[May 03, 2016] |
|
Nexstar Broadcasting First Quarter Net Revenue Rises 26.7% to a Record $255.7 Million
Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) ("Nexstar" or "the
Company") today reported record financial results for the first quarter
ended March 31, 2016 as summarized below.
|
Summary 2016 First Quarter Highlights
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
($ in thousands)
|
|
|
|
2016
|
|
|
2015
|
|
|
|
Change
|
|
Local Revenue
|
|
|
|
$
|
93,767
|
|
|
$
|
84,524
|
|
|
|
+10.9
|
%
|
National Revenue
|
|
|
|
$
|
35,450
|
|
|
$
|
35,578
|
|
|
|
(0.4
|
)%
|
Core Revenue
|
|
|
|
$
|
129,217
|
|
|
$
|
120,102
|
|
|
|
+7.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Political Revenue
|
|
|
|
$
|
11,754
|
|
|
$
|
360
|
|
|
|
+3165.0
|
%
|
Retransmission Fee Revenue
|
|
|
|
$
|
97,313
|
|
|
$
|
66,564
|
|
|
|
+46.2
|
%
|
Digital Revenue
|
|
|
|
$
|
22,533
|
|
|
$
|
19,312
|
|
|
|
+16.7
|
%
|
Other
|
|
|
|
$
|
1,605
|
|
|
$
|
1,201
|
|
|
|
+33.6
|
%
|
Trade and Barter Revenue
|
|
|
|
$
|
11,417
|
|
|
$
|
11,393
|
|
|
|
+0.2
|
%
|
Gross Revenue
|
|
|
|
$
|
273,839
|
|
|
$
|
218,932
|
|
|
|
+25.1
|
%
|
Less: Agency Commissions
|
|
|
|
$
|
18,181
|
|
|
$
|
17,197
|
|
|
|
+5.7
|
%
|
Net Revenue
|
|
|
|
$
|
255,658
|
|
|
$
|
201,735
|
|
|
|
+26.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Revenue Excluding Political
|
|
|
|
$
|
262,085
|
|
|
$
|
218,572
|
|
|
|
+19.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations
|
|
|
|
$
|
57,929
|
|
|
$
|
37,904
|
|
|
|
+52.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broadcast Cash Flow(1)
|
|
|
|
$
|
98,063
|
|
|
$
|
75,728
|
|
|
|
+29.5
|
%
|
Broadcast Cash Flow Margin(2)
|
|
|
|
|
38.4
|
%
|
|
|
37.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(1)
|
|
|
|
$
|
82,252
|
|
|
$
|
64,045
|
|
|
|
+28.4
|
%
|
Adjusted EBITDA Margin(2)
|
|
|
|
|
32.2
|
%
|
|
|
31.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow(1)
|
|
|
|
$
|
52,120
|
|
|
$
|
42,953
|
|
|
|
+21.3
|
%
|
___________
|
(1)
|
|
Definitions and disclosures regarding non-GAAP financial information
are included on page 5, while reconciliations are included on page 9.
|
(2)
|
|
Broadcast cash flow margin is broadcast cash flow as a percentage of
net revenue. Adjusted EBITDA margin is Adjusted EBITDA as a
percentage of net revenue.
|
|
|
|
CEO Comment
Perry A. Sook, Chairman, President and Chief Executive Officer of
Nexstar Broadcasting Group, Inc. commented, "Nexstar's strong operating
and financial momentum continues in 2016 as we exceeded consensus
estimates with record first quarter net revenue, BCF, adjusted EBITDA
and free cash flow. The 26.7% rise in first quarter net revenue was
attributable to advertising strength in key categories complemented by
our ability to monetize the Super Bowl through coordinated
multi-platform revenue initiatives; political advertising spending which
exceeded our expectations; continued robust retransmission fee growth;
and, another quarter of double digit digital media growth. Overall, we
believe our record first quarter results continue to highlight the value
of our long-term strategy to transform our traditional television
operating model into a diversified media entity with high margin revenue
streams while building scale through accretive acquisitions.
