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IRVING, Texas–(BUSINESS WIRE)–Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or “the Company”) today appear banking after-effects for the fourth division concluded December 31, 2019 as abbreviated below. The absolute after-effects presented herein for the three months concluded December 31, 2019 reflect the Company’s bequest Nexstar Broadcasting and agenda operations and abounding division after-effects from the Tribune Media stations which we acquired on September 19, 2019. Fourth division 2019 acquirement from WGN America, additionally acquired in the Tribune transaction, is included in bulk advertisement acquirement and administration fee revenue. A abounding division accession from Nexstar’s 31.3% buying pale in TV Food Arrangement and added investments acquired in the Tribune transaction is included in the abounding assets account on folio 7 beneath “Income (loss) on disinterestedness investments, net.” The commensurable three ages aeon concluded December 31, 2018 reflects Nexstar’s bequest broadcasting and agenda operations.

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Arbitrary 2019 Fourth Division and Abounding Year Highlights

 

 

Three Months Concluded December 31,

 

 

 

 

 

 

Years Concluded December 31,

 

 

 

 

 

($ in thousands)

 

2019

 

 

2018

 

Change

 

 

2019

 

2018

 

Change

Bulk Advertisement Acquirement

 

$

 

525,458

 

 

$

 

298,368

 

 

 

76.1

%

 

$

 

1,335,126

 

 

$

 

1,089,920

 

 

 

22.5

%

Political Advertisement Acquirement

 

$

 

36,526

 

 

$

 

140,160

 

 

 

(73.9

)%

 

$

 

51,889

 

 

$

 

251,209

 

 

 

(79.3

)%

Absolute Advertisement Acquirement

 

$

 

561,984

 

 

$

 

438,528

 

 

 

28.2

%

 

$

 

1,387,015

 

 

$

 

1,341,129

 

 

 

3.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Administration Fee Acquirement

 

$

 

445,831

 

 

$

 

284,548

 

 

 

56.7

%

 

$

 

1,368,881

 

 

$

 

1,121,081

 

 

 

22.1

%

Agenda Acquirement

 

$

 

74,310

 

 

$

 

65,044

 

 

 

14.2

%

 

$

 

241,519

 

 

$

 

261,159

 

 

 

(7.5

)%

Added Acquirement

 

$

 

17,965

 

 

$

 

9,902

 

 

 

81.4

%

 

$

 

41,909

 

 

$

 

43,327

 

 

 

(3.3

)%

Net Acquirement

 

$

 

1,100,090

 

 

$

 

798,022

 

 

 

37.9

%

 

$

 

3,039,324

 

 

$

 

2,766,696

 

 

 

9.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets from Operations

 

$

 

256,498

 

 

$

 

272,776

 

 

 

(6.0

)%

 

$

 

655,131

 

 

$

 

757,779

 

 

 

(13.5

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

$

 

113,851

 

 

$

 

154,490

 

 

 

(26.3

)%

 

$

 

236,295

 

 

$

 

388,265

 

 

 

(39.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertisement Banknote Flow(1)

 

$

 

416,803

 

 

$

 

379,852

 

 

 

9.7

%

 

$

 

1,054,636

 

 

$

 

1,123,581

 

 

 

(6.1

)%

Advertisement Banknote Breeze Margin(2)

 

 

37.9

%

 

 

47.6

%

 

 

 

 

 

 

34.7

%

 

 

40.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Afore One- Time Transaction Expenses(1)

 

$

 

408,224

 

 

$

 

358,251

 

 

 

13.9

%

 

$

 

972,281

 

 

$

 

1,031,888

 

 

 

(5.8

)%

Adjusted EBITDA(1)

 

$

 

379,219

 

 

$

 

352,789

 

 

 

7.5

%

 

$

 

898,149

 

 

$

 

1,023,415

 

 

 

(12.2

)%

Adjusted EBITDA Margin(2)

 

 

34.5

%

 

 

44.2

%

 

 

 

 

 

 

29.6

%

 

 

37.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chargeless Banknote Breeze Afore One-Time Transaction Expenses(1)

 

$

 

202,865

 

 

$

 

255,381

 

 

 

(20.6

)%

 

$

 

520,885

 

 

$

 

692,713

 

 

 

(24.8

)%

Chargeless Banknote Flow(1)

 

$

 

173,860

 

 

$

 

249,919

 

 

 

(30.4

)%

 

$

 

439,457

 

 

$

 

684,240

 

 

 

(35.8

)%

(1)

Definitions and disclosures apropos non-GAAP banking advice including reconciliations are included at the end of the columnist release.

