Nexstar media group, inc. (NXST)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income

157,694

113,851

-5,178

70,735

56,887

154,490

99,828

86,606

47,341

379,856

42,072

48,455

4,944

20,411

25,616

24,799

22,274

27,416

17,155

19,900

11,912

30,849

15,404

10,944

7,353

-12,452

3,595

6,367

705

161,097

9,561

8,818

3,016

3,264

-6,259

-2,584

-6,312

Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets

70,583

84,779

42,443

36,357

36,738

38,766

37,157

37,181

36,302

38,799

33,986

38,557

48,158

11,669

11,505

11,319

12,079

12,827

11,351

11,237

13,060

7,153

6,392

6,112

6,193

7,248

7,996

6,914

7,990

6,399

5,480

5,511

5,604

5,568

7,213

7,359

5,839

Depreciation of property and equipment

35,406

38,485

29,363

28,090

27,437

31,212

27,673

25,090

25,814

26,161

25,979

26,292

22,226

13,126

12,877

12,739

12,558

11,972

13,076

11,302

10,872

9,247

8,838

8,543

8,419

8,787

8,598

8,213

7,980

6,196

5,896

5,715

5,748

5,792

5,618

5,205

5,230

Payment-in-kind interest accrued to debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

21

Deferred gain recognition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

110

108

-

108

110

109

109

109

109

109

109

109

109

109

110

109

109

109

109

109

109

109

Amortization of broadcast rights, excluding barter

37,208

38,269

18,452

13,935

14,362

14,308

15,021

15,913

16,100

15,809

17,102

15,761

14,236

5,386

5,218

6,220

5,637

5,857

5,940

5,195

5,162

2,730

3,173

2,771

2,960

3,068

3,265

3,311

2,969

2,102

2,316

2,062

2,111

2,285

3,253

2,159

2,250

Stock-based compensation expense

10,685

9,570

11,270

9,691

8,069

8,493

8,212

8,195

6,400

6,588

6,203

6,499

4,810

2,398

2,913

2,955

3,134

2,885

2,853

2,804

2,858

2,114

1,928

1,913

1,643

500

586

499

495

637

297

211

217

299

290

288

285

Provision for bad debt

1,818

4,853

3,934

1,640

2,545

2,406

1,957

3,050

3,294

4,111

2,071

2,539

1,542

807

856

721

673

1,416

444

867

453

551

133

611

1,015

1,377

449

474

397

942

452

375

621

859

362

312

843

Amortization of debt financing costs, debt discounts and premium

4,636

4,985

2,725

1,925

1,942

2,102

2,427

2,610

2,626

2,674

2,652

2,467

2,690

2,255

1,494

954

946

996

940

931

885

759

761

625

647

1,698

560

516

506

372

398

415

425

423

424

418

450

Amortization of debt discount (premium), net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

36

43

-

344

332

325

313

327

337

352

344

338

343

716

Loss on extinguishment of debt

-7,477

-6,577

0

-2,026

-1,698

-7,475

-3,159

-481

-1,005

-534

-1,221

-1,323

-31,804

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-808

-347

Gain on asset disposal, net

388

-

-

-

-

-4,677

-1,507

332

59

-57,954

-2,375

973

57,622

-2,071

249

172

97

-1,187

5

-125

-802

-499

7

-161

15

-1,245

-33

5

-7

-493

4

2

19

-441

82

-94

-8

Deferred income taxes

13,011

-10,354

20,962

-3,754

-2,309

-308

-6,623

-5,288

-184

473,640

-195,990

168,968

16,567

-24,441

-11,137

-12,198

-6,815

-17,162

-10,195

-11,179

-5,139

-64,862

9,327

7,548

4,496

-6,436

4,392

4,416

295

-136,925

1,440

1,450

1,417

1,304

1,356

1,282

1,276

Gain on disposal of stations and entities, net

7,075

-

-

-

533

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Spectrum repack reimbursements

