Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | 2-May-14 | Jun. 30, 2012 |
Document Information [Abstract] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Document period end date | 31-Mar-14 | ' | ' |
Document Period end focus | 'Q1 | ' | ' |
Amendment flag | 'false | ' | ' |
DocumentFiscalYearFocus | '2014 | ' | ' |
Current fiscal year end date | '--12-31 | ' | ' |
Entity central index key | '0001468516 | ' | ' |
Entity current reporting status | 'Yes | ' | ' |
Entity filer category | 'Large Accelerated Filer | ' | ' |
Entity registrant name | 'AOL Inc. | ' | ' |
Entity voluntary filers | 'No | ' | ' |
Entity well known seasoned issuer | 'Yes | ' | ' |
Entity common stock shares outstanding | ' | 79,938,138 | ' |
Entity public float | ' | ' | $2,700 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement Abstract | ' | ' |
Advertising and other revenue | $433.40 | $372.50 |
Subscription | 149.9 | 165.8 |
Total revenues | 583.3 | 538.3 |
Costs of revenues | 457.5 | 393.1 |
General and administrative | 75.3 | 82.8 |
Amortization of intangible assets | 15.2 | 9.5 |
Restructuring costs | 11.6 | 4.8 |
(Gain) loss on disposal of assets, net | -0.5 | -1.8 |
Operating income (Loss) | 24.2 | 49.9 |
Other income (loss), net | 0.5 | -2.8 |
Income before income taxes | 24.7 | 47.1 |
Income tax provision | 16 | 21.5 |
Net income | 8.7 | 25.6 |
Net (income) loss attributable to noncontrolling interests | 0.6 | 0.3 |
Net income attributable to AOL Inc. | 9.3 | 25.9 |
Basic net income (loss) per common share | $0.12 | $0.34 |
Diluted net income per common share | $0.11 | $0.32 |
Shares used in computing basic income per common share | 79.6 | 76.9 |
Shares used in computing diluted income per common share | 84.1 | 81.1 |
Comprehensive income | 12.6 | 21.8 |
Comprehensive (income) loss attributable to noncontrolling interests | 0.4 | 1.9 |
Comprehensive income attributable to AOL Inc. | $13 | $23.70 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and equivalents | $123.50 | $207.30 |
Accounts receivable, net of allowances of $9.3 and $8.3, respectively | 446.9 | 491 |
Prepaid expenses and other current assets | 40.6 | 34.1 |
Deferred income taxes, net | 15.2 | 30.7 |
Total current assets | 626.2 | 763.1 |
Property and equipment, net | 463.7 | 467.9 |
Goodwill | 1,407.20 | 1,361.70 |
Intangible assets, net | 234 | 208.4 |
Long-term deferred income taxes, net | 82.2 | 110.6 |
Other long-term assets | 88.4 | 71.7 |
Total assets | 2,901.70 | 2,983.40 |
Current liabilities: | ' | ' |
Accounts payable | 88.4 | 101 |
Accrued compensation and benefits | 59.4 | 127 |
Accrued expenses and other current liabilities | 171.7 | 197.3 |
Deferred revenue | 64.1 | 67.2 |
Current portion of obligations under capital leases and credit facility | 84.6 | 55.5 |
Total current liabilities | 468.2 | 548 |
Total long-term capital lease obligations | 62.6 | 56.2 |
Long-term deferred income taxes | 4.2 | 4.4 |
Other long-term liabilities | 69.3 | 97.6 |
Total liabilities | 604.3 | 706.2 |
Commitments and contingencies (See Note 10) | ' | ' |
Redeemable noncontrolling interest: | ' | ' |
Redeemable noncontrolling interest (See Note 1) | 9.5 | 9.7 |
Equity: | ' | ' |
Common stock, $0.01 par value, 114.8 million shares issued and 79.9 million shares outstanding as of March 31, 2014 and 114.1 million shares issued and 79.2 million shares outstanding as of December 31, 2013 | 1.1 | 1.1 |
Additional paid-in capital | 3,600.20 | 3,592.70 |
Accumulated other comprehensive income (loss), net | -286.7 | -290.4 |
Accumulated deficit | -84.3 | -93.6 |
Treasury Stock, at cost, 34.9 million shares as of March 31, 2014 and December 31, 2013 | -942.9 | -942.9 |
Total stockholders' equity | 2,287.40 | 2,266.90 |
Noncontrolling interest | 0.5 | 0.6 |
Total equity | 2,287.90 | 2,267.50 |
Total liabilities, redeemable noncontrolling interest and equity | $2,901.70 | $2,983.40 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Balance Sheet Parenthetical [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable Current | $9.30 | $8.30 |
Common Stock Par Value | $0.01 | $0.01 |
Common Stock Shares Issued | 114.8 | 114.1 |
Common Stock Shares Outstanding | 79.9 | 79.2 |
Treasury Stock Shares | 34.9 | 34.9 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Cash Flows Abstract | ' | ' |
Net income | $8.70 | $25.60 |
Adjustments for non-cash and non-operating items: | ' | ' |
Depreciation and amortization | 48.6 | 42.6 |
Asset impairments and write-offs | 10.4 | 0.1 |
(Gain) loss on step acquisitions and disposal of assets, net | -0.5 | -1.3 |
Equity-based compensation | 13 | 9.7 |
Deferred income taxes | 12.7 | 10.7 |
Other non-cash adjustments | 0.7 | 4.8 |
Changes in operating assets and liabilities, net of acquisitions | -70.1 | -51.6 |
Cash provided by operating activities | 23.5 | 40.6 |
Investing Activities | ' | ' |
Investments and acquisitions, net of cash acquired | -91.7 | -5.2 |
Proceeds from disposal of assets, net | 1.1 | 0 |
Capital expenditures and product development costs | -16.9 | -16.6 |
Cash (used) provided by investing activities | -107.5 | -21.8 |
Financing Activities | ' | ' |
Cash received from Credit Facility borrowing | 30 | 0 |
Principal payments on capital leases | -17.1 | -14.2 |
Tax withholdings related to net share settlements of restricted stock units | -14.3 | -9.9 |
Proceeds from exercise of stock options | 3.5 | 8.9 |
Cash dividend equivalent payments on restricted stock units | -2.8 | -2.8 |
Other financing activities | 0.4 | 1.9 |
Cash used by financing activities | -0.3 | -16.1 |
Effect of exchange rate changes on cash and equivalents | 0.5 | -1.5 |
(Decrease) increase in cash and equivalents | -83.8 | 1.2 |
Cash and equivalents at beginning of period | 207.3 | 466.6 |
Cash and equivalents at end of period | 123.5 | 467.8 |
Supplemental disclosures of cash flow information | ' | ' |
Cash paid for interest | 1.8 | 1.4 |
Cash paid for income taxes | $0.70 | $3.60 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock Member | Additional Paid In Capital Member | Accumulated Other Comprehensive Income Member | Retained Earnings Member | Noncontrolling Interest Member | Treasury Stock Member |
In Millions | |||||||
Balance at Dec. 31, 2012 | $2,137.80 | $1.10 | $3,457.50 | ($294.10) | ($188) | ($0.30) | ($838.40) |
Treasury Stock Shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | -33.5 |
Balance Shares Outstanding at Dec. 31, 2012 | ' | 76.6 | ' | ' | ' | ' | ' |
Net income (loss) | 25.7 | ' | ' | ' | 25.9 | -0.2 | ' |
Foreign currency translation adjustments | -2.2 | ' | ' | -2.2 | ' | 0 | ' |
Comprehensive income (loss) | 23.5 | ' | ' | -2.2 | 25.9 | -0.2 | ' |
Amounts related to equity-based compensation, including tax benefits | 5.1 | ' | 5.1 | ' | ' | ' | ' |
Issuance of common stock | 8.9 | ' | 8.9 | ' | ' | ' | ' |
Issuance of common stock (shares) | ' | 0.7 | ' | ' | ' | ' | ' |
Dividends declared | 1.8 | ' | ' | ' | 1.8 | ' | ' |
Balance at Mar. 31, 2013 | 2,177.10 | 1.1 | 3,471.50 | -296.3 | -160.3 | -0.5 | -838.4 |
Treasury Stock Shares at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | -33.5 |
Balance Shares Outstanding at Mar. 31, 2013 | ' | 77.3 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | 2,267.50 | 1.1 | 3,592.70 | -290.4 | -93.6 | 0.6 | -942.9 |
Treasury Stock Shares at Dec. 31, 2013 | 34.9 | ' | ' | ' | ' | ' | -34.9 |
Balance Shares Outstanding at Dec. 31, 2013 | ' | 79.2 | ' | ' | ' | ' | ' |
Net income (loss) | 9.1 | ' | ' | ' | 9.3 | -0.2 | ' |
Unrealized gains on equity method investments | 0.8 | ' | ' | 0.8 | ' | ' | ' |
Foreign currency translation adjustments | 2.9 | ' | ' | 2.9 | ' | 0 | ' |
Comprehensive income (loss) | 12.8 | ' | ' | 3.7 | 9.3 | -0.2 | ' |
Contributions from noncontrolling interest owners | 0.1 | ' | ' | ' | ' | 0.1 | ' |
Amounts related to equity-based compensation, including tax benefits | 3.9 | ' | 3.9 | ' | ' | ' | ' |
Issuance of common stock | 3.6 | ' | 3.6 | ' | ' | ' | ' |
Issuance of common stock (shares) | ' | 0.7 | ' | ' | ' | ' | ' |
Balance at Mar. 31, 2014 | $2,287.90 | $1.10 | $3,600.20 | ($286.70) | ($84.30) | $0.50 | ($942.90) |
Treasury Stock Shares at Mar. 31, 2014 | 34.9 | ' | ' | ' | ' | ' | -34.9 |
