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Starz Reports Fourth Quarter And Year End 2012 Financial Results

ENGLEWOOD, Colo., Feb. 27, 2013 /PRNewswire/ -- Starz (NASDAQ: STRZA, STRZB) today reported fourth quarter and year end 2012 results.  Highlights include (1):

  • Completed separation of Starz and Liberty Media on January 11, 2013
  • Increased STARZ subscriptions in 2012 by 8%, or 1.6 million subscribers, to 21.2 million and ENCORE subscriptions in 2012 by 5%, or 1.6 million subscribers, to 34.8 million subscribers
    • 56 million combined subscriptions; most-ever for Starz, leads U.S. premium television category
  • Completed a new, multiyear agreement with Sony Pictures Entertainment that extends exclusive first-run output premium pay TV deal for theatrical releases through 2021
  • Premiered the final installment of the STARZ Original series, "Spartacus," with "Spartacus: War of the Damned," on January 25, to 3.1 million viewers in its premiere weekend
  • Launched STARZ PLAY and ENCORE PLAY with DIRECTV, AT&T U-verse TV, and Verizon FiOS, AT&T first to launch MOVIEPLEX PLAY 
  • Raised $175 million of senior notes due 2019 as additional notes under the indenture governing the existing $500 million 5% senior notes
    • Issue upsized by $25 million due to strong demand

(Logo: http://photos.prnewswire.com/prnh/20080522/LATH063LOGO-b)

Chris Albrecht, Starz Chief Executive Officer said, "2012 was a very strong year for Starz.  Our lineup of quality original programming and theatrical films led to record subscribers at STARZ and ENCORE, bolstering their position as the largest pair of premium networks in the U.S.  Importantly, we recently extended our first-run output relationship with Sony Pictures Entertainment through 2021 across all platforms, enabling us to offer world class theatrical movies from Sony into 2023, complementing the Disney films we will offer into 2017.  In terms of our digital strategy, we are progressing rapidly with the launch of our TVEverywhere PLAY services.  Cox, DIRECTV, AT&T U-verse TV, and Verizon FiOS have launched the service, and we anticipate additional distributor launches in the remainder of 2013."

Albrecht continued, "Looking ahead, in addition to our solid foundation of theatrical product, our pipeline of STARZ Original series including 'Da Vinci's Demons,' 'Magic City,' and 'The White Queen,' is setting the stage for our long-term growth as an independent public company.  In addition, 'Spartacus' is wrapping its epic run to strong viewership and continued demand from distributors both domestic and abroad, while 'Black Sails' is a strong 2014 addition to the lineup.  We also have a development slate of future projects that is the strongest ever for STARZ.  We are confident that we have the right content strategy in place with a terrific complement of exclusive originals and quality first-run theatricals that will differentiate us among premium content providers and provide value to our distributors, subscribers and shareholders in the years to come."

Revenue decreased 2% to $422 million for the fourth quarter and increased 1% to $1,631 million for the year.  The decrease in revenue for the fourth quarter was primarily a result of a decrease in Starz Distribution revenue due to fewer titles available from The Weinstein Company LLC ("TWC") and a decrease in revenue from Starz Networks primarily due to the non-renewal of the Netflix agreement.

Revenue for the year ended December 31, 2012 grew primarily as a result of an increase in revenue for Starz Distribution driven by the strong performance in ancillary markets of our original series "Spartacus," and AMC Networks' original series "The Walking Dead," as well as Starz Networks due to higher effective rates partially offset by the non-renewal of the Netflix agreement.  These increases in revenue were partially offset by a decrease in revenue at Starz Animation as a result of fewer projects at our Film Roman studio.

Adjusted OIBDA(2) increased 8% to $101 million for the fourth quarter and decreased 1% to $445 million for the year.  Notwithstanding the decrease in revenue mentioned above, the increase in Adjusted OIBDA for the fourth quarter was primarily due to fewer exhibitions at Starz Networks of first-run (first window) films and higher utilization of second window films licensed under our output agreements with Disney and Sony and decreased advertising and marketing costs associated with original programming.   Starz Networks did not have a new original series premiere during the fourth quarter of 2012, while the first season of the original series "Boss" premiered in October 2011.  Starz Networks' increase was partially offset by increased production and acquisition costs at Starz Distribution due to revisions made to ultimate revenue estimates which resulted in impairments to capitalized production and acquisition costs for certain titles.

