CBS : 2nd Quarter '20 Trending Schedules

June Quarter 2020 Trending Schedules

TRENDING SCHEDULES

Information included in these schedules has been derived from information contained in our 2020 Quarterly Reports on Form 10-Q, 2019 Annual Report on Form 10-K and the accompanying earnings presentations. These schedules contain certain financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We provide reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the body of these schedules.

On December 4, 2019, Viacom Inc. ("Viacom") merged with and into CBS Corporation ("CBS"), with CBS continuing as the surviving company (the "Merger"). At the effective time of the Merger, the combined company changed its name to ViacomCBS Inc. The Merger has been accounted for as a transaction between entities under common control and therefore, the net assets of Viacom were combined with those of CBS at their historical carrying amounts and the companies have been presented on a combined basis for all periods presented.

Schedule 1

TRENDING SCHEDULES

Summarized Reported Results (GAAP)

(unaudited; in millions, except per share amounts)

													12 Months														12 Months								6 Months
					Quarter Ended						Ended						Quarter Ended						Ended			Quarter Ended		Ended
	3/31/18	6/30/18	9/30/18	12/31/18		12/31/18		3/31/19	6/30/19	9/30/19	12/31/19		12/31/19		3/31/20	6/30/20		6/30/20
Advertising - domestic	$	2,444	$	2,131	$	2,040	$	2,655		$	9,270	$	2,775	$	2,290	$	2,016	$	2,635		$	9,716	$	2,229	$	1,730		$	3,959
Advertising - international		383			385			365			438			1,571			291			355			317			395			1,358			255			204			459
Worldwide advertising		2,827			2,516			2,405			3,093			10,841			3,066			2,645			2,333			3,030			11,074			2,484			1,934			4,418
Affiliate - domestic		1,878			1,916			1,932			1,941			7,667			1,993			1,986			1,983			1,975			7,937			2,046			2,034			4,080
Affiliate - international		186			175			177			171			709			172			169			166			158			665			151			160			311
Worldwide affiliate		2,064			2,091			2,109			2,112			8,376			2,165			2,155			2,149			2,133			8,602			2,197			2,194			4,391
Content licensing		1,653			1,615			1,461			1,434			6,163			1,465			1,909			1,828			1,281			6,483			1,594			1,902			3,496
Theatrical		50			208			337			149			744			172			152			94			129			547			167			3			170
Publishing		160			207			240			218			825			164			218			217			215			814			170			200			370
Other		71			66			78			86			301			68			64			77			83			292			57			42			99
Revenues	$	6,825	$	6,703	$	6,630	$	7,092		$	27,250	$	7,100	$	7,143	$	6,698	$	6,871		$	27,812	$	6,669	$	6,275		$	12,944
Expenses		(5,271)			(5,042)			(5,092)			(5,351)			(20,756)			(5,510)			(5,531)			(5,385)			(5,654)			(22,080)			(5,352)			(4,541)			(9,893)
Stock-based compensation(1)		(59)			(56)			(51)			(39)			(205)			(51)			(50)			(47)			(53)			(201)			(54)			(45)			(99)
Restructuring and other corporate matters		(194)			(50)			(70)			(176)			(490)			(178)			(7)			(122)			(468)			(775)			(233)			(158)			(391)
Programming charges		-			-			-			(162)			(162)			-			-			-			(589)			(589)			-			(121)			(121)
Gain on sale of assets		-			-			-			-			-			549			-			-			-			549			-			-			-
Depreciation and amortization		(111)			(107)			(110)			(105)			(433)			(106)			(109)			(108)			(120)			(443)			(113)			(124)			(237)
Operating income (loss)	$	1,190	$	1,448	$	1,307	$	1,259		$	5,204	$	1,804	$	1,446	$	1,036	$	(13)		$	4,273	$	917	$	1,286		$	2,203
Amounts attributable to ViacomCBS:
Net earnings (loss) from continuing operations	$	718	$	943	$	878	$	884		$	3,423	$	1,946	$	971	$	626	$	(273)		$	3,270	$	508	$	478		$	986
Discontinued operations, net of tax		10			11			8			3			32			13			6			4			15			38			8			3			11
Net earnings (loss) attributable to ViacomCBS	$	728		$	954		$	886		$	887		$	3,455		$	1,959		$	977		$	630		$	(258)		$	3,308		$	516		$	481		$	997
Diluted earnings (loss) per share
attributable to ViacomCBS:
Continuing operations	$	1.15	$	1.52	$	1.42	$	1.43		$	5.51	$	3.15	$	1.57	$	1.01	$	(.44)		$	5.30	$	.82	$	.77		$	1.60
Discontinued operations	$	.02	$	.02	$	.01	$	-		$	.05	$	.02	$	.01	$	.01	$	.02		$	.06	$	.01	$	-		$	.02
Net earnings (loss)	$	1.16	$	1.54	$	1.43	$	1.44		$	5.56	$	3.18	$	1.58	$	1.02	$	(.42)		$	5.36	$	.84	$	.78		$	1.62
Weighted average number of diluted shares
outstanding (2)		626			621			619			618			621			617			617			617			615			617			616			617			617

