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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 June 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 August 7, 2024, the registrant had 32,258,162 shares of Common Stock outstanding.

 

 

TABLE OF CONTENTS

 

Page

PART I

FINANCIAL INFORMATION

 

 

 

 

 

ITEM 1.

Financial Statements (Unaudited)

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023

3

 

 

 

 

 

Condensed Consolidated Statements of Operations for the Three and Six Months ended June 30, 2024 and 2023

4

 

 

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months ended June 30, 2024 and 2023

5

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months ended June 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: Intangible Assets and Goodwill

 

12

 

 

 

Note 4: Investments

 

13

 

 

 

Note 5: Accrued Expenses

 

14

 

 

 

Note 6: Retirement and Postretirement Plans

 

14

 

 

 

Note 7: Debt

 

15

 

 

 

Note 8: Leases

 

16

 

 

 

Note 9: Fair Value Measurements

 

17

 

 

 

Note 10: Common Stock

 

17

 

 

 

Note 11: Income Taxes

 

18

 

 

 

Note 12: Commitments and Contingencies

 

18

 

 

 

Note 13: Segment Data

 

20

 

 

 

Note 14: Subsequent Events

 

23

 

 

 

 

 

 

 

ITEM 2.

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

24

 

 

 

 

 

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

33

 

 

 

 

 

ITEM 4.

Controls and Procedures

33

 

 

 

 

 

PART II

OTHER INFORMATION

 

 

 

 

 

 

ITEM 1.

Legal Proceedings

34

 

 

 

 

 

ITEM 1A.

Risk Factors

34

 

 

 

 

 

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

34

 

 

 

 

 

ITEM 3.

Defaults Upon Senior Securities

34

 

 

 

 

 

ITEM 4.

Mine Safety Disclosures

34

 

 

 

 

 

ITEM 5.

Other Information

34

 

 

 

 

 

ITEM 6.

Exhibits

35

 

 

 

 

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)

 

June 30,

 

 

December 31,

 

2024

 

 

2023

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

$

146

 

 

$

135

 

Restricted cash and cash equivalents

 

-

 

 

 

12

 

Accounts receivable, net of allowance for credit losses of $19 and $20, respectively

 

1,048

 

 

 

1,095

 

Broadcast rights

 

119

 

 

 

136

 

Prepaid expenses and other current assets

 

159

 

 

 

88

 

Total current assets

 

1,472

 

 

 

1,466

 

Property and equipment, net

 

1,251

 

 

 

1,269

 

Goodwill

 

2,946

 

 

 

2,946

 

FCC licenses

 

2,929

 

 

 

2,929

 

Network affiliation agreements, net

 

1,588

 

 

 

1,683

 

Other intangible assets, net

 

394

 

 

 

441

 

Investments

 

856

 

 

 

958

 

Other noncurrent assets, net

 

383

 

 

 

386

 

Total assets(1)

$

11,819

 

 

$

12,078

 

LIABILITIES AND STOCKHOLDERSʼ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Current portion of debt

$

124

 

 

$

124

 

Accounts payable

 

133

 

 

 

235

 

Broadcast rights payable

 

106

 

 

 

136

 

Accrued expenses

 

348

 

 

 

350

 

Operating lease liabilities

 

42

 

 

 

47

 

Other current liabilities

 

75

 

 

 

69

 

Total current liabilities

 

828

 

 

 

961

 

Debt

 

6,657

 

 

 

6,713

 

Deferred tax liabilities

 

1,506

 

 

 

1,520

 

Other noncurrent liabilities

 

548

 

 

 

571

 

Total liabilities(1)

 

9,539

 

 

 

9,765

 

Commitments and contingencies (Note 12)

 

 

 

 

Stockholdersʼ equity:

 

 

 

 

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

 

-

 

 

 

-

 

Common stock - $0.01 par value, 100,000,000 shares authorized; 47,282,823 shares issued, 32,485,505 shares outstanding as of June 30, 2024 and 47,282,823 shares issued, 33,600,926 shares outstanding as of December 31, 2023

 

-

 

 

 

-

 

Additional paid-in capital

 

1,281

 

 

 

1,283

 

Accumulated other comprehensive income

 

1

 

 

 

1

 

Retained earnings

 

3,369

 

 

 

3,188

 

Treasury stock - at cost; 14,797,318 and 13,681,897 shares as of June 30, 2024 and December 31, 2023, respectively