(2)

Advertisement banknote breeze allowance is advertisement banknote breeze as a allotment of net revenue. Adjusted EBITDA allowance is Adjusted EBITDA as a allotment of net revenue.

CEO Comment

Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Media Group, Inc. commented, “Nexstar’s 2019 fourth division banking after-effects capped an outstanding year for the Aggregation as we delivered accession aeon of almanac off-cycle political year operating accomplishment with net revenue, profitability, and banknote breeze metrics (before ancient transaction expenses) above accord expectations. Throughout 2019 we deployed Nexstar’s ample ambit of accurate M&A, integration, financing, operating and added strategies to body calibration and our aggressive position, serve the communities area we operate, and actualize new bulk for shareholders. As a result, 2020 is off to a able alpha as we commence aloft a cogent new chargeless banknote breeze advance aeon which will ammunition a actual abridgement in our net advantage while acknowledging our goals of alive actor returns.

“In 2019, we bankrupt the awful accretive accretion of Tribune Media creating the better U.S. television advertisement abject group; entered into deleveraging acquirement and auction agreements with Fox Television Stations; completed new multi-year retransmission accord agreements apery about 70% of our subscribers; entered into new abiding arrangement amalgamation agreements with CBS, FOX and NBC and realigned our agenda business to drive approaching advance and profitability. Our advertisement operating abject generated about $521 actor in abounding year chargeless banknote breeze afore ancient costs enabling us to advance in our advertisement and technology platform, while acceptable actor bulk through our acknowledgment of basal and advantage abridgement initiatives. During the year, we alternate $82.8 actor to shareholders in the anatomy of assets and, in the fourth quarter, we allocated $45.1 actor of banknote from operations to opportunistically repurchase about 440,000 Nexstar shares at an boilerplate acquirement bulk of $102.57 per share, abbreviation our basal allotment calculation to 45.7 actor outstanding chic A accepted shares.

“With the connected administration of best practices amid the Nexstar and Tribune organizations accompanying with key factors including the Super Bowl on FOX, Summer Olympics on NBC, double-digit administration acquirement advance and accepted almanac levels of 2020 acclamation aeon spending, Nexstar expects to accomplish pro-forma boilerplate anniversary chargeless banknote breeze in antithesis of $1.175 billion for the 2020/2021 cycle, appearance an admission of over 15% compared to our advice of pro forma boilerplate anniversary chargeless banknote breeze for the 2019/2020 aeon of $1.02 billion. Our able-bodied chargeless banknote breeze from operations will be bolstered by allusive net accretion from contempo acquirement and auction agreements and reinforces our aplomb in attaining our post-Tribune closing antecedence of abbreviation Nexstar’s net advantage arrangement to 4.0x or beneath by the end of 2020, acceptance us to appraise added acknowledgment of basal options to enhance actor value.

“Turning aback to our fourth division results, the connected backbone of Nexstar’s bequest operations accumulated with a healthy, abounding division accession from the Tribune Media assets, led to bifold chiffre advance in all of our non-political acquirement sources. For the fourth quarter, net acquirement rose 37.9% to $1.1 billion, as our added calibration and the advancing beheading of our strategies to advantage our aberrant bounded agreeable and administration decidedly account the 73.9% year-over-year abatement in political advertising. Fourth division absolute television advertisement acquirement added 28.2% to $562 million, absorption a 76.1% acceleration in bulk advertisement revenue, partially account by the year-over-year abatement in political advertising. Transaction accompanying acquirement gains, the admittance of WGN America and contempo administration fee renewals resulted in a 56.7% acceleration in administration acquirement to a annual almanac $445.8 million, and a 14.2% admission in agenda acquirement to $74.3 million, additionally a annual record. Notably, alive spending by Presidential and gubernatorial candidates of both parties in the fourth quarter, accumulated with our advertisement calibration in key primary states, resulted in almanac fourth division odd-year political ad spending of $36.5 million, or added than bifold the commensurable 2017 fourth division levels. Excluding political, fourth division net acquirement would accept added about 62% over the above-mentioned year period. The accumulated Nexstar and Tribune operations generated amoebic advance in bulk advertisement acquirement during the quarter.

“Total accumulated fourth division agenda and administration fee acquirement of $520 actor rose about 49% over the above-mentioned year aeon and accounted for 47.3% of net revenue, compared to 43.8% of net acquirement in the above-mentioned year period. The year-over-year admission in fourth division non-television acquirement reflects new administration agreements accomplished in the added bisected of 2019 and Tribune Media acquirement synergies accompanying to the afterwards acquired clauses in our retransmission accord contracts, WGN America, and our realigned agenda operations. With our acknowledged face-lifting of 2019 anniversary retransmission accord agreements apery about 70.0% of our subscriber abject and the almost 15% of the abject to be renewed and repriced this year, connected acquirement advance from this antecedent charcoal awful arresting for 2020 and beyond.

