$NXST
NEXSTAR MEDIA GROUP, INC.

2023 Q4 Form 10-Q Financial Statement

#000095017023061149 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.304B $1.132B
YoY Change -12.29% -10.8%
Cost Of Revenue $540.0M $530.0M
YoY Change 9.02% 3.7%
Gross Profit $764.0M $602.0M
YoY Change -22.94% -20.58%
Gross Profit Margin 58.59% 53.18%
Selling, General & Admin $289.0M $281.0M
YoY Change -13.34% 7.75%
% of Gross Profit 37.83% 46.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $210.0M $220.0M
YoY Change -9.09% 447.26%
% of Gross Profit 27.49% 36.54%
Operating Expenses $499.0M $281.0M
YoY Change -11.6% 7.75%
Operating Profit $265.0M $94.00M
YoY Change -37.92% -73.54%
Interest Expense -$92.00M -$89.00M
YoY Change 52.82% 71.15%
% of Operating Profit -34.72% -94.68%
Other Income/Expense, Net $9.000M $9.000M
YoY Change -32.33% 800.0%
Pretax Income $147.0M $14.00M
YoY Change -40.17% -96.21%
Income Tax $47.00M $6.000M
% Of Pretax Income 31.97% 42.86%
Net Earnings $115.0M $25.00M
YoY Change -43.43% -91.34%
Net Earnings / Revenue 8.82% 2.21%
Basic Earnings Per Share $0.71
Diluted Earnings Per Share $3.36 $0.70
COMMON SHARES
Basic Shares Outstanding 33.93M 35.08M
Diluted Shares Outstanding 35.37M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $135.0M $150.0M
YoY Change -33.86% -56.72%
Cash & Equivalents $135.0M $150.0M
Short-Term Investments
Other Short-Term Assets $236.0M $299.0M
YoY Change -28.7% -10.16%
Inventory
Prepaid Expenses
Receivables $1.095B $891.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.466B $1.340B
YoY Change -9.2% -19.58%
LONG-TERM ASSETS
Property, Plant & Equipment $1.269B $1.279B
YoY Change 0.52% -14.22%
Goodwill $2.946B $2.965B
YoY Change -0.5% -2.84%
Intangibles
YoY Change
Long-Term Investments $953.0M $942.0M
YoY Change -14.55% -13.3%
Other Assets $386.0M $376.0M
YoY Change 2.2% -0.97%
Total Long-Term Assets $10.61B $10.71B
YoY Change -4.09% -6.34%
TOTAL ASSETS
Total Short-Term Assets $1.466B $1.340B
Total Long-Term Assets $10.61B $10.71B
Total Assets $12.08B $12.05B
YoY Change -4.74% -8.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $235.0M $142.0M
YoY Change 18.87% -14.51%
Accrued Expenses $350.0M $322.0M
YoY Change 9.55% -6.53%
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 $961.0M $852.0M
YoY Change 7.59% -6.9%
LONG-TERM LIABILITIES
Long-Term Debt $6.713B $6.742B
YoY Change -1.67% -4.41%
Other Long-Term Liabilities $571.0M $538.0M
YoY Change -2.16% 15.2%
Total Long-Term Liabilities $7.284B $7.280B
YoY Change -1.71% -3.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $961.0M $852.0M
Total Long-Term Liabilities $7.284B $7.280B
Total Liabilities $9.765B $9.701B
YoY Change -1.46% -4.42%
SHAREHOLDERS EQUITY
Retained Earnings $3.188B $3.120B
YoY Change 5.11% 8.95%
Common Stock $0.00 $0.00
YoY Change -100.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.173B $2.084B
YoY Change 35.22% 54.36%
Treasury Stock Shares
Shareholders Equity $2.299B $2.332B
YoY Change
Total Liabilities & Shareholders Equity $12.08B $12.05B
YoY Change -4.74% -8.03%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $115.0M $25.00M
YoY Change -43.43% -91.34%
Depreciation, Depletion And Amortization $210.0M $220.0M
YoY Change -9.09% 447.26%
Cash From Operating Activities $182.0M $138.0M
YoY Change -16.51% -63.3%
INVESTING ACTIVITIES
Capital Expenditures $74.00M $36.00M
YoY Change 29.14% -197.3%
Acquisitions
YoY Change
Other Investing Activities $38.00M -$28.00M
YoY Change -80.35% -168.46%
Cash From Investing Activities -$36.00M -$64.00M
YoY Change -126.45% -1741.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -163.0M -270.0M
YoY Change -67.18% -12.82%
NET CHANGE
Cash From Operating Activities 182.0M 138.0M
Cash From Investing Activities -36.00M -64.00M
Cash From Financing Activities -163.0M -270.0M
Net Change In Cash -17.00M -196.0M
YoY Change -88.07% -379.2%
FREE CASH FLOW
Cash From Operating Activities $182.0M $138.0M
Capital Expenditures $74.00M $36.00M
Free Cash Flow $108.0M $102.0M
YoY Change -32.79% -75.3%

Facts In Submission

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Nature Of Operations
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<p id="note_1_organization_business_operations" style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Note 1: Organization and Business Operations</span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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 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:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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 September 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, we owned, operated, programmed or provided sales and other services to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">200</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> full power television stations and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">116</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> markets in </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">39</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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 </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">September 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, Nexstar’s stations reached approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">39</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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 provided sales, programming, and other services to </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">35</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> television stations owned by consolidated VIEs and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> television station owned by an unconsolidated VIE. Nexstar also owns a </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">75.0</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">two</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">31.3</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">142</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> local websites and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">286</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> mobile applications, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">25</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> connected television applications, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">six</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> free ad-supported television channels representing products of our local television stations, The CW, NewsNation, The Hill and BestReviews, and a suite of advertiser solutions.</span></p>
CY2023Q3 nxst Number Of Full Power Television Stations Owned Operated Programmed Or Provided Sales And Other Services
NumberOfFullPowerTelevisionStationsOwnedOperatedProgrammedOrProvidedSalesAndOtherServices
200
CY2023Q3 nxst Number Of Am Radio Station
NumberOfAMRadioStation
1
CY2023Q3 nxst Number Of Television Markets
NumberOfTelevisionMarkets
116
CY2023Q3 nxst Number Of States
NumberOfStates
39
CY2023Q3 nxst Percentage Of Us Television House Hold Reach After Applying Fccuhf Discount
PercentageOfUsTelevisionHouseHoldReachAfterApplyingFccuhfDiscount
0.39
CY2023Q3 nxst Number Of Television Stations Owned By Consolidated Vi Es
NumberOfTelevisionStationsOwnedByConsolidatedVIEs
35
CY2023Q3 nxst Number Of Television Station Owned By An Unconsolidated Vie
NumberOfTelevisionStationOwnedByAnUnconsolidatedVIE
1
CY2023Q3 nxst Number Of Multicast Network Services Owned And Operated
NumberOfMulticastNetworkServicesOwnedAndOperated
2
CY2023Q3 nxst Number Of Local Websites
NumberOfLocalWebsites
142
CY2023Q3 nxst Number Of Mobile Applications
NumberOfMobileApplications
286
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:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Interim Financial Statements</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Condensed Consolidated Financial Statements as of September 30, 2023 and for the three and nine months ended September 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 September 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;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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, 2022. The balance sheet as of December 31, 2022</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-indent:2.533%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Basis of Presentation</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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>
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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34931000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38767000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35806000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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