Net Revenue Growth Drives Record 4Q
Operating Income of $92.5 Million, BCF of $145.4 Million, Adjusted
EBITDA of $134.8 Million and Free Cash Flow of $85.4
Million
Record Full Year Operating Income of $287.3
Million, BCF of $456.7 Million, Adjusted EBITDA of $405.5 Million
and Free Cash Flow of $244.8 Million
Establishes Free Cash Flow Guidance for
2017/2018 Cycle
Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or “the
Company”) today reported record financial results for the fourth
quarter and full year ended December 31, 2016 as summarized below.
The Company also reported supplementary data regarding the
unaudited quarterly operating results for the fourth quarter ended
December 31, 2016 for Media General, Inc., which Nexstar acquired
on January 17, 2017.
Summary 2016 Fourth Quarter and Full
Year Highlights
Three Months EndedDecember
31,
Twelve Months EndedDecember
31,
($ in thousands)
2016
2015 Change 2016 2015
Change Local Revenue $ 101,930 $ 102,780 (0.8 )% $ 388,183 $
369,313 +5.1 % National Revenue $ 36,160 $ 41,337 (12.5 )% $
144,009 $ 153,607 (6.2 )%
Core Revenue $
138,090 $ 144,117 (4.2 )%
$
532,192 $ 522,920 +1.8 % Political
Revenue $ 60,033 $ 7,887 +661.2 % $ 108,544 $ 12,716 +753.6 %
Retransmission Fee Revenue $ 100,321 $ 81,695 +22.8 % $ 394,038 $
298,023 +32.2 % Digital Revenue $ 25,748 $ 29,283 (12.1 )% $
101,759 $ 89,902 +13.2 % Other $ 1,608 $ 1,398 +15.0 % $ 6,148 $
5,384 +14.2 % Trade and Barter Revenue $ 10,936 $ 12,385 (11.7 )% $
45,692 $ 47,100 (3.0 )%
Gross Revenue $
336,736 $ 276,765 +21.7 %
$
1,188,373 $ 976,045 +21.8 % Less: Agency
Commission $ 26,857 $ 24,503 +9.6 % $ 85,183 $ 79,668 +6.9 %
Net
Revenue $ 309,879 $ 252,262 +22.8 %
$ 1,103,190 $ 896,377 +23.1 %
Gross Revenue Excluding Political $ 276,703
$ 268,878 +2.9 %
$ 1,079,829 $
963,329 +12.1 %
Income from Operations
$ 92,475 $ 67,346 +37.3 %
$
287,308 $ 206,107 +39.4 %
Broadcast
Cash Flow(1) $ 145,413 $
104,587 +39.0 %
$ 456,672 $
349,966 +30.5 %
Broadcast Cash Flow Margin(2)
46.9 % 41.5 % 41.4 %
39.0 % Adjusted EBITDA(1)
$ 134,787 $ 92,996 +44.9 %
$
405,495 $ 305,110 +32.9 %
Adjusted EBITDA
Margin(2) 43.5 % 36.9 %
36.8 % 34.0 % Free Cash
Flow(1) $ 85,443 $ 68,979
+23.9 %
$ 244,830 $ 208,244 +17.6 %
__________________
(1) Definitions and disclosures regarding non-GAAP
financial information including reconciliations are included at the
end of the press release. (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 Media Group, Inc. commented, “Our strong fourth quarter
and full-year operating results mark Nexstar’s fifth consecutive
year of record financial results based on the ongoing success of
our strategies to leverage our local market content and community
involvement, execute and integrate accretive acquisitions, maintain
cost controls and optimize the balance sheet and capital structure.
The 22.8% rise in fourth quarter net revenue resulted in BCF,
Adjusted EBITDA and free cash flow growth of 39.0%, 44.9% and
23.9%, respectively, and reflect margin growth related to the
significant operating leverage in our model, the ongoing benefits
of our management disciplines and our strategic initiatives to
maximize the political advertising opportunity. For the full year,
Nexstar’s legacy platform generated approximately $7.98 of free
cash flow per share, or 18.4% growth over 2015 levels, which has
funded capital returns to shareholders through quarterly cash
dividends and 2015 share repurchases. With January’s completion of
the highly accretive Media General transaction, Nexstar is the
leading media company committed to localism and innovation and is
positioned for continued near- and long-term growth, including our
sixth consecutive year of record financial results projected for
2017.