1. Stock-basedcompensation relating to the merger and other restructuring activities is included in Restructuring and other corporate matters .
2. For the quarter ended December 31, 2019, the dilutive impact to shares was excluded because it would have been anti-dilutive since we reported a net loss.

Schedule 2

TRENDING SCHEDULES

Summarized Adjusted Results (Non-GAAP)

(unaudited; in millions, except per share amounts)

													12 Months														12 Months								6 Months
					Quarter Ended						Ended						Quarter Ended						Ended			Quarter Ended		Ended
	3/31/18	6/30/18	9/30/18	12/31/18		12/31/18		3/31/19	6/30/19	9/30/19	12/31/19		12/31/19		3/31/20	6/30/20		6/30/20
Advertising - domestic	$	2,444	$	2,131	$	2,040	$	2,655		$	9,270	$	2,775	$	2,290	$	2,016	$	2,635		$	9,716	$	2,229	$	1,730		$	3,959
Advertising - international		383			385			365			438			1,571			291			355			317			395			1,358			255			204			459
Worldwide advertising		2,827			2,516			2,405			3,093			10,841			3,066			2,645			2,333			3,030			11,074			2,484			1,934			4,418
Affiliate - domestic		1,878			1,916			1,932			1,941			7,667			1,993			1,986			1,983			1,975			7,937			2,046			2,034			4,080
Affiliate - international		186			175			177			171			709			172			169			166			158			665			151			160			311
Worldwide affiliate		2,064			2,091			2,109			2,112			8,376			2,165			2,155			2,149			2,133			8,602			2,197			2,194			4,391
Content licensing		1,653			1,615			1,461			1,434			6,163			1,465			1,909			1,828			1,281			6,483			1,594			1,902			3,496
Theatrical		50			208			337			149			744			172			152			94			129			547			167			3			170
Publishing		160			207			240			218			825			164			218			217			215			814			170			200			370
Other		71			66			78			86			301			68			64			77			83			292			57			42			99
Revenues	$	6,825	$	6,703	$	6,630	$	7,092		$	27,250	$	7,100	$	7,143	$	6,698	$	6,871		$	27,812	$	6,669	$	6,275		$	12,944
Expenses		(5,271)			(5,042)			(5,092)			(5,351)			(20,756)			(5,510)			(5,531)			(5,385)			(5,654)			(22,080)			(5,352)			(4,541)			(9,893)
Stock-based compensation		(59)			(56)			(51)			(39)			(205)			(51)			(50)			(47)			(53)			(201)			(54)			(45)			(99)
Adjusted OIBDA	$	1,495	$	1,605	$	1,487	$	1,702		$	6,289	$	1,539	$	1,562	$	1,266	$	1,164		$	5,531	$	1,263	$	1,689		$	2,952
Adjusted net earnings from continuing
operations attributable to ViacomCBS	$	858	$	924	$	841	$	1,023		$	3,646	$	898	$	912	$	680	$	600		$	3,090	$	699	$	769		$	1,468
Adjusted diluted EPS from continuing
operations attributable to ViacomCBS	$	1.37	$	1.49	$	1.36	$	1.66		$	5.87	$	1.46	$	1.48	$	1.10	$	.97		$	5.01	$	1.13	$	1.25		$	2.38
Weighted average number of
diluted shares outstanding		626			621			619			618			621			617			617			617			618			617			616			617			617

Schedule 3

TRENDING SCHEDULES

TV Entertainment Financial Results

(unaudited; in millions)

