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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, 2024

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, 2024, the registrant had 31,021,938 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, 2024 and December 31, 2023

3

 

 

 

 

 

Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2024 and 2023

4

 

 

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for the Three and Nine Months ended September 30, 2024 and 2023

5

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2024 and 2023

 

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

 

12

 

 

 

Note 4: Intangible Assets and Goodwill

 

12

 

 

 

Note 5: Investments

 

13

 

 

 

Note 6: Accrued Expenses

 

14

 

 

 

Note 7: Debt

 

15

 

 

 

Note 8: Retirement and Postretirement Plans

 

16

 

 

 

Note 9: Leases

 

16

 

 

 

Note 10: Commitments and Contingencies

 

17

 

 

 

Note 11: Equity

 

19

 

 

 

Note 12: Income Taxes

 

20

 

 

 

Note 13: Income Per Share

 

20

 

 

 

Note 14: Fair Value Measurements

 

21

 

 

 

Note 15: Segment Data

 

21

 

 

 

Note 16: Subsequent Events

 

24

 

 

 

 

 

 

 

ITEM 2.

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

25

 

 

 

 

 

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

34

 

 

 

 

 

ITEM 4.

Controls and Procedures

34

 

 

 

 

 

PART II

OTHER INFORMATION

 

 

 

 

 

 

ITEM 1.

Legal Proceedings

35

 

 

 

 

 

ITEM 1A.

Risk Factors

35

 

 

 

 

 

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

35

 

 

 

 

 

ITEM 3.

Defaults Upon Senior Securities

35

 

 

 

 

 

ITEM 4.

Mine Safety Disclosures

35

 

 

 

 

 

ITEM 5.

Other Information

35

 

 

 

 

 

ITEM 6.

Exhibits

36

 

 

 

 

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,

 

2024

 

 

2023

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

$

181

 

 

$

135

 

Restricted cash and cash equivalents

 

-

 

 

 

12

 

Accounts receivable, net of allowance for credit losses of $20 and $20, respectively

 

1,016

 

 

 

1,095

 

Broadcast rights

 

132

 

 

 

136

 

Prepaid expenses and other current assets

 

92

 

 

 

88

 

Total current assets

 

1,421

 

 

 

1,466

 

Property and equipment, net

 

1,233

 

 

 

1,269

 

Goodwill

 

2,946

 

 

 

2,946

 

FCC licenses

 

2,929

 

 

 

2,929

 

Network affiliation agreements, net

 

1,541

 

 

 

1,683

 

Other intangible assets, net

 

371

 

 

 

441

 

Investments

 

869

 

 

 

958

 

Other noncurrent assets, net

 

383

 

 

 

386

 

Total assets(1)

$

11,693

 

 

$

12,078

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERSʼ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Current portion of debt

$

124

 

 

$

124

 

Accounts payable

 

132

 

 

 

235

 

Broadcast rights payable

 

124

 

 

 

136

 

Accrued expenses

 

333

 

 

 

350

 

Other current liabilities

 

133

 

 

 

116

 

Total current liabilities

 

846

 

 

 

961

 

Debt

 

6,576

 

 

 

6,713

 

Deferred tax liabilities

 

1,494

 

 

 

1,520

 

Other noncurrent liabilities

 

536

 

 

 

571

 

Total liabilities(1)

 

9,452

 

 

 

9,765

 

Commitments and contingencies (Note 10)

 

 

 

 

Redeemable noncontrolling interests (Note 2)

 

37

 

 

 

-

 

Stockholdersʼ equity:

 

 

 

 

Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of September 30, 2024 and December 31, 2023

 

-

 

 

 

-

 

Common stock - $0.01 par value, 100,000,000 shares authorized; 47,282,823 shares issued, 31,476,115 shares outstanding as of September 30, 2024 and 47,282,823 shares issued, 33,600,926 shares outstanding as of December 31, 2023

 

-

 

 

 

-

 

Additional paid-in capital

 

1,292

 

 

 

1,283

 

Accumulated other comprehensive income

 

1

 

 

 

1

 

Retained earnings

 

3,485

 

 

 

3,188

 

Treasury stock - at cost; 15,806,708 and 13,681,897 shares as of September 30, 2024 and December 31, 2023, respectively

 

