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 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-11
10-Q 2011-03-31 Filed 2011-05-13
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-14
10-K 2009-12-31 Filed 2010-03-15
8-K 2020-11-05
8-K 2020-10-22
8-K 2020-10-21
8-K 2020-09-25
8-K 2020-09-25
8-K 2020-09-15
8-K 2020-09-15
8-K 2020-09-03
8-K 2020-09-02
8-K 2020-08-05
8-K 2020-07-23
8-K 2020-06-23
8-K 2020-06-03
8-K 2020-05-20
8-K 2020-05-15
8-K 2020-05-06
8-K 2020-04-30
8-K 2020-04-03
8-K 2020-03-02
8-K 2020-02-26
8-K 2020-01-31
8-K 2020-01-30
8-K 2020-01-27
8-K 2019-11-22
8-K 2019-11-12
8-K 2019-11-12
8-K 2019-11-06
8-K 2019-11-05
8-K 2019-10-25
8-K 2019-09-20
8-K 2019-09-19
8-K 2019-08-07
8-K 2019-07-26
8-K 2019-07-03
8-K 2019-06-26
8-K 2019-06-19
8-K 2019-06-18
8-K 2019-06-11
8-K 2019-06-10
8-K 2019-06-05
8-K 2019-05-08
8-K 2019-04-25
8-K 2019-04-07
8-K 2019-03-20
8-K 2019-03-20
8-K 2019-01-24
8-K 2019-01-15
8-K 2018-12-31
8-K 2018-12-03
8-K 2018-11-30
8-K 2018-10-26
8-K 2018-10-25
8-K 2018-10-18
8-K 2018-09-30
8-K 2018-08-02
8-K 2018-07-26
8-K 2018-06-30
8-K 2018-06-06
8-K 2018-05-01
8-K 2018-04-26
8-K 2018-03-31
8-K 2018-02-27
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: Assets Held for Sale
Note 6: Investments
Note 7: Accrued Expenses
Note 8: Retirement and Postretirement Plans
Note 9: Debt
Note 10: Leases
Note 11: Fair Value Measurements
Note 12: Common Stock
Note 13: Income Taxes
Note 14: Fcc Regulatory Matters
Note 15: Commitments and Contingencies
Note 16: Segment Data
Note 17: 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-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 2020-09-30

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_20200930.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 September 30, 2020

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 5, 2020, the registrant had 44,045,015 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, 2020 and December 31, 2019

  

1

 

 

 

 

 

 

  

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019

  

2

 

 

 

 

 

 

  

Condensed Consolidated Statement of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2020 and 2019

  

3

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

 

5

 

 

 

 

 

 

  

Notes to Condensed Consolidated Financial Statements

  

 

 

 

Note 1:  Organization and Business Operations

6

 

 

Note 2:  Summary of Significant Accounting Policies

6

 

 

Note 3:  Acquisitions and Dispositions

13

 

 

Note 4:  Intangible Assets and Goodwill

19

 

 

Note 5:  Assets Held for Sale

20

 

 

Note 6:  Investments

20

 

 

Note 7:  Accrued Expenses

22

 

 

Note 8:  Retirement and Post Retirement Plans

22

 

 

Note 9:  Debt

23

 

 

Note 10:  Leases

26

 

 

Note 11:  Fair Value Measurements

27

 

 

Note 12:  Common Stock

28

 

 

Note 13:  Income Taxes

28

 

 

Note 14:  FCC Regulatory Matters

29

 

 

Note 15:  Commitments and Contingencies

32

 

 

Note 16:  Segment Data

36

 

 

Note 17:  Subsequent Events

38

 

 

 

 

 

ITEM 2.

  

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

  

39

 

 

 

 

 

ITEM 3.

  

Quantitative and Qualitative Disclosures About Market Risk

  

58

 

 

 

 

 

ITEM 4.