The acceleration in fourth division abject absolute operating costs (net of barter expense) primarily reflects a abounding division of incremental costs accompanying to the operation of the acquired Tribune stations and approaching increases in arrangement amalgamation bulk as a fractional account to the ascent administration revenue. Fourth division pro forma anchored expenses, excluding programming expenses, were bottomward low distinct digits on a allotment basis.

“During the fourth quarter, we took accomplishments to added optimize our antithesis area and basal anatomy as we completed the alms of an added $665 actor of 5.625% chief addendum due 2027, which were issued with the aforementioned agreement as our absolute $1,120 actor accumulated arch bulk of 5.625% Chief Addendum due 2027, as a allotment of the Tribune transaction financing. The net alms proceeds, calm with banknote on hand, were acclimated to redeem Nexstar’s 6.125% Chief Addendum due 2022 and 5.875% Chief Addendum due 2022 and to pay accompanying premiums, fees and expenses. By opportunistically accessing the basal markets, we were able to retire the best big-ticket pieces of our apart debt while acclamation near-term band maturities.

“In accession to our antithesis area and basal anatomy improvements, we connected to accomplish cogent advance in our amalgamation of the Tribune Media assets into Nexstar’s platform, while extracting antecedent advancing acquirement and amount synergies and capitalizing on the abounding advance opportunities throughout our portfolio. In this regard, we accept assassin or acknowledgment 11 accepted managers, added two bounded carnality presidents and acknowledgment four accounts administration admiral to abutment our advertisement operations as able-bodied as added four accumulated admiral to administer agreeable acquisition/WGNA, distribution, sales and accumulated communications. On the bounded programming front, we advertisement bounded account programming in our Portland and Sacramento markets, while ablution a new accompaniment capitol account agency in Missouri. We additionally began affairs for the summer 2020 barrage of the WGN America Account Nation prime-time newscast, which will adeptness about 75 actor U.S. TV households and will be complemented by the around-the-clock adaptable account app newsnationnow. By leveraging the bounded market, bounded and civic adeptness and assets of Nexstar’s 5,400 bounded journalists — which is added than any added advertisement or cable arrangement — in 110 bounded newsrooms beyond the country including capitol account bureaus in 20 states, and reallocating banking assets from WGN’s amalgamated programming against Account Nation, we intend to accommodate admirers with fact-based account and advice after bent or opinion, while carrying adorable business solutions for civic advertisers.

“In summary, 2019 was a year of cogent advance and change at Nexstar Media Accumulation that has positioned us able-bodied for the future. With the accretive transaction of Tribune Media, we accept become America’s arch television advertisement abject accumulation with an incomparable belvedere that delivers aberrant bounded agreeable to acquaint and absorb our viewers, while accouterment aberrant bounded advertisement opportunities at calibration for advertisers and political campaigns. As the nation’s better pure-play bounded advertisement television and agenda media company, we now accept absolutely civic adeptness and advantage with Nexstar endemic or operated stations extensive about 69 actor U.S. television households. Our belvedere additionally allowances from the constant and allusive contributions from our 31.3% TV Food Arrangement buying pale and absolute banknote breeze from our civic cable arrangement WGN America. At the aforementioned time, the alive administration of our basal anatomy and able chargeless banknote breeze advance has provided us with the banking adaptability to abutment our acknowledgment of basal and advantage abridgement initiatives including allotment repurchases, allotment payments, debt abridgement and cardinal business investments—all of which accept delivered allusive actor returns. In this regard, beforehand this year the Board of Directors accustomed a 24.4% admission in the annual banknote allotment to $0.56 per allotment alpha in aboriginal division of 2020. Looking ahead, we attending advanced to acumen the abounding bulk of the Tribune Media transaction after this year as we complete our accurate amalgamation and synergy adeptness bold plan. With connected double-digit advance in administration acquirement accompanying to contempo arrangement renewals and what abounding apprehend to be abundant spending levels accompanying to the accessible 2020 presidential acclamation cycle, we accept accomplished afterimage to carrying on our chargeless banknote breeze targets and a bright aisle for the connected near- and abiding accessory of actor value.”

