$NXST
NEXSTAR MEDIA GROUP, INC.

2018 Q1 Form 10-Q Financial Statement

#000156459018012463 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1 2016 Q4
Revenue $615.3M $540.3M $309.9M
YoY Change 13.87% 111.34% 22.84%
Cost Of Revenue $279.0M $218.7M $95.10M
YoY Change 27.57% 148.81% 23.35%
Gross Profit $336.4M $321.6M $214.8M
YoY Change 4.6% 91.77% 26.65%
Gross Profit Margin 54.67% 59.52% 69.32%
Selling, General & Admin $141.9M $174.3M $66.10M
YoY Change -18.59% 155.71% 6.27%
% of Gross Profit 42.18% 54.2% 30.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.81M $22.23M $30.10M
YoY Change 16.14% 76.99% -1.63%
% of Gross Profit 7.67% 6.91% 14.01%
Operating Expenses $497.7M $432.8M $107.0M
YoY Change 15.0% 118.88% 4.59%
Operating Profit $117.6M $107.5M $92.48M
YoY Change 9.39% 85.61% 37.31%
Interest Expense -$54.60M -$79.20M -$45.20M
YoY Change -31.06% 282.61% 121.57%
% of Operating Profit -46.42% -73.66% -48.88%
Other Income/Expense, Net -$127.0K -$107.0K -$100.0K
YoY Change 18.69% -21.32% 0.0%
Pretax Income $64.85M -$997.0K $47.10M
YoY Change -6604.01% -102.68% 0.7%
Income Tax $17.50M -$5.941M $26.70M
% Of Pretax Income 26.99% 56.69%
Net Earnings $48.12M $6.049M $20.48M
YoY Change 695.54% -72.16% -24.63%
Net Earnings / Revenue 7.82% 1.12% 6.61%
Basic Earnings Per Share $1.04 $0.14 $0.67
Diluted Earnings Per Share $1.01 $0.13 $0.64
COMMON SHARES
Basic Shares Outstanding 46.08M 44.20M 30.71M
Diluted Shares Outstanding 47.69M 45.42M 31.80M

Balance Sheet

Concept 2018 Q1 2017 Q1 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.0M $73.00M $88.00M
YoY Change 49.32% 461.54% 104.65%
Cash & Equivalents $109.1M $72.89M $1.015B
Short-Term Investments
Other Short-Term Assets $350.0M $33.75M $57.48M
YoY Change 937.1% 56.92% 143.34%
Inventory
Prepaid Expenses
Receivables $543.0M $534.0M $218.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.002B $1.082B $363.2M
YoY Change -7.39% 362.39% 39.68%
LONG-TERM ASSETS
Property, Plant & Equipment $725.0M $741.0M $276.2M
YoY Change -2.16% 157.29% 3.59%
Goodwill $2.168B $473.3M
YoY Change 4.79%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $186.0M $88.38M $85.07M
YoY Change 110.45% 3.98% 60.01%
Total Long-Term Assets $6.060B $6.441B $2.603B
YoY Change -5.92% 288.49% 65.25%
TOTAL ASSETS
Total Short-Term Assets $1.002B $1.082B $363.2M
Total Long-Term Assets $6.060B $6.441B $2.603B
Total Assets $7.062B $7.523B $2.966B
YoY Change -6.13% 297.63% 61.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $81.00M $36.00M $19.75M
YoY Change 125.0% 44.0% -23.84%
Accrued Expenses $175.0M $190.0M $71.32M
YoY Change -7.89% 171.43% 17.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $99.00M $20.82M $28.09M
YoY Change 375.5% -47.95% 26.89%
Total Short-Term Liabilities $685.0M $551.0M $190.0M
YoY Change 24.32% 280.0% 30.08%
LONG-TERM LIABILITIES
Long-Term Debt $4.243B $4.481B $2.314B
YoY Change -5.31% 200.74% 59.14%
Other Long-Term Liabilities $320.0M $208.0M $46.00M
YoY Change 53.85% 362.22% -1.84%
Total Long-Term Liabilities $4.563B $4.689B $2.360B
YoY Change -2.69% 205.47% 57.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $685.0M $551.0M $190.0M
Total Long-Term Liabilities $4.563B $4.689B $2.360B
Total Liabilities $5.886B $6.311B $2.797B
YoY Change -6.73% 254.35% 59.94%
SHAREHOLDERS EQUITY
Retained Earnings -$176.6M
YoY Change -34.14%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $41.51M
YoY Change -13.05%
Treasury Stock Shares
Shareholders Equity $1.571B $1.212B $169.1M
YoY Change
Total Liabilities & Shareholders Equity $7.458B $7.523B $2.966B
YoY Change -0.86% 297.62% 61.63%

