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Limerick repossessions court disrupted by group of 30 protestors

first_imgFacebook RELATED ARTICLESMORE FROM AUTHOR Linkedin Previous article‘Get with the times’Next articleLiving City Staff Reporterhttp://www.limerickpost.ie NewsBreaking newsLimerick repossessions court disrupted by group of 30 protestorsBy Staff Reporter – May 8, 2015 640 No vaccines in Limerick yet Surgeries and clinic cancellations extended Shannondoc operating but only by appointment Print Emailcenter_img Twitter WhatsApp First Irish death from Coronavirus TAGSfeatured Advertisement Andrew [email protected] up for the weekly Limerick Post newsletter Sign Up A GROUP of up to 30 protestors interrupted proceedings at Limerick Circuit Courthouse this Friday as County Registrar Pat Wallace heard cases of  finacial institutions applying to the courts to repossess properties where borrowers had fallen into difficulty with repayments.30 people took part in a standing protest after the leader of the Irish Democratic Party asked the County Registrar to adjourn the 126 listed cases to allow the Government follow through on their measures to assist home owners in mortgage difficulty.County Registrar Pat Wallace was forced to leave the bench after Brian McCarthy of the Distressed Mortgage Holders, Kerry, Cork and Limerick group, interrupted proceedings and asked Mr Wallace to read a document.Insisting that the County Registrar read a document, Mr McCarthy refused to return to the public gallery until Mr Wallace did so.Asked if he was respondent to a case listed, Mr McCarthy said he was but he wanted to court to read the document because he questioned the viability of the evidence being presented to the court, people’s understanding of process and the fact that the banks were not present in court but represented by agents.Mr Wallace repeatedly asked him to take a seat and the proceedings were eventually halted after Ken Smollen of the Irish Democratic Party took to his feet asking that all cases be adjourned until the government had announced its plans to help keep families in their homes.Around 30 people sitting in the public gallery then stood up in support of Mr Smollen’s call and clapped and cheered loudly.The County Registrar said they were interfering with due process and eventually left the bench after asking the court’s caretaker Oliver McCarthy to notify the Garda sergeant of the disruption.Speaking outside the court, retired Garda Ken Smollen, leader of the Irish Democratic Party said people are terrified by the court process.“Most of these people have never been in court, It’s ok for the likes of me who is actually used to going into court, but these people are terrified.”“We are not trying to stop these cases people are not looking for write offs but we people want fairness. The banks will not engage fairly with people. The banks are refusing to engage fairly with people even though they say people are not engaging with them it’s the banks who are not engaging.“Because the government has actually stated that they are going to announce plans in the coming weeks to help keep families in their homes would it not be fair and appropriate that these cases at least be adjourned until the government has announced these plans?” he said.When the County Registrar returned 20 minutes later, Mr Wallace sympathised with the predicament of those in court but insisted he had a job to do.“Ladies and Gentlemen, I have a job to do. I am really sorry about your predicament. If you remain quiet you can stay in court if you don’t I’ll have to leave again and the gardai will remove you.”At the conclusion of the court sitting, a total of 11 orders had been granted to allow the financial institutions repossess properties where large capital balances, including arrears, had amounted.A large number of the cases were adjourned to the July and September sittings. Walk in Covid testing available in Limerick from Saturday 10th April Proceedures and appointments cancelled again at UHLlast_img

ViacomCBS Reports Q4 and Full Year 2020 Earnings Results

first_img 4,146 ViacomCBS Reports Q4 and Full Year 2020 Earnings Results Investing Activities: (In millions, except per share amounts) % ) N/M $B/W% Programming charges principally reflect accelerated amortization associated with changes in the expected monetization of certain programs, and decisions to cease airing, alter future airing patterns or not renew certain programs, in connection with management changes implemented as a result of the Merger. Full Year Ended December 31 Total Equity (Unaudited; in millions, except per share amounts) ) 1,650 Loss on extinguishment of debt 13 (1 $ 6,656 783 4.20 4 — 2,584 Adjusted (Non-GAAP) 1,569 * $ 135 .16 ) Reported (GAAP) — $ 2,443 † Non-GAAP measures are detailed in the Supplemental Disclosures at the end of this release. 4,668 $ 137 ) 99 2,305 1,171 (27 $ 14,992 (a) ) Gain on sales 1,246 3.73 % 69 Loss on extinguishment of debt (214) Net earnings (loss) from continuing operations Property and equipment, net (c) (b) 36 117 .92 89 (b) Reported EPS excludes the dilutive impact to shares since we reported a net loss. Adjusted EPS is calculated based on diluted weighted average shares outstanding of 618 million. $ 1,131 5 %$ 5,132 % Programming charges (d) (.18) Year Ended December 31, 2019 ) 1,391 Revenue$ 3,438 Reflects a charge to reduce the carrying value of our international broadcast licenses in Australia to their fair value. 