(2,559

)

 

 

(2,173

)

Total Nexstar Media Group, Inc. stockholdersʼ equity

 

2,219

 

 

 

2,299

 

Noncontrolling interests

 

(15

)

 

 

14

 

Total stockholdersʼ equity

 

2,204

 

 

 

2,313

 

Total liabilities, redeemable noncontrolling interests and stockholdersʼ equity

$

11,693

 

 

$

12,078

 

 

 

 

 

 

 

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

 

(1)
The condensed consolidated total assets as of September 30, 2024 and December 31, 2023 include certain assets held by consolidated VIEs of $298 million and $300 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of September 30, 2024 and December 31, 2023 include certain liabilities of consolidated VIEs of $144 million and $152 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,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net revenue

 

$

1,366

 

 

$

1,132

 

 

$

3,920

 

 

$

3,629

 

Operating expenses:

 

 

 

 

 

 

 

 

Direct operating, excluding depreciation and amortization

 

 

563

 

 

 

537

 

 

 

1,663

 

 

 

1,613

 

Selling, general and administrative, excluding depreciation and amortization

 

 

278

 

 

 

281

 

 

 

818

 

 

 

808

 

Depreciation and amortization

 

 

190

 

 

 

220

 

 

 

588

 

 

 

731

 

Total operating expenses

 

 

1,031

 

 

 

1,038

 

 

 

3,069

 

 

 

3,152

 

Income from operations

 

 

335

 

 

 

94

 

 

 

851

 

 

 

477

 

Income from equity method investments, net

 

 

17

 

 

 

24

 

 

 

52

 

 

 

82

 

Interest expense, net

 

 

(113

)

 

 

(113

)

 

 

(340

)

 

 

(332

)

Pension and other postretirement plans credit, net

 

 

6

 

 

 

9

 

 

 

20

 

 

 

27

 

Gain on disposal of an investment

 

 

-

 

 

 

-

 

 

 

40

 

 

 

-

 

Other expenses, net

 

 

(1

)

 

 

-

 

 

 

(1

)

 

 

-

 

Income before income taxes

 

 

244

 

 

 

14

 

 

 

622

 

 

 

254

 

Income tax expense

 

 

(64

)

 

 

(6

)

 

 

(169

)

 

 

(83

)

Net income

 

 

180

 

 

 

8

 

 

 

453

 

 

 

171

 

Net loss attributable to noncontrolling interests

 

 

7

 

 

 

17

 

 

 

27

 

 

 

61

 

Net income attributable to Nexstar Media Group, Inc.

 

$

187

 

 

$

25

 

 

$

480

 

 

$

232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share available to common stockholders:

 

 

 

 

 

 

 

 

Basic

 

$

5.34

 

 

$

0.71

 

 

$

14.17

 

 

$

6.47

 

Diluted

 

$

5.27

 

 

$

0.70

 

 

$

13.96

 

 

$

6.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

Basic (in thousands)

 

 

32,020

 

 

 

34,931

 

 

 

32,759

 

 

 

35,806

 

Diluted (in thousands)

 

 

32,441

 

 

 

35,367

 

 

 

33,248

 

 

 

36,370

 

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 AND REDEEMABLE NONCONTROLLING INTERESTS

For the Three Months Ended September 30, 2024 and 2023

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Comprehensive

 

 

Treasury Stock

 

 

Noncontrolling

 

 

Stockholdersʼ

 

 

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income

 

 

Shares

 

 

Amount

 

 

interests

 

 

Equity

 

Balances as of June 30, 2024

 

$

-

 

 

 

 

47,282,823

 

 

$

-

 

 

$

1,281

 

 

$

3,369

 

 

$

1

 

 

 

(14,797,318

)

 

$

(2,384

)

 

$

13

 

 

$

2,280

 

Purchase of treasury stock

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,061,852

)

 

 

(179

)

 

 

-

 

 

 

(179

)

Stock-based compensation expense

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

19

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

19

 

Vesting of restricted stock units and exercise of stock options

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

(8

)

 

 

-

 

 

 

-

 

 

 

52,462

 

 

 

4

 

 

 

-

 

 

 

(4

)

Dividends declared on common stock ($1.69 per share)

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(55

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(55

)

Adjustment to redeemable noncontrolling interests (Note 2)

