$NXST
NEXSTAR MEDIA GROUP, INC.

2022 Q3 Form 10-Q Financial Statement

#000095017022015132 Filed on August 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $1.269B $1.245B $1.246B
YoY Change 9.69% 10.03% -9.5%
Cost Of Revenue $511.1M $494.7M $463.6M
YoY Change 8.02% 8.58% 7.92%
Gross Profit $758.0M $750.4M $782.2M
YoY Change 10.84% 11.01% -17.4%
Gross Profit Margin 59.73% 60.27% 62.79%
Selling, General & Admin $260.8M $266.6M $287.1M
YoY Change -1.62% 9.94% 2.54%
% of Gross Profit 34.41% 35.53% 36.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.20M $39.30M $152.2M
YoY Change -2.79% -1.5% 6.56%
% of Gross Profit 5.3% 5.24% 19.45%
Operating Expenses $260.8M $266.6M $434.7M
YoY Change -35.84% 9.94% 4.24%
Operating Profit $355.3M $333.4M $347.5M
YoY Change 28.09% 15.64% -34.5%
Interest Expense -$52.00M -$39.50M -$23.22M
YoY Change 0.47% 12.37% -49.19%
% of Operating Profit -14.64% -11.85% -6.68%
Other Income/Expense, Net $1.000M -$6.600M $28.63M
YoY Change -94.2% -186.84% 110.5%
Pretax Income $369.4M $298.1M $328.9M
YoY Change 57.18% 10.2% -33.22%
Income Tax $81.90M $71.60M $66.54M
% Of Pretax Income 22.17% 24.02% 20.23%
Net Earnings $288.7M $227.5M $264.0M
YoY Change 70.67% 13.69% -27.52%
Net Earnings / Revenue 22.75% 18.27% 21.19%
Basic Earnings Per Share $7.45 $5.66
Diluted Earnings Per Share $7.30 $5.56 $6.188M
COMMON SHARES
Basic Shares Outstanding 38.79M 40.20M
Diluted Shares Outstanding 39.56M 40.90M