													12 Months														12 Months									6 Months
					Quarter Ended						Ended						Quarter Ended						Ended				Quarter Ended		Ended
	3/31/18	6/30/18	9/30/18	12/31/18		12/31/18		3/31/19	6/30/19	9/30/19	12/31/19		12/31/19			3/31/20	6/30/20		6/30/20
Advertising	$	1,621	$	1,214	$	1,153	$	1,763		$	5,751	$	1,967	$	1,309	$	1,063	$	1,669		$	6,008	$	1,381	$	951		$	2,332
Affiliate		498			515			531			538			2,082			611			616			641			682			2,550				734			751			1,485
Content licensing		757			817			646			786			3,006			781			966			695			715			3,157				797			544			1,341
Other		52			51			57			62			222			47			47			55			60			209				35			41			76
Revenues	$	2,928		$	2,597		$	2,387		$	3,149		$	11,061		$	3,406		$	2,938		$	2,454		$	3,126		$	11,924		$	2,947		$	2,287		$	5,234
Adjusted OIBDA	$	649	$	547	$	554	$	716		$	2,466	$	742	$	613	$	463	$	625		$	2,443	$	573	$	392		$	965

Schedule 4

TRENDING SCHEDULES

Cable Networks Financial Results

(unaudited; in millions)

													12 Months														12 Months								6 Months
					Quarter Ended						Ended						Quarter Ended						Ended			Quarter Ended		Ended
	3/31/18	6/30/18	9/30/18	12/31/18		12/31/18		3/31/19	6/30/19	9/30/19	12/31/19		12/31/19		3/31/20	6/30/20		6/30/20
Advertising	$	1,223	$	1,306	$	1,259	$	1,342		$	5,130	$	1,115	$	1,347	$	1,280	$	1,387		$	5,129	$	1,117	$	992		$	2,109
Affiliate		1,566			1,576			1,578			1,574			6,294			1,554			1,539			1,508			1,451			6,052			1,463			1,443			2,906
Content licensing		341			343			325			250			1,259			233			290			495			250			1,268			278			797			1,075
Revenues	$	3,130		$	3,225		$	3,162		$	3,166		$	12,683		$	2,902		$	3,176		$	3,283		$	3,088		$	12,449		$	2,858		$	3,232		$	6,090
Adjusted OIBDA	$	1,012	$	1,146	$	1,011	$	1,172		$	4,341	$	893	$	989	$	841	$	792		$	3,515	$	794	$	1,285		$	2,079

Schedule 5

TRENDING SCHEDULES

Filmed Entertainment Financial Results

(unaudited; in millions)

													12 Months														12 Months								6 Months
					Quarter Ended						Ended						Quarter Ended						Ended			Quarter Ended		Ended
	3/31/18	6/30/18	9/30/18	12/31/18		12/31/18		3/31/19	6/30/19	9/30/19	12/31/19		12/31/19		3/31/20	6/30/20		6/30/20
Theatrical	$	50	$	208	$	337	$	149		$	744	$	172	$	152	$	94	$	129		$	547	$	167	$	3		$	170
Home entertainment		164			118			157			178			617			154			161			153			155			623			174			209			383
Licensing		438			389			399			267			1,493			375			540			575			219			1,709			442			434			876
Other		26			22			27			27			102			29			24			29			29			111			28			1			29
Revenues	$	678		$	737		$	920		$	621		$	2,956		$	730		$	877		$	851		$	532		$	2,990		$	811		$	647		$	1,458
Adjusted OIBDA	$	(23)	$	40	$	27	$	(77)		$	(33)	$	38	$	95	$	66	$	(119)		$	80	$	27	$	116		$	143

Schedule 6

TRENDING SCHEDULES

Publishing Financial Results

(unaudited; in millions)

									12 Months										12 Months						6 Months
				Quarter Ended				Ended					Quarter Ended				Ended			Quarter Ended		Ended
	3/31/18	6/30/18	9/30/18	12/31/18	12/31/18		3/31/19	6/30/19	9/30/19	12/31/19	12/31/19		3/31/20	6/30/20	6/30/20
Revenues	$	160	$	207	$	240	$	218	$	825	$	164	$	218	$	217	$	215	$	814	$	170	$	200	$	370
Adjusted OIBDA	$	18	$	34	$	53	$	48	$	153	$	19	$	35	$	55	$	34	$	143	$	19	$	38	$	57

Schedule 7

TRENDING SCHEDULES

Reconciliation of Adjusted OIBDA (Non-GAAP)

(unaudited; in millions)