2,826 1,131 2020 589 Adjusted diluted EPS from continuing operations attributable to ViacomCBS December 31, 159 .79 $ 1,141 (4) ) ) (453 2,910 ) 27 $ Cash and cash equivalents 826 467 ) 370 16,713 ) Increase in accounts payable and other liabilities (10) 126 2020 978 SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES (Continued) 2020 2019 Depreciation of abandoned technology (c) Advertising$ 3,145 $ 3,030 119 $ in millions Reflects severance and exit costs relating to restructuring activities, costs incurred in connection with the Merger, legal proceedings involving the Company and other corporate matters. 6,700 $ 783 ) NEW YORK–(BUSINESS WIRE)–Feb 24, 2021– ViacomCBS Inc. (NASDAQ: VIAC; VIACA) today reported financial results for the quarter ended December 31, 2020. Statement from Bob Bakish, President & CEO “We started 2020 with clear goals: unlock the power of our combination, build robust operating momentum and accelerate our streaming strategy – and we delivered. In Q4, despite the ongoing impacts of COVID-19, we finished the year with strong advertising and affiliate results that demonstrate the strength of our core businesses and achieved incredible growth across our linked streaming ecosystem, reaching nearly 30 million global subscribers and over 43 million Pluto TV global MAUs. At today’s streaming investor event, we look forward to showcasing our opportunity to expand our position and bring ViacomCBS content and brands to streaming audiences around the world.” Q4 & FULL YEAR 2020 RESULTS* Items affecting comparability: Domestic (53) 993 65 (Unaudited; in millions, except per share amounts) ) %$ 25,285 (1,149 834 $ ) (.11) 4,139 49,585 Net EarningsfromContinuingOperationsAttributable toViacomCBS 10,363 $ $ Global streaming subscribers rose to nearly 30M, up 56% year-over-year.Domestic streaming subscribers reached 19.2M, up 71% year-over-year.CBS All Access and SHOWTIME OTT delivered their best quarter ever in sign-ups.CBS All Access’ momentum was driven by demand for sports content, including the NFL, UEFA and SEC, as well as original programming, including Star Trek: Discovery and The Stand, and content from ViacomCBS cable brands.SHOWTIME OTT benefitted from strong demand for original programming, including the premieres of Shameless and the limited series Your Honor, as well as theatricals. 3,223 682 29,590 Costs and expenses: $ in millions Full Year Ended December 31$ 2,561 302 $ Expenses (629 2019 (22,908) 2,584 Programming charges (b) 379 834 N/M 177 (c) 2019 (44 14 43 158 ) (324) 645 Class A Common Stock, par value $.001 per share; 375 shares authorized; 52 (2020 and 2019) shares issued Cash, cash equivalents and restricted cash at end of year (includes $135 (2020) and $202 (2019) of restricted cash) 584 159 ) $ 218 174 1,281 ) 1,230 (110) $ 11,924 5,963 (302) 1 (183) $ $ .02 4 GLOBAL (Includes Domestic Revenue) 2020 (5 $ (76 618 3 N/M = Not Meaningful 547 (367 31 6,005 (d) 7,017 129 — (156) ) 6,483 ) Earnings(Loss) fromContinuingOperationsBefore IncomeTaxes $ Quarter Ended December 31, 2020 (Provision)Benefit forIncome Taxes 3,168 $ ) Restructuring and other corporate matters .01 3,223 21 (25) $ (1,713 467 1,183 ) $ 5,393 (b) 3.92 Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of investee companies $ 350 Discrete tax items 1,083 % Net EarningsfromContinuingOperationsAttributable toViacomCBS $ 6,874 ) Net cash flow provided by operating activities from continuing operations $ 519 Reported (GAAP) $ 51 28 2019 $ 49 1.26 Restructuring and other corporate matters (a) CONSOLIDATED STATEMENTS OF OPERATIONS 2,121 Depreciation and amortization $ 492 $ %$ 1,857 5.13 480 BALANCE SHEET & LIQUIDITYFor the full year, ViacomCBS generated $2.2B of operating cash flow from continuing operations and $1.9B of free cash flow†, benefiting from the timing of production spending and cost savings.In Q4, as expected, the ramp up in production spend led to negative operating cash flow from continuing operations of $339 million and negative free cash flow† of $453 million. Content Licensing N/M = Not Meaningful (629) 769 Payment of payroll taxes in lieu of issuing shares for stock-based compensation 2,215 Quarter Ended December 31 802 167 2,436 (27) 2020 $ 570 .02 Reflects a gain on the sale of CBS Television City property and sound stage operation. Operating cash flow from continuing operations 38 – 21 Twitter 304 286 4,213 ) 2020 13,289 (155) Increase in inventory and related program and participation liabilities, net 810 % (6 1 Operating lease liabilities Selling, general and administrative % ) 3,308 — 3 Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities from continuing operations: %$ 9,751 23 467 Interest expense 214 2,563 (12 $ Year Ended 615 399 3.73 (20 $ Full Year Ended December 31$ 2,458 3,157 (788 .73 (e) 617 (40) 59 25 ) 2020 ) (268) Deferred tax provision (benefit) 589 1,500 225 2 Programming charges (b) (298) (206) (28) (302 ) 9 Reflects a gain on the sale of CNET Media Group (“CMG”). $ 3,088 938 ) 7 79 Adjusted net earnings from continuing operations attributable to ViacomCBS 6,837 ) 438 ) 1,994 (183) (20 120 (24 $ — 2019 (10 1,268 ViacomCBS stockholders’ equity: ) 616 (549) $B/W% 2020 $ Other, net 2019 2020 (3 1,516 %$ 12,589 42 Primarily reflects a deferred tax benefit of $768 million resulting from the transfer of intangible assets between our subsidiaries in connection with a reorganization of our international operations; a tax benefit of $44 million realized in connection with the preparation of the 2018 federal tax return, based on further clarity provided by the United States government on tax positions relating to federal tax legislation enacted in December 2017; and a tax benefit of $39 million triggered by the bankruptcy of an investee. $ (174 Adjusted OIBDA$ 1,183 $ 26,998 $ 112 Affiliate (15 Purchase of Company common stock Restructuring and other corporate matters (b) .01 685 $ 155 2,422 2,984 118 Deferred revenues Pluto TV grew its global monthly active users (MAUs) to 43M, up 80% year-over-year.Pluto TV’s domestic MAUs increased to 30.1M, up 34% year-over-year, and more than doubled its advertising revenue in the quarter.User engagement increased, with strong growth in total viewing minutes and average monthly watch time per user, including across connected TVs and mobile devices. (35 (Repayments of) proceeds from short-term debt borrowings, net 983 Equity in loss of investee companies, net of tax and distributions (112) Repayment of long-term debt 983 120 .07 1,809 Reflects a charge to reduce the carrying values of FCC licenses in two markets to their fair values. Quarter Ended December 31$ 845 Change in assets and liabilities VIAC-IR View source version on businesswire.com:https://www.businesswire.com/news/home/20210224005361/en/ CONTACT: Press: Justin Dini Executive Vice President, Corporate Communications (212) 846-2724 [email protected] Peter Collins Vice President, Corporate Communications (917) 826-4182 [email protected] Blaber Senior Director, Corporate Communications (646) 823-6616 [email protected] Pranita Sookai Director, Corporate Communications (718) 316-2182 [email protected] Investors: Anthony DiClemente Executive Vice President, Investor Relations (917) 796-4647 [email protected] Jaime Morris Vice President, Investor Relations (646) 824-5450 [email protected] Robert Amparo Manager, Investor Relations (347) 223-1682 [email protected] KEYWORD: NEW YORK UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ENTERTAINMENT COMMUNICATIONS FILM & MOTION PICTURES TV AND RADIO GENERAL ENTERTAINMENT ONLINE PUBLIC RELATIONS/INVESTOR RELATIONS SOURCE: VIACOMCBS INC. Copyright Business Wire 2021. PUB: 02/24/2021 04:01 PM/DISC: 02/24/2021 04:01 PM http://www.businesswire.com/news/home/20210224005361/en (d) FILMED ENTERTAINMENT 24 Primarily reflects an increase in the value of our investment in fuboTV, which was sold in the fourth quarter of 2020. (279) 430 8,843 8,934 (e) Theatrical 9,716 $ 792 $ 9 1 %$ 3,746 (67 ) (339) (535) 4,146 Operating Q4 2020 revenue decreased 3% year-over-year, reflecting the decline in theatrical revenue, partially offset by growth in licensing and home entertainment revenue.Theatrical revenue was immaterial in the quarter as a result of the closure or reduction in capacity of movie theaters in response to COVID-19.Home entertainment revenue increased 14% year-over-year, driven by higher sales of catalog and Miramax titles.Licensing revenue grew 39% year-over-year due to higher licensing of catalog titles. Additional paid-in capital $ Full Year Ended December 31 $ 2,990 (57) — (239) 2019 $B/W% Adjusted OIBDA decreased 12% year-over-year mainly because of increased expenses to support the growth and expansion of CBS All Access. $ 80 $ (18 ) (.30) ) 2 $ 2019 571 163 Accumulated other comprehensive loss (8 769 3,147 137 $ 1,171 (97 $ (302) (530) 75 1,757 20 1,439 Facebook 2019 563 Diluted EPSfromContinuingOperations Long-term debt $ (1,224 1,705 Adjusted (Non-GAAP) $ Debt (111 2019 % 665 254 ) Year Ended December 31, 52,663 Other items, net 34 (.30) $ 29 544 .20 %$ 10,700 126 2020 (324) Reflects accelerated depreciation for technology that was abandoned in connection with synergy plans related to the Merger. 737 (a) 13 651 Restructuring and other corporate matters (a) 3.93 52,663 ) 48 $ (586 50 Net earnings from continuing operations 570 Current Liabilities: 3,168 .73 $ (6 $ % Basic 2,701 — As of December 31, 2020, the company had $3B of cash on its balance sheet and a committed $3.5B revolving credit facility that remains undrawn. 