 

(2,384

)

 

 

(2,173

)

Total Nexstar Media Group, Inc. stockholdersʼ equity

 

2,267

 

 

 

2,299

 

Noncontrolling interests

 

13

 

 

 

14

 

Total stockholdersʼ equity

 

2,280

 

 

 

2,313

 

Total liabilities and stockholdersʼ equity

$

11,819

 

 

$

12,078

 

 

 

 

 

 

 

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

 

(1)
The condensed consolidated total assets as of June 30, 2024 and December 31, 2023 include certain assets held by consolidated VIEs of $299 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 June 30, 2024 and December 31, 2023 include certain liabilities of consolidated VIEs of $148 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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net revenue

 

$

1,269

 

 

$

1,240

 

 

$

2,553

 

 

$

2,497

 

Operating expenses:

 

 

 

 

 

 

 

 

Direct operating, excluding depreciation and amortization

 

 

552

 

 

 

537

 

 

 

1,100

 

 

 

1,075

 

Selling, general and administrative, excluding depreciation and amortization

 

 

269

 

 

 

262

 

 

 

539

 

 

 

528

 

Depreciation and amortization

 

 

208

 

 

 

262

 

 

 

398

 

 

 

511

 

Total operating expenses

 

 

1,029

 

 

 

1,061

 

 

 

2,037

 

 

 

2,114

 

Income from operations

 

 

240

 

 

 

179

 

 

 

516

 

 

 

383

 

Income from equity method investments, net

 

 

16

 

 

 

32

 

 

 

35

 

 

 

57

 

Interest expense, net

 

 

(113

)

 

 

(111

)

 

 

(227

)

 

 

(218

)

Pension and other postretirement plans credit, net

 

 

7

 

 

 

10

 

 

 

14

 

 

 

19

 

Gain on disposal of an investment

 

 

-

 

 

 

-

 

 

 

40

 

 

 

-

 

Other expenses, net

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

(1

)

Income before income taxes

 

 

149

 

 

 

110

 

 

 

378

 

 

 

240

 

Income tax expense

 

 

(43

)

 

 

(35

)

 

 

(105

)

 

 

(77

)

Net income

 

 

106

 

 

 

75

 

 

 

273

 

 

 

163

 

Net loss attributable to noncontrolling interests

 

 

12

 

 

 

21

 

 

 

20

 

 

 

44

 

Net income attributable to Nexstar Media Group, Inc.

 

$

118

 

 

$

96

 

 

$

293

 

 

$

207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Basic

 

$

3.59

 

 

$

2.68

 

 

$

8.85

 

 

$

5.71

 

Diluted

 

$

3.54

 

 

$

2.64

 

 

$

8.71

 

 

$

5.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

Basic (in thousands)

 

 

32,816

 

 

 

35,788

 

 

 

33,133

 

 

 

36,250

 

Diluted (in thousands)

 

 

33,287

 

 

 

36,314

 

 

 

33,656

 

 

 

36,878

 

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 June 30, 2024 and 2023

(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 March 31, 2024

 

 

47,282,823

 

 

$

-

 

 

$

1,290

 

 

$

3,306

 

 

$

1

 

 

 

(14,244,922

)

 

$

(2,276

)

 

$

25

 

 

$

2,346

 

Purchase of treasury stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(847,904

)

 

 

(135

)

 

 

-

 

 

 

(135

)

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

20

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

20

 

Vesting of restricted stock units and exercise of stock options

 

 

-

 

 

 

-

 

 

 

(29

)

 

 

-

 

 

 

-

 

 

 

295,508

 

 

 

27

 

 

 

-

 

 

 

(2

)

Dividends declared on common stock ($1.69 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(55

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(55

)

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

118

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(12

)

 

 

106

 

Balances as of June 30, 2024

 

 

47,282,823

 

 

$

-

 

 

$

1,281

 

 

$

3,369

 

 

$

1

 

 

 

(14,797,318

)

 

$

(2,384

)

 

$

13

 

 

$

2,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of March 31, 2023

 

 

47,282,823

 

 

$

-

 

 

$

1,275

 

 

$

3,094

 

 

$

27

 

 

 

(11,299,262

)

 

$

(1,772

)

 

$

29

 

 

$

2,653

 

Purchase of treasury stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(857,843

)

 

 

(142

)

 

 

-

 

 

 

