Twenty-First Century Fox 2013 Annual Report Download - page 153
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TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
•Direct Broadcast Satellite Television, which consists of the distribution of programming services via
satellite, cable, and broadband directly to subscribers in Italy, Germany and Austria.
•Other, Corporate and Eliminations, which principally consists of corporate overhead and eliminations
and other businesses.
The Company’s operating segments have been determined in accordance with the Company’s internal
management structure, which is organized based on operating activities. The Company evaluates performance
based upon several factors, of which the primary financial measure is Segment OIBDA.
Segment OIBDA is defined as revenues less operating expenses and selling, general and administrative
expenses. Segment OIBDA does not include: depreciation and amortization, amortization of cable distribution
investments, impairment and restructuring charges, equity earnings of affiliates, interest expense, net, interest
income, other, net, income tax expense and net income attributable to noncontrolling interests. The Company
believes that information about Segment OIBDA assists all users of the Company’s consolidated financial
statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of
businesses separate from non-operational factors that affect net income, thus providing insight into both
operations and the other factors that affect reported results.
Total Segment OIBDA is a non-GAAP measure and should be considered in addition to, not as a substitute
for, net income (loss), cash flow and other measures of financial performance reported in accordance with
GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as
depreciation and amortization and impairment and restructuring charges, which are significant components in
assessing the Company’s financial performance.
Management believes total Segment OIBDA is an appropriate measure for evaluating the operating
performance of the Company’s business. Segment OIBDA provides management, investors and equity analysts
measures to analyze operating performance of the Company’s business and its enterprise value against historical
data and competitors’ data, although historical results, including Segment OIBDA, may not be indicative of
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