Cashflow Statement

Concept 2018 Q1 2017 Q1 2016 Q4
OPERATING ACTIVITIES
Net Income $48.12M $6.049M $20.48M
YoY Change 695.54% -72.16% -24.63%
Depreciation, Depletion And Amortization $25.81M $22.23M $30.10M
YoY Change 16.14% 76.99% -1.63%
Cash From Operating Activities $179.4M -$47.80M $85.10M
YoY Change -475.24% -192.46% 31.73%
INVESTING ACTIVITIES
Capital Expenditures $21.09M $13.91M -$6.200M
YoY Change 51.59% 79.74% -71.82%
Acquisitions $82.79M $2.971B
YoY Change -97.21% 2757.71%
Other Investing Activities -$2.847M -$404.0K -$4.900M
YoY Change 604.7% 152.5% -406.25%
Cash From Investing Activities -$101.0M -$2.503B -$11.20M
YoY Change -95.96% 2142.65% -45.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $33.82M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -84.86M 1.608B -15.50M
YoY Change -105.28% 5388.05% -35.95%
NET CHANGE
Cash From Operating Activities 179.4M -47.80M 85.10M
Cash From Investing Activities -101.0M -2.503B -11.20M
Cash From Financing Activities -84.86M 1.608B -15.50M
Net Change In Cash -6.531M -942.6M 58.40M
YoY Change -99.31% 2980.35% 192.0%
FREE CASH FLOW
Cash From Operating Activities $179.4M -$47.80M $85.10M
Capital Expenditures $21.09M $13.91M -$6.200M
Free Cash Flow $158.3M -$61.71M $91.30M
YoY Change -356.46% -240.39% 5.43%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018Q1 us-gaap Nature Of Operations
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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.&nbsp;&nbsp;Organization and Business Operations</p> <p style="margin-bottom:0pt;margin-top:10pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">As of March 31, 2018, Nexstar Media Group, Inc. and its wholly-owned subsidiaries (&#8220;Nexstar&#8221;) owned, operated, programmed or provided sales and other services to 169 full power television stations, including those owned by VIEs, in 100 markets in the states of Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland,<font style="font-size:12pt;"> </font>Massachusetts, Michigan, Mississippi, Missouri, Montana, Nevada, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia and Wisconsin. The stations are affiliates of ABC, NBC, FOX, CBS, The CW, MyNetworkTV, and other broadcast television networks. Through various local service agreements, Nexstar provided sales, programming, and other services to 36 full power television stations owned and/or operated by independent third parties.</p></div>
CY2018Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2017Q4 nxst Indefinite Lived License Agreements Gross
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CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.26%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Interim Financial Statements </p> <p style="margin-bottom:0pt;margin-top:10pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The Condensed Consolidated Financial Statements as of March 31, 2018 and for the three months ended March 31, 2018 and 2017 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Results of operations for interim periods are not necessarily indicative of results for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related Notes included in Nexstar&#8217;s Annual Report on Form 10-K for the year ended December 31, 2017. The balance sheet as of December 31, 2017 has been derived from the audited financial statements as of that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.</p></div>
CY2017Q4 nxst Indefinite Lived Intangible Assets Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsAccumulatedImpairmentLoss
47410000
CY2018Q1 nxst Indefinite Lived Intangible Assets Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsAccumulatedImpairmentLoss
47410000
CY2018Q1 nxst Goodwill During Period Acquisitions And Consolidation Of Vies Gross
GoodwillDuringPeriodAcquisitionsAndConsolidationOfViesGross
41152000
CY2018Q1 nxst Goodwill During Period Acquisitions And Consolidation Of Vies Net
GoodwillDuringPeriodAcquisitionsAndConsolidationOfViesNet
41152000
CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-bottom:0pt;margin-top:10pt;margin-left:2.26%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Basis of Presentation </p> <p style="margin-bottom:0pt;margin-top:10pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income or stockholders&#8217; equity as previously reported.</p></div>
CY2018Q1 nxst Number Of Full Power Television Stations Owned Operated Programmed Or Provided Sales And Other Services
NumberOfFullPowerTelevisionStationsOwnedOperatedProgrammedOrProvidedSalesAndOtherServices
169
CY2018Q1 nxst Number Of Television Markets
NumberOfTelevisionMarkets
100
CY2018Q1 nxst Number Of Full Power Television Stations Owned Or Operated By Independent Third Parties
NumberOfFullPowerTelevisionStationsOwnedOrOperatedByIndependentThirdParties
36
CY2018Q1 nxst Revenue From Trade Transactions
RevenueFromTradeTransactions
2800000
CY2017Q1 nxst Revenue From Trade Transactions
RevenueFromTradeTransactions
2200000
CY2017Q1 us-gaap Advertising Barter Transactions Advertising Barter Revenue
AdvertisingBarterTransactionsAdvertisingBarterRevenue
10200000
CY2017Q1 us-gaap Advertising Barter Transactions Advertising Barter Costs
AdvertisingBarterTransactionsAdvertisingBarterCosts
10200000
CY2017 nxst Barter Assets Current
BarterAssetsCurrent
9700000
