America Online 2014 Annual Report Download - page 123

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AOL INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Segment information for the years ended December 31, 2014, 2013 and 2012 is as follows (in millions):
Brand
Group
Membership
Group
AOL
Platforms
Corporate
and Other
Consolidated
Total
2014
Revenues from external customers
Advertising and other ................... $ 702.9 $ 144.4 $1,073.4 $ — $ 1,920.7
Subscription .......................... — 606.5 — — 606.5
Revenues from transactions with other
segments ............................... 68.0 40.7 7.0 (115.7) —
Total revenues ............................. $ 770.9 $ 791.6 $1,080.4 $ (115.7) $ 2,527.2
Adjusted OIBDA .......................... $ 68.4 $ 562.1 $ 4.4 $ (127.6) $ 507.3
2013
Revenues from external customers
Advertising and other ................... $ 733.4 $ 161.2 $ 774.6 $ 0.6 $ 1,669.8
Subscription .......................... — 650.1 — — 650.1
Revenues from transactions with other
segments ............................... 61.0 27.8 10.4 (99.2) —
Total revenues ............................. $ 794.4 $ 839.1 $ 785.0 $ (98.6) $ 2,319.9
Adjusted OIBDA .......................... $ 40.2 $ 593.7 $ (15.0) $ (138.2) $ 480.7
2012
Revenues from external customers
Advertising and other ................... $ 676.9 $ 176.8 $ 631.2 $ 1.5 $ 1,486.4
Subscription .......................... — 705.3 — — 705.3
Revenues from transactions with other
segments ............................... 53.3 32.5 12.9 (98.7) —
Total revenues ............................. $ 730.2 $ 914.6 $ 644.1 $ (97.2) $ 2,191.7
Adjusted OIBDA .......................... $ (32.8) $ 632.9 $ 7.3 $ (194.8) $ 412.6
The following table presents the Company’s reconciliation of Adjusted OIBDA to operating income (in
millions):
Years Ended December 31,
2014 2013 2012
Operating income ............................................... $ 205.5 $ 190.3 $ 1,201.9
Add: Depreciation ........................................... 134.7 128.9 138.7
Add: Amortization of intangible assets ........................... 65.6 45.1 38.2
Add: Restructuring costs ...................................... 22.0 41.3 10.1
Add: Equity-based compensation ............................... 70.7 47.0 39.5
Add: Asset impairments and write-offs .......................... 13.6 30.6 6.1
Add: Losses/(gains) on disposal of assets, net ..................... (4.8) (2.5) (964.2)
Add: Special Items .......................................... — — (57.7)
Adjusted OIBDA ................................................ $ 507.3 $ 480.7 $ 412.6
Special items for the year ended December 31, 2012 include patent licensing income of $96.0 million and
costs related to the patent sale and license of $15.7 million, as well as proxy contest costs of $8.9 million, $7.6
million of tax settlement expenses and acquisition-related costs of $5.1 million.
107