  

Controls and Procedures

  

58

 

 

 

 

 

PART II

  

OTHER INFORMATION

  

 

 

 

 

 

 

ITEM 1.

  

Legal Proceedings

  

59

 

 

 

 

 

ITEM 1A.

  

Risk Factors

  

59

 

 

 

 

 

ITEM 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

  

60

 

 

 

 

 

ITEM 3.

  

Defaults Upon Senior Securities

  

60

 

 

 

 

 

ITEM 4.

  

Mine Safety Disclosures

  

60

 

 

 

 

 

ITEM 5.

  

Other Information

  

60

 

 

 

 

 

ITEM 6.

  

Exhibits

  

61

 

 

 

 

 


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,

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

409,906

 

 

$

232,070

 

Restricted cash and cash equivalents

 

16,610

 

 

 

16,608

 

Accounts receivable, net of allowance for doubtful accounts of $29,082 and $17,205, respectively

 

782,198

 

 

 

883,921

 

Spectrum asset

 

-

 

 

 

67,171

 

Prepaid expenses and other current assets

 

132,498

 

 

 

151,997

 

Total current assets

 

1,341,212

 

 

 

1,351,767

 

Property and equipment, net

 

1,598,081

 

 

 

1,290,428

 

Goodwill

 

2,861,314

 

 

 

2,996,875

 

FCC licenses

 

2,856,374

 

 

 

2,921,465

 

Network affiliation agreements, net

 

2,290,684

 

 

 

2,532,266

 

Other intangible assets, net

 

664,400

 

 

 

727,354

 

Assets held for sale

 

4,524

 

 

 

240,524

 

Investments

 

1,313,858

 

 

 

1,477,353

 

Other noncurrent assets, net

 

360,055

 

 

 

451,705

 

Total assets(1)

$

13,290,502

 

 

$

13,989,737

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current portion of debt

$

22,921

 

 

$

109,310

 

Accounts payable

 

161,083

 

 

 

157,366

 

Broadcast rights payable

 

111,144

 

 

 

120,165

 

Accrued expenses

 

279,816

 

 

 

422,511

 

Liability to surrender spectrum asset

 

-

 

 

 

77,962

 

Operating lease liabilities

 

34,434

 

 

 

35,043

 

Deferred revenue

 

47,498

 

 

 

18,725

 

Other current liabilities

 

14,846

 

 

 

6,475

 

Total current liabilities

 

671,742

 

 

 

947,557

 

Debt

 

7,859,619

 

 

 

8,383,278

 

Deferred tax liabilities

 

1,686,238

 

 

 

1,710,664

 

Other noncurrent liabilities

 

818,187

 

 

 

894,745

 

Total liabilities(1)

 

11,035,786

 

 

 

11,936,244

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of September 30, 2020 and December 31, 2019

 

-

 

 

 

-

 

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

44,035,015 shares outstanding as of September 30, 2020 and 47,291,463 shares issued, 45,749,788 shares

  outstanding as of December 31, 2019

 

473

 

 

 

473

 

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

  at each of September 30, 2020 and December 31, 2019

 

-

 

 

 

-

 

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

at each of September 30, 2020 and December 31, 2019

 

-

 

 

 

-

 

Additional paid-in capital

 

1,351,372

 

 

 

1,353,729

 

Accumulated other comprehensive income

 

19,850

 

 

 

19,850

 

Retained earnings

 

1,149,638

 

 

 

778,833

 

Treasury stock - at cost; 3,256,448 and 1,541,675 shares as of September 30, 2020 and December 31, 2019, respectively

 

(286,705

)

 

 

(121,388

)

Total Nexstar Media Group, Inc. stockholders’ equity

 

2,234,628

 

 

 

2,031,497

 

Noncontrolling interests

 

20,088

 

 

 

21,996

 

Total stockholders’ equity

 

2,254,716

 

 

 

2,053,493

 

Total liabilities and stockholders’ equity

$

13,290,502

 

 

$

13,989,737

 

 

 

 

 

 

