$NXST
NEXSTAR MEDIA GROUP, INC.

2022 Q4 Form 10-Q Financial Statement

#000095017022023394 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q4
Revenue $1.487B $1.269B $1.246B
YoY Change 19.33% 9.69% -9.5%
Cost Of Revenue $495.3M $511.1M $463.6M
YoY Change 6.83% 8.02% 7.92%
Gross Profit $991.4M $758.0M $782.2M
YoY Change 26.74% 10.84% -17.4%
Gross Profit Margin 66.68% 59.73% 62.79%
Selling, General & Admin $333.5M $260.8M $287.1M
YoY Change 16.16% -1.62% 2.54%
% of Gross Profit 33.64% 34.41% 36.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $231.0M $40.20M $152.2M
YoY Change 51.8% -2.79% 6.56%
% of Gross Profit 23.3% 5.3% 19.45%
Operating Expenses $564.5M $260.8M $434.7M
YoY Change 29.86% -35.84% 4.24%
Operating Profit $426.9M $355.3M $347.5M
YoY Change 22.84% 28.09% -34.5%
Interest Expense -$60.20M -$52.00M -$23.22M
YoY Change 159.25% 0.47% -49.19%
% of Operating Profit -14.1% -14.64% -6.68%
Other Income/Expense, Net $13.30M $1.000M $28.63M
YoY Change -53.54% -94.2% 110.5%
Pretax Income $245.7M $369.4M $328.9M
YoY Change -25.29% 57.18% -33.22%
Income Tax $67.60M $81.90M $66.54M
% Of Pretax Income 27.51% 22.17% 20.23%
Net Earnings $203.3M $288.7M $264.0M
YoY Change -22.99% 70.67% -27.52%
Net Earnings / Revenue 13.67% 22.75% 21.19%
Basic Earnings Per Share $7.45
Diluted Earnings Per Share $5.31 $7.30 $6.188M
COMMON SHARES
Basic Shares Outstanding 37.71M 38.79M
Diluted Shares Outstanding 39.56M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $204.1M $346.6M $190.9M
YoY Change 6.93% 78.82% 24.75%
Cash & Equivalents $204.1M $346.6M $190.9M
Short-Term Investments
Other Short-Term Assets $331.0M $332.8M $200.8M
YoY Change 64.84% 70.92% 31.24%
Inventory
Prepaid Expenses
Receivables $1.079B $986.9M $1.021B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.615B $1.666B $1.413B
YoY Change 14.28% 27.05% 16.75%
LONG-TERM ASSETS
Property, Plant & Equipment $1.262B $1.491B $1.513B
YoY Change -16.54% -20.78% -5.76%
Goodwill $2.961B $3.052B $3.052B
YoY Change -2.98% -0.01% 2.27%
Intangibles
YoY Change
Long-Term Investments $1.115B $1.087B $1.209B
YoY Change -7.74% -7.77% -8.54%
Other Assets $377.7M $379.7M $396.2M
YoY Change -4.67% 157.34% -5.26%
Total Long-Term Assets $11.06B $11.43B $11.85B
YoY Change -6.64% -4.51% -2.81%
TOTAL ASSETS
Total Short-Term Assets $1.615B $1.666B $1.413B
Total Long-Term Assets $11.06B $11.43B $11.85B
Total Assets $12.68B $13.10B $13.26B
YoY Change -4.41% -1.39% -1.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $197.7M $166.1M $248.2M
YoY Change -20.35% -11.0% 13.64%
Accrued Expenses $319.5M $344.5M $315.9M
YoY Change 1.14% -2.8% 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 163.35% 205.29% 120.26%
Total Short-Term Liabilities $893.2M $915.1M $787.3M
YoY Change 13.45% 28.7% 7.72%
LONG-TERM LIABILITIES
Long-Term Debt $6.827B $7.053B $7.368B
YoY Change -7.34% -6.03% -3.64%
Other Long-Term Liabilities $583.6M $467.0M $523.3M
YoY Change 11.52% -36.67% -35.86%
Total Long-Term Liabilities $7.411B $7.520B $7.891B
YoY Change -6.09% -8.77% -6.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $893.2M $915.1M $787.3M
Total Long-Term Liabilities $7.411B $7.520B $7.891B
Total Liabilities $9.910B $10.15B $10.41B
YoY Change -4.78% -4.69% -4.24%
SHAREHOLDERS EQUITY
Retained Earnings $3.033B $2.864B $2.204B
YoY Change 37.61% 45.81% 48.13%
Common Stock $500.0K $500.0K $500.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.607B $1.350B $807.0M
YoY Change 99.13% 88.66% 119.81%
Treasury Stock Shares $10.47M $9.013M $6.534M
Shareholders Equity $2.741B $2.926B $2.850B
YoY Change
Total Liabilities & Shareholders Equity $12.68B $13.10B $13.26B
YoY Change -4.41% -1.39% -1.04%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q4
OPERATING ACTIVITIES
Net Income $203.3M $288.7M $264.0M
YoY Change -22.99% 70.67% -27.52%
Depreciation, Depletion And Amortization $231.0M $40.20M $152.2M
YoY Change 51.8% -2.79% 6.56%
Cash From Operating Activities $218.0M $376.0M $333.2M
YoY Change -34.57% 31.42% -11.55%
INVESTING ACTIVITIES
Capital Expenditures $57.30M -$37.00M -$45.38M
YoY Change -226.28% -78.04% -84.93%
Acquisitions
YoY Change
Other Investing Activities $193.4M $40.90M $7.067M
YoY Change 2636.66% 130.14% 685.22%
Cash From Investing Activities $136.1M $3.900M -$38.31M
YoY Change -455.28% -102.59% -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 -496.6M -309.7M -298.8M
YoY Change 66.18% 21.52% -10.48%
NET CHANGE
Cash From Operating Activities 218.0M 376.0M 333.2M
Cash From Investing Activities 136.1M 3.900M -38.31M
Cash From Financing Activities -496.6M -309.7M -298.8M
Net Change In Cash -142.5M 70.20M -3.945M
YoY Change 3512.17% -158.78% -98.47%
FREE CASH FLOW
Cash From Operating Activities $218.0M $376.0M $333.2M
Capital Expenditures $57.30M -$37.00M -$45.38M
Free Cash Flow $160.7M $413.0M $378.6M
YoY Change -57.55% -9.14% -44.14%

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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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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 September 30, 2022, we owned, operated, programmed or provided sales and other services to </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> full power television stations and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> AM radio station, including those television stations owned by VIEs, in </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> markets in </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> states and the District of Columbia. The stations are affiliates of ABC, NBC, FOX, CBS, The CW, MyNetworkTV, and other broadcast television networks. As of September 30, 2022, Nexstar’s stations reached approximately </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of all U.S. television households (after applying the Federal Communications Commission’s (“FCC”) ultra-high frequency discount). Through various local service agreements, we provide sales, programming, and other services to </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> television stations owned by consolidated VIEs and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> television station owned by an unconsolidated VIE. Nexstar also owns NewsNation, a national news and general entertainment cable network, a recently acquired </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">75.0</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% ownership interest in The CW Network, LLC, the fifth major broadcast network in the U.S. (“The CW”) (see </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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Note 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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">), </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> digital multicast networks and other multicast network services, and a </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> local websites and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> mobile applications, national digital properties including NewsNationNow, The Hill, BestReviews, and a suite of advertiser solutions.</span></p>
CY2022Q3 nxst Number Of Full Power Television Stations Owned Operated Programmed Or Provided Sales And Other Services
NumberOfFullPowerTelevisionStationsOwnedOperatedProgrammedOrProvidedSalesAndOtherServices
199
CY2022Q3 nxst Number Of Am Radio Station
NumberOfAMRadioStation
1
CY2022Q3 nxst Number Of Television Markets
NumberOfTelevisionMarkets
116
CY2022Q3 nxst Number Of States
NumberOfStates
39
CY2022Q3 nxst Percentage Of Us Television Household Reach
PercentageOfUSTelevisionHouseholdReach
0.39
CY2022Q3 nxst Number Of Television Stations Owned By Consolidated Vi Es
NumberOfTelevisionStationsOwnedByConsolidatedVIEs
35
CY2022Q3 nxst Number Of Television Station Owned By An Unconsolidated Vie
NumberOfTelevisionStationOwnedByAnUnconsolidatedVIE
1
CY2022Q3 nxst Number Of Multicast Network Services Owned And Operated
NumberOfMulticastNetworkServicesOwnedAndOperated
2
CY2022Q3 nxst Number Of Local Websites
NumberOfLocalWebsites
120
CY2022Q3 nxst Number Of Mobile Applications
NumberOfMobileApplications
239
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
77700000
CY2022Q3 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
483900000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:2.533%;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Condensed Consolidated Financial Statements as of September 30, 2022 and for the three and nine months ended September 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 September 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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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>
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38767000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41676000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39964000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42520000
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
793000
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1800000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
852000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1902000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39560000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43476000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40816000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44422000
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
41000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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>
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
46500000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
42800000
CY2022Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1370600000
CY2021Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1261100000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
4026800000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
3691600000
CY2022Q3 nxst Business Acquisitions Pro Forma Income Or Loss Before Taxes
BusinessAcquisitionsProFormaIncomeOrLossBeforeTaxes
248000000.0
CY2021Q3 nxst Business Acquisitions Pro Forma Income Or Loss Before Taxes
BusinessAcquisitionsProFormaIncomeOrLossBeforeTaxes
157900000
nxst Business Acquisitions Pro Forma Income Or Loss Before Taxes
BusinessAcquisitionsProFormaIncomeOrLossBeforeTaxes
642500000
nxst Business Acquisitions Pro Forma Income Or Loss Before Taxes
BusinessAcquisitionsProFormaIncomeOrLossBeforeTaxes
483600000
CY2022Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
178900000
CY2021Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
106500000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
488400000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
350600000
CY2022Q3 nxst Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
198400000
CY2021Q3 nxst Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
127400000
nxst Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
562800000
nxst Business Acquisitions Pro Forma Net Income Loss Attributable To Parent
BusinessAcquisitionsProFormaNetIncomeLossAttributableToParent
439600000
CY2022Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4195800000
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1685100000
