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Condensed Consolidating Financial Information (Tables)
9 Months Ended
Sep. 30, 2018
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Schedule of Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET

As of September 30, 2018

(in thousands)

 

 

 

 

 

 

 

Nexstar

 

 

 

 

 

 

Non-

 

 

 

 

 

 

Consolidated

 

 

 

Nexstar

 

 

Broadcasting

 

 

Mission

 

 

Guarantors

 

 

Eliminations

 

 

Company

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

-

 

 

$

98,966

 

 

$

5,137

 

 

$

14,320

 

 

$

-

 

 

$

118,423

 

Accounts receivable

 

 

-

 

 

 

453,370

 

 

 

14,985

 

 

 

83,373

 

 

 

-

 

 

 

551,728

 

Amounts due from consolidated entities

 

 

-

 

 

 

80,548

 

 

 

81,549

 

 

 

-

 

 

 

(162,097

)

 

 

-

 

Spectrum asset

 

 

-

 

 

 

52,002

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

52,002

 

Other current assets

 

 

-

 

 

 

38,303

 

 

 

1,311

 

 

 

4,720

 

 

 

-

 

 

 

44,334

 

Total current assets

 

 

-

 

 

 

723,189

 

 

 

102,982

 

 

 

102,413

 

 

 

(162,097

)

 

 

766,487

 

Investments in subsidiaries

 

 

964,242

 

 

 

108,884

 

 

 

-

 

 

 

-

 

 

 

(1,073,126

)

 

 

-

 

Amounts due from consolidated entities

 

 

792,233

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(792,233

)

 

 

-

 

Property and equipment, net

 

 

-

 

 

 

687,443

 

 

 

19,619

 

 

 

16,882

 

 

 

(75

)

 

 

723,869

 

Goodwill

 

 

-

 

 

 

1,968,228

 

 

 

33,187

 

 

 

185,923

 

 

 

-

 

 

 

2,187,338

 

FCC licenses

 

 

-

 

 

 

1,615,830

 

 

 

43,102

 

 

 

113,107

 

 

 

-

 

 

 

1,772,039

 

Other intangible assets, net

 

 

-

 

 

 

1,387,881

 

 

 

14,235

 

 

 

125,583

 

 

 

-

 

 

 

1,527,699

 

Other noncurrent assets

 

 

-

 

 

 

132,971

 

 

 

4,236

 

 

 

4,477

 

 

 

-

 

 

 

141,684

 

Total assets

 

$

1,756,475

 

 

$

6,624,426

 

 

$

217,361

 

 

$

548,385

 

 

$

(2,027,531

)

 

$

7,119,116

 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of debt

 

$

-

 

 

$

36,243

 

 

$

2,314

 

 

$

3,532

 

 

$

-

 

 

$

42,089

 

Accounts payable

 

 

-

 

 

 

49,868

 

 

 

37

 

 

 

24,329

 

 

 

-

 

 

 

74,234

 

Amounts due to consolidated entities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

162,097

 

 

 

(162,097

)

 

 

-

 

Spectrum liabilities

 

 

-

 

 

 

52,002

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

52,002

 

Other current liabilities

 

 

498

 

 

 

160,631

 

 

 

7,064

 

 

 

30,771

 

 

 

-

 

 

 

198,964

 

Total current liabilities

 

 

498

 

 

 

298,744

 

 

 

9,415

 

 

 

220,729

 

 

 

(162,097

)

 

 

367,289

 

Debt

 

 

-

 

 

 

3,812,633

 

 

 

222,271

 

 

 

71,018

 

 

 

-

 

 

 

4,105,922

 

Amounts due to consolidated entities

 

 

-

 

 

 

570,282

 

 

 

-

 

 

 

222,162

 

 

 

(792,444

)

 

 

-

 

Deferred tax liabilities

 

 

(320

)

 

 

628,660

 

 

 

-

 

 

 

11,487

 

 

 

-

 

