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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 000-50478

NEXSTAR MEDIA GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

 

23-3083125

(State of Incorporation or Organization)

 

(I.R.S. Employer Identification No.)

 

 

545 E. John Carpenter Freeway, Suite 700, Irving, Texas

 

75062

(Address of Principal Executive Offices)

 

(Zip Code)

(972) 373-8800

(Registrant’s Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock

 

NXST

 

NASDAQ Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that it was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

☒

 

Accelerated filer

 

☐

 

 

 

 

 

 

Non-accelerated filer

 

☐

 

Smaller reporting company

 

☐

 

 

 

 

 

 

 

 

 

Emerging growth company

 

☐

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 7, 2022, the registrant had 37,708,443 shares of Common Stock outstanding.

 

 

TABLE OF CONTENTS

 

 

 

 

 

 

Page

PART I

 

FINANCIAL INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

Financial Statements (Unaudited)

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2022 and 2021

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months ended September 30, 2022 and 2021

 

5

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2022 and 2021

 

7

 

 

 

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

 

 

 

Note 1: Organization and Business Operations

8

 

 

Note 2: Summary of Significant Accounting Policies

8

 

 

Note 3: Acquisitions

13

 

 

Note 4: Intangible Assets and Goodwill

15

 

 

Note 5: Investments

15

 

 

Note 6: Accrued Expenses

17

 

 

Note 7: Retirement and Post Retirement Plans

17

 

 

Note 8: Debt

18

 

 

Note 9: Leases

20

 

 

Note 10: Fair Value Measurements

21

 

 

Note 11: Common Stock

21

 

 

Note 12: Income Taxes

22

 

 

Note 13: FCC Regulatory Matters

22

 

 

Note 14: Commitments and Contingencies

24

 

 

Note 15: Segment Data

26

 

 

Note 16: Subsequent Events

28

 

 

 

 

 

 

 

ITEM 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

29

 

 

 

 

 

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

43

 

 

 

 

 

ITEM 4.

 

Controls and Procedures

 

43

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

Legal Proceedings

 

44

 

 

 

 

 

ITEM 1A.

 

Risk Factors

 

44

 

 

 

 

 

ITEM 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

44

 

 

 

 

 

ITEM 3.

 

Defaults Upon Senior Securities

 

44

 

 

 

 

 

ITEM 4.

 

Mine Safety Disclosures

 

44

 

 

 

 

 

ITEM 5.

 

Other Information

 

44

 

 

 

 

 

ITEM 6.

 

Exhibits

 

45

 

 

 

 

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements

NEXSTAR MEDIA GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except for share and per share information, unaudited)

 

 

September 30,

 

 

December 31,

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

346.6

 

 

$

190.9

 

Restricted cash and cash equivalents

 

15.6

 

 

 

15.6

 

Accounts receivable, net of allowance for doubtful accounts of $33.9 and $23.1, respectively

 

986.9

 

 

 

1,021.0

 

Broadcast rights

 

154.8

 

 

 

46.4

 

Prepaid expenses and other current assets

 

162.4

 

 

 

138.8

 

Total current assets

 

1,666.3

 

 

 

1,412.7

 

Property and equipment, net

 

1,491.0

 

 

 

1,512.5

 

Goodwill

 

3,051.6

 

 

 

3,051.6

 

FCC licenses

 

2,910.3

 

 

 

2,910.3

 

Network affiliation agreements, net

 

1,918.5

 

 

 

2,060.2

 

Other intangible assets, net

 

592.2

 

 

 

656.9

 

Investments

 

1,088.7

 

 

 

1,218.8

 

Assets held for sale, net

 

-

 

 

 

45.3

 

Other noncurrent assets, net

 

379.7

 

 

 

396.2

 

Total assets(1)

$

13,098.3

 

 

$

13,264.5

 

LIABILITIES AND STOCKHOLDERSʼ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Current portion of debt

$

124.3

 

 

$

47.2

 

Accounts payable

 

166.1

 

 

 

248.2

 

Broadcast rights payable

 

151.6

 

 

 

76.9

 

Accrued expenses

 

344.5

 

 

 

315.9

 

Operating lease liabilities

 

46.5

 

 

 

42.8

 

Deferred revenue

 

70.2

 

 

 

22.6

 

Other current liabilities

 

11.9

 

 

 

33.7

 

Total current liabilities

 

915.1

 

 

 

787.3

 

Debt

 

7,052.9

 

 

 

7,367.9

 

Deferred tax liabilities

 

1,714.9

 

 

 

1,728.5

 

Other noncurrent liabilities

 

467.0

 

 

 

523.3

 

Total liabilities(1)

 

10,149.9

 

 

 

10,407.0

 

Commitments and contingencies (Note 14)

 

 

 

 

 

Stockholdersʼ equity:

 

 

 

 

 

Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of September 30, 2022 and December 31, 2021

 

-

 

 

 

-

 

Common stock - $0.01 par value, 100,000,000 shares authorized; 47,291,463 shares issued, 38,278,270 shares outstanding as of September 30, 2022 and 47,291,463 shares issued, 40,757,429 shares outstanding as of December 31, 2021

 

0.5

 

 

 

0.5

 

Additional paid-in capital

 

1,270.7

 

 

 

1,311.1

 

Accumulated other comprehensive income

 

141.3

 

 

 

141.6

 

Retained earnings

 

2,863.7

 

 

 

2,204.2

 

Treasury stock - at cost; 9,013,193 and 6,534,034 shares as of September 30, 2022 and December 31, 2021, respectively

 

