$NXST
NEXSTAR MEDIA GROUP, INC.

2024 Q2 Form 10-Q Financial Statement

#000095017024056779 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $1.269B $1.284B
YoY Change 2.34% 2.15%
Cost Of Revenue $545.0M $548.0M
YoY Change 1.49% 3.2%
Gross Profit $724.0M $736.0M
YoY Change 2.99% 1.38%
Gross Profit Margin 57.05% 57.32%
Selling, General & Admin $269.0M $271.0M
YoY Change 2.67% 1.88%
% of Gross Profit 37.15% 36.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $208.0M $190.0M
YoY Change -20.61% -23.69%
% of Gross Profit 28.73% 25.82%
Operating Expenses $269.0M $271.0M
YoY Change 2.67% 1.88%
Operating Profit $240.0M $275.0M
YoY Change 34.08% 34.8%
Interest Expense -$97.00M -$95.00M
YoY Change 22.78% 15.85%
% of Operating Profit -40.42% -34.55%
Other Income/Expense, Net -$1.000M $1.000M
YoY Change -110.0% -200.0%
Pretax Income $149.0M $228.0M
YoY Change 35.45% 75.38%
Income Tax $43.00M $61.00M
% Of Pretax Income 28.86% 26.75%
Net Earnings $118.0M $175.0M
YoY Change 22.92% 57.66%
Net Earnings / Revenue 9.3% 13.63%
Basic Earnings Per Share $3.59 $5.25
Diluted Earnings Per Share $3.54 $5.16
COMMON SHARES
Basic Shares Outstanding 32.83M 33.43M
Diluted Shares Outstanding 33.29M 34.02M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.0M $237.0M
YoY Change -57.8% -42.62%
Cash & Equivalents $146.0M $237.0M
Short-Term Investments
Other Short-Term Assets $278.0M $206.0M
YoY Change -1.77% -25.63%
Inventory
Prepaid Expenses
Receivables $1.048B $1.051B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.472B $1.494B
YoY Change -6.42% -12.01%
LONG-TERM ASSETS
Property, Plant & Equipment $1.251B $1.264B
YoY Change -1.26% 0.64%
Goodwill $2.946B $2.946B
YoY Change -0.51% -0.51%
Intangibles
YoY Change
Long-Term Investments $852.0M $854.0M
YoY Change -7.69% -6.77%
Other Assets $383.0M $401.0M
YoY Change -0.52% 11.7%
Total Long-Term Assets $10.35B $10.45B
YoY Change -3.63% -2.93%
TOTAL ASSETS
Total Short-Term Assets $1.472B $1.494B
Total Long-Term Assets $10.35B $10.45B
Total Assets $11.82B $11.95B
YoY Change -3.99% -4.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $133.0M $115.0M
YoY Change 4.72% -44.44%
Accrued Expenses $348.0M $315.0M
YoY Change 4.5% 3.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $124.0M $124.0M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $828.0M $831.0M
YoY Change -0.96% -3.82%
LONG-TERM LIABILITIES
Long-Term Debt $6.657B $6.686B
YoY Change -1.68% -1.66%
Other Long-Term Liabilities $548.0M $574.0M
YoY Change -1.08% 3.42%
Total Long-Term Liabilities $7.205B $7.260B
YoY Change -1.64% -1.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $828.0M $831.0M
Total Long-Term Liabilities $7.205B $7.260B
Total Liabilities $9.539B $9.599B
YoY Change -2.13% -2.16%
SHAREHOLDERS EQUITY
Retained Earnings $3.369B $3.306B
YoY Change 7.22% 6.85%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.384B $2.276B
YoY Change 26.2% 28.44%
Treasury Stock Shares
Shareholders Equity $2.267B $2.321B
YoY Change
Total Liabilities & Shareholders Equity $11.82B $11.95B
YoY Change -3.99% -4.16%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $118.0M $175.0M
YoY Change 22.92% 57.66%
Depreciation, Depletion And Amortization $208.0M $190.0M
YoY Change -20.61% -23.69%
Cash From Operating Activities $176.0M $276.0M
YoY Change -4.86% -44.13%
INVESTING ACTIVITIES
Capital Expenditures $37.00M $44.00M
YoY Change -9.76% 22.22%
Acquisitions
YoY Change
Other Investing Activities $2.000M $40.00M
YoY Change -50.0%
Cash From Investing Activities -$35.00M -$4.000M
YoY Change -5.41% -88.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -232.0M -182.0M
YoY Change 7.91% -27.49%
NET CHANGE
Cash From Operating Activities 176.0M 276.0M
Cash From Investing Activities -35.00M -4.000M
Cash From Financing Activities -232.0M -182.0M
Net Change In Cash -91.00M 90.00M
YoY Change 35.82% -56.52%
FREE CASH FLOW
Cash From Operating Activities $176.0M $276.0M
Capital Expenditures $37.00M $44.00M
Free Cash Flow $139.0M $232.0M
YoY Change -3.47% -49.34%