"With solid core advertising trends; upcoming special event programming
including the Rio 2016 summer Olympics; the cyclical return of
significant political spending; our expanded digital media operations;
and, visible retransmission revenue growth, Nexstar is on track to
generate record free cash flow throughout 2016 and our fifth consecutive
year of record financial results. As such we remain confident in our
pro-forma 2016/2017 free cash flow projection for Nexstar of
approximately $250 million of average annual free cash flow, or average
pro-forma free cash flow of approximately $8.15 per share per year on a
stand-alone basis.
"In addition to the record first quarter operating results, we are
making continued progress towards the completion later this year of our
acquisition of Media General, including regulatory and SEC filings,
financing-related rating agency meetings and reviews, station
divestiture marketing and post-acquisition integration, facilities and
personnel planning. The new Nexstar Media Group will increase our legacy
broadcast portfolio by approximately two thirds and more than double our
audience reach while presenting opportunities related to the increased
scale and complementary nature of the combined digital media operations,
which we intend to aggressively manage to profitability. Financially,
the transaction is expected to more than double our revenue and adjusted
EBITDA and will be immediately accretive upon closing. Using what are
currently conservative expectations for the cost of financing the
transaction and identified year one synergies of $76 million, Nexstar
Media Group will generate over $500 million of average annual free cash
flow with annual free cash flow per share expected to approximate $11.15
per year over the 2016/2017 period on a pro forma basis. We intend to
initially allocate free cash flow to leverage reduction and expect
covenant leverage to approximate 4.5x by year end 2016, assuming no net
proceeds from the incentive auction.
"First quarter core ad revenue rose 7.6%, inclusive of 10.9% first
quarter growth in local spot revenue and we saw growth in five of our
top six, and six of our top ten ad categories, as well as a 12.7%
year-over-year increase in new business development. Nexstar's gross
revenue growth in the first quarter excluding political was a robust
19.9% while first quarter political revenue rose to nearly $12 million
marking a nearly three-fold rise over first quarter 2014 levels during
the last political cycle. Strong gains in our core television operations
were complemented by continued significant growth in first quarter
retransmission fee revenue which rose 19.1% on a quarterly sequential
basis and 46.2% year-over-year to $97.3 million, which marks a record
level of quarterly revenue from this source.
"With the renewal of retransmission consent agreements representing
approximately 45.0% of our subscriber base in 2015 we project highly
visible and significant revenue growth from this source throughout the
year. Digital revenue growth was driven by organic growth in our markets
and contributions from LAKANA, our digital media services company. In
total, retransmission fee and digital revenue grew 39.6% year-over-year
to $119.8 million and accounted for 46.9% of 2016 first quarter net
revenue. By comparison, and reflecting our continued progress in
building our non-core revenue pillars, total first quarter 2015
retransmission fee and digital revenue comprised 42.6% of net revenue
and 30.9% of net revenue in the 2014 first quarter.
"The rise in first quarter station direct operating expenses (net of
trade expense) and SG&A primarily reflects higher variable costs related
to the significant increase in core revenues and the operation of 20
additional stations acquired in 2015. The $4.1 million increase in
corporate expense reflects increased staffing and infrastructure to
manage and operate the additional stations but was higher than our
expectations due to approximately $4.3 million in non-recurring expenses
associated with professional fees related to the Media General
transaction. Even with these one-time expenses, first quarter adjusted
EBITDA grew 28.4% while free cash flow was up 21.3% over the prior year
and rose over 106% from first quarter 2014 levels when we last had a
significant level of political advertising.
"This June will mark Nexstar's 20 year anniversary. Over the last two
decades the Company has been built through a disciplined approach to
acquisitions, a focus on enhancing the operating results of acquired
stations and digital media properties, and an overarching commitment to
localism. Consumers' brand awareness and purchasing decisions are every
bit as strong, if not stronger, locally, where businesses operate and
transactions take place. Local diversified media companies like Nexstar
are highly competitive in today's multi-platform world because we
provide superior local content that is unique and relevant to each of
the local communities we serve across the United States while offering
local businesses, advertisers and brands unparalleled 24/7 marketing
opportunities across all screens and devices.