(1,350.1

)

 

 

(807.0

)

Total Nexstar Media Group, Inc. stockholdersʼ equity

 

2,926.1

 

 

 

2,850.4

 

Noncontrolling interests

 

22.3

 

 

 

7.1

 

Total stockholdersʼ equity

 

2,948.4

 

 

 

2,857.5

 

Total liabilities and stockholdersʼ equity

$

13,098.3

 

 

$

13,264.5

 

 

 

 

 

 

 

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

 

(1)
The condensed consolidated total assets as of September 30, 2022 and December 31, 2021 include certain assets held by consolidated VIEs of $306.3 million and $309.7 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of September 30, 2022 and December 31, 2021 include certain liabilities of consolidated VIEs of $156.8 million and $168.0 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

3

 

NEXSTAR MEDIA GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except for share and per share information, unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net revenue

 

$

1,269.1

 

 

$

1,157.0

 

 

$

3,724.3

 

 

$

3,402.5

 

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating expenses, excluding depreciation and amortization

 

 

511.1

 

 

 

480.1

 

 

 

1,502.7

 

 

 

1,391.8

 

Selling, general and administrative expenses, excluding depreciation and amortization

 

 

260.8

 

 

 

258.2

 

 

 

775.2

 

 

 

744.1

 

Amortization of broadcast rights

 

 

25.4

 

 

 

29.9

 

 

 

80.6

 

 

 

92.4

 

Amortization of intangible assets

 

 

76.8

 

 

 

75.7

 

 

 

231.9

 

 

 

223.2

 

Depreciation of property and equipment

 

 

40.2

 

 

 

41.3

 

 

 

118.6

 

 

 

120.7

 

Reimbursement from the FCC related to station repack

 

 

(0.5

)

 

 

(5.6

)

 

 

(2.8

)

 

 

(17.9

)

Other

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2.4

)

Total operating expenses

 

 

913.8

 

 

 

879.6

 

 

 

2,706.2

 

 

 

2,551.9

 

Income from operations

 

 

355.3

 

 

 

277.4

 

 

 

1,018.1

 

 

 

850.6

 

Gain on bargain purchase

 

 

54.1

 

 

 

-

 

 

 

54.1

 

 

 

-

 

Income from equity method investments, net

 

 

36.6

 

 

 

20.8

 

 

 

110.2

 

 

 

77.7

 

Interest expense, net

 

 

(88.6

)

 

 

(70.4

)

 

 

(233.2

)

 

 

(212.6

)

Pension and other postretirement plans credit, net

 

 

11.0

 

 

 

17.7

 

 

 

32.7

 

 

 

53.0

 

Other (expenses) income, net

 

 

1.0

 

 

 

(10.5

)

 

 

(10.5

)

 

 

(4.3

)

Income before income taxes

 

 

369.4

 

 

 

235.0

 

 

 

971.4

 

 

 

764.4

 

Income tax expense

 

 

(81.9

)

 

 

(65.9

)

 

 

(206.0

)

 

 

(196.3

)

Net income

 

 

287.5

 

 

 

169.1

 

 

 

765.4

 

 

 

568.1

 

Net loss attributable to noncontrolling interests

 

 

1.2

 

 

 

0.5

 

 

 

2.4

 

 

 

2.5

 

Net income attributable to Nexstar Media Group, Inc.

 

$

288.7

 

 

$

169.6

 

 

$

767.8

 

 

$

570.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share attributable to Nexstar Media Group, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

7.45

 

 

$

4.07

 

 

$

19.21

 

 

$

13.42

 

Diluted

 

$

7.30

 

 

$

3.90

 

 

$

18.81

 

 

$

12.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic (in thousands)

 

 

38,767

 

 

 

41,676

 

 

 

39,964

 

 

 

42,520

 

Diluted (in thousands)

 

 

39,560

 

 

 

43,476

 

 

 

40,816

 

 

 

44,422

 

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

 

4

 

NEXSTAR MEDIA GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For the Three Months Ended September 30, 2022 and 2021

(in millions, except for share and per share information, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Comprehensive

 

 

Treasury Stock

 

 

Noncontrolling

 

 

Stockholdersʼ

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income

 

 

Shares

 

 

Amount

 

 

interests

 

 

Equity

 

Balances as of June 30, 2022

 

 

47,291,463

 

 

$

0.5

 

 

$

1,257.9

 

 

$

2,609.9

 

 

$

141.3

 

 

 

(7,867,571

)

 

$

(1,139.9

)

 

$

(0.6

)

 

$

2,869.1

 

Purchase of treasury stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,197,138

)

 

 

(215.2

)

 

 

-

 

 

 

(215.2

)

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

17.2

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

17.2

 

Vesting of restricted stock units and exercise of stock options

 

 

-

 

 

 

-

 

 

 

(4.4

)

 

 

-

 

 

 

-

 

 

 

51,516

 

 

 

5.0

 

 

 

-

 

 

 

0.6

 

Dividends declared on common stock ($0.90 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(34.9

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(34.9

)

Noncontrolling interests from a business combination (see Note 3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

24.2

 

 

 

24.2

 

Distribution to a noncontrolling interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(0.1

)

 

 

(0.1

)

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

288.7

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1.2

)

 

 

287.5

 

Balances as of September 30, 2022

 

 

47,291,463

 

 

$

0.5

 

 

$

1,270.7

 

 

$

2,863.7

 

 

$

141.3

 

 

 

(9,013,193

)

 

$

(1,350.1

)

 

$

22.3

 

 

$

2,948.4