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ViacomCBS Reports Q1 2021 Earnings Results

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·21 min read
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  • 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

ViacomCBS Inc. (NASDAQ: VIAC; VIACA) today reported financial results for the quarter ended March 31, 2021.

STATEMENT FROM BOB BAKISH, PRESIDENT & CEO

"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 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 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

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

%

$ in millions, except per share amounts

† 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.

OVERVIEW OF Q1 REVENUE

REVENUE BY TYPE

  • Advertising revenue, which excludes streaming revenue, grew 21% year-over-year, driven by CBS’ 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 reverse compensation and retransmission fees, as well as expanded distribution, partially offset by a decline in cable subscribers.

  • Streaming revenue rose 65% year-over-year:

    • Streaming advertising revenue grew 62% year-over-year, driven by advertising on Pluto TV, Paramount+ and other digital video platforms.

    • Streaming subscription revenue grew 69% year-over-year, reflecting 63% growth in global streaming subscribers.

Quarter Ended March 31

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

%

$ in millions

GLOBAL STREAMING HIGHLIGHTS

  • Global streaming subscribers rose to 36M in Q1, adding 6M subscribers.

    • Subscriber additions in the quarter were led by Paramount+.

      • On Paramount+, the biggest drivers of sign-ups were live sports and specials, including the Super Bowl, NCAA Tournament, UEFA Champions League, Oprah with Meghan and Harry and The Grammy Awards, as well as kids’ content, including programming from the SpongeBob universe and iCarly, and original programming, including The Stand and Star Trek: Discovery.

      • Original programming, content from cable brands and Paramount movies drove almost half of Paramount+ subscriber engagement.

      • Globally, Nickelodeon programming was a significant driver of sign-ups and engagement on Paramount+.

    • 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.

  • Global Pluto TV MAUs rose to nearly 50M, adding 6M global MAUs in the quarter.

    • Pluto TV MAUs grew both domestically and internationally.

    • Pluto TV international expansion continued, launching in France in Q1.

REPORTING SEGMENTS

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.

    • Advertising revenue, which excludes streaming revenue, increased 40% year-over-year, reflecting CBS’ broadcasts of Super Bowl LV and NCAA Tournament games, partially offset by lower linear impressions.

    • Affiliate revenue, which excludes streaming revenue, grew 11% year-over-year, driven by growth in reverse compensation and retransmission fees.

    • 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+.

Quarter Ended March 31

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

)%

$ in millions

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 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 increases, partially offset by linear subscriber declines.

    • Streaming revenue grew 70% year-over-year, fueled by advertising revenue growth from Pluto TV and other digital video platforms, as well as growth in subscribers for subscription streaming services, including 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 substantially offset by lower advertising expenses from the broadcast of fewer original programs, and savings from restructuring activities.

Quarter Ended March 31

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 OIBDA

$

1,184

$

794

$

390

49

%

$ in millions

FILMED ENTERTAINMENT

  • Revenue grew 23% year-over-year, reflecting growth in licensing revenues partially offset by a decline in theatrical revenue.

    • Theatrical revenue was immaterial in the quarter as a result of the closure or reduction in capacity of movie theaters in response to COVID-19.

    • Licensing and other revenue increased 55% year-over-year because of higher revenue from the licensing of programming to Paramount+ and third parties, as well as revenue from the licensing of Miramax titles.

  • Adjusted OIBDA increased $177 million primarily due to higher licensing revenue, compared to the prior-year period, which included higher distribution costs associated with theatrical releases during the first quarter of 2020.

Quarter Ended March 31

2021

2020

$ B/(W) %

Revenue

$

997

$

811

$

186

23

%

Theatrical

1

167

(166

)

(99

)

Licensing and other

996

644

352

55

Expenses

793

784

(9

)

(1

)

Adjusted OIBDA

$

204

$

27

$

177

656

%

$ in millions

BALANCE SHEET & LIQUIDITY

  • In Q1, ViacomCBS generated $1.7B of operating cash flow from continuing operations and $1.6B of free cash flow†.

  • As of March 31, 2021, the company had $5.5B of cash on its balance sheet and a committed $3.5B revolving credit facility that remains undrawn.

  • In March, ViacomCBS completed the early redemption of senior notes maturing in 2022 and 2023 for a total $2.0B.

  • In March, the company also raised $2.7B of capital through an offering of Class B common stock and mandatory convertible preferred stock.

† Non-GAAP measures are detailed in the Supplemental Disclosures at the end of this release.

ABOUT VIACOMCBS

ViacomCBS (NASDAQ: VIAC; VIACA) is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, its portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+, Pluto TV and Simon & Schuster, among others. The company delivers the largest share of the U.S. television audience and boasts one of the industry’s most important and extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, ViacomCBS provides powerful capabilities in production, distribution and advertising solutions for partners on five continents.