Balance Shares Outstanding at Mar. 31, 2014 | ' | 79.9 | ' | ' | ' | ' | ' |
Description_of_Business_Basis_
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | ' |
<>NOTE 1—DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
<>Description of Business | |
For a description of the business of AOL Inc. (“AOL” or the “Company”), see “Note 1” to the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 (the “Annual Report”). <> | |
Basis of Presentation | |
Reclassifications | |
Advertising revenues and other revenues have been combined for all periods into a single advertising and other revenues line in the condensed consolidated statement of comprehensive income, given the immateriality of other revenues to total revenues for all periods presented. | |
<>Basis of Consolidation | |
<>The condensed consolidated financial statements include 100% of the assets, liabilities, revenues, expenses and cash flows of AOL and all voting interest entities in which AOL has a controlling voting interest (“subsidiaries”) and variable interest entities in which AOL is the primary beneficiary in accordance with the consolidation accounting guidance. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. The consolidated balances of the Company's variable interest entities are not material to the Company's condensed consolidated financial statements for the periods presented. | |
<>The financial position and operating results of the majority of AOL's foreign operations are consolidated using the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange on the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Resulting translation gains or losses are included in the condensed consolidated balance sheet as a component of accumulated other comprehensive income (loss), net and in the condensed consolidated statement of comprehensive income (loss) as a component of other comprehensive income (loss), net of tax. | |
<>Redeemable Noncontrolling Interest | |
The noncontrolling interest in a joint venture between Mitsui & Company Ltd. and AOL (“Ad.com Japan”) is classified outside of permanent equity in the Company's condensed consolidated balance sheet for all periods presented due to a redemption right available to the noncontrolling interest holder in the future. The noncontrolling interest holder's right to redeem its stock is exercisable any time between July 1 and July 30 of any year, commencing with July 1, 2014. Net income in the condensed consolidated statements of comprehensive income (loss) reflects 100% of the results of Ad.com Japan for the three months ended March 31, 2014 and 2013 as the Company has a controlling financial interest in the entity. Net income is subsequently adjusted to exclude AOL's noncontrolling interests to arrive at net income attributable to AOL Inc. | |
<>Use of Estimates | |
<>The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes thereto. Actual results could differ from those estimates. Significant estimates inherent in the preparation of the condensed consolidated financial statements include asset impairments, reserves established for doubtful accounts, equity-based compensation, depreciation and amortization, business combinations, income taxes, litigation matters and contingencies. | |
<>Interim Financial Statements | |
<>The interim condensed consolidated financial statements are unaudited; however, in the opinion of management, they contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to present fairly the financial position, the results of operations and cash flows for the periods presented in conformity with GAAP applicable to interim periods. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of AOL in the Annual Report. | |
Summary of Significant Accounting Policies | |
Cash and Equivalents | |
Cash equivalents primarily consist of highly liquid short-term investments with an original maturity of three months or less, which include money market accounts and time deposits that are readily convertible into cash. Cash equivalents are carried at cost plus accrued interest, which approximates fair value. These are included within cash and cash equivalents as level one fair value measurements. | |
<>Recent Accounting Standards | |
Accounting for <>Cumulative Translation Adjustments | |
In March 2013, new guidance was issued related to accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The new guidance clarifies that companies are required to apply the guidance in the foreign currency accounting subtopic to release any related cumulative translation adjustment into net income. The guidance also applies to step acquisitions. | |
The new guidance became effective for us in January 2014. The new guidance does not have a material impact on the way we currently release cumulative translation adjustments into net income upon disposition or deconsolidation of a subsidiary. | |
Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
In July 2013, new guidance was issued related to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The objective of the new guidance is to eliminate the diversity in financial statement reporting practices by requiring the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of uncertain tax positions. | |
The new guidance became effective for us in January 2014 and resulted in the offsetting of approximately $28 million of our uncertain tax positions against deferred tax assets. | |
Income_per_Common_Share
Income per Common Share | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Income Per Common Share Text Block [Abstract] | ' | |||||
Income (Loss) Per Common Share [Text Block] | ' | |||||
<>NOTE 2—INCOME (LOSS) PER COMMON SHARE | ||||||
<>Basic income per common share is calculated by dividing net income attributable to AOL common stockholders by the weighted average number of shares of common stock outstanding during the reporting period. Diluted income per common share is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted income per common share by application of the treasury stock method, only in periods in which such effect would have been dilutive for the period. | ||||||
For each of the three months ended March 31, 2014 and 2013, the Company had 1.0 million of weighted-average potentially dilutive common shares that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive for those periods. | ||||||
The following table is a reconciliation of basic and diluted net income attributable to AOL common stockholders per common share (in millions, except per share amounts): | ||||||
Three Months Ended March 31, | ||||||
2014 | 2013 | |||||
Net income attributable to AOL Inc. common stockholders | $ | 9.3 | $ | 25.9 | ||
Shares used in computing basic income per common share | 79.6 | 76.9 | ||||
Dilutive effect of equity-based awards | 4.5 | 4.2 | ||||
Shares used in computing diluted income per common share | 84.1 | 81.1 | ||||
Basic net income per common share | $ | 0.12 | $ | 0.34 | ||
Diluted net income per common share | $ | 0.11 | $ | 0.32 |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Intangible Assets, Net (Including Goodwill) [Abstract] | ' | |||||||||||||||||||
Goodwill Disclosure [Text Block] | ' | |||||||||||||||||||
<>NOTE 3—GOODWILL<> | ||||||||||||||||||||
NOTE 3—GOODWILL | ||||||||||||||||||||
A summary of changes in the Company's goodwill during the three months ended March 31, 2014 is as follows | ||||||||||||||||||||
(in millions): | ||||||||||||||||||||
31-Dec-13 | Acquisitions | Dispositions | Impairments | Translation and Other Adjustments | 31-Mar-14 | |||||||||||||||
Brand Group | ||||||||||||||||||||
Gross Goodwill | $ | 283.5 | $ | 46.5 | $ | -1.9 | $ | - | $ | - | $ | 328.1 | ||||||||
Net Goodwill | 283.5 | 46.5 | -1.9 | - | - | 328.1 | ||||||||||||||
Membership Group | ||||||||||||||||||||
Gross Goodwill | 605 | - | - | - | 0.3 | 605.3 | ||||||||||||||
Net Goodwill | 605 | - | - | - | 0.3 | 605.3 | ||||||||||||||
AOL Platforms | ||||||||||||||||||||
Gross Goodwill | 473.2 | - | - | - | 0.6 | 473.8 | ||||||||||||||
Net Goodwill | 473.2 | - | - | - | 0.6 | 473.8 | ||||||||||||||
Patch | ||||||||||||||||||||
