Time Inc.'s Digital Advertising Revenue Increased 63% In The Third Quarter

Time Inc. (NYSE:TIME) reported financial results for its third quarter ended September 30, 2016.

Time Inc. President and CEO Rich Battista said, "As we continue our aggressive transformation to a digital-first company, I am pleased with the strong growth of our digital advertising revenues and digital audiences in the third quarter. The integration of Viant, our proprietary targeting and data platform, into the overall Time Inc. go-to-market approach is bringing new, unique capabilities to our advertising partners, and beginning to yield incremental revenue across the portfolio. Our native advertising business, through The Foundry, is experiencing rapid growth. We now have a more compelling, exciting and differentiated set of solutions for marketers, which combine our premium content and large-scale audiences with our unique data and people-based targeting capabilities. The recent realignment of our ad sales and editorial operations will allow us to move with more speed, agility and focus, while better leveraging our major audience scale. I see opportunity to unlock significant value through our portfolio of assets despite the disruption going on in media and advertising."
           
Results Summary          
In millions (except per share amounts)

Three Months Ended September 30,

Nine Months Ended September 30,
2016   2015 2016   2015
GAAP Measures
Revenues $ 750 $ 773 $ 2,209 $ 2,226
Asset impairments 188 189
Goodwill impairment 952 952
Operating income (loss) (167) (899) (120) (833)
Net income (loss) (112) (913) (104) (898)
Diluted EPS (1.13) (8.30) (1.05) (8.17)
Cash provided by (used in) operations 79 84 106 127
 
Non-GAAP Measures
Adjusted OIBDA $ 100 $ 113 $ 232 $ 281
Adjusted Net income (loss) 33 40 44 63
Adjusted Diluted EPS 0.31 0.32 0.42 0.53
Free Cash Flow     62   15   28   (5)
 

The Company's Adjusted OIBDA, Adjusted Net income (loss), Adjusted Diluted EPS and Free Cash Flow are non-GAAP financial measures. See "Use of Non-GAAP Financial Measures" below and the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in Schedules I through IV attached hereto.

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