The decrease in Adjusted OIBDA for the year was primarily due to increased production and acquisition costs at Starz Distribution resulting from the revisions made in the fourth quarter to the ultimate revenue estimates as mentioned above.  This decrease in Adjusted OIBDA was partially offset by lower advertising and marketing costs at Starz Networks resulting from one fewer Starz original series premiere during 2012.  Starz Networks had three new original series or new season premieres in 2012 as compared to four in 2011.  Consolidated Eliminations also contributed to the decrease due to fewer exhibitions of Overture Films' titles on Starz Networks during 2012.

Operating income decreased 2% to $86 million for the fourth quarter and decreased 5% to $405 million for the year.  The decrease in both periods was due to the fluctuations in Adjusted OIBDA discussed above combined with an increase in stock compensation expense for the quarter and the year.

Capitalized production and acquisition costs increased 91% to $89 million for the fourth quarter and increased 33% to $284 million for the year.  The increase for the quarter was due primarily to increased investment in original programming.  The increase for the year was due to increased investment in original programming and timing of payments for certain TWC titles.  We plan to make additional investments in original programming in the future.

Share Repurchases

From January 14, 2013 through January 31, 2013, 69,800 shares of Series A Liberty Capital common stock (NASDAQ: STRZA) were purchased at an average cost per share of $15.38 for total cash consideration of $1.1 million.  Starz has approximately $398.9 million remaining under its current repurchase authorization. 

FOOTNOTES 

(1)

Starz CEO, Christopher Albrecht, will discuss these highlights and other matters during the Starz earnings conference call which will begin at 4:00 p.m. (ET) on February 27, 2013.  For information regarding how to access the call, please see "Important Notice" later in this document.

(2)

For a definition of Adjusted OIBDA and applicable reconciliation see Schedule 1 below.

NOTES

  • Unless otherwise noted, the foregoing discussion compares financial information for the three and twelve months ended December 31, 2012 to the same periods in 2011.
  • During August 2012, the board of directors of Liberty Media Corporation ("Old LMC") authorized a plan to spin off wholly-owned subsidiary Liberty Spinco, Inc. ("Liberty Spinco") (the "Spin-Off"), which, at the time of the Spin-Off would hold all of the businesses, assets and liabilities of Old LMC not associated with the businesses of Starz, LLC (with the exception of Starz, LLC's Englewood, Colorado corporate office building).  On January 11, 2013, the Spin-Off was effected in a tax-free manner through the distribution, by means of a pro-rata dividend, of shares of Liberty Spinco to the stockholders of Old LMC. As a result, Liberty Spinco became a separate public company on January 11, 2013 and was renamed "Liberty Media Corporation" ("New LMC").  In connection with the Spin-Off, the parent company of Starz, LLC was renamed "Starz".  Unless the context otherwise requires, Old LMC is used when events or circumstances being described occurred prior to the Spin-Off, and Starz is used when events or circumstances being described occurred following the Spin-Off.
  • In connection with the Spin-Off, Starz, LLC distributed $1.8 billion in cash to Old LMC (paid as follows: $100.0 million on July 9, 2012, $250.0 million on August 17, 2012, $50.0 million on September 4, 2012, $200.0 million on November 16, 2012 and $1.2 billion on January 10, 2013) funded by a combination of cash on hand and borrowings under Starz, LLC's senior secured revolving credit facility.  Such distributed cash was contributed to New LMC prior to the Spin-Off. Additionally, in connection with the Spin-Off, Starz, LLC distributed its Englewood, Colorado corporate office building and related building improvements to Old LMC (and Old LMC transferred such building and related improvements to a subsidiary of New LMC) and then leased back the use of such facilities from this New LMC subsidiary. Following the Spin-Off, New LMC and Starz operate independently, and neither have any stock ownership, beneficial or otherwise, in the other.