12,758

16,336

20,417

19,416

14,187

16,931

5,389

5,697

1,364

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments for broadcast rights

51,783

53,480

18,850

13,811

14,489

14,327

14,865

16,538

16,249

16,161

16,891

16,144

13,335

5,762

5,404

5,580

6,258

6,193

5,495

5,514

5,271

2,917

3,030

2,929

3,149

3,160

3,652

3,679

3,700

2,488

2,168

2,200

2,313

2,141

3,249

2,281

2,478

(Income) loss on equity investments, net

14,158

-

-

-

-491

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distribution from equity investments - return on capital

170,400

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other noncash operating activities, net

230

-

-

-

889

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other noncash credits, net

-

-

-

-

-

-

2,313

845

404

-

1,780

894

431

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of deferred representation fee incentive

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

297

286

-

286

286

264

220

215

205

205

205

1,025

-205

-205

205

204

205

155

-1,082

155

154

155

Non-cash representation contract termination fee

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,516

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

PIK interest paid upon debt extinguishment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

182

33

Issue discount paid upon debt extinguishment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

215

0

2,676

450

Premium on debt extinguishment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

98

156

Excess tax benefit from stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

100

6,128

1,686

5,268

32

4,460

274

-

2,926

5,671

1,189

-

-

-

-

-

-

-

-

Payment for contingent consideration in connection with an acquisition

-

-

-

-

-

-

-

-

-

-8,088

0

0

4,044

561

1,392

1,687

404

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable

7,268

52,457

-54,303

3,854

-4,184

-1,722

27,787

-13,990

-42,949

49,593

20,081

-5,732

-7,273

4,445

8,430

7,538

6,877

18,677

4,419

8,148

-934

11,704

2,299

333

-3,958

9,705

-2,002

12,197

18,214

7,733

1,402

2,554

-6,341

9,520

1,939

1,044

-4,326

Prepaid expenses and other current assets

1,834

-7,517

-2,172

-1,070

1,415

3,322

-1,915

-2,747

1,243

6,082

3,271

-1,419

-9,103

-13,415

13,045

8,225

-883

-678

4,451

-997

-1,452

-846

-951

1,660

-1,184

208

3,082

557

-670

-331

1,245

-477

-89

-178

729

-3,472

2,296

Other noncurrent assets

-214

3,670

-70

3,898

-2,248

1,315

-1,200

-848

1,567

1,992

-1,900

-1,191

1,851

-376

306

-93

-81

68

-242

-63

-56

-72

-109

-60

-92

-54

-30

-18

5

1,787

-13

-24

-60

-777

-22

16

2

Accounts payable

-18,324

-

-

-

3,889

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued expenses and other current liabilities

-10,102

-

-

-

-15,818

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable, accrued expenses and other current liabilities

-

-

-

-

-

-

-

-40,570

12,887

-

491

31,585

-61,270

-13,109

9,028

12,225

-6,516

6,303

14,448

1,933

-5,781

104

-3,595

8,145

1,528

1,863

-507

4,493

-224

6,966

-134

2,285

-2,437

375

1,609

-383

244

Income tax payable

74,750

-201,491

44,217

-27,644

12,249

28,123

1,019

-6,054

18,547

135,890

-332,819

155,235

-944

-27

-175

-19

146

-2,091

-5,600

-10,621

-4,478

-1,719

0

-211

141

-

-

-

-

-

-

-298

98

-

82

-292

87

Interest payable

-

-

-

-

-

-

-

11,118

-10,359

-

-6,400

10,249

-32,580

19,439

13,695

-4,777

4,894

-4,827

4,019

-4,865

12,011

-9,338

9,061

-8,715

8,932

-14,818

11,167

-12,647

12,256

-6,279

5,151

-5,611

4,574

-4,739

4,785

-6,874

8,447

Deferred revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

92

-

617

-142

576

-354

0

-324

-390

Other liabilities of consolidated variable interest entities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-196

