Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) (“Nexstar” or “the
Company”) today reported record financial results for the fourth quarter
and twelve months ended December 31, 2014 as summarized below.
Summary 2014 Fourth Quarter Highlights
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($ in thousands)
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Three Months Ended December 31,
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Twelve Months Ended December 31,
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2014
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2013
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Change
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2014
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2013
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Change
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Local Revenue
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$
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77,219
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$
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75,106
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+2.81
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%
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$
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279,150
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$
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265,376
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+5.19
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%
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National Revenue
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$
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31,094
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$
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32,827
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(5.28
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)%
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$
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109,930
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$
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113,423
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(3.08
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)%
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Core Revenue
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$
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108,313
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$
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107,933
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+0.35
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%
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$
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389,080
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$
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378,799
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+2.71
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%
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Political Revenue
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$
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35,366
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$
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1,537
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+2200.98
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%
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$
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64,294
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$
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5,152
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+1147.94
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%
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Retransmission Fee Revenue
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$
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44,134
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$
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26,815
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+64.59
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%
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$
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154,963
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$
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101,119
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+53.25
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%
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Digital Media Revenue
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$
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14,231
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$
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6,623
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+114.87
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%
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$
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46,692
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$
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30,846
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+51.37
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%
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Other
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$
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1,232
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$
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1,070
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+15.14
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%
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$
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4,514
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$
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4,280
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+5.47
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%
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Trade and Barter
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$
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8,756
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$
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8,347
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+4.90
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%
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$
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31,214
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$
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31,529
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(1.00
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)%
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Total Gross Revenue
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$
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212,032
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$
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152,325
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+39.20
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%
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$
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690,757
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$
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551,725
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+25.20
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%
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Agency Commission
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$
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19,228
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$
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14,203
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+35.38
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%
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$
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59,446
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$
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49,395
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+20.35
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%
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Net Revenue
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$
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192,804
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$
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138,122
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+39.59
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%
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$
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631,311
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$
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502,330
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+25.68
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%
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Gross Revenue Excluding
Political
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$
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176,666
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$
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150,788
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+17.16
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%
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$
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626,463
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$
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546,573
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+14.62
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%
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Income from Operations
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$
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68,899
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$
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32,078
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+114.79
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%
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$
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173,237
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$
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103,241
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+67.80
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%
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Broadcast Cash Flow(1)
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$
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94,500
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$
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55,311
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+70.85
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%
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$
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269,908
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$
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193,008
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+39.84
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%
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Broadcast Cash Flow Margin(2)
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49.01
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%
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40.05
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%
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42.75
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%
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38.42
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%
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Adjusted EBITDA(1)
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$
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85,611
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$
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49,266
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+73.77
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%
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$
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234,734
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$
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166,669
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+40.84
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%
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Adjusted EBITDA Margin(2)
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44.40
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%
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35.67
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%
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37.18
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%
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33.18
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%
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Free Cash Flow(1)
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$
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65,231
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$
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30,199
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+116.00
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%
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$
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159,734
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$
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84,921
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+88.10
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%
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(1) Definitions and disclosures regarding non-GAAP financial information
are included on page 4, while reconciliations are included on page 7.
(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, “The 39.6% rise in fourth
quarter net revenue concluded what was already a record year financially
for Nexstar. Fourth quarter BCF, Adjusted EBITDA and free cash flow
increases of 70.9%, 73.8% and 116.0%, respectively, reflect margin
growth related to the significant operating leverage in our model as
well as the value of our initiatives to maximize the political
advertising opportunity, manage costs and actively expand our scale
through strategic, accretive acquisitions. These factors, coupled with
recently completed value-building transactions which added 27 stations
as well as a leading digital media advertising and programmatic
technology provider, have positioned Nexstar for continued near- and
long-term growth. We expect 2015 to be the Company’s fourth consecutive
year of record free cash flow as our platform expansion and revenue
diversification efforts have eliminated the cyclicality associated with
political advertising.