Gross Goodwill | 17.5 | - | -17.5 | - | - | - | ||||||||||||||
Impairments | -17.5 | - | 17.5 | - | - | - | ||||||||||||||
Net Goodwill | - | - | - | - | - | - | ||||||||||||||
Corporate and Other | ||||||||||||||||||||
Gross Goodwill | 35,625.10 | - | - | - | - | 35,625.10 | ||||||||||||||
Impairments | -35,625.10 | - | - | - | - | -35,625.10 | ||||||||||||||
Net Goodwill | - | - | - | - | - | - | ||||||||||||||
Consolidated | ||||||||||||||||||||
Gross Goodwill | 37,004.30 | 46.5 | -19.4 | - | 0.9 | 37,032.30 | ||||||||||||||
Impairments | -35,642.60 | - | 17.5 | - | - | -35,625.10 | ||||||||||||||
Net Goodwill | $ | 1,361.70 | $ | 46.5 | $ | -1.9 | $ | - | $ | 0.9 | $ | 1,407.20 | ||||||||
The increase in goodwill for the three months ended March 31, 2014 was due primarily to the acquisition of Project Rover, Inc., dba Gravity (“Gravity”), a company incorporated and registered in Delaware, during the first quarter of 2014. See “Note 4” for additional information on this transaction. | ||||||||||||||||||||
Interim Impairment Testing of Goodwill | ||||||||||||||||||||
As discussed in more detail in “Note 1” to the Company's audited consolidated financial statements in the Annual Report, goodwill is tested annually for impairment during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances that indicate goodwill is more likely than not impaired. In connection with the annual goodwill impairment analysis performed during the fourth quarter of 2012, the Company determined that the fair value of each of its reporting units exceeded its respective book value, and therefore no goodwill impairment charge was recorded in 2012. During the first and second quarters of 2013, the Company concluded that no events or changes in circumstances had occurred that indicated goodwill was more likely than not impaired. | ||||||||||||||||||||
However, as part of the Company's continuing effort to reduce its expenses and invest in areas of strategic focus, on August 15, 2013, the Company approved a restructuring plan for its Patch operations. The Company determined that the restructuring of its Patch operations constituted a substantive change in circumstances that could potentially reduce the fair value of the Patch reporting unit below its carrying amount. Accordingly, the Company tested the Patch reporting unit goodwill and other long-lived assets for impairment as of August 31, 2013 (the “interim testing date”). As a result of the long-lived asset impairment test, the Company recorded a $7.5 million impairment of internal-use software related to Patch. | ||||||||||||||||||||
For the goodwill impairment analysis, the Company determined the fair value for the Patch reporting unit using an income approach, specifically a discounted cash flow (“DCF”) method. Determining the fair value of a reporting unit requires the exercise of a significant judgment, including judgments about the appropriate discount rates, terminal growth rates, weighted average costs of capital and the amount and timing of expected future cash flows. The judgments used in determining the fair value of Patch are based on significant unobservable inputs which causes the determination of the implied fair value of goodwill to fall within level three of the GAAP fair value hierarchy. The cash flows employed in the DCF analysis are based on the most recent budgets, forecasts and business plans as well as various growth rate assumptions for years beyond the current business plan period. Discount rate assumptions are based on an assessment of the risk inherent in the future revenue streams and cash flows of the reporting unit. The discount rate utilized in the analysis performed was 20.5% and a constant terminal growth rate was used in the DCF analysis of 3%. Due to these significant judgments used in the DCF analysis, the fair value of the Patch reporting unit determined in connection with the goodwill impairment test may not necessarily be indicative of the actual value that would be recognized in future transactions. | ||||||||||||||||||||
Based on the goodwill impairment analysis as of the interim testing date, the carrying value of the Patch reporting unit exceeded its fair value. Accordingly, step two of the goodwill impairment test was performed, where the Company used a third party valuation specialist to assist us in determining the estimated fair value of Patch's assets and liabilities. Determining the fair value of these assets and liabilities in the step two evaluation requires significant judgment, including judgments about appropriate discount rates and Patch's estimated future cash flows, which are subject to change. As a result of the step two evaluation, the Company recorded a goodwill impairment charge of $0.0 million during the third quarter of 2013. |
Business_Acquisitions_Disposit
Business Acquisitions, Dispositions and Other Significant Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Acquisitions Dispositions And Other Significant Transactions [Abstract] | ' |
Business Acquisitions Dispositions And Other Significant Transactions [Text Block] | ' |
<>NOTE 4—BUSINESS ACQUISITIONS, DISPOSITIONS AND OTHER SIGNIFICANT TRANSACTIONS | |
Acquisition of Gravity | |
On January 23, 2014, the Company acquired Gravity, a company that provides content personalization technology and publisher solutions to create relevant consumer and advertiser experiences, for a purchase price of $83.2 million, net of cash acquired. An additional $7.6 million of cash consideration was deferred and will be paid over a two-year service period to certain Gravity employees. The purchase price includes $0.8 million related to the portion of the fair value of converted Gravity awards that was attributable to pre-acquisition service. An additional $5.9 million of fair value of unvested AOL restricted stock issued to Gravity employees is being recognized as equity-based compensation expense over the remaining award service periods. | |
The Company preliminarily recorded $46.5 million of goodwill (which is not deductible for tax purposes) and $40.4 million of intangible assets associated with this acquisition. The intangible assets associated with this acquisition consist primarily of technology, customer relationships and trade names, all of which are being amortized on a straight-line basis over a period of five years. The fair value of the significant identified intangible assets was estimated by using relief from royalty and multi-period excess earnings valuation methodologies, which represent level 3 fair value measurements. Inputs used in the methodologies primarily included projected future cash flows, discounted at a rate commensurate with the risk involved. The primary area where preliminary estimates are not yet finalized relates to deferred tax assets and liabilities. | |
Unaudited pro forma results of operations assuming this acquisition had taken place at the beginning of each period are not provided because the historical operating results of Gravity were not significant and pro forma results would not be significantly different from reported results for the periods presented. | |
Disposition of Patch | |
On January 29, 2014, the Company entered into a joint venture with DMEP Corp. dba Hale Global (“Hale Global”), whereby the Company contributed Patch into a new limited liability company, which will be operated and majority owned by Hale Global. The Company recorded a loss on disposition of $3.1 million, which primarily represents the difference between the $12.8 million fair value of the Company's 40% retained interest in Patch and the carrying value of contributed net assets. The loss on disposition is included in the loss on disposal of assets in the Company's condensed consolidated statement of comprehensive income (loss). The fair value of the Company's retained interest in the joint venture will be accounted for as an equity method investment. Due to the Company's significant continuing involvement with the joint venture, the disposed component did not meet the criteria to be classified as a discontinued operation in the Company's financial statements. | |
Acquisition of Convertro | |
