KNOXVILLE, Tenn.--(BUSINESS WIRE)--Scripps Networks Interactive, Inc. (NYSE: SNI) today reported full-year and fourth-quarter 2014 operating results.
Consolidated operating revenue in 2014 was $2.7 billion, up 5.3 percent from the prior year. Year-over-year advertising revenue was up 5.7 percent to $1.8 billion primarily due to pricing, and affiliate fee revenue was up 5.4 percent to $799 million primarily due to contractual rate increases.
Segment profit increased to $1.1 billion, up 1.8 percent from the prior year. This increase was due to revenue growth, partially offset by the fourth quarter restructuring expenses (see other credits and charges note) coupled with increases in programming and marketing expenses and international investments (see non-GAAP financial measures note for a definition of segment profit).
Full-year 2014 consolidated net income attributable to Scripps Networks Interactive was $545 million, or $3.83 per diluted share, including $0.06 per share for the restructuring charges, and the $0.07 per share second-quarter charge for early contract termination costs (see other charges and credits note). Full-year 2013 consolidated net income was $505 million, or $3.40 per diluted share, including the $0.17 write-down of goodwill in the fourth quarter of 2013.
“The strength of our lifestyle media brands and the connections they make with consumers and advertisers enabled the company to maintain its record of growth and creating shareholder value for the quarter and the full year,” said Kenneth W. Lowe, chairman, president and chief executive officer. “The company is in a great position to capitalize on the many opportunities in an ever changing media environment.”
Fourth-quarter Results
Consolidated revenues for the quarter increased 2.3 percent to $669 million from the prior-year period. Results for the three-month period ended Dec. 31 reflect advertising revenue of $454 million, up 0.7 percent, and affiliate fee revenue of $202 million, up 6.1 percent year over year.
Costs of services and selling, general and administrative expenses for the quarter increased 6.9 percent from the prior-year period to $407 million. The increase was driven primarily by the restructuring expenses of $14.4 million (see other charges and credits note) and higher programming amortization.
Total segment profit decreased 4.2 percent to $262 million reflecting the impact of the fourth-quarter restructuring costs (see non-GAAP financial measures note for a definition of segment profit).
Fourth-quarter net income attributable to Scripps Networks Interactive was $132 million, or $0.96 per diluted share, including the $0.06 per share charge related to operational restructuring. Fourth-quarter 2013 net income was $109 million, or $0.73 per diluted share, including a $0.17 per share write-down of goodwill.
Segment results |
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(in thousands) | 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||||||||
Segment operating revenues: | |||||||||||||||||||||||||||||
Lifestyle media | $ | 641,868 | $ | 631,406 | 1.7 | % | $ | 2,575,376 | $ | 2,455,650 |
4.9 |
% |
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Corporate and other | 27,284 | 23,072 | 18.3 | % | 90,290 | 75,798 |
19.1 |
% |
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Intersegment eliminations | (83 | ) | (210 | ) | (639 | ) | |||||||||||||||||||||||
Total operating revenues | $ | 669,152 | $ | 654,395 | 2.3 | % | $ | 2,665,456 | $ | 2,530,809 |
5.3 |
% |
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Segment profit (loss): | |||||||||||||||||||||||||||||
Lifestyle media | $ | 297,972 | $ | 295,034 | 1.0 | % | $ | 1,255,437 | $ | 1,202,356 |
4.4 |
% |
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Corporate and other | (36,193 | ) | (21,765 | ) | 66.3 | % | (133,676 | ) | (99,896 | ) |
33.8 |
% |
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Total segment profit | $ | 261,779 | $ | 273,269 | (4.2 | )% | $ | 1,121,761 | $ | 1,102,460 |
1.8 |
% |
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Depreciation and amortization of intangible assets |
(31,498 | ) | (56,535 | ) | (44.3 | )% | (128,582 | ) | (142,303 | ) |
(9.6 |
)% |
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Gains (losses) on disposal of property and equipment |
177 | (111 | ) | (870 | ) | (1,681 | ) | ||||||||||||||||||||||
Interest expense | (15,789 | ) | (12,031 | ) | 31.2 | % | (52,687 | ) | (48,710 | ) |
8.2 |
% |
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Equity in earnings of affiliates | 18,521 | 18,472 | 0.3 | % | 85,631 | 79,644 |
7.5 |
% |
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Miscellaneous, net | 727 | 1,585 | 2,598 | 1,241 | |||||||||||||||||||||||||
Income before income taxes | $ | 233,917 | $ | 224,649 | 4.1 | % | $ | 1,027,851 | $ | 990,651 |
3.8 |
% |
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Lifestyle media revenues in the fourth quarter of 2014 increased 1.7 percent to $642 million driven by affiliate fee revenue growth. Total advertising revenue for the lifestyle media segment grew 0.3 percent to $444 million reflecting softness in the advertising market and audience delivery at some of our networks. Affiliate fee revenue grew 6.1 percent to $191 million due to higher rates and the benefit of our online video distribution agreements.