The circumscribed debt of Nexstar and independently-owned Variable Absorption Entities (VIEs) including, Mission Broadcasting, Inc. and Shield Media, LLC (collectively, the “Company”) at December 31, 2019, was $8,492.5 actor including chief anchored debt of $5,810.4 million. As of December 31, 2019, Nexstar deconsolidated Marshall. As such, Marshall’s chief anchored debt of $48.9 actor is no best included in the Company’s absolute debt. The Company’s absolute net advantage arrangement at December 31, 2019 was 5.18x and aboriginal affirmation net advantage arrangement at December 31, 2019 was 3.52x compared to a agreement of 4.25x.

The table beneath summarizes the Company’s debt obligations (net of costs costs and discounts):

($ in millions)

 

12/31/2019

 

 

12/31/2018

 

Revolving Acclaim Facilities

 

$

 

 

 

$

 

5.6

 

Aboriginal Affirmation Term Loans

 

$

 

5,810.4

 

 

$

 

2,407.5

 

6.125% Chief Apart Addendum due 2022

 

$

 

 

 

$

 

273.4

 

5.875% Chief Apart Addendum due 2022

 

$

 

 

 

$

 

406.2

 

5.625% Chief Apart Addendum due 2024

 

$

 

890.0

 

 

$

 

888.2

 

5.625% Chief Apart Addendum due 2027

expanded form base 10
 3 digit Numbers Anchor Chart - Red Bluff ES | Math charts ..

3 digit Numbers Anchor Chart – Red Bluff ES | Math charts .. | expanded form base 10

 

$

 

1,792.1

 

 

$

 

 

Absolute Adjourned Debt

 

$

 

8,492.5

 

 

$

 

3,980.9

 

 

 

 

 

 

 

 

 

 

Unrestricted Banknote

 

$

 

232.1

 

 

$

 

145.1

 

Allotment Repurchase Allotment and Activity

The Aggregation repurchased a absolute of 439,743 shares of its Chic A accepted banal in the fourth division of 2019 at an boilerplate acquirement bulk of about $102.57 per allotment for a absolute amount of $45.1 million, which was adjourned from banknote breeze from operations. Absorption the shares repurchased to date, Nexstar has about 45.7 actor shares of Chic A accepted banal outstanding (the alone chic of shares outstanding) and has about $156.8 actor accessible beneath its allotment repurchase authorization.

Fourth Division Appointment Alarm

Nexstar will host a appointment alarm at 10:00 a.m. ET today. Chief administration will altercate the banking after-effects and host a catechism and acknowledgment session. The punch in cardinal for the audio appointment alarm is 334/777-6978, appointment ID 3990181 (domestic and all-embracing callers). Participants can additionally accept to a alive webcast of the alarm through the “Events and Presentations” area beneath “Investor Relations” on Nexstar’s website at www.nexstar.tv. A webcast epitomize will be accessible for 90 canicule afterward the alive accident at www.nexstar.tv.

Definitions and Disclosures Apropos non-GAAP Banking Advice

Advertisement banknote breeze is affected as net income, added absorption bulk (net), accident on concealment of debt, assets tax bulk (benefit), depreciation, acquittal of abstract assets and advertisement rights, (gain) accident on asset disposal, accumulated expenses, added bulk (income) and amicableness and abstract assets impairment, bare alimony and added postretirement affairs acclaim (net), agreement from the FCC accompanying to abject repack and advertisement rights payments. We accede advertisement banknote breeze to be an indicator of our assets’ operating performance. We additionally accept that advertisement banknote breeze and multiples of advertisement banknote breeze are advantageous to investors because it is frequently acclimated by industry analysts, investors and lenders as a admeasurement of appraisal for advertisement companies.

Adjusted EBITDA is affected as advertisement banknote flow, added alimony and added postretirement affairs acclaim (net), bare accumulated expenses. We accede Adjusted EBITDA to be an indicator of our assets’ operating accomplishment and a admeasurement of our adeptness to account debt. It is additionally acclimated by administration to analyze the banknote accessible for cardinal acquisitions and investments, advance basal assets and armamentarium advancing operations and alive basal needs. We additionally accept that Adjusted EBITDA is advantageous to investors and lenders as a admeasurement of appraisal and adeptness to account debt.

Chargeless banknote breeze is affected as net income, added absorption bulk (net), accident on concealment of debt, assets tax bulk (benefit), depreciation, acquittal of abstract assets and advertisement rights, (gain) accident on asset disposal, stock-based advantage expense, amicableness and abstract assets crime and added bulk (income), bare payments for advertisement rights, banknote absorption expense, basal expenditures, accretion from disposals of acreage and equipment, and net operating banknote assets taxes. We accede Chargeless Banknote Breeze to be an indicator of our assets’ operating performance. In addition, this admeasurement is advantageous to investors because it is frequently acclimated by industry analysts, investors and lenders as a admeasurement of appraisal for advertisement companies, although their definitions of Chargeless Banknote Breeze may alter from our definition.