On May 6, 2014, the Company entered into an agreement and a plan of merger with Convertro Inc. (“Convertro”). Convertro is a leading software as a service marketing technology company that helps marketers reallocate budgets within their media channels, sites, placements and creatives. The integration of Convertro technology is expected to enhance the ability of advertisers to customize their audience segments and establish a map of user journey to a particular event across media channels (e.g., a conversion, completion), thereby enabling the Company's advertisers to develop a media plan that maximizes return on ad spend across various media channels. | |
AOL acquired Convertro for estimated aggregate purchase consideration of approximately $101 million, subject to a reduction for indebtedness and transaction expenses of Convertro that remain unpaid as of closing. The Company borrowed $75 million under its senior secured revolving credit facility agreement (the “Credit Facility Agreement”) to facilitate funding of this acquisition. | |
LongTerm_Debt_and_Other_Financ
Long-Term Debt and Other Financing Arrangements | 3 Months Ended |
Mar. 31, 2014 | |
Long Term Debt Abstract | ' |
Long Term Debt Text Block | ' |
NOTE 5—LONG-TERM DEBT AND OTHER FINANCING ARRANGEMENTS | |
Revolving Credit Facility | |
On July 1, 2013, AOL entered into a $250 million Credit Facility Agreement. Under the terms of the Credit Facility Agreement, AOL may request an increase in the commitments of up to an additional $250 million with commitments from either new lenders or increased commitments from existing lenders, subject to the satisfaction of certain conditions. The Credit Facility Agreement is guaranteed by all of AOL's material domestic subsidiaries, as defined in the Credit Facility Agreement, and substantially all of the property and assets of AOL have been pledged as collateral, subject to customary exceptions. | |
Interest on borrowings under the Credit Facility Agreement is payable at rates per annum equal to, at the option of AOL: (1) a fluctuating base rate equal to JPMorgan's adjusted base rate (“ABR”) plus the applicable margin, or (2) a periodic fixed rate equal to the Eurodollar rate plus the applicable margin. The ABR will be the highest of (i) the federal funds rate plus 0.5%, (ii) JPMorgan's publicly announced prime rate, and (iii) one-month LIBOR plus 1.0%. The applicable margin relating to any Eurodollar loan is 2.0% and the applicable margin relating to any ABR loan is 1.0%. AOL is required to pay a commitment fee of 0.50% per annum based on the unused portion of the commitments under the Credit Facility Agreement. | |
The Credit Facility Agreement contains various affirmative, negative and financial covenants. Financial covenants in the agreement include a ratio of debt (net of unrestricted cash up to an agreed cap) to EBITDA and a ratio of EBITDA to interest expense. The debt to EBITDA ratio must not exceed a specified maximum. The EBITDA to interest expense ratio requires the Company to meet or exceed a specified minimum. Each of the above ratios are tested at the end of each fiscal quarter and measured on a rolling four-quarter basis. To date, the Company is in compliance with its covenants under the Credit Facility Agreement. | |
All amounts outstanding under the Credit Facility Agreement will be due and payable on July 1, 2018, and the commitments thereunder will terminate on such date. The Company intends to use borrowings under the Credit Facility Agreement for general corporate purposes. As of March 31, 2014, AOL had outstanding borrowings of $30 million under the Credit Facility Agreement and remaining borrowing capacity of $220 million. The outstanding borrowings as of March 31, 2014 are subject to the Eurodollar interest option resulting in a weighted-average interest rate of 2.125%. The Company intends to repay the $30 million current outstanding borrowings within the next twelve months, and therefore the liability is reflected in the current portion of obligations under capital leases and credit facility on the condensed consolidated balance sheet. | |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes Disclosure [Abstract] | ' |
Income Taxes [Text Block] | ' |
<>NOTE 6—INCOME TAXES | |
The Company earned income before income tax of $24.7 million and incurred income tax expense of $16.0 million, which resulted in an effective tax rate of 64.8% for the three months ended March 31, 2014, as compared to an effective tax rate of 45.6% for the three months ended March 31, 2013. The effective tax rates for the three months ended March 31, 2014 and 2013 differed from the statutory U.S. federal income tax rate of 35.0% primarily due to the tax impact of foreign losses that did not produce a tax benefit. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity [Text Block] | ' |
<>NOTE 7—STOCKHOLDERS' EQUITY | |
AOL is authorized to issue up to 660 million shares of all classes of stock, consisting of 60 million shares of preferred stock, par value $0.01 per share (“Preferred Stock”), and 600 million shares of common stock, par value $0.01 per share. In August 2012, in connection with the Tax Asset Protection Plan, AOL filed a Certificate of Designation to its Amended and Restated Certificate of Incorporation creating a series of approximately 0.1 million shares of Preferred Stock designated as Series A Junior Participating Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”). The Series A Preferred Stock has the voting and such other rights as provided for in the Certificate of Designation. Rights and privileges associated with shares of Preferred Stock are subject to authorization by the Company's Board of Directors (the “Board”) and may differ from those of any and all other series at any time outstanding. All shares of common stock will be identical and will entitle the holders thereof to the same rights and privileges. | |
During the three months ended March 31, 2014, the Company recorded a $3.9 million increase to additional paid-in capital as a result of equity-based compensation transactions. Included in this amount was $13.0 million related to expense incurred under AOL's equity-based compensation plan and $0.8 million related to a portion of the fair value of converted Gravity awards that was included in the purchase price, partially offset by a reduction of $9.9 million related to tax withholdings on the vesting of restricted stock units (“RSUs”). | |
EquityBased_Compensation_and_E
Equity-Based Compensation and Employee Benefit Plans | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity Based Compensation Abstract | ' | ||||||||||||
Equity-Based Compensation [Text Block] | ' | ||||||||||||
<>NOTE 8—EQUITY-BASED COMPENSATION | |||||||||||||
Equity-Based Compensation Expense | |||||||||||||
Compensation expense recognized by AOL related to its equity-based compensation plans is as follows (in millions): | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Stock options | $ | 2.3 | $ | 3.2 | |||||||||
Restricted stock, RSUs and PSUs | 10.3 | 6.1 | |||||||||||
Employee Stock Purchase Program | 0.4 | 0.4 | |||||||||||
Total equity-based compensation expense | $ | 13 | $ | 9.7 | |||||||||
Tax benefit recognized | $ | 5.1 | $ | 3.8 | |||||||||
As of March 31, 2014, the Company had 6.4 million stock options and 4.1 million restricted stock, RSUs and Performance Stock Units (“PSUs”) outstanding to employees, advisors and non-employee directors. The weighted-average exercise price of the stock options and the weighted-average grant date fair value of the restricted stock, RSUs and PSUs outstanding as of March 31, 2014 were $22.51 and $38.79, respectively. | |||||||||||||
As of March 31, 2014, total unrecognized compensation cost related to unvested AOL stock option awards was $17.3 million and is expected to be recognized over a weighted-average period of approximately 2.3 years. Total unrecognized compensation cost as of March 31, 2014 related to unvested restricted stock, RSUs and PSUs was $109.4 million and is expected to be recognized over a weighted-average period of approximately 2.4 years. To the extent the actual forfeiture rate is different from what the Company has estimated, equity-based compensation expense related to these awards will be different from the Company's expectations. | |||||||||||||