“On January 17, 2017 we completed our $4.6 billion acquisition
of Media General marking a significant milestone in Nexstar’s 20
year history of growth. Financially, the transaction is expected to
more than double our revenue and adjusted EBITDA, and Nexstar
expects to generate average annual free cash flow in the 2017/2018
cycle of approximately $565 million, or approximately $12.00 per
share, per year based upon approximately 47 million shares
outstanding and our current estimate of approximately $81 million
of year one synergies and a substantial rise in 2018 cash taxes. As
an industry leader with a portfolio of premiere stations and
digital assets, a strong balance sheet, an attractive weighted
average cost of capital, and significant free cash flow, we are
extremely well positioned to immediately reduce leverage, evaluate
additional accretive strategic growth investments and expand our
return of capital to shareholders.
“During the fourth quarter, our inventory management and pricing
strategies enabled us to maximize our share of election spending in
our markets and exceed our full-year political advertising revenue
guidance of $100 million by $8.5 million. Fourth quarter television
ad revenue inclusive of political advertising grew 30.3% and
reflect a near 8-fold increase in year-over-year political revenue
and, as anticipated, a low single-digit decline in core spot
revenue compared to the 2015 period related to displacement of ad
inventory. Reflecting our expanded platform and presence in states
with high levels of political spending activity, 2016 fourth
quarter political revenue rose by 69.7% over comparable 2014 fourth
quarter levels and increased 119.5% over the 2012 fourth quarter
presidential election cycle. Notably, excluding political, gross
revenue grew 2.9% in the fourth quarter and 12.1% in the full year
compared to the same respective periods in 2015, highlighting
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 combined fourth quarter retransmission and
digital media revenue growth of 13.6% to $126.1 million.
Retransmission revenue growth of 22.8% in the fourth quarter and
32.2% for the full year reflects both the 2016 contract renewals
with our distribution partners and annual escalators. Record
programmatic advertising volume in the year ago period created a
challenging year-over-year comparison and was the primary factor in
the 12.1% decline in fourth quarter digital media revenue.
Importantly, Nexstar’s full year digital media revenue of $101.8
million was up 13.2% over the 2015 period and exceeded our full
year guidance by $2.0 million. Reflecting the ongoing benefits of
our revenue diversification strategies, total fourth quarter
retransmission fee and digital media revenue represented 40.7% of
2016 fourth quarter net revenue compared to 30.3% of total net
revenues in 2014 fourth quarter, the last even-year political
cycle. We expect our long-term distribution revenue growth to
continue as in late 2016 we reached new distribution agreements
with multichannel video programming distributors covering
approximately 10 million subscribers. On a pro-forma basis, and
given the after acquired clauses in our retransmission consent
agreements, upon acquisition the Media General stations were
immediately party to the rates in all of our distribution
agreements.
“Fourth quarter 2016 net revenue and free cash flow rose 60.7%
and 31.0%, respectively, over the same period in 2014 during the
mid-term election cycle and grew 166.7% and 198.2%, respectively,
over the same period in 2012 during the last presidential election
year, clearly illustrating the value creation related to our
revenue diversification and platform building strategies. 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 political revenues, increases in network
affiliation expense and the operation of acquired stations and
digital assets. Fourth quarter corporate expense declined slightly
versus the prior year and full year corporate expense was in line
with our guidance. Nexstar’s significant fourth quarter revenue
growth combined with ongoing expense management resulted in
substantial increases in fourth quarter BCF and Adjusted EBITDA
margins which rose to 46.9% and 43.5%, respectively.
“Four-hundred-seventy-eight days passed from the time we made
our first public offer to acquire Media General to the closing of
the transaction. During that period we visited each Media General
station and digital business location and our executive and
corporate management teams developed a strategic plan for each
station and digital business to ensure that they will operate with
the disciplines and focus of the Nexstar legacy businesses. As a
result, when the transaction closed in mid-January, we immediately
began to execute our 120 day integration plan and synergy
realization strategies. On January 18, Nexstar announced several
senior management changes and appointments to support the growth
and success of the expanded platform. For the broadcasting business
segment, we promoted Tim Busch to serve as President of Nexstar
Broadcasting Inc. and announced three newly-created regional
management positions.
“We also moved quickly to fill open General Manager positions
and have hired or promoted eleven new television station GMs
to-date with further appointments to be made shortly. In addition,
we plan to double the size of our Washington DC bureau and will be
re-engineering and relaunching Bite Size TV. We are also in the
process of adding sales resources to the former Media General
markets and are transitioning stations onto the same operating
systems and shared platforms and services including digital, sales
management, traffic and graphics, among others.
