Segment Reporting (Notes)

12 Months Ended

Dec. 31, 2013

Effective January 1, 2014, we began operating under two segments, which also represent our reportable segments, “Broadcast” and “Digital,” that are disclosed separately from our corporate activities. Our Broadcast segment includes 43 television stations and seven digital channels that are either owned, operated or serviced by us in 23 U.S. markets, all of which are engaged principally in the sale of television advertising and digital advertising primarily related to our television station companion websites, and our Digital segment includes the operating results of our digital companies; LIN Digital, LIN Mobile, Nami Media, HYFN, Dedicated Media, and Federated Media (acquired in February 2014). Unallocated corporate expenses primarily include our costs to operate as a public company and to operate our corporate locations. All revenues are generated in the United States of America. All impacted sections of this filing have been updated to reflect this change in reportable segments.

We use earnings before interest, taxes, depreciation and amortization, excluding non-recurring charges, restructuring charges, share-based compensation, loss or gain on sales of assets, and cash paid for programming (“Adjusted EBITDA”) as the primary financial measure reported to the chief executive officer (the chief operating decision maker) for use in assessing our operating segments’ operating performance. We believe that this measure is useful to investors because it eliminates a significant level of non-cash depreciation and amortization expense and other non-recurring charges and as a result, allows investors to better understand our operating segments’ performance. All adjustments to Adjusted EBITDA presented below to arrive at consolidated pre-tax income (loss) except for depreciation and amortization and cash paid for programming relate primarily to corporate activities. Cash paid for programming pertains only to our Broadcast segment. As a result, we have disclosed depreciation and amortization by segment, as this is the only adjustment to operating income that the chief executive officer reviews on a segment basis. We have presented prior period information to reflect our current reportable segments.



	Year ended December 31,
	2013		2012		2011
			(in thousands)
Net revenues:
Broadcast	$	576,510	$	512,367	$	372,783
Digital	75,853		41,095		27,220
Total net revenues	$	652,363	$	553,462	$	400,003

The following table is a reconciliation of Adjusted EBITDA to consolidated income before (benefit from) provision for income taxes.



	Year ended December 31,
	2013			2012			2011
				(in thousands)

Segment Adjusted EBITDA:
Broadcast	$	205,843		$	241,831		$	141,081
Digital	4,020			1,970			292
Total segment Adjusted EBITDA	209,863			243,801			141,373
Unallocated corporate	(23,966		)	(24,268		)	(18,514		)
Less:
Depreciation	46,854			32,149			26,246
Amortization of intangible assets	22,826			6,364			1,199
Amortization of program rights	29,242			23,048			21,406
Share-based compensation	9,374			6,857			6,176
Non-recurring and acquisition-related charges ⁽¹⁾	10,842			3,207			2,171
Restructuring charge	3,895			1,009			707
Contract termination costs	3,887			—			—
Loss on sale of assets	710			96			472
Add:
Cash payments for programming	31,677			24,258			24,622
Operating income	89,944			171,061			89,104
Other expense:
Interest expense, net	56,607			46,683			50,706
Share of loss in equity investments	56			98,309			4,957
Gain on derivative instruments	—			—			(1,960		)
Loss on extinguishment of debt	—			3,341			1,694
Other expense, net	2,100			237			51
Total other expense, net	58,763			148,570			55,448
Consolidated income before (benefit from) provision for income taxes	$	31,181		$	22,491		$	33,656

^{____________________________________________}

⁽¹⁾Non-recurring charges for the year ended December 31, 2013 primarily consist of expenses related to the Merger. Charges for the years ended December 31, 2012 and 2011 relate solely to acquisitions.



	Year ended December 31,
	2013			2012			2011
				(in thousands)
Operating income (loss):
Broadcast	$	142,753		$	207,431		$	118,399
Digital	(365		)	(461		)	(815		)
Unallocated corporate	(52,444		)	(35,909		)	(28,480		)
Total operating income	$	89,944		$	171,061		$	89,104



	Year ended December 31,
	2013		2012		2011
			(in thousands)
Depreciation and amortization:
Broadcast	$	64,887	$	35,521	$	25,761
Digital	4,046		2,365		1,105
Unallocated corporate	747		627		579
Total depreciation and amortization	$	69,680	$	38,513	$	27,445