 

 

639,827

 

Other noncurrent liabilities

 

 

-

 

 

 

236,989

 

 

 

7,084

 

 

 

10,029

 

 

 

-

 

 

 

254,102

 

Total liabilities

 

 

178

 

 

 

5,547,308

 

 

 

238,770

 

 

 

535,425

 

 

 

(954,541

)

 

 

5,367,140

 

Total Nexstar Media Group, Inc.

  stockholders' equity (deficit)

 

 

1,756,297

 

 

 

1,077,118

 

 

 

(21,409

)

 

 

(10,943

)

 

 

(1,072,990

)

 

 

1,728,073

 

Noncontrolling interests in consolidated

  variable interest entities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

23,903

 

 

 

-

 

 

 

23,903

 

Total liabilities and stockholders' equity (deficit)

 

$

1,756,475

 

 

$

6,624,426

 

 

$

217,361

 

 

$

548,385

 

 

$

(2,027,531

)

 

$

7,119,116

 

 

CONDENSED CONSOLIDATING BALANCE SHEET

As of December 31, 2017

(in thousands)

 

 

 

 

 

 

 

Nexstar

 

 

 

 

 

 

Non-

 

 

 

 

 

 

Consolidated

 

 

 

Nexstar

 

 

Broadcasting

 

 

Mission

 

 

Guarantors

 

 

Eliminations

 

 

Company

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

-

 

 

$

90,860

 

 

$

9,524

 

 

$

15,268

 

 

$

-

 

 

$

115,652

 

Accounts receivable

 

 

-

 

 

 

484,096

 

 

 

14,717

 

 

 

64,130

 

 

 

-

 

 

 

562,943

 

Amounts due from consolidated entities

 

 

-

 

 

 

55,417

 

 

 

92,923

 

 

 

-

 

 

 

(148,340

)

 

 

-

 

Spectrum asset

 

 

-

 

 

 

279,069

 

 

 

-

 

 

 

26,695

 

 

 

-

 

 

 

305,764

 

Other current assets

 

 

-

 

 

 

64,256

 

 

 

2,070

 

 

 

5,533

 

 

 

-

 

 

 

71,859

 

Total current assets

 

 

-

 

 

 

973,698

 

 

 

119,234

 

 

 

111,626

 

 

 

(148,340

)

 

 

1,056,218

 

Investments in subsidiaries

 

 

617,297

 

 

 

109,354

 

 

 

-

 

 

 

-

 

 

 

(726,651

)

 

 

-

 

Amounts due from consolidated entities

 

 

970,207

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(970,207

)

 

 

-

 

Property and equipment, net

 

 

-

 

 

 

697,898

 

 

 

18,454

 

 

 

17,861

 

 

 

(75

)

 

 

734,138

 

Goodwill

 

 

-

 

 

 

1,959,386

 

 

 

33,187

 

 

 

150,273

 

 

 

-

 

 

 

2,142,846

 

FCC licenses

 

 

-

 

 

 

1,615,830

 

 

 

43,102

 

 

 

108,706

 

 

 

-

 

 

 

1,767,638

 

Other intangible assets, net

 

 

-

 

 

 

1,476,297

 

 

 

15,841

 

 

 

89,488

 

 

 

-

 

 

 

1,581,626

 

Other noncurrent assets

 

 

-

 

 

 

189,303

 

 

 

2,645

 

 

 

7,233

 

 

 

-

 

 

 

199,181

 

Total assets

 

$

1,587,504

 

 

$

7,021,766

 

 

$

232,463

 

 

$

485,187

 

 

$

(1,845,273

)

 

$

7,481,647

 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of debt

 

$

-

 

 

$

36,243

 

 

$

2,314

 

 

$

54,251

 

 

$

-

 

 

$

92,808

 

Accounts payable

 

 

-

 

 

 

24,293

 

 

 

1,090

 

 

 

5,753

 

 

 

-

 

 

 

31,136

 

