$NXST
NEXSTAR MEDIA GROUP, INC.

2018 Q2 Form 10-Q Financial Statement

#000156459018020586 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $660.3M $626.1M
YoY Change 5.46% 138.98%
Cost Of Revenue $274.4M $252.6M
YoY Change 8.63% 180.67%
Gross Profit $385.9M $373.5M
YoY Change 3.32% 117.15%
Gross Profit Margin 58.44% 59.65%
Selling, General & Admin $138.9M $147.4M
YoY Change -5.79% 124.07%
% of Gross Profit 35.99% 39.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.09M $26.29M
YoY Change -4.57% -13.23%
% of Gross Profit 6.5% 7.04%
Operating Expenses $485.8M $490.6M
YoY Change -0.97% 354.25%
Operating Profit $174.5M $135.5M
YoY Change 28.75% 111.74%
Interest Expense -$56.30M -$55.70M
YoY Change 1.08% 170.39%
% of Operating Profit -32.26% -41.1%
Other Income/Expense, Net -$812.0K -$900.0K
YoY Change -9.78% 512.24%
Pretax Income $119.9M $80.78M
YoY Change 48.4% 86.63%
Income Tax $33.26M $32.32M
% Of Pretax Income 27.75% 40.01%
Net Earnings $87.73M $43.99M
YoY Change 99.43% 79.35%
Net Earnings / Revenue 13.29% 7.03%
Basic Earnings Per Share $1.92 $0.94
Diluted Earnings Per Share $1.86 $0.91
COMMON SHARES
Basic Shares Outstanding 45.63M 46.93M
Diluted Shares Outstanding 47.15M 48.20M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $148.0M $86.00M
YoY Change 72.09% 218.52%
Cash & Equivalents $147.7M $85.90M
Short-Term Investments
Other Short-Term Assets $45.33M $30.49M
YoY Change 48.67% 9.2%
Inventory
Prepaid Expenses
Receivables $524.1M $503.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $717.1M $1.079B
YoY Change -33.54% 311.83%
LONG-TERM ASSETS
Property, Plant & Equipment $720.5M $739.0M
YoY Change -2.51% 160.21%
Goodwill $2.185B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $172.0M $69.00M
YoY Change 149.34% -12.66%
Total Long-Term Assets $6.402B $6.391B
YoY Change 0.18% 290.65%
TOTAL ASSETS
Total Short-Term Assets $717.1M $1.079B
Total Long-Term Assets $6.402B $6.391B
Total Assets $7.119B $7.470B
YoY Change -4.69% 293.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $66.13M $28.00M
YoY Change 136.17% -6.67%
Accrued Expenses $126.4M $235.0M
YoY Change -46.23% 209.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $41.72M $74.00M
YoY Change -43.62% 85.0%
Total Short-Term Liabilities $294.6M $794.0M
YoY Change -62.9% 408.97%
LONG-TERM LIABILITIES
Long-Term Debt $4.246B $4.378B
YoY Change -3.02% 199.45%
Other Long-Term Liabilities $303.5M $207.0M
YoY Change 46.63% 417.5%
Total Long-Term Liabilities $4.549B $4.585B
YoY Change -0.78% 205.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $294.6M $794.0M
Total Long-Term Liabilities $4.549B $4.585B
Total Liabilities $5.477B $6.279B
YoY Change -12.77% 255.35%
SHAREHOLDERS EQUITY
Retained Earnings $400.9M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $111.8M
YoY Change
Treasury Stock Shares $1.769M
Shareholders Equity $1.633B $1.190B
YoY Change
Total Liabilities & Shareholders Equity $7.119B $7.470B
YoY Change -4.69% 293.48%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $87.73M $43.99M
YoY Change 99.43% 79.35%
Depreciation, Depletion And Amortization $25.09M $26.29M
YoY Change -4.57% -13.23%
Cash From Operating Activities $137.7M $158.6M
YoY Change -13.18% 174.87%
INVESTING ACTIVITIES
Capital Expenditures -$18.40M -$13.80M
YoY Change 33.33% 89.04%
Acquisitions
YoY Change
Other Investing Activities $8.500M $14.50M
YoY Change -41.38% 14400.0%
Cash From Investing Activities -$9.900M $700.0K
YoY Change -1514.29% -109.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -89.20M -146.3M
YoY Change -39.03% 303.03%
NET CHANGE
Cash From Operating Activities 137.7M 158.6M
Cash From Investing Activities -9.900M 700.0K
Cash From Financing Activities -89.20M -146.3M
Net Change In Cash 38.60M 13.00M
YoY Change 196.92% -9.09%
FREE CASH FLOW
Cash From Operating Activities $137.7M $158.6M
Capital Expenditures -$18.40M -$13.80M
Free Cash Flow $156.1M $172.4M
YoY Change -9.45% 165.23%

