10-Q
31 July 202730 June 2027http://fasb.org/us-gaap/2022#OtherAssetsNoncurrent30 June 2027http://fasb.org/us-gaap/2022#OperatingLeaseLiabilityCurrent30 September 202631 January 2024falsehttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrent30 November 202830 September 202430 November 2028000114241730 June 202831 July 2027Q3http://fasb.org/us-gaap/2022#OperatingLeaseLiabilityCurrent30 June 202831 October 202331 October 202330 September 202431 October 2023http://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrent30 June 202730 September 2026http://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrent--12-3131 January 20240001142417us-gaap:PensionPlansDefinedBenefitMember2021-07-012021-09-300001142417us-gaap:NoncontrollingInterestMember2021-01-012021-09-300001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMemberus-gaap:FairValueInputsLevel3Membernxst:TermLoanADueOnSeptemberNineteenTwoThousandTwentyFourMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001142417us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300001142417nxst:BroadcastMembernxst:PoliticalAdvertisingMember2022-01-012022-09-300001142417us-gaap:TreasuryStockMemberus-gaap:SubsequentEventMember2022-10-012022-11-070001142417us-gaap:AdditionalPaidInCapitalMember2020-12-310001142417us-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMembernxst:FivePointSixTwoFivePercentDueTwoThousandTwentySevenMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel3Membernxst:TermLoanBDueOnJuneThreeTwoThousandTwentyEightMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001142417us-gaap:SecuredDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMembernxst:RevolvingLoansDueOnJuneTwentyOneTwoThousandTwentySevenMember2022-09-300001142417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001142417nxst:ChicagoMember2022-06-012022-06-010001142417us-gaap:SubsequentEventMember2022-10-192022-10-190001142417us-gaap:RetainedEarningsMember2021-06-300001142417us-gaap:SecuredDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembernxst:TermLoanBDueOnJuneTwoThousandTwentyEightMember2021-12-310001142417nxst:NonGuarantorVariableInterestEntitiesMember2022-01-012022-09-300001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SecuredDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membernxst:TermLoanBDueOnJuneThreeTwoThousandTwentyEightMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001142417us-gaap:TreasuryStockMember2021-06-300001142417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001142417us-gaap:AdditionalPaidInCapitalMember2021-12-310001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMemberus-gaap:FairValueInputsLevel3Membernxst:TermLoanADueOnJuneTwentyOneTwoThousandAndTwentySevenMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001142417nxst:MultiDistrictLitigationMember2022-01-012022-09-300001142417nxst:BroadcastMember2022-09-300001142417nxst:FinancialGuaranteeMissionDebtMember2022-09-300001142417us-gaap:SecuredDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembernxst:RevolvingLoansDueOnJuneTwoThousandTwentySevenMember2022-09-300001142417nxst:FourPointSevenFivePercentDueOnNovemberTwoThousandTwentyEightMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2021-01-012021-12-310001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMemberus-gaap:FairValueInputsLevel3Membernxst:TermLoanADueOnOctoberTwentySixTwoThousandTwentyThreeMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001142417nxst:TribuneMediaCompanyMemberus-gaap:InternalRevenueServiceIRSMember2022-01-012022-09-300001142417nxst:BroadcastMembernxst:DigitalMember2022-01-012022-09-300001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-01-012022-09-300001142417us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernxst:CustomerOneMember2021-01-012021-09-300001142417us-gaap:CommonStockMember2022-06-300001142417nxst:OtherMember2022-07-012022-09-300001142417us-gaap:CorporateAndOtherMemberus-gaap:DistributionServiceMember2021-07-012021-09-300001142417us-gaap:NoncontrollingInterestMember2021-06-300001142417us-gaap:DistributionServiceMember2022-01-012022-09-300001142417nxst:TermLoanBDueOnSeptemberTwoThousandTwentySixMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2022-01-012022-09-300001142417us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-09-300001142417us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMembernxst:RevolvingLoansDueOnJuneTwoThousandTwentySevenMember2022-09-300001142417us-gaap:RetainedEarningsMember2021-01-012021-09-300001142417nxst:TermLoanADueOnSeptemberTwoThousandTwentyFourMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2021-01-012021-12-310001142417nxst:BroadcastMembernxst:CoreAdvertisingMember2022-07-012022-09-300001142417nxst:CoreAdvertisingMember2022-01-012022-09-300001142417us-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMembernxst:FivePointSixTwoFivePercentDueOnJulyTwoThousandTwentySevenMember2021-12-310001142417nxst:TermLoanBDueOnSeptemberTwoThousandTwentySixMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2022-09-300001142417us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001142417nxst:TribuneMediaCompanyMemberus-gaap:InternalRevenueServiceIRSMember2021-12-310001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel3Membernxst:TermLoanBDueOnJuneThreeTwoThousandTwentyEightMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-3000011424172022-01-012022-09-300001142417nxst:TribuneMediaCompanyMemberus-gaap:InternalRevenueServiceIRSMember2022-09-300001142417us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernxst:CustomerOneMember2022-07-012022-09-300001142417nxst:BroadcastMember2022-01-012022-09-300001142417us-gaap:CorporateAndOtherMemberus-gaap:DistributionServiceMember2022-07-012022-09-300001142417us-gaap:NoncontrollingInterestMember2022-09-300001142417us-gaap:SecuredDebtMember2022-01-012022-09-300001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMembernxst:TermLoanADueOnOctoberTwoThousandTwentyThreeMember2022-01-012022-09-300001142417us-gaap:RetainedEarningsMember2021-09-300001142417us-gaap:TreasuryStockMember2022-09-300001142417nxst:BroadcastMember2021-07-012021-09-300001142417us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2021-01-012021-12-310001142417us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001142417nxst:PoliticalAdvertisingMember2022-07-012022-09-3000011424172021-01-012021-09-300001142417us-gaap:CommonClassCMember2022-06-130001142417us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorSubordinatedNotesMembernxst:FivePointSixTwoFivePercentDueOnJulyTwoThousandTwentySevenMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMembernxst:TermLoanBDueOnJanuaryTwoThousandTwentyFourMember2021-12-310001142417nxst:TermLoanADueOnSeptemberTwoThousandTwentyFourMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2021-12-310001142417us-gaap:PensionPlansDefinedBenefitMember2022-07-012022-09-300001142417nxst:AmendedComplaintMembernxst:MultiDistrictLitigationMember2022-01-012022-09-300001142417nxst:SellersMember2022-09-300001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SecuredDebtMembernxst:TermLoanBDueOnJuneTwoThousandTwentyEightMember2021-01-012021-12-310001142417us-gaap:AdditionalPaidInCapitalMember2022-06-300001142417nxst:NewFacilitiesMember2022-01-012022-09-300001142417us-gaap:SecuredDebtMembernxst:TermLoanMember2022-01-012022-09-300001142417nxst:TermLoanBDueOnSeptemberTwoThousandTwentySixMemberus-gaap:NotesPayableToBanksMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001142417us-gaap:OperatingExpenseMember2021-07-012021-09-300001142417us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001142417srt:MaximumMember2022-01-012022-09-300001142417us-gaap:OperatingExpenseMember2022-07-012022-09-300001142417us-gaap:CommonStockMember2021-09-300001142417nxst:TwoThousandTwentyOneAcquisitionOfTheHillMember2021-08-202021-08-200001142417us-gaap:SecuredDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembernxst:RevolvingLoansDueOnOctoberTwentySixThousandTwentyThreeMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2022-09-300001142417nxst:OtherMember2021-07-012021-09-300001142417us-gaap:CommonStockMember2020-12-310001142417nxst:TwoThousandTwentyOneAcquisitionOfTheHillMember2022-01-012022-09-300001142417us-gaap:SalesRevenueNetMember2022-01-012022-09-300001142417us-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMembernxst:FourPointSevenFivePercentDueTwoThousandTwentyEightMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001142417nxst:BroadcastMember2022-07-012022-09-300001142417srt:MaximumMemberus-gaap:OtherIntangibleAssetsMember2022-01-012022-09-300001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SecuredDebtMembernxst:TermLoanBDueOnJuneTwoThousandTwentyEightMember2022-09-300001142417nxst:BroadcastMembernxst:PoliticalAdvertisingMember2021-07-012021-09-300001142417