“During the fourth quarter, we successfully managed inventory to
maximize our share of election spending in our markets. Fourth quarter
television ad revenue inclusive of political advertising grew 31.2% as
Nexstar’s spot inventory management initiatives resulted in a 23-fold
year-over-year increase in political revenue and flat core local and
national spot revenue. Reflecting our expanded platform and presence in
states with high levels of political spending activity, 2014 fourth
quarter political revenue rose by 29% over comparable 2012 fourth
quarter levels. Notably, excluding political, gross revenue in the
fourth quarter grew over 17% from the same period in 2013, reflecting
Nexstar’s further success in leveraging the value of our television
broadcasting operating model and content creation capabilities into a
diversified platform with multiple high margin revenue streams.
“Nexstar’s strong fourth quarter television ad revenue growth was
complemented by a 64.6% rise in retransmission fee revenue and a 114.9%
increase in digital media revenue which benefited from organic growth as
well as our mid-year accretive acquisitions of a leading digital
publishing and agency services platform and the provider of cloud-based
CMS, engagement and monetization solutions. Nexstar’s annual
retransmission revenue growth of 53.3% reflects both the 2013 contract
renewals with our distribution partners and escalators. We expect our
long-term distribution revenue growth trend to continue as in late 2014
additional contract renewals representing about 40% of the Company’s
MVPD subscribers were completed and another 30% of our subscribers will
be renewed in 2015. Fourth quarter 2014 net revenue rose 66% over the
same period in 2012, the last Presidential election year, while free
cash flow, our most important financial performance metric, was up over
127% over the same period which clearly illustrates the value creation
related to our revenue diversification and platform building strategies.
“Recently closed accretive acquisitions will build upon the leverage in
our operating model throughout 2015 and beyond. Specifically, during the
fourth quarter we completed the acquisition of seven stations in four
markets from Grant Company and early in 2015 we closed the largest
acquisition in the Company’s history, adding the net operations of 18
stations in nine markets from Communications Corporation of America.
This was followed by the completion of a single station transaction in
Phoenix and completion of a single station transaction in Las Vegas
thereby bringing our TV station portfolio to 107 stations under
ownership or management, serving 58 separate DMAs and reaching
approximately 17% of all U.S. television households. These transactions
further diversify our operating base, create new duopoly markets, are
financially accretive and, in the case of the Marshall Broadcasting
Group, Inc. (“Marshall”) transaction, fulfill Nexstar’s commitment to
catalyze and support broadcast station ownership by minority-owned
companies, which is also a key FCC initiative.
“We are pleased with the integration of the 27 recently acquired
stations and are realizing the anticipated synergies and efficiencies we
forecasted at the time the transactions were announced. Earlier this
month we further broadened and diversified Nexstar’s digital video
advertising offerings with highly-targeted optimization tools and
programmatic capabilities through the acquisition of Yashi, Inc. Yashi’s
targeting and programmatic technology, combined with our existing
digital offerings, further expands the innovative multi-platform
marketing solutions that Nexstar offers to local and national
advertisers, agencies and digital publishers while maximizing our
multi-screen revenue opportunities. And by adhering to our established
acquisition and integration criteria, we acquired a profitable,
fast-growing online video advertising business at an attractive
pro-forma Adjusted EBITDA multiple.
“With our focus on growing free cash flow, we remain disciplined in
managing costs and driving BCF and Adjusted EBITDA margins. The rise in
fourth quarter station direct operating expenses (net of trade expense)
and SG&A primarily reflects higher variable costs related to the higher
local and political revenues, and the operation of acquired stations and
digital assets also contributed to the year-over-year increase in
corporate expense. Our significant revenue growth combined with ongoing
expense management resulted in fourth quarter BCF and Adjusted EBITDA
margins improving substantially to 49.0% and 44.4%, respectively.