“For the digital business, we have begun the process of merging
all our digital products into one company under the Nexstar Digital
brand, with a unified market strategy and message. Nexstar Digital
offers media companies and advertisers a comprehensive suite of
leading digital solutions and services focused on optimizing
audience targeting, user engagement and the overall performance of
online, mobile and multimedia content and marketing campaigns, by
making smart investments in people and companies that are accretive
and complement our core competencies.
“Almost 21 years ago, Nexstar started with one station in
Scranton, PA and has grown to 171 stations in 100 U.S. markets as a
result of our disciplined operating and cost management practices,
revenue diversification initiatives and the success we are
achieving in identifying, financing and integrating accretive
acquisitions. 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 high-4.0x range at the end of 2017
and to decline to the mid-3.0x range by the end of 2018. The
combination of our operating successes and accretive station
transactions has positioned Nexstar to reduce leverage while
allowing for the return of capital to shareholders through cash
dividends. Last week, we paid our quarterly cash dividend of $0.30
per share of our Class A common stock, marking a 25% increase over
the prior quarterly dividend level. Reflecting the issuance of
shares in the Media General transaction, the annual capital
allocated to dividend payments at this time of approximately $56.4
million relative to the total free cash flow that Nexstar now
generates, provides us with ample liquidity to reduce leverage,
evaluate additional accretive acquisitions and pursue other
initiatives to enhance long-term shareholder value.”
The consolidated debt of Nexstar, its wholly owned subsidiaries,
Mission Broadcasting, Inc. and Marshall Broadcasting Group, Inc.
(collectively, the “Company”) at December 31, 2016, was $2,342.4
million including senior secured debt of $664.2 million. The
Company’s total net leverage ratio at December 31, 2016 was 3.2x
and first lien net leverage ratio at December 31, 2016 was
1.4x.
The table below summarizes the Company’s debt obligations (net
of financing costs and discounts):
($ in millions)
12/31/2016
12/31/2015 Revolving Credit Facilities $ 2.0 $ 2.0 First
Lien Term Loans $ 662.2 $ 682.2 6.875% Senior Unsecured Notes $
520.7 $ 519.8 6.125% Senior Unsecured Notes $ 272.6 $ 272.2 5.625%
Senior Unsecured Notes $ 884.9 $ -
Total Debt $ 2,342.4 $
1,476.2
Cash on Hand $ 87.7 $ 43.4
The table below summarizes the principal balance of the
Company’s total debt obligations (before financing costs and
discounts) as of January 17, 2017, the closing date of Nexstar’s
acquisition of Media General, and subsequent events:
($ in millions)
1/17/2017 Revolving Credit
Facilities $ 3.0
First Lien Term Loans* $ 3,120.0
6.875% Senior Unsecured Notes* $ 525.0
6.125% Senior
Unsecured Notes $ 275.0
5.875% Senior Unsecured Notes $
400.0
5.625% Senior Unsecured Notes $ 900.0
Total
Debt $ 5,223.0
* On February 17, 2017, Nexstar made a $75.0 million voluntary
prepayment on its Term Loan B which reduced the amount outstanding
on its Term Loan B to $3,045 million and on February 27, 2017 the
Company called the entire issue of the 6.875% senior unsecured
notes, plus accrued interest and premium. The cumulative effects of
the post-closing transactions are to reduce funded debt by $600
million to $4,623 million.
Goodwill impairment
During the fourth quarter of 2016, Nexstar recorded a non-cash
impairment charge of $15.1 million related to goodwill of one of
the Company’s digital businesses.
Spectrum Auction
In connection with Nexstar’s merger with Media General, one
Contingent Value Rich (“CVR”) was issued for each of Media
General’s outstanding common shares and outstanding equity
incentive awards. The CVR entitles the holder to receive a pro rata
share of the net proceeds from the disposition of Media General’s
spectrum in the Federal Communications Commission’s ongoing
spectrum auction, reduced to account for the indirect benefit that
such holder will receive as a shareholder of the combined company.
The CVRs are not transferable, except in limited circumstances.
Later in 2017, Nexstar is expected to receive an estimated $479.0
million of gross proceeds from the National Broadband Plan Spectrum
Auction related to the disposition of Media General’s spectrum.
