Viacom Reports Third Quarter Results
Diluted EPS was
Media Networks Delivered Sequential Improvement in Domestic Affiliate Revenue Growth, Strong Gains in Year-Over-Year Ancillary Revenues and Benefits of Cost Transformation
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Paramount Network's "Yellowstone" is cable's most-watched scripted series of 2018 after "The Walking Dead." (Credit: Paramount Network)
“In the quarter,
“This improvement in operating performance -- combined with meaningful
actions over the past 18 months to de-lever our balance sheet -- have
resulted in a stronger credit profile to help support Viacom’s return to
long-term sustainable growth. We remain focused on building this
momentum with an even stronger September quarter as we continue to
position
FISCAL YEAR 2018 RESULTS
(in millions, except per share amounts) | Quarter Ended June 30, |
B/(W) | Nine Months Ended June 30, |
B/(W) | ||||||||||||||||||||||||
2018 | 2017 | 2018 vs. 2017 | 2018 | 2017 | 2018 vs. 2017 | |||||||||||||||||||||||
GAAP |
||||||||||||||||||||||||||||
Revenues | $ | 3,237 | $ | 3,364 | (4 | )% | $ | 9,458 | $ | 9,944 | (5 | )% | ||||||||||||||||
Operating income | 752 | 746 | 1 | 1,925 | 1,784 | 8 | ||||||||||||||||||||||
Net earnings from continuing operations attributable to Viacom | 511 | 680 | (25 | ) | 1,302 | 1,197 | 9 | |||||||||||||||||||||
Diluted EPS from continuing operations | 1.27 | 1.69 | (25 | ) | 3.23 | 2.99 | 8 | |||||||||||||||||||||
Non-GAAP* |
||||||||||||||||||||||||||||
Adjusted operating income | $ | 767 | $ | 805 | (5 | )% | $ | 2,125 | $ | 2,165 | (2 | )% | ||||||||||||||||
Adjusted net earnings from continuing operations attributable to Viacom | 475 | 471 | 1 | 1,259 | 1,201 | 5 | ||||||||||||||||||||||
Adjusted diluted EPS from continuing operations | 1.18 | 1.17 | 1 | 3.12 | 3.00 | 4 | ||||||||||||||||||||||
* Non-GAAP measures referenced in this release are detailed in the Supplemental Disclosures at the end of this release. |
Revenues in the third fiscal quarter decreased 4% to
MEDIA NETWORKS
Media Networks increased its momentum with growth in television share, significant gains in digital consumption and live event attendance, sequential improvement in domestic affiliate revenue growth and savings from cost transformation initiatives.
Media Networks revenues decreased 2% to
Domestic advertising revenues decreased 3% to
Domestic affiliate revenues decreased 3% to
Domestic ancillary revenues increased 31% to
Benefits from cost transformation initiatives helped drive a 2% decrease in SG&A expenses for the quarter.
Adjusted operating income for Media Networks decreased 8% to
Performance highlights:
Viacom flagship brands grew year-over-year audience share for the fifth consecutive quarter, andViacom continues to hold the top share of basic U.S. cable viewing among key demos, including Adults 18-34, African Americans 18-49 and Kids 2-11, among others.MTV was the fastest growing network in primetime among the top 50 broadcast and cable channels in the Adults 18-34 demo for the quarter. It has increased year-over-year primetime ratings for four straight quarters -- its best streak in seven years -- and, collectively withVH1 , held nine of the top 10 unscripted cable series this year. The second season premiere of Floribama Shore inJuly 2018 brought in nearly 1 million viewers, with ratings up double-digits from its series debut.BET posted its highest-rated third quarter since 2014 -- up 24% in C3 among Adults 18-49 -- culminating in the 2018 BET Awards, cable’s #1 awards show for the fourth straight year.Comedy Central produced its biggest year-over-year primetime ratings gain for a quarter since fiscal 2014. The network continued to broaden its audience base, growing year-over-year ratings among women 18-49 for seven consecutive months as ofJuly 2018 .- The premiere week of Nickelodeon’s Double Dare averaged 1.4 million viewers, making it the most-watched series debut on kids’ TV so far in 2018.
- Paramount Network’s Yellowstone is the most watched scripted cable series of 2018 after The Walking Dead, with an average audience of approximately 4.4 million viewers in Live+3.
