$NXST
NEXSTAR MEDIA GROUP, INC.

2024 Q3 Form 10-Q Financial Statement

#000095017024093776 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.366B $1.269B
YoY Change 20.67% 2.34%
Cost Of Revenue $563.0M $545.0M
YoY Change 6.23% 1.49%
Gross Profit $803.0M $724.0M
YoY Change 33.39% 2.99%
Gross Profit Margin 58.78% 57.05%
Selling, General & Admin $278.0M $269.0M
YoY Change -1.07% 2.67%
% of Gross Profit 34.62% 37.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $190.0M $208.0M
YoY Change -13.64% -20.61%
% of Gross Profit 23.66% 28.73%
Operating Expenses $278.0M $269.0M
YoY Change -1.07% 2.67%
Operating Profit $335.0M $240.0M
YoY Change 256.38% 34.08%
Interest Expense -$96.00M -$97.00M
YoY Change 7.87% 22.78%
% of Operating Profit -28.66% -40.42%
Other Income/Expense, Net -$1.000M -$1.000M
YoY Change -111.11% -110.0%
Pretax Income $244.0M $149.0M
YoY Change 1642.86% 35.45%
Income Tax $64.00M $43.00M
% Of Pretax Income 26.23% 28.86%
Net Earnings $187.0M $118.0M
YoY Change 648.0% 22.92%
Net Earnings / Revenue 13.69% 9.3%
Basic Earnings Per Share $5.34 $3.59
Diluted Earnings Per Share $5.27 $3.54
COMMON SHARES
Basic Shares Outstanding 32.26M 32.83M
Diluted Shares Outstanding 32.44M 33.29M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $181.0M $146.0M
YoY Change 20.67% -57.8%
Cash & Equivalents $181.0M $146.0M
Short-Term Investments
Other Short-Term Assets $224.0M $278.0M
YoY Change -25.08% -1.77%
Inventory
Prepaid Expenses
Receivables $1.016B $1.048B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.421B $1.472B
YoY Change 6.04% -6.42%
LONG-TERM ASSETS
Property, Plant & Equipment $1.233B $1.251B
YoY Change -3.6% -1.26%
Goodwill $2.946B $2.946B
YoY Change -0.64% -0.51%
Intangibles
YoY Change
Long-Term Investments $865.0M $852.0M
YoY Change -8.17% -7.69%
Other Assets $383.0M $383.0M
YoY Change 1.86% -0.52%
Total Long-Term Assets $10.27B $10.35B
YoY Change -4.06% -3.63%
TOTAL ASSETS
Total Short-Term Assets $1.421B $1.472B
Total Long-Term Assets $10.27B $10.35B
Total Assets $11.69B $11.82B
YoY Change -2.94% -3.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $132.0M $133.0M
YoY Change -7.04% 4.72%
Accrued Expenses $333.0M $348.0M
YoY Change 3.42% 4.5%
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 $846.0M $828.0M
YoY Change -0.7% -0.96%
LONG-TERM LIABILITIES
Long-Term Debt $6.576B $6.657B
YoY Change -2.46% -1.68%
Other Long-Term Liabilities $536.0M $548.0M
YoY Change -0.37% -1.08%
Total Long-Term Liabilities $7.112B $7.205B
YoY Change -2.31% -1.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $846.0M $828.0M
Total Long-Term Liabilities $7.112B $7.205B
Total Liabilities $9.452B $9.539B
YoY Change -2.57% -2.13%
SHAREHOLDERS EQUITY
Retained Earnings $3.485B $3.369B
YoY Change 11.7% 7.22%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.559B $2.384B
YoY Change 22.79% 26.2%
Treasury Stock Shares
Shareholders Equity $2.219B $2.267B
YoY Change
Total Liabilities & Shareholders Equity $11.69B $11.82B
YoY Change -2.94% -3.99%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $187.0M $118.0M
YoY Change 648.0% 22.92%
Depreciation, Depletion And Amortization $190.0M $208.0M
YoY Change -13.64% -20.61%
Cash From Operating Activities $387.0M $176.0M
YoY Change 180.43% -4.86%
INVESTING ACTIVITIES
Capital Expenditures $29.00M $37.00M
YoY Change -19.44% -9.76%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.000M
YoY Change -100.0% -50.0%
Cash From Investing Activities -$29.00M -$35.00M
YoY Change -54.69% -5.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -323.0M -232.0M
YoY Change 19.63% 7.91%
NET CHANGE
Cash From Operating Activities 387.0M 176.0M
Cash From Investing Activities -29.00M -35.00M
Cash From Financing Activities -323.0M -232.0M
Net Change In Cash 35.00M -91.00M
YoY Change -117.86% 35.82%
FREE CASH FLOW
Cash From Operating Activities $387.0M $176.0M
Capital Expenditures $29.00M $37.00M
Free Cash Flow $358.0M $139.0M
YoY Change 250.98% -3.47%

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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 June 30, 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;">June 30, 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;">142</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>
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201
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1
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117
CY2024Q2 nxst Number Of States
NumberOfStates
40
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PercentageOfUsTelevisionHouseHoldReachAfterApplyingFccuhfDiscount
0.39
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NumberOfTelevisionStationsOwnedByConsolidatedVIEs
35
CY2024Q2 nxst Number Of Television Stations Owned By An Unconsolidated Vie
NumberOfTelevisionStationsOwnedByAnUnconsolidatedVIE
2
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2
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142
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279
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24
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7
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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 June 30, 2024 and for the three and six months ended June 30, 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 June 30, 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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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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628000
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36314000
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33656000
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36878000
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2977000000
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