Liability to surrender spectrum asset

 

 

-

 

 

 

286,740

 

 

 

-

 

 

 

27,347

 

 

 

-

 

 

 

314,087

 

Amounts due to consolidated entities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

148,340

 

 

 

(148,340

)

 

 

-

 

Other current liabilities

 

 

-

 

 

 

192,827

 

 

 

13,310

 

 

 

26,535

 

 

 

-

 

 

 

232,672

 

Total current liabilities

 

 

-

 

 

 

540,103

 

 

 

16,714

 

 

 

262,226

 

 

 

(148,340

)

 

 

670,703

 

Debt

 

 

-

 

 

 

4,024,129

 

 

 

223,428

 

 

 

22,095

 

 

 

-

 

 

 

4,269,652

 

Amounts due to consolidated entities

 

 

 

 

 

 

714,408

 

 

 

-

 

 

 

256,010

 

 

 

(970,418

)

 

 

-

 

Deferred tax liabilities

 

 

-

 

 

 

613,227

 

 

 

-

 

 

 

6,214

 

 

 

-

 

 

 

619,441

 

Other noncurrent liabilities

 

 

-

 

 

 

322,572

 

 

 

7,626

 

 

 

10,343

 

 

 

-

 

 

 

340,541

 

Total liabilities

 

 

-

 

 

 

6,214,439

 

 

 

247,768

 

 

 

556,888

 

 

 

(1,118,758

)

 

 

5,900,337

 

Total Nexstar Media Group, Inc.

  stockholders' equity (deficit)

 

 

1,587,504

 

 

 

807,327

 

 

 

(15,305

)

 

 

(82,397

)

 

 

(726,515

)

 

 

1,570,614

 

Noncontrolling interests in consolidated

  variable interest entities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10,696

 

 

 

-

 

 

 

10,696

 

Total liabilities and stockholders' equity (deficit)

 

$

1,587,504

 

 

$

7,021,766

 

 

$

232,463

 

 

$

485,187

 

 

$

(1,845,273

)

 

$

7,481,647

 

Schedule of Condensed Consolidating Statement of Operations

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended September 30, 2018

(in thousands)

 

 

 

 

 

 

 

Nexstar

 

 

 

 

 

 

Non-

 

 

 

 

 

 

Consolidated

 

 

 

Nexstar

 

 

Broadcasting

 

 

Mission

 

 

Guarantors

 

 

Eliminations

 

 

Company

 

Net broadcast revenue (including trade)

 

$

-

 

 

$

620,385

 

 

$

17,838

 

 

$

54,792

 

 

$

-

 

 

$

693,015

 

Revenue between consolidated entities

 

 

7,948

 

 

 

23,657

 

 

 

10,018

 

 

 

18,452

 

 

 

(60,075

)

 

 

-

 

Net revenue

 

 

7,948

 

 

 

644,042

 

 

 

27,856

 

 

 

73,244

 

 

 

(60,075

)

 

 

693,015

 

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating expenses, excluding

  depreciation and amortization

 

 

-

 

 

 

224,798

 

 

 

10,426

 

 

 

51,320

 

 

 

(1,181

)

 

 

285,363

 

Selling, general, and administrative expenses,

  excluding depreciation and amortization

 

 

10,080

 

 

 

133,794

 

 

 

1,108

 

 

 

11,255

 

 

 

(15,940

)

 

 

140,297

 

Local service agreement fees between

  consolidated entities

 

 

-

 

 

 

19,297

 

 

 

14,575

 

 

 

9,082

 

 

 

(42,954

)

 

 

-

 

Amortization of broadcast rights

 

 

-

 

 

 

13,949

 

 

 

383

 

 

 

689

 

 

 

-

 

 

 

15,021

 

Amortization of intangible assets

 

 

-

 

 

 

29,261

 

 

 

522

 

 

 

7,374

 

 

 

-

 

 

 

37,157

 

Depreciation

 

