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PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 1 of 19 PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 1 of 19 UNIVISION COMMUNICATIONS INC. ANNOUNCES 2018 FOURTH QUARTER RESULTS MIAMI, FL – February 14, 2019 – Univision Communications Inc. (the “Company”), the leading media company serving Hispanic America, today announced financial results for the fourth quarter and year ended December 31, 2018. Continuing Operations Results - Fourth Quarter 2018 Compared to Fourth Quarter 20171 Total revenue decreased 8.9% to $688.5 million from $755.5 million. Total core revenue2 decreased 8.7% to $659.0 million from $721.5 million. (Loss) income from continuing operations3 was a loss of $40.2 million compared to income of $390.0 million. Adjusted OIBDA4 decreased 34.0% to $229.0 million from $346.8 million. Adjusted Core OIBDA5 decreased 28.2% to $205.8 million from $286.6 million. The Company continued to deleverage and has reduced total indebtedness, net of cash and cash equivalents by $210.5 million for the fourth quarter of 2018. Continuing Operations Results – Full Year 2018 Compared to Full Year 2017 Total revenue decreased 7.6% to $2,713.8 million from $2,937.3 million. Total core revenue decreased 5.4% to $2,674.2 million from $2,827.3 million. Income from continuing operations was $149.7 million compared to $672.5 million. Adjusted OIBDA decreased 21.9% to $1,022.8 million from $1,310.2 million. Adjusted Core OIBDA decreased 11.8% to $990.6 million from $1,123.5 million. The Company continued to deleverage and has reduced total indebtedness, net of cash and cash equivalents by $547.0 million for the full year 2018. “Univision serves a unique audience,” said Vince Sadusky, CEO of Univision. “Hispanic America is driving population and GDP growth and will continue to do so for decades. Our strategic focus on serving this core audience has recently resulted in viewership growth, as from the third to fourth quarter, we saw increases in our primetime ratings in all key demographics at a time when all other major networks experienced declines. Our ratings resurgence was fueled by a more diversified, modernized programming line-up, which has provided Univision with a powerful springboard in 2019 to offer our distribution and advertising partners even greater value. I’m grateful to all our teams across Univision for their dedication, focus and passion to serve our audience.” PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 2 of 19 The following tables set forth the Company’s financial performance for the three months ended December 31, 2018 and 2017 from continuing operations unless otherwise noted. The second table below sets forth the Company’s Media Networks advertising revenue for the three months ended December 31, 2018 and 2017. Consolidated Media Networks Radio (Unaudited, in thousands) Three months ended December 31, Three months ended December 31, Three months ended December 31, 2018 2017 % Var 2018 2017 % Var 2018 2017 % Var Total Revenue Total revenue $688,500 $755,500 (8.9)% $616,600 $676,500 (8.9)% $71,900 $79,000 (9.0)% Political/advocacy6 (30,900) (13,100) 135.9% (23,400) (9,200) 154.3% (7,500) (3,900) 92.3% Content/intellectual property licensing7 (22,600) (20,900) 8.1% (22,600) (9,100) 148.4% — (11,800) (100)% Contractual revenue adjustment8 24,000 — — 24,000 — — — — — Total core revenue $659,000 $721,500 (8.7)% $594,600 $658,200 (9.7)% $64,400 $63,300 1.7% Advertising Revenue Advertising revenue $403,200 $424,200 (5.0)% $337,000 $360,800 (6.6)% $66,200 $63,400 4.4% Political/advocacy (30,900) (13,100) 135.9% (23,400) (9,200) 154.3% (7,500) (3,900) 92.3% Core advertising revenue9 $372,300 $411,100 (9.4)% $313,600 $351,600 (10.8)% $58,700 $59,500 (1.3)% Non-Advertising Revenue Non-advertising revenue $285,300 $331,300 (13.9)% $279,600 $315,700 (11.4)% $5,700 $15,600 (63.5)% Content/intellectual property licensing (22,600) (20,900) 8.1% (22,600) (9,100) 148.4% — (11,800) (100)% Contractual revenue adjustment 24,000 — — 24,000 — — — — — Core non-advertising revenue10 $286,700 $310,400 (7.6)% $281,000 $306,600 (8.3)% $5,700 $3,800 50.0% Consolidated Media Networks Television Digital (Unaudited, in thousands) Three months ended December 31, Three months ended December 31, Three months ended December 31, 2018 2017 % Var 2018 2017 % Var 2018 2017 % Var Media Networks Advertising Revenue Advertising revenue $337,000 $360,800 (6.6)% $314,800 $340,300 (7.5)% $22,200 $20,500 8.3% Political/advocacy (23,400) (9,200) 154.3% (21,700) (8,600) 152.3% (1,700) (600) 183.3% Core advertising revenue $313,600 $351,600 (10.8)% $293,100 $331,700 (11.6)% $20,500 $19,900 3.0% 11 Adjusted OIBDA Adjusted Core OIBDA Bank Credit Adjusted OIBDA (Unaudited, in thousands) Three