify the sales infrastructure § Technology infrastructure enhancements § Back office enhancements Key Highlights 45 49 56 60 60 57 59 55 81 Q3, 2015 Q4, 2015 Q1, 2016 Q2, 2016 Q3, 2016 Q4, 2016 Q1, 2017 Q2, 2017 Q3, 2017 77 88 101 116 136 160 180 220 265 Q3, 2015 Q4, 2015 Q1, 2016 Q2, 2016 Q3, 2016 Q4, 2016 Q1, 2017 Q2, 2017 Q3, 2017 9 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Digital strategy and trends ** ** Includes the New York Daily News * * Does not includes the impact from the New York Daily News
10.
Ø Total Consolidated
Revenue was down 6.6% in the 3rd Quarter 2017 vs. 3rd Quarter 2016 and 7.8% YTD 2017 vs. YTD 2016 Ø Adjusted EBITDA (AEBITDA)1 was down 3.6% in 3rd Quarter vs. 3rd Quarter 2016 and flat YTD 2017 vs. YTD 2016 Ø AEBITDA1 margin improved 30 basis points (BP) in 3rd Quarter 2017 vs. 3rd Quarter 2016 and 80 basis (BP) YTD 2017 vs. YTD 2016 REVENUE Highlights 1Adjusted EBITDA (AEBITDA) and AEBITDA margin non-GAAP measures. Please refer to the definition of Adjusted EBITDA and the reconciliation of GAAP to Non-GAAP in the appendix NON-GAAP AdjEBITDA1 GAAP NET INCOME Q3 $353.1 $378.2 Q3, 2017 Q3, 2016 YTD $1,089 $1,181 YTD, 2017 YTD, 2016 $5.9 $(12.9) YTD, 2017 YTD, 2016 $35.3 $36.6 Q3, 2017 Q3, 2016 $113.4 $113.7 YTD, 2017 YTD, 2016 $2.1 $(10.5) Q3, 2017 Q3, 2016 10 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Consolidated financials ($’s in millions) .0 .0
11.
Highlights Strengthened Balance Sheet §
Increased flexibility to execute key strategies o $11M increase in Cash and a $9M increase in Working Capital in Q3’17 vs. Q2’17 § Reduction in Net Debt [Debt – Cash] o $11M in Q3’17 vs. Q2’17 o The increase in pension and post-retirement benefits payable mainly driven by the acquisition of the New York Daily News on September 3, 2017 Working Capital Net Debt1 (Total Debt – Cash) 1Net Debt is a non-GAAP measure and is defined as Debt ($362M in Q3, 2017, $371M in Q4, 2016 and $390M in Q4, 2015) less Cash ($185M in Q3, 2017, $198M in Q4, 2016 and $41M in Q4, 2015). Please refer to the discussion of Net Debt and its total reconciliation to Total Debt in the appendix. S-Tportion L-TDebtL-TDebt Cash Debt Pension and post-retirement benefits payable $362 $371 $185 $198 $41 Q3 2017 Q4 2016 Q4 2015 $341 $349 $368 $22 $22 $22 Q3 2017 Q4 2016 Q4 2015 $390 $115 $102 $109 Q3 2017 Q4 2016 Q4 2015 $139 $159 $(1) Q3 2017 Q4 2016 Q4 2015 $177 $172 $349 Q3 2017 Q4 2016 Q4 2015 11 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Balance sheet ($’s in millions)
12.
REVENUE NON-GAAP AdjEBITDA1 Q3 Q3 1Adjusted EBITDA
(AEBITDA) is a non-GAAP measure. Please refer to the definition of Adjusted EBITDA and the reconciliation of GAAP to Non-GAAP in the appendix Q3 Q3 REVENUE NON-GAAP AdjEBITDA1 YTD $127 $155 $122 $117 $48 $52 Q3, 2017 Q3, 2016 Other Circulation Advertising $411 $493 $363 $357 $148 $161 YTD, 2017 YTD, 2016 Other Circulation Advertising $29 $31 Q3, 2017 Q3, 2016 $92 $95 YTD, 2017 YTD, 2016 YTD YTD YTD $45 $47 $11 $10 Q3, 2017 Q3, 2016 Content Advertising $138 $146 $33 $30 YTD, 2017 YTD, 2016 Content Advertising $11 $9 Q3, 2017 Q3, 2016 $32 $29 YTD, 2017 YTD, 2016 12 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Segment financials ($’s in millions)
13.
Revenue Guidance Adjusted EBITDA Guidance $1,570-
1,600M $180.5M $180.5M 13 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Full year 2017 guidance ($’s in millions) * Please refer to the defini1on of Adjusted EBITDA and the reconcilia1on of GAAP to Non-GAAP in the appendix $180.5M $100 $120 $140 $160 $180 $200 2017E- Current 2016A $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 $1,600 $1,700 2017E- Current 2016A $1,606M $180.5M $189- 195M $1,525 - $1,540
14.