2,005 (101) (142) 66 5,035 Quarter Ended $ December 31, December 31, (13 709 2020 $B/W% (14 (8 $ $ 3,967 (99) 430 27 3,168 $ (.42) 2,637 841 3,129 Free cash flow (132) 2,294 Diluted EPS from continuing operations attributable to ViacomCBS 2,133 177 SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES (Unaudited; in millions, except per share amounts) Results for the quarters and years ended December 31, 2020 and 2019 included certain items identified as affecting comparability. Adjusted operating income before depreciation and amortization (“Adjusted OIBDA”), adjusted earnings from continuing operations before income taxes, adjusted provision for income taxes, adjusted net earnings from continuing operations attributable to ViacomCBS, and adjusted diluted EPS from continuing operations (together, the “adjusted measures”) exclude the impact of these items and are measures of performance not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We use these measures to, among other things, evaluate our operating performance. These measures are among the primary measures used by management for planning and forecasting of future periods, and they are important indicators of our operational strength and business performance. In addition, we use Adjusted OIBDA to, among other things, value prospective acquisitions. We believe these measures are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management; provide a clearer perspective on our underlying performance; and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results. Because the adjusted measures are measures of performance not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, operating income (loss), earnings (loss) from continuing operations before income taxes, provision benefit for income taxes, net earnings (loss) from continuing operations attributable to ViacomCBS or diluted EPS from continuing operations, as applicable, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies. The following tables reconcile the adjusted measures to their most directly comparable financial measures in accordance with GAAP. (3 25 Other assets (e) Restructuring and other corporate matters (b) %$ 2,562 — (183) 769 Total costs and expenses 632 19 21,360 618 Stock-based compensation 2019 (97 56 $ 438 (b) $B/W% Content Licensing 122 CONSOLIDATED STATEMENTS OF CASH FLOWS (247) 119 (17 (962) Net cash flow used for investing activities from discontinued operations 99 $ $ 1,632 $ (119 Net gains (losses) from investments (27 447 ) $ in millions Accounts payable $ 140 Adjusted OIBDA was $18M compared to a loss of $119M in the prior year quarter as lower revenue was more than offset by lower distribution costs from fewer theatrical releases. CABLE NETWORKSIn Q4, ViacomCBS owned the most top 30 cable networks among viewers 18-49 and 9 of the top 10 original series with kids 2-11; Showtime also had 2 of the top 4 scripted shows on premium cable in the quarter.Q4 2020 revenue increased 11% year-over-year, driven by growth in content licensing, affiliate and advertising revenue.Affiliate revenue increased 8% year-over-year, fueled by growth in streaming subscription revenue, including from SHOWTIME OTT, as well as expanded distribution and contractual rate increases, partially offset by linear subscriber declines.Advertising revenue rose 8% year-over-year, reflecting growth in streaming advertising revenue from Pluto TV as well as higher pricing, which more than offset lower linear impressions.Content licensing revenue increased 48% year-over-year, driven by growth from the licensing of library programming. — $B/W% $ $ ) 1 2,700 2,305 (299) 3,147 ) $ 618 Quarter Ended December 31 (520 645 Equity in earnings (loss) of investee companies, net of tax $B/W% — 16,056 2,239 715 Year Ended December 31, 2020 Net loss from investments (e) Net cash flow provided by operating activities (130) $ 50 44 83 140 Net earnings (loss) (ViacomCBS and noncontrolling interests) ) 2,983 Reflects a gain on the sale of CMG. 3,339 209 (171) Net earnings from discontinued operations 31 Net earnings (loss) from continuing operations .23 1,891 (214) Gain on sales Items affecting comparability: 4,375 Basic net earnings (loss) per common share attributable to ViacomCBS: Investments Primarily reflects a benefit from the remeasurement of our U.K. net deferred income tax asset as a result of an increase in the U.K. corporate income tax rate from 17% to 19% enacted during the third quarter of 2020. Net gains from investments %$ 25,285 (f) (1) (13 13 DOMESTIC 2020 $ $ Depreciation and amortization (a) (c) 2020 Includes an impairment charge of $50 million to write down an investment to its fair value; a gain on marketable securities of $35 million and gains on the sale and acquisition of joint ventures of $11 million. 717 Diluted EPSfromContinuingOperations $ Net earnings (loss) attributable to ViacomCBS 16,545 Revenues$ 6,874 (258) (22,958) (62 $ % (16 ) Revenue$ 514 .22 $ (.49) 48 ) 1,451 International Net earnings from discontinued operations $ .04 (774) B/(W)% Twitter % (2,901) 129 By Digital AIM Web Support – April 6, 2021 220 Interest income Net earnings from discontinued operations 8,521 677 Operating income (loss) Programming and other inventory 2,098 1,083 (58) Net cash flow provided by (used for) operating activities fromcontinuing operations (GAAP) 645 2019 N/M 3,955 14 2019 $ Other investing activities 72 Free cash flow (Non-GAAP) $ .07 $ Beginning Q1 2021, streaming & digital video revenue will be presented as global streaming revenue, including global revenue from advertising on the company’s pay and free streaming services, subscription fees for its pay streaming services, and advertising and subscriptions for its other digital video products. Global subscribers include customers who access the company’s domestic or international streaming services, either directly through its owned and operated apps and websites, or through third-party distributors. Streaming metrics are as of December 31, 2020. 