us-gaap:CommonStockMember2022-01-262022-01-270001142417us-gaap:NoncontrollingInterestMember2021-12-310001142417nxst:ChicagoCubsTransactionsMember2019-09-192019-09-190001142417us-gaap:TreasuryStockMember2021-12-310001142417us-gaap:NoncontrollingInterestMember2022-01-012022-09-300001142417nxst:DigitalMemberus-gaap:CorporateAndOtherMember2022-01-012022-09-300001142417us-gaap:CorporateAndOtherMember2022-09-300001142417us-gaap:RetainedEarningsMember2022-07-012022-09-300001142417nxst:CoreAdvertisingMember2021-01-012021-09-300001142417nxst:TermLoanADueOnSeptemberTwoThousandTwentyFourMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2022-01-012022-09-300001142417us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernxst:CustomerTwoMember2022-01-012022-09-300001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMembernxst:TermLoanADueOnOctoberTwoThousandTwentyThreeMember2021-01-012021-12-310001142417us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-09-300001142417us-gaap:SecuredDebtMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembersrt:SubsidiaryIssuerMemberus-gaap:FairValueInputsLevel3Membernxst:TermLoanADueOnSeptemberNineteenTwoThousandTwentyFourMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001142417us-gaap:ContractBasedIntangibleAssetsMember2021-01-012021-12-310001142417us-gaap:FairValueInputsLevel2Membernxst:FourPointSevenFivePercentDueOnNovemberOneTwoThousandTwentyEightMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001142417us-gaap:CorporateAndOtherMemberus-gaap:DistributionServiceMember2022-01-012022-09-300001142417nxst:TribuneMediaCompanyMember2022-09-300001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnJuneTwoThousandTwentySevenMember2022-01-012022-09-300001142417us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-07-012021-09-300001142417us-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMembernxst:FourPointSevenFivePercentDueTwoThousandTwentyEightMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001142417nxst:BroadcastMembernxst:OtherMember2022-01-012022-09-3000011424172021-07-012021-09-300001142417srt:MaximumMemberus-gaap:OtherIntangibleAssetsMember2021-01-012021-12-310001142417nxst:BroadcastMembernxst:OtherMember2021-07-012021-09-300001142417nxst:CoreAdvertisingMember2022-07-012022-09-300001142417us-gaap:CorporateAndOtherMember2021-01-012021-09-300001142417us-gaap:DistributionServiceMember2021-01-012021-09-300001142417nxst:ThirdAmendedComplaintMembernxst:MultiDistrictLitigationMember2022-01-012022-09-300001142417us-gaap:AdditionalPaidInCapitalMember2021-06-300001142417nxst:OtherMember2021-01-012021-09-300001142417us-gaap:TreasuryStockMember2021-01-012021-09-300001142417us-gaap:SecuredDebtMembernxst:TermLoanBMembersrt:SubsidiaryIssuerMember2022-01-012022-09-300001142417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001142417nxst:CoreAdvertisingMember2021-07-012021-09-300001142417nxst:NonGuarantorVariableInterestEntitiesMember2021-12-3100011424172021-12-310001142417us-gaap:CommonStockMember2021-12-310001142417us-gaap:SalesRevenueNetMembernxst:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMember2021-07-012021-09-300001142417nxst:DigitalMemberus-gaap:CorporateAndOtherMember2021-07-012021-09-300001142417nxst:TermLoanBDueOnSeptemberTwoThousandTwentySixMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2022-06-212022-06-210001142417nxst:OtherMembernxst:BroadcastMember2021-01-012021-09-300001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMembernxst:TermLoanBDueOnJanuaryTwoThousandTwentyFourMember2022-01-012022-09-300001142417us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-09-300001142417nxst:PoliticalAdvertisingMember2021-01-012021-09-300001142417us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2022-07-012022-09-300001142417us-gaap:SecuredDebtMembersrt:MinimumMembernxst:NewFacilitiesMember2022-01-012022-09-3000011424172021-09-300001142417nxst:DigitalMember2021-01-012021-09-300001142417us-gaap:OtherIntangibleAssetsMember2022-09-300001142417us-gaap:NoncontrollingInterestMember2020-12-310001142417nxst:TermLoanBDueOnSeptemberTwoThousandTwentySixMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2021-01-012021-12-310001142417us-gaap:AdditionalPaidInCapitalMember2021-09-300001142417us-gaap:SecuredDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembernxst:RevolvingLoansDueOnOctoberTwoThousandTwentyThreeMember2022-06-212022-06-210001