AOL Stock Options | |||||||||||||
The assumptions presented in the table below represent the weighted-average value of the applicable assumption used to value AOL stock options at their grant date for stock options granted during the periods presented: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Expected volatility | 39.30% | 36.90% | |||||||||||
Expected term to exercise from grant date | 4.95 years | 5.00 years | |||||||||||
Risk-free rate | 1.50% | 0.90% | |||||||||||
Expected dividend yield | 0.00% | 0.00% |
Restructuing_Costs
Restructuing Costs | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Restructuring Costs [Text Block] | ' | ||||||||
<>NOTE 9—RESTRUCTURING COSTS | |||||||||
As part of the Company's continuing effort to reduce its expenses and invest in areas of strategic focus, the Company incurred restructuring costs of $11.6 million for the three months ended March 31, 2014. | |||||||||
<>A summary of AOL's restructuring activity for the three months ended March 31, 2014 is as follows (in millions): | |||||||||
Employee Terminations | Other Exit Costs | Total | |||||||
Liability at December 31, 2013 | $ | 15.7 | $ | 0.8 | $ | 16.5 | |||
Restructuring expense | 11.2 | 0.4 | 11.6 | ||||||
Foreign currency translation and other adjustments | -0.3 | -0.2 | -0.5 | ||||||
Cash paid | -13.6 | -0.3 | -13.9 | ||||||
Liability at March 31, 2014 | $ | 13 | $ | 0.7 | $ | 13.7 | |||
<>At March 31, 2014, of the remaining liability of $13.7 million, $13.5 million was classified as a current liability within accrued expenses and other current liabilities, with the remaining $0.2 million classified within other long-term liabilities in the condensed consolidated balance sheets. Amounts classified as long-term are expected to be paid through 2016. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies [Text Block] | ' |
NOTE 10 – COMMITMENTS AND CONTINGENCIES | |
Commitments | |
For a description of AOL's commitments see “Note 10” to the Company's audited consolidated financial statements included in the Annual Report. | |
Contingencies | |
AOL is a party to a variety of claims, suits and proceedings that arise in the normal course of business, including actions with respect to intellectual property claims, tax matters, labor and unemployment claims, commercial claims, claims related to the Company's business model for content creation and other matters. While the results of such normal course claims, suits and proceedings cannot be predicted with certainty, management does not believe that, based on current knowledge and the likely timing of resolution of various matters, any additional reasonably possible potential losses above the amount accrued for such matters would be material to the Company's financial statements. Regardless of the outcome, legal proceedings can have an adverse effect on AOL because of defense costs, diversion of management resources and other factors. | |
Security Incident | |
On April 28, 2014, the Company announced a security incident that involved unauthorized access to its network and systems (the “security incident”). | |
As a result of its ongoing investigation of the security incident, the Company has determined that there was unauthorized access to information regarding a significant number of user accounts. This information included AOL users' email addresses, postal addresses, address book contact information, encrypted passwords and encrypted answers to security questions that the Company asks when a user resets his or her password, as well as certain employee information. The Company believes that the individuals or entities have used this contact information to send “spoofed” emails that appeared to come from roughly 2% of its email accounts. The Company currently has no indication that the encryption on the passwords or on the answers to security questions was broken. In addition, at this point in the investigation, there is no indication that this incident resulted in disclosure of users' financial information, including debit and credit cards, which is also fully encrypted. The Company is working with best-in-class external forensic experts and federal authorities to investigate this serious criminal activity. | |
The Company is in an early stage of its ongoing investigation, and is currently unable to reasonably estimate a range of potential losses or costs due to the April security breach, or whether or not such losses or costs would be material. To date, the Company does not have any indication that it will incur a material loss associated with the security incident. The Company will continue to evaluate whether or not the Company can reasonably estimate a range of potential losses as the investigation progresses. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Information Disclosure [Abstract] | ' | |||||||||||||||
Segment Information [Text Block] | ' | |||||||||||||||
<>NOTE 11—SEGMENT INFORMATION | ||||||||||||||||
The Company's segments are determined based on the properties, products and services it provides and how the chief operating decision maker (“CODM”) evaluates the business. The Company's chief executive officer is the Company's CODM for the three months ended March 31, 2014. | ||||||||||||||||
The CODM uses adjusted operating income before depreciation and amortization (“Adjusted OIBDA”) to evaluate the performance of the segments and allocate resources. Management considers Adjusted OIBDA to be the appropriate metric to evaluate and compare the ongoing operating performance of the Company's business on a consistent basis across reporting periods, as it eliminates the effect of noncash items which the Company does not believe are indicative of its core operating performance. This measure of profit or loss is considered to be a non-GAAP measure, and may be different than similarly-titled non-GAAP financial measures used by other companies. | ||||||||||||||||
Segment information for the three months ended March 31, 2014 and 2013 is as follows (in millions): | ||||||||||||||||
Brand Group | Membership Group | AOL Platforms | Corporate and Other | Consolidated Total | ||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Revenues from external customers | ||||||||||||||||
Advertising and other | $ | 165.9 | $ | 38.3 | $ | 229.2 | $ | - | $ | 433.4 | ||||||
Subscription | - | 149.9 | - | - | 149.9 | |||||||||||
Revenues from transactions with other segments | 12.9 | 8.1 | 1.6 | -22.6 | - | |||||||||||
Total revenues | $ | 178.8 | $ | 196.3 | $ | 230.8 | $ | -22.6 | $ | 583.3 | ||||||
Adjusted OIBDA | $ | 1.8 | $ | 138 | $ | -3.5 | $ | -29 | $ | 107.3 | ||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
Revenues from external customers | ||||||||||||||||
Advertising and other | $ | 175.9 | $ | 37.8 | $ | 158.5 | $ | 0.3 | $ | 372.5 | ||||||
Subscription | - | 165.8 | - | - | 165.8 | |||||||||||
Revenues from transactions with other segments | 13.7 | 7.9 | 2.4 | -24 | - | |||||||||||
Total revenues | $ | 189.6 | $ | 211.5 | $ | 160.9 | $ | -23.7 | $ | 538.3 | ||||||
Adjusted OIBDA | $ | -4.9 | $ | 146.4 | $ | -2.5 | $ | -33.7 | $ | 105.3 | ||||||
The following table presents the Company's reconciliation of Adjusted OIBDA to operating income (in millions): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Operating income | $ | 24.2 | $ | 49.9 | ||||||||||||
Add: Depreciation | 33.4 | 33.1 | ||||||||||||||
Add: Amortization of intangible assets | 15.2 | 9.5 | ||||||||||||||
Add: Restructuring costs | 11.6 | 4.8 | ||||||||||||||
Add: Equity-based compensation | 13 | 9.7 | ||||||||||||||
Add: Asset impairments and write-offs | 10.4 | 0.1 | ||||||||||||||
Add: Losses/(gains) on disposal of assets, net | -0.5 | -1.8 | ||||||||||||||
Adjusted OIBDA | $ | 107.3 | $ | 105.3 | ||||||||||||
Due to the nature of the Company's operations, a majority of its assets are utilized across all segments. In addition, segment assets are not reported to, or used by, the CODM function to allocate resources or assess performance of the Company's segments. Accordingly, the Company has not disclosed asset information by segment | ||||||||||||||||