60 8 Other (254) (12 (3) ) (20 264 .19 496 Weighted average number of common shares outstanding: (12 (85) 243 12 615 Quarter Ended December 31$ 888 ) 1,499 292 ) ) $ 532 (1,216) (183) 2,635 2020 ASSETS 8 (1,031) $ 492 (1.34) $354 Receivables, net Revenue$ 3,112 (14 GAAP 2020 $B/W% $ 1,714 589 20 (142 — 29 ) Current assets of discontinued operations 23 (6) 86 13,779 (6 $ REPORTING SEGMENTS TV ENTERTAINMENTIn Q4, CBS was the most-watched network in Daytime and Late Night and claimed the quarter’s top drama, news magazine and 4 of the top 5 comedies, as well as the top new comedy series.Q4 2020 revenue benefitted from strong affiliate revenue growth, which was offset by lower content licensing revenue.Affiliate revenue increased 23% year-over-year, driven by growth in reverse compensation and retransmission fees, as well as robust streaming subscription revenue from CBS All Access.Advertising revenue declined 1% year-over-year, reflecting the impacts from the delayed start of the fall broadcast season and the sale of CNET Media Group, which was offset by record growth in political advertising.Content licensing revenue decreased 20% year-over-year due to a lower volume of licensing from COVID-related production delays. $ (428 Programming and other inventory Operating Activities: (900) 5,481 16,612 573 $ 6,656 Adjusted OIBDA$ 18 31 Operating lease assets 1,714 7 3 ) Facebook $ 2019 Full Year Ended December 31 – (20) 9,166 5 176 (10) $ in millions 4 (345) 169 638 LIABILITIES AND STOCKHOLDERS ’ EQUITY Effect of exchange rate changes on cash, cash equivalents and restricted cash 8,843 277 781 $ $ 1.04 (44) 1,729 Participants’ share and royalties payable Full Year Ended December 31 30 Accrued programming and production costs See notes on the following tables for additional information on items affecting comparability. Net cash flow used for financing activities Impairment charge (c) (36 13 Prepaid expenses 579 Impairment charge (b) Other current liabilities $ $ Amounts attributable to ViacomCBS: 11 1.31 Total current liabilities (.63) 9,048 Diluted 85 1.31 Participants’ share and royalties payable 39 19 8,602 180 2019 ) 778 565 Quarter Ended December 31 Programming charges primarily related to the abandonment of certain incomplete programs resulting from production shutdowns related to COVID-19. Reflects severance, exit costs and other costs related to the Merger and a charge to write down property and equipment classified as held for sale. 82 (399) (133) Other liabilities 3,667 Theatrical Assets of discontinued operations 15 263 $847 197 Capital expenditures Commitments and contingencies ) (67 $ (535) Non-GAAP† 1 (69) (93) 430 4,743 SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES (Continued) $ in millions, except per share amounts .04 Retained earnings 10,375 8,494 .19 (6) (1,970) Total ViacomCBS stockholders’ equity $ ) 5,129 ) 3,657 (973 Gain on sales (c) $ $ $ (25 (7) 85 Net earnings (loss) Diluted EPSfromContinuingOperations (a) 177 Adjusted OIBDA$ 549 206 Advertising 176 Adjusted OIBDA (Non-GAAP) Net earnings (loss) from continuing operations Net cash flow provided by (used for) investing activities 2,215 2,983 ) 8 ) $ 25 3,199 (67 159 VIACOMCBS INC. AND SUBSIDIARIES 615 Television programming and feature film cost amortization 11,045 (14,215) 593 Programming charges (d) $ Pension and postretirement benefit obligations (Unaudited; in millions, except per share amounts) Current Assets: 622 1,975 (549) 810 632 $ At December 31, Net cash flow provided by (used for) investing activities from continuing operations 4 1,669 7 58 140 1.27 5,320 (85) (88) (23 *During the fourth quarter of 2020, ViacomCBS entered into an agreement to sell Simon & Schuster, which was previously reported as the Publishing segment. Simon & Schuster has been presented as a discontinued operation in the company’s consolidated financial statements for all periods. OVERVIEW OF Q4 REVENUE REVENUE BY TYPEAffiliate revenue increased 13% year-over-year, driven by strong growth in streaming subscription revenue, higher reverse compensation and retransmission fees, as well as expanded distribution.Advertising revenue grew 4% year-over-year, reflecting higher streaming advertising and political advertising sales, which more than offset the adverse effects of COVID-19.Content licensing revenue decreased 3% year-over-year, reflecting a lower volume of licensing due to COVID-related production delays. Advertising 1.03 1,891 28 16 Increase in income taxes 1 (f) 618 (299) 97 $ 3,126 171 ) Net cash flow provided by operating activities from discontinued operations 26,998 Net earnings from discontinued operations, net of tax Primarily reflects an increase in the value of our investment in fuboTV, Inc. (“fuboTV”), which was sold in the fourth quarter of 2020. $ 115 (339 † Non-GAAP measures are detailed in the Supplemental Disclosures at the end of this release 2,410 2019 (125 Proceeds from issuance of senior notes Adjusted OIBDA grew 1% year-over-year as a result of the increase in revenue and savings from restructuring activities, which was mostly offset by increased expenses for programming, participations, advertising and promotions, including to support the growth of the company’s streaming services. 