Impressively, full year free cash flow rose 88.1% to $159.7 million
while combined full year 2014 and 2013 free cash flow totaled $244.7
million.
“The combination of our operating successes and accretive station
transactions has positioned Nexstar to return capital to shareholders
through cash dividends while reducing leverage throughout 2015.
Tomorrow, we will pay the first quarterly cash dividend of $0.19 per
share of our Class A common stock following the Board’s authorization
last month to increase the quarterly cash dividend by 26.7 percent.
Importantly, we believe the total annual capital allocation for
dividends of approximately $23.7 million relative to our projected free
cash flow continues to afford the Company the liquidity and financial
flexibility to further expand our marketing solutions platform through
additional accretive station and digital media acquisitions, while
reducing leverage and pursuing other initiatives that enhance long-term
shareholder value.
“Looking forward, we project that with the addition of the 27 new
stations and Yashi, Nexstar will generate pro-forma free cash flow of
approximately $450 million during the 2015/2016 cycle, or average
pro-forma free cash flow of approximately $7.25 per share per year as we
ended 2014 with 30.8 million basic outstanding shares. Furthermore, with
the free cash flow generated from this base of operations, we expect
Nexstar’s net leverage, absent additional strategic activity, to be in
the mid 4x range at the end of 2015 and to decline to the low 3x range
by the end of 2016.”
The consolidated total debt of Nexstar, its wholly owned subsidiaries,
Mission Broadcasting Inc. (“Mission”) and Marshall at December 31, 2014,
was $1,236.1 million and senior secured debt was $710.5 million. The
Company’s total net leverage ratio at December 31, 2014 was 4.40x
compared to a total permitted leverage covenant of 6.75x. The Company’s
first lien net leverage ratio at December 31, 2014 was 2.41x compared to
the covenant maximum of 4.00x.
The table below summarizes the Company’s debt obligations:
($ in millions)
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12/31/2014
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12/31/2013
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Revolving Credit Facility
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$
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5.5
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$
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-
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First Lien Term Loans
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$
|
705.0
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$
|
545.4
|
6.875% Senior Unsecured Notes
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$
|
525.6
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$
|
525.7
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Total Debt
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$
|
1,236.1
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$
|
1,071.1
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Cash on Hand
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$
|
131.9
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$
|
40.0
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Notes Offering
On January 29, 2015, Nexstar Broadcasting Group, Inc.’s wholly-owned
subsidiary, Nexstar Broadcasting, Inc. (“Nexstar Broadcasting”),
completed the sale and issuance of $275.0 million aggregate principal
amount of 6.125% senior notes due 2022. The Notes were priced at par and
are senior unsecured obligations of Nexstar Broadcasting and are
guaranteed by the Company and Mission and certain of Nexstar
Broadcasting’s and Mission’s future restricted subsidiaries on a senior
unsecured basis.
Nexstar Broadcasting used the net proceeds from the offering to fund the
acquisition of two television stations in two markets from Landmark
Television, LLC and Landmark Media Enterprises, LLC, Meredith
Corporation and SagamoreHill of Phoenix, LLC, and the digital company
Yashi, Inc., and to pay related fees and expenses.
Dividends
On January 30, 2015 the Board of Directors approved a 26.7 percent
increase in the quarterly cash dividend to $0.19 per share of its Class
A common stock beginning with the dividend declared for the first
quarter of 2015. The dividend is payable on Friday, February 27, 2015,
to shareholders of record on Friday, February 13, 2015.
Fourth 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
719/325-2308, conference ID 9877322 (domestic and international
callers). In addition, a live audio webcast of the call will be
accessible to the public on Nexstar’s web site, 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) and loss (gain) on asset disposal,
net, 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), loss (gain) on asset disposal, net, and non-cash
compensation expense, less payments for broadcast rights, cash interest
expense, capital expenditures and net 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 pending acquisitions, 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 107 television stations and related digital multicast
signals reaching 58 markets or approximately 17.0% of all U.S.
television households. Nexstar’s portfolio includes affiliates of NBC,
CBS, ABC, FOX, MyNetworkTV, The CW, Telemundo, Bounce TV, Me-TV,
Estrella, This TV, Weather Nation Utah, Movies!, News Weather, RTV and
LATV. 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.