"With significant and growing free cash flow and the expected closing
later this year of the Media General transaction, Nexstar is positioned
with the financial capacity and flexibility to reduce leverage while
returning capital to shareholders and in January we announced a 26.3%
increase in the amount of our quarterly cash dividend. As we continue to
benefit from what are expected to be record levels of political
advertising in 2016, the ongoing renewal of our retransmission consent
agreements and completion of smaller transactions announced in the
second half of 2015, we have excellent visibility to delivering on or
exceeding our free cash flow targets and a clear path for the continued
near- and long-term enhancement of shareholder value."
The consolidated total debt of Nexstar, its wholly owned subsidiaries,
Mission Broadcasting, Inc. and Marshall Broadcasting Group, Inc.
(collectively, the "Company") at March 31, 2016, was $1,514.2 million
including senior secured debt of $721.9 million. The Company's total net
leverage ratio at March 31, 2016 was 4.22x compared to a total permitted
leverage covenant of 6.75x. The Company's first lien net leverage ratio
at March 31, 2016 was 2.00x compared to the covenant maximum of 4.00x.
The table below summarizes the Company's debt obligations:
($ in millions)
|
|
|
|
3/31/2016
|
|
|
12/31/2015
|
Revolving Credit Facilities
|
|
|
|
$
|
44.0
|
|
|
$
|
2.0
|
First Lien Term Loans
|
|
|
|
$
|
677.9
|
|
|
$
|
682.2
|
6.875% Senior Unsecured Notes
|
|
|
|
$
|
520.0
|
|
|
$
|
519.8
|
6.125% Senior Unsecured Notes
|
|
|
|
$
|
272.3
|
|
|
$
|
272.2
|
Total Debt
|
|
|
|
$
|
1,514.2
|
|
|
$
|
1,476.2
|
|
|
|
|
|
|
|
|
|
|
Cash on Hand
|
|
|
|
$
|
12.8
|
|
|
$
|
43.4
|
|
|
|
|
|
|
|
|
|
|
Nexstar Enters into Definitive Agreement to Acquire Media General
On January 27, 2016, Nexstar and Media General, Inc. announced a
definitive agreement whereby Nexstar will acquire all outstanding shares
of Media General for $10.55 per share in cash and 0.1249 of a share of
Nexstar Class A common stock for each Media General share. The agreement
includes potential additional consideration in the form of a contingent
value right ("CVR") entitling Media General shareholders to net cash
proceeds as received from the sale of Media General's spectrum in the
Federal Communication Commission's upcoming Incentive Auction, reduced
to account for the indirect benefit former Media General shareholders
will receive as shareholders in the combined company from (i) the net
proceeds from the disposition of Nexstar's spectrum in the Incentive
Auction and (ii) the net proceeds from the disposition of Media
General's spectrum in the Incentive Auction.
The transaction will enable Nexstar and Media General shareholders to
participate in the near- and long-term upside of a pure-play
broadcasting company with expanded audience reach, a more diversified
portfolio, and a significantly stronger financial profile, including
substantial free cash flow per share, led by a proven broadcast and
digital media management team.
The transaction, expected to close in the fourth quarter of 2016, has
been unanimously approved by the boards of directors of both companies
and is subject to a vote by stockholders of Media General and Nexstar,
FCC approval and other regulatory approvals (including expiration of the
applicable Hart-Scott-Rodino waiting period) and other customary closing
conditions. The merger is not subject to any financing condition and
Nexstar has received committed financing totaling $4.7 billion from BofA
Merrill Lynch, Credit Suisse and Deutsche Bank to provide the debt
financing to consummate the merger and the refinancing of certain of the
existing indebtedness of Nexstar, Media General and certain of their
variable interest entities (with such amount to be reduced by proceeds
from asset sales required by FCC).
BofA Merrill Lynch is acting as financial advisor and Kirkland & Ellis
LLP is acting as legal counsel to Nexstar in connection with the
proposed transaction.
First Quarter Conference Call
Nexstar will host a conference call at 10:00 a.m. ET today. Senior
management will discuss the financial results and host a question and
answer session. The dial in number for the audio conference call is
719/325-4891, conference ID 8790611 (domestic and international
callers). In addition, a live audio webcast of the call will be
accessible to the public on Nexstar's web site, http://www.nexstar.tv
and a recording of the webcast will be archived on the site for 90 days
following the live event.