Lifestyle media segment profit increased 1.0 percent to $298 million reflecting the revenue growth, partially offset by the restructuring expenses and higher program amortization.
Corporate and other includes the results of the lifestyle-oriented channels operated internationally. Corporate and other revenues increased 18 percent to $27.3 million, driven by the expanding international operations.
Corporate and other segment loss increased to $36.2 million from $21.8 million, driven primarily by the restructuring expenses and continued investments in international operations.
Share repurchase program
For the quarter ended Dec. 31, the company repurchased 5.1 million shares at an aggregate purchase price of $399 million. For the full year 2014, 15.4 million shares were repurchased at an aggregate purchase price of $1.2 billion. As of Dec. 31, $448 million remained available for repurchase under the company’s share repurchase program.
2015 Full-year Guidance
The company provided the following outlook for 2015. All guidance is based on total company performance and excludes restructuring expenses:
- Total revenue is expected to increase about 4 percent.
- Cost of services is expected to increase between 8 percent and 10 percent.
- Selling, general and administrative expenses are expected to be down 2 percent to flat.
Other items:
- Depreciation and amortization, between $100 million and $110 million.
- Interest expense of approximately $55 million.
- Effective tax rate, between 30 percent and 32 percent.
- Noncontrolling share of net income, between $175 million and $185 million.
- Capital expenditures, between $50 million and $60 million.
Conference call
The senior management team of Scripps Networks Interactive will discuss the company’s fourth quarter results during a telephone conference call at 10 a.m. ET today. Scripps Networks Interactive will offer a live webcast of the conference call. To access the webcast, visit www.scrippsnetworksinteractive.com and follow the Investors link at the top of the page. The webcast link can be found next to the microphone icon on the investor relations landing page.
To access the conference call by telephone, dial (800) 553-0288 (U.S.) or (612) 332-0725 (international) approximately ten minutes before the start of the call. Callers will need the name of the call, "SNI Fourth Quarter Earnings Report," to be granted access. Callers also will be asked to provide their name and company affiliation. The media and general public are granted access to the conference call on a listen-only basis.
A replay line will be open from 12:15 p.m. on Feb. 12 until 11:59 p.m. ET on Feb. 26. The domestic number to access the replay is (800)475-6701, and the international number is (320)365-3844. The access code for both numbers is 350372.
A replay of the conference call will also be available online. To access the audio replay, visit www.scrippsnetworksinteractive.com approximately four hours after the call, choose the Investors page, then follow the Audio Archives link at the top of the Investor Relations page.
Forward-looking statements
This press release contains certain forward-looking statements related to the company’s businesses that are based on management’s current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The company’s written policy on forward-looking statements can be found on page F-3 of its 2013 Form 10-K filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statements to reflect events or circumstances after the date the statement is made.
About Scripps Networks Interactive
Scripps Networks Interactive is one of the leading developers of engaging lifestyle content in the home, food and travel categories for television, the Internet and emerging platforms. The company's lifestyle media portfolio comprises popular television and Internet brands HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and Great American Country, which collectively reach more than 190 million consumers each month. Companion websites complement on-air programming with video and social media that inform and inspire. The company’s global networks reach millions of consumers across North and South America, Asia, Europe, the Middle East and Africa. Scripps Networks Interactive is headquartered in Knoxville, Tenn. For more information, please visit http://www.scrippsnetworksinteractive.com.