None of the spectrum Nexstar offered was selected during the
auction process because prices available in the auction fell below
the value we ascribed to it. Based on these factors, the value of
each CVR is estimated to be worth between $1.70 and $2.10
calculated by using the estimated gross proceeds, less estimated
transaction expenses, repacking expenses and taxes.
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 719/325-2288, conference ID 4906988 (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,
change in the fair value of contingent consideration and goodwill
impairment, 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, change in the fair value of contingent consideration and
goodwill impairment, 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 Media Group, Inc.
Nexstar Media 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 171 television stations and related digital
multicast signals reaching 100 markets or nearly 39% 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. For more information please visit
www.nexstar.tv.
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 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 communication,
concerning, among other things, 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 impact of changes in
national and regional economies, the ability to service and
refinance our outstanding debt, successful integration of acquired
television stations and digital businesses (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 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 Nexstar’s
other filings with the SEC.
Nexstar Media Group, Inc. Condensed Consolidated
Statements of Operations
(in thousands, except per share amounts,
unaudited)
Three Months EndedDecember
31,
Twelve Months EndedDecember
31,
2016 2015 2016
2015 Net revenue $ 309,879 $ 252,262 $ 1,103,190 $ 896,377
Operating expenses: Corporate expenses 10,626 11,591 51,177
44,856 Direct operating expenses, net of trade 95,103 79,674
371,242 293,288 Selling, general and administrative expenses,
excluding corporate 55,441 50,617 212,429 187,624 Trade and barter
expense 10,791 12,378 45,439 46,651 Depreciation 13,126 11,972
51,300 47,222 Amortization of intangible assets 11,669 12,827
46,572 48,475 Amortization of broadcast rights, excluding barter
5,386 5,857 22,461 22,154 Goodwill impairment 15,262
- 15,262 - Total operating expenses 217,404
184,916 815,882 690,270 Income from operations
92,475 67,346 287,308 206,107 Interest expense, net (45,228)
(20,440) (116,081) (80,520) Other expenses (146)
(134) (555) (517) Income before income taxes 47,101
46,772 170,672 125,070 Income tax expense (26,690)
(19,356) (77,572) (48,687) Net income 20,411 27,416
93,100 76,383 Net (income) loss attributable to noncontrolling
interests 71 (242) (1,563) 1,301 Net
income attributable to Nexstar $ 20,482 $ 27,174 $ 91,537 $ 77,684
Basic net income per common share attributable to Nexstar $
0.67 $ 0.89 $ 2.98 $ 2.50 Basic weighted average number of common
shares outstanding 30,713 30,622 30,687 31,100 Diluted net
income per common share attributable to Nexstar $ 0.64 $ 0.86 $
2.89 $ 2.42 Diluted weighted average number of common shares
outstanding 31,798 31,580 31,664 32,091
Nexstar
Media Group, Inc. Reconciliation of Broadcast Cash Flow and
Adjusted EBITDA (Non-GAAP Measures)
UNAUDITED (in thousands)
Three Months EndedDecember
31,
Twelve Months EndedDecember
31,
Broadcast Cash Flow and Adjusted EBITDA: 2016
2015 2016 2015
Income from operations $ 92,475 $ 67,346 $ 287,308 $ 206,107
Add: Depreciation 13,126 11,972 51,300 47,222 Amortization of
intangible assets 11,669 12,827 46,572 48,475 Amortization of
broadcast rights, excluding barter 5,386 5,857 22,461 22,154 Loss
on asset disposal, net 2,071 1,187 1,553 2,109 Corporate expenses
10,626 11,591 51,177 44,856 Non-cash representation contract
termination fee - - - 1,516 Change in the fair value of contingent
consideration 560 - 4,043 - Goodwill impairment 15,262 - 15,262 -
Less: Payments for broadcast rights 5,762
6,193 23,004 22,473 Broadcast cash flow
145,413 104,587 456,672 349,966 Margin % 46.9 % 41.5 % 41.4 % 39.0
% Less: Corporate expenses 10,626 11,591
51,177 44,856 Adjusted EBITDA $ 134,787 $
92,996 $ 405,495 $ 305,110 Margin % 43.5 % 36.9 % 36.8 % 34.0 %
Nexstar Media Group, Inc. Reconciliation of
Free Cash Flow (Non-GAAP Measure)
UNAUDITED (in thousands)
Three Months EndedDecember
31,
Twelve Months EndedDecember
31,
Free Cash Flow: 2016 2015
2016 2015 Income from operations
$ 92,475 $ 67,346 $ 287,308 $ 206,107 Add: Depreciation
13,126 11,972 51,300 47,222 Amortization of intangible assets
11,669 12,827 46,572 48,475 Amortization of broadcast rights,
excluding barter 5,386 5,857 22,461 22,154 Loss on asset disposal,
net 2,071 1,187 1,553 2,109 Non-cash compensation expense 2,388
2,885 11,390 11,400 Non-cash representation contract termination
fee - - - 1,516 Change in the fair value of contingent
consideration 560 - 4,043 - Goodwill impairment 15,262 - 15,262 -
Less: Payments for broadcast rights 5,762 6,193 23,004 22,473 Cash
interest expense 43,651 19,444 111,512 76,768 Capital expenditures
6,095 6,321 31,152 25,397 Operating cash income taxes, net of
refunds(1) 1,986 1,137 29,391 6,101
Free cash flow $ 85,443 $ 68,979 $ 244,830 $ 208,244
(1) Exclude the payment of $23.0 million in taxes
during 2015 related to tax liabilities assumed in or resulting from
various station acquisitions and sales.