APPENDIX 14 / ©2017
TRONC, INC. ALL RIGHTS RESERVED
15.
This presentation includes
references to Adjusted EBITDA (also referred to as “Adj EBITDA” or “AEBITDA”), Adjusted EBITDA margin and Net Debt. These measures are not presented in accordance with generally accepted accounting principles in the United States (US GAAP), and tronc’s use of these terms may vary from that of others in the Company’s industry. These measures should not be considered as an alternative to net income (loss), income from operations, net income (loss) per diluted share, revenues or any other performance measures derived in accordance with US GAAP as measures of operating performance or liquidity. Adjusted EBITDA (AEBITDA) and AEBITDA margin The Company defines Adjusted EBITDA as net income before equity in earnings of unconsolidated affiliates, income taxes, loss on early debt extinguishment, interest expense, other (expense) income, realized gain (loss) on investments, reorganization items, depreciation and amortization, net income attributable to non-controlling interests, and other items that the Company does not consider in the evaluation of ongoing operating performance. These items include stock-based compensation expense, restructuring charges, transaction expenses, premium on stock buyback and certain other charges and gains that the Company does not believe reflects the underlying business performance (including spin-related costs). AEBITDA Margin is defined as Adjusted EBITDA divided by Revenue. Management believes that because Adjusted EBITDA excludes (i) certain non-cash expenses (such as depreciation, amortization, stock-based compensation, and gain/loss on equity investments) and (ii) expenses that are not reflective of the Company’s core operating results over time (such as restructuring costs, including the employee voluntary separation program and gain/losses on employee benefit plan terminations, litigation or dispute settlement charges or gains, premiums on stock buyback, and transaction-related costs), this measure provides investors with additional useful information to measure the Company’s financial performance, particularly with respect to changes in performance from period to period. The Company's management uses Adjusted EBITDA (a) as a measure of operating performance; (b) for planning and forecasting in future periods; and (c) in communications with the Company’s Board of Directors concerning the Company’s financial performance. In addition, Adjusted EBITDA, or a similarly calculated measure, is used as the basis for certain financial maintenance covenants that the Company is subject to in connection with certain credit facilities. Since not all companies use identical calculations, the Company's presentation of Adjusted EBITDA and AEBITDA Margin may not be comparable to other similarly titled measures of other companies and should not be used by investors as a substitute or alternative to net income or any measure of financial performance calculated and presented in accordance with GAAP. Instead, management believes Adjusted EBITDA and AEBITDA Margin should be used to supplement the Company’s financial measures derived in accordance with GAAP to provide a more complete understanding of the trends affecting the business. Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and investors should not consider it in isolation or as a substitute for, or more meaningful than, amounts determined in accordance with GAAP. Some of the limitations to using non-GAAP measures as an analytical tool are: they do not reflect the Company’s interest income and expense, or the requirements necessary to service interest or principal payments on the Company’s debt; they do not reflect future requirements for capital expenditures or contractual commitments; and although depreciation and amortization charges are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and non-GAAP measures do not reflect any cash requirements for such replacements. The Company does not provide a reconciliation of Adjusted EBITDA guidance due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for restructuring and transaction costs, stock-based compensation amounts and other charges reflected in our reconciliation of historic numbers, the amount of which, based on historical experience, could be significant. Net Debt Net Debt is defined as Total Debt less Cash. The Company’s management believes that the presentation of Net Debt provides useful information to investors as management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage. Adjusted Total Operating Expenses Adjusted total operating expenses consist of total operating expenses per the income statement, adjusted to exclude the impact of items listed in the Adjusted EBITDA non-GAAP reconciliation. Management believes that Adjusted total operating expenses is informative to investors as it enhances the investors' overall understanding of the financial performance of the Company's business as they analyze current results compared to prior periods. 15 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Appendix non-GAAP
16.