SCRIPPS NETWORKS INTERACTIVE, INC. | |||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||||
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(in thousands, except per share data) | 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||||||||
Operating revenues | $ | 669,152 | $ | 654,395 | 2.3 | % | $ | 2,665,456 | $ | 2,530,809 | 5.3 | % | |||||||||||||||||
Cost of services, excluding depreciation and amortization of intangible assets |
(200,478 | ) | (188,645 | ) | 6.3 | % | (778,896 | ) | (699,294 | ) | 11.4 | % | |||||||||||||||||
Selling, general and administrative | (206,895 | ) | (192,481 | ) | 7.5 | % | (764,799 | ) | (729,055 | ) | 4.9 | % | |||||||||||||||||
Depreciation and amortization of intangible assets |
(31,498 | ) | (31,812 | ) | (1.0 | )% | (128,582 | ) | (117,580 | ) | 9.4 | % | |||||||||||||||||
Write-down of goodwill | (24,723 | ) | (24,723 | ) | |||||||||||||||||||||||||
Gains (losses) on disposal of property and equipment | 177 | (111 | ) | (870 | ) | (1,681 | ) | ||||||||||||||||||||||
Operating income | 230,458 | 216,623 | 6.4 | % | 992,309 | 958,476 | 3.5 | % | |||||||||||||||||||||
Interest expense | (15,789 | ) | (12,031 | ) | 31.2 | % | (52,687 | ) | (48,710 | ) | 8.2 | % | |||||||||||||||||
Equity in earnings of affiliates | 18,521 | 18,472 | 0.3 | % | 85,631 | 79,644 | 7.5 | % | |||||||||||||||||||||
Miscellaneous, net | 727 | 1,585 | 2,598 | 1,241 | |||||||||||||||||||||||||
Income from operations before income taxes | 233,917 | 224,649 | 4.1 | % | 1,027,851 | 990,651 | 3.8 | % | |||||||||||||||||||||
Provision for income taxes | (55,868 | ) | (73,621 | ) | (24.1 | )% | (301,043 | ) | (307,623 | ) | (2.1 | )% | |||||||||||||||||
Net income | 178,049 | 151,028 | 17.9 | % | 726,808 | 683,028 | 6.4 | % | |||||||||||||||||||||
Net income attributable to noncontrolling interests | (46,203 | ) | (42,509 | ) | 8.7 | % | (181,533 | ) | (177,958 | ) | 2.0 | % | |||||||||||||||||
Net income attributable to SNI | $ | 131,846 | $ | 108,519 | 21.5 | % | $ | 545,275 | $ | 505,070 | 8.0 | % | |||||||||||||||||
Net income attributable to SNI common shareholders per basic share of common stock |
$ | 0.96 | $ | 0.74 | $ | 3.86 | $ | 3.43 | |||||||||||||||||||||
Net income attributable to SNI common shareholders per diluted share of common stock |
$ | 0.96 | $ | 0.73 | $ | 3.83 | $ | 3.40 | |||||||||||||||||||||
Weighted average basic shares outstanding | 136,876 | 146,813 | 141,297 | 147,326 | |||||||||||||||||||||||||
Weighted average diluted shares outstanding | 137,708 | 148,076 | 142,193 | 148,502 |
SCRIPPS NETWORKS INTERACTIVE, INC. | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(unaudited) | As of | ||||||||||
December 31, |
December 31, |
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(in thousands, except share and par value amounts) | 2014 | 2013 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 878,164 | $ | 686,371 | |||||||
Accounts receivable (less allowances: 2014- $7,889; 2013- $6,853) | 629,775 | 619,619 | |||||||||
Programs and program licenses | 477,575 | 423,949 | |||||||||
Deferred income taxes | 41,831 | 41,140 | |||||||||
Other current assets | 110,816 | 90,231 | |||||||||
Total current assets | 2,138,161 | 1,861,310 | |||||||||
Investments | 463,344 | 488,198 | |||||||||
Property and equipment, net | 226,246 | 246,350 | |||||||||
Goodwill | 573,119 | 574,582 | |||||||||
Other intangible assets, net | 595,881 | 655,009 | |||||||||
Programs and program licenses (less current portion) | 469,083 | 413,057 | |||||||||
Deferred income taxes | 37,265 | 39,075 | |||||||||
Other non-current assets | 164,533 | 160,866 | |||||||||
Total Assets | $ | 4,667,632 | $ | 4,438,447 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 21,499 | $ | 18,278 | |||||||
Current portion of debt | 884,994 | ||||||||||
Program rights payable | 36,138 | 30,412 | |||||||||
Customer deposits and unearned revenue | 47,929 | 70,427 | |||||||||
Employee compensation and benefits | 73,185 | 67,188 | |||||||||
