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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, 2021  

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

Class A 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 2, 2021, the registrant had 40,891,235 shares of Class A Common Stock outstanding.

 

 

 

 

TABLE OF CONTENTS

 

 

 

  

 

  

Page

PART I

  

FINANCIAL INFORMATION

  

 

 

 

 

 

 

ITEM 1.

  

Financial Statements (Unaudited)

  

 

 

 

 

 

 

 

  

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

  

3

 

 

 

 

 

 

  

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020

  

4

 

 

 

 

 

 

  

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2021 and 2020

  

5

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

 

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 and Dispositions

14

 

 

Note 4:  Intangible Assets and Goodwill

16

 

 

Note 5:  Investments

17

 

 

Note 6:  Accrued Expenses

18

 

 

Note 7:  Retirement and Post Retirement Plans

18

 

 

Note 8:  Debt

20

 

 

Note 9:  Leases

21

 

 

Note 10:  Fair Value Measurements

22

 

 

Note 11:  Common Stock

23

 

 

Note 12:  Income Taxes

24

 

 

Note 13:  FCC Regulatory Matters

24

 

 

Note 14:  Commitments and Contingencies

27

 

 

Note 15:  Segment Data

29

 

 

Note 16:  Subsequent Events

31

 

 

 

 

 

ITEM 2.

  

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

  

32

 

 

 

 

 

ITEM 3.

  

Quantitative and Qualitative Disclosures About Market Risk

  

47

 

 

 

 

 

ITEM 4.

  

Controls and Procedures

  

47

 

 

 

 

 

PART II

  

OTHER INFORMATION

  

 

 

 

 

 

 

ITEM 1.

  

Legal Proceedings

  

48

 

 

 

 

 

ITEM 1A.

  

Risk Factors

  

48

 

 

 

 

 

ITEM 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

  

48

 

 

 

 

 

ITEM 3.

  

Defaults Upon Senior Securities

  

48

 

 

 

 

 

ITEM 4.

  

Mine Safety Disclosures

  

48

 

 

 

 

 

ITEM 5.

  

Other Information

  

48

 

 

 

 

 

ITEM 6.

  

Exhibits

  

49

 

 

 

 

 

PART I. FINANCIAL INFORMATION

ITEM 1.

Financial Statements

NEXSTAR MEDIA GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

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

 

 

September 30,

 

 

December 31,

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

193,831

 

 

$

152,701

 

Restricted cash and cash equivalents

 

16,608

 

 

 

16,608

 

Accounts receivable, net of allowance for doubtful accounts of $18,907 and $34,922, respectively

 

923,005

 

 

 

904,801

 

Prepaid expenses and other current assets

 

178,104

 

 

 

135,872

 

Total current assets

 

1,311,548

 

 

 

1,209,982

 

Property and equipment, net

 

1,585,703

 

 

 

1,604,881

 

Goodwill

 

3,051,892

 

 

 

2,984,008

 

FCC licenses

 

2,909,951

 

 

 

2,909,704

 

Network affiliation agreements, net

 

2,107,732

 

 

 

2,250,283

 

Other intangible assets, net

 

683,581

 

 

 

688,918

 

Investments

 

1,188,759

 

 

 

1,333,778

 

Other noncurrent assets, net

 

443,828

 

 

 

422,722

 

Total assets(1)

$

13,282,994

 

 

$

13,404,276

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current portion of debt

$

40,715

 

 

$

21,429

 

Accounts payable

 

186,633

 

 

 

218,418

 

Broadcast rights payable

 

77,586

 

 

 

105,557

 

Accrued expenses

 

311,830

 

 

 

307,192

 

Operating lease liabilities

 

42,592

 

 

 

35,850

 

Other current liabilities

 

51,662

 

 

 

42,442

 

Total current liabilities

 

711,018

 

 

 

730,888

 

Debt

 

7,505,654

 

 

 

7,646,574

 

Deferred tax liabilities

 

1,695,466

 

 

 

1,674,008

 

Other noncurrent liabilities

 

737,432

 

 

 

815,930

 

Total liabilities(1)

 

10,649,570

 

 

 

10,867,400

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of September 30, 2021 and December 31, 2020

 

-

 

 

 

-

 

Class A Common stock - $0.01 par value, 100,000,000 shares authorized; 47,291,463 shares issued,

41,218,239 shares outstanding as of September 30, 2021 and 47,291,463 shares issued, 43,256,828 shares

  outstanding as of December 31, 2020

 

473

 

 

 

473

 

Class B Common stock - $0.01 par value, 20,000,000 shares authorized; none issued and outstanding

  at each of September 30, 2021 and December 31, 2020

 

-

 

 

 

-

 

Class C Common stock - $0.01 par value, 5,000,000 shares authorized; none issued and outstanding

at each of September 30, 2021 and December 31, 2020

 

-

 

 

 

-

 

Additional paid-in capital

 

1,335,370

 

 

 

1,362,510

 

Accumulated other comprehensive income

 

34,510

 

 

 

34,510

 

Retained earnings

 

1,964,018

 

 

 

1,488,031

 

Treasury stock - at cost; 6,073,224 and 4,034,635 shares as of September 30, 2021 and December 31, 2020, respectively

 

(715,630

)

 

 

(367,132

)

Total Nexstar Media Group, Inc. stockholders' equity

 

2,618,741

 

 

 

2,518,392

 

Noncontrolling interests

 

14,683

 

 

 

18,484

 

Total stockholders' equity

 

2,633,424

 

 

 

2,536,876

 

Total liabilities and stockholders' equity

$

13,282,994

 

 

$

13,404,276

 

 

 

 

 

 

 

 

 

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

 

(1)