For a adaptation of these non-GAAP banking abstracts to the GAAP banking after-effects cited in this account announcement, amuse see the added tables at the end of this release.

With account to our advanced guidance, no adaptation amid a non-GAAP admeasurement to the abutting agnate GAAP admeasurement is included in this absolution because we are clumsy to quantify assertive amounts that would be appropriate to be included in the GAAP admeasurement after absurd efforts and we accept such reconciliations would betoken a amount of attention that would be ambagious or ambiguous to investors. In particular, adaptation of advanced Chargeless Banknote Breeze to the abutting agnate GAAP admeasurement is not accessible after absurd efforts on a advanced base due to the aerial variability, complication and low afterimage with account to the accuse afar from these non-GAAP measures such as the measures and furnishings of stock-based advantage bulk specific to disinterestedness advantage awards that are anon impacted by capricious fluctuations in our banal bulk and added non-recurring or abnormal items such as crime charges, transaction-related costs and assets or losses on sales of assets. We apprehend the airheadedness of these items to accept a significant, and potentially unpredictable, appulse on our approaching GAAP banking results.

About Nexstar Media Group, Inc.

Nexstar Media Accumulation is a arch adapted media aggregation that leverages atrocity to accompany new casework and bulk to consumers and advertisers through its acceptable media, agenda and adaptable media platforms. Nexstar owns, operates, programs or provides sales and added casework to 197 television stations and accompanying agenda multicast signals extensive 115 markets or about 39% of all U.S. television households (reflecting the FCC’s UHF discount). Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. Nexstar’s association aperture websites action added hyper-local agreeable and verticals for consumers and advertisers, acceptance audiences to accept where, back and how they admission agreeable while creating new acquirement opportunities. Nexstar additionally owns WGN America, a growing civic accepted ball cable arrangement and a 31.3% buying pale in TV Food Network, a top bank cable asset. For added advice amuse appointment www.nexstar.tv.

Forward-Looking Statements

This advice includes advanced statements. We accept based these advanced statements on our accepted expectations and projections about approaching events. Advanced statements accommodate advice preceded by, followed by, or that includes the words “guidance,” “believes,” “expects,” “anticipates,” “could,” or agnate expressions. For these statements, Nexstar claims the aegis of the safe anchorage for advanced statements independent in the Private Securities Litigation Reform Act of 1995. The advanced statements independent in this communication, concerning, amid added things, approaching banking performance, including changes in net revenue, banknote breeze and operating expenses, absorb risks and uncertainties, and are accountable to change based on assorted important factors, including the appulse of changes in civic and bounded economies, the adeptness to account and refinance our outstanding debt, acknowledged amalgamation of acquired television stations and agenda businesses (including accomplishment of synergies and amount reductions), appraisement fluctuations in bounded and civic advertising, approaching authoritative accomplishments and altitude in the television stations’ operating areas, antagonism from others in the advertisement television markets, animation in programming costs, the furnishings of authoritative adjustment of broadcasting, industry consolidation, abstruse developments and above apple account events. Nexstar undertakes no obligation to amend or alter any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise. In ablaze of these risks, uncertainties and assumptions, the advanced contest discussed in this advice ability not occur. You should not abode disproportionate assurance on these advanced statements, which allege alone as of the date of this release. For added capacity on factors that could affect these expectations, amuse see Nexstar’s added filings with the Securities and Exchange Commission.

-tables follow-

Nexstar Media Group, Inc.

Condensed Circumscribed Statements of Operations

(in thousands, except per allotment amounts, unaudited)

 

 

 

 

Three Months Concluded December 31,

 

 

Years Concluded December 31,

 

 

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net acquirement

 

 

 

$

 

1,100,090

 

 

$

 

798,022

 

 

$

 

3,039,324

 

 

$

 

2,766,696

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated costs

 

 

 

 

63,710

 

 

 

29,460

 

 

 

189,548

 

 

 

110,921

 

Absolute operating expenses, net of barter

 

 

 

 

431,611

 

 

 

274,426

 

 

 

1,331,248

 

 

 

1,101,423

 

Selling, accepted and authoritative expenses, excluding accumulated

 

 

 

 

196,770

 

 

 

129,368

 

 

 

540,433

 

 

 

469,012

 

Barter bulk

 

 

 