2,347 Acquisitions, net of cash acquired (147) (341 8,567 $B/W% 756 $ 6,008 14 Full Year Ended December 31 63 ) Quarter Ended Revenues 438 $ Licensing (42 636 2019 (706) (386 .61 ABOUT VIACOMCBS ViacomCBS (NASDAQ: VIAC; VIACA) is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, its portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, CBS All Access, Pluto TV and Simon & Schuster, among others. The company delivers the largest share of the US television audience and boasts one of the industry’s most important and extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, ViacomCBS provides powerful capabilities in production, distribution and advertising solutions for partners on five continents. For more information about ViacomCBS, please visit www.viacomcbs.com and follow @ViacomCBS on social platforms. CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS This communication contains both historical and forward-looking statements. All statements that are not statements of historical fact are, or may be deemed to be, forward-looking statements within the Private Securities Litigation Reform Act of 1995. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect our current expectations concerning future results and events; generally can be identified by the use of statements that include phrases such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,” “may,” “could,” “estimate” or other similar words or phrases; and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause our actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: changes in consumer behavior, as well as evolving technologies, distribution platforms and packaging; the impact on our advertising revenues of changes in consumers’ content viewership, deficiencies in audience measurement and advertising market conditions; our ability to maintain attractive brands and our reputation, and to offer popular programming and other content; increased costs for programming, films and other rights; competition for content, audiences, advertising and distribution; the potential for loss of carriage or other reduction in or the impact of negotiations for the distribution of our content; losses due to asset impairment charges for goodwill, intangible assets, FCC licenses and programming; the risks and costs associated with the integration of the CBS Corporation and Viacom Inc. businesses and investments in new businesses, products, services and technologies, including our streaming initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; content infringement; the impact of COVID-19 (and other widespread health emergencies or pandemics) and measures taken in response thereto; domestic and global political, economic and/or regulatory factors affecting our businesses generally; liabilities related to discontinued operations and former businesses; the loss of key talent and strikes and other union activity; potential conflicts of interest arising from our ownership structure with a controlling stockholder; and other factors described in our news releases and filings with the Securities and Exchange Commission, including but not limited to our most recent Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K. There may be additional risks, uncertainties and factors that we do not currently view as material or that are not necessarily known. The forward-looking statements included in this communication are made only as of the date of this communication, and we do not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances. ) Other current assets Operating income (loss) (910) Quarter Ended December 31, (600) Goodwill 5.38 $ 2,595 .02 Adjusted (Non-GAAP) ) ) $ 31 $ (56) 3,199 541 Capital expenditures (Unaudited; in millions, except per share amounts) 976 Adjusted OIBDA$ 801 Pinterest (595) 2,285 $ (1,323 WhatsApp 18,002 15,371 Reflects severance, exit costs and other costs related to the Merger. Net EarningsfromContinuingOperationsAttributable toViacomCBS (367 (Decrease) increase in pension and postretirement benefit obligations 1,738 Intangible assets, net 16 (4) (20 485 2020 219 Operating Income (Loss) (GAAP) $ 1,083 $ 445 (Provision) benefit for income taxes 4,139 2 Earnings fromContinuingOperationsBefore IncomeTaxes 433 2,550 $ $ 231 Pinterest (31) 5,393 ) 2,369 769 Financing Activities: (d) (90) WhatsApp 6,656 1,387 3,308 — (214) Quarter Ended December 31 $ (386) Diluted EPSfromContinuingOperations Net gain from investments (d) 44 (214) 140 3.74 (.42) International ) 1 Net earnings (ViacomCBS and noncontrolling interests) $ (214) 2,045 .05 Provision forIncome Taxes 0.92 117 (39) (126) 129 Provision forIncome Taxes 7,937 Loss on extinguishment of debt 4,146 Increase in receivables (3 Liabilities of discontinued operations Domestic $ 549 % Year Ended 630 38 Quarter Ended December 31 (b) 1,861 Proceeds from dispositions (a) (c) $ in millions 88 December 31, (174) Assets held for sale 3 Deferred income tax liabilities, net Programming charges principally reflect accelerated amortization associated with changes in the expected monetization of certain programs, and decisions to cease airing, alter future airing patterns or not renew certain programs, in connection with management changes implemented as a result of the Merger. — $ Restructuring and other corporate matters (a) 1,446 (29) 29,785 620 ) (148) 23 1.26 2020 Accrued expenses 2,813 (68) ) Programming charges primarily related to the abandonment of certain incomplete programs resulting from production shutdowns related to COVID-19. 