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2510700000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4170200000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1453100000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2717100000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
76200000
CY2021Q4 nxst Equity Method Investment Difference Between Carrying Amount And Underlying Equity Remaining Identifiable Assets Subject To Amortization
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquityRemainingIdentifiableAssetsSubjectToAmortization
536100000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
297300000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
294200000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
289900000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
265400000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
252600000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
1035100000
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2510700000
CY2021Q4 us-gaap Goodwill Gross
GoodwillGross
3141400000
CY2021Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
89800000
CY2021Q4 us-gaap Goodwill
Goodwill
3051600000
CY2021Q4 nxst Indefinite Lived License Agreements Gross
IndefiniteLivedLicenseAgreementsGross
2957700000
CY2021Q4 nxst Indefinite Lived Intangible Assets Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsAccumulatedImpairmentLoss
47400000
CY2021Q4 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
2910300000
CY2022Q3 us-gaap Goodwill Gross
GoodwillGross
3141400000
CY2022Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
89800000
CY2022Q3 us-gaap Goodwill
Goodwill
3051600000
CY2022Q3 nxst Indefinite Lived License Agreements Gross
IndefiniteLivedLicenseAgreementsGross
2957700000
CY2022Q3 nxst Indefinite Lived Intangible Assets Accumulated Impairment Loss
IndefiniteLivedIntangibleAssetsAccumulatedImpairmentLoss
47400000
CY2022Q3 us-gaap Indefinite Lived License Agreements
IndefiniteLivedLicenseAgreements
2910300000
CY2022Q3 us-gaap Equity Method Investments
EquityMethodInvestments
1086500000
CY2021Q4 us-gaap Equity Method Investments
EquityMethodInvestments
1208900000
CY2022Q3 us-gaap Other Long Term Investments
OtherLongTermInvestments
2200000
CY2021Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
9900000
CY2022Q3 us-gaap Long Term Investments
LongTermInvestments
1088700000
CY2021Q4 us-gaap Long Term Investments
LongTermInvestments
1218800000
CY2022Q3 nxst Income Loss From Equity Method Investments Net Before Amortization Of Basis Difference
IncomeLossFromEquityMethodInvestmentsNetBeforeAmortizationOfBasisDifference
54100000
CY2021Q3 nxst Income Loss From Equity Method Investments Net Before Amortization Of Basis Difference
IncomeLossFromEquityMethodInvestmentsNetBeforeAmortizationOfBasisDifference
55100000
nxst Income Loss From Equity Method Investments Net Before Amortization Of Basis Difference
IncomeLossFromEquityMethodInvestmentsNetBeforeAmortizationOfBasisDifference
162700000
nxst Income Loss From Equity Method Investments Net Before Amortization Of Basis Difference
IncomeLossFromEquityMethodInvestmentsNetBeforeAmortizationOfBasisDifference
185900000
CY2022Q3 nxst Equity Method Investments Amortization Of Basis Difference
EquityMethodInvestmentsAmortizationOfBasisDifference
17500000
CY2021Q3 nxst Equity Method Investments Amortization Of Basis Difference
EquityMethodInvestmentsAmortizationOfBasisDifference
34300000
nxst Equity Method Investments Amortization Of Basis Difference
EquityMethodInvestmentsAmortizationOfBasisDifference
52500000
nxst Equity Method Investments Amortization Of Basis Difference
EquityMethodInvestmentsAmortizationOfBasisDifference
108200000
CY2022Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
36600000
CY2021Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
20800000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
110200000
CY2022Q3 nxst Number Of Multicast Network Services Owned And Operated
NumberOfMulticastNetworkServicesOwnedAndOperated
2
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
233600000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
237900000
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y2M12D
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
111200000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
120200000
CY2022Q3 us-gaap Interest Payable Current
InterestPayableCurrent
42500000
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
62300000
CY2022Q3 nxst Accrued Network Affiliation Fees Current
AccruedNetworkAffiliationFeesCurrent
76400000
CY2021Q4 nxst Accrued Network Affiliation Fees Current
AccruedNetworkAffiliationFeesCurrent
45900000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
114400000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
87500000
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
344500000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
315900000
CY2022Q3 nxst Percentage Of Defined Benefit Plan Pension Plan Obligation Not Frozen
PercentageOfDefinedBenefitPlanPensionPlanObligationNotFrozen
0.02
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
7229000000.0
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
7474900000
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
7177200000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
7415100000
CY2022Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
124300000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
47200000
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
7052900000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
7367900000
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
281900000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
288300000
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y
us-gaap Operating Lease Cost