VH1 has delivered 12 consecutive quarters of year-over-year share growth. Franchise favorite RuPaul’s Drag Race garnered 12 Emmy nominations in 2018 -- the most for any unscripted series on TV.
-
Viacom Digital Studios continues to drive tremendous growth in digital
consumption of its content, increasing quarterly total video views and
watch-time 112% and 104% year-over-year, respectively. Since the third
quarter of fiscal 2016, the company has tripled its total digital
video streams across O&O and social platforms to 7.0 billion in the
quarter. Additionally, Nick’s Noggin app has flourished on
Amazon Prime Video Channels, with strong subscriber growth since its launch on the platform inMay 2018 . -
The company secured distribution of leading Viacom brands on the new
AT&T Watch entertainment-only skinny bundle service. The partnership
expands the broad representation of
Viacom networks across theAT&T subscriber footprint through a new, differentiated platform that targets mobile users. -
Viacom’s Media Networks is quickly executing on the company’s studio
production strategy to create and license content for digital and
linear partners. Viacom International Studios launched in the quarter,
uniting the extensive production capabilities of Telefe and
majority-owned Brazilian comedy brand Porta dos Fundos with those of
Viacom’s Latin American brands. VIS is already producing shows for
Netflix ,Amazon , Telemundo and Fox, among others. In the U.S.,Nickelodeon delivered its first title under a multi-year agreement withNetflix to produce and license animated seriesPinky Malinky . And MTV Studios, launched in June, will capitalize on one of the TV industry’s largest libraries of youth-focused and music-related IP in the world that -- up until now -- has been largely untapped. -
Accelerating the growth of Viacom’s live events business, Bellator
formed a nine-figure, multi-year distribution partnership with global
sports streaming service DAZN that positions the league to become an
even more significant player in MMA. The sixth annual BET Experience
attracted 165,000 attendees, and cable’s #1 comedy brand also
continued to build success in live events, with more than 45,000 fans
attending Comedy Central’s second annual Clusterfest in
June 2018 .
FILMED ENTERTAINMENT
Performance highlights:
Paramount Pictures has improved adjusted operating income in six consecutive quarters, and was profitable in the second and third quarters of fiscal 2018.- A
Quiet Place has grossed more than$188 million domestically to date, making it the second highest grossing horror film in the U.S. over the past decade. The film has so far earned more than$332 million at the worldwide box office at a production cost of approximately$20 million . -
Released in
May 2018 ,Book Club has gone on earn more than$68 million to date at the domestic box office -- more than six times its acquisition cost of$10 million . -
The fourth quarter release of Mission: Impossible - Fallout
grossed nearly
$330 million globally in its first two weekends -- the biggest opening ever for the franchise. The film has received universal acclaim, with critics hailing it as the best in the series. -
Looking ahead to the fall, Paramount Players and
BET will release Tyler Perry’s Nobody’s Fool -- starring Tiffany Haddish andTika Sumpter -- followed by the studio’sNovember 2018 release of World War II horror film Overlord, produced byJ.J. Abrams . Including the recently announced live-action adaptation of the iconicNickelodeon series Rugrats, Paramount Players has already slated at least five branded feature films with Viacom’s leading media networks. - In all, Paramount’s fiscal 2019 slate will nearly double the number of worldwide theatrical releases compared to fiscal 2018.
-
Paramount Television has continued to drive substantial growth in
licensing revenues from hit series, including the second season of 13
Reasons Why. The Alienist, which
Paramount produced for TNT, received six Emmy nominations, includingOutstanding Limited Series. AndAmazon ordered a second season of Tom Clancy’sJack Ryan well before the series premieres inAugust 2018 . Paramount TV is expected to double its production output in 2019, and currently has 19 series ordered or in production.
