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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nexstar Media Group Inc | NASDAQ:NXST | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.26 | 1.38% | 166.56 | 163.22 | 172.19 | 168.355 | 165.48 | 166.73 | 272,399 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 |
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FORM 8-K
CURRENT REPORT |
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of report: (Date of earliest event reported): May 7, 2015
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Nexstar Broadcasting Group, Inc.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) |
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Delaware
(State or other jurisdiction of incorporation) |
000-50478
(Commission File Number) |
23-3083125
(IRS Employer Identification No.) |
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545 E. John Carpenter Freeway, Suite 700
Irving, Texas 75062 (Address of Principal Executive Offices, including Zip Code) |
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(972) 373-8800
(Registrant's Telephone Number, Including Area Code) |
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N/A
(Former Name or Former Address, if Changed Since Last Report) _________________________________
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
|
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99.1
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Press Release of Nexstar Broadcasting Group, Inc. dated May 7, 2015.
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NEXSTAR BROADCASTING GROUP, INC.
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|
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|
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By:
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/s/ Thomas E. Carter |
Date: May 7, 2015
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Name:
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Thomas E. Carter
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Title:
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Chief Financial Officer(Principal Financial Officer)
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|
|
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Exhibit No.
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Description
|
|
99.1
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Press Release of Nexstar Broadcasting Group, Inc. dated May 7, 2015.
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($ in thousands)
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Three Months Ended March 31,
|
|||||||||||
2015
|
2014
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Change
|
||||||||||
Local Revenues
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$
|
84,524
|
$
|
65,642
|
+28.8
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%
|
||||||
National Revenues
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$
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35,578
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$
|
27,189
|
+30.9
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%
|
||||||
Local and National Core Revenue
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$
|
120,102
|
$
|
92,831
|
+29.4
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%
|
||||||
Political Revenues
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$
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360
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$
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4,003
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(91.0
|
)%
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||||||
Retransmission Fee Revenue
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$
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66,564
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$
|
35,129
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+89.5
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%
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||||||
Digital Media Revenue
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$
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19,312
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$
|
6,277
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+207.7
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%
|
||||||
Other
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$
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1,201
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$
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981
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+22.4
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%
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||||||
Trade and Barter Revenue
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$
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11,393
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$
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7,128
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+59.8
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%
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||||||
Gross Revenue
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$
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218,932
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$
|
146,349
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+49.6
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%
|
||||||
Less: Agency Commissions
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$
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15,541
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$
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12,516
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+24.2
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%
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||||||
Net Revenue
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$
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203,391
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$
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133,833
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+52.0
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%
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||||||
Gross Revenue Excluding Political Revenue
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$
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218,572
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$
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142,346
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+53.5
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%
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||||||
Income from Operations
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$
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37,904
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$
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27,700
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+36.8
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%
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||||||
Broadcast Cash Flow(1)
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$
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75,728
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$
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50,612
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+49.6
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%
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||||||
Broadcast Cash Flow Margin(2)
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37.2
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%
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37.8
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%
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||||||||
Adjusted EBITDA(1)
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$
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64,045
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$
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42,108
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+52.1
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%
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||||||
Adjusted EBITDA Margin(2)
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31.5
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%
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31.5
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%
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||||||||
Free Cash Flow(1)
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$
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42,953
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$
|
25,255
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+70.1
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%
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(1)
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Definitions and disclosures regarding non-GAAP financial information are included on page 4, while reconciliations are included on page 7.
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(2)
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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.