For more information about ViacomCBS, please visit www.viacomcbs.com and follow @ViacomCBS on social platforms.

VIAC-IR

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This communication contains both historical and forward-looking statements, including statements related to our future results and performance. All statements that are not statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements reflect our current expectations concerning future results and events; generally can be identified by the use of statements that include phrases such as "believe," "expect," "anticipate," "intend," "plan," "foresee," "likely," "will," "may," "could," "estimate" or other similar words or phrases; and involve known and unknown risks, uncertainties and other factors that are difficult to predict and which may cause our actual results, performance or achievements to be different from any future results, performance or achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: changes in consumer behavior, as well as evolving technologies, distribution platforms and packaging; the impact on our advertising revenues of changes in consumers’ content viewership, deficiencies in audience measurement and advertising market conditions; our ability to maintain attractive brands and our reputation, and to offer popular programming and other content; increased costs for programming, films and other rights; competition for content, audiences, advertising and distribution; the potential for loss of carriage or other reduction in or the impact of negotiations for the distribution of our content; losses due to asset impairment charges for goodwill, intangible assets, FCC licenses and programming; the risks and costs associated with the integration of the CBS Corporation and Viacom Inc. businesses and investments in new businesses, products, services and technologies, including our streaming initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; content infringement; the impact of COVID-19 (and other widespread health emergencies or pandemics) and measures taken in response thereto; domestic and global political, economic and/or regulatory factors affecting our businesses generally; liabilities related to discontinued operations and former businesses; the loss of key talent and strikes and other union activity; potential conflicts of interest arising from our ownership structure with a controlling stockholder; and other factors described in our news releases and filings with the Securities and Exchange Commission, including but not limited to our most recent Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K. There may be additional risks, uncertainties and factors that we do not currently view as material or that are not necessarily known. The forward-looking statements included in this communication are made only as of the date of this communication, and we do not undertake any obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

VIACOMCBS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in millions, except per share amounts)

Quarter Ended

March 31,

2021

2020

Revenues

$

7,412

$

6,499

Costs and expenses:

Operating

4,363

3,956

Selling, general and administrative

1,422

1,298

Depreciation and amortization

99

112

Restructuring and other corporate matters

231

Total costs and expenses

5,884

5,597

Operating income

1,528

902

Interest expense

(259

)

(241

)

Interest income

13

14

Loss on extinguishment of debt

(128

)

Other items, net

1

(28

)

Earnings from continuing operations before income taxes and equity in loss of investee companies

1,155

647

Provision for income taxes

(226

)

(134

)

Equity in loss of investee companies, net of tax

(18

)

(9

)

Net earnings from continuing operations

911

504

Net earnings from discontinued operations, net of tax

12

15

Net earnings (ViacomCBS and noncontrolling interests)

923

519

Net earnings attributable to noncontrolling interests

(12

)

(3

)

Net earnings attributable to ViacomCBS

$

911

$

516

Amounts attributable to ViacomCBS:

Net earnings from continuing operations

$

899

$

501

Net earnings from discontinued operations, net of tax

12

15

Net earnings attributable to ViacomCBS

$

911

$

516

Basic net earnings per common share attributable to ViacomCBS:

Net earnings from continuing operations

$

1.44

$

.82

Net earnings from discontinued operations

$

.02

$

.02

Net earnings

$

1.46

$

.84

Diluted net earnings per common share attributable to ViacomCBS:

Net earnings from continuing operations

$

1.42

$

.81

Net earnings from discontinued operations

$

.02

$

.02

Net earnings

$

1.44

$

.84

Weighted average number of common shares outstanding:

Basic

622

614

Diluted

631

616

VIACOMCBS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions, except per share amounts)

At

At

March 31, 2021

December 31, 2020

ASSETS

Current Assets:

Cash and cash equivalents

$

5,499

$

2,984

Receivables, net

7,310

7,017

Programming and other inventory

1,137

1,757

Prepaid and other current assets

1,027

1,391

Current assets of discontinued operations

514

630

Total current assets

15,487

13,779

Property and equipment, net

1,994

1,994

Programming and other inventory

10,755

10,363

Goodwill

16,591

16,612

Intangible assets, net

2,815

2,826

Operating lease assets

1,527

1,602

Deferred income tax assets, net

981

993

Other assets

3,785

3,657

Assets held for sale

27

28

Assets of discontinued operations

811

809

Total Assets

$

54,773

$

52,663

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Accounts payable

$

612

$

571

Accrued expenses

1,663

1,714

Participants’ share and royalties payable

2,070

2,005

Accrued programming and production costs

1,392

1,141

Deferred revenues

1,010

978

Debt

19

16

Other current liabilities

1,512

1,391

Current liabilities of discontinued operations

423

480

Total current liabilities

8,701

8,296

Long-term debt

17,768

19,717

Participants’ share and royalties payable

1,351

1,317

Pension and postretirement benefit obligations

2,070

2,098

Deferred income tax liabilities, net

852

778

Operating lease liabilities

1,517

1,583

Program rights obligations

212

243

Other liabilities

2,058

2,158

Liabilities of discontinued operations

212

220

Redeemable noncontrolling interest

189

197

Commitments and contingencies

ViacomCBS stockholders’ equity:

5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share; 25 shares authorized and 10 shares issued (2021)

Class A Common Stock, par value $.001 per share; 55 shares authorized; 41 (2021) and 52 (2020) shares issued

Class B Common Stock, par value $.001 per share; 5,000 shares authorized; 1,108 (2021) and 1,068 (2020) shares issued

1

1

Additional paid-in capital

32,866

29,785

Treasury stock, at cost; 503 (2021 and 2020) Class B shares

(22,958

)

(22,958

)

Retained earnings

11,144

10,375

Accumulated other comprehensive loss

(1,882

)

(1,832

)

Total ViacomCBS stockholders’ equity

19,171

15,371

Noncontrolling interests

672

685

Total Equity

19,843

16,056

Total Liabilities and Equity

$

54,773

$

52,663

VIACOMCBS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in millions)

Quarter Ended

March 31,

2021

2020

Operating Activities:

Net earnings (ViacomCBS and noncontrolling interests)

$

923

$

519

Less: Net earnings from discontinued operations, net of tax

12

15

Net earnings from continuing operations

911

504

Adjustments to reconcile net earnings from continuing operations to net cash flow provided by operating activities:

Depreciation and amortization

99

112

Deferred tax provision

95

153

Stock-based compensation

52

87

Loss on extinguishment of debt

128

Equity in loss of investee companies, net of tax and distributions

18

9

Change in assets and liabilities

348

(508

)

Net cash flow provided by operating activities from continuing operations

1,651

357

Net cash flow provided by (used for) operating activities from discontinued operations

72

(1

)

Net cash flow provided by operating activities

1,723

356

Investing Activities:

Investments

(40

)

(46

)

Capital expenditures

(62

)

(51

)

Proceeds from sale of investments

213

146

Other investing activities

(25

)

Net cash flow provided by investing activities

86

49

Financing Activities:

Repayments of short-term debt borrowings, net

(186

)

Repayment of long-term debt

(2,117

)

Dividends paid on common stock

(151

)

(152

)

Proceeds from issuance of preferred stock

983

Proceeds from issuance of common stock

1,672

Purchase of Company common stock

(58

)

Payment of payroll taxes in lieu of issuing shares for stock-based compensation

(35

)

(50

)

Proceeds from exercise of stock options

408

5

Other financing activities

(37

)

(38

)

Net cash flow provided by (used for) financing activities

723

(479

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(19

)

(29

)

Net increase (decrease) in cash, cash equivalents and restricted cash

2,513

(103

)

Cash, cash equivalents and restricted cash at beginning of period (includes $135 (2021) and $202 (2020) of restricted cash)

3,119

834

Cash, cash equivalents and restricted cash at end of period (includes $133 (2021) and $142 (2020) of restricted cash)

$

5,632

$

731

SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES
(Unaudited; in millions, except per share amounts)

Results for the quarters ended March 31, 2021 and 2020 included certain items identified as affecting comparability. Adjusted operating income before depreciation and amortization ("Adjusted OIBDA"), adjusted earnings from continuing operations before income taxes, adjusted provision for income taxes, adjusted net earnings from continuing operations attributable to ViacomCBS, and adjusted diluted EPS from continuing operations (together, the "adjusted measures") exclude the impact of these items and are measures of performance not calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We use these measures to, among other things, evaluate our operating performance. These measures are among the primary measures used by management for planning and forecasting of future periods, and they are important indicators of our operational strength and business performance. In addition, we use Adjusted OIBDA to, among other things, value prospective acquisitions. We believe these measures are relevant and useful for investors because they allow investors to view performance in a manner similar to the method used by our management; provide a clearer perspective on our underlying performance; and make it easier for investors, analysts and peers to compare our operating performance to other companies in our industry and to compare our year-over-year results.

Because the adjusted measures are measures of performance not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, operating income, earnings from continuing operations before income taxes, provision for income taxes, net earnings from continuing operations attributable to ViacomCBS or diluted EPS from continuing operations, as applicable, as indicators of operating performance. These measures, as we calculate them, may not be comparable to similarly titled measures employed by other companies.

The following tables reconcile the adjusted measures to their most directly comparable financial measures in accordance with GAAP.