BALANCE SHEET AND LIQUIDITY
Continued progress in operating performance over the last 18 months,
including increased
The Company’s cash balance was
At June 30, 2018, total debt outstanding was
About
For more information about
Cautionary Statement Concerning Forward-Looking Statements
This news release 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. Forward-looking
statements reflect our current expectations concerning future results,
objectives, plans and goals, and involve known and unknown risks,
uncertainties and other factors that are difficult to predict and which
may cause future results, performance or achievements to differ. These
risks, uncertainties and other factors include, among others: the public
acceptance of our brands, programs, motion pictures and other
entertainment content on the various platforms on which they are
distributed; technological developments, alternative content offerings
and their effects in our markets and on consumer behavior; the potential
for loss of carriage or other reduction in the distribution of our
content; significant changes in our senior leadership and the ability of
our strategic initiatives to achieve their operating objectives;
economic fluctuations in advertising and retail markets, and economic
conditions generally; evolving cybersecurity and similar risks; the
impact of piracy; increased costs for programming, motion pictures and
other rights; the loss of key talent; competition for content,
audiences, advertising and distribution; fluctuations in our results due
to the timing, mix, number and availability of our motion pictures and
other programming; other domestic and global economic, political,
business, competitive and/or regulatory factors affecting our businesses
generally; changes in the Federal communications or other laws and
regulations; and other factors described in our news releases and
filings with the
VIACOM INC. CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) |
||||||||||||||||||||
Quarter Ended June 30, |
Nine Months Ended June 30, |
|||||||||||||||||||
(in millions, except per share amounts) | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
Revenues | $ | 3,237 | $ | 3,364 | $ | 9,458 | $ | 9,944 | ||||||||||||
Expenses: | ||||||||||||||||||||
Operating | 1,681 | 1,788 | 4,925 | 5,551 | ||||||||||||||||
Selling, general and administrative | 738 | 756 | 2,249 | 2,205 | ||||||||||||||||
Depreciation and amortization | 51 | 53 | 159 | 167 | ||||||||||||||||
Restructuring and related costs | 15 | 21 | 200 | 237 | ||||||||||||||||
Total expenses | 2,485 | 2,618 | 7,533 | 8,160 | ||||||||||||||||
Operating income | 752 | 746 | 1,925 | 1,784 | ||||||||||||||||
Interest expense, net | (138 | ) | (155 | ) | (428 | ) | (469 | ) | ||||||||||||
Equity in net earnings of investee companies | 2 | 47 | 5 | 78 | ||||||||||||||||
Gain on sale of EPIX | — | 285 | — | 285 | ||||||||||||||||
Other items, net | (9 | ) | (2 | ) | (15 | ) | (37 | ) | ||||||||||||
Earnings from continuing operations before provision for income taxes | 607 | 921 | 1,487 | 1,641 | ||||||||||||||||
Provision for income taxes | (93 | ) | (233 | ) | (158 | ) | (417 | ) | ||||||||||||
Net earnings from continuing operations | 514 | 688 | 1,329 | 1,224 | ||||||||||||||||
Discontinued operations, net of tax | 11 | 3 | 23 | 3 | ||||||||||||||||
Net earnings (Viacom and noncontrolling interests) | 525 | 691 | 1,352 | 1,227 | ||||||||||||||||
Net earnings attributable to noncontrolling interests | (3 | ) | (8 | ) | (27 | ) | (27 | ) | ||||||||||||
Net earnings attributable to Viacom | $ | 522 | $ | 683 | $ | 1,325 | $ | 1,200 | ||||||||||||
Amounts attributable to Viacom: | ||||||||||||||||||||