 

 

 

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

 

(1)

The consolidated total assets as of September 30, 2020 and December 31, 2019 include certain assets held by consolidated VIEs of $339.6 million and $332.6 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of September 30, 2020 and December 31, 2019 include certain liabilities of consolidated VIEs of $59.8 million and $61.7 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net revenue

 

$

1,118,203

 

 

$

663,575

 

 

$

3,124,658

 

 

$

1,939,234

 

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating expenses, excluding depreciation and amortization

 

 

423,091

 

 

 

322,327

 

 

 

1,284,789

 

 

 

911,234

 

Selling, general and administrative expenses, excluding depreciation and amortization

 

 

226,544

 

 

 

183,083

 

 

 

638,171

 

 

 

469,501

 

Amortization of broadcast rights

 

 

31,968

 

 

 

18,452

 

 

 

104,916

 

 

 

46,749

 

Amortization of intangible assets

 

 

69,265

 

 

 

42,443

 

 

 

209,360

 

 

 

115,538

 

Depreciation

 

 

36,611

 

 

 

29,363

 

 

 

107,787

 

 

 

84,890

 

Reimbursement from the FCC related to station repack

 

 

(12,873

)

 

 

(20,417

)

 

 

(51,347

)

 

 

(54,020

)

Goodwill and intangible assets impairment

 

 

-

 

 

 

63,317

 

 

 

-

 

 

 

63,317

 

Gain on disposal of stations and entities, net

 

 

-

 

 

 

(96,608

)

 

 

(7,025

)

 

 

(96,608

)

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

 

 

-

 

 

 

-

 

 

 

3,933

 

 

 

-

 

Gain on relinquishment of spectrum

 

 

-

 

 

 

-

 

 

 

(10,791

)

 

 

-

 

Total operating expenses

 

 

774,606

 

 

 

541,960

 

 

 

2,279,793

 

 

 

1,540,601

 

Income from operations

 

 

343,597

 

 

 

121,615

 

 

 

844,865

 

 

 

398,633

 

Income on equity investments, net

 

 

15,861

 

 

 

3,217

 

 

 

41,351

 

 

 

2,061

 

Interest expense, net

 

 

(77,265

)

 

 

(93,199

)

 

 

(260,800

)

 

 

(197,519

)

Loss on extinguishment of debt

 

 

(37,371

)

 

 

-

 

 

 

(44,848

)

 

 

(3,724

)

Pension and other postretirement plans credit, net

 

 

10,761

 

 

 

2,578

 

 

 

32,285

 

 

 

5,378

 

Other (expenses) income, net

 

 

(1,093

)

 

 

118

 

 

 

(778

)

 

 

209

 

Income before income taxes

 

 

254,490

 

 

 

34,329

 

 

 

612,075

 

 

 

205,038

 

Income tax expense

 

 

(65,177

)

 

 

(39,507

)

 

 

(166,927

)

 

 

(82,594

)

Net income (loss)

 

 

189,313

 

 

 

(5,178

)

 

 

445,148

 

 

 

122,444

 

Net loss (income) attributable to noncontrolling interests

 

 

1,371

 

 

 

(669

)

 

 

2,046

 

 

 

(5,397

)

Net income (loss) attributable to Nexstar Media Group, Inc.

 

$

190,684

 

 

$

(5,847

)

 

$

447,194

 

 

$

117,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

4.24

 

 

$

(0.13

)

 

$

9.87

 

 

$

2.54

 

Diluted

 

$

4.08

 

 

$

(0.13

)

 

$

9.50

 

 

$

2.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

44,979

 

 

 

46,114

 

 

 

45,313

 

 

 

45,997

 

Diluted

 

 

46,737

 

 

 

46,114

 

 

 

47,064

 

 

 

47,919

 

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 September 30, 2020 and 2019

(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 June 30, 2020

 

 

47,291,463

 

 

 

 

$

473

 

 

 

 

$

1,340,526