 

 

27

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(27

)

 

 

(27

)

Accretion of redeemable noncontrolling interests (Notes 2 and 13)

 

 

16

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(16

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(16

)

Net income (loss)

 

 

(6

)

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

187

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1

)

 

 

186

 

Balances as of September 30, 2024

 

$

37

 

 

 

 

47,282,823

 

 

$

-

 

 

$

1,292

 

 

$

3,485

 

 

$

1

 

 

 

(15,806,708

)

 

$

(2,559

)

 

$

(15

)

 

$

2,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of June 30, 2023

 

$

-

 

 

 

 

47,282,823

 

 

$

-

 

 

$

1,263

 

 

$

3,142

 

 

$

27

 

 

 

(11,901,423

)

 

$

(1,889

)

 

$

20

 

 

$

2,563

 

Purchase of treasury stock

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,274,852

)

 

 

(200

)

 

 

-

 

 

 

(200

)

Stock-based compensation expense

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

16

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

16

 

Vesting of restricted stock units and exercise of stock options

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

(10

)

 

 

-

 

 

 

-

 

 

 

87,712

 

 

 

5

 

 

 

-

 

 

 

(5

)

Dividends declared on common stock ($1.35 per share)

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(47

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(47

)

Contribution from noncontrolling interests

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

11

 

 

 

11

 

Net income (loss)

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

25

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(17

)

 

 

8

 

Balances as of September 30, 2023

 

$

-

 

 

 

 

47,282,823

 

 

$

-

 

 

$

1,269

 

 

$

3,120

 

 

$

27

 

 

 

(13,088,563

)

 

$

(2,084

)

 

$

14

 

 

$

2,346

 

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

5

 

NEXSTAR MEDIA GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

For the Nine Months Ended September 30, 2024 and 2023

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Noncontrolling

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Comprehensive

 

 

Treasury Stock

 

 

Noncontrolling

 

 

Stockholdersʼ

 

 

 

Interests

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income

 

 

Shares

 

 

Amount

 

 

interests

 

 

Equity

 

Balances as of December 31, 2023

 

$

-

 

 

 

 

47,282,823

 

 

$

-

 

 

$

1,283

 

 

$

3,188

 

 

$

1

 

 

 

(13,681,897

)

 

$

(2,173

)

 

$

14

 

 

$

2,313

 

Purchase of treasury stock

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,576,330

)

 

 

(427

)

 

 

-

 

 

 

(427

)

Stock-based compensation expense

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

57

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

57

 

Vesting of restricted stock units and exercise of stock options

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

(48

)

 

 

-

 

 

 

-

 

 

 

451,519

 

 

 

41

 

 

 

-

 

 

 

(7

)

Dividends declared on common stock ($5.07 per share)

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(167

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(167

)

Adjustment to redeemable noncontrolling interests (Note 2)

 

 

27

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(27

)

 

 

(27

)

Contribution from noncontrolling interests

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

19

 

 

 

19

 

Accretion of redeemable noncontrolling interests (Notes 2 and 13)

 

 

16

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(16

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(16

)

Net income (loss)

 

 

(6

)

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

480

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(21

)

 

 

459

 

Balances as of September 30, 2024

 

$

37

 

 

 

 

47,282,823

 

 

$

-

 

 

$

1,292

 

 

$

3,485

 

 

$

1

 

 

 

(15,806,708

)

 

$

(2,559

)

 

$

(15

)

 

$

2,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of December 31, 2022

 

$

-

 

 

 

 

47,282,823

 

 

$

-

 

 

$

1,288

 

 

$

3,033

 

 

$

27

 

 

 

(10,472,637

)

 

$

(1,607

)

 

$

28

 

 

$

2,769

 

Purchase of treasury stock

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,152,635

)

 

 

(518

)

 

 

-

 

 

 

(518

)

Stock-based compensation expense

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

44

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

44

 

Vesting of restricted stock units and exercise of stock options

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

(63

)

 

 

-

 

 

 

-

 

 

 

536,709

 

 

 

41

 

 

 

-

 

 

 

(22

)

Dividends declared on common stock ($4.05 per share)

 

 

-

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(145

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(145

)

Contribution from noncontrolling interests

 

 

-

 

 

 

 

-