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 |
|
|