Information about Geographical Areas | ||||||||||||||||
The following table presents revenues in different geographical locations (in millions): | ||||||||||||||||
Three Months Ended March 31,(a) | ||||||||||||||||
2014 | 2013 | |||||||||||||||
United States | $ | 522.5 | $ | 477 | ||||||||||||
United Kingdom | 21 | 24.7 | ||||||||||||||
Germany | 11.6 | 9 | ||||||||||||||
Canada | 9.6 | 11 | ||||||||||||||
Japan | 8.2 | 9.1 | ||||||||||||||
Other international | 10.4 | 7.5 | ||||||||||||||
Total international | 60.8 | 61.3 | ||||||||||||||
Total | $ | 583.3 | $ | 538.3 | ||||||||||||
(a) | Revenues are attributed to countries based on the location of customers. |
Description_of_Business_Basis_1
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Business Description And Basis Of Presentation [Text Block] | ' |
<>Description of Business | |
For a description of the business of AOL Inc. (“AOL” or the “Company”), see “Note 1” to the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 (the “Annual Report”). <> | |
Basis of Presentation | |
Reclassifications | |
Advertising revenues and other revenues have been combined for all periods into a single advertising and other revenues line in the condensed consolidated statement of comprehensive income, given the immateriality of other revenues to total revenues for all periods presented. | |
<>Basis of Consolidation | |
<>The condensed consolidated financial statements include 100% of the assets, liabilities, revenues, expenses and cash flows of AOL and all voting interest entities in which AOL has a controlling voting interest (“subsidiaries”) and variable interest entities in which AOL is the primary beneficiary in accordance with the consolidation accounting guidance. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. The consolidated balances of the Company's variable interest entities are not material to the Company's condensed consolidated financial statements for the periods presented. | |
<>The financial position and operating results of the majority of AOL's foreign operations are consolidated using the local currency as the functional currency. Local currency assets and liabilities are translated at the rates of exchange on the balance sheet date, and local currency revenues and expenses are translated at average rates of exchange during the period. Resulting translation gains or losses are included in the condensed consolidated balance sheet as a component of accumulated other comprehensive income (loss), net and in the condensed consolidated statement of comprehensive income (loss) as a component of other comprehensive income (loss), net of tax. | |
<>Redeemable Noncontrolling Interest | |
The noncontrolling interest in a joint venture between Mitsui & Company Ltd. and AOL (“Ad.com Japan”) is classified outside of permanent equity in the Company's condensed consolidated balance sheet for all periods presented due to a redemption right available to the noncontrolling interest holder in the future. The noncontrolling interest holder's right to redeem its stock is exercisable any time between July 1 and July 30 of any year, commencing with July 1, 2014. Net income in the condensed consolidated statements of comprehensive income (loss) reflects 100% of the results of Ad.com Japan for the three months ended March 31, 2014 and 2013 as the Company has a controlling financial interest in the entity. Net income is subsequently adjusted to exclude AOL's noncontrolling interests to arrive at net income attributable to AOL Inc. | |
<>Use of Estimates | |
<>The preparation of the financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes thereto. Actual results could differ from those estimates. Significant estimates inherent in the preparation of the condensed consolidated financial statements include asset impairments, reserves established for doubtful accounts, equity-based compensation, depreciation and amortization, business combinations, income taxes, litigation matters and contingencies. | |
<>Interim Financial Statements | |
<>The interim condensed consolidated financial statements are unaudited; however, in the opinion of management, they contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to present fairly the financial position, the results of operations and cash flows for the periods presented in conformity with GAAP applicable to interim periods. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of AOL in the Annual Report. | |
Cash And Cash Equivalents Policy Text Block | ' |
Cash and Equivalents | |
Cash equivalents primarily consist of highly liquid short-term investments with an original maturity of three months or less, which include money market accounts and time deposits that are readily convertible into cash. Cash equivalents are carried at cost plus accrued interest, which approximates fair value. These are included within cash and cash equivalents as level one fair value measurements. | |
Recent Accounting Standards Policy Text Block | ' |
<>Recent Accounting Standards | |
Accounting for <>Cumulative Translation Adjustments | |
In March 2013, new guidance was issued related to accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The new guidance clarifies that companies are required to apply the guidance in the foreign currency accounting subtopic to release any related cumulative translation adjustment into net income. The guidance also applies to step acquisitions. | |
The new guidance became effective for us in January 2014. The new guidance does not have a material impact on the way we currently release cumulative translation adjustments into net income upon disposition or deconsolidation of a subsidiary. | |
Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
In July 2013, new guidance was issued related to the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The objective of the new guidance is to eliminate the diversity in financial statement reporting practices by requiring the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of uncertain tax positions. | |
The new guidance became effective for us in January 2014 and resulted in the offsetting of approximately $28 million of our uncertain tax positions against deferred tax assets. | |
Income_per_Common_Share_Tables
Income per Common Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Income Per Common Share Text Block [Abstract] | ' | |||||
Schedule Of Earnings Per Share Basic And Diluted [Table Text Block] | ' | |||||
Three Months Ended March 31, | ||||||
2014 | 2013 | |||||
Net income attributable to AOL Inc. common stockholders | $ | 9.3 | $ | 25.9 | ||
Shares used in computing basic income per common share | 79.6 | 76.9 | ||||
Dilutive effect of equity-based awards | 4.5 | 4.2 | ||||
Shares used in computing diluted income per common share | 84.1 | 81.1 | ||||
Basic net income per common share | $ | 0.12 | $ | 0.34 | ||
Diluted net income per common share | $ | 0.11 | $ | 0.32 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Goodwill [Text Block] | ' | |||||||||||||||||||
NOTE 3—GOODWILL | ||||||||||||||||||||
A summary of changes in the Company's goodwill during the three months ended March 31, 2014 is as follows | ||||||||||||||||||||
(in millions): | ||||||||||||||||||||
31-Dec-13 | Acquisitions | Dispositions | Impairments | Translation and Other Adjustments | 31-Mar-14 | |||||||||||||||
Brand Group | ||||||||||||||||||||
Gross Goodwill | $ | 283.5 | $ | 46.5 | $ | -1.9 | $ | - | $ | - | $ | 328.1 | ||||||||
Net Goodwill | 283.5 | 46.5 | -1.9 | - | - | 328.1 | ||||||||||||||
Membership Group | ||||||||||||||||||||
Gross Goodwill | 605 | - | - | - | 0.3 | 605.3 | ||||||||||||||
Net Goodwill | 605 | - | - | - | 0.3 | 605.3 | ||||||||||||||
AOL Platforms | ||||||||||||||||||||
Gross Goodwill | 473.2 | - | - | - | 0.6 | 473.8 | ||||||||||||||
Net Goodwill | 473.2 | - | - | - | 0.6 | 473.8 | ||||||||||||||
Patch | ||||||||||||||||||||
Gross Goodwill | 17.5 | - | -17.5 | - | - | - | ||||||||||||||
Impairments | -17.5 | - | 17.5 | - | - | - | ||||||||||||||
Net Goodwill | - | - | - | - | - | - | ||||||||||||||
