DreamWorks Delivers Outstanding Fourth Quarter And Year-End 2015 Results Highlighted By Strong Growth Across Core Business Segments

 

ADJUSTED OPERATING CASH FLOW RECONCILIATION

(Unaudited)




Year Ended



December 31, 2015



(in thousands)

Net cash provided by operating activities — as reported


$

52,509





2015 Restructuring Plan cash payments


73,526





Adjusted net cash provided by operating activities


$

126,035




(1) 

Employee-related termination costs.    Employee-related termination costs consist of severance and benefits (including stock-based compensation) attributable to employees that were terminated in connection with the 2015 Restructuring Plan.

(2) 

Relocation and other employee-related costs.    Relocation and other employee-related costs primarily consist of costs to relocate employees from our Northern California facility to our Southern California facility.

(3) 

Lease obligations and related charges.    Lease obligations and related charges largely consist of remaining rent expense that we incurred prior to the commencement of the subleases of our Northern California facility.

(4) 

Accelerated depreciation and amortization charges.    Accelerated depreciation and amortization charges consist of the incremental charges we incurred as a result of shortened estimated useful lives of certain property, plant and equipment due to the decision to exit our Northern California facility.

(5) 

Film and other inventory write-offs.    Film and other inventory write-offs (as presented in the tables above) consist of only those capitalized production costs for unreleased titles that were written-off as part of our 2015 Restructuring Plan. In connection with this plan, we changed our creative leadership and we made certain decisions to change our future film slate (which included the decision to abandon certain projects and change creative direction on certain titles). These costs were expensed during the quarter ended December 31, 2014 due to the timing of these decisions. The Company excludes them for purposes of the Adjusted Income/Loss Measures as the amounts would not have been incurred during the Company's standard financial close procedures as these were changes that resulted from decisions to restructure the business.

(6) 

Other contractual obligations.    Other contractual obligations consist of amounts due to third parties as a result of the changes made to the Company's film slate as described in (5) above.

(7) 

Additional labor and other excess costs.    Additional labor consists of costs related to excess staffing in order to execute the restructuring plans specifically related to changes in the feature film slate. These additional labor costs are incremental to our normal operating charges and are expensed as incurred. Other excess costs are those due to the closure of our Northern California facility which primarily relate to costs that we incurred to continue to operate the facility until we begin to earn amounts under sublease arrangements.

(8) 

Tax Impact.    For the three- and 12-month periods ended December 31, 2014, the tax impact of non-GAAP adjustments was calculated at the Company's combined effective tax rate. However, for the three- and 12-month periods ended December 31, 2015, the Company's combined effective tax rate was (14.3)% and (68.4)%, respectively, and, as a result of the negative tax rates, the Company concluded that it would not be meaningful to calculate the tax impact for the current periods.

 

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/dreamworks-delivers-outstanding-fourth-quarter-and-year-end-2015-results-highlighted-by-strong-growth-across-core-business-segments-300224851.html

SOURCE DreamWorks Animation SKG, Inc.

Contact:
DreamWorks Animation SKG, Inc.
Investors: Jennifer DiGrazia, DreamWorks Animation Investor Relations, (818) 695-3384
Email Contact
Chad Mihalick, DreamWorks Animation Investor Relations, (818) 695-4486
Email Contact
Press: Dan Berger, DreamWorks Animation Public Relations, (818) 695-4747
Email Contact
Matt Lifson, DreamWorks Animation Public Relations, (818) 695-6576
Email Contact
Web: http://www.dreamworksanimation.com



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