Accrued marketing and advertising costs | 3,765 | 11,053 | |||||||||
Other accrued liabilities | 90,444 | 81,341 | |||||||||
Total current liabilities | 1,157,954 | 278,699 | |||||||||
Debt (less current portion) | 1,494,411 | 1,384,488 | |||||||||
Other liabilities (less current portion) | 234,429 | 223,368 | |||||||||
Total liabilities | 2,886,794 | 1,886,555 | |||||||||
Redeemable noncontrolling interest | 96,251 | 133,000 | |||||||||
Equity: | |||||||||||
SNI shareholders' equity: | |||||||||||
Preferred stock, $.01 par - authorized: 25,000,000 shares; none outstanding | |||||||||||
Common stock, $.01 par: | |||||||||||
Class A - authorized: 240,000,000 shares; issued and outstanding: 2014 - 97,789,910 shares; 2013 - 111,891,667 shares |
978 | 1,119 | |||||||||
Voting - authorized: 60,000,000 shares; issued and outstanding: 2014 - 34,317,171 shares; 2013 - 34,317,171 shares |
343 | 343 | |||||||||
Total | 1,321 | 1,462 | |||||||||
Additional paid-in capital | 1,359,023 | 1,447,496 | |||||||||
Retained earnings | 79,994 | 662,574 | |||||||||
Accumulated other comprehensive income (loss) | (57,891 | ) | (12,529 | ) | |||||||
Total SNI shareholders' equity | 1,382,447 | 2,099,003 | |||||||||
Noncontrolling interest | 302,140 | 319,889 | |||||||||
Total equity | 1,684,587 | 2,418,892 | |||||||||
Total Liabilities and Equity | $ | 4,667,632 | $ | 4,438,447 |
SCRIPPS NETWORKS INTERACTIVE, INC. | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
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(in thousands) | 2014 | 2013 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 726,808 | $ | 683,028 | |||||||
Depreciation and amortization of intangible assets | 128,582 | 117,580 | |||||||||
Write-down of goodwill | 24,723 | ||||||||||
Amortization of network distribution costs | 7,004 | 7,024 | |||||||||
Program amortization | 621,210 | 556,694 | |||||||||
Equity in earnings of affiliates | (85,631 | ) | (79,644 | ) | |||||||
Program payments | (725,582 | ) | (627,591 | ) | |||||||
Dividends received from equity investments | 104,185 | 83,912 | |||||||||
Deferred income taxes | 7,175 | 79,336 | |||||||||
Stock and deferred compensation plans | 39,375 | 46,810 | |||||||||
Changes in certain working capital accounts: | |||||||||||
Accounts receivable | (10,932 | ) | (52,691 | ) | |||||||
Other assets | (2,188 | ) | 1,255 | ||||||||
Accounts payable | 3,593 | 5,001 | |||||||||
Accrued employee compensation and benefits | 6,848 | 9,709 | |||||||||
Accrued / refundable income taxes | (18,947 | ) | (31,573 | ) | |||||||
Other liabilities | (16,558 | ) | 35,303 | ||||||||
Other, net | (7,368 | ) | 18,318 | ||||||||
Cash provided by (used in) operating activities | 777,574 | 877,194 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Additions to property and equipment | (53,775 | ) | (72,990 | ) | |||||||
Collections (funds advanced) on note receivable | 4,481 | 12,939 | |||||||||
Purchase of long-term investments | (17,042 | ) | (171 | ) | |||||||
Purchase of subsidiary companies, net of cash acquired | (64,412 | ) | |||||||||
Other, net | (12,001 | ) | (43,339 | ) | |||||||
Cash provided by (used in) investing activities | (78,337 | ) | (167,973 | ) | |||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from debt | 1,189,555 | ||||||||||
Payments on debt | (195,000 | ) | |||||||||
Dividends paid | (112,943 | ) | (88,400 | ) | |||||||
Dividends paid to noncontrolling interests | (216,860 | ) | (160,493 | ) | |||||||
Repurchase of Class A common stock | (1,198,962 | ) | (253,203 | ) | |||||||
Proceeds from stock options | 39,605 | 42,976 | |||||||||
Deferred loan costs | (9,026 | ) | |||||||||
Other, net | (1,361 | ) | (1,762 | ) | |||||||
Cash provided by (used in) financing activities | (504,992 | ) | (460,882 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (2,452 | ) | 507 | ||||||||
Increase (decrease) in cash and cash equivalents | 191,793 | 248,846 | |||||||||
Cash and cash equivalents: | |||||||||||
Beginning of year | 686,371 | 437,525 | |||||||||
