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Viacomcbs Reports Q1 2021 Earnings Results

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Viacomcbs Reports Q1 2021 Earnings Results EARNINGS PRESS RELEASE | MAY 6, 2021 VIACOMCBS REPORTS Q1 2021 EARNINGS RESULTS . Drove Robust Global Streaming Revenue Growth, up 65% Year-Over-Year, Fueled by Strong Increases in Users and Product Monetization . Added 6M Global Streaming Subscribers to Reach 36M Total Streaming Subscribers in the Quarter, and Increased Global Pluto TV MAUs by 6M to Reach Nearly 50M Global MAUs . Delivered 69% Year-Over-Year Growth in Streaming Subscription Revenue, Driven by the Significant Momentum of Paramount+ . Generated 62% Year-Over-Year Growth in Streaming Advertising Revenue, Reflecting the Continued Domestic Growth and International Expansion of Pluto TV . Increased Advertising Revenue 21% Year-Over-Year and Affiliate Revenue 5% Year-Over-Year, Both Exclude Streaming Revenue . Achieved Strong Total Company Growth in Revenue, Operating Income, Adjusted OIBDA, as well as Reported and Adjusted Diluted Earnings Per Share STATEMENT FROM In Q1, we accelerated our expansion in streaming with the launch of Paramount+ further “ enhancing ViacomCBS’ ecosystem of premium, pay and free services. The strong consumer BOB BAKISH response we have seen is evident in today’s numbers – we have grown global streaming revenue 65 percent year-over-year and we added 6M global streaming subscribers, driven by President & CEO Paramount+, to reach 36M streaming subscribers globally. In addition, we now have almost 50M global Pluto TV MAUs. Our early momentum in streaming is a testament to the breadth and relevance of our differentiated offerings, as well as our opportunities for growth through Paramount+, as we continue to ramp the availability of live sports, original series and blockbuster movies over the course of the year. ViacomCBS also achieved another strong quarter of results in our advertising and affiliate businesses, which continue to demonstrate the extraordinary power of our company to reach audiences and deliver for our partners globally. Q1 2021 RESULTS* ” QUARTER ENDED MARCH 31 $ IN MILLIONS, EXCEPT PER SHARE AMOUNTS GAAP 2021 2020 B/(W) % Revenues $ 7,412 $ 6,499 14 % Operating income 1,528 902 69 Net earnings from continuing operations attributable to ViacomCBS 899 501 79 Diluted EPS from continuing operations attributable to ViacomCBS 1.42 0.81 75 Operating cash flow from continuing operations $ 1,651 $ 357 362 % Non-GAAP† Adjusted OIBDA $ 1,627 $ 1,245 31 % Adjusted net earnings from continuing operations attributable to ViacomCBS 961 690 39 Adjusted diluted EPS from continuing operations attributable to ViacomCBS 1.52 1.12 36 Free cash flow $ 1,589 $ 306 419 % † Non-GAAP measures are detailed in the Supplemental Disclosures at the end of this release. *During the fourth quarter of 2020, ViacomCBS entered into an agreement to sell Simon & Schuster, which was previously reported as the Publishing segment. Simon & Schuster has been presented as a discontinued operation in the company’s consolidated financial statements for all periods. VIACOMCBS Q1 2021 EARNINGS OVERVIEW OF Q1 REVENUE REVENUE BY TYPE ADVERTISING . Advertising revenue, which excludes streaming revenue, grew 21% year-over-year, driven by CBS’ REVENUE* broadcasts of Super Bowl LV and NCAA Tournament games, which were partially offset by lower linear impressions. Affiliate revenue, which excludes streaming revenue, increased 5% year-over-year, reflecting higher +21% reverse compensation and retransmission fees, as well as expanded distribution, partially offset by a YOY decline in cable subscribers. Streaming revenue rose 65% year-over-year: AFFILIATE Streaming advertising revenue grew 62% year-over-year, driven by advertising on Pluto TV, Paramount+ and other digital video platforms. REVENUE* ⎯ Streaming subscription revenue grew 69% year-over-year, reflecting 63% growth in global streaming subscribers. +5% ⎯ YOY *Excludes streaming revenue QUARTER ENDED MARCH 31 $ IN MILLIONS 2021 2020 $ B/(W) % Advertising $ 2,681 $ 2,219 $ 462 21 % Affiliate 2,075 1,968 107 5 Streaming 816 494 322 65 . Advertising 428 265 163 62 . Subscription 388 229 159 69 Theatrical 1 167 (166) (99) Licensing and other 1,839 1,651 188 11 Total Revenues $ 7,412 $ 6,499 $ 913 14 % GLOBAL STREAMING HIGHLIGHTS STREAMING REVENUE . Global streaming subscribers rose to 36M in Q1, adding 6M subscribers. +65%YOY Subscriber additions in the quarter were led by Paramount+. ⎯ On Paramount+, the biggest drivers of sign-ups were live sports and specials, STREAMING including the Super Bowl, NCAA Tournament, UEFA Champions League, Oprah ADVERTISING with Meghan and Harry and The Grammy Awards, as well as kids’ content, including programming from the SpongeBob universe and iCarly, and original REVENUE +62%YOY programming, including The Stand and Star Trek: Discovery. Original programming, content from cable brands and Paramount movies drove almost half of Paramount+ subscriber engagement. STREAMING SUBSCRIPTION . Globally, Nickelodeon programming was a significant driver of sign-ups and REVENUE YOY engagement on Paramount+. +69% SHOWTIME OTT delivered its best quarter ever in sign-ups, streams and hours watched, driven by originals, including Your Honor and Shameless, as well as ⎯ theatricals. STREAMING SUBSCRIBERS . Global Pluto TV MAUs rose to nearly 50M, adding 6M global MAUs in the quarter. Global 36M Pluto TV MAUs grew both domestically and internationally. 