 

-

 

 

 

25,545

 

 

 

508

 

 

 

1,620

 

 

 

-

 

 

 

27,673

 

Reimbursement from the FCC related to station repack

 

 

-

 

 

 

(4,809

)

 

 

(580

)

 

 

-

 

 

 

-

 

 

 

(5,389

)

Total operating expenses

 

 

10,080

 

 

 

441,835

 

 

 

26,942

 

 

 

81,340

 

 

 

(60,075

)

 

 

500,122

 

(Loss) income from operations

 

 

(2,132

)

 

 

202,207

 

 

 

914

 

 

 

(8,096

)

 

 

-

 

 

 

192,893

 

Interest expense, net

 

 

-

 

 

 

(52,551

)

 

 

(2,864

)

 

 

(822

)

 

 

-

 

 

 

(56,237

)

Loss on extinguishment of debt

 

 

-

 

 

 

(3,159

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,159

)

Pension and other postretirement plans credit, net

 

 

-

 

 

 

2,458

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,458

 

Other expenses

 

 

-

 

 

 

(882

)

 

 

-

 

 

 

(2

)

 

 

-

 

 

 

(884

)

Equity in income of subsidiaries

 

 

106,440

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(106,440

)

 

 

-

 

Income (loss) before income taxes

 

 

104,308

 

 

 

148,073

 

 

 

(1,950

)

 

 

(8,920

)

 

 

(106,440

)

 

 

135,071

 

Income tax (expense) benefit

 

 

(410

)

 

 

(36,796

)

 

 

268

 

 

 

1,695

 

 

 

-

 

 

 

(35,243

)

Net income (loss)

 

 

103,898

 

 

 

111,277

 

 

 

(1,682

)

 

 

(7,225

)

 

 

(106,440

)

 

 

99,828

 

Net loss attributable to noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

686

 

 

 

-

 

 

 

686

 

Net income (loss) attributable to Nexstar

 

$

103,898

 

 

$

111,277

 

 

$

(1,682

)

 

$

(6,539

)

 

$

(106,440

)

 

$

100,514

 

 

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Three Months Ended September 30, 2017

(in thousands)

 

 

 

 

 

 

 

Nexstar

 

 

 

 

 

 

Non-

 

 

 

 

 

 

Consolidated

 

 

 

Nexstar

 

 

Broadcasting

 

 

Mission

 

 

Guarantors

 

 

Eliminations

 

 

Company

 

Net broadcast revenue (including trade and barter)

 

$

-

 

 

$

536,820

 

 

$

18,715

 

 

$

56,335

 

 

$

-

 

 

$

611,870

 

Revenue between consolidated entities

 

 

-

 

 

 

28,164

 

 

 

8,499

 

 

 

(451

)

 

 

(36,212

)

 

 

-

 

Net revenue

 

 

-

 

 

 

564,984

 

 

 

27,214

 

 

 

55,884

 

 

 

(36,212

)

 

 

611,870

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating expenses, excluding

   depreciation and amortization

 

 

-

 

 

 

207,596

 

 

 

8,867

 

 

 

42,573

 

 

 

(1,380

)

 

 

257,656

 

Selling, general, and administrative expenses,

  excluding depreciation and amortization

 

 

-

 

 

 

136,515

 

 

 

1,267

 

 

 

10,434

 

 

 

(7,752

)

 

 

140,464

 

Local service agreement fees between

   consolidated entities

 

 

-

 

 

 

6,913

 

 

 

13,250

 

 

 

6,917

 

 

 

(27,080

)

 

 

-

 

Amortization of broadcast rights

 

 

-

 

 

 

24,714

 

 

 

1,405

 

 

 

1,750

 

 

 

-

 

 

 

27,869

 

Amortization of intangible assets

 

 

-

 

 

 

28,924

 

 

 

605

 

 

 

4,457

 

 

 

-

 

 

 

33,986

 

Depreciation

 

