$NXST
NEXSTAR MEDIA GROUP, INC.

2023 Q3 Form 10-Q Financial Statement

#000095017023039930 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.132B $1.240B
YoY Change -10.8% -0.41%
Cost Of Revenue $530.0M $537.0M
YoY Change 3.7% 8.55%
Gross Profit $602.0M $703.0M
YoY Change -20.58% -6.32%
Gross Profit Margin 53.18% 56.69%
Selling, General & Admin $281.0M $262.0M
YoY Change 7.75% -1.73%
% of Gross Profit 46.68% 37.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $220.0M $262.0M
YoY Change 447.26% 566.67%
% of Gross Profit 36.54% 37.27%
Operating Expenses $281.0M $262.0M
YoY Change 7.75% -1.73%
Operating Profit $94.00M $179.0M
YoY Change -73.54% -46.31%
Interest Expense -$89.00M -$79.00M
YoY Change 71.15% 100.0%
% of Operating Profit -94.68% -44.13%
Other Income/Expense, Net $9.000M $10.00M
YoY Change 800.0% -251.52%
Pretax Income $14.00M $110.0M
YoY Change -96.21% -63.1%
Income Tax $6.000M $35.00M
% Of Pretax Income 42.86% 31.82%
Net Earnings $25.00M $96.00M
YoY Change -91.34% -57.8%
Net Earnings / Revenue 2.21% 7.74%
Basic Earnings Per Share $0.71 $2.68
Diluted Earnings Per Share $0.70 $2.64
COMMON SHARES
Basic Shares Outstanding 35.08M 35.86M
Diluted Shares Outstanding 35.37M 36.31M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.0M $346.0M
YoY Change -56.72% 25.18%
Cash & Equivalents $150.0M $346.0M
Short-Term Investments
Other Short-Term Assets $299.0M $283.0M
YoY Change -10.16% 24.45%
Inventory
Prepaid Expenses
Receivables $891.0M $944.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.340B $1.573B
YoY Change -19.58% 8.11%
LONG-TERM ASSETS
Property, Plant & Equipment $1.279B $1.267B
YoY Change -14.22% -15.11%
Goodwill $2.965B $2.961B
YoY Change -2.84% -2.97%
Intangibles
YoY Change
Long-Term Investments $942.0M $923.0M
YoY Change -13.3% -12.91%
Other Assets $376.0M $385.0M
YoY Change -0.97% 2.86%
Total Long-Term Assets $10.71B $10.74B
YoY Change -6.34% -6.31%
TOTAL ASSETS
Total Short-Term Assets $1.340B $1.573B
Total Long-Term Assets $10.71B $10.74B
Total Assets $12.05B $12.31B
YoY Change -8.03% -4.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $142.0M $127.0M
YoY Change -14.51% -25.69%
Accrued Expenses $322.0M $333.0M
YoY Change -6.53% 9.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $124.0M $124.0M
YoY Change -0.24% -0.24%
Total Short-Term Liabilities $852.0M $836.0M
YoY Change -6.9% 12.12%
LONG-TERM LIABILITIES
Long-Term Debt $6.742B $6.771B
YoY Change -4.41% -4.76%
Other Long-Term Liabilities $538.0M $554.0M
YoY Change 15.2% 16.31%
Total Long-Term Liabilities $7.280B $7.325B
YoY Change -3.19% -3.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $852.0M $836.0M
Total Long-Term Liabilities $7.280B $7.325B
Total Liabilities $9.701B $9.747B
YoY Change -4.42% -2.98%
SHAREHOLDERS EQUITY
Retained Earnings $3.120B $3.142B
YoY Change 8.95% 20.39%
Common Stock $0.00 $0.00
YoY Change -100.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.084B $1.889B
YoY Change 54.36% 65.72%
Treasury Stock Shares
Shareholders Equity $2.332B $2.543B
YoY Change
Total Liabilities & Shareholders Equity $12.05B $12.31B
YoY Change -8.03% -4.69%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $25.00M $96.00M
YoY Change -91.34% -57.8%
Depreciation, Depletion And Amortization $220.0M $262.0M
YoY Change 447.26% 566.67%
Cash From Operating Activities $138.0M $185.0M
YoY Change -63.3% -36.23%
INVESTING ACTIVITIES
Capital Expenditures $36.00M $41.00M
YoY Change -197.3% -220.23%
Acquisitions
YoY Change
Other Investing Activities -$28.00M $4.000M
YoY Change -168.46% -90.41%
Cash From Investing Activities -$64.00M -$37.00M
YoY Change -1741.03% -586.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -270.0M -215.0M
YoY Change -12.82% -38.13%
NET CHANGE
Cash From Operating Activities 138.0M 185.0M
Cash From Investing Activities -64.00M -37.00M
Cash From Financing Activities -270.0M -215.0M
Net Change In Cash -196.0M -67.00M
YoY Change -379.2% 34.54%
FREE CASH FLOW
Cash From Operating Activities $138.0M $185.0M
Capital Expenditures $36.00M $41.00M
Free Cash Flow $102.0M $144.0M
YoY Change -75.3% -55.58%