Media
General, Inc. Summary 2016 Fourth Quarter Highlights
(unaudited) Three Months Ended
December 31, ($ in thousands)
2016
2015 Change Local Revenue $ 156,336 $ 162,975
(4.1)% National Revenue $ 62,590 $ 72,972 (14.2)%
Core
Revenue $ 218,926 $ 235,947 (7.2)%
Political Revenue $ 67,309 $ 12,813 +425.3% Retransmission Fee
Revenue $ 120,527 $ 99,028 +21.7% Digital Revenue $ 45,209 $ 45,234
(0.1)% Other $ 5,688 $ 4,982 +14.2% Trade and Barter Revenue $
2,200 $ 5,661 (61.1)%
Gross Revenue $ 459,859 $
403,665 +13.9% Less: Agency Commission $ 39,568 $ 34,241 +15.6%
Net Revenue $ 420,291 $ 369,424 +13.8%
Gross Revenue Excluding Political $ 392,550 $
390,852 +0.4%
Income from Operations $
117,643 $ 54,937 +114.1%
Broadcast Cash
Flow(1) $ 169,178 $ 124,989 +35.4%
Broadcast Cash Flow Margin(2) 40.3%
33.8% Adjusted EBITDA(1) $
158,742 $ 100,273 +58.3%
Adjusted EBITDA
Margin(2) 37.8% 27.1%
__________________
(1) Definitions and disclosures regarding non-GAAP
financial information including reconciliations are included on
page 5 and page 6 of the press release. (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.
Media General, Inc. Reconciliation
of Broadcast Cash Flow and Adjusted EBITDA (Non-GAAP Measures)
UNAUDITED (in thousands)
Three Months Ended December 31,
Broadcast Cash Flow and Adjusted EBITDA: 2016
2015 Income from operations $ 117,643 $ 54,937
Add: Depreciation and amortization 40,064 44,834
Amortization of broadcast rights, excluding barter 11,793 12,089
Loss on asset disposal, net 1,354 16 Corporate expenses 8,057
12,753 Merger-related and restructuring expenses 2,379 11,963
Less: Payments for broadcast rights 12,112 11,603
Broadcast cash flow 169,178 124,989 Margin % 40.3% 33.8%
Less: Merger-related and restructuring expenses 2,379 11,963
Corporate expenses 8,057 12,753 Adjusted EBITDA $ 158,742 $
100,273 Margin % 37.8% 27.1%
The following table reconciles the Media General, Inc.’s 2016
and 2015 fourth quarter Adjusted EBITDA which were prepared based
on Nexstar’s definition as described in page 5, with Media General,
Inc.’s definition of Adjusted EBITDA.
Three Months Ended December 31, Adjusted
EBITDA Reconciliation: 2016 2015
Adjusted EBITDA (Nexstar basis) 158,742 100,273 Add: Merger-related
and restructuring expenses 2,379 11,963 Non-cash compensation
expense 1,144 3,542 Other net (5) 280 Adjusted EBITDA (Legacy Media
General Basis) 162,260 116,058
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170228005578/en/
Nexstar Media Group, Inc.Thomas E. Carter, 972-373-8800Chief
Financial OfficerorJCIRJoseph Jaffoni, Jennifer
Neuman212-835-8500nxst@jcir.com
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