													12 Months														12 Months									6 Months
					Quarter Ended						Ended						Quarter Ended						Ended				Quarter Ended		Ended
	3/31/18	6/30/18	9/30/18	12/31/18		12/31/18		3/31/19	6/30/19	9/30/19	12/31/19		12/31/19			3/31/20	6/30/20		6/30/20
TV Entertainment	$	649	$	547	$	554	$	716		$	2,466	$	742	$	613	$	463	$	625		$	2,443	$	573	$	392		$	965
Cable Networks		1,012			1,146			1,011			1,172			4,341			893			989			841			792			3,515				794			1,285			2,079
Filmed Entertainment		(23)			40			27			(77)			(33)			38			95			66			(119)			80				27			116			143
Publishing		18			34			53			48			153			19			35			55			34			143				19			38			57
Corporate/Eliminations		(102)			(106)			(107)			(118)			(433)			(102)			(120)			(112)			(115)			(449)				(96)			(97)			(193)
Stock-based compensation		(59)			(56)			(51)			(39)			(205)			(51)			(50)			(47)			(53)			(201)				(54)			(45)			(99)
Adjusted OIBDA		1,495			1,605			1,487			1,702			6,289			1,539			1,562			1,266			1,164			5,531				1,263			1,689			2,952
Depreciation and amortization(1)		(111)			(107)			(110)			(105)			(433)			(106)			(109)			(108)			(120)			(443)				(113)			(124)			(237)
Restructuring and other corporate matters		(194)			(50)			(70)			(176)			(490)			(178)			(7)			(122)			(468)			(775)				(233)			(158)			(391)
Programming charges		-			-			-			(162)			(162)			-			-			-			(589)			(589)				-			(121)			(121)
Gain on sale of assets		-			-			-			-			-			549			-			-			-			549				-			-			-
Operating income (loss)	$	1,190	$	1,448	$	1,307	$	1,259		$	5,204	$	1,804	$	1,446	$	1,036	$	(13)		$	4,273	$	917	$	1,286		$	2,203

1. Depreciation and amortization includes impairment charges of $20 million and $25 million for the quarters ended December 31, 2019 and June 30, 2020, respectively to reduce the carrying value of intangible assets, and for the quarter ended March 31, 2020 includes accelerated depreciation of $12 million for abandoned technology in connection with synergy plans related to the Merger.

Schedule 8

TRENDING SCHEDULES

Reconciliation of Adjusted Net Earnings and Diluted EPS (Non-GAAP)

(unaudited; in millions, except per share amounts)

													12 Months														12 Months								6 Months
					Quarter Ended						Ended						Quarter Ended						Ended			Quarter Ended		Ended
	3/31/18	6/30/18	9/30/18	12/31/18		12/31/18		3/31/19	6/30/19	9/30/19	12/31/19		12/31/19		3/31/20	6/30/20		6/30/20
Net earnings from continuing operations
attributable to ViacomCBS:
Reported net earnings (loss) from continuing
operations	$	718	$	943	$	878	$	884		$	3,423	$	1,946	$	971	$	626	$	(273)		$	3,270	$	508	$	478		$	986
Impact of adjustments on net earnings from
continuing operations (1)		140			(19)			(37)			139			223			(1,048)			(59)			54			873			(180)			191			291			482
Adjusted net earnings from continuing operations	$	858	$	924	$	841	$	1,023		$	3,646	$	898	$	912	$	680	$	600		$	3,090	$	699	$	769		$	1,468
Per share information
attributable to ViacomCBS:
Reported diluted earnings (loss) per share from
continuing operations	$	1.15	$	1.52	$	1.42	$	1.43		$	5.51	$	3.15	$	1.57	$	1.01	$	(.44)		$	5.30	$	.82	$	.77		$	1.60
Impact of adjustments on diluted earnings per share
from continuing operations (1)		.22			(.03)			(.06)			.23			.36			(1.69)			(.09)			.09			1.41			(.29)			.31			.48			.78
Adjusted diluted EPS from continuing operations	$	1.37	$	1.49	$	1.36	$	1.66		$	5.87	$	1.46	$	1.48	$	1.10	$	.97		$	5.01	$	1.13	$	1.25		$	2.38
Weighted average number of
diluted shares outstanding		626			621			619			618			621			617			617			617			618			617			616			617			617

1. See Schedule 9 for a description of factors affecting comparability of net earnings and diluted EPS.

Schedule 9

TRENDING SCHEDULES Items Affecting Comparability (unaudited; in millions, except per share amounts)