Facts In Submission

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324135000
us-gaap Net Cash Provided By Used In Operating Activities
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110849000
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us-gaap Payments To Acquire Property Plant And Equipment
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27691000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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85867000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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2971194000
us-gaap Proceeds From Divestiture Of Businesses
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
14575000
us-gaap Proceeds From Life Insurance Policies
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us-gaap Proceeds From Life Insurance Policies
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Repayments Of Debt
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us-gaap Payments Of Financing Costs
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us-gaap Repayments Of Debt And Capital Lease Obligations
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5555000
us-gaap Repayments Of Debt And Capital Lease Obligations
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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1461687000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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147681000
CY2017Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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104874000
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143521000
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1015479000
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143521000
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32781000
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51972000
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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10702000
nxst Relinquishment Of Spectrum Asset And Derecognition Of Liability To Surrender Spectrum Asset
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us-gaap Nature Of Operations
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<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.  Organization and Business Operations</p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of June 30, 2018, Nexstar Media Group, Inc. and its wholly-owned subsidiaries (“Nexstar”) 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,<span style="font-size:12pt;"> </span>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, MNTV, 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>
CY2018Q2 nxst Number Of Full Power Television Stations Owned Operated Programmed Or Provided Sales And Other Services
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169
CY2018Q2 nxst Number Of Television Markets
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CY2018Q2 nxst Number Of Full Power Television Stations Owned Or Operated By Independent Third Parties
NumberOfFullPowerTelevisionStationsOwnedOrOperatedByIndependentThirdParties
36
us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:10pt;"> </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;"><span style="font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Interim Financial Statements </span></p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Condensed Consolidated Financial Statements as of June 30, 2018 and for the three and six months ended June 30, 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 (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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’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>
CY2018Q1 us-gaap Contract With Customer Liability
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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46815000
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27000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
289000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Proceeds From Issuance Of Long Term Debt
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FiniteLivedIntangibleAssetsGross
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us-gaap Prior Period Reclassification Adjustment Description
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<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;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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’ equity as previously reported.</p>
us-gaap Payment For Contingent Consideration Liability Operating Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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45852000
us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1242000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Payment For Contingent Consideration Liability Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2018Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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FiniteLivedIntangibleAssetsAmortizationExpensePeriodSix
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CY2018Q2 us-gaap Finite Lived Intangible Assets Net
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Goodwill
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nxst Goodwill During Period Acquisitions And Consolidation Of Vies Gross
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CY2018Q2 us-gaap Goodwill Gross
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CY2018Q2 us-gaap Goodwill
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us-gaap Defined Benefit Plan Contributions By Employer
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
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CY2018Q2 nxst Percentage Of Discount On Ultra High Frequency On Audience Reach Per Market
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CY2017Q4 us-gaap Goodwill
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us-gaap Income Tax Expense Benefit
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Income Tax Reconciliation Tax Contingencies State And Local
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1500000
us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies State And Local
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0.019
us-gaap Income Tax Reconciliation Nondeductible Expense
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1700000
us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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nxst Income Tax Reconciliation Permanent Differences
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us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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us-gaap Income Tax Reconciliation Disposition Of Business
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us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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nxst Effective Income Tax Rate Reconciliation Release Of Uncertain Tax Position
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us-gaap Income Tax Reconciliation Tax Exempt Income
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us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2018Q2 nxst Maximum Percentage Of Us Television Household Reach
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nxst Date The Ultra High Frequency Discount Was Abolished
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2016-08-24
nxst Effective Date Of Reinstating The Ultra High Frequency Discount
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2017-06-15
CY2017Q2 nxst Number Of Stations That Accepted Bids To Relinquish Spectrum
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11
CY2017Q4 nxst Number Of Stations Went Off The Air
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1
CY2018Q2 nxst Number Of Remaining Stations That Accepted Bids To Relinquish Their Spectrum
NumberOfRemainingStationsThatAcceptedBidsToRelinquishTheirSpectrum
10
CY2018Q2 nxst Number Of Ceased Broadcasting Channels
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314100000
CY2018Q2 nxst Number Of Stations To Move To Very High Frequency Channels
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2750000000
nxst Amount Of Reimbursement For Repack Cost Allocated To Television Broadcaster Relocation Fund
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us-gaap Operating Income Loss
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Assets
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Assets
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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147681000
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524078000
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45329000
CY2018Q2 us-gaap Assets Current
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720464000
CY2018Q2 us-gaap Goodwill
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