Cablevision 2014 Annual Report Download - page 44

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38
Results of Operations - Cablevision Systems Corporation
The following table sets forth on a historical basis certain items related to operations as a percentage of net revenues for the periods
indicated:
STATEMENT OF INCOME DATA
Years Ended December 31,
2014 2013
Amount % of Net
Revenues Amount % of Net
Revenues Favorable
(Unfavorable)
Revenues, net......................................................... $ 6,460,946 100% $ 6,232,152 100% $ 228,794
Operating expenses:
Technical and operating (excluding
depreciation, amortization and impairments
shown below)................................................... 3,136,808 49 3,079,226 49 (57,582)
Selling, general and administrative..................... 1,533,898 24 1,521,005 24 (12,893)
Restructuring expense......................................... 2,480 — 23,550 — 21,070
Depreciation and amortization (including
impairments).................................................... 866,502 13 909,147 15 42,645
Operating income .................................................. 921,258 14 699,224 11 222,034
Other income (expense):
Interest expense, net............................................ (575,580)(9)(600,637)(10) 25,057
Gain on investments, net..................................... 129,659 2 313,167 5 (183,508)
Loss on equity derivative contracts, net.............. (45,055)(1)(198,688)(3) 153,633
Loss on extinguishment of debt and write-off of
deferred financing costs................................... (10,120) — (22,542) — 12,422
Miscellaneous, net............................................... 4,988 — 2,436 — 2,552
Income from continuing operations before
income taxes.................................................... 425,150 7 192,960 3 232,190
Income tax expense ............................................... (115,768)(2)(65,635)(1)(50,133)
Income from continuing operations, net of
income taxes....................................................... 309,382 5 127,325 2 182,057
Income from discontinued operations, net of
income taxes....................................................... 2,822 — 338,316 5 (335,494)
Net income............................................................. 312,204 5 465,641 7 (153,437)
Net loss (income) attributable to noncontrolling
interests .............................................................. (765) — 20 — (785)
Net income attributable to Cablevision Systems
Corporation stockholders................................... $ 311,439 5% $ 465,661 7% $ (154,222)
The following is a reconciliation of operating income to AOCF:
Years Ended December 31,
2014 2013 Favorable
(Unfavorable)
Amount Amount
Operating income .................................................................................................. $ 921,258 $ 699,224 $ 222,034
Share-based compensation .................................................................................... 43,984 52,715 (8,731)
Restructuring expense ........................................................................................... 2,480 23,550 (21,070)
Depreciation and amortization (including impairments)....................................... 866,502 909,147 (42,645)
AOCF.................................................................................................................. $ 1,834,224 $ 1,684,636 $ 149,588