Definitions and Disclosures Regarding non-GAAP Financial Information
Broadcast cash flow is calculated as income from operations, plus
corporate expenses, depreciation, amortization of intangible assets and
broadcast rights (excluding barter), (gain) loss on asset disposal,
non-cash representation contract termination fee and loss on change in
the fair value of contingent consideration, minus broadcast rights
payments.
Adjusted EBITDA is calculated as broadcast cash flow less corporate
expenses.
Free cash flow is calculated as income from operations plus
depreciation, amortization of intangible assets and broadcast rights
(excluding barter), (gain) loss on asset disposal, non-cash compensation
expense, non-cash representation contract termination fee and loss on
change in the fair value of contingent consideration, less payments for
broadcast rights, cash interest expense, capital expenditures and net
operating cash income taxes.
Broadcast cash flow, Adjusted EBITDA and free cash flow results are
non-GAAP financial measures. Nexstar believes the presentation of these
non-GAAP measures are useful to investors because they are used by
lenders to measure the Company's ability to service debt; by industry
analysts to determine the market value of stations and their operating
performance; by management to identify the cash available to service
debt, make strategic acquisitions and investments, maintain capital
assets and fund ongoing operations and working capital needs; and,
because they reflect the most up-to-date operating results of the
stations inclusive of TBAs or LMAs. Management believes they also
provide an additional basis from which investors can establish forecasts
and valuations for the Company's business.
For a reconciliation of these non-GAAP financial measurements to the
GAAP financial results cited in this news announcement, please see the
supplemental tables at the end of this release.
About Nexstar Broadcasting Group, Inc.
Nexstar Broadcasting Group is a leading diversified media company that
leverages localism to bring new services and value to consumers and
advertisers through its traditional media, digital and mobile media
platforms. Nexstar owns, operates, programs or provides sales and other
services to 104 full power television stations reaching 54 markets or
approximately 18.1% of all U.S. television households. Nexstar's
portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV
and The CW. Nexstar's community portal websites offer additional
hyper-local content and verticals for consumers and advertisers,
allowing audiences to choose where, when and how they access content
while creating new revenue opportunities.
Pro-forma for the completion of all announced transactions Nexstar will
own, operate, program or provide sales and other services to 171
television stations and their related low power and digital multicast
signals reaching 100 markets or approximately 39% of all U.S. television
households. For more information please visit www.nexstar.tv.
Additional Information
This communication does not constitute an offer to buy or solicitation
of an offer to sell any securities, or a solicitation of any vote or
approval. In connection with the Agreement and Plan of Merger, by and
between Nexstar Broadcasting Group, Inc. ("Nexstar"), Media General,
Inc. ("Media General") and Neptune Merger Sub, Inc. ("Merger Sub"),
Nexstar filed a Registration Statement on Form S-4 with the U.S.
Securities and Exchange Commission ("SEC") on March 22, 2016 that
contains a joint proxy statement/prospectus, as amended by Amendment No.
1 to Nexstar's Registration Statement on Form S-4/A, which was filed
with the SEC on April 27, 2016. These materials are not yet final and
may be amended. The Registration Statement on Form S-4 has not yet
become effective. Nexstar and Media General also plan to file other
documents with the SEC regarding the proposed transaction. INVESTORS AND
SECURITY HOLDERS OF NEXSTAR AND MEDIA GENERAL ARE URGED TO READ THE
REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS
FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME
AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION. Investors and security holders will be able to obtain free
copies of the Registration Statement on Form S-4, including the joint
proxy statement/prospectus, and any other documents filed with the SEC
by Nexstar or Media General through the web site maintained by the SEC
at http://www.sec.gov.
In addition, the joint proxy statement/prospectus (when finalized) will
be mailed to stockholders of Nexstar and Media General.