Quarter Ended

March 31,

2021

2020

Operating income (GAAP)

$

1,528

$

902

Depreciation and amortization (a)

99

112

Restructuring and other corporate matters (b)

231

Adjusted OIBDA (Non-GAAP)

$

1,627

$

1,245

(a)

The quarter ended March 31, 2020 includes accelerated depreciation of $12 million for technology that was abandoned in connection with synergy plans related to the merger of Viacom Inc. with and into CBS Corporation (the "Merger").

(b)

Primarily reflects severance and exit costs as well as other costs related to the Merger.

SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES (Continued)

(Unaudited; in millions, except per share amounts)

Quarter Ended March 31, 2021

Earnings from
Continuing
Operations
Before Income
Taxes

Provision for
Income Taxes

Net Earnings
from Continuing
Operations
Attributable to
ViacomCBS

Diluted EPS
from
Continuing
Operations

Reported (GAAP)

$

1,155

$

(226

)

$

899

$

1.42

Items affecting comparability:

Loss on extinguishment of debt

128

(30

)

98

.16

Gain on marketable securities

(20

)

5

(15

)

(.03

)

Discrete tax items (a)

(21

)

(21

)

(.03

)

Adjusted (Non-GAAP)

$

1,263

$

(272

)

$

961

$

1.52

(a)

Primarily reflects tax benefits from the resolution of certain state income tax matters and excess tax benefits from the vesting or exercise of stock-based compensation awards.

Quarter Ended March 31, 2020

Earnings from
Continuing
Operations
Before Income
Taxes

Provision for
Income Taxes

Net Earnings
from Continuing
Operations
Attributable to
ViacomCBS

Diluted EPS
from
Continuing
Operations

Reported (GAAP)

$

647

$

(134

)

$

501

$

.81

Items affecting comparability:

Restructuring and other corporate matters (a)

231

(47

)

184

.30

Depreciation of abandoned technology (b)

12

(3

)

9

.02

Discrete tax items

(4

)

(4

)

(.01

)

Adjusted (Non-GAAP)

$

890

$

(188

)

$

690

$

1.12

(a)

Primarily reflects severance and exit costs as well as other costs related to the Merger.

(b)

Reflects accelerated depreciation for technology that was abandoned in connection with synergy plans related to the Merger.

SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES (Continued)
(Unaudited; in millions, except per share amounts)

Free Cash Flow

Free cash flow is a non-GAAP financial measure. Free cash flow reflects our net cash flow provided by operating activities from continuing operations less capital expenditures. Our calculation of free cash flow includes capital expenditures because investment in capital expenditures is a use of cash that is directly related to our operations. Our net cash flow provided by operating activities from continuing operations is the most directly comparable GAAP financial measure.

Management believes free cash flow provides investors with an important perspective on the cash available to us to service debt, make strategic acquisitions and investments, maintain our capital assets, satisfy our tax obligations, and fund ongoing operations and working capital needs. As a result, free cash flow is a significant measure of our ability to generate long-term value. It is useful for investors to know whether this ability is being enhanced or degraded as a result of our operating performance. We believe the presentation of free cash flow is relevant and useful for investors because it allows investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. Free cash flow is among several components of incentive compensation targets for certain management personnel. In addition, free cash flow is a primary measure used externally by our investors, analysts and industry peers for purposes of valuation and comparison of our operating performance to other companies in our industry.

As free cash flow is not a measure calculated in accordance with GAAP, free cash flow should not be considered in isolation of, or as a substitute for, either net cash flow provided by operating activities from continuing operations as a measure of liquidity or net earnings as a measure of operating performance. Free cash flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies. In addition, free cash flow as a measure of liquidity has certain limitations, does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs.

The following table presents a reconciliation of our net cash flow provided by operating activities from continuing operations to free cash flow.

Quarter Ended

March 31,

2021

2020

Net cash flow provided by operating activities from continuing operations (GAAP)

$

1,651

$

357

Capital expenditures

(62

)

(51

)

Free cash flow (Non-GAAP)

$

1,589

$

306

View source version on businesswire.com: https://www.businesswire.com/news/home/20210506005341/en/

Contacts

Press:
Justin Dini
Executive Vice President, Corporate Communications
(212) 846-2724
justin.dini@viacomcbs.com

Peter Collins
Vice President, Corporate Communications
(917) 826-4182
peter.collins@viacomcbs.com

Justin Blaber
Senior Director, Corporate Communications
(646) 823-6616
justin.blaber@viacomcbs.com

Pranita Sookai
Director, Corporate Communications
(718) 316-2182
pranita.sookai@viacomcbs.com

Investors:
Anthony DiClemente
Executive Vice President, Investor Relations
(917) 796-4647
anthony.diclemente@viacomcbs.com

Jaime Morris
Vice President, Investor Relations
(646) 824-5450
jaime.morris@viacomcbs.com

Robert Amparo
Manager, Investor Relations
(347) 223-1682
robert.amparo@viacomcbs.com