 

-

 

 

 

23,403

 

 

 

591

 

 

 

1,985

 

 

 

-

 

 

 

25,979

 

Total operating expenses

 

 

-

 

 

 

428,065

 

 

 

25,985

 

 

 

68,116

 

 

 

(36,212

)

 

 

485,954

 

Income (loss) from operations

 

 

-

 

 

 

136,919

 

 

 

1,229

 

 

 

(12,232

)

 

 

-

 

 

 

125,916

 

Interest expense, net

 

 

-

 

 

 

(50,160

)

 

 

(2,524

)

 

 

(921

)

 

 

-

 

 

 

(53,605

)

Loss on extinguishment of debt

 

 

-

 

 

 

(1,221

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,221

)

Pension and other postretirement plans credit, net

 

 

-

 

 

 

3,156

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,156

 

Other (expenses) income

 

 

-

 

 

 

(161

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(161

)

Equity in income of subsidiaries

 

 

47,499

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(47,499

)

 

 

-

 

Income (loss) before income taxes

 

 

47,499

 

 

 

88,533

 

 

 

(1,295

)

 

 

(13,153

)

 

 

(47,499

)

 

 

74,085

 

Income tax (expense)

 

 

-

 

 

 

(34,662

)

 

 

448

 

 

 

2,201

 

 

 

-

 

 

 

(32,013

)

   Net income (loss)

 

 

47,499

 

 

 

53,871

 

 

 

(847

)

 

 

(10,952

)

 

 

(47,499

)

 

 

42,072

 

Net income attributable to noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,403

 

 

 

-

 

 

 

4,403

 

Net income (loss) attributable to Nexstar

 

$

47,499

 

 

$

53,871

 

 

$

(847

)

 

$

(6,549

)

 

$

(47,499

)

 

$

46,475

 

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Nine months Ended September 30, 2018

(in thousands)

 

 

 

 

 

 

 

Nexstar

 

 

 

 

 

 

Non-

 

 

 

 

 

 

Consolidated

 

 

 

Nexstar

 

 

Broadcasting

 

 

Mission

 

 

Guarantors

 

 

Eliminations

 

 

Company

 

Net broadcast revenue (including trade and barter)

 

$

-

 

 

$

1,764,122

 

 

$

51,601

 

 

$

152,951

 

 

$

-

 

 

$

1,968,674

 

Revenue between consolidated entities

 

 

21,153

 

 

 

66,360

 

 

 

27,504

 

 

 

53,596

 

 

 

(168,613

)

 

 

-

 

Net revenue

 

 

21,153

 

 

 

1,830,482

 

 

 

79,105

 

 

 

206,547

 

 

 

(168,613

)

 

 

1,968,674

 

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating expenses, excluding

  depreciation and amortization

 

 

-

 

 

 

664,717

 

 

 

30,586

 

 

 

147,307

 

 

 

(3,845

)

 

 

838,765

 

Selling, general, and administrative expenses,

  excluding depreciation and amortization

 

 

25,261

 

 

 

403,066

 

 

 

3,436

 

 

 

33,506

 

 

 

(44,164

)

 

 

421,105

 

Local service agreement fees between

  consolidated entities

 

 

-

 

 

 

54,244

 

 

 

41,075

 

 

 

25,285

 

 

 

(120,604

)

 

 

-

 

Amortization of broadcast rights

 

 

-

 

 

 

43,741

 

 

 

1,204

 

 

 

2,089

 

 

 

-

 

 

 

47,034

 

Amortization of intangible assets

 

 

-

 

 

 

88,780

 

 

 

1,606

 

 

 

20,254

 

 

 

-

 

 

 

110,640

 

Depreciation

 

 

-

 

 

 

71,891

 

 

 

1,529

 

 

 

5,157

 

 

 

-

 

 

 

78,577

 

Reimbursement from the FCC related to station repack

 

 

-

 

 

 

(11,683

)

 

 