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($ in millions)
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3/31/2015
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12/31/2014
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||||||
Revolving Credit Facility
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$
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42.0
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$
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5.5
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First Lien Term Loans
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701.4
|
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705.0
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6.875% Senior Unsecured Notes
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525.6
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525.6
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6.125% Senior Unsecured Notes
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275.0
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-
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Total Debt
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$
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1,544.0
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$
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1,236.1
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||||
Cash on Hand
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$
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44.6
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$
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131.9
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Contact:
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Thomas E. Carter | Joseph Jaffoni, Jennifer Neuman |
Chief Financial Officer |
JCIR
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Nexstar Broadcasting Group, Inc. |
212/835-8500 or nxst@jcir.com
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972/373-8800 |
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Three Months Ended
March 31,
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||||||||
2015
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2014
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|||||||
Net revenue
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$
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203,391
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$
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133,833
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Operating expenses:
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||||||||
Corporate expenses
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11,683
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8,504
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Station direct operating expenses, net of trade, depreciation and amortization
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67,806
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40,379
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Station selling, general and administrative expenses, net of depreciation and amortization
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45,606
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32,536
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Trade and barter expense
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11,298
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7,142
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||||||
Amortization of broadcast rights, excluding barter
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5,162
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2,960
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||||||
Amortization of intangible assets
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13,060
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6,193
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||||||
Depreciation
|
10,872
|
8,419
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Total operating expenses
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165,487
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106,133
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||||||
Income from operations
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37,904
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27,700
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||||||
Interest expense, net
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(19,293
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)
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(15,170
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)
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Other expenses
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(118
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)
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(128
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)
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Income before income taxes
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18,493
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12,402
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||||||
Income tax expense
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(6,581
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)
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(5,049
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)
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Net income
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|
11,912
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|
7,353
|
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Net loss attributable to noncontrolling interests (1)
|
995
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-
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Net income attributable to Nexstar
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$
|
12,907
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$
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7,353
|
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Basic net income per share attributable to Nexstar
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$
|
0.41
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$
|
0.24
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Basic weighted average number of common shares outstanding
|
31,196
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30,603
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||||||
Diluted net income per share attributable to Nexstar
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$
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0.40
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$
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0.23
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Diluted weighted average number of common shares outstanding
|
32,256
|
31,909
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(1) | The net loss attributable to noncontrolling interests represents the loss attributable to the owner of White Knight Broadcasting, Inc., a variable interest entity consolidated into Nexstar Broadcasting Group, Inc.'s results. |
Three Months Ended
March 31,
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||||||||
Broadcast Cash Flow and Adjusted EBITDA:
|
2015
|
2014
|
||||||
Income from operations
|
$
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37,904
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$
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27,700
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Add:
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||||||||
Depreciation
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10,872
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8,419
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||||||
Amortization of intangible assets
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13,060
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6,193
|
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Amortization of broadcast rights, excluding barter
|
5,162
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2,960
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||||||
Loss (gain) on asset disposal, net
|
802
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(15
|
)
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Corporate expenses
|
11,683
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8,504
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||||||
Non-cash representation contract termination fee
|
1,516
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-
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||||||
Less:
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Payments for broadcast rights
|
5,271
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3,149
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Broadcast cash flow
|
$ |
75,728
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$ |
50,612
|
||||
Margin %
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37.23
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%
|
37.82
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%
|
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Less:
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||||||||
Corporate expenses
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11,683
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8,504
|
||||||
Adjusted EBITDA
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$
|
64,045
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$
|
42,108
|
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Margin %
|
31.49
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%
|
31.46
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%
|
Three Months Ended
March 31,
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||||||||
Free Cash Flow:
|
2015
|
2014
|
||||||
Income from operations
|
$
|
37,904
|
$
|
27,700
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Add:
|
||||||||
Depreciation
|
10,872
|
8,419
|
||||||
Amortization of intangible assets
|
13,060
|
6,193
|
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Amortization of broadcast rights, excluding barter
|
5,162
|
2,960
|
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Loss (gain) on asset disposal, net
|
802
|
(15
|
)
|
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Non-cash compensation expense
|
2,858
|
1,643
|
||||||
Non-cash representation contract termination fee
|
1,516
|
-
|
||||||
Less:
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||||||||
Payments for broadcast rights
|
5,271
|
3,149
|
||||||
Cash interest expense
|
18,408
|
14,480
|
||||||
Capital expenditures
|
5,524
|
3,969
|
||||||
Operating cash income taxes, net of refunds(1)
|
18
|
47
|
||||||
Free cash flow
|
$
|
42,953
|
$
|
25,255
|
(1)
|
Excludes the payment of $5.906 million in taxes related to the tax gain on sale of a station to Marshall Broadcasting.
|
1 Year Nexstar Media Chart |
1 Month Nexstar Media Chart |
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