End of period | $ | 878,164 | $ | 686,371 | |||||||
Supplemental Cash Flow Disclosures: | |||||||||||
Interest paid, excluding amounts capitalized | $ | 45,917 | $ | 45,436 | |||||||
Income taxes paid | 309,519 | 229,966 | |||||||||
OTHER CHARGES AND CREDITS
Voluntary early retirement program and employee termination costs – During the fourth quarter of 2014, we provided qualified employees voluntary early retirement packages and notified employees of the elimination of certain positions within the Company. We also announced that the Company will be closing our Cincinnati office location later in 2015 and will be relocating certain employees to our Knoxville, Tennessee headquarters. Our 2014 operating results include a $14.4 million charge for severance, retention, and related retirement benefit costs that were incurred following the initiation of these programs. Net income attributable to SNI was reduced by $8.9 million, $.06 per share.
Contract termination costs – During the second quarter of 2014, we reached an agreement to terminate the master services agreement and sales agency agreement related to services provided for our Food Network and Fine Living operations in Europe, the Middle East and Africa. We also entered into an arrangement that establishes a transition plan for us to assume the activities associated with these provided services. Our 2014 operating results include a $9.7 million charge for the early termination of these agreements that reduced net income attributable to SNI $9.7 million, $.07 per share.
Asset write-down – In connection with our annual impairment test for goodwill, we recorded a $24.7 million non-cash charge in the fourth quarter of 2013 to write-down the goodwill associated with our Travel Channel International business. The charge reduced 2013 net income attributable to SNI by $24.7 million, $.17 per share.
NON-GAAP FINANCIAL MEASURES
Our chief operating decision maker evaluates the operating performance of our business segments and makes decisions about the allocation of resources to our business segments using a measure we call segment profit. Segment profit excludes interest, income taxes, depreciation and amortization, divested operating units, investment results and certain other items that are included in net income determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Items excluded from segment profit generally result from decisions made in prior periods or from decisions made by corporate executives rather than the managers of the business segments. Depreciation and amortization charges are the result of decisions made in prior periods regarding the allocation of resources and are therefore excluded from the measure. Financing, tax structure and divestiture decisions are generally made by corporate executives. Excluding these items from our business segment performance measure enables us to evaluate business segment operating performance for the current period based upon current economic conditions and decisions made by the managers of those business segments in the current period.
In 2014, we made changes to our management reporting structure related to the operating results of our businesses located in the Caribbean and certain of our digital businesses. In conjunction with these changes in our reporting structure, we now report the results of our Caribbean businesses within our international operating segment, included within our corporate and other caption for segment reporting purposes, rather than the lifestyle media reportable segment. The impacted digital businesses are now reported within our lifestyle media reportable segment, rather than our corporate and other caption for segment reporting purposes. For comparability purposes, prior year segment results have also been reclassified to reflect the impact of these management reporting changes. These reclassifications only affect our segment reporting, and do not change our consolidated operating revenues, operating income, or net income.