(1) - Restructuring and transac?on costs include costs related to tronc’s internal restructuring, such as severance and IT outsourcing efforts, charges associated with the vacated space and costs related to completed and poten?al acquisi?ons. Reconcilia3on of Net Income (loss) to Adjusted EBITDA and AEBITDA Margin: Three months ended Nine months ended September 24, 2017 September 25, 2016 % Change September 24, 2017 September 25, 2016
% Change Net income (loss) $ 2.1 $ (10.5) * $ 5.9 $ (12.9) * Income tax expense 2.6 4.4 -39.2% 9.6 3.3 * Interest expense, net 6.5 6.7 -1.9% 19.4 20.1 -3.4% Premium on stock buy- back - - * 6.0 - * Loss (gain) on equity investments (5.0) 0.2 * (3.7) 0.5 * Reorganiza?on items, net - 0.1 * - 0.2 * Income from opera3ons 6.3 0.8 * 37.2 11.3 * Deprecia?on and amor?za?on 14.2 14.4 -1.5% 42.0 42.8 -1.9% Restructuring and transac?on costs (1) 12.0 17.0 -29.7% 26.5 40.1 -33.9% Stock-based compensa?on 2.9 2.2 32.1% 7.3 6.0 21.3% Employee voluntary separa?on program - 2.2 * 0.4 13.5 -97.0% Adjusted EBITDA $ 35.3 $ 36.6 -3.6% $ 113.4 $ 113.7 -0.3% Revenue $ 353.1 $ 378.2 $ 1,089.0 $ 1,181.0 Net Income (Loss) Margin 0.6% -2.8% 0.5% -1.1% AEBITDA Margin 10.0% 9.7% 10.4% 9.6% * Represents posi?ve or nega?ve change in excess of 100% 16 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Reconciliation of net Income (loss) to adjusted EBITDA (AEBITDA) and AEBITDA margin ($’s in millions)
17.
(1) - Restructuring and transac?on costs include costs related to tronc’s internal restructuring, such as severance and IT outsourcing efforts, charges associated with the vacated space and costs related to completed and poten?al acquisi?ons. Three months ended December 25, 2016 March 26, 2017 June 25, 2017
September 24, 2017 LTM Net Income (loss) $ 19.4 $ -3.0 $ 6.8 $ 2.1 $ 25.3 Income tax expense 15.6 2.3 4.6 2.6 25.1 Interest expense, net 6.6 6.5 6.4 6.5 26.0 Premium on stock buy- back - 6.0 - - 6.0 Loss on equity investments, net 0.2 0.7 0.6 (5.0) -3.5 Reorganiza?on items, net 0.0 - - - 0.0 Income from opera3ons 41.9 12.5 18.5 6.3 78.9 Deprecia?on and amor?za?on 14.7 13.2 14.7 14.2 56.8 Restructuring and transac?on costs (1) 5.8 6.3 8.2 12.0 32.3 Stock-based compensa?on 2.4 1.9 2.5 2.9 9.7 Employee voluntary separa?on program 2.0 0.2 0.1 - 2.3 Adjusted EBITDA $ 66.8 $ 34.1 $ 44.0 $ 35.3 $ 180.2 17 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Reconciliation of net Income (loss) to adjusted EBITDA (AEBITDA) ($’s in millions)
18.
Reconcilia3on of Total Opera3ng Expenses to Adjusted Total Opera3ng Expenses:
Three Months Ended September 24, 2017 Three Months Ended September 25, 2016 GAAP Adjustments Adjusted GAAP Adjustments Adjusted Compensa?on $ 135.0 $ (11.1) $ 123.9 $ 140.8 $ (8.0) $ 132.7 Newsprint and ink $ 20.9 $ - $ 20.9 $ 25.1 $ - $ 25.1 Outside services $ 111.1 $ (3.5) $ 107.6 $ 118.1 $ (4.5) $ 113.5 Other $ 65.6 $ (0.2) $ 65.3 $ 79.1 $ (8.8) $ 70.3 Deprecia?on and amor?za?on $ 14.2 $ (14.2) $ - $ 14.4 $ (14.4) $ - Total opera?ng expenses $ 346.8 $ (29.0) $ 317.8 $ 377.4 $ (35.7) $ 341.7 Nine Months Ended September 24, 2017 Nine Months Ended September 25, 2016 GAAP Adjustments Adjusted GAAP Adjustments Adjusted Compensa?on $ 394.7 $ (22.3) $ 372.4 $ 453.4 $ (36.2) $ 417.2 Newsprint and ink $ 67.3 $ - $ 67.3 $ 77.2 $ - $ 77.2 Outside services $ 340.3 $ (7.1) $ 333.2 $ 368.7 $ (13.8) $ 354.9 Other $ 207.5 $ (4.8) $ 202.7 $ 227.6 $ (9.7) $ 217.9 Deprecia?on and amor?za?on $ 42.0 $ (42.0) $ - $ 42.8 $ (42.8) $ - Total opera?ng expenses $ 1,051.8 $ (76.2) $ 975.6 $ 1,169.7 $ (102.5) $ 1,067.2 18 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Reconciliation of total operating expenses to adjusted total operating expenses ($’s in millions)
19.
Net Debt Net Debt is defined as Total Debt less Cash. The Company's management believes that the presenta?on of Net Debt provides useful informa?on to investors as management reviews Net Debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage. Reconcilia3on of Total Debt to Net Debt: As of September 24, December 25, December 27, 2017
2016 2015 Current por?on of long-term debt $ 21,708 $ 21,617 $ 21,826 Long-term debt 340,501 349,128 367,847 Total debt 362,209 370,745 389,673 Less: Cash 185,152 198,349 40,832 Net debt $ 177,057 $ 172,396 $ 348,841 19 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Reconciliation of total debt to net debt ($’s in thousands)
20.
