MISSION BROADCASTING INC

CIK:0001142412|SEC Filings

STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net revenue	$ 112,243	$ 109,224	$ 107,138
Operating expenses (income):
Direct operating expenses, excluding depreciation and amortization	48,736	40,861	35,802
Selling, general and administrative expenses, excluding depreciation and amortization	4,475	4,965	4,153
Fees incurred pursuant to local service agreements with Nexstar Broadcasting, Inc.	61,215	55,650	35,500
Amortization of broadcast rights	1,493	1,584	5,645
Amortization of intangible assets	1,919	2,129	2,392
Depreciation	2,586	3,171	2,342
Reimbursement from the FCC related to station repack	(5,663)	(2,818)
Total operating expenses	114,761	105,542	85,834
(Loss) income from operations	(2,518)	3,682	21,304
Interest expense	(10,841)	(11,101)	(10,135)
Loss on extinguishment of debt		(452)	(2,133)
(Loss) income before income taxes	(13,359)	(7,871)	9,036
Income tax (expense) benefit	(15,304)	2,042	(3,400)
Net (loss) income	(28,663)	(5,829)	5,636
Net Broadcast Revenue [Member]
Net revenue	77,591	69,227	70,592
Advertising Revenue [Member] \| Nexstar Broadcasting, Inc. [Member]
Net revenue	$ 34,652	$ 39,997	$ 36,546

STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Cash flows from operating activities:

Net (loss) income

$ (28,663)

$ (5,829)

$ 5,636

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Deferred income tax (benefit) expense

16,046

(1,977)

4,451

Provision for bad debt

130

Depreciation of property and equipment

2,586

3,171

2,342

Amortization of intangible assets

1,919

2,129

2,392

Amortization of debt financing costs and debt discount

721

764

750

Amortization of broadcast rights

1,493

1,584

5,645

Amortization of broadcast rights

1,619

Payments for broadcast rights

(1,495)

(1,591)

(1,632)

Loss on asset disposal

Loss on extinguishment of debt

452

2,133

Deferred gain recognition

(660)

(198)

Spectrum repack reimbursements from the FCC

(5,663)

(2,818)

Changes in operating assets and liabilities:

Accounts receivable

(2,342)

1,763

(2,469)

Prepaid expenses and other current assets

408

282

(818)

Other noncurrent assets

(306)

(7)

Accounts payable, accrued expenses and other current liabilities

3,171

(8,030)

4,255

Other noncurrent liabilities

(400)

(1,819)

Due from Nexstar Broadcasting, Inc.

13,279

15,399

(12,100)

Net cash provided by operating activities

627

4,810

4,696

Cash flows from investing activities:

Purchases of property and equipment

(6,117)

(4,044)

(700)

Spectrum repack reimbursements from the FCC

5,663

2,818

Investment in a loan receivable

(48,876)

Payment for acquisition

(800)

Proceeds from disposals of property and equipment

100

Net cash used in investing activities

(49,330)

(1,226)

(1,400)

Cash flows from financing activities:

Proceeds from the issuance of long term debt

230,609

Inter-company payments

48,876

Repayments of long-term debt

(2,285)

(2,310)

(227,051)

Payments for debt financing costs

(3,804)

Net cash provided by (used in) financing activities

46,591

(2,310)

(246)

Net (decrease) increase in cash and cash equivalents

(2,112)

1,274

3,050

Cash and cash equivalents at beginning of period

10,798

9,524

6,474

Cash and cash equivalents at end of period

8,686

10,798

9,524

Supplemental information:

Interest paid

9,505

10,953

9,639

Income tax (refunded) paid, net

(1,147)

221

1,101

Non-cash investing and financing activities

Accrued purchases of property and equipment

577

$ 1,251

$ 707

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

^[1]

$ 6,450

[1]	The entire amount represents transition adjustment for the adoption of ASC 842.

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 8,686	$ 10,798
Accounts receivable, net of allowance for doubtful accounts of $235 and $222, respectively	15,069	12,857
Due from Nexstar Broadcasting, Inc.	15,232	77,521
Prepaid expenses and other current assets	632	1,130
Total current assets	39,619	102,306
Property and equipment, net	22,722	19,867
Goodwill	33,187	33,187
FCC licenses	43,102	43,102
Intangible assets, net	11,792	13,712
Other intangible assets, net	491	617
Deferred tax assets, net		3,485
Investment in loan receivable	48,876
Other noncurrent assets, net	6,381	936
Total assets	205,679	216,595
Current liabilities:
Current portion of debt	2,285	2,285
Accounts payable	3,144	1,832
Deferred rent		721
Operating lease liabilities	2,009
Interest payable	771	152
Accrued capital expenditures	577	1,251
Accrued expenses and other current liabilities	3,544	2,317
Total current liabilities	12,330	8,558
Debt	220,780	222,354
Deferred tax liabilities, net	12,565
Other noncurrent liabilities	9,804	6,820
Total liabilities	255,479	237,732
Commitments and contingencies (Note 13)
Shareholders' deficit:
Common stock - $1 par value, 1,000 shares authorized, issued and outstanding as of each of December 31, 2019 and 2018	1	1
Subscription receivable	(1)	(1)
Accumulated deficit	(49,800)	(21,137)
Total shareholders’ deficit	(49,800)	(21,137)
Total liabilities and shareholders’ deficit	205,679	216,595
Network Affiliation Agreements [Member]
Current assets:
Intangible assets, net	$ 11,301	$ 13,095