SUPPLEMENTAL INFORMATION
As a supplement to Starz's consolidated statements of operations, to be included in its Form 10-K, the following is a presentation of quarterly financial information and operating metrics at December 31, 2012.

Please see definition of Adjusted OIBDA below and a discussion of why management believes the presentation of Adjusted OIBDA provides useful information for investors.  Schedule 1 to this press release provides a reconciliation of Adjusted OIBDA to operating income for the same periods, as determined under generally accepted accounting principles ("GAAP").

QUARTERLY SUMMARY

(amounts in millions)

4Q11

1Q12

2Q12

3Q12

4Q12

Revenue

$  432.6

$  405.0

$ 402.5

$    401.0

$    422.2

Adjusted OIBDA

$    93.6

$  126.8

$ 108.5

$    108.1

$    101.4

Operating income

$    87.2

$  120.0

$ 100.3

$      99.5

$      85.6

Subscription units – Starz

19.6

20.1

20.7

20.8

21.2

Subscription units – Encore

33.2

33.6

34.2

34.3

34.8

CASH AND DEBT
The following presentation is provided to separately identify cash and debt information.

(amounts in millions)

12/31/2012

12/31/2012


Audited (GAAP)

Proforma (1)

Cash

$          749.8

$             99.8




Debt:



Bank facility

5.0

380.0

5% senior notes

500.0

675.0

Transponder capital lease

34.8

34.8

Building capital lease

-

44.8

        Total debt

$          539.8

$       1,134.6

(1)     Amounts reflect cash and borrowings outstanding following completion of
          the Spin-Off and additional $175M notes offering



Starz cash decreased $650 million and debt increased $595 million primarily as a result of the cash distribution to Old LMC and the capital lease resulting from the distribution of Starz, LLC's corporate office building to Old LMC in connection with the Spin-Off.

NON-GAAP FINANCIAL MEASURES

This press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, together with a reconciliation to operating income, as determined under GAAP.  We define Adjusted OIBDA as: revenue less programming costs, production and acquisition costs, home video cost of sales, operating expenses, advertising and marketing costs and general and administrative expenses. Our chief operating decision maker uses this measure of performance in conjunction with other measures to evaluate our operating segments and make decisions about allocating resources among our operating segments. We believe that Adjusted OIBDA is an important indicator of the operational strength and performance of our operating segments, including each operating segment's ability to assist in servicing our debt and fund investments in films and television programs. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between operating segments and identify strategies to improve performance. This measure of performance excludes stock compensation, long-term incentive plan and phantom stock appreciation rights and depreciation and amortization that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, income from continuing operations before income taxes, net income, net cash provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The primary material limitations associated with the use of Adjusted OIBDA as compared to GAAP results are (i) it may not be comparable to similarly titled measures used by other companies in our industry, and (ii) it excludes financial information that some may consider important in evaluating our performance. We compensate for these limitations by providing a reconciliation of Adjusted OIBDA to GAAP results to enable investors to perform their own analysis of our operating results.  Please see Schedule 1 below for applicable reconciliation.

SCHEDULE 1

The following table provides a reconciliation of Adjusted OIBDA for Starz to its operating income calculated in accordance with GAAP for the three months ended December 31, 2011, March 31, 2012, June 30, 2012, September 30, 2012 and December 31, 2012, respectively.

QUARTERLY SUMMARY

(amounts in millions)

4Q11

1Q12

2Q12

3Q12

4Q12

Adjusted OIBDA

$  93.6

$  126.8

$ 108.5

$  108.1

$  101.4

Stock compensation expense

(2.0)

(2.6)

(3.6)

(3.6)

(10.2)

Depreciation and amortization

(4.4)

(4.2)

(4.6)

(5.0)

(5.6)

Operating income

$  87.2

$  120.0

$ 100.3

$  99.5

$  85.6







 

 

Starz

Consolidated Balance Sheets

December 31, 2012 and 2011

(Amounts in thousands)

(Unaudited)






2012


2011

Assets




Current assets:




Cash and cash equivalents

$

749,774


$

1,099,887

Restricted cash


4,896

Trade accounts receivable, net of allowances of $35,045 and $38,355

241,415


241,026

Program rights

340,005


388,298

Deferred income taxes

990


10,114

Other current assets

44,727


31,336

Total current assets

1,376,911


1,775,557

Program rights

338,684


373,552

Investment in films and television programs, net

181,673


183,942

Property and equipment, net

96,280


98,531

Deferred income taxes

12,222


Goodwill

131,760


131,760

Other assets, net

38,520


39,833

Total assets

$

2,176,050


$

2,603,175





Liabilities and Member's Interest




and Noncontrolling Interests




Current liabilities:




Current portion of debt

$

4,134


$

4,129

Trade accounts payable

6,162


8,690

Accrued liabilities

256,062


304,150

Due to affiliates

39,519


53,836

Deferred revenue

24,574


26,734

Total current liabilities

330,451


397,539

Debt

535,671


540,915

Deferred income taxes


10,308

Other liabilities

7,784


11,312

Total liabilities

873,906


960,074





Member's interest

1,311,951


1,651,484

Noncontrolling interests in subsidiaries

(9,807)


(8,383)

Total member's interest and noncontrolling interests

1,302,144


1,643,101





Total liabilities and member's interest and noncontrolling interests

$

2,176,050


$

2,603,175








 

 


Starz

Consolidated Statements of Operations

Years Ended December 31, 2012, 2011 and 2010

(Amounts in thousands)

(Unaudited)








2012


2011


2010







Revenue:






Programming networks and other services

$

1,419,074


$

1,372,141


$

1,380,349

Home video net sales

211,622


241,892


224,988

Total revenue

1,630,696


1,614,033


1,605,337







Costs and expenses:






Programming costs (including amortization)

661,157


651,249


647,817

Production and acquisition costs (including amortization)

192,340


158,789


177,954

Home video cost of sales

63,880


62,440


69,815

Operating expenses

53,410


53,703


73,260

Advertising and marketing

105,674


132,183


175,417

General and administrative

109,403


106,081


125,421

Stock compensation, long term incentive plan and phantom stock appreciation rights

20,022


7,078


39,468

Depreciation and amortization

19,406


17,907


20,468

Total costs and expenses

1,225,292


1,189,430


1,329,620







Operating income

405,404


424,603


275,717







Other income (expense):






Interest expense, including amounts due to affiliate of none, none, and $16,054, net of amounts capitalized

(25,688)


(5,012)


(20,932)

Other income (expense), net

3,023


(3,505)


(542)

Income from continuing operations before income taxes

382,739


416,086


254,243







Income tax expense

(130,465)


(172,189)


(98,764)







Income from continuing operations

252,274


243,897


155,479







Income (loss) from discontinued operations (including loss on sale of $12,114 in 2011), net of income taxes


(7,486)


3,315







Net  income

252,274


236,411


158,794







Net loss attributable to noncontrolling interests

2,210


3,273








Net income attributable to member

$

254,484


$

239,684


$

158,794

 

 

Starz

Consolidated Statements of Cash Flows

Years Ended December 31, 2012, 2011 and 2010

(Amounts in thousands)

(Unaudited)








2012


2011


2010

Operating activities:






Net income

$

252,274


$

236,411


$

158,794

Adjustments to reconcile net income to net cash provided by operating activities:






Loss (income) from discontinued operations


7,486


(3,315)

Depreciation and amortization

19,406


17,907


20,468

Amortization of program rights

617,789


611,041


611,615

Program rights payments

(456,558)


(554,341)


(532,566)

Amortization of investment in films and television programs

141,553


126,102


116,928

Investment in films and television programs

(284,063)


(213,655)


(117,035)

Stock compensation, long term incentive plan and phantom

stock appreciation rights

20,022


7,078


39,468

Payments of long term incentive plan and phantom stock appreciation rights

(33,410)


(7,696)


(196,232)

Noncash interest on debt due to affiliate



16,313

Deferred income taxes

(17,410)


37,023


52,954

Other non-cash items

4,533


11,014


2,808

Changes in assets and liabilities:






Current and other assets

1,759


(29,101)


9,510

Due to affiliates

(5,637)