(767

)

 

 

-

 

 

 

-

 

 

 

(12,450

)

Total operating expenses

 

 

25,261

 

 

 

1,314,756

 

 

 

78,669

 

 

 

233,598

 

 

 

(168,613

)

 

 

1,483,671

 

(Loss) income from operations

 

 

(4,108

)

 

 

515,726

 

 

 

436

 

 

 

(27,051

)

 

 

-

 

 

 

485,003

 

Interest expense, net

 

 

-

 

 

 

(156,124

)

 

 

(8,214

)

 

 

(2,769

)

 

 

-

 

 

 

(167,107

)

Loss on extinguishment of debt

 

 

-

 

 

 

(4,645

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,645

)

Pension and other postretirement plans credit, net

 

 

-

 

 

 

8,358

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,358

 

Other expenses

 

 

-

 

 

 

(1,823

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,823

)

Equity in income of subsidiaries

 

 

252,643

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(252,643

)

 

 

-

 

Income (loss) before income taxes

 

 

248,535

 

 

 

361,492

 

 

 

(7,778

)

 

 

(29,820

)

 

 

(252,643

)

 

 

319,786

 

Income tax (expense) benefit

 

 

(833

)

 

 

(91,701

)

 

 

1,674

 

 

 

4,849

 

 

 

-

 

 

 

(86,011

)

Net income (loss)

 

 

247,702

 

 

 

269,791

 

 

 

(6,104

)

 

 

(24,971

)

 

 

(252,643

)

 

 

233,775

 

Net loss attributable to noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,593

 

 

 

-

 

 

 

2,593

 

Net income (loss) attributable to Nexstar

 

$

247,702

 

 

$

269,791

 

 

$

(6,104

)

 

$

(22,378

)

 

$

(252,643

)

 

$

236,368

 

 

 

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

Nine months Ended September 30, 2017

(in thousands)

 

 

 

 

 

 

 

Nexstar

 

 

 

 

 

 

Non-

 

 

 

 

 

 

Consolidated

 

 

 

Nexstar

 

 

Broadcasting

 

 

Mission

 

 

Guarantors

 

 

Eliminations

 

 

Company

 

Net broadcast revenue (including trade and barter)

 

$

-

 

 

$

1,555,232

 

 

$

54,178

 

 

$

168,892

 

 

$

-

 

 

$

1,778,302

 

Revenue between consolidated entities

 

 

-

 

 

 

60,890

 

 

 

26,721

 

 

 

4,164

 

 

 

(91,775

)

 

 

-

 

Net revenue

 

 

-

 

 

 

1,616,122

 

 

 

80,899

 

 

 

173,056

 

 

 

(91,775

)

 

 

1,778,302

 

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating expenses, excluding

   depreciation and amortization

 

 

-

 

 

 

586,392

 

 

 

26,779

 

 

 

118,269

 

 

 

(2,445

)

 

 

728,995

 

Selling, general, and administrative expenses,

  excluding depreciation and amortization

 

 

-

 

 

 

445,624

 

 

 

3,117

 

 

 

33,435

 

 

 

(17,338

)

 

 

464,838

 

Local service agreement fees between

   consolidated entities

 

 

-

 

 

 

32,696

 

 

 

22,250

 

 

 

17,046

 

 

 

(71,992

)

 

 

-

 

Amortization of broadcast rights

 

 

-

 

 

 

68,898

 

 

 

4,217

 

 

 

4,907

 

 

 

-

 

 

 

78,022

 

Amortization of intangible assets

 

 

-

 

 

 

103,436

 

 

 

1,879

 

 

 

15,386

 

 

 

-

 

 

 

120,701

 

Depreciation

 

 

-

 

 

 

67,593

 

 

 

1,766

 

 

 

5,138

 

 

 

-

 

 

 

74,497

 

Gain on disposal of stations, net

 

 

-

 

 

 

(57,716

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(57,716

)

Total operating expenses

 