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<p id="note_1_organization_business_operations" style="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-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-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 March 31, 2024</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">201</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">117</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">40</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;">March 31, 2024</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">39</span><span style="color:#000000;white-space:pre-wrap;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 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;min-width:fit-content;">35</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">two</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> television stations owned by unconsolidated VIEs. Nexstar also owns a </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">75.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% ownership 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;min-width:fit-content;">two</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">31.3</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">141</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> local websites, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">279</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">24</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">seven</span><span style="color:#000000;white-space:pre-wrap;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>
CY2024Q1 nxst Number Of Full Power Television Stations Owned Operated Programmed Or Provided Sales And Other Services
NumberOfFullPowerTelevisionStationsOwnedOperatedProgrammedOrProvidedSalesAndOtherServices
201
CY2024Q1 nxst Number Of Am Radio Station
NumberOfAMRadioStation
1
CY2024Q1 nxst Number Of Television Markets
NumberOfTelevisionMarkets
117
CY2024Q1 nxst Number Of States
NumberOfStates
40
CY2024Q1 nxst Percentage Of Us Television House Hold Reach After Applying Fccuhf Discount
PercentageOfUsTelevisionHouseHoldReachAfterApplyingFccuhfDiscount
0.39
CY2024Q1 nxst Number Of Television Stations Owned By Consolidated Vi Es
NumberOfTelevisionStationsOwnedByConsolidatedVIEs
35
CY2024Q1 nxst Number Of Television Stations Owned By An Unconsolidated Vie
NumberOfTelevisionStationsOwnedByAnUnconsolidatedVIE
2
CY2024Q1 nxst Number Of Multicast Network Services Owned And Operated
NumberOfMulticastNetworkServicesOwnedAndOperated
2
CY2024Q1 nxst Number Of Local Websites
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141
CY2024Q1 nxst Number Of Mobile Applications
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279
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24
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CY2024Q1 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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Condensed Consolidated Financial Statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 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 March 31, 2024, 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="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-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, 2023. The balance sheet as of December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;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>
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FiniteLivedIntangibleAssetsAccumulatedAmortization
2170000000
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2052000000
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CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
16000000
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
16000000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
16000000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
45000000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
46000000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
42000000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
41000000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
36000000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
36000000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
137000000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
383000000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
79000000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
304000000
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
61000000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
42000000
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.268
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.323
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.042
CY2024Q1 nxst Number Of Multicast Network Services Owned And Operated
NumberOfMulticastNetworkServicesOwnedAndOperated
2
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1284000000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1257000000
CY2024Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
138000000
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
142000000
CY2024Q1 nxst Payments For Broadcast Rights Ex Cw
PaymentsForBroadcastRightsExCw
19000000
CY2023Q1 nxst Payments For Broadcast Rights Ex Cw
PaymentsForBroadcastRightsExCw
27000000
CY2024Q1 nxst Miscellaneous Net
MiscellaneousNet
-1000000
CY2023Q1 nxst Miscellaneous Net
MiscellaneousNet
-6000000
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
275000000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
204000000
CY2024Q1 us-gaap Assets
Assets
11945000000
CY2023Q4 us-gaap Assets
Assets
12078000000
CY2024Q1 us-gaap Goodwill
Goodwill
2946000000
CY2023Q4 us-gaap Goodwill
Goodwill
2946000000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1284000000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1257000000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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