274 $ ) (114) Quarter Ended December 31, 2019 % ) Net Earnings(Loss) fromContinuingOperationsAttributable toViacomCBS (530 28 — Dividends (112) $ Proceeds from exercise of stock options 5.13 8,296 2,990 Items affecting comparability: (.25) 2,501 Reflects a charge to reduce the carrying value of our international broadcast licenses in Australia to their fair value. 12 4,139 (125 49,585 $ 12,449 $ Affiliate B/(W)% 589 Reflects severance and exit costs relating to restructuring activities and costs incurred in connection with the Merger. Gain on sales (d) VIACOMCBS INC. AND SUBSIDIARIES (2 $ (3) 2,595 — 250 Diluted net earnings (loss) per common share attributable to ViacomCBS: (6) 356 SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES (Continued) (Unaudited; in millions, except per share amounts) Free Cash Flow Free cash flow is a non-GAAP financial measure. Free cash flow reflects our net cash flow provided by operating activities (used for) from continuing operation less capital expenditures. Our calculation of free cash flow includes capital expenditures because investment in capital expenditures is a use of cash that is directly related to our operations. Our net cash flow provided by operating activities from continuing operations is the most directly comparable GAAP financial measure. Management believes free cash flow provides investors with an important perspective on the cash available to us to service debt, make strategic acquisitions and investments, maintain our capital assets, satisfy our tax obligations, and fund ongoing operations and working capital needs. As a result, free cash flow is a significant measure of our ability to generate long-term value. It is useful for investors to know whether this ability is being enhanced or degraded as a result of our operating performance. We believe the presentation of free cash flow is relevant and useful for investors because it allows investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. Free cash flow is among several components of incentive compensation targets for certain management personnel. In addition, free cash flow is a primary measure used externally by our investors, analysts and industry peers for purposes of valuation and comparison of our operating performance to other companies in our industry. As free cash flow is not a measure calculated in accordance with GAAP, free cash flow should not be considered in isolation of, or as a substitute for, either net cash flow provided by (used for) operating activities from continuing operations as a measure of liquidity or net earnings (loss) as a measure of operating performance. Free cash flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies. In addition, free cash flow as a measure of liquidity has certain limitations, does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. The following table presents a reconciliation of our net cash flow provided by (used for) operating activities from continuing operations to free cash flow: 14 $ 5,132 Net earnings (loss) attributable to ViacomCBS (207) (44) 60 Net gains from investments (e) 7 2,296 1,171 111 (549) Noncontrolling interests $ 3,515 12 ) 91 (765) 829 $ 625 Net earnings (loss) from continuing operations .23 155 $ 19,717 ) (142) 447 $ Other financing activities 214 (59) (In millions) 180 CONSOLIDATED BALANCE SHEETS $ Current liabilities of discontinued operations 14 23,401 13 $826 STREAMING & DIGITAL VIDEO REVENUE 5.15 1,546 .03 ) 2019 $ Other ) 1,709 5.36 Expenses 9 SPOTLIGHT ON STREAMING In Q4, ViacomCBS delivered robust global streaming & digital video revenue and user growth across its premium, pay and free services. Q4 GLOBAL HIGHLIGHTS*Global streaming & digital video revenue increased 71% year-over-year to $888M, driven by 74% growth in streaming subscription revenue and 69% streaming advertising revenue growth.Domestic streaming & digital video revenue growth accelerated from 56% in Q3 to 72% in Q4, resulting in revenue of $845M. Gain on sales (e) 13,207 1,317 The year ended December 31, 2020 includes an impairment charge of $25 million to reduce the carrying value of intangible assets to fair value and accelerated depreciation of $12 million for technology that was abandoned in connection with synergy plans related to the merger of Viacom Inc. with and into CBS Corporation (the “Merger”). The quarter and year ended December 31, 2019 include an impairment charge of $20 million to reduce the carrying value of intangible assets to fair value. Impairment charge (b) Net gains from investments (f) (206) $ (14 Less: Net earnings from discontinued operations, net of tax