89,271


(1,554)

Payables and other liabilities

31,819


9,433


12,983

Net cash provided by operating activities

292,077


347,973


191,139

Investing activities – purchases of property and equipment

(16,214)


(7,723)


(7,099)

Financing activities:






Borrowings of debt

500,000


505,000


129,343

Payments of debt

(504,029)


(59,170)


(202,035)

Debt issuance costs

(8,514)


(10,191)


Distributions to parent

(600,000)



(75,221)

Distributions to parent related to stock compensation

(4,689)



Minimum withholding of taxes related to stock compensation

(13,273)



Excess tax benefit from stock compensation

4,401



Contribution from parent



15,000

Contribution from noncontrolling owner of subsidiary


3,000


500

Settlement of derivative instruments

3


(2,863)


(6,301)

Restricted cash


8,226


10,300

Net cash provided by (used in) financing activities

(626,101)


444,002


(128,414)

Effect of exchange rate changes on cash and cash equivalents

125


(17)


59

Net cash provided by discontinued operations



1,072

Net increase (decrease) in cash and cash equivalents

(350,113)


784,235


56,757

Cash and cash equivalents:






Beginning of year

1,099,887


315,652


258,895

End of year

$

749,774


$

1,099,887


$

315,652

 

IMPORTANT NOTICE

  • Starz (NASDAQ: STRZA, STRZB) CEO, Chris Albrecht will discuss Starz's financial performance, and may discuss future opportunities in a conference call which will begin at 4:00 p.m. (ET) on February 27, 2013.  The call can be accessed by dialing (888) 401-4674 or (719) 325-4766 at least 10 minutes prior to the start time.  Replays of the conference call can be accessed through 6:00 p.m. (ET) on March 6, 2013, by dialing (888) 203-1112 or (719) 457-0820 plus the pass code 3814585#.  The call will also be broadcast live via the Internet and archived on our website.  To access the webcast go to http://ir.starz.com/events.cfm.  Links to this press release will also be available on the Starz website.
  • This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial prospects, new service and product launches including original content programming, new distribution platforms for our programming, the continuation of our stock repurchase plans and other matters that are not historical facts.  These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, competitive issues, regulatory matters affecting our businesses, continued access to capital on terms acceptable to Starz, and changes in law and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this press release, and Starz expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Starz's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Starz, including the most recent Forms 10-K and 8-K, for additional information about Starz and about the risks and uncertainties related to Starz's business which may affect the statements made in this press release. 

About Starz
Starz (NASDAQ: STRZA, STRZB) is a leading integrated global media and entertainment company with operating units that provide premium subscription video programming on domestic U.S. pay television channels (Starz Networks), global content distribution (Starz Distribution) and animated television and movie production (Starz Animation), www.starz.com.

Starz Networks is a leading provider of premium subscription video programming through the flagship STARZ® and ENCORE® pay TV networks which showcase premium original programming and movies to U.S. multichannel video distributors, including cable operators, satellite television providers, and telecommunications companies.  As of December 31, 2012, STARZ and ENCORE serve a combined 56 million subscribers, including 21 million at STARZ, and 35 million at ENCORE, making them the largest pair of premium flagship channels in the U.S.  STARZ® and ENCORE®, along with Starz Networks' third network MOVIEPLEX®, air over 1,000 movies monthly across 17 linear networks, complemented by On Demand and authenticated online offerings through STARZ PLAY, ENCORE PLAY, and MOVIEPLEX PLAY. Starz Distribution develops, produces and acquires entertainment content, distributing it to consumers globally on DVD, digital formats and traditional television.  Starz Distribution's home video, digital media and worldwide distribution business units distribute original programming content produced by Starz, as well as entertainment content for itself and third parties.  Starz Animation produces animated TV and movie content for studios, networks, distributors and audiences worldwide.

Contacts:


Courtnee Ulrich

Theano Apostolou

Investor Relations

Corporate Communications

(720) 875-5420

(424) 204-4052

[email protected] 

[email protected]

 

SOURCE Starz

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Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, discussed key challenges and solutions to powering a ride sharing and/or multimodal model in the age ...