 

5,787

 

 

 

4,726

 

 

 

17,384

 

 

 

16,494

 

Abrasion

 

 

 

 

38,485

 

 

 

31,212

 

 

 

123,375

 

 

 

109,789

 

Acquittal of abstract assets

 

 

 

 

84,779

 

 

 

38,766

 

 

 

200,317

 

 

 

149,406

 

Acquittal of advertisement rights

 

 

 

 

38,269

 

 

 

14,308

 

 

 

85,018

 

 

 

61,342

 

Agreement from the FCC accompanying to abject repack

 

 

 

 

(16,336

)

 

 

(16,931

)

 

 

(70,356

)

 

 

(29,381

)

Amicableness and abstract assets crime

 

 

 

 

 

 

 

19,911

 

 

 

63,317

 

 

 

19,911

 

Accident (gain) on auctioning of stations, net

 

 

 

 

517

 

 

 

 

 

 

(96,091

)

 

 

 

Absolute operating costs

 

 

 

 

843,592

 

 

 

525,246

 

 

 

2,384,193

 

 

 

2,008,917

 

Assets from operations

 

 

 

 

256,498

 

 

 

272,776

 

 

 

655,131

 

 

 

757,779

 

Assets (loss) on disinterestedness investments, net

 

 

 

 

15,864

 

 

 

(624

)

 

 

17,925

 

 

 

(2,436

)

Absorption expense, net

 

 

 

 

(106,831

)

 

 

(53,887

)

 

 

(304,350

)

 

 

(220,994

)

Accident on debt concealment

 

 

 

 

(6,577

)

 

 

(7,475

)

 

 

(10,301

)

 

 

(12,120

)

Alimony and added postretirement affairs credit, net

 

 

 

 

10,222

 

 

 

2,397

 

 

 

15,600

 

 

 

10,755

 

Added costs

 

 

 

 

(893

)

 

 

(28

)

 

 

(684

)

 

 

(39

)

Assets afore assets taxes

 

 

 

 

168,283

 

 

 

213,159

 

 

 

373,321

 

 

 

532,945

 

Assets tax bulk

 

 

 

 

(54,432

)

 

 

(58,669

)

 

 

(137,026

)

 

 

(144,680

)

Net assets

 

 

 

 

113,851

 

 

 

154,490

 

 

 

236,295

 

 

 

388,265

 

Net (income) accident attributable to noncontrolling interests

 

 

 

 

(639

)

 

 

(1,381

)

 

 

(6,036

)

 

 

1,212

 

Net assets attributable to Nexstar

 

 

 

$

 

113,212

 

 

$

 

153,109

 

 

$

 

230,259

 

 

$

 

389,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets per accepted allotment attributable to Nexstar Media Group, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basal

 

 

 

$

 

2.46

 

 

$

 

3.36

 

 

$

 

5.01

 

 

$

 

8.52

 

Diluted

 

 

 

$

 

2.36

 

 

$

 

3.22

 

 

$

 

4.80

 

 

$

 

8.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted boilerplate cardinal of accepted shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basal

 

 

 

 

45,952

 

 

 

45,619

 

 

 

45,986

 

 

 

45,718

 

Diluted

 

 

 

 

47,933

 

 

 

47,482

 

 

 

47,923

 

 

 

47,412

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

 

 

$

 

113,851

 

 

$

 

154,490

 

 

$

 

236,295

 

 

$

 

388,265

 

Added absolute assets (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in anonymous amounts included in alimony and added postretirement account obligations, net of tax (expense) account of ($11,723) in 2019 and $7,147 in 2018

 

 

 

 

34,166

 

 

 

(20,456

)

 

 

34,166

 

 

 

(20,456

)

Absolute absolute assets

 

 

 

 

148,017

 

 

 

134,034

 

 

 

270,461

 

 

 

367,809

 

Absolute absolute assets (loss) attributable to noncontrolling interests

 

 

 

 

(639

)

 

 

(1,381

)

 

 

(6,036

)

 

 

1,212

 

Absolute absolute assets attributable to Nexstar Media Group, Inc.

 

 

 

$

 

147,378

 

 

$

 

132,653

 

 

$

 

264,425

 

 

$

 

369,021

 

Nexstar Media Group, Inc.

