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 2020-06-30 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 2020-09-03 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-09-02 Regulation FD, Exhibits
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-07-23 Other Events, Exhibits
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_6.htm
EX-32.1 nxst-ex321_9.htm
EX-32.2 nxst-ex322_11.htm

Nexstar Media Group Earnings 2020-06-30

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_20200630.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 June 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 August 5, 2020, the registrant had 45,288,390 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 June 30, 2020 and December 31, 2019

  

1

 

 

 

 

 

 

  

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019

  

2

 

 

 

 

 

 

  

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

  

3

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 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

12

 

 

Note 4:  Intangible Assets and Goodwill

14

 

 

Note 5:  Assets Held for Sale

15

 

 

Note 6:  Investments

15

 

 

Note 7:  Accrued Expenses

17

 

 

Note 8:  Retirement and Post Retirement Plans

17

 

 

Note 9:  Debt

18

 

 

Note 10:  Leases

20

 

 

Note 11:  Fair Value Measurements

21

 

 

Note 12:  Common Stock

22

 

 

Note 13:  Income Taxes

22

 

 

Note 14:  FCC Regulatory Matters

23

 

 

Note 15:  Commitments and Contingencies

25

 

 

Note 16:  Segment Data

29

 

 

Note 17:  Subsequent Events

30

 

 

 

 

 

ITEM 2.

  

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

  

31

 

 

 

 

 

ITEM 3.

  

Quantitative and Qualitative Disclosures About Market Risk

  

48

 

 

 

 

 

ITEM 4.

  

Controls and Procedures

  

48

 

 

 

 

 

PART II

  

OTHER INFORMATION

  

 

 

 

 

 

 

ITEM 1.

  

Legal Proceedings

  

49

 

 

 

 

 

ITEM 1A.

  

Risk Factors

  

49

 

 

 

 

 

ITEM 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

  

50

 

 

 

 

 

ITEM 3.

  

Defaults Upon Senior Securities

  

50

 

 

 

 

 

ITEM 4.

  

Mine Safety Disclosures

  

50

 

 

 

 

 

ITEM 5.

  

Other Information

  

50

 

 

 

 

 

ITEM 6.

  

Exhibits

  

51

 

 

 

 

 


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)

 

 

June 30,

 

 

December 31,

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

664,624

 

 

$

232,070

 

Restricted cash and cash equivalents

 

16,610

 

 

 

16,608

 

Accounts receivable, net of allowance for doubtful accounts of $27,048 and $17,205, respectively

 

762,930

 

 

 

883,921

 

Spectrum asset

 

-

 

 

 

67,171

 

Prepaid expenses and other current assets

 

98,620

 

 

 

151,997

 

Total current assets

 

1,542,784

 

 

 

1,351,767

 

Property and equipment, net

 

1,581,348

 

 

 

1,290,428

 

Goodwill

 

2,880,675

 

 

 

2,996,875

 

FCC licenses

 

2,833,074

 

 

 

2,921,465

 

Network affiliation agreements, net

 

2,284,083

 

 

 

2,532,266

 

Other intangible assets, net

 

683,816

 

 

 

727,354

 

Assets held for sale

 

4,524

 

 

 

240,524

 

Investments

 

1,307,604

 

 

 

1,477,353

 

Other noncurrent assets, net

 

422,148

 

 

 

451,705

 

Total assets(1)

$

13,540,056

 

 

$

13,989,737

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Current portion of debt

$

60,491

 

 

$

109,310

 

Accounts payable

 

176,392

 

 

 

157,366

 

Accrued expenses

 

440,099

 

 

 

541,803

 

Income tax payable

 

83,011

 

 

 

873

 

Liability to surrender spectrum asset

 

-

 

 

 

77,962

 

Other current liabilities

 

62,336

 

 

 

60,243

 

Total current liabilities

 

822,329

 

 

 

947,557

 

Debt

 

7,977,577

 

 

 

8,383,278

 

Deferred tax liabilities

 

1,698,042

 

 

 

1,710,664

 

Other noncurrent liabilities

 

840,331

 

 

 

894,745

 

Total liabilities(1)

 

11,338,279

 

 

 

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 June 30, 2020 and December 31, 2019

 

-

 

 

 

-

 

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

45,286,640 shares outstanding as of June 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 June 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 June 30, 2020 and December 31, 2019

 

-

 

 

 

-

 

Additional paid-in capital

 

1,340,526

 

 

 

1,353,729

 

Accumulated other comprehensive income

 

19,850

 

 

 

19,850

 

Retained earnings

 

984,316

 

 

 

778,833

 

Treasury stock - at cost; 2,004,823 and 1,541,675 shares as of June 30, 2020 and December 31, 2019, respectively

 

(164,847

)

 

 

(121,388

)

Total Nexstar Media Group, Inc. stockholders’ equity

 

2,180,318

 