Corporate and Other | ||||||||||||||||||||
Gross Goodwill | 35,625.10 | - | - | - | - | 35,625.10 | ||||||||||||||
Impairments | -35,625.10 | - | - | - | - | -35,625.10 | ||||||||||||||
Net Goodwill | - | - | - | - | - | - | ||||||||||||||
Consolidated | ||||||||||||||||||||
Gross Goodwill | 37,004.30 | 46.5 | -19.4 | - | 0.9 | 37,032.30 | ||||||||||||||
Impairments | -35,642.60 | - | 17.5 | - | - | -35,625.10 | ||||||||||||||
Net Goodwill | $ | 1,361.70 | $ | 46.5 | $ | -1.9 | $ | - | $ | 0.9 | $ | 1,407.20 |
EquityBased_Compensation_and_E1
Equity-Based Compensation and Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity Based Compensation Abstract | ' | ||||||||||||
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Table Text Block] | ' | ||||||||||||
Equity-Based Compensation Expense | |||||||||||||
Compensation expense recognized by AOL related to its equity-based compensation plans is as follows (in millions): | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Stock options | $ | 2.3 | $ | 3.2 | |||||||||
Restricted stock, RSUs and PSUs | 10.3 | 6.1 | |||||||||||
Employee Stock Purchase Program | 0.4 | 0.4 | |||||||||||
Total equity-based compensation expense | $ | 13 | $ | 9.7 | |||||||||
Tax benefit recognized | $ | 5.1 | $ | 3.8 | |||||||||
AOL Stock Options | |||||||||||||
The assumptions presented in the table below represent the weighted-average value of the applicable assumption used to value AOL stock options at their grant date for stock options granted during the periods presented: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Expected volatility | 39.30% | 36.90% | |||||||||||
Expected term to exercise from grant date | 4.95 years | 5.00 years | |||||||||||
Risk-free rate | 1.50% | 0.90% | |||||||||||
Expected dividend yield | 0.00% | 0.00% |
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Schedule Of Restructuring Reserve By Type Of Cost Text Block | ' | ||||||||
Employee Terminations | Other Exit Costs | Total | |||||||
Liability at December 31, 2013 | $ | 15.7 | $ | 0.8 | $ | 16.5 | |||
Restructuring expense | 11.2 | 0.4 | 11.6 | ||||||
Foreign currency translation and other adjustments | -0.3 | -0.2 | -0.5 | ||||||
Cash paid | -13.6 | -0.3 | -13.9 | ||||||
Liability at March 31, 2014 | $ | 13 | $ | 0.7 | $ | 13.7 |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
SegmentReportingDisclosureOfEntitysReportableSegmentsAbstract | ' | |||||||||||||||
ScheduleOfSegmentReportingInformationBySegmentTextBlock | ' | |||||||||||||||
Segment information for the three months ended March 31, 2014 and 2013 is as follows (in millions): | ||||||||||||||||
Brand Group | Membership Group | AOL Platforms | Corporate and Other | Consolidated Total | ||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Revenues from external customers | ||||||||||||||||
Advertising and other | $ | 165.9 | $ | 38.3 | $ | 229.2 | $ | - | $ | 433.4 | ||||||
Subscription | - | 149.9 | - | - | 149.9 | |||||||||||
Revenues from transactions with other segments | 12.9 | 8.1 | 1.6 | -22.6 | - | |||||||||||
Total revenues | $ | 178.8 | $ | 196.3 | $ | 230.8 | $ | -22.6 | $ | 583.3 | ||||||
Adjusted OIBDA | $ | 1.8 | $ | 138 | $ | -3.5 | $ | -29 | $ | 107.3 | ||||||
Three Months Ended March 31, 2013 | ||||||||||||||||
Revenues from external customers | ||||||||||||||||
Advertising and other | $ | 175.9 | $ | 37.8 | $ | 158.5 | $ | 0.3 | $ | 372.5 | ||||||
Subscription | - | 165.8 | - | - | 165.8 | |||||||||||
Revenues from transactions with other segments | 13.7 | 7.9 | 2.4 | -24 | - | |||||||||||
Total revenues | $ | 189.6 | $ | 211.5 | $ | 160.9 | $ | -23.7 | $ | 538.3 | ||||||
Adjusted OIBDA | $ | -4.9 | $ | 146.4 | $ | -2.5 | $ | -33.7 | $ | 105.3 | ||||||
ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock | ' | |||||||||||||||
The following table presents the Company's reconciliation of Adjusted OIBDA to operating income (in millions): | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Operating income | $ | 24.2 | $ | 49.9 | ||||||||||||
Add: Depreciation | 33.4 | 33.1 | ||||||||||||||
Add: Amortization of intangible assets | 15.2 | 9.5 | ||||||||||||||
Add: Restructuring costs | 11.6 | 4.8 | ||||||||||||||
Add: Equity-based compensation | 13 | 9.7 | ||||||||||||||
Add: Asset impairments and write-offs | 10.4 | 0.1 | ||||||||||||||
Add: Losses/(gains) on disposal of assets, net | -0.5 | -1.8 | ||||||||||||||
Adjusted OIBDA | $ | 107.3 | $ | 105.3 | ||||||||||||
Schedule Of Revenue From External Customers Attributed To Foreign Countries By Geographic Area Text Block | ' | |||||||||||||||
Information about Geographical Areas | ||||||||||||||||
The following table presents revenues in different geographical locations (in millions): | ||||||||||||||||
Three Months Ended March 31,(a) | ||||||||||||||||
2014 | 2013 | |||||||||||||||
United States | $ | 522.5 | $ | 477 | ||||||||||||
United Kingdom | 21 | 24.7 | ||||||||||||||
Germany | 11.6 | 9 | ||||||||||||||
Canada | 9.6 | 11 | ||||||||||||||
Japan | 8.2 | 9.1 | ||||||||||||||
Other international | 10.4 | 7.5 | ||||||||||||||
Total international | 60.8 | 61.3 | ||||||||||||||
Total | $ | 583.3 | $ | 538.3 | ||||||||||||
(a) | Revenues are attributed to countries based on the location of customers. |
Description_of_Business_Basis_2
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Long term liability for uncertain tax positions | $28 |
Income_per_Common_Share_Detail
Income per Common Share (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share Basic And Diluted [Abstract] | ' | ' |
Net income attributable to AOL Inc. | $9.30 | $25.90 |
Shares used in computing basic income per common share | 79.6 | 76.9 |
Dilutive effect of equity-based awards | 4.5 | 4.2 |
Weighted Average Number Of Diluted Shares Outstanding | 84.1 | 81.1 |
Earnings Per Share Basic | $0.12 | $0.34 |
Earnings Per Share Diluted | $0.11 | $0.32 |
Income Per Common Share Text Block [Abstract] | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 1 | 1 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Gross Goodwill [Member] | Gross Goodwill [Member] | Gross Goodwill [Member] | Gross Goodwill [Member] | Gross Goodwill [Member] | Gross Goodwill [Member] | Impairments [Member] | Impairments [Member] | Impairments [Member] | Net Goodwill [Member] | Net Goodwill [Member] | Net Goodwill [Member] | Net Goodwill [Member] | Net Goodwill [Member] | Net Goodwill [Member] | ||
Brand Group [Member] | Membership Group [Member] | AOL Networks [Member] | Patch Segment [Member] | CorporateAndOtherMember | Patch Segment [Member] | CorporateAndOtherMember | Brand Group [Member] | Membership Group [Member] | AOL Networks [Member] | Patch Segment [Member] | CorporateAndOtherMember | ||||||
Goodwill Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | $1,407.20 | $1,361.70 | $37,004.30 | $283.50 | $605 | $473.20 | $17.50 | $35,625.10 | ($35,642.60) | ($17.50) | ($35,625.10) | $1,361.70 | $283.50 | $605 | $473.20 | $0 | $0 |
Acquisitions | ' | ' | 46.5 | 46.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46.5 | 46.5 | 0 | 0 | 0 | 0 |
Dispositions | ' | ' | -19.4 | -1.9 | 0 | 0 | -17.5 | 0 | 17.5 | 17.5 | 0 | -1.9 | -1.9 | 0 | 0 | 0 | 0 |
Goodwill impairment charge | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Translation adjustments | ' | ' | 0.9 | 0 | 0.3 | 0.6 | 0 | 0 | 0 | 0 | 0 | 0.9 | 0 | 0.3 | 0.6 | 0 | 0 |
Balance at the end of the period | 1,407.20 | 1,361.70 | 37,032.30 | 328.1 | 605.3 | 473.8 | 0 | 35,625.10 | -35,625.10 | 0 | -35,625.10 | 1,407.20 | 328.1 | 605.3 | 473.8 | 0 | 0 |
Goodwill Impaired Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment charge | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Business_Acquisitions_Disposit1
Business Acquisitions, Dispositions and Other Significant Transactions (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 23, 2014 | 6-May-14 | Mar. 31, 2014 |
Gravity member [Member] | Convertro Member [Member] | Patch member [Member] | |||
Acquisitions Dispositions And Other Significant Transactions [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition Fair Value Of Unvested Stock Options Converted To Acquiror Stock Allocated To Purchase Price | ' | ' | $0.80 | ' | ' |