Forward-Looking Statements
This news release 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, the Company claims 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 news release, concerning, among other things, 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 impact of changes in national and regional
economies, our ability to service and refinance our outstanding debt,
successful integration of acquired television stations (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 served by the Company, volatility in
programming costs, the effects of governmental regulation of
broadcasting, industry consolidation, technological developments and
major world news events. Unless required by law, we 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 news release 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 our filings with the Securities
and Exchange Commission.
-tables follow-
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Nexstar Broadcasting Group, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts, unaudited)
|
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
Net revenue
|
$
|
192,804
|
|
$
|
138,122
|
|
$
|
631,311
|
|
$
|
502,330
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Corporate expenses
|
|
8,889
|
|
|
6,045
|
|
|
35,174
|
|
|
26,339
|
Station direct operating expenses, net of trade, depreciation and
amortization
|
|
48,996
|
|
|
37,251
|
|
|
178,817
|
|
|
139,807
|
Station selling, general, and administrative expenses, net of
depreciation and amortization
|
|
37,517
|
|
|
34,271
|
|
|
139,581
|
|
|
124,594
|
Loss on asset disposal, net
|
|
499
|
|
|
1,245
|
|
|
638
|
|
|
1,280
|
Trade and barter expense
|
|
8,874
|
|
|
8,129
|
|
|
31,333
|
|
|
30,730
|
Amortization of broadcast rights, excluding barter
|
|
2,730
|
|
|
3,068
|
|
|
11,634
|
|
|
12,613
|
Amortization of intangible assets
|
|
7,153
|
|
|
7,248
|
|
|
25,850
|
|
|
30,148
|
Depreciation
|
|
9,247
|
|
|
8,787
|
|
|
35,047
|
|
|
33,578
|
Total operating expenses
|
|
123,905
|
|
|
106,044
|
|
|
458,074
|
|
|
399,089
|
Income from operations
|
|
68,899
|
|
|
32,078
|
|
|
173,237
|
|
|
103,241
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
(15,920)
|
|
|
(15,891)
|
|
|
(61,959)
|
|
|
(66,243)
|
Loss on extinguishment of debt
|
|
-
|
|
|
(33,676)
|
|
|
(71)
|
|
|
(34,724)
|
Other expenses
|
|
(129)
|
|
|
(1,207)
|
|
|
(556)
|
|
|
(1,459)
|
Income (loss) before income tax expense
|
|
52,850
|
|
|
(18,696)
|
|
|
110,651
|
|
|
815
|
Income tax (expense) benefit
|
|
(22,001)
|
|
|
6,244
|
|
|
(46,101)
|
|
|
(2,600)
|
Net income (loss)
|
$
|
30,849
|
|
$
|
(12,452)
|
|
$
|
64,550
|
|
$
|
(1,785)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per common share
|
$
|
1.00
|
|
$
|
(0.41)
|
|
$
|
2.10
|
|
$
|
(0.06)
|
Basic weighted average number of common shares outstanding
|
|
30,962
|
|
|
30,465
|
|
|
30,774
|
|
|
29,897
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per common share
|
$
|
0.96
|
|
$
|
(0.41)
|
|
$
|
2.02
|
|
$
|
(0.06)
|
Diluted weighted average number of common shares outstanding
|
|
32,102
|
|
|
30,465
|
|
|
32,003
|
|
|
29,897
|
|
|
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-tables follow-
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Nexstar Broadcasting Group, Inc.
