Company Quick10K Filing
Nexstar Media Group
Price101.81 EPS6
Shares48 P/E18
MCap4,879 P/FCF15
Net Debt8,202 EBIT382
TEV13,080 TEV/EBIT34
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-05
10-K 2020-12-31 Filed 2021-03-01
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8-K 2020-11-05
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8-K 2018-02-01
8-K 2018-01-16

NXST 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1: Organization and Business Operations
Note 2: Summary of Significant Accounting Policies
Note 3: Acquisitions and Dispositions
Note 4: Intangible Assets and Goodwill
Note 5: Investments
Note 6: Accrued Expenses
Note 7: Retirement and Postretirement Plans
Note 8: Debt
Note 9: Leases
Note 10: Fair Value Measurements
Note 11: Common Stock
Note 12: Income Taxes
Note 13: Fcc Regulatory Matters
Note 14: Commitments and Contingencies
Note 15: Segment Data
Note 16: Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.7 nxst-ex107_131.htm
EX-31.1 nxst-ex311_7.htm
EX-31.2 nxst-ex312_8.htm
EX-32.1 nxst-ex321_9.htm
EX-32.2 nxst-ex322_6.htm

Nexstar Media Group Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
0.80.60.40.30.1-0.12012201420172020
Rev, G Profit, Net Income
4.82.91.0-0.8-2.7-4.62012201420172020
Ops, Inv, Fin

nxst-10q_20210331.htm
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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 March 31, 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 May 3, 2021, the registrant had 42,744,309 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 March 31, 2021 and December 31, 2020

  

1

 

 

 

 

 

 

  

Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020

  

2

 

 

 

 

 

 

  

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2021 and 2020

  

3

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020

 

4

 

 

 

 

 

 

  

Notes to Condensed Consolidated Financial Statements

  

 

 

 

Note 1:  Organization and Business Operations

5

 

 

Note 2:  Summary of Significant Accounting Policies

5

 

 

Note 3:  Acquisitions and Dispositions

10

 

 

Note 4:  Intangible Assets and Goodwill

11

 

 

Note 5:  Investments

12

 

 

Note 6:  Accrued Expenses

13

 

 

Note 7:  Retirement and Post Retirement Plans

14

 

 

Note 8:  Debt

15

 

 

Note 9:  Leases

16

 

 

Note 10:  Fair Value Measurements

17

 

 

Note 11:  Common Stock

18

 

 

Note 12:  Income Taxes

18

 

 

Note 13:  FCC Regulatory Matters

18

 

 

Note 14:  Commitments and Contingencies

21

 

 

Note 15:  Segment Data

23

 

 

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

  

38

 

 

 

 

 

ITEM 4.

  

Controls and Procedures

  

38

 

 

 

 

 

PART II

  

OTHER INFORMATION

  

 

 

 

 

 

 

ITEM 1.

  

Legal Proceedings

  

39

 

 

 

 

 

ITEM 1A.

  

Risk Factors

  

39

 

 

 

 

 

ITEM 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

  

39

 

 

 

 

 

ITEM 3.

  

Defaults Upon Senior Securities

  

39

 

 

 

 

 

ITEM 4.

  

Mine Safety Disclosures

  

39

 

 

 

 

 

ITEM 5.

  

Other Information

  

39

 

 

 

 

 

ITEM 6.

  

Exhibits

  

40

 

 

 


 

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)

 

 

March 31,

 

 

December 31,

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

339,777

 

 

$

152,701

 

Restricted cash and cash equivalents

 

16,608

 

 

 

16,608

 

Accounts receivable, net of allowance for doubtful accounts of $36,886 and $34,922, respectively

 

920,055

 

 

 

904,801

 

Prepaid expenses and other current assets

 

99,679

 

 

 

135,872

 

Total current assets

 

1,376,119

 

 

 

1,209,982

 

Property and equipment, net

 

1,600,909

 

 

 

1,604,881

 

Goodwill

 

2,982,507

 

 

 

2,984,008

 

FCC licenses

 

2,908,951

 

 

 

2,909,704

 

Network affiliation agreements, net

 

2,202,676

 

 

 

2,250,283

 

Other intangible assets, net

 

664,606

 

 

 

688,918

 

Investments

 

1,185,541

 

 

 

1,333,778

 

Other noncurrent assets, net

 

426,240

 

 

 

422,722

 

Total assets(1)

$

13,347,549

 

 

$

13,404,276

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current portion of debt

$

24,804

 

 

$

21,429

 

Accounts payable

 

217,865

 

 

 

218,418

 

Broadcast rights payable

 

90,819

 

 

 

105,557

 

Accrued expenses

 

324,750

 

 

 

307,192

 

Other current liabilities

 

71,424

 

 

 

78,292

 

Total current liabilities

 

729,662

 

 

 

730,888

 

Debt

 

7,567,303

 

 

 

7,646,574

 

Deferred tax liabilities

 

1,673,207

 

 

 

1,674,008

 

Other noncurrent liabilities

 

786,369

 

 

 

815,930

 

Total liabilities(1)

 

10,756,541

 

 

 

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 March 31, 2021 and December 31, 2020

 

-

 

 

 

-

 