185

595

254

62

131

-19

-

-

-108

-95

Other noncurrent liabilities

-18,822

-12,746

-2,354

112

-3,128

-5,453

-2,225

-5,241

-4,203

-16,108

1,515

-1,691

-5,927

-28

-679

-1,462

1,273

339

-137

106

103

116

158

-229

-121

-1,788

-129

-1,879

1,469

-486

-612

358

-155

-507

-79

-101

-187

Net cash provided by operating activities

415,118

101,485

79,582

111,811

124,589

249,653

170,140

137,709

179,365

45,927

-47,685

158,634

-47,785

107,831

67,037

57,730

51,655

64,653

60,062

30,967

49,626

45,885

47,222

28,689

44,731

-16,607

32,144

-1,303

13,105

11,159

26,332

16,355

26,042

5,374

12,746

4,514

17,706

Cash flows from investing activities:
Purchases of property and equipment

60,134

87,286

38,757

42,889

28,579

42,660

27,196

15,298

21,092

23,615

21,155

13,777

13,914

6,228

10,607

7,294

7,741

7,739

7,909

6,972

6,401

6,485

4,839

5,082

3,983

4,555

4,388

3,226

6,786

6,236

3,826

3,122

4,076

2,507

3,890

2,784

4,168

Payments for acquisitions, net of cash acquired

63,000

-

-

-

-

-

-

3,077

82,790

4,060

0

0

2,971,194

0

1

-2

103,971

14,271

1,987

-288

459,979

124,435

0

63,241

22,057

8,552

66,210

33,506

121,114

206,899

28,554

0

0

-

-

-

-

Proceeds from sale of stations and entities

362,804

-

-

-

-

-

-

-

-

2

0

0

481,944

-

-

-

-

200

0

0

26,805

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Spectrum repack reimbursements from the FCC

12,758

16,336

20,417

19,416

14,187

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from disposals of property and equipment

430

2,425

1,177

261

588

62

408

1,027

2,847

3,577

1,874

14,171

404

133

250

175

160

1,418

67

1,262

877

7

49

19

14

168

15

30

6

197

5

1

33

28

64

12

18

Proceeds from resolution of acquired contingency

98,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other investing activities, net

171

-

-

-

51

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

351,029

-120,002

-4,545,297

-23,103

-13,753

-26,226

-38,353

-9,900

-101,035

-24,080

459,908

647

-2,502,760

-6,095

-10,358

-7,117

-111,552

-20,392

-9,829

-5,422

-438,698

-130,913

-4,790

-68,304

-26,026

-12,939

-70,583

-36,702

-127,894

-199,078

-32,375

-3,121

-4,043

-22,767

-23,890

-3,772

-4,150

Proceeds from long-term debt, including debt premium and discounts

-

-

-

-

-

150,000

5,628

51,759

44,000

0

452,120

0

3,081,861

900,000

0

0

58,000

5,000

5,000

0

411,950

-

-

-

-

430,688

55,000

98,875

70,000

538,250

33,000

31,500

6,000

27,800

19,300

50,000

0

Repayments of long-term debt

457,328

686,804

11,805

111,803

91,805

325,522

150,573

102,337

74,579

30,579

500,952

69,999

1,320,799

7,025

25,039

27,179

20,897

14,772

3,690

43,688

104,140

63,688

980

4,153

3,610

367,922

38,038

32,875

0

-

-

-

-

10,675

12,875

58,559

16,398

Payments for debt financing costs

379

-

-

-

-

-

-

-

-

0

682

0

51,357

-

-

-

-

0

0

305

2,920

1,250

0

280

77

4,992

449

1,079

690

12,987

251

0

0

-

-

-

-

Premium paid on debt extinguishment

-

-

-

-

-

-

-

-

-

0

0

0

18,050

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit from stock option exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

100

6,128

1,686

5,268

32

4,460

274

-

2,926

5,671

1,189

736

0

0

0

-

-

-

-

Common stock dividends paid

25,676

20,761

20,743

20,738

20,581

17,105

17,081

17,155

17,288

13,760

13,864

14,162

14,106

7,367

7,362

7,361

7,355

5,816

6,005

5,944

5,921

4,633

4,632

4,592

4,588

3,648

3,597

3,528

3,529

-

0

0

0

-

-

-

-

Cash paid for shares withheld for taxes

6,483

0

0

537

9,276

86

136

173

4,543

68

-1

174

3,858

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of noncontrolling interests

-

0

0

0

6,393

-

-

-

-

0

0

0

66,901

0

0

0

100

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments for contingent consideration in connection with acquisitions