Net earnings from continuing operations attributable to ViacomCBS (loss) 4.83 809 (.49) (.49) Redeemable noncontrolling interest Discrete tax items (g) 8,652 % 2,305 617 Impairment of equity-method investment 1.04 $B/W% Earnings fromContinuingOperationsBefore IncomeTaxes 1 25,285 Affiliate 4.83 2,422 623 $ 11,074 Treasury stock, at cost; 503 (2020) and 501 (2019) Class B Shares 2,158 (a) (a) $ 26,998 $ ) Depreciation and amortization (32 6,052 9,481 Adjusted (Non-GAAP) (15 % 797 (g) ) 4.20 188 ) 5.13 Benefit(Provision) forIncome Taxes — Discrete tax items Reported (GAAP) 810 Net earnings attributable to noncontrolling interests $ 29 1,598 2019 — 1,602 Items affecting comparability: $ Internationally, Pluto TV MAUs grew to 12.9M, including expanding in Spain and Brazil during the quarter.Pluto TV also closed new global distribution agreements with Samsung and Google. (133) 6,037 Deferred income tax assets, net Cash, cash equivalents and restricted cash at beginning of year (includes $202 (2020) and $120 (2019) of restricted cash) Expenses $ $ Local NewsBusiness Programming charges (c) $ (142) (12 Net increase (decrease) in cash, cash equivalents and restricted cash 783 Total Assets Other SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES (Continued) Total Liabilities and Equity Home Entertainment 3.73 16 1.26 3,339 Discrete tax items (f) 11,902 (827) (827) 1 1,358 .05 $ Total current assets 12,554 $369 13 ) (258) $ 215 2020 71 (110) $ Content Licensing (d) Net earnings (loss) Reported (GAAP) Reflects a gain on marketable securities of $113 million; gains of $22 million on the sale and acquisition of joint ventures; and an impairment charge of $50 million to write down an investment to its fair value. ) 2019 – (0.49 (145) Earnings fromContinuing OperationsBefore IncomeTaxes (19 2020 547 2020 564 (1,832) Total Revenues$ 6,874 2,701 2,215 (19) (.21) VIACOMCBS INC. AND SUBSIDIARIES 395 13 (345) 1,184 Gain on sales (b) (453) Program rights obligations 1,583 (12,170) (13 Class B Common Stock, par value $.001 per share; 5,000 shares authorized; 1,068 (2020) and 1,064 (2019) shares issued 826 N/M TAGS  117 3,119 Year Ended December 31, $ Previous articleLatest Labor Optimization Solution by Indeavor Helps CPG Manufacturers Keep Up With DemandNext articleThe AI Infrastructure Alliance Launches With 25 Members to Create the Canonical Stack for Artificial Intelligence Projects Digital AIM Web Supportlast_img

Risking Another Housing Crisis?

first_img Fed Chair Jerome Powell Federal Reserve Governor Housing Market Lael Brainard 2018-12-10 Donna Joseph Servicers Navigate the Post-Pandemic World 2 days ago Risking Another Housing Crisis? Previous: Delaying the Dream of Homeownership Next: Slow Home Sales in the Golden State December 10, 2018 3,178 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Tagged with: Fed Chair Jerome Powell Federal Reserve Governor Housing Market Lael Brainard  Print This Post About Author: Donna Joseph Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / Risking Another Housing Crisis? in Daily Dose, Featured, Government, News, Servicing Servicers Navigate the Post-Pandemic World 2 days ago Forbes contributor Pedro Nicolaci da Costa examines how banks can fortify themselves against another meltdown. His article, da Costa cites Lael Brainard, Federal Reserve Governor, who suggests mandating higher capital requirements on banks—given the continued stability projected by the U.S. economy.”At a time when cyclical pressures have been building and bank profitability has been strong, it might be prudent to ask large banking organizations to fortify their capital buffers, which could subsequently be released if conditions warrant,” Brainard said in a speech last week. Referencing the last financial crisis, Forbes indicated a majority of financial experts are in agreement that banks’ heavy reliance on debt to fund their operations was a key factor in brewing trouble within the housing sector. Are Banks Recession Ready?According to its Comprehensive Capital Analysis and Review, or Stress Test released in July, the Fed found that U.S. firms’ common equity capital ratio has more than doubled, rising to 12.5 percent at the end of Q1 2017 from 5.5 percent in Q1 2009, a total increase of $750 billion to $1.25 trillion. However, during the same period, the percentage of consumers who think credit will become easier to access over the next year declined, according to its Survey of Consumer Expectations. In addition, the Federal Reserve ’s first Financial Stability Report was released in December and assessed the resilience of the U.S. financial system and the triggers that can impact its stability. Speaking about the report, Jerome Powell, the Chairman of the Fed said, “Together, these reports contain a wealth of information on our approach to financial stability and to financial regulation more broadly. By clearly and transparently explaining our policies, we aim to strengthen the foundation of democratic legitimacy that enables the Fed to serve the needs of the American public.” Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Subscribe Related Articleslast_img

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