 

 

2,031,497

 

Noncontrolling interests

 

21,459

 

 

 

21,996

 

Total stockholders’ equity

 

2,201,777

 

 

 

2,053,493

 

Total liabilities and stockholders’ equity

$

13,540,056

 

 

$

13,989,737

 

 

 

 

 

 

 

 

 

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

 

(1)

The consolidated total assets as of June 30, 2020 and December 31, 2019 include certain assets held by consolidated VIEs of $329.3 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 June 30, 2020 and December 31, 2019 include certain liabilities of consolidated VIEs of $56.9 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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net revenue

 

$

914,633

 

 

$

649,012

 

 

$

2,006,455

 

 

$

1,275,659

 

Operating expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating expenses, excluding depreciation and amortization

 

 

416,639

 

 

 

296,044

 

 

 

861,698

 

 

 

588,907

 

Selling, general and administrative expenses, excluding depreciation and amortization

 

 

193,243

 

 

 

144,058

 

 

 

411,627

 

 

 

286,418

 

Amortization of broadcast rights

 

 

35,740

 

 

 

13,935

 

 

 

72,948

 

 

 

28,297

 

Amortization of intangible assets

 

 

69,512

 

 

 

36,357

 

 

 

140,095

 

 

 

73,095

 

Depreciation

 

 

35,770

 

 

 

28,090

 

 

 

71,176

 

 

 

55,527

 

Reimbursement from the FCC related to station repack

 

 

(25,716

)

 

 

(19,416

)

 

 

(38,474

)

 

 

(33,603

)

Loss (gain) on disposal of stations and entities, net

 

 

50

 

 

 

-

 

 

 

(7,025

)

 

 

-

 

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

 

 

3,933

 

 

 

-

 

 

 

3,933

 

 

 

-

 

Gain on relinquishment of spectrum

 

 

(10,791

)

 

 

-

 

 

 

(10,791

)

 

 

-

 

Total operating expenses

 

 

718,380

 

 

 

499,068

 

 

 

1,505,187

 

 

 

998,641

 

Income from operations

 

 

196,253

 

 

 

149,944

 

 

 

501,268

 

 

 

277,018

 

Income (loss) on equity investments, net

 

 

11,332

 

 

 

(665

)

 

 

25,490

 

 

 

(1,156

)

Interest expense, net

 

 

(82,251

)

 

 

(51,363

)

 

 

(183,535

)

 

 

(104,320

)

Loss on extinguishment of debt

 

 

-

 

 

 

(2,026

)

 

 

(7,477

)

 

 

(3,724

)

Pension and other postretirement plans credit, net

 

 

10,762

 

 

 

1,400

 

 

 

21,524

 

 

 

2,800

 

Other (expenses) income, net

 

 

(549

)

 

 

91

 

 

 

315

 

 

 

91

 

Income before income taxes

 

 

135,547

 

 

 

97,381

 

 

 

357,585

 

 

 

170,709

 

Income tax expense

 

 

(37,406

)

 

 

(26,646

)

 

 

(101,750

)

 

 

(43,087

)

Net income

 

 

98,141

 

 

 

70,735

 

 

 

255,835

 

 

 

127,622

 

Net loss (income) attributable to noncontrolling interests

 

 

1,454

 

 

 

(2,733

)

 

 

675

 

 

 

(4,728

)

Net income attributable to Nexstar Media Group, Inc.

 

$

99,595

 

 

$

68,002

 

 

$

256,510

 

 

$

122,894

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.20

 

 

$

1.48

 

 

$

5.64

 

 

$

2.68

 

Diluted

 

$

2.13

 

 

$

1.42

 

 

$

5.43

 

 

$

2.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

45,267

 

 

 

46,090

 

 

 

45,483

 

 

 

45,938

 

Diluted

 

 

46,849

 

 

 

47,971

 

 

 

47,231

 

 

 

47,878

 

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 June 30, 2020 and 2019

(in thousands, except 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 March 31, 2020

 

 

47,291,463

 

 

 

 

$

473

 

 

 

 

$

1,333,717

 

 

 

 

$

910,063

 

 

 

 

$

19,850

 

 

 

 

 

(2,096,058

)

 

 

 

$

(170,957

)

 

 

 

$

22,913

 

 

$

2,116,059

 

Stock-based compensation expense

 

 

-

 

 

 

 

 

-

 

 

 

 

 

12,749

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

12,749

 

Vesting of restricted stock units and

  exercise of stock options

 

 

-

 

 

 

 

 

-

 

 

 

 

 

(5,940

)

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

91,235

 

 

 

 

 

6,110

 

 

 

 

 

-

 

 

 

170

 

Dividends declared on common stock ($0.56 per share)

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

(25,342

)

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

(25,342

)

Net income (loss)

 

 

-

 

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

99,595

 

 

 

 

 

-