 

-

 

 

 

1,246,923

 

 

 

60,008

 

 

 

194,181

 

 

 

(91,775

)

 

 

1,409,337

 

Income from operations

 

 

-

 

 

 

369,199

 

 

 

20,891

 

 

 

(21,125

)

 

 

-

 

 

 

368,965

 

Interest expense, net

 

 

-

 

 

 

(177,500

)

 

 

(7,730

)

 

 

(3,297

)

 

 

-

 

 

 

(188,527

)

Loss on extinguishment of debt

 

 

-

 

 

 

(31,989

)

 

 

(2,133

)

 

 

(226

)

 

 

-

 

 

 

(34,348

)

Pension and other postretirement plans credit, net

 

 

-

 

 

 

8,943

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,943

 

Other expenses

 

 

-

 

 

 

(1,168

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,168

)

Equity in income of subsidiaries

 

 

90,057

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(90,057

)

 

 

-

 

Income (loss) before income taxes

 

 

90,057

 

 

 

167,485

 

 

 

11,028

 

 

 

(24,648

)

 

 

(90,057

)

 

 

153,865

 

Income tax (expense) benefit

 

 

-

 

 

 

(59,651

)

 

 

(4,350

)

 

 

5,607

 

 

 

-

 

 

 

(58,394

)

   Net income (loss)

 

 

90,057

 

 

 

107,834

 

 

 

6,678

 

 

 

(19,041

)

 

 

(90,057

)

 

 

95,471

 

Net loss attributable to noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,045

 

 

 

-

 

 

 

1,045

 

Net income (loss) attributable to Nexstar

 

$

90,057

 

 

$

107,834

 

 

$

6,678

 

 

$

(17,996

)

 

$

(90,057

)

 

$

96,516

 

Schedule of Condensed Consolidating Cash Flow Statement

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Nine Months Ended September 30, 2018

(in thousands)

 

 

 

 

 

 

 

Nexstar

 

 

 

 

 

 

Non-

 

 

 

 

 

 

Consolidated

 

 

 

Nexstar

 

 

Broadcasting

 

 

Mission

 

 

Guarantors

 

 

Eliminations

 

 

Company

 

Cash flows from operating activities

 

$

-

 

 

$

494,668

 

 

$

(1,296

)

 

$

6,292

 

 

$

-

 

 

$

499,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

-

 

 

 

(56,944

)

 

 

(1,356

)

 

 

(5,286

)

 

 

-

 

 

 

(63,586

)

Deposits and payments for acquisitions

 

 

-

 

 

 

(103,246

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(103,246

)

Other investing activities

 

 

-

 

 

 

5,089

 

 

 

-

 

 

 

5

 

 

 

-

 

 

 

5,094

 

Net cash used in investing activities

 

 

-

 

 

 

(155,101

)

 

 

(1,356

)

 

 

(5,281

)

 

 

-

 

 

 

(161,738

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from long-term debt

 

 

-

 

 

 

44,000

 

 

 

-

 

 

 

57,387

 

 

 

-

 

 

 

101,387

 

Repayments of long-term debt

 

 

-

 

 

 

(266,182

)

 

 

(1,735

)

 

 

(59,572

)

 

 

-

 

 

 

(327,489

)

Common stock dividends paid

 

 

(51,524

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(51,524

)

Purchase of treasury stock

 

 

(50,524

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(50,524

)

Inter-company payments

 

 

101,716

 

 

 

(101,716

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Other financing activities

 

 

332

 

 

 

(7,563

)

 

 

-

 

 

 

226

 

 

 

-

 

 

 

(7,005

)

Net cash used in financing activities

 

 

-

 

 

 

(331,461

)

 

 

(1,735

)

 

 

(1,959

)

 

 

-

 

 

 

(335,155

)

Net increase (decrease) in cash,

  cash equivalents and restricted cash

 

 

-

 

 

 

8,106

 

 

 

(4,387

)