Reconciliation of Broadcast Cash Flow and Adjusted EBITDA
(Non-GAAP Measures)
UNAUDITED
(in thousands)
|
|
|
|
|
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
Broadcast Cash Flow and EBITDA:
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Income from operations:
|
|
|
$
|
68,899
|
|
|
$
|
32,078
|
|
|
$
|
173,237
|
|
|
$
|
103,241
|
|
Add:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
9,247
|
|
|
|
8,787
|
|
|
|
35,047
|
|
|
|
33,578
|
|
Amortization of intangible assets
|
|
|
|
7,153
|
|
|
|
7,248
|
|
|
|
25,850
|
|
|
|
30,148
|
|
Amortization of broadcast rights, excluding barter
|
|
|
|
2,730
|
|
|
|
3,068
|
|
|
|
11,634
|
|
|
|
12,613
|
|
Loss on asset disposal, net
|
|
|
|
499
|
|
|
|
1,245
|
|
|
|
638
|
|
|
|
1,280
|
|
Corporate expenses
|
|
|
|
8,889
|
|
|
|
6,045
|
|
|
|
35,174
|
|
|
|
26,339
|
|
Non-cash representation contract termination fee
|
|
|
|
-
|
|
|
|
-
|
|
|
|
353
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
Payments for broadcast rights
|
|
|
|
2,917
|
|
|
|
3,160
|
|
|
|
12,025
|
|
|
|
14,191
|
|
|
|
|
|
|
|
|
|
|
Broadcast cash flow
|
|
|
|
94,500
|
|
|
|
55,311
|
|
|
|
269,908
|
|
|
|
193,008
|
|
Margin %
|
|
|
|
49.01
|
%
|
|
|
40.05
|
|
%
|
|
42.75
|
%
|
|
|
38.42
|
%
|
Less:
|
|
|
|
|
|
|
|
|
Corporate expenses
|
|
|
|
8,889
|
|
|
|
6,045
|
|
|
|
35,174
|
|
|
|
26,339
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
85,611
|
|
|
$
|
49,266
|
|
|
$
|
234,734
|
|
|
$
|
166,669
|
|
Margin %
|
|
|
|
44.40
|
%
|
|
|
35.67
|
|
%
|
|
37.18
|
%
|
|
|
33.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nexstar Broadcasting Group, Inc.
Reconciliation of Free Cash Flow (Non-GAAP Measure)
UNAUDITED
(in thousands)
|
|
|
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
Free Cash Flow:
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
$
|
68,899
|
|
$
|
32,078
|
|
|
$
|
173,237
|
|
$
|
103,241
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
9,247
|
|
|
8,787
|
|
|
|
35,047
|
|
|
33,578
|
Amortization of intangible assets
|
|
|
|
7,153
|
|
|
7,248
|
|
|
|
25,850
|
|
|
30,148
|
Amortization of broadcast rights, excluding barter
|
|
|
|
2,730
|
|
|
3,068
|
|
|
|
11,634
|
|
|
12,613
|
Loss on asset disposal, net
|
|
|
|
499
|
|
|
1,245
|
|
|
|
638
|
|
|
1,280
|
Non-cash compensation expense
|
|
|
|
2,114
|
|
|
500
|
|
|
|
7,598
|
|
|
2,080
|
Non-cash representation contract termination fee
|
|
|
|
-
|
|
|
-
|
|
|
|
353
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Payments for broadcast rights
|
|
|
|
2,917
|
|
|
3,160
|
|
|
|
12,025
|
|
|
14,191
|
Cash interest expense
|
|
|
|
15,161
|
|
|
15,194
|
|
|
|
59,167
|
|
|
62,963
|
Capital expenditures
|
|
|
|
6,478
|
|
|
4,387
|
|
|
|
20,300
|
|
|
18,736
|
Cash income taxes, net of refunds
|
|
|
|
855
|
|
|
(14
|
)
|
|
|
3,131
|
|
|
2,129
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
|
|
$
|
65,231
|
|
$
|
30,199
|
|
|
$
|
159,734
|
|
$
|
84,921
|
Copyright Business Wire 2015