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $346.6M $276.4M $190.9M
YoY Change 78.82% -11.77% 24.75%
Cash & Equivalents $346.6M $276.4M $190.9M
Short-Term Investments
Other Short-Term Assets $332.8M $227.4M $200.8M
YoY Change 70.92% 23.34% 31.24%
Inventory
Prepaid Expenses
Receivables $986.9M $951.2M $1.021B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.666B $1.455B $1.413B
YoY Change 27.05% 4.44% 16.75%
LONG-TERM ASSETS
Property, Plant & Equipment $1.491B $1.493B $1.513B
YoY Change -20.78% -6.26% -5.76%
Goodwill $3.052B $3.052B $3.052B
YoY Change -0.01% 2.32% 2.27%
Intangibles
YoY Change
Long-Term Investments $1.087B $1.060B $1.209B
YoY Change -7.77% -9.56% -8.54%
Other Assets $379.7M $374.3M $396.2M
YoY Change 157.34% -11.3% -5.26%
Total Long-Term Assets $11.43B $11.46B $11.85B
YoY Change -4.51% -3.65% -2.81%
TOTAL ASSETS
Total Short-Term Assets $1.666B $1.455B $1.413B
Total Long-Term Assets $11.43B $11.46B $11.85B
Total Assets $13.10B $12.92B $13.26B
YoY Change -1.39% -2.8% -1.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $166.1M $170.9M $248.2M
YoY Change -11.0% 21.48% 13.64%
Accrued Expenses $344.5M $304.2M $315.9M
YoY Change -2.8% -4.76% 2.83%
Deferred Revenue $70.20M $22.60M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $124.3M $124.3M $47.20M
YoY Change 205.29% 270.93% 120.26%
Total Short-Term Liabilities $915.1M $745.6M $787.3M
YoY Change 28.7% 16.69% 7.72%
LONG-TERM LIABILITIES
Long-Term Debt $7.053B $7.110B $7.368B
YoY Change -6.03% -6.28% -3.64%
Other Long-Term Liabilities $467.0M $476.3M $523.3M
YoY Change -36.67% -36.9% -35.86%
Total Long-Term Liabilities $7.520B $7.586B $7.891B
YoY Change -8.77% -9.05% -6.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $915.1M $745.6M $787.3M
Total Long-Term Liabilities $7.520B $7.586B $7.891B
Total Liabilities $10.15B $10.05B $10.41B
YoY Change -4.69% -5.78% -4.24%
SHAREHOLDERS EQUITY
Retained Earnings $2.864B $2.610B $2.204B
YoY Change 45.81% 43.11% 48.13%
Common Stock $500.0K $500.0K $500.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.350B $1.140B $807.0M
YoY Change 88.66% 97.99% 119.81%
Treasury Stock Shares $9.013M $7.868M $6.534M
Shareholders Equity $2.926B $2.870B $2.850B
YoY Change
Total Liabilities & Shareholders Equity $13.10B $12.92B $13.26B
YoY Change -1.39% -2.8% -1.04%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $288.7M $227.5M $264.0M
YoY Change 70.67% 13.69% -27.52%
Depreciation, Depletion And Amortization $40.20M $39.30M $152.2M
YoY Change -2.79% -1.5% 6.56%
Cash From Operating Activities $376.0M $290.1M $333.2M
YoY Change 31.42% 97.0% -11.55%
INVESTING ACTIVITIES
Capital Expenditures -$37.00M -$34.10M -$45.38M
YoY Change -78.04% -21.08% -84.93%
Acquisitions
YoY Change
Other Investing Activities $40.90M $41.70M $7.067M
YoY Change 130.14% 82.13% 685.22%
Cash From Investing Activities $3.900M $7.600M -$38.31M
YoY Change -102.59% -137.42% -87.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -309.7M -347.5M -298.8M
YoY Change 21.52% 126.42% -10.48%
NET CHANGE
Cash From Operating Activities 376.0M 290.1M 333.2M
Cash From Investing Activities 3.900M 7.600M -38.31M
Cash From Financing Activities -309.7M -347.5M -298.8M
Net Change In Cash 70.20M -49.80M -3.945M
YoY Change -158.78% 87.7% -98.47%
FREE CASH FLOW
Cash From Operating Activities $376.0M $290.1M $333.2M
Capital Expenditures -$37.00M -$34.10M -$45.38M
Free Cash Flow $413.0M $324.2M $378.6M
YoY Change -9.14% 70.22% -44.14%