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CY2023Q2 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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CY2022Q2 us-gaap Profit Loss
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us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Dividends Common Stock Cash
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us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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us-gaap Profit Loss
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CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Dividends Common Stock Cash
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Profit Loss
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478000000
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Profit Loss
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us-gaap Profit Loss
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478000000
us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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288000000
us-gaap Share Based Compensation
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27000000
us-gaap Share Based Compensation
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26000000
us-gaap Increase Decrease In Deferred Income Taxes
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20000000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
14000000
nxst Payments For Broadcast Rights
PaymentsForBroadcastRights
218000000
nxst Payments For Broadcast Rights
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
57000000
us-gaap Income Loss From Equity Method Investments
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-6000000
us-gaap Equity Method Investment Dividends Or Distributions
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251000000
us-gaap Equity Method Investment Dividends Or Distributions
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224000000
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-70000000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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3000000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-6000000
us-gaap Increase Decrease In Other Noncurrent Assets
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24000000
us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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-71000000
us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
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-7000000
us-gaap Increase Decrease In Accrued Income Taxes Payable
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-24000000
us-gaap Increase Decrease In Accrued Income Taxes Payable
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-41000000
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us-gaap Increase Decrease In Other Noncurrent Liabilities
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Other Operating Activities Cash Flow Statement
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10000000
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
77000000
us-gaap Payments To Acquire Property Plant And Equipment
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63000000
us-gaap Proceeds From Sale Of Other Assets Investing Activities
ProceedsFromSaleOfOtherAssetsInvestingActivities
45000000
us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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-3000000
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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-15000000
us-gaap Proceeds From Issuance Of Long Term Debt
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2480000000
us-gaap Repayments Of Debt
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62000000
us-gaap Repayments Of Debt
RepaymentsOfDebt
2673000000
us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
98000000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
73000000
nxst Payments For Capitalized Software Obligations
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nxst Payments For Capitalized Software Obligations
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9000000
us-gaap Proceeds From Minority Shareholders
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36000000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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17000000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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13000000
us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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6000000
us-gaap Payment For Contingent Consideration Liability Financing Activities
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14000000
us-gaap Payments To Minority Shareholders
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6000000
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1000000
us-gaap Proceeds From Payments For Other Financing Activities
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-1000000
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-709000000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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140000000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
85000000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
220000000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
207000000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
360000000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
292000000
us-gaap Interest Paid Net
InterestPaidNet
214000000
us-gaap Interest Paid Net
InterestPaidNet
144000000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
121000000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
178000000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
27000000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
7000000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
25000000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
23000000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-indent:2.533%;font-size:10.0pt;margin-top:0.0pt;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;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>
us-gaap Nature Of Operations
NatureOfOperations
<p id="note_1_organization_business_operations" style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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 and Business Operations</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:10.0pt;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 and majority-owned subsidiaries; 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;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 June 30, 2023, 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 CBS, FOX, NBC, ABC, The CW, MyNetworkTV, and other broadcast television networks. As of June 30, 2023, 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 (“UHF”) discount). Through various local service agreements, we provided 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 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;">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;">% interest in The CW Network, LLC, the fifth major broadcast network in the U.S. (“The CW”), NewsNation, a national cable news network, </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, Antenna TV and Rewind TV, multicast network services provided to third parties, 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;">140</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;">280</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, </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;">25</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;"> connected television applications, </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;">six</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;"> free ad-supported television channels representing products of our local television stations, The CW, NewsNationNow, The Hill and BestReviews, and a suite of advertiser solutions.</span></p>
CY2023Q2 nxst Number Of Full Power Television Stations Owned Operated Programmed Or Provided Sales And Other Services
NumberOfFullPowerTelevisionStationsOwnedOperatedProgrammedOrProvidedSalesAndOtherServices
199
CY2023Q2 nxst Number Of Am Radio Station
NumberOfAMRadioStation
1
CY2023Q2 nxst Number Of Television Markets
NumberOfTelevisionMarkets
116
CY2023Q2 nxst Number Of States
NumberOfStates
39
CY2023Q2 nxst Percentage Of Us Television House Hold Reach After Applying Fccuhf Discount
PercentageOfUsTelevisionHouseHoldReachAfterApplyingFccuhfDiscount
0.39
CY2023Q2 nxst Number Of Television Stations Owned By Consolidated Vi Es
NumberOfTelevisionStationsOwnedByConsolidatedVIEs
35
CY2023Q2 nxst Number Of Television Station Owned By An Unconsolidated Vie
NumberOfTelevisionStationOwnedByAnUnconsolidatedVIE
1
CY2023Q2 nxst Number Of Multicast Network Services Owned And Operated
NumberOfMulticastNetworkServicesOwnedAndOperated
2
CY2023Q2 nxst Number Of Local Websites
NumberOfLocalWebsites
140
CY2023Q2 nxst Number Of Mobile Applications
NumberOfMobileApplications
280
nxst Number Of Connected Television Applications
NumberOfConnectedTelevisionApplications
25
nxst Number Of Ad Supported Television Channels
NumberOfAdSupportedTelevisionChannels
6
us-gaap Use Of Estimates
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<p style="text-indent:2.533%;font-size:10.0pt;margin-top:10.0pt;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;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 June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 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 credit losses, 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, 2023, 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. 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:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:0.0pt;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, 2022. The balance sheet as of December 31, 2022</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>
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CY2022Q2 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2023Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023Q2 nxst Stock Options And Restricted Stock Units Exercised Period
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
362000000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q2 us-gaap Operating Lease Liability
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CY2023Q2 us-gaap Income Tax Expense Benefit
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CY2022Q2 us-gaap Income Tax Expense Benefit
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CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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nxst Stock Options And Restricted Stock Units Exercised Period
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us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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0.033
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
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us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.049
nxst Number Of Station Prohibited Owning In A Market
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CY2023Q2 nxst Maximum Percentage Of Us Television Household Reach
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0.39
nxst Maximum Percentage Allowed Of Providing Programming To Non Owned Television Station Through Tba Or Lma
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CY2023Q2 nxst Number Of Multicast Network Services Owned And Operated
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