Adaptation of Advertisement Banknote Breeze and Adjusted EBITDA (Non-GAAP Measures)

(in thousands, unaudited)

 

 

Three Months Concluded December 31,

 

 

Years Concluded December 31,

 

Advertisement Banknote Breeze and Adjusted EBITDA:

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net assets

 

$

 

113,851

 

 

$

 

154,490

 

 

$

 

236,295

 

 

$

 

388,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add (Less):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Absorption expense, net

 

 

106,831

 

 

 

53,887

 

 

 

304,350

 

 

 

220,994

 

Accident on concealment of debt

 

 

6,577

 

 

 

7,475

 

 

 

10,301

 

 

 

12,120

 

Assets tax bulk

 

 

54,432

 

 

 

58,669

 

 

 

137,026

 

 

 

144,680

 

Abrasion

 

 

38,485

 

 

 

31,212

 

 

 

123,375

 

 

 

109,789

 

Acquittal of abstract assets

 

 

84,779

 

 

 

38,766

 

 

 

200,317

 

 

 

149,406

 

Acquittal of advertisement rights

 

 

38,269

 

 

 

14,308

 

 

 

85,018

 

 

 

61,342

 

Acquittal of right-of-use assets attributable to favorable leases

 

 

152

 

 

 

 

 

 

609

 

 

 

 

Accident on asset disposal, net

 

 

4,214

 

 

 

4,677

 

 

 

3,985

 

 

 

5,793

 

(Gain) Accident on operating charter terminations

 

 

(5

)

 

 

 

 

 

415

 

 

 

 

Accumulated costs

 

 

63,710

 

 

 

29,460

 

 

 

189,548

 

 

 

110,921

 

Amicableness and abstract assets crime

 

 

 

 

 

19,911

 

 

 

63,315

 

 

 

19,911

 

(Income) accident on disinterestedness investments, net

 

 

(15,864

)

 

 

624

 

 

 

(17,925

)

 

 

2,436

 

Added costs

 

 

893

 

 

 

28

 

 

 

684

 

 

 

39

 

Alimony and added postretirement affairs credit, net

 

 

(10,222

)

 

 

(2,397

)

 

 

(15,600

)

 

 

(10,755

)

Accident (gain) on auctioning of stations, net

 

 

517

 

 

 

 

 

 

(96,091

)

 

 

 

Agreement from the FCC accompanying to abject repack

 

 

(16,336

)

 

 

(16,931

)

 

 

(70,356

)

 

 

(29,381

)

Payments for advertisement rights

 

 

(53,480

)

 

 

(14,327

)

 

 

(100,630

)

 

 

(61,979

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertisement banknote breeze

 

 

416,803

 

 

 

379,852

 

 

 

1,054,636

 

 

 

1,123,581

 

Allowance %

 

 

37.9

%

 

 

47.6

%

 

 

34.7

%

 

 

40.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add (Less):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from disinterestedness investments

 

 

15,904

 

 

 

 

 

 

17,461

 

 

 

 

Alimony and added postretirement affairs credit, net

 

 

10,222

 

 

 

2,397

 

 

 

15,600

 

 

 

10,755

 

Accumulated expenses, excluding ancient transaction costs

 

 

(34,705

)

 

 

(23,998

)

 

 

(115,416

)

 

 

(102,448

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA afore ancient transaction costs

 

 

408,224

 

 

 

358,251

 

 

 

972,281

 

 

 

1,031,888

 

Allowance %

 

 

37.1

%

 

 

44.9

%

 

 

32.0

%

 

 

37.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated ancient transaction expenses, including accelerated stock-based advantage bulk

 

 

(29,005

)

 

 

(5,462

)

 

 

(74,132

)

 

 

(8,473

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

 

379,219

 

 

$

 

352,789

 

 

$

 

898,149

 

 

$

 

1,023,415

 

Allowance %

 

 

34.5

%

 

 

44.2

%

 

 

29.6

%

 

 

37.0

%

Nexstar Media Group, Inc.

Adaptation of Chargeless Banknote Breeze (Non-GAAP Measure)

(in thousands, unaudited)

 

 

Three Months Concluded December 31,

 

 

Years Concluded December 31,

 

Chargeless Banknote Flow:

 

2019

 

 

2018

 

 

 

2019

 

 

2018

 

Net assets

 

$

 

113,851

 

 

$

 

154,490

 

 

$

 

236,295

 

 

$

 

388,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add (Less):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Absorption expense, net

 

 

106,831

 

 

 

53,887

 

 

 

304,350

 

 

 

220,994

 

Accident on concealment of debt

 

 

6,577

 

 

 

7,475

 

 

 

10,301

 

 

 

12,120

 

Assets tax bulk

 

 

54,432

 

 

 

58,669

 

 

 

137,026

 

 

 

144,680

 

Abrasion

 

 

38,485

 

 

 

31,212

 

 

 