Business Combination Compensation Expense | ' | ' | 7.6 | ' | ' |
Joint Venture Percentage Interest Acquired | ' | ' | ' | ' | 40.00% |
Business Acquisition, preliminary purchase price | ' | ' | ' | 101 | ' |
Restricted Stock issued during period | ' | ' | 5.9 | ' | ' |
Goodwill Acquired During Period | ' | ' | 46.5 | ' | ' |
Fair value of retained interest | ' | ' | ' | ' | 12.8 |
Loss on disposition of business | ' | ' | ' | ' | 3.1 |
Acquired intangible assets | ' | ' | 40.4 | ' | ' |
Cash received from Credit Facility borrowing | 30 | 0 | ' | 75 | ' |
Payments To Acquire Businesses Net Of Cash Acquired | $91.70 | $5.20 | $83.20 | ' | ' |
LongTerm_Debt_and_Other_Financ1
Long-Term Debt and Other Financing Arrangements (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
Debt Instrument, Interest Rate, Effective Percentage [Abstract] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ' |
Debt Instrument, Adjusted Base Rate LIBOR Plus Applicable Margin | 1.00% | ' |
Debt Instrument, Applicable Margin Rate Related To Eurodollar Loan | 2.00% | ' |
Debt Instrument, Applicable Margin Rate Related To ABR Loan | 1.00% | ' |
Line of Credit Facility [Abstract] | ' | ' |
Line of Credit Facility, Capacity Available for Trade Purchases | ' | $250 |
Additional Borrowing Capacity | ' | 250 |
Commitment Fee on unused credit facility | 0.50% | ' |
Credit Facility remaining capacity | 220 | ' |
Short term debt weighted average interest rate | 2.13% | ' |
Amount outstanding on Credit Facility | $30 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Taxes Disclosure [Abstract] | ' | ' |
Income from operations before income taxes | $24.70 | $47.10 |
Income Tax Expense (Benefit) | $16 | $21.50 |
Effective Income Tax Rate Continuing Operations | 64.80% | 45.60% |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate | 35.00% | 35.00% |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Stockholders Equity Disclosure [Line Items] | ' | ' | ' |
Stock Authorized All Classes | 660,000,000 | ' | ' |
Preferred Stock Shares Authorized | 60,000,000 | ' | ' |
Preferred Stock Par Or Stated Value Per Share | $0.01 | ' | ' |
Common Stock Shares Authorized | 600,000,000 | ' | ' |
Common Stock Par Or Stated Value Per Share | $0.01 | ' | $0.01 |
Amounts related to equity-based compensation, including tax benefits | $3.90 | $5.10 | ' |
Share Based Compensation | 13 | 9.7 | ' |
Preferred Stock Shares Authorized Designation | 0.1 | ' | ' |
Preferred Stock Shares Authorized Designation Par Value | $0.01 | ' | ' |
Adjustments To Additional Paid In Capital Share Based Compensation Total Including Restructuring Charges | 13 | 11.9 | ' |
Adjustments To Additional Paid In Capital Settlements Of Restricted Stock Units | 9.9 | 6.8 | ' |
Business Acquisition Fair Value Of Unvested Stock Options Converted To Acquiror Stock | $0.80 | ' | ' |
EquityBased_Compensation_and_E2
Equity-Based Compensation and Employee Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Equity Based Compensation Abstract | ' | ' |
Stock Option Plan Expense | $2.30 | $3.20 |
Restricted Stock Expense | 10.3 | 6.1 |
EmployeeStockOwnershipPlanESOPCompensationExpense | 0.4 | 0.4 |
Share Based Compensation | 13 | 9.7 |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense | 5.1 | 3.8 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number | 6.4 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number | 4.1 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price | $22.51 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value | $38.79 | ' |
Employee Service Share Based Compensation Nonvested Option Awards Total Compensation Cost Not Yet Recognized | 17.3 | ' |
Employee Service Share Based Compensation Nonvested Option Awards Total Compensation Cost Not Yet Recognized Period For Recognition | '2 years 4 months | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $109.40 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 5 months | ' |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate | 39.30% | 36.90% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term | '4 years 11 months | '5 years 0 months |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate | 1.50% | 0.90% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate | 0.00% | 0.00% |
Restructuring_Costs_Details
Restructuring Costs (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring and Related Activities [Abstract] | ' | ' |
Restructuring Charges | $11.60 | $4.80 |
Restructuring Reserve [Line Items] | ' | ' |
Restructuring Reserve Current | 13.5 | ' |
Restructuring Reserve Noncurrent | 0.2 | ' |
Employee Severance Member | ' | ' |
Restructuring Reserve [Line Items] | ' | ' |
Liability at the beginning of the period | 15.7 | ' |
Restructuring Reserve Accrual Adjustment | 11.2 | ' |
Restructuring Reserve Translation Adjustment | -0.3 | ' |
Cash paid for restructuring | -13.6 | ' |
Liability at the end of the period | 13 | ' |
Other Exit Costs [Member] | ' | ' |
Restructuring Reserve [Line Items] | ' | ' |
Liability at the beginning of the period | 0.8 | ' |
Restructuring Reserve Accrual Adjustment | 0.4 | ' |
Restructuring Reserve Translation Adjustment | -0.2 | ' |
Cash paid for restructuring | -0.3 | ' |
Liability at the end of the period | 0.7 | ' |
Total Restructuring [Member] | ' | ' |
Restructuring Reserve [Line Items] | ' | ' |
Liability at the beginning of the period | 16.5 | ' |
Restructuring Reserve Accrual Adjustment | 11.6 | ' |
Restructuring Reserve Translation Adjustment | -0.5 | ' |
Cash paid for restructuring | -13.9 | ' |
Liability at the end of the period | $13.70 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) | Mar. 31, 2014 |
Commitments [Abstract] | ' |
Percentage of email accounts affected | 2.00% |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Advertising and other revenue | $433.40 | $372.50 |
Subscription | 149.9 | 165.8 |
Total revenues | 583.3 | 538.3 |
Adjusted OIBDA | 107.3 | 105.3 |
Segment Reporting Information, Operating Income (Loss) [Abstract] | ' | ' |
Operating income | 24.2 | 49.9 |
Depreciation | 33.4 | 33.1 |
Amortization of intangible assets | 15.2 | 9.5 |
Restructuring costs | 11.6 | 4.8 |
Equity-based compensation | 13 | 9.7 |
Asset impairments and write-offs | 10.4 | 0.1 |
Losses/(gains) on disposal of assets, net | -0.5 | -1.8 |
United States | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Entitys Country Of Domicile | 522.5 | 477 |
United Kingdom | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Entitys Country Of Domicile | 21 | 24.7 |
Canada | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Entitys Country Of Domicile | 9.6 | 11 |
Germany | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Entitys Country Of Domicile | 11.6 | 9 |
Japan | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Entitys Country Of Domicile | 8.2 | 9.1 |
Other International | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Entitys Country Of Domicile | 10.4 | 7.5 |
Total International | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Entitys Country Of Domicile | 60.8 | 61.3 |
Brand Group [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Advertising and other revenue | 165.9 | 175.9 |
Subscription | 0 | 0 |
Revenues From Transactions With Other Segments | 12.9 | 13.7 |
Total revenues | 178.8 | 189.6 |
Adjusted OIBDA | 1.8 | -4.9 |
Membership Group [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Advertising and other revenue | 38.3 | 37.8 |
Subscription | 149.9 | 165.8 |
Revenues From Transactions With Other Segments | 8.1 | 7.9 |
Total revenues | 196.3 | 211.5 |
Adjusted OIBDA | 138 | 146.4 |
AOL Networks [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Advertising and other revenue | 229.2 | 158.5 |
Subscription | 0 | 0 |
Revenues From Transactions With Other Segments | 1.6 | 2.4 |
Total revenues | 230.8 | 160.9 |
Adjusted OIBDA | -3.5 | -2.5 |
CorporateAndOtherMember | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Advertising and other revenue | 0 | 0.3 |
Subscription | 0 | 0 |
Revenues From Transactions With Other Segments | -22.6 | -24 |
Total revenues | -22.6 | -23.7 |
Adjusted OIBDA | ($29) | ($33.70) |