Net earnings from continuing operations | $ | 511 | $ | 680 | $ | 1,302 | $ | 1,197 | ||||||||||||
Discontinued operations, net of tax | 11 | 3 | 23 | 3 | ||||||||||||||||
Net earnings attributable to Viacom | $ | 522 | $ | 683 | $ | 1,325 | $ | 1,200 | ||||||||||||
Basic earnings per share attributable to Viacom: | ||||||||||||||||||||
Continuing operations | $ | 1.27 | $ | 1.69 | $ | 3.23 | $ | 3.00 | ||||||||||||
Discontinued operations | 0.03 | 0.01 | 0.06 | 0.01 | ||||||||||||||||
Net earnings | $ | 1.30 | $ | 1.70 | $ | 3.29 | $ | 3.01 | ||||||||||||
Diluted earnings per share attributable to Viacom: | ||||||||||||||||||||
Continuing operations | $ | 1.27 | $ | 1.69 | $ | 3.23 | $ | 2.99 | ||||||||||||
Discontinued operations | 0.02 | 0.01 | 0.06 | 0.01 | ||||||||||||||||
Net earnings | $ | 1.29 | $ | 1.70 | $ | 3.29 | $ | 3.00 | ||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||
Basic | 402.8 | 402.0 | 402.6 | 399.1 | ||||||||||||||||
Diluted | 403.3 | 402.6 | 402.9 | 400.0 | ||||||||||||||||
Dividends declared per share of Class A and Class B common stock | $ | 0.20 | $ | 0.20 | $ | 0.60 | $ | 0.60 | ||||||||||||
VIACOM INC. CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||||
(in millions, except par value) | June 30, 2018 |
September 30, 2017 |
||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 929 | $ | 1,389 | ||||||
Receivables, net | 3,149 | 2,970 | ||||||||
Inventory, net | 916 | 919 | ||||||||
Prepaid and other assets | 579 | 523 | ||||||||
Total current assets | 5,573 | 5,801 | ||||||||
Property and equipment, net | 875 | 978 | ||||||||
Inventory, net | 3,851 | 3,982 | ||||||||
Goodwill | 11,610 | 11,665 | ||||||||
Intangibles, net | 311 | 313 | ||||||||
Other assets | 941 | 959 | ||||||||
Total assets | $ | 23,161 | $ | 23,698 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 305 | $ | 431 | ||||||
Accrued expenses | 764 | 869 | ||||||||
Participants’ share and residuals | 774 | 825 | ||||||||
Program obligations | 654 | 712 | ||||||||
Deferred revenue | 317 | 463 | ||||||||
Current portion of debt | 23 | 19 | ||||||||
Other liabilities | 460 | 434 | ||||||||
Total current liabilities | 3,297 | 3,753 | ||||||||
Noncurrent portion of debt | 10,065 | 11,100 | ||||||||
Participants’ share and residuals | 414 | 384 | ||||||||
Program obligations | 465 | 477 | ||||||||
Deferred tax liabilities, net | 350 | 294 | ||||||||
Other liabilities | 1,254 | 1,323 | ||||||||
Redeemable noncontrolling interest | 245 | 248 | ||||||||
Commitments and contingencies | ||||||||||
Viacom stockholders’ equity: | ||||||||||
Class A common stock, par value $0.001, 375.0 authorized; 49.4 and 49.4 outstanding, respectively | — | — | ||||||||
Class B common stock, par value $0.001, 5,000.0 authorized; 353.7 and 353.0 outstanding, respectively | — | — | ||||||||
Additional paid-in capital | 10,132 | 10,119 | ||||||||
Treasury stock, 393.1 and 393.8 common shares held in treasury, respectively | (20,562 | ) | (20,590 | ) | ||||||
Retained earnings | 18,247 | 17,124 | ||||||||
Accumulated other comprehensive loss | (811 | ) | (618 | ) | ||||||
Total Viacom stockholders’ equity | 7,006 | 6,035 | ||||||||
Noncontrolling interests | 65 | 84 | ||||||||
Total equity | 7,071 | 6,119 | ||||||||
Total liabilities and equity | $ | 23,161 | $ | 23,698 | ||||||
VIACOM INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||||
Nine Months Ended June 30, |
||||||||||
(in millions) | 2018 | 2017 | ||||||||
OPERATING ACTIVITIES | ||||||||||
Net earnings (Viacom and noncontrolling interests) | $ | 1,352 | $ | 1,227 | ||||||
Discontinued operations, net of tax | (23 | ) | (3 | ) | ||||||
Net earnings from continuing operations | 1,329 | 1,224 | ||||||||
Reconciling items: | ||||||||||
Depreciation and amortization | 159 | 167 | ||||||||