OperatingLeaseCost
42200000
us-gaap Operating Lease Payments
OperatingLeasePayments
43200000
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.051
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
14900000
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
14500000
us-gaap Operating Lease Cost
OperatingLeaseCost
44700000
us-gaap Operating Lease Payments
OperatingLeasePayments
37300000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
15500000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
57400000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
54100000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
40600000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
34100000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
24400000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
126400000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
352500000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
72400000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
280100000
CY2022Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
34900000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
108300000
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
81900000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
65900000
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.222
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.280
CY2022Q3 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-5100000
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.020
CY2022Q3 nxst Effective Income Tax Rate Reconciliation Gain On Bargain Purchase Arising From Acquisition
EffectiveIncomeTaxRateReconciliationGainOnBargainPurchaseArisingFromAcquisition
0.031
CY2021Q3 nxst Income Tax Reconciliation Provision To Return Adjustment
IncomeTaxReconciliationProvisionToReturnAdjustment
2100000
CY2021Q3 nxst Effective Income Tax Rate Reconciliation Provision To Return Adjustment
EffectiveIncomeTaxRateReconciliationProvisionToReturnAdjustment
0.009
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
206000000.0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
196300000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.212
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.257
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
23000000.0
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.021
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-12200000
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.015
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1269100000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1157000000.0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3724300000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3402500000
nxst Effective Income Tax Rate Reconciliation Gain On Bargain Purchase Arising From Acquisition
EffectiveIncomeTaxRateReconciliationGainOnBargainPurchaseArisingFromAcquisition
0.012
nxst Income Tax Reconciliation Nondeductible Expense Audit Settlements
IncomeTaxReconciliationNondeductibleExpenseAuditSettlements
7400000
nxst Effective Income Tax Rate Reconciliation Nondeductible Expense Audit Settlements
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseAuditSettlements
0.010
nxst Number Of Prohibit Owning Station
NumberOfProhibitOwningStation
2
CY2022Q3 nxst Maximum Percentage Of Us Television Household Reach
MaximumPercentageOfUSTelevisionHouseholdReach
0.39
nxst Maximum Percentage Allowed Of Providing Programming To Non Owned Television Station Through Tba Or Lma
MaximumPercentageAllowedOfProvidingProgrammingToNonOwnedTelevisionStationThroughTbaOrLma
0.15
CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
117000000.0
CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
117000000.0
us-gaap Depreciation And Amortization
DepreciationAndAmortization
350500000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
343900000
CY2022Q3 nxst Payments For Broadcast Rights Net Of Amortization
PaymentsForBroadcastRightsNetOfAmortization
5600000
CY2021Q3 nxst Payments For Broadcast Rights Net Of Amortization
PaymentsForBroadcastRightsNetOfAmortization
10900000
nxst Payments For Broadcast Rights Net Of Amortization
PaymentsForBroadcastRightsNetOfAmortization
16500000
nxst Payments For Broadcast Rights Net Of Amortization
PaymentsForBroadcastRightsNetOfAmortization
40600000
CY2022Q3 nxst Reimbursement From Fcc Related To Station Repack
ReimbursementFromFCCRelatedToStationRepack
500000
CY2021Q3 nxst Reimbursement From Fcc Related To Station Repack
ReimbursementFromFCCRelatedToStationRepack
5600000
nxst Reimbursement From Fcc Related To Station Repack
ReimbursementFromFCCRelatedToStationRepack
2800000
nxst Reimbursement From Fcc Related To Station Repack
ReimbursementFromFCCRelatedToStationRepack
17900000
CY2022Q3 nxst Miscellaneous Net
MiscellaneousNet
-800000
CY2021Q3 nxst Miscellaneous Net
MiscellaneousNet
200000
nxst Miscellaneous Net
MiscellaneousNet
-1000000.0
nxst Miscellaneous Net
MiscellaneousNet
10800000
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
355300000
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
277400000
us-gaap Operating Income Loss
OperatingIncomeLoss
1018100000
us-gaap Operating Income Loss
OperatingIncomeLoss
850600000
CY2022Q3 us-gaap Assets
Assets
13098300000
CY2021Q4 us-gaap Assets
Assets
13264500000
CY2022Q3 us-gaap Goodwill
Goodwill
3051600000
CY2021Q4 us-gaap Goodwill
Goodwill
3051600000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1269100000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3724300000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1157000000.0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3402500000

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