6M Pluto TV international expansion continued, launching in France in Q1. ⎯ PLUTO TV Nearly ⎯ MAUs Global 50M 6M 2 VIACOMCBS Q1 2021 EARNINGS REPORTING SEGMENTS z TV FILMED CABLE ENTERTAINMENT ENTERTAINMENT NETWORKS TV ENTERTAINMENT . In Q1, CBS was the most-watched network in Prime, Daytime and Late Night and claimed the quarter’s top broadcast program, top 3 dramas, top 5 comedies and top news magazine. Revenue grew 19% mainly driven by CBS’ broadcasts of tentpole sporting events and subscriber growth at Paramount+, partially offset by the timing of licensing. #1 BROADCAST SERIES Advertising revenue, which excludes streaming revenue, The Equalizer increased 40% year-over-year, reflecting CBS’ broadcasts of TOP 3 DRAMAS ⎯ Super Bowl LV and NCAA Tournament games, partially #1 The Equalizer / #2 NCIS / #3 FBI THE #1 BROADCAST offset by lower linear impressions. TOP 5 COMEDIES NETWORK IN PRIME #1 Young Sheldon / #2 The Neighborhood / Affiliate revenue, which excludes streaming revenue, grew #3 Mom / #4 Bob Hearts Abishola / #5 B Positive Based on Live+7 P2+ impressions; 11% year-over-year, driven by growth in reverse true for both 1Q’21 & Season-to-Date (Sept-April) #1 NEWS MAGAZINE ⎯ compensation and retransmission fees. 60 Minutes Streaming revenue rose 58%, primarily due to subscriber growth at Paramount+ and Super Bowl LV digital advertising. ⎯ Licensing and other revenue decreased 17% due to a lower volume of licensing principally from COVID-related ⎯ production delays. Adjusted OIBDA decreased 22% year-over-year, reflecting the company’s investments in Paramount+. Source: Based on Live+7 P2+ impressions; series claims based on new episodes only for 1Q’21. QUARTER ENDED MARCH 31 $ IN MILLIONS 2021 2020 $ B/(W) % Revenue $ 3,511 $ 2,947 $ 564 19 % . Advertising 1,807 1,288 519 40 . Affiliate 693 623 70 11 . Streaming 322 204 118 58 . Licensing and other 689 832 (143) (17) Expenses 3,062 2,374 (688) (29) Adjusted OIBDA $ 449 $ 573 $ (124) (22) % 3 VIACOMCBS Q1 2021 EARNINGS REPORTING SEGMENTS (CONT.) CABLE NETWORKS . In Q1, ViacomCBS owned the most top 30 cable networks among P2+ and P18-49 and more top 30 kids’ series than any other cable family; Showtime had the top 2 scripted shows on premium cable. Revenue increased 14% year-over-year, driven by growth in licensing, as NETWORKS INTERNATIONAL well as higher streaming advertising and streaming subscription revenue. Advertising revenue, which excludes streaming revenue, decreased 7% year-over-year, largely because of a decline in domestic advertising, ⎯ partially offset by higher international advertising. Affiliate revenue, which excludes streaming revenue, grew 3% year- over-year, reflecting expanded distribution and contractual rate MOST TOP 30 CABLE NETWORKS ⎯ increases, partially offset by linear subscriber declines. P2+ & P18-49 Streaming revenue grew 70% year-over-year, fueled by advertising MORE TOP 30 revenue growth from Pluto TV and other digital video platforms, as well KIDS’ SERIES THAN ANY ⎯ as growth in subscribers for subscription streaming services, including OTHER CABLE FAMILY SHOWTIME OTT, BET+ and Noggin. Licensing and other revenue increased 82% year-over-year, driven by the licensing of programming to Paramount+ and third parties. ⎯ . Adjusted OIBDA increased 49% year-over-year as a result of the increase in revenue. Expenses increased 1% due to higher participations, which were TOP 2 PREMIUM substantially offset by lower advertising expenses from the broadcast of SCRIPTED SERIES #1 Your Honor fewer original programs, and savings from restructuring activities. #2 Shameless ViacomCBS Cable Nets: Total Day C3 impressions for P2+/P18-49; Excludes Spanish-Language Networks. ViacomCBS Cable Series: Live+7 impressions for K2-11; new episodes only, reflects programs with 3+ T/C. Excludes sports/WWE and news. 15+ min. program duration. Showtime: Live+7 P2+ impressions; new episodes (minimum of 3 episodes in quarter); #1 Your Honor, #2 Shameless. QUARTER ENDED MARCH 31 $ IN MILLIONS 2021 2020 $ B/(W) % Revenue $ 3,259 $ 2,858 $ 401 14 % . Advertising 878 945 (67) (7) . Affiliate 1,382 1,345 37 3 . Streaming 494 290 204 70 . Licensing and other 505 278 227 82 Expenses 2,075 2,064 (11) (1) Adjusted
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