(1) See reconcilia?on of Net Loss to Adjusted EBITDA for addi?onal informa?on on adjustments. troncM troncX Corporate / Elims
Consolidated September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 September 24, 2017 September 25, 2016 Total Revenue $ 297.3 $ 323.1 $ 56.5 $ 57.2 $ (0.7) $ (2.1) $ 353.1 $ 378.2 Opera?ng Expenses $ 282.5 $ 306.9 $ 51.1 $ 52.3 $ 13.3 $ 18.2 $ 346.8 $ 377.4 Income from Opera?ons $ 14.8 $ 16.3 $ 5.4 $ 4.8 $ (14.0) $ (20.3) $ 6.3 $ 0.8 D&A $ 5.6 $ 6.2 $ 4.1 $ 2.9 $ 4.4 $ 5.3 $ 14.2 $ 14.4 Adjustments $ 8.3 $ 8.5 $ 1.3 $ 1.4 $ 5.3 $ 11.5 $ 14.9 $ 21.4 Adjusted EBITDA $ 28.7 $ 30.9 $ 10.9 $ 9.1 $ (4.3) $ (3.5) $ 35.3 $ 36.6 troncM troncX Corporate / Elims Consolidated YTD, 2017 YTD, 2016 YTD, 2017 YTD, 2016 YTD, 2017 YTD, 2016 YTD, 2017 YTD, 2016 Total Revenue $ 921.2 $ 1,010.6 $ 170.2 $ 175.9 $ (2.4) $ (5.6) $ 1,089.0 $ 1,181.0 Opera?ng Expenses $ 864.9 $ 946.1 $ 152.2 $ 159.2 $ 34.7 $ 64.3 $ 1,051.8 $ 1,169.7 Income from Opera?ons $ 56.3 $ 64.4 $ 18.0 $ 16.7 $ (37.1) $ (69.9) $ 37.2 $ 11.3 D&A $ 18.2 $ 17.5 $ 10.9 $ 8.5 $ 12.8 $ 16.8 $ 42.0 $ 42.8 Adjustments $ 17.7 $ 13.5 $ 3.4 $ 3.4 $ 13.0 $ 42.8 $ 34.2 $ 59.7 Adjusted EBITDA $ 92.3 $ 95.4 $ 32.4 $ 28.7 $ (11.2) $ (10.3) $ 113.4 $ 113.7 20 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Segment results – Q3’17 ($’s in millions)
21.
(1) See reconcilia?on of Net Loss to Adjusted EBITDA for addi?onal informa?on on adjustments. troncM Three months ended
Nine months ended troncX Three months ended Nine months ended $'s in millions Q3 Q3 % YTD YTD % $'s in millions Q3 Q3 % YTD YTD % 2017 2016 Change 2017 2016 Change 2017 2016 Change 2017 2016 Change Adver?sing $127.4 $154.5 -18% $410.8 $493.2 -17% Adver?sing $ 45.4 $ 47.3 -4% $ 137.7 $ 146.4 -6% Circula?on $122.3 $117.1 5% $362.7 $356.8 2% Content $ 11.2 $ 9.8 14% $ 32.5 $ 29.5 10% Other $47.6 $51.5 -8% $147.7 $160.5 -8% Total Revenue $297.3 $323.1 -8% $921.2 $1,010.6 -9% Total Revenue $ 56.5 $ 57.2 -1% $ 170.2 $ 175.9 -3% Opera?ng Expenses $282.5 $306.9 -8% $864.9 $946.1 -9% Opera?ng Expenses $ 51.1 $ 52.3 -2% $ 152.2 $ 159.2 -4% Income from opera?ons $14.8 $16.3 -9% $56.3 $64.4 -13% Income from opera?ons $ 5.4 $ 4.8 12% $ 18.0 $ 16.7 8% D&A $5.6 $6.2 -9% $18.2 $17.5 4% D&A $ 4.1 $ 2.9 42% $ 10.9 $ 8.5 28% Adjustments (1) $8.3 $8.5 * $17.7 $13.5 32% Adjustments (1) $ 1.3 $ 1.4 -4% $ 3.5 $ 3.4 1% Adjusted EBITDA $28.7 $30.9 -7% $92.3 $95.4 -3% Adjusted EBITDA $ 10.9 $ 9.1 19% $ 32.4 $ 28.7 13% * Represents posi?ve or nega?ve change in excess of 100% 21 / ©2017 TRONC, INC. ALL RIGHTS RESERVED Segment results – Q3’17 ($’s in millions)
22.
©2017 TRONC, INC.
ALL RIGHTS RESERVED
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