months ended December 31, Three months ended December 31, Three months ended December 31, 2018 2017 % Var 2018 2017 % Var 2018 2017 % Var Media Networks (excluding PLA rate adjustment) $226,900 $335,100 (32.3)% $210,600 $321,200 (34.4)% $242,400 $337,000 (28.1)% PLA rate adjustment12 — — — — (30,800) (100)% — — — Media Networks 226,900 335,100 (32.3)% 210,600 290,400 (27.5)% 242,400 337,000 (28.1)% Radio 24,600 35,900 (31.5)% 17,700 20,400 (13.2)% 24,900 36,700 (32.2)% Corporate (22,500) (24,200) (7.0)% (22,500) (24,200) (7.0)% (16,800) (21,700) (22.6)% Consolidated $229,000 $346,800 (34.0)% $205,800 $286,600 (28.2)% $250,500 $352,000 (28.8)% PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 3 of 19 Revenue Total revenue for the fourth quarter 2018 decreased 8.9% to $688.5 million compared to $755.5 million for the same prior period. Total core revenue for the fourth quarter 2018 decreased 8.7% to $659.0 million compared to $721.5 million for the same prior period. Below is a discussion of the Company’s fourth quarter revenue by reporting segment. Media Networks Total revenue for our Media Networks segment for the fourth quarter 2018 decreased 8.9% to $616.6 million compared to $676.5 million for the same prior period. Total core revenue for our Media Networks segment decreased 9.7% to $594.6 million from $658.2 million. Media Networks advertising revenue for the fourth quarter 2018 decreased 6.6% to $337.0 million compared to $360.8 million for the same prior period primarily due to viewership declines arising from the impact of a lapse in a distributor’s carriage agreement and reduced advertising spending primarily in the retail, telecommunications and automotive sectors partially offset by increases in scatter advertising pricing and growth in local station’s advertising revenue. A portion of these declines in Media Networks advertising revenue was attributable to the non-cash impact of audience guarantees from viewership declines. These audience guarantees are expected to be fulfilled in subsequent periods and excluding the effect of these audience guarantees, Media Network’s advertising revenue for the fourth quarter 2018 would have been comparable with the same prior period. Media Networks non-advertising revenue (which is comprised of subscriber fee revenue, content licensing revenue and other revenue which is primarily contractual revenue, “other revenue”) was $279.6 million for the fourth quarter 2018 compared to $315.7 million for the same prior period, a decrease of $36.1 million or 11.4%. Subscriber fee revenue was $219.2 million for the fourth quarter 2018 compared to $266.2 million for the same prior period, a decrease of $47.0 million, or 17.7% primarily due to the lapse of a distributor’s carriage agreement and an estimated revenue adjustment from a contractual obligation which is not expected to impact revenues in 2019 partially offset by the timing of certain distribution agreement renewals and contractual rate increases. Content licensing revenue was $22.6 million for the fourth quarter 2018 compared to $9.1 million for the same prior period, an increase of $13.5 million primarily due to the timing of revenue recognition of certain content licensing agreements. Other revenue was $37.8 million for the fourth quarter 2018 compared to $40.4 million for the same prior period, a decrease of $2.6 million. Core non-advertising revenue was $281.0 million for the fourth quarter 2018 compared to $306.6 million for the same prior period, a decrease of $25.6 million or 8.3%. Radio Total revenue for our Radio segment for the fourth quarter 2018 decreased 9.0% to $71.9 million compared to $79.0 million for the same prior period primarily due to a decrease in non-advertising revenue. Total core revenue for our Radio segment increased 1.7% to $64.4 million from $63.3 million. Advertising revenue for the Radio segment for the fourth quarter 2018 increased 4.4% to $66.2 million from $63.4 million for the same prior period. Core advertising revenue for our Radio segment decreased 1.3% to $58.7 million from $59.5 million. Non-advertising revenue for the Radio segment for the fourth quarter 2018 (primarily contractual revenue) decreased to $5.7 million from $15.6 million for the same prior period and in 2017 included the recognition of $11.8 million related to an intellectual property license. PRESS RELEASE UNIVISION COMMUNICATIONS INC. Page 4 of 19 Expenses Below is a discussion of the Company’s fourth quarter expenses on a consolidated basis. Direct operating expenses related to programming, excluding variable program license fees, for the fourth quarter 2018 increased $13.1 million or 8.1% to $175.5 million from $162.4 million for the same prior period.
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