$NXST
NEXSTAR MEDIA GROUP, INC.

2018 Q3 Form 10-Q Financial Statement

#000156459018028613 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $693.0M $653.7M $611.9M
YoY Change 13.26% 110.94% 121.97%
Cost Of Revenue $285.4M $264.4M $257.7M
YoY Change 10.75% 178.02% 162.42%
Gross Profit $407.7M $389.3M $354.2M
YoY Change 15.1% 81.24% 99.55%
Gross Profit Margin 58.83% 59.56% 57.89%
Selling, General & Admin $140.3M $140.3M $140.5M
YoY Change -0.12% 112.25% 120.86%
% of Gross Profit 34.41% 36.04% 39.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.67M $80.80M $25.98M
YoY Change 6.52% 168.44% -12.23%
% of Gross Profit 6.79% 20.76% 7.33%
Operating Expenses $500.1M $232.6M $486.0M
YoY Change 2.92% 117.38% 364.58%
Operating Profit $192.9M $136.7M $125.9M
YoY Change 53.19% 47.78% 72.73%
Interest Expense -$56.20M -$52.70M -$53.60M
YoY Change 4.85% 16.59% 81.08%
% of Operating Profit -29.14% -38.56% -42.57%
Other Income/Expense, Net $3.000K $4.100M -$161.0K
YoY Change -101.86% -4200.0% 61.0%
Pretax Income $135.1M $87.52M $74.09M
YoY Change 82.32% 85.81% 71.7%
Income Tax $35.20M $29.90M $32.01M
% Of Pretax Income 26.06% 34.16% 43.21%
Net Earnings $100.5M $378.5M $46.48M
YoY Change 116.28% 1747.87% 87.41%
Net Earnings / Revenue 14.5% 57.9% 7.6%
Basic Earnings Per Share $2.21 $8.27 $1.01
Diluted Earnings Per Share $2.12 $8.03 $0.98
COMMON SHARES
Basic Shares Outstanding 45.55M 45.75M 46.11M
Diluted Shares Outstanding 47.34M 47.15M 47.45M

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.0M $116.0M $136.0M
YoY Change -13.24% 31.82% 368.97%
Cash & Equivalents $118.4M $115.7M $135.8M
Short-Term Investments
Other Short-Term Assets $44.33M $71.86M $34.39M
YoY Change 28.92% 25.02% -20.69%
Inventory
Prepaid Expenses
Receivables $551.7M $562.9M $519.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $766.5M $1.056B $1.029B
YoY Change -25.51% 190.8% 258.51%
LONG-TERM ASSETS
Property, Plant & Equipment $723.9M $734.1M $738.0M
YoY Change -1.91% 165.84% 160.23%
Goodwill $2.187B $2.143B
YoY Change 352.74%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $141.7M $199.2M $202.0M
YoY Change -29.86% 134.14% -79.45%
Total Long-Term Assets $6.353B $6.425B $6.476B
YoY Change -1.91% 146.86% 145.86%
TOTAL ASSETS
Total Short-Term Assets $766.5M $1.056B $1.029B
Total Long-Term Assets $6.353B $6.425B $6.476B
Total Assets $7.119B $7.482B $7.505B
YoY Change -5.14% 152.24% 156.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $74.23M $31.14M $61.00M
YoY Change 21.7% 57.62% 140.27%
Accrued Expenses $151.0M $175.9M $218.0M
YoY Change -30.75% 146.71% 209.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $42.09M $92.81M $122.0M
YoY Change -65.5% 230.36% 171.11%
Total Short-Term Liabilities $367.3M $670.7M $765.0M
YoY Change -51.99% 253.0% 322.65%
LONG-TERM LIABILITIES
Long-Term Debt $4.106B $4.270B $4.287B
YoY Change -4.22% 84.51% 84.78%
Other Long-Term Liabilities $254.1M $340.5M $353.0M
YoY Change -28.02% 640.31% 760.98%
Total Long-Term Liabilities $4.360B $4.610B $4.640B
YoY Change -6.03% 95.35% 96.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $367.3M $670.7M $765.0M
Total Long-Term Liabilities $4.360B $4.610B $4.640B
Total Liabilities $5.367B $5.900B $6.316B
YoY Change -15.02% 110.95% 128.18%
SHAREHOLDERS EQUITY
Retained Earnings $484.4M $299.5M
YoY Change -269.62%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $107.0M $78.06M
YoY Change 88.04%
Treasury Stock Shares $1.688M $1.325M
Shareholders Equity $1.728B $1.571B $1.189B
YoY Change
Total Liabilities & Shareholders Equity $7.119B $7.482B $7.505B
YoY Change -5.14% 152.24% 156.93%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $100.5M $378.5M $46.48M
YoY Change 116.28% 1747.87% 87.41%
Depreciation, Depletion And Amortization $27.67M $80.80M $25.98M
YoY Change 6.52% 168.44% -12.23%
Cash From Operating Activities $170.1M $45.90M -$47.60M
YoY Change -457.35% -46.06% -171.04%
INVESTING ACTIVITIES
Capital Expenditures -$44.50M -$27.70M -$21.10M
YoY Change 110.9% 346.77% 99.06%
Acquisitions
YoY Change
Other Investing Activities $6.200M $3.600M $481.0M
YoY Change -98.71% -173.47% 160233.33%
Cash From Investing Activities -$38.40M -$24.10M $459.9M
YoY Change -108.35% 115.18% -4565.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -161.1M -42.00M -362.3M
YoY Change -55.53% 170.97% 563.55%
NET CHANGE
Cash From Operating Activities 170.1M 45.90M -47.60M
Cash From Investing Activities -38.40M -24.10M 459.9M
Cash From Financing Activities -161.1M -42.00M -362.3M
Net Change In Cash -29.40M -20.20M 50.00M
YoY Change -158.8% -134.59% 2280.95%
FREE CASH FLOW
Cash From Operating Activities $170.1M $45.90M -$47.60M
Capital Expenditures -$44.50M -$27.70M -$21.10M
Free Cash Flow $214.6M $73.60M -$26.50M
YoY Change -909.81% -19.39% -134.15%

