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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-09553
ViacomCBS Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
04-2949533
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
1515 Broadway
New York,
New York
 
10036
(Address of principal executive offices)
 
(Zip Code)
(212) 258-6000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbols
 
Name of each exchange on which registered
Class A Common Stock, $0.001 par value
 
 
VIACA
 
 
 
The Nasdaq Stock Market LLC
 
Class B Common Stock, $0.001 par value
 
 
VIAC
 
 
 
The Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer 
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No 
Number of shares of common stock outstanding at August 3, 2020:
Class A Common Stock, par value $.001 per share— 52,266,444
Class B Common Stock, par value $.001 per share— 563,771,436
 




VIACOMCBS INC.
INDEX TO FORM 10-Q
 
 
Page
 
PART I – FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
 
 
 

- 2-



PART I – FINANCIAL INFORMATION
Item 1.
Financial Statements.
VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2020
 
2019
 
2020

2019
Revenues
$
6,275

 
$
7,143

 
$
12,944


$
14,243

Costs and expenses:
 

 
 

 





Operating
3,485

 
4,210

 
7,550


8,458

Selling, general and administrative
1,222

 
1,371

 
2,563


2,684

Depreciation and amortization
124

 
109

 
237


215

Restructuring and other corporate matters
158

 
7

 
391


185

Total costs and expenses
4,989

 
5,697

 
10,741

 
11,542

Gain on sale of assets

 

 


549

Operating income
1,286

 
1,446

 
2,203

 
3,250

Interest expense
(263
)
 
(237
)
 
(504
)

(477
)
Interest income
11

 
15

 
25


34

Loss on extinguishment of debt
(103
)
 

 
(103
)


Other items, net
6

 
15

 
(27
)

25

Earnings from continuing operations before income taxes and
equity in loss of investee companies
937

 
1,239

 
1,594

 
2,832

(Provision) benefit for income taxes
(202
)
 
(241
)
 
(339
)

135

Equity in loss of investee companies, net of tax
(12
)
 
(21
)
 
(21
)

(39
)
Net earnings from continuing operations
723

 
977

 
1,234

 
2,928

Net earnings from discontinued operations, net of tax
3


6


11


19

Net earnings (ViacomCBS and noncontrolling interests)
726

 
983

 
1,245

 
2,947

Net earnings attributable to noncontrolling interests
(245
)
 
(6
)
 
(248
)

(11
)
Net earnings attributable to ViacomCBS
$
481

 
$
977

 
$
997

 
$
2,936

 
 
 
 
 
 
 
 
Amounts attributable to ViacomCBS:
 
 
 
 
 
 
 
Net earnings from continuing operations
$
478

 
$
971

 
$
986


$
2,917

Net earnings from discontinued operations, net of tax
3

 
6

 
11


19

Net earnings attributable to ViacomCBS
$
481

 
$
977

 
$
997

 
$
2,936

 
 
 
 
 
 
 
 
Basic net earnings per common share attributable to ViacomCBS:
 

 
 

 
 
 
 
Net earnings from continuing operations
$
.78


$
1.58


$
1.60


$
4.74

Net earnings from discontinued operations
$


$
.01


$
.02


$
.03

Net earnings
$
.78


$
1.59


$
1.62


$
4.77

 
 
 
 
 





Diluted net earnings per common share attributable to ViacomCBS:
 

 
 

 





Net earnings from continuing operations
$
.77


$
1.57


$
1.60


$
4.73

Net earnings from discontinued operations
$


$
.01


$
.02


$
.03

Net earnings
$
.78


$
1.58


$
1.62


$
4.76

 
 
 
 
 





Weighted average number of common shares outstanding:
 

 
 

 





Basic
615

 
615

 
615


615

Diluted
617


617


617


617

See notes to consolidated financial statements.

-3-



VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited; in millions)
 
Three Months Ended
 
Six Months Ended

June 30,
 
June 30,
 
2020
 
2019
 
2020
 
2019
Net earnings (ViacomCBS and noncontrolling interests)
$
726

 
$
983

 
$
1,245

 
$
2,947

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Cumulative translation adjustments
37

 
(8
)
 
(67
)
 
8

Net actuarial loss and prior service costs
18

 
15

 
35

 
29

Other comprehensive income (loss), net of tax
(ViacomCBS and noncontrolling interests)
55

 
7

 
(32
)
 
37

Comprehensive income
781

 
990

 
1,213

 
2,984

Less: Comprehensive income attributable to noncontrolling
interests
245

 
5

 
245

 
13

Comprehensive income attributable to ViacomCBS
$
536

 
$
985

 
$
968

 
$
2,971

See notes to consolidated financial statements.