Certain Information Regarding Participants
Nexstar and Media General and their respective directors and executive
officers may be deemed to be participants in any solicitation with
respect to the proposed transaction under the rules of the SEC. Security
holders may obtain information regarding the names and interests of
Nexstar's directors and executive officers in Nexstar's Annual Report on
Form 10-K for the year ended December 31, 2015, which was filed with the
SEC on February 29, 2016, as amended on April 29, 2016. Information
about Media General's directors and executive officers is available in
Media General's Annual Report on Form 10-K for the year ended December
31, 2015, which was filed with the SEC on February 29, 2016, as amended
on April 29, 2016. These documents can be obtained free of charge from
the web site indicated above. Additional information regarding the
participants and a description of their direct and indirect interests,
by security holdings or otherwise, is contained in the Registration
Statement on Form S-4 and the preliminary joint proxy
statement/prospectus filed by Nexstar with the SEC on March 22, 2016, as
amended by Amendment No. 1 to Nexstar's Registration Statement on Form
S-4/A, which was filed with the SEC on April 27, 2016.
Forward-Looking Statements
This communication includes forward-looking statements. We have based
these forward-looking statements on our current expectations and
projections about future events. Forward-looking statements include
information preceded by, followed by, or that includes the words
"guidance," "believes," "expects," "anticipates," "could," or similar
expressions. For these statements, Nexstar and Media General claim the
protection of the safe harbor for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995. The
forward-looking statements contained in this communication, concerning,
among other things, the ultimate outcome and benefits of a transaction
between Nexstar and Media General and timing thereof, and future
financial performance, including changes in net revenue, cash flow and
operating expenses, involve risks and uncertainties, and are subject to
change based on various important factors, including the timing to
consummate the proposed transaction; the risk that a condition to
closing of the proposed transaction may not be satisfied and the
transaction may not close; the risk that a regulatory approval that may
be required for the proposed transaction is delayed, is not obtained or
is obtained subject to conditions that are not anticipated, the impact
of changes in national and regional economies, the ability to service
and refinance our outstanding debt, successful integration of Media
General (including achievement of synergies and cost reductions),
pricing fluctuations in local and national advertising, future
regulatory actions and conditions in the television stations' operating
areas, competition from others in the broadcast television markets,
volatility in programming costs, the effects of governmental regulation
of broadcasting, industry consolidation, technological developments and
major world news events. Nexstar and Media General undertake no
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. In light of
these risks, uncertainties and assumptions, the forward-looking events
discussed in this communication might not occur. You should not place
undue reliance on these forward-looking statements, which speak only as
of the date of this release. For more details on factors that could
affect these expectations, please see Media General's and Nexstar's
filings with the SEC. conditions in the television stations' operating
areas, competition from others in the broadcast television markets,
volatility in programming costs, the effects of governmental regulation
of broadcasting, industry consolidation, technological developments and
major world news events. Unless required by law, Nexstar undertakes no
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. In light of
these risks, uncertainties and assumptions, the forward-looking events
discussed in this communication might not occur. You should not place
undue reliance on these forward-looking statements, which speak only as
of the date of this release. For more details on factors that could
affect these expectations, please see Media General's and Nexstar's
filings with the Securities and Exchange Commission.