A reconciliation of segment profit to operating income determined in accordance with GAAP for each business segment is as follows:
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(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Operating income | $ | 230,458 | $ | 216,623 | $ | 992,309 | $ | 958,476 | |||||||||||
Depreciation and amortization of intangible assets: | |||||||||||||||||||
Lifestyle media | 27,932 | 27,173 | 111,497 | 104,214 | |||||||||||||||
Corporate and other | 3,566 | 4,639 | 17,085 | 13,366 | |||||||||||||||
Write-down of goodwill | 24,723 | 24,723 | |||||||||||||||||
Losses (gains) on disposal of property and equipment: | |||||||||||||||||||
Lifestyle media | (238 | ) | 106 | 1,311 | 1,606 | ||||||||||||||
Corporate and other | 61 | 5 | (441 | ) | 75 | ||||||||||||||
Total segment profit | $ | 261,779 | $ | 273,269 | $ | 1,121,761 | $ | 1,102,460 | |||||||||||
We define free cash flow as cash provided by operating activities less dividends paid to noncontrolling interests and acquisitions of property and equipment. We measure free cash flow as we believe it is an important indicator for management and investors as to our liquidity, including our ability to reduce debt, make strategic investments and return capital to shareholders. A reconciliation of free cash flow is as follows:
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(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Segment profit | $ | 261,779 | $ | 273,269 | $ | 1,121,761 | $ | 1,102,460 | |||||||||||||
Income taxes paid | (81,335 | ) | (74,734 | ) | (309,519 | ) | (229,966 | ) | |||||||||||||
Interest paid | (6,971 | ) | (6,776 | ) | (45,917 | ) | (45,436 | ) | |||||||||||||
Working capital and other | 23,923 | 2,072 | 11,249 | 50,136 | |||||||||||||||||
Cash provided by operating activities | 197,396 | 193,831 | 777,574 | 877,194 | |||||||||||||||||
Dividends paid to noncontrolling interests | (22,004 | ) | (13,846 | ) | (216,860 | ) | (160,493 | ) | |||||||||||||
Additions to property and equipment | (11,991 | ) | (25,596 | ) | (53,775 | ) | (72,990 | ) | |||||||||||||
Free cash flow | $ | 163,401 | $ | 154,389 | $ | 506,939 | $ | 643,711 | |||||||||||||
Since segment profit and free cash flow are non-GAAP measures, they should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance reported in accordance with GAAP.
SUPPLEMENTAL FINANCIAL INFORMATION
Our lifestyle media division earns revenue primarily from the sale of advertising time on our national television networks, affiliate fees paid by cable and satellite distributors and telecommunication service providers that carry our network programming, the licensing of our content to third parties, the licensing of our brands for consumer products such as books and kitchenware, and from the sale of advertising on our lifestyle media affiliated websites.
Supplemental information for lifestyle media is as follows:
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(in thousands) | 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||||||||||
Operating revenues by brand: | |||||||||||||||||||||||||||||
HGTV | $ | 231,131 | $ | 221,398 | 4.4 | % | $ | 938,475 | $ | 876,051 | 7.1 | % | |||||||||||||||||
Food Network | 219,707 | 222,113 | (1.1 | )% | 888,533 | 854,936 | 3.9 | % | |||||||||||||||||||||
Travel Channel | 75,718 | 77,983 | (2.9 | )% | 314,199 | 315,773 | (0.5 | )% | |||||||||||||||||||||
DIY Network | 36,816 | 34,420 | 7.0 | % | 152,094 | 138,663 | 9.7 | % | |||||||||||||||||||||
Cooking Channel | 31,829 | 29,001 | 9.8 | % | 120,835 | 110,244 | 9.6 | % | |||||||||||||||||||||
Great American Country | 7,532 | 7,735 | (2.6 | )% | 30,154 | 27,717 | 8.8 | % | |||||||||||||||||||||
Digital Businesses | 37,841 | 36,330 | 4.2 | % | 122,062 | 120,510 | 1.3 | % | |||||||||||||||||||||
Other | 3,471 | 3,310 | 4.9 | % | 14,566 | 14,454 | 0.8 | % | |||||||||||||||||||||
Intrasegment eliminations | (2,177 | ) | (884 | ) | (5,542 | ) | (2,698 | ) | |||||||||||||||||||||
Total segment operating revenues | $ | 641,868 | $ | 631,406 | 1.7 | % | $ | 2,575,376 | $ | 2,455,650 | 4.9 | % | |||||||||||||||||
Operating revenues by type: | |||||||||||||||||||||||||||||
Advertising | $ | 443,648 | $ | 442,276 | 0.3 | % | $ | 1,787,647 | $ | 1,697,170 | 5.3 | % | |||||||||||||||||
Network affiliate fees, net | 190,891 | 179,984 | 6.1 | % | 755,950 | 720,547 | 4.9 | % | |||||||||||||||||||||
Other | 7,329 | 9,146 | (19.9 | )% | 31,779 | 37,933 | (16.2 | )% | |||||||||||||||||||||