(142

)

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

13

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13

 

Vesting of restricted stock units and exercise of stock options

 

 

-

 

 

 

-

 

 

 

(25

)

 

 

-

 

 

 

-

 

 

 

255,682

 

 

 

25

 

 

 

-

 

 

 

-

 

Dividends declared on common stock ($1.35 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(48

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(48

)

Contribution from noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12

 

 

 

12

 

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

96

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(21

)

 

 

75

 

Balances as of June 30, 2023

 

 

47,282,823

 

 

$

-

 

 

$

1,263

 

 

$

3,142

 

 

$

27

 

 

 

(11,901,423

)

 

$

(1,889

)

 

$

20

 

 

$

2,563

 

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

For the Six Months Ended June 30, 2024 and 2023

(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 December 31, 2023

 

 

47,282,823

 

 

$

-

 

 

$

1,283

 

 

$

3,188

 

 

$

1

 

 

 

(13,681,897

)

 

$

(2,173

)

 

$

14

 

 

$

2,313

 

Purchase of treasury stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,514,478

)

 

 

(248

)

 

 

-

 

 

 

(248

)

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

38

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

38

 

Vesting of restricted stock units and exercise of stock options

 

 

-

 

 

 

-

 

 

 

(40

)

 

 

-

 

 

 

-

 

 

 

399,057

 

 

 

37

 

 

 

-

 

 

 

(3

)

Dividends declared on common stock ($3.38 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(112

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(112

)

Contribution from noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

-

 

 

 

-

 

 

 

19

 

 

 

19

 

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

293

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(20

)

 

 

273

 

Balances as of June 30, 2024

 

 

47,282,823

 

 

$

-

 

 

$

1,281

 

 

$

3,369

 

 

$

1

 

 

 

(14,797,318

)

 

$

(2,384

)

 

$

13

 

 

$

2,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,877,783

)

 

 

(318

)

 

 

-

 

 

 

(318

)

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

27

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

27

 

Vesting of restricted stock units and exercise of stock options

 

 

-

 

 

 

-

 

 

 

(52

)

 

 

-

 

 

 

-

 

 

 

448,997

 

 

 

36

 

 

 

-

 

 

 

(16

)

Dividends declared on common stock ($2.70 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(98

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(98

)

Contribution from noncontrolling interests

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

36

 

 

 

36

 

Net income (loss)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

207

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(44

)

 

 

163

 

Balances as of June 30, 2023

 

 

47,282,823

 

 

$

-

 

 

$

1,263

 

 

$

3,142

 

 

$

27

 

 

 

(11,901,423

)

 

$

(1,889

)

 

$

20

 

 

$

2,563

 

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

 

6

 

NEXSTAR MEDIA GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions, unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

273

 

 

$

163

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

398

 

 

 

511

 

Stock-based compensation expense

 

 

38

 

 

 

27

 

Gain on disposal of an investment

 

 

(40

)

 

 

-

 

Deferred income taxes

 

 

(14

)

 

 

(20

)

Payments for broadcast rights

 

 

(166

)

 

 

(218

)

Income from equity method investments, net

 

 

(35

)

 

 

(57

)

Distribution from equity method investments – return on capital

 

 

139

 

 

 

251

 

Changes in operating assets and liabilities, net of acquisitions and dispositions:

 

 

 

 

 

Accounts receivable

 

 

48

 

 

 

136

 

Prepaid and other current assets

 

 

(12

)

 

 

(3

)

Other noncurrent assets

 

 

(11

)

 

 

(24

)

Accounts payable

 

 

(94

)

 

 

(63

)

Accrued expenses and other current liabilities

 

 

(1

)

 

 

27

 

Income tax payable

 

 

(59

)

 

 

(24

)

Other noncurrent liabilities

 

 

(21

)

 

 

(25

)

Other

 

 

9

 

 

 

(2

)

Net cash provided by operating activities

 

 

452

 

 

 

679

 

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment

 

 

(81

)

 

 

(77

)

Proceeds from disposal of an investment

 

 

40

 

 

 

-

 

Other investing activities, net

 

 

2

 

 

 

4

 

Net cash used in investing activities

 

 

(39

)

 

 

(73

)

Cash flows from financing activities:

 

 

 

 

Proceeds from debt issuance, net of debt discounts

 

 

55

 

 

 

-

 

Repayments of long-term debt

 

 

(116