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMembernxst:TermLoanBDueOnJanuaryTwoThousandTwentyFourMember2022-06-212022-06-210001142417nxst:DigitalMember2021-07-012021-09-300001142417us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMembernxst:FivePointSixTwoFivePercentDueTwoThousandTwentySevenMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-3100011424172022-09-300001142417us-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMembernxst:FivePointSixTwoFivePercentDueOnJulyTwoThousandTwentySevenMember2022-01-012022-09-300001142417srt:MinimumMember2022-01-012022-09-300001142417nxst:ChicagoEntertainmentVenturesLLCMembernxst:ChicagoCubsTransactionsMember2009-08-210001142417nxst:FourPointSevenFivePercentDueOnNovemberTwoThousandTwentyEightMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2021-12-310001142417us-gaap:NoncontrollingInterestMember2022-06-300001142417nxst:ChicagoCubsTransactionsMemberus-gaap:InternalRevenueServiceIRSMember2016-06-282016-06-280001142417us-gaap:SecuredDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembernxst:RevolvingLoansDueOnJuneTwoThousandTwentySevenMember2022-06-210001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMembernxst:TermLoanADueOnOctoberTwoThousandTwentyThreeMember2022-06-212022-06-210001142417nxst:OtherMemberus-gaap:CorporateAndOtherMember2021-01-012021-09-300001142417us-gaap:SecuredDebtMembernxst:TermLoanADueOnJuneTwoThousandAndTwentySevenMembersrt:SubsidiaryIssuerMember2022-06-212022-06-210001142417nxst:TermLoanBDueOnSeptemberTwoThousandTwentySixMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2021-12-310001142417us-gaap:OperatingExpenseMember2022-01-012022-09-300001142417us-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMembernxst:FivePointSixTwoFivePercentDueOnJulyTwoThousandTwentySevenMember2021-01-012021-12-310001142417nxst:FourPointSevenFivePercentDueOnNovemberTwoThousandTwentyEightMemberus-gaap:FairValueInputsLevel2Memberus-gaap:SeniorSubordinatedNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001142417us-gaap:SecuredDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembernxst:RevolvingLoansDueOnJuneTwoThousandTwentySevenMember2022-06-212022-06-210001142417nxst:BroadcastMember2021-12-310001142417nxst:TwoThousandTwentyTwoAcquisitionOfTheCwMember2022-01-012022-09-300001142417us-gaap:OperatingExpenseMember2021-01-012021-09-300001142417nxst:ChicagoCubsTransactionsMemberus-gaap:InternalRevenueServiceIRSMember2022-01-012022-09-300001142417us-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMembernxst:FivePointSixTwoFivePercentDueOnJulyTwoThousandTwentySevenMember2022-09-3000011424172020-12-310001142417us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2022-01-012022-09-300001142417us-gaap:CommonStockMember2021-06-300001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnOctoberTwoThousandTwentyThreeMember2022-01-012022-09-300001142417us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-09-300001142417nxst:BroadcastMemberus-gaap:DistributionServiceMember2022-01-012022-09-300001142417us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001142417nxst:BroadcastMembernxst:DigitalMember2021-07-012021-09-300001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMembernxst:RevolvingLoansDueOnJuneTwentyOneTwoThousandTwentySevenMember2022-09-300001142417us-gaap:RetainedEarningsMember2021-07-012021-09-300001142417nxst:TwoThousandTwentyTwoAcquisitionOfTheCwMember2022-09-300001142417us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-012022-09-300001142417us-gaap:CorporateAndOtherMember2021-07-012021-09-3000011424172022-07-012022-09-300001142417nxst:DigitalMember2022-07-012022-09-300001142417nxst:TwoThousandTwentyOneAcquisitionOfTheHillMember2021-08-200001142417us-gaap:SecuredDebtMembernxst:TermLoanADueOnJuneTwoThousandAndTwentySevenMembersrt:SubsidiaryIssuerMember2021-01-012021-12-310001142417nxst:TVFoodNetworkMember2022-07-012022-09-300001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnOctoberTwoThousandTwentyThreeMember2021-12-310001142417us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300001142417nxst:BroadcastMembernxst:PoliticalAdvertisingMember2021-01-012021-09-300001142417us-gaap:TreasuryStockMember2021-07-012021-09-300001142417us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2022-01-012022-09-300001142417nxst:TVFoodNetworkMember2022-09-300001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMemberus-gaap