 

 

(948

)

 

 

-

 

 

 

2,771

 

Cash, cash equivalents and restricted

  cash at beginning of period

 

 

-

 

 

 

90,860

 

 

 

9,524

 

 

 

15,268

 

 

 

-

 

 

 

115,652

 

Cash, cash equivalents and restricted

  cash at end of period

 

$

-

 

 

$

98,966

 

 

$

5,137

 

 

$

14,320

 

 

$

-

 

 

$

118,423

 

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Nine Months Ended September 30, 2017

(in thousands)

 

 

 

 

 

 

 

Nexstar

 

 

 

 

 

 

Non-

 

 

 

 

 

 

Consolidated

 

 

 

Nexstar

 

 

Broadcasting

 

 

Mission

 

 

Guarantors

 

 

Eliminations

 

 

Company

 

Cash flows from operating activities

 

$

-

 

 

$

43,443

 

 

$

1,263

 

 

$

18,458

 

 

$

-

 

 

$

63,164

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

-

 

 

 

(40,904

)

 

 

(315

)

 

 

(7,627

)

 

 

-

 

 

 

(48,846

)

Deposits and payments for acquisitions

 

 

-

 

 

 

(2,970,394

)

 

 

(800

)

 

 

-

 

 

 

-

 

 

 

(2,971,194

)

Proceeds from sale of a station

 

 

-

 

 

 

481,944

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

481,944

 

Proceeds received to relinquish spectrum

 

 

-

 

 

 

478,608

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

478,608

 

Other investing activities

 

 

-

 

 

 

17,035

 

 

 

-

 

 

 

248

 

 

 

-

 

 

 

17,283

 

Net cash used in investing activities

 

 

-

 

 

 

(2,033,711

)

 

 

(1,115

)

 

 

(7,379

)

 

 

-

 

 

 

(2,042,205

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from long-term debt

 

 

-

 

 

 

3,249,576

 

 

 

230,608

 

 

 

53,797

 

 

 

-

 

 

 

3,533,981

 

Repayments of long-term debt

 

 

-

 

 

 

(1,611,029

)

 

 

(226,471

)

 

 

(54,250

)

 

 

-

 

 

 

(1,891,750

)

Premium paid on debt extinguishment

 

 

-

 

 

 

(18,050

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(18,050

)

Payments for debt financing costs

 

 

-

 

 

 

(48,235

)

 

 

(3,804

)

 

 

-

 

 

 

-

 

 

 

(52,039

)

Purchase of noncontrolling interests

 

 

-

 

 

 

(66,901

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(66,901

)

Payments for contingent consideration

 

 

-

 

 

 

(258,647

)

 

 

-

 

 

 

(956

)

 

 

-

 

 

 

(259,603

)

Common stock dividends paid

 

 

(42,132

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(42,132

)

Purchase of treasury stock

 

 

(99,008

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(99,008

)

Inter-company payments

 

 

141,308

 

 

 

(141,308

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Other financing activities

 

 

(168

)

 

 

(4,817

)

 

 

-

 

 

 

(150

)

 

 

-

 

 

 

(5,135

)

Net cash provided by (used in)

  financing activities

 

 

-

 

 

 

1,100,589

 

 

 

333

 

 

 

(1,559

)

 

 

-

 

 

 

1,099,363

 

Net (decrease) increase in cash,

  cash equivalents and restricted cash

 

 

-

 

 

 

(889,679

)

 

 

481

 

 

 

9,520

 

 

 

-

 

 

 

(879,678

)

Cash, cash equivalents and restricted

  cash at beginning of period

 

 

-

 

 

 

1,003,629

 

 

 

6,478

 

 

 

5,372

 

 

 

-

 

 

 

1,015,479

 

Cash, cash equivalents and restricted

  cash at end of period

 

$

-

 

 

$

113,950

 

 

$

6,959

 

 

$

14,892

 

 

$

-

 

 

$

135,801