Feature film and program amortization | 3,402 | 3,475 | ||||||||
Equity-based compensation | 45 | 52 | ||||||||
Equity in net earnings and distributions from investee companies | 2 | (11 | ) | |||||||
Gain on sale of EPIX | — | (285 | ) | |||||||
Deferred income taxes | 27 | (118 | ) | |||||||
Operating assets and liabilities, net of acquisitions: | ||||||||||
Receivables | (211 | ) | (504 | ) | ||||||
Production and programming | (3,373 | ) | (3,252 | ) | ||||||
Accounts payable and other current liabilities | (384 | ) | (139 | ) | ||||||
Other, net | 1 | 45 | ||||||||
Net cash provided by operating activities | 997 | 654 | ||||||||
INVESTING ACTIVITIES | ||||||||||
Acquisitions and investments, net | (90 | ) | (358 | ) | ||||||
Capital expenditures | (102 | ) | (139 | ) | ||||||
Proceeds from asset sales | 57 | 108 | ||||||||
Proceeds from sale of EPIX | — | 593 | ||||||||
Proceeds from grantor trusts | 7 | 52 | ||||||||
Net cash provided by/(used in) investing activities | (128 | ) | 256 | |||||||
FINANCING ACTIVITIES | ||||||||||
Borrowings | — | 2,569 | ||||||||
Debt repayments | (1,000 | ) | (3,300 | ) | ||||||
Dividends paid | (241 | ) | (239 | ) | ||||||
Exercise of stock options | 2 | 172 | ||||||||
Other, net | (70 | ) | (64 | ) | ||||||
Net cash used in financing activities | (1,309 | ) | (862 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (20 | ) | (2 | ) | ||||||
Net change in cash and cash equivalents | (460 | ) | 46 | |||||||
Cash and cash equivalents at beginning of period | 1,389 | 379 | ||||||||
Cash and cash equivalents at end of period | $ | 929 | $ | 425 | ||||||
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
The following tables reconcile our results of operations reported in
accordance with accounting principles generally accepted in
(in millions, except per share amounts) | ||||||||||||||||||||||||||
Quarter Ended June 30, 2018 |
||||||||||||||||||||||||||
Operating |
Earnings from |
Provision for |
Net Earnings Attributable to |
Diluted EPS |
||||||||||||||||||||||
Reported results (GAAP) | $ | 752 | $ | 607 | $ | 93 | $ | 511 | $ | 1.27 | ||||||||||||||||
Factors Affecting Comparability: | ||||||||||||||||||||||||||
Restructuring and related costs (2) | 15 | 15 | 4 | 11 | 0.03 | |||||||||||||||||||||
Discrete tax benefit (3) | — | — | 47 | (47 | ) | (0.12 | ) | |||||||||||||||||||
Adjusted results (Non-GAAP) | $ | 767 | $ | 622 | $ | 144 | $ | 475 | $ | 1.18 | ||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||||||||
Nine Months Ended June 30, 2018 |
||||||||||||||||||||||||||
Operating |
Earnings from |
Provision for |
Net Earnings |
Diluted EPS |
||||||||||||||||||||||
Reported results (GAAP) | $ | 1,925 | $ | 1,487 | $ | 158 | $ | 1,302 | $ | 3.23 | ||||||||||||||||
Factors Affecting Comparability: | ||||||||||||||||||||||||||
Restructuring and related costs (2) | 200 | 200 | 48 | 152 | 0.38 | |||||||||||||||||||||
Gain on extinguishment of debt (4) | — | (25 | ) | (6 | ) | (19 | ) | (0.05 | ) | |||||||||||||||||
Gain on asset sale (5) | — | (16 | ) | — | (16 | ) | (0.04 | ) | ||||||||||||||||||
Investment impairments (6) | — | 46 | 10 | 36 | 0.09 | |||||||||||||||||||||
Discrete tax benefit (3) | — | — | 196 | (196 | ) | (0.49 | ) | |||||||||||||||||||
Adjusted results (Non-GAAP) | $ | 2,125 | $ | 1,692 | $ | 406 | $ | 1,259 | $ | 3.12 | ||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||||||||
Quarter Ended June 30, 2017 |
||||||||||||||||||||||||||
Operating |
Earnings from |
Provision for |
Net Earnings |
Diluted EPS |
||||||||||||||||||||||
Reported results (GAAP) | $ | 746 | $ | 921 | $ | 233 | $ | 680 | $ | 1.69 | ||||||||||||||||
Factors Affecting Comparability: | ||||||||||||||||||||||||||