:FairValueInputsLevel3Membernxst:TermLoanBDueOnJanuarySeventeenTwoThousandTwentyFourMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001142417nxst:DigitalMemberus-gaap:CorporateAndOtherMember2022-07-012022-09-300001142417us-gaap:TreasuryStockMemberus-gaap:SubsequentEventMember2022-11-070001142417us-gaap:CorporateAndOtherMember2021-12-310001142417nxst:NonGuarantorVariableInterestEntitiesMember2022-09-300001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membernxst:TermLoanADueOnJuneTwentyOneTwoThousandAndTwentySevenMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001142417us-gaap:TreasuryStockMember2022-01-012022-09-3000011424172022-06-300001142417us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-01-012022-09-300001142417nxst:NewsCommunicationsIncMember2021-08-202021-08-200001142417nxst:TermLoanADueOnSeptemberTwoThousandTwentyFourMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMember2022-06-212022-06-210001142417nxst:BroadcastMembernxst:CoreAdvertisingMember2021-01-012021-09-300001142417us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-01-012021-09-300001142417nxst:DigitalMemberus-gaap:CorporateAndOtherMember2021-01-012021-09-300001142417us-gaap:TreasuryStockMember2021-09-300001142417nxst:BroadcastMembernxst:PoliticalAdvertisingMember2022-07-012022-09-3000011424172021-06-300001142417nxst:BroadcastMembernxst:CoreAdvertisingMember2022-01-012022-09-300001142417us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-07-012021-09-300001142417nxst:ChicagoCubsTransactionsMembernxst:NorthsideEntertainmentHoldingsLLCMember2009-08-210001142417us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-07-012022-09-300001142417us-gaap:NoncontrollingInterestMember2021-09-300001142417us-gaap:CorporateAndOtherMember2022-07-012022-09-300001142417nxst:NonGuarantorVariableInterestEntitiesMemberus-gaap:ContractBasedIntangibleAssetsMember2022-09-300001142417nxst:DigitalMember2022-01-012022-09-300001142417us-gaap:ContractBasedIntangibleAssetsMember2021-12-310001142417us-gaap:DistributionServiceMember2022-07-012022-09-300001142417us-gaap:CommonStockMemberus-gaap:SubsequentEventMember2022-10-282022-10-280001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMembernxst:ContractBasedAndOtherIntangibleAssetsMember2022-09-300001142417nxst:OtherMemberus-gaap:CorporateAndOtherMember2022-01-012022-09-300001142417nxst:FourPointSevenFivePercentDueOnNovemberTwoThousandTwentyEightMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2022-09-300001142417nxst:TwoThousandTwentyTwoAcquisitionOfTheCwMember2022-09-302022-09-300001142417nxst:BroadcastMember2021-01-012021-09-300001142417us-gaap:NotesPayableToBanksMemberus-gaap:FairValueInputsLevel3Membernxst:TermLoanBDueOnJanuaryTwoThousandTwentyFourMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001142417us-gaap:AccountingStandardsUpdate202105Member2022-09-300001142417us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernxst:CustomerOneMember2022-01-012022-09-300001142417us-gaap:SecuredDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMembernxst:TermLoanBDueOnJuneTwoThousandTwentyEightMember2022-01-012022-09-300001142417us-gaap:CorporateAndOtherMember2022-01-012022-09-300001142417nxst:OtherMemberus-gaap:CorporateAndOtherMember2022-07-012022-09-300001142417nxst:NewsCommunicationsIncMember2021-08-200001142417us-gaap:CorporateAndOtherMemberus-gaap:DistributionServiceMember2021-01-012021-09-300001142417nxst:NonGuarantorVariableInterestEntitiesMemberus-gaap:ContractBasedIntangibleAssetsMember2021-12-310001142417us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-09-300001142417us-gaap:SecuredDebtMembersrt:MaximumMembernxst:NewFacilitiesMember2022-01-012022-09-300001142417nxst:TermLoanBDueOnSeptemberTwoThousandTwentySixMemberus-gaap:NotesPayableToBanksMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001142417us-gaap:SalesRevenueNetMembernxst:CustomerOneMemberus-gaap:CustomerConcentrationRiskMember2021-07-012021-09-300001142417us-gaap:CommonStockMember2022-09-300001142417us-gaap:SalesRevenueNetMembernxst:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-09-300001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMembernxst:RevolvingLoansDueOnJuneTwoThousandTwentySevenMember2022-06-210001142417us-gaap:OtherIntangibleAssetsMember2021-12-310001142417us-gaap:RetainedEarningsMember2022-09-3000011424172022-11-080001142417nxst:BroadcastMemberus-gaap:DistributionServiceMember