-4-



VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except per share amounts)
 
At
 
At
 
June 30, 2020
 
December 31, 2019
ASSETS
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
2,288

 
 
 
$
632

 
Receivables, net
 
7,139

 
 
 
7,206

 
Programming and other inventory
 
1,837

 
 
 
2,876

 
Prepaid and other current assets
 
1,175

 
 
 
1,188

 
Total current assets
 
12,439

 
 
 
11,902

 
Property and equipment, net
 
1,995

 
 
 
2,085

 
Programming and other inventory
 
9,728

 
 
 
8,652

 
Goodwill
 
17,077

 
 
 
16,980

 
Intangible assets, net
 
2,948

 
 
 
2,993

 
Operating lease assets
 
1,841

 
 
 
1,939

 
Deferred income tax assets, net
 
919

 
 
 
939

 
Other assets
 
4,212

 
 
 
4,006

 
Assets held for sale
 
29

 
 
 
23

 
Total Assets
 
$
51,188




$
49,519

 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS EQUITY
 


 
 
 


 
Current Liabilities:
 


 
 
 


 
Accounts payable
 
$
422

 
 
 
$
667

 
Accrued expenses
 
1,553

 
 
 
1,760

 
Participants’ share and royalties payable
 
2,090

 
 
 
1,977

 
Accrued programming and production costs
 
1,189

 
 
 
1,500

 
Deferred revenues
 
695

 
 
 
739

 
Debt
 
364

 
 
 
717

 
Other current liabilities
 
1,672

 
 
 
1,688

 
Total current liabilities
 
7,985

 
 
 
9,048

 
Long-term debt
 
19,704

 
 
 
18,002

 
Participants’ share and royalties payable
 
1,485

 
 
 
1,546

 
Pension and postretirement benefit obligations
 
2,070

 
 
 
2,121

 
Deferred income tax liabilities, net
 
708

 
 
 
500

 
Operating lease liabilities
 
1,816

 
 
 
1,909

 
Program rights obligations
 
252

 
 
 
356

 
Other liabilities
 
2,344

 
 
 
2,494

 
Redeemable noncontrolling interest
 
274

 
 
 
254

 
 
 


 
 
 


 
Commitments and contingencies (Note 15)
 


 
 
 


 
 
 


 
 
 


 
ViacomCBS stockholders equity:
 


 
 
 


 
Class A Common Stock, par value $.001 per share; 55 shares authorized;
52 (2020 and 2019) shares issued
 





 
Class B Common Stock, par value $.001 per share; 5,000 shares authorized;
1,066 (2020) and 1,064 (2019) shares issued
 
1




1

 
Additional paid-in capital
 
29,680




29,590

 
Treasury stock, at cost; 502 (2020) and 501 (2019) Class B shares
 
(22,958
)



(22,908
)
 
Retained earnings
 
9,150




8,494

 
Accumulated other comprehensive loss
 
(1,999
)



(1,970
)
 
Total ViacomCBS stockholders’ equity
 
13,874

 
 
 
13,207

 
Noncontrolling interests
 
676




82

 
Total Equity
 
14,550

 
 
 
13,289

 
Total Liabilities and Equity
 
$
51,188

 
 
 
$
49,519

 
See notes to consolidated financial statements.

-5-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
 
Six Months Ended
 
June 30,
 
2020

2019
Operating Activities:
 
 
 
Net earnings (ViacomCBS and noncontrolling interests)
$
1,245


$
2,947

Less: Net earnings from discontinued operations, net of tax
11


19

Net earnings from continuing operations
1,234


2,928

Adjustments to reconcile net earnings from continuing operations to net cash flow provided
by operating activities:





Depreciation and amortization
237


215

Deferred tax provision (benefit)
224


(535
)
Stock-based compensation
145


106

Gain on sale of assets


(549
)
Gains from investments
(32
)

(77
)
Loss on extinguishment of debt
103

 

Equity in loss of investee companies, net of tax and distributions
22


41

Change in assets and liabilities
(782
)

(940
)
Net cash flow provided by operating activities
1,151


1,189

Investing Activities:





Investments
(60
)

(132
)
Capital expenditures
(132
)

(142
)
Acquisitions, net of cash acquired
(141
)

(361
)
Proceeds from dispositions
146


751

Other investing activities


4

Net cash flow (used for) provided by investing activities
(187
)

120

Financing Activities:





Repayments of short-term debt borrowings, net
(698
)

(674
)
Proceeds from issuance of senior notes
4,370


493

Repayment of notes and debentures
(2,535
)

(600
)
Dividends
(301
)

(299
)
Purchase of Company common stock
(58
)

(14
)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation
(59
)

(52
)
Other financing activities
(70
)

(81
)
Net cash flow provided by (used for) financing activities
649


(1,227
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(17
)

2

Net increase in cash, cash equivalents and restricted cash
1,596


84

Cash, cash equivalents and restricted cash at beginning of period
(includes $202 (2020) and $120 (2019) of restricted cash)
834


976

Cash, cash equivalents and restricted cash at end of period
(includes $142 (2020) and $122 (2019) of restricted cash)
$
2,430


$
1,060

See notes to consolidated financial statements.