|
Nexstar Broadcasting Group, Inc. Condensed
Consolidated Statements of Operations (in thousands,
except per share amounts, unaudited)
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2016
|
|
|
2015
|
|
Net revenue
|
|
|
|
$
|
255,658
|
|
|
$
|
201,735
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses
|
|
|
|
|
15,811
|
|
|
|
11,683
|
|
Direct operating expenses, net of trade
|
|
|
|
|
87,946
|
|
|
|
66,150
|
|
Selling, general and administrative expenses, excluding corporate
|
|
|
|
|
52,354
|
|
|
|
45,606
|
|
Trade and barter expense
|
|
|
|
|
11,344
|
|
|
|
11,298
|
|
Depreciation
|
|
|
|
|
12,558
|
|
|
|
10,872
|
|
Amortization of intangible assets
|
|
|
|
|
12,079
|
|
|
|
13,060
|
|
Amortization of broadcast rights, excluding barter
|
|
|
|
|
5,637
|
|
|
|
5,162
|
|
Total operating expenses
|
|
|
|
|
197,729
|
|
|
|
163,831
|
|
Income from operations
|
|
|
|
|
57,929
|
|
|
|
37,904
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
|
(20,654
|
)
|
|
|
(19,293
|
)
|
Other expenses
|
|
|
|
|
(136
|
)
|
|
|
(118
|
)
|
Income before income taxes
|
|
|
|
|
37,139
|
|
|
|
18,493
|
|
Income tax expense
|
|
|
|
|
(14,865
|
)
|
|
|
(6,581
|
)
|
Net income
|
|
|
|
|
22,274
|
|
|
|
11,912
|
|
Net (income) loss attributable to noncontrolling interests
|
|
|
|
|
(547
|
)
|
|
|
995
|
|
Net income attributable to Nexstar
|
|
|
|
$
|
21,727
|
|
|
$
|
12,907
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per common share attributable to Nexstar
|
|
|
|
$
|
0.71
|
|
|
$
|
0.41
|
|
Basic weighted average number of common shares outstanding
|
|
|
|
|
30,658
|
|
|
|
31,196
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per common share attributable to Nexstar
|
|
|
|
$
|
0.69
|
|
|
$
|
0.40
|
|
Diluted weighted average number of common shares outstanding
|
|
|
|
|
31,538
|
|
|
|
32,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nexstar Broadcasting Group, Inc. Reconciliation of
Broadcast Cash Flow and Adjusted EBITDA (Non-GAAP Measures) UNAUDITED (in
thousands)
|
|
|
|
Three Months Ended March 31,
|
|
Broadcast Cash Flow and Adjusted EBITDA:
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
$
|
57,929
|
|
|
$
|
37,904
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
12,558
|
|
|
|
10,872
|
|
Amortization of intangible assets
|
|
|
12,079
|
|
|
|
13,060
|
|
Amortization of broadcast rights, excluding barter
|
|
|
5,637
|
|
|
|
5,162
|
|
(Gain) loss on asset disposal, net
|
|
|
(97
|
)
|
|
|
802
|
|
Corporate expenses
|
|
|
15,811
|
|
|
|
11,683
|
|
Non-cash representation contract termination fee
|
|
|
-
|
|
|
|
1,516
|
|
Loss on change in the fair value of contingent consideration
|
|
|
404
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
Payments for broadcast rights
|
|
|
6,258
|
|
|
|
5,271
|
|
|
|
|
|
|
|
|
|
|
Broadcast cash flow
|
|
|
98,063
|
|
|
|
75,728
|
|
Margin %
|
|
|
38.4
|
%
|
|
|
37.5
|
%
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
Corporate expenses
|
|
|
15,811
|
|
|
|
11,683
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$
|
82,252
|
|
|
$
|
64,045
|
|
Margin %
|
|
|
32.2
|
%
|
|
|
31.7
|
%
|
|
|
|
|
|
|
|
|
|
|
Nexstar Broadcasting Group, Inc. Reconciliation of
Free Cash Flow (Non-GAAP Measure) UNAUDITED (in
thousands)
|
|
|
|
|
|
Three Months Ended March 31,
|
Free Cash Flow:
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
$
|
57,929
|
|
|
$
|
37,904
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
12,558
|
|
|
|
10,872
|
Amortization of intangible assets
|
|
|
|
|
12,079
|
|
|
|
13,060
|
Amortization of broadcast rights, excluding barter
|
|
|
|
|
5,637
|
|
|
|
5,162
|
(Gain) loss on asset disposal, net
|
|
|
|
|
(97
|
)
|
|
|
802
|
Non-cash compensation expense
|
|
|
|
|
3,134
|
|
|
|
2,858
|
Non-cash representation contract termination fee
|
|
|
|
|
-
|
|
|
|
1,516
|
Loss on change in the fair value of contingent consideration
|
|
|
|
|
404
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Payments for broadcast rights
|
|
|
|
|
6,258
|
|
|
|
5,271
|
Cash interest expense
|
|
|
|
|
19,707
|
|
|
|
18,408
|
Capital expenditures
|
|
|
|
|
7,581
|
|
|
|
5,524
|
Operating cash income taxes, net of refunds
|
|
|
|
|
5,978
|
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
|
|
|
$
|
52,120
|
|
|
$
|
42,953
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160503005632/en/
[ Back To Homepage ]
|