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

42,917,335 shares outstanding as of March 31, 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 March 31, 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 March 31, 2021 and December 31, 2020

 

-

 

 

 

-

 

Additional paid-in capital

 

1,334,415

 

 

 

1,362,510

 

Accumulated other comprehensive income

 

34,510

 

 

 

34,510

 

Retained earnings

 

1,658,573

 

 

 

1,488,031

 

Treasury stock - at cost; 4,374,128 and 4,034,635 shares as of March 31, 2021 and December 31, 2020, respectively

 

(453,769

)

 

 

(367,132

)

Total Nexstar Media Group, Inc. stockholders’ equity

 

2,574,202

 

 

 

2,518,392

 

Noncontrolling interests

 

16,806

 

 

 

18,484

 

Total stockholders' equity

 

2,591,008

 

 

 

2,536,876

 

Total liabilities and stockholders' equity

$

13,347,549

 

 

$

13,404,276

 

 

 

 

 

 

 

 

 

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

 

(1)

The condensed consolidated total assets as of March 31, 2021 and December 31, 2020 include certain assets held by consolidated VIEs of $321.3 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 March 31, 2021 and December 31, 2020 include certain liabilities of consolidated VIEs of $148.3 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.

1


NEXSTAR MEDIA GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share information, unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2021

 

 

2020

 

Net revenue

 

$

1,113,931

 

 

$

1,091,822

 

Operating expenses (income):

 

 

 

 

 

 

 

 

Direct operating expenses, excluding depreciation and amortization

 

 

449,392

 

 

 

445,059

 

Selling, general and administrative expenses, excluding depreciation and amortization

 

 

243,437

 

 

 

218,384

 

Amortization of broadcast rights

 

 

30,883

 

 

 

37,208

 

Amortization of intangible assets

 

 

73,687

 

 

 

70,583

 

Depreciation

 

 

39,468

 

 

 

35,406

 

Reimbursement from the FCC related to station repack

 

 

(5,415

)

 

 

(12,758

)

Gain on disposal of stations and business units, net

 

 

(2,441

)

 

 

(7,075

)

Total operating expenses

 

 

829,011

 

 

 

786,807

 

Income from operations

 

 

284,920

 

 

 

305,015

 

Income on equity investments, net

 

 

29,808

 

 

 

14,158

 

Interest expense, net

 

 

(72,054

)

 

 

(101,284

)

Loss on extinguishment of debt

 

 

(989

)

 

 

(7,477

)

Pension and other postretirement plans credit, net

 

 

17,657

 

 

 

10,762

 

Other (expenses) income, net

 

 

(423

)

 

 

864

 

Income before income taxes

 

 

258,919

 

 

 

222,038

 

Income tax expense

 

 

(59,729

)

 

 

(64,344

)

Net income

 

 

199,190

 

 

 

157,694

 

Net loss (income) attributable to noncontrolling interests

 

 

1,717

 

 

 

(779

)

Net income attributable to Nexstar Media Group, Inc.

 

$

200,907

 

 

$

156,915

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Basic

 

$

4.64

 

 

$

3.43

 

Diluted

 

$

4.42

 

 

$

3.30

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

43,297

 

 

 

45,702

 

Diluted

 

 

45,421

 

 

 

47,615

 

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

 

 

2


 

NEXSTAR MEDIA GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

For the Three Months Ended March 31, 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 (Loss)

 

 

 

 

Shares

 

 

 

 

Amount

 

 

 

 

interests

 

 

Equity

 

Balances as of December 31, 2020

 

 

47,291,463

 

 

 

 

$

473

 

 

 

 

$

1,362,510

 

 

 

 

$

1,488,031

 

 

 

 

$

34,510

 

 

 

 

 

(4,034,635

)

 

 

 

$

(367,132

)

 

 

 

$

18,484

 

 

$

2,536,876

 

Purchase of treasury stock

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

(808,530

)

 

 

 

 

(121,011

)

 

 

 

 

-

 

 

 

(121,011

)

Stock-based compensation expense

 

 

-

 

 

 

 

 

-

 

 

 

 

 

11,603

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

11,603

 

Vesting of restricted stock units and

  exercise of stock options

 

 

-

 

 

 

 

 

-

 

 

 

 

 

(39,698

)

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

469,037

 

 

 

 

 

34,374

 

 

 

 

 

-

 

 

 

(5,324

)

Dividends declared on common stock ($0.70 per share)

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

(30,365

)

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

(30,365

)

Contribution from a noncontrolling interest

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

39

 

 

 

39

 

Net income (loss)

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

200,907

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

(1,717

)

 

 

199,190

 

Balances as of March 31, 2021

 

 

47,291,463

 

 

 

 

$

473

 

 

 

 

$

1,334,415

 

 

 

 

$

1,658,573

 

 

 

 

$

34,510

 

 

 

 

 

(4,374,128

)

 

 

 

$

(453,769

)

 

 

 

$

16,806

 

 

$

2,591,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of December 31, 2019

 

 

47,291,463

 

 

 

 

$

473

 

 

 

 

$

1,353,729

 

 

 

 

$

778,833

 

 

 

 

$

19,850

 

 

 

 

 

(1,541,675

)

 

 

 

$

(121,388

)

</