	Year ended December 31,
	2013		2012		2011
			(in thousands)
Capital expenditures:
Broadcast	$	22,957	$	23,342	$	18,616
Digital	4,416		2,884		722
Unallocated corporate	2,001		2,004		731
Total capital expenditures	$	29,374	$	28,230	$	20,069



	December 31,		December 31,
	2013		2012
	(in thousands)
Assets:
Broadcast	$	1,100,343	$	1,136,861
Digital	69,690		29,351
Unallocated corporate	46,817		75,202
Total assets	$	1,216,850	$	1,241,414

LIN Television

Entity Information [Line Items]

Segment Reporting

Effective January 1, 2014, we began operating under two segments, which also represent our reportable segments, “Broadcast” and “Digital” that are disclosed separately from our corporate activities. Our Broadcast segment includes 43 television stations and seven digital channels that are either owned, operated or serviced by us in 23 U.S. markets, all of which are engaged principally in the sale of television advertising and digital advertising primarily related to our television station companion websites, and our Digital segment includes the operating results of our digital companies; LIN Digital, LIN Mobile, Nami Media, HYFN, Dedicated Media, and Federated Media (acquired in February 2014). Unallocated corporate expenses primarily include our costs to operate as a public company and to operate our corporate locations. All revenues are generated in the United States of America. All impacted sections of this filing have been updated to reflect this change in reportable segments.



	Year ended December 31,
	2013		2012		2011
			(in thousands)
Net revenues:
Broadcast	$	576,510	$	512,367	$	372,783
Digital	75,853		41,095		27,220
Total net revenues	$	652,363	$	553,462	$	400,003

The following table is a reconciliation of Adjusted EBITDA to consolidated income before (benefit from) provision for income taxes.



	Year ended December 31,
	2013			2012			2011
				(in thousands)

Segment Adjusted EBITDA:
Broadcast	$	205,843		$	241,831		$	141,081
Digital	4,020			1,970			292
Total segment Adjusted EBITDA	209,863			243,801			141,373
Unallocated corporate	(23,257		)	(24,268		)	(18,514		)
Less:
Depreciation	46,854			32,149			26,246
Amortization of intangible assets	22,826			6,364			1,199
Amortization of program rights	29,242			23,048			21,406
Share-based compensation	9,374			6,857			6,176
Non-recurring and acquisition-related charges ⁽¹⁾	10,842			3,207			2,171
Restructuring charge	3,895			1,009			707
Contract termination costs	3,887			—			—
Loss on sale of assets	710			96			472
Add:
Cash payments for programming	31,677			24,258			24,622
Operating income	90,653			171,061			89,104
Other expense:
Interest expense, net	56,627			46,683			50,706
Share of loss in equity investments	56			98,309			4,957
Gain on derivative instruments	—			—			(1,960		)
Loss on extinguishment of debt	—			3,341			1,694
Other expense, net	2,100			237			51
Total other expense, net	58,783			148,570			55,448
Consolidated income before (benefit from) provision for income taxes	$	31,870		$	22,491		$	33,656

^{____________________________________________}



	Year ended December 31,
	2013			2012			2011
				(in thousands)
Operating income (loss):
Broadcast	$	142,753		$	207,431		$	118,399
Digital	(365		)	(461		)	(815		)
Unallocated corporate	(51,735		)	(35,909		)	(28,480		)
Total operating income	$	90,653		$	171,061		$	89,104



	Year ended December 31,
	2013		2012		2011
			(in thousands)
Depreciation and amortization:
Broadcast	$	64,887	$	35,521	$	25,761
Digital	4,046		2,365		1,105
Unallocated corporate	747		627		579
Total depreciation and amortization	$	69,680	$	38,513	$	27,445



	Year ended December 31,
	2013		2012		2011
			(in thousands)
Capital expenditures:
Broadcast	$	22,957	$	23,342	$	18,616
Digital	4,416		2,884		722
Unallocated corporate	2,001		2,004		731
Total capital expenditures	$	29,374	$	28,230	$	20,069



	December 31,		December 31,
	2013		2012
	(in thousands)
Assets:
Broadcast	$	1,100,343	$	1,136,861
Digital	69,690		29,351
Unallocated corporate	46,917		75,202
Total assets	$	1,216,950	$	1,241,414

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

LIN TELEVISION CORP 8-K/A