CY2017 nxst Barter Liabilities Current
BarterLiabilitiesCurrent
9700000
CY2017 nxst Barter Assets Noncurrent
BarterAssetsNoncurrent
12500000
CY2017 nxst Barter Liabilities Noncurrent
BarterLiabilitiesNoncurrent
12500000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
76000
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
550000
CY2018Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2211552000
CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
618935000
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2164259000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
582633000
CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
108458000
CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
138226000
CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
129737000
CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
118694000
CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
113295000
CY2018Q1 nxst Finite Lived Intangible Assets Amortization Expense Period Six
FiniteLivedIntangibleAssetsAmortizationExpensePeriodSix
112020000
CY2018Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
42303000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
44775000
CY2018Q1 nxst Accrued Network Affiliation Fees Current
AccruedNetworkAffiliationFeesCurrent
49494000
CY2017Q4 nxst Accrued Network Affiliation Fees Current
AccruedNetworkAffiliationFeesCurrent
68197000
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
53570000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
46309000
CY2018Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0
CY2018Q1 us-gaap Long Term Debt
LongTermDebt
4335335000
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
4362460000
CY2018Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5400000
CY2018Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5400000
CY2018Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5400000
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.270
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
5.959
CY2017Q1 us-gaap Income Tax Reconciliation Disposition Of Business
IncomeTaxReconciliationDispositionOfBusiness
8300000
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation Disposition Of Business
EffectiveIncomeTaxRateReconciliationDispositionOfBusiness
-8.338
CY2017Q1 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
400000
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
1.084
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q1 nxst Maximum Percentage Of Us Television Household Reach
MaximumPercentageOfUSTelevisionHouseholdReach
0.39
CY2018Q1 nxst Percentage Of Discount On Ultra High Frequency On Audience Reach Per Market
PercentageOfDiscountOnUltraHighFrequencyOnAudienceReachPerMarket
0.50
CY2018Q1 nxst Effective Date Of Reinstating The Ultra High Frequency Discount
EffectiveDateOfReinstatingTheUltraHighFrequencyDiscount
2017-06-15
CY2018Q1 nxst Date The Ultra High Frequency Discount Was Abolished
DateTheUltraHighFrequencyDiscountWasAbolished
2016-08-24
CY2017Q2 nxst Number Of Stations That Accepted Bids To Relinquish Spectrum
NumberOfStationsThatAcceptedBidsToRelinquishSpectrum
11
CY2017Q2 nxst Number Of Stations Channels Share With Another Station
NumberOfStationsChannelsShareWithAnotherStation
8
CY2017Q2 nxst Number Of Stations To Move To Very High Frequency Channels
NumberOfStationsToMoveToVeryHighFrequencyChannels
2
CY2017Q4 nxst Number Of Stations Went Off The Air
NumberOfStationsWentOffTheAir
1
CY2018Q1 nxst Number Of Ceased Broadcasting Channels
NumberOfCeasedBroadcastingChannels
3
CY2018Q1 nxst Number Of Stations Required To Cease Broadcasting
NumberOfStationsRequiredToCeaseBroadcasting
5
CY2018Q1 nxst Number Of Stations Moving To Very High Frequency Channels
NumberOfStationsMovingToVeryHighFrequencyChannels
2
CY2018Q1 nxst Maximum Amount Of Reimbursement For Repack Cost
MaximumAmountOfReimbursementForRepackCost
2750000000
CY2018Q1 nxst Amount Of Reimbursement For Repack Cost Allocated To Television Broadcaster Relocation Fund
AmountOfReimbursementForRepackCostAllocatedToTelevisionBroadcasterRelocationFund
1000000000
CY2018Q1 nxst Excess Amount Of Reimbursement For Repack Cost
ExcessAmountOfReimbursementForRepackCost
1950000000
CY2018Q1 us-gaap Other Liabilities
OtherLiabilities
198075000
CY2018Q1 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
320344000
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
71859000
CY2017Q4 us-gaap Other Liabilities
OtherLiabilities
232672000
CY2017Q4 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
340541000
CY2018Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
615281000
CY2018Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
55000
CY2017Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
540317000
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-2847000
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3174000
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-6531000
CY2017Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-404000
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2690000
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-942587000
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1015479000
CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
72892000

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