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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Payments To Acquire Property Plant And Equipment
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nxst Adjustments To Additional Paid In Capital Stock Option Replacement Awards In Connection With Merger
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us-gaap Treasury Stock Value Acquired Cost Method
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nxst Amortization Of Broadcast Rights Excluding Barter
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us-gaap Depreciation
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Depreciation
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17512000
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Proceeds From Divestiture Of Businesses
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nxst Proceeds Received To Relinquish Spectrum
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ProceedsFromSaleOfPropertyPlantAndEquipment
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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 Payments Of Financing Costs
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nxst Proceeds From Payments Of Dividends To Minority Shareholders
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nxst Proceeds From Payments Of Dividends To Minority Shareholders
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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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 Capital Expenditures Incurred But Not Yet Paid
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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:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of September 30, 2018, Nexstar Media Group, Inc. and its wholly-owned subsidiaries (“Nexstar”) owned, operated, programmed or provided sales and other services to 171 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 38 full power television stations owned and/or operated by independent third parties.</p>
CY2018Q3 nxst Number Of Full Power Television Stations Owned Operated Programmed Or Provided Sales And Other Services
NumberOfFullPowerTelevisionStationsOwnedOperatedProgrammedOrProvidedSalesAndOtherServices
171
CY2018Q3 nxst Number Of Television Markets
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100
CY2018Q3 nxst Number Of Full Power Television Stations Owned Or Operated By Independent Third Parties
NumberOfFullPowerTelevisionStationsOwnedOrOperatedByIndependentThirdParties
38
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:1.69%;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;text-indent:3.4%;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 September 30, 2018 and for the three and nine months ended September 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 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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CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Defined Benefit Plan Contributions By Employer
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FiniteLivedIntangibleAssetsAmortizationExpensePeriodSix
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CY2018Q3 us-gaap Finite Lived Intangible Assets Net
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CY2017Q4 nxst Indefinite Lived Intangible Assets Accumulated Impairment Loss
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CY2017Q4 us-gaap Indefinite Lived License Agreements
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nxst Goodwill During Period Acquisitions Gross
GoodwillDuringPeriodAcquisitionsGross
42175000
nxst Goodwill During Period Acquisitions Net
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42175000
nxst Goodwill During Period Consolidation Of Vies Gross
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2317000
nxst Goodwill During Period Consolidation Of Vies Net
GoodwillDuringPeriodConsolidationOfViesNet
2317000
nxst Indefinite Lived Intangible Assets Excluding Goodwill During Period Consolidation Of Vies Gross
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4401000
nxst Indefinite Lived Intangible Assets Excluding Goodwill During Period Consolidation Of Vies Net
IndefiniteLivedIntangibleAssetsExcludingGoodwillDuringPeriodConsolidationOfViesNet
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CY2018Q3 us-gaap Goodwill Gross
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CY2018Q3 nxst Accrued Network Affiliation Fees Current
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CY2017Q4 nxst Accrued Network Affiliation Fees Current
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CY2018Q3 us-gaap Other Accrued Liabilities Current
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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