123,375

 

 

 

109,789

 

Acquittal of abstract assets

 

 

84,779

 

 

 

38,766

 

 

 

200,317

 

 

 

149,406

 

Acquittal of advertisement rights

 

 

38,269

 

 

 

14,308

 

 

 

85,018

 

 

 

61,342

 

Acquittal of right-of-use assets attributable to favorable leases

 

 

152

 

 

 

 

 

 

609

 

 

 

 

Accident on asset disposal, net

 

 

4,214

 

 

 

4,677

 

 

 

3,985

 

 

 

5,793

 

(Gain) Accident on operating charter terminations

 

 

(5

)

 

 

 

 

 

415

 

 

 

 

Non-cash advantage bulk

 

 

 

 

 

(1,933

)

 

 

 

 

 

 

Stock-based advantage expense(1)

 

 

9,590

 

 

 

8,453

 

 

 

37,368

 

 

 

31,260

 

Accumulated ancient transaction expenses, including accelerated stock-based advantage bulk

 

 

29,005

 

 

 

5,462

 

 

 

74,132

 

 

 

8,473

 

Amicableness and abstract assets crime

 

 

 

 

 

19,911

 

 

 

63,315

 

 

 

19,911

 

(Income) accident on disinterestedness investments, net

 

 

(15,864

)

 

 

624

 

 

 

(17,925

)

 

 

2,436

 

Distributions from disinterestedness investments

 

 

15,904

 

 

 

 

 

 

17,461

 

 

 

 

Accident (gain) on auctioning of stations, net

 

 

517

 

 

 

 

 

 

(96,091

)

 

 

 

Added costs

 

 

893

 

 

 

28

 

 

 

684

 

 

 

39

 

Payments for advertisement rights

 

 

(53,480

)

 

 

(14,327

)

 

 

(100,630

)

 

 

(61,979

)

Banknote absorption expense(2)

 

 

(101,846

)

 

 

(51,786

)

 

 

(257,673

)

 

 

(211,230

)

Basal expenditures, excluding abject repack and CVR spectrum(3)

 

 

(61,889

)

 

 

(28,642

)

 

 

(111,007

)

 

 

(76,521

)

Basal expenditures accompanying to abject repack

 

 

(23,051

)

 

 

(13,290

)

 

 

(79,340

)

 

 

(26,832

)

Accretion from disposals of acreage and accessories

 

 

2,425

 

 

 

62

 

 

 

4,451

 

 

 

4,344

 

Operating banknote assets tax payments, net (4)

 

 

(46,924

)

 

 

(32,665

)

 

 

(115,551

)

 

 

(89,577

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chargeless banknote breeze afore ancient transaction costs

 

 

202,865

 

 

 

255,381

 

 

 

520,885

 

 

 

692,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated ancient transaction expenses, excluding accelerated stock-based advantage bulk

 

 

(29,005

)

 

 

(5,462

)

 

 

(72,880

)

 

 

(8,473

)

Banknote absorption bulk on the 5.625% Addendum due 2027 during the escrow period, net(5)

 

 

 

 

 

 

 

 

(8,548

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chargeless banknote breeze

 

$

 

173,860

 

 

$

 

249,919

 

 

$

 

439,457

 

 

$

 

684,240

 

(1)

Excludes accelerated stock-based advantage of $1.3 actor in Q3 2019 associated with assertive divestitures of Nexstar stations.

(2)

Excludes (i) payments of $26.6 actor in ancient fees in September 2019 associated with the costs of Nexstar’s alliance with Tribune and (ii) banknote absorption bulk on the 5.625% Addendum due 2027 during the escrow aeon (July 3, 2019 to September 18, 2019) of $13.4 million, beneath absorption assets becoming during the aforementioned escrow aeon of $4.9 million.

(3)

During the three months and year concluded December 31, 2019, basal expenditures accompanying to abandonment of the CVR spectrum were $2.3 actor and $7.2 million, respectively. During the three months and year concluded December 31, 2018, basal expenditures accompanying to abandonment of the CVR spectrum were $0.8 actor and $2.9 million, respectively.

(4)

Excludes (i) $199.5 actor in tax payments during Q4 2019 accompanying to assorted auction of stations and (ii) the net tax acquittal of $1.1 actor during the added bisected of 2018 accompanying to tax liabilities affected in an acquisition.

(5)

Represents the banknote absorption bulk on the 5.625% Addendum due 2027 during the escrow aeon (July 3, 2019 to September 18, 2019) of $13.4 million, beneath absorption assets becoming during the aforementioned escrow aeon of $4.9 million.

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