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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Increase Decrease In Deferred Income Taxes
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Proceeds From Sale Of Other Assets Investing Activities
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14200000
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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PaymentsOfDividendsCommonStock
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PaymentsOfDividendsCommonStock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
292000000.0
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
329900000
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
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172800000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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us-gaap Nature Of Operations
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<p id="note_1_organization_business_operations" style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Note 1: Organization </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">and Business Operations</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">As used in this Quarterly Report on Form 10-Q, “Nexstar” refers to Nexstar Media Group, Inc., a Delaware corporation, and its consolidated wholly-owned subsidiary, Nexstar Media Inc. (formerly known as Nexstar Inc. and Nexstar Broadcasting, Inc.), a Delaware corporation; the “Company” refers to Nexstar and the variable interest entities (“VIEs”) required to be consolidated in our financial statements under authoritative guidance related to the consolidation of VIEs; and all references to “we,” “our,” “ours,” and “us” refer to Nexstar.</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Nexstar is a leading diversified media company with television broadcasting, television network and digital media assets operating in the United States. As of June 30, 2022, we owned, operated, programmed or provided sales and other services to </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">199</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> full power television stations and </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> AM radio station, including those television stations owned by VIEs, in </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">116</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> markets in </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">39</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> states and the District of Columbia. The stations are affiliates of ABC, NBC, FOX, CBS, The CW, MyNetworkTV (“MNTV”), and other broadcast television networks. As of June 30, 2022, Nexstar’s stations reached approximately </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">39</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">% of all U.S. television households (after applying the Federal Communications Commission’s (“FCC”) ultra-high frequency (“UHF”) discount). Through various local service agreements, we provide sales, programming, and other services to </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">35</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> television stations owned by consolidated VIEs and </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> television station owned by an unconsolidated VIE. Nexstar also owns NewsNation, a live daily national newscast and general entertainment cable network, </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">two</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> digital multicast networks and other multicast network services, and a </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">31.3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">% ownership stake in Television Food Network, G.P. (“TV Food Network”). Our digital assets include </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">120</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> local websites and </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">239</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> mobile applications, national digital properties including NewsNation, The Hill, BestReviews and a suite of advertiser solutions.</span></p>
CY2022Q2 nxst Number Of Full Power Television Stations Owned Operated Programmed Or Provided Sales And Other Services
NumberOfFullPowerTelevisionStationsOwnedOperatedProgrammedOrProvidedSalesAndOtherServices
199
CY2022Q2 nxst Number Of Am Radio Station
NumberOfAMRadioStation
1
CY2022Q2 nxst Number Of Television Markets
NumberOfTelevisionMarkets
116
CY2022Q2 nxst Number Of States
NumberOfStates
39
CY2022Q2 nxst Percentage Of Us Television Household Reach
PercentageOfUSTelevisionHouseholdReach
0.39
CY2022Q2 nxst Number Of Television Stations Owned By Consolidated Vi Es
NumberOfTelevisionStationsOwnedByConsolidatedVIEs
35
CY2022Q2 nxst Number Of Television Station Owned By An Unconsolidated Vie
NumberOfTelevisionStationOwnedByAnUnconsolidatedVIE
1
CY2022Q2 nxst Number Of Multicast Network Services Owned And Operated
NumberOfMulticastNetworkServicesOwnedAndOperated
2
CY2022Q2 nxst Number Of Local Websites
NumberOfLocalWebsites
120
CY2022Q2 nxst Number Of Mobile Applications
NumberOfMobileApplications
239
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<p style="text-indent:2.533%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Interim Financial Statements</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Condensed Consolidated Financial Statements as of June 30, 2022 and for the three and six months ended June 30, 2022 and 2021 are unaudited. However, in the opinion of management, such financial statements include all adjustments (consisting solely of normal recurring adjustments) necessary for the fair statement of the financial information included herein in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the period. Results of operations for interim periods are not necessarily indicative of results for the full year. Estimates are used for, but are not limited to, allowance for doubtful accounts, valuation of assets acquired and liabilities assumed in business combinations, distribution revenue recognized, income taxes, the recoverability of goodwill, FCC licenses and long-lived assets, the recoverability of investments, the recoverability of broadcast rights and the useful lives of property and equipment and intangible assets. As of June 30, 2022, the Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or revision of the carrying value of its assets or liabilities. However, these estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s consolidated financial statements in future periods. While the Company considered the effects of COVID-19 in its estimates and assumptions, due to the current level of uncertainty over the economic and operational impacts of COVID-19 on its business, there may be other judgments and assumptions that were not currently considered. Such judgments and assumptions could result in a meaningful impact on the Company’s consolidated financial statements in future periods. Actual results could differ from those estimates and any such differences may have a material impact on the Company’s condensed consolidated financial statements.</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related Notes included in Nexstar’s Annual Report on Form 10-K for the year ended December 31, 2021. The balance sheet as of December 31, 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> has been derived from the audited financial statements as of that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.</span></p>
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<p style="text-indent:2.533%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Basis of Presentation</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Certain prior year financial statement amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income or stockholders’ equity as previously reported.</span></p>
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Payments
OperatingLeasePayments
24800000
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28200000
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54800000
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52100000
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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122900000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
354800000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
74100000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
280700000
nxst Income Tax Reconciliation Nondeductible Expense Audit Settlements
IncomeTaxReconciliationNondeductibleExpenseAuditSettlements
6500000
nxst Effective Income Tax Rate Reconciliation Nondeductible Expense Audit Settlements
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0.012
nxst Number Of Prohibit Owning Station
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us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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nxst Payments For Broadcast Rights Net Of Amortization
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CY2021Q2 us-gaap Income Tax Expense Benefit
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CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.011
us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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2245500000

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