-

-

-

-

-

-

-

-

-

0

258,647

0

956

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of stock options

368

654

266

56

1,427

786

3,125

181

1,878

4,292

560

462

2,841

-

-

-

-

30

43

1,819

1,465

740

7

1,177

107

797

1,854

2,853

1,455

761

448

280

279

0

0

67

0

Payments for capital lease and capitalized software obligations

1,792

2,756

1,412

4,275

732

1,421

1,871

4,820

735

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contributions from a noncontrolling interest

-

-

-

-

-

-

-

0

226

-

659

0

-243

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of treasury stock

72,587

-

-

-

-

0

0

16,704

33,820

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other financing activities, net

-273

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments for capital lease obligations

-

-

-

-

-

-

-

-

-

-

805

4,104

474

-

553

1,825

346

729

556

1,348

376

510

296

402

259

182

263

490

10

7

-68,339

44,385

23,975

-

-

-

-

Net cash used in financing activities

-564,150

-66,834

4,719,820

-137,375

-127,360

-196,735

-161,045

-89,249

-84,861

-41,996

-362,324

-146,271

1,607,958

884,487

-54,605

-36,252

29,302

-24,201

-53,768

-43,238

301,744

148,264

-5,869

21,148

-8,153

44,955

17,433

61,005

68,415

244,682

5,801

-12,605

-17,696

17,125

6,425

-9,025

-16,398

Net increase (decrease) in cash, cash equivalents and restricted cash

201,997

-85,351

254,105

-48,667

-16,524

26,692

-29,258

38,560

-6,531

-20,149

49,899

13,010

-942,587

986,223

2,074

14,361

-30,595

20,060

-3,535

-17,693

-87,328

63,236

36,563

-18,467

10,552

15,409

-21,006

23,000

-46,374

56,763

-242

629

4,303

-268

-4,719

-8,283

-2,842

Supplemental information:
Interest paid

125,516

71,781

80,779

39,264

58,839

47,956

65,916

42,552

62,322

38,683

57,354

42,969

100,552

10,150

28,897

24,401

14,813

24,271

15,438

24,324

6,397

24,499

5,789

23,392

5,547

38,173

4,829

28,702

3,370

33,667

6,562

18,623

7,508

16,880

7,472

31,251

-4,515

Income taxes paid, net of refunds

2,110

246,424

16,208

50,536

1,883

31,635

26,301

34,006

-1,225

51,432

169,285

48,367

3,605

1,986

3,723

17,704

5,978

5,623

5,795

11,717

5,925

855

835

1,394

47

-14

20

1,224

899

1,075

0

479

43

-25

0

543

-44

Non-cash investing and financing activities:
Accrued purchases of property and equipment

28,024

-1,978

4,596

-4,709

27,796

1,156

3,832

10,296

4,080

2,513

-1,731

887

2,438

1,686

-1,508

848

1,313

710

299

41

1,321

1,759

108

934

966

-294

1,265

-867

1,659

-284

407

59

1,081

606

-75

1,609

-466

Noncash purchases of property and equipment

-

-

-

-

-

-

-

-

-

1,665

9,121

9,918

19

-31

28

667

42

162

306

2,281

1,276

5,691

371

947

14

994

28

106

2,555

-

-

-

-

54

140

195

95

Right-of-use assets obtained in exchange for operating lease obligations

15,977

9,917

1,376

605

113,598

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued debt financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

259

0

0

-

0

26

4

Debt assumed in connection with a merger

-

-

-

-

-

-

-

-

-

0

0

0

434,269

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Issuance/reissuance of stock in connection with a merger

-

-

-

-

-

-

-

-

-

0

0

-42

1,031,485

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock option replacement awards in connection with a merger

-

-

-

-

-

-

-

-

-

0

0

0

10,702

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contingent consideration payable in connection with a merger

-

-

-

-

-

-

-

-

-

-1,255

-261,736

10,387

264,965

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-