-6-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited; in millions)
 
Three Months Ended June 30, 2020
 
Class A and B Common Stock
Additional Paid-In Capital
Treasury
Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total ViacomCBS Stockholders’ Equity
 
Non-Controlling Interests
 
Total Equity
 
(Shares)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2020
615

 
$
1

 
$
29,633

 
$
(22,958
)
 
 
$
8,827

 
 
 
$
(2,054
)
 
 
 
$
13,449

 
 
 
$
72

 
 
$
13,521

Stock-based compensation
activity and other
1

 

 
47

 

 
 

 
 
 

 
 
 
47

 
 
 

 
 
47

Dividends

 

 

 

 
 
(150
)
 
 
 

 
 
 
(150
)
 
 
 

 
 
(150
)
Noncontrolling interests

 

 

 

 
 
(8
)
 
 
 

 
 
 
(8
)
 
 
 
359

(a) 
 
351

Net earnings

 

 

 

 
 
481

 
 
 

 
 
 
481

 
 
 
245

 
 
726

Other comprehensive
income

 

 

 

 
 

 
 
 
55

 
 
 
55

 
 
 

 
 
55

June 30, 2020
616

 
$
1

 
$
29,680

 
$
(22,958
)
 
 
$
9,150

 
 
 
$
(1,999
)
 
 
 
$
13,874

 
 
 
$
676

 
 
$
14,550

 
Six Months Ended June 30, 2020
 
Class A and B Common Stock
Additional Paid-In Capital
Treasury
Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total ViacomCBS Stockholders’ Equity
 
Non-Controlling Interests
 
Total Equity
 
(Shares)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
615

 
$
1

 
$
29,590

 
$
(22,908
)
 
 
$
8,494

 
 
 
$
(1,970
)
 
 
 
$
13,207

 
 
 
$
82

 
 
$
13,289

Stock-based compensation
activity and other
2

 

 
90

 

 
 

 
 
 

 
 
 
90

 
 
 

 
 
90

Class B Common Stock
purchased
(1
)
 

 

 
(50
)
 
 

 
 
 

 
 
 
(50
)
 
 
 

 
 
(50
)
Dividends

 

 

 

 
 
(300
)
 
 
 

 
 
 
(300
)
 
 
 

 
 
(300
)
Noncontrolling interests

 

 

 

 
 
(41
)
 
 
 

 
 
 
(41
)
 
 
 
349

(a) 
 
308

Net earnings

 

 

 

 
 
997

 
 
 

 
 
 
997

 
 
 
248

 
 
1,245

Other comprehensive
loss

 

 

 

 
 

 
 
 
(29
)
 
 
 
(29
)
 
 
 
(3
)
 
 
(32
)
June 30, 2020
616

 
$
1

 
$
29,680

 
$
(22,958
)
 
 
$
9,150

 
 
 
$
(1,999
)
 
 
 
$
13,874

 
 
 
$
676

 
 
$
14,550

(a) Primarily reflects the acquisition of Miramax. (See Note 2.)
See notes to consolidated financial statements.


-7-


VIACOMCBS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(Unaudited; in millions)
 
Three Months Ended June 30, 2019
 
Class A and B Common Stock
Additional Paid-In Capital
Treasury
Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total ViacomCBS Stockholders’ Equity
 
Non-Controlling Interests
 
Total Equity
 
(Shares)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2019
615

 
$
1

 
$
49,927

 
$
(43,412
)
 
 
$
7,594

 
 
 
$
(1,811
)
 
 
 
$
12,299

 
 
 
$
49

 
 
$
12,348

Stock-based compensation
activity and other

 

 
27

 
13

 
 

 
 
 

 
 
 
40

 
 
 

 
 
40

Dividends

 

 

 

 
 
(149
)
 
 
 

 
 
 
(149
)
 
 
 

 
 
(149
)
Noncontrolling interests

 

 
(10
)
 

 
 
(4
)
 
 
 

 
 
 
(14
)
 
 
 
(11
)
 
 
(25
)
Net earnings

 

 

 

 
 
977

 
 
 

 
 
 
977

 
 
 
6

 
 
983

Other comprehensive
income (loss)

 

 

 

 
 

 
 
 
8

 
 
 
8

 
 
 
(1
)
 
 
7

June 30, 2019
615

 
$
1

 
$
49,944

 
$
(43,399
)
 
 
$
8,418

 
 
 
$
(1,803
)
 
 
 
$
13,161

 
 
 
$
43

 
 
$
13,204

 
Six Months Ended June 30, 2019
 
Class A and B Common Stock
Additional Paid-In Capital
Treasury
Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total ViacomCBS Stockholders’ Equity
 
Non-Controlling Interests
 
Total Equity
 
(Shares)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
613

 
$
1

 
$
49,907

 
$
(43,420
)
 
 
$
5,569

 
 
 
$
(1,608
)
 
 
 
$
10,449

 
 
 
$
54

 
 
$
10,503

Stock-based compensation
activity and other
2

 

 
47

 
21

 
 
(4
)
 
 
 

 
 
 
64

 
 
 

 
 
64

Dividends

 

 

 

 
 
(299
)
 
 
 

 
 
 
(299
)
 
 
 

 
 
(299
)
Noncontrolling interests

 

 
(10
)
 

 
 
(14
)
 
 
 

 
 
 
(24
)
 
 
 
(24
)
 
 
(48
)
Net earnings