Restructuring and programming charges (7) | 59 | 59 | 21 | 38 | 0.09 | |||||||||||||||||||||
Gain on extinguishment of debt (4) | — | (16 | ) | (5 | ) | (11 | ) | (0.03 | ) | |||||||||||||||||
Gain on sale of EPIX (8) | — | (285 | ) | (96 | ) | (189 | ) | (0.47 | ) | |||||||||||||||||
Investment impairment (6) | — | 10 | 4 | 6 | 0.01 | |||||||||||||||||||||
Discrete tax benefit (3) | — | — | 53 | (53 | ) | (0.12 | ) | |||||||||||||||||||
Adjusted results (Non-GAAP) | $ | 805 | $ | 689 | $ | 210 | $ | 471 | $ | 1.17 | ||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||||||||
Nine Months Ended June 30, 2017 |
||||||||||||||||||||||||||
Operating |
Earnings from |
Provision for |
Net Earnings |
Diluted EPS |
||||||||||||||||||||||
Reported results (GAAP) | $ | 1,784 | $ | 1,641 | $ | 417 | $ | 1,197 | $ | 2.99 | ||||||||||||||||
Factors Affecting Comparability: | ||||||||||||||||||||||||||
Restructuring and programming charges (7) | 381 | 381 | 135 | 246 | 0.62 | |||||||||||||||||||||
Loss on extinguishment of debt (4) | — | 20 | 7 | 13 | 0.03 | |||||||||||||||||||||
Gain on sale of EPIX (8) | — | (285 | ) | (96 | ) | (189 | ) | (0.47 | ) | |||||||||||||||||
Investment impairment (6) | — | 10 | 4 | 6 | 0.02 | |||||||||||||||||||||
Discrete tax benefit (3) | — | — | 72 | (72 | ) | (0.19 | ) | |||||||||||||||||||
Adjusted results (Non-GAAP) | $ | 2,165 | $ | 1,767 | $ | 539 | $ | 1,201 | $ | 3.00 | ||||||||||||||||
(1) The tax impact has been calculated by applying the tax rates applicable to the adjustments presented.
(2) In the second quarter of fiscal 2018, we launched a program of cost
transformation initiatives to improve our margins, including an
organizational realignment of support functions across Media Networks,
new sourcing and procurement policies, real estate consolidation and
technology enhancements. We recognized pre-tax restructuring and related
costs of
(3) The net discrete tax benefit in the quarter ended
The net discrete tax benefit in the quarter ended
(4) We redeemed senior notes and debentures totaling
We redeemed senior notes and debentures totaling
(5) We completed the sale of a 1% equity interest in Viacom18 to our
joint venture partner for
(6) We recognized impairment losses of
(7) We recognized pre-tax restructuring and programming charges of
(8) During the quarter ended
The following table reconciles our net cash provided by operating
activities (GAAP) for the quarter and nine months ended
Reconciliation of net cash provided by operating activities to free cash flow and operating free cash flow (in millions) |
Quarter Ended June 30, |
Better/ (Worse) |
Nine Months Ended June 30, |
Better/ (Worse) |
||||||||||||||||||||||||||
2018 | 2017 | $ | 2018 | 2017 | $ | |||||||||||||||||||||||||
Net cash provided by operating activities (GAAP) | $ | 698 | $ | 249 | $ | 449 | $ | 997 | $ | 654 | $ | 343 | ||||||||||||||||||
Capital expenditures | (38 | ) | (44 | ) | 6 | (102 | ) | (139 | ) | 37 | ||||||||||||||||||||
Free cash flow (Non-GAAP) | 660 | 205 | 455 | 895 | 515 | 380 | ||||||||||||||||||||||||
Debt retirement premium | — | — | — | — | 33 | (33 | ) | |||||||||||||||||||||||
Operating free cash flow (Non-GAAP) | $ | 660 | $ | 205 | $ | 455 | $ | 895 | $ | 548 | $ | 347 | ||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20180809005186/en/
Source:
Viacom Inc.
Press:
Jeremy Zweig,
212-846-7503
Vice President, Corporate Communications and
Corporate
Affairs
jeremy.zweig@viacom.com
or
Alex
Rindler, 212-846-4337
Senior Manager, Corporate Communications
alex.rindler@viacom.com
Investors:
James
Bombassei, 212-258-6377
Senior Vice President, Investor Relations
and Treasurer
james.bombassei@viacom.com
or
Kareem
Chin, 212-846-6305
Vice President, Investor Relations
kareem.chin@viacom.com