2021-01-012021-09-300001142417us-gaap:RetainedEarningsMember2020-12-310001142417nxst:FourPointSevenFivePercentDueOnNovemberOneTwoThousandTwentyEightMemberus-gaap:FairValueInputsLevel2Membersrt:SubsidiaryIssuerMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001142417nxst:TermLoanBDueOnSeptemberEighteenTwoThousandTwentySixMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-09-300001142417us-gaap:TreasuryStockMember2020-12-310001142417nxst:BroadcastMembernxst:OtherMember2022-07-012022-09-300001142417nxst:TVFoodNetworkMember2022-01-012022-09-300001142417nxst:PoliticalAdvertisingMember2022-01-012022-09-300001142417us-gaap:CommonStockMember2021-01-270001142417nxst:BroadcastMembernxst:CoreAdvertisingMember2021-07-012021-09-300001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMembernxst:TermLoanADueOnOctoberTwoThousandTwentyThreeMember2021-12-310001142417nxst:BroadcastMembernxst:DigitalMember2022-07-012022-09-300001142417nxst:FourPointSevenFivePercentDueOnNovemberTwoThousandTwentyEightMemberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMember2022-01-012022-09-300001142417nxst:TribuneMediaCompanyMember2022-01-012022-09-300001142417us-gaap:SecuredDebtMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membernxst:TermLoanBDueOnJuneThreeTwoThousandTwentyEightMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMembernxst:TermLoanADueOnJuneTwoThousandAndTwentySevenMember2022-09-300001142417nxst:TVFoodNetworkMember2021-12-310001142417us-gaap:QualifiedPlanMember2022-01-012022-09-300001142417nxst:OtherMemberus-gaap:CorporateAndOtherMember2021-07-012021-09-300001142417us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMembernxst:FivePointSixTwoFivePercentDueTwoThousandTwentySevenMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001142417us-gaap:CommonStockMember2022-07-270001142417us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001142417us-gaap:AdditionalPaidInCapitalMember2022-09-300001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMembernxst:ContractBasedAndOtherIntangibleAssetsMember2021-12-310001142417us-gaap:RetainedEarningsMember2022-06-300001142417us-gaap:DistributionServiceMember2021-07-012021-09-300001142417nxst:TermLoanBDueOnSeptemberEighteenTwoThousandTwentySixMemberus-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001142417nxst:PoliticalAdvertisingMember2021-07-012021-09-300001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMembernxst:TermLoanBDueOnJanuaryTwoThousandTwentyFourMember2021-01-012021-12-310001142417nxst:FourPointSevenFivePercentDueOnNovemberTwoThousandTwentyEightMemberus-gaap:FairValueInputsLevel2Memberus-gaap:SeniorSubordinatedNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001142417us-gaap:ContractBasedIntangibleAssetsMember2022-01-012022-09-300001142417nxst:DigitalMembernxst:BroadcastMember2021-01-012021-09-300001142417us-gaap:CommonClassBMember2022-06-130001142417us-gaap:TreasuryStockMember2022-06-300001142417us-gaap:QualifiedPlanMember2022-07-012022-09-300001142417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001142417us-gaap:TreasuryStockMember2022-07-012022-09-300001142417nxst:BroadcastMemberus-gaap:DistributionServiceMember2021-07-012021-09-300001142417us-gaap:SalesRevenueNetMembernxst:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMember2022-07-012022-09-300001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membernxst:TermLoanADueOnOctoberTwentySixTwoThousandTwentyThreeMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001142417nxst:OtherMember2022-01-012022-09-300001142417us-gaap:SecuredDebtMembersrt:SubsidiaryIssuerMembernxst:TermLoanADueOnJuneTwoThousandAndTwentySevenMember2022-01-012022-09-300001142417us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-09-300001142417us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2021-07-012021-09-300001142417us-gaap:RetainedEarningsMember2021-12-310001142417nxst:BroadcastMemberus-gaap:DistributionServiceMember2022-07-012022-09-300001142417us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorSubordinatedNotesMembernxst:FivePointSixTwoFivePercentDueOnJulyTwoThousandTwentySevenMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001142417us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberus-gaap:SecuredDebtMembernxst:RevolvingLoansDueOnOctoberTwentySixThousandTwentyThreeMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001142417us-gaap:RetainedEarningsMember2022