The condensed consolidated total assets as of September 30, 2021 and December 31, 2020 include certain assets held by consolidated VIEs of $320.3 million and $323.2 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of September 30, 2021 and December 31, 2020 include certain liabilities of consolidated VIEs of $166.2 million and $142.6 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 thousands, except per share information, unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net revenue

 

$

1,157,012

 

 

$

1,118,203

 

 

$

3,402,533

 

 

$

3,124,658

 

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating expenses, excluding depreciation and amortization

 

 

480,056

 

 

 

423,091

 

 

 

1,391,773

 

 

 

1,284,789

 

Selling, general and administrative expenses, excluding depreciation and amortization

 

 

258,194

 

 

 

226,544

 

 

 

744,141

 

 

 

638,171

 

Amortization of broadcast rights

 

 

29,884

 

 

 

31,968

 

 

 

92,418

 

 

 

104,916

 

Amortization of intangible assets

 

 

75,730

 

 

 

69,265

 

 

 

223,229

 

 

 

209,360

 

Depreciation of property and equipment

 

 

41,354

 

 

 

36,611

 

 

 

120,726

 

 

 

107,787

 

Reimbursement from the FCC related to station repack

 

 

(5,585

)

 

 

(12,873

)

 

 

(17,926

)

 

 

(51,347

)

Gain on disposal of stations and business units, net

 

 

-

 

 

 

-

 

 

 

(2,455

)

 

 

(7,025

)

Change in the estimated fair value of contingent consideration attributable to a past merger

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,933

 

Gain on relinquishment of spectrum

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(10,791

)

Total operating expenses

 

 

879,633

 

 

 

774,606

 

 

 

2,551,906

 

 

 

2,279,793

 

Income from operations

 

 

277,379

 

 

 

343,597

 

 

 

850,627

 

 

 

844,865

 

Income from equity method investments, net

 

 

20,783

 

 

 

15,861

 

 

 

77,707

 

 

 

41,351

 

Interest expense, net

 

 

(70,377

)

 

 

(77,265

)

 

 

(212,557

)

 

 

(260,800

)

Loss on extinguishment of debt

 

 

(856

)

 

 

(37,371

)

 

 

(1,908

)

 

 

(44,848

)

Pension and other postretirement plans credit, net

 

 

17,657

 

 

 

10,761

 

 

 

52,972

 

 

 

32,285

 

Unrealized (loss) gain on an equity investment measured at fair value

 

 

(2,162

)

 

 

-

 

 

 

5,695

 

 

 

-

 

Loss on write-off of an equity investment

 

 

(7,000

)

 

 

-

 

 

 

(7,000

)

 

 

-

 

Other expenses, net

 

 

(414

)

 

 

(1,093

)

 

 

(1,090

)

 

 

(778

)

Income before income taxes

 

 

235,010

 

 

 

254,490

 

 

 

764,446

 

 

 

612,075

 

Income tax expense

 

 

(65,853

)

 

 

(65,177

)

 

 

(196,338

)

 

 

(166,927

)

Net income

 

 

169,157

 

 

 

189,313

 

 

 

568,108

 

 

 

445,148

 

Net loss attributable to noncontrolling interests

 

 

407

 

 

 

1,371

 

 

 

2,467

 

 

 

2,046

 

Net income attributable to Nexstar Media Group, Inc.

 

$

169,564

 

 

$

190,684

 

 

$

570,575

 

 

$

447,194

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

4.07

 

 

$

4.24

 

 

$

13.42

 

 

$

9.87

 

Diluted

 

$

3.90

 

 

$

4.08

 

 

$

12.84

 

 

$

9.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

41,676

 

 

 

44,979

 

 

 

42,520

 

 

 

45,313

 

Diluted

 

 

43,476

 

 

 

46,737

 

 

 

44,422

 

 

 

47,064

 

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, 2021 and 2020

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

 

 

Paid-In

 

 

 

 

Retained

 

 

 

 

Comprehensive

 

 

 

 

Treasury Stock

 

 

 

 

Noncontrolling

 

 

Stockholders'

 

 

 

Shares

 

 

 

 

Amount

 

 

 

 

Capital

 

 

 

 

Earnings

 

 

 

 

Income

 

 

 

 

Shares

 

 

 

 

Amount

 

 

 

 

interests

 

 

Equity

 

Balances as of June 30, 2021

 

 

47,291,463

 

 

 

 

$

473

 

 

 

 

$

1,327,205

 

 

 

 

$

1,823,706

 

 

 

 

$

34,510

 

 

 

 

 

(5,135,854

)

 

 

 

$

(575,724

)

 

 

 

$

15,090

 

 

$

2,625,260

 

Purchase of treasury stock

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

(980,770

)

 

 

 

 

(144,349

)

 

 

 

 

-

 

 

 

(144,349

)

Stock-based compensation expense

 

 

-

 

 

 

 

 

-

 

 

 

 

 

12,302

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

12,302

 

Vesting of restricted stock units and exercise of stock options

 

 

-

 

 

 

 

 

-

 

 

 

 

 

(4,137

)

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

43,400

 

 

 

 

 

4,443

 

 

 

 

 

-

 

 

 

306

 

Dividends declared on common stock ($0.70 per share)

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

(29,252

)

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

(29,252

)

Net income (loss)

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

169,564

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

(407

)

 

 

169,157

 

Balances as of September 30, 2021

 

 

47,291,463

 

 

 

 

$

473

 

 

 

 

$

1,335,370

 

 

 

 

$

1,964,018

 

 

 

 

$

34,510

 

 

 

 

 

(6,073,224

)

 

 

 

$

(715,630

)

 

 

 

$

14,683

 

 

$

2,633,424