													12 Months														12 Months									6 Months
					Quarter Ended						Ended						Quarter Ended						Ended				Quarter Ended		Ended
	3/31/18	6/30/18	9/30/18	12/31/18		12/31/18		3/31/19	6/30/19	9/30/19	12/31/19		12/31/19			3/31/20	6/30/20		6/30/20
Restructuring and other corporate matters(1)	$	194	$	50	$	70	$	176		$	490	$	178	$	7	$	122	$	468		$	775	$	233	$	158		$	391
Depreciation of abandoned technology(2)		-			-			-			-			-			-			-			-			-			-				12			-			12
Impairment charges(3)		-			-			-			-			-			-			-			-			20			20				-			25			25
Programming charges(4)		-			-			-			162			162			-			-			-			589			589				-			121			121
Gain on sale of assets(5)		-			-			-			-			-			(549)			-			-			-			(549)				-			-			-
(Gain) loss on extinguishment of debt		-			-			-			(18)			(18)			-			-			-			-			-				-			103			103
Net (gain) loss from investments(6)		53			(13)			(33)			46			53			(38)			(39)			(12)			4			(85)				-			(32)			(32)
Impact of adjustments on earnings from continuing		247			37			37			366			687			(409)			(32)			110			1,081			750				245			375			620
operations before provision for income taxes
Income tax impact of above items(7)		(61)			(9)			(10)			(87)			(167)			129			5			2			(239)			(103)				(50)			(85)			(135)
Discrete tax items(8)		(46)			(47)			(64)			(140)			(297)			(768)			(32)			(58)			31			(827)				(4)			1			(3)
Impact of adjustments on provision for income taxes	$	(107)	$	(56)	$	(74)	$	(227)		$	(464)	$	(639)	$	(27)	$	(56)	$	(208)		$	(930)	$	(54)	$	(84)		$	(138)
Impact of adjustments on net earnings from
continuing operations attributable to ViacomCBS	$	140	$	(19)	$	(37)	$	139		$	223	$	(1,048)	$	(59)	$	54	$	873		$	(180)	$	191	$	291		$	482
Impact of adjustments on diluted EPS from
continuing operations attributable to ViacomCBS	$	.22	$	(.03)	$	(.06)	$	.23		$	.36	$	(1.69)	$	(.09)	$	.09	$	1.41		$	(.29)	$	.31	$	.48		$	.78
Weighted average number of diluted shares
outstanding		626			621			619			618			621			617			617			617			618			617				616			617			617

1. Primarily reflects severance and exit costs relating to restructuring activities as well as costs associated with other corporate matters.
2. Reflects the accelerated depreciation for technology that was abandoned in connection with synergy plans related to the Merger and is recorded in Depreciation and amortization .
3. Reflects charges to reduce the carrying values of intangible assets to their fair value which are recorded in Depreciation and amortization .
4. Programming charges for 2020 were primarily related to the abandonment of certain incomplete programs resulting from COVID-19 related production shutdowns. Programming charges for 2019 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. Programming charges for 2018 resulted from changes to our programming strategy, including at CBS Films and our Cable Networks segment, in connection with management changes.
5. 2019 reflects the gain on the sale of CBS Television City.
6. Net (gain) loss from investments includes changes to the carrying values of equity securities, gains and losses associated with the sales and acquisitions of joint ventures and impairment charges to write-down investments to their fair value.
7. The tax impact has been calculated by applying the tax rates applicable to the adjustments presented.
8. Includes the net discrete tax expense or (benefit) related to the reorganization of international operations, changes in tax laws, tax accounting method changes, and reversal of valuation allowances and tax reserves, among others.

TRENDING SCHEDULES																																			Schedule 10
Free Cash Flow (Non-GAAP)
(unaudited; in millions)
													12 Months														12 Months								6 Months
					Quarter Ended						Ended						Quarter Ended						Ended			Quarter Ended		Ended
	3/31/18	6/30/18	9/30/18	12/31/18		12/31/18		3/31/19	6/30/19	9/30/19	12/31/19		12/31/19		3/31/20	6/30/20			6/30/20
Net cash provided by operating activities	$	1,004	$	1,024	$	962	$	474		$	3,464	$	929	$	260	$	500	$	(459)		$	1,230	$	356	$	795		$	1,151
Operating cash flow from discontinued operations		-			2			(3)			-			(1)			-			-			-			-			-			-			-			-
Capital expenditures		(66)			(70)			(113)			(103)			(352)			(67)			(75)			(109)			(102)			(353)			(51)			(81)			(132)
Free cash flow	$	938		$	956		$	846		$	371		$	3,111		$	862		$	185		$	391		$	(561)		$	877		$	305		$	714		$	1,019
Debt	$	19,790	$	19,939	$	19,937	$	19,113		$	19,113	$	18,328	$	18,328	$	18,157	$	18,719		$	18,719	$	18,537	$	20,068		$	20,068
Cash and cash equivalents		564			1,181			1,739			856			856			986			938			956			632			632			589			2,288			2,288
Net debt	$	19,226	$	18,758	$	18,198	$	18,257		$	18,257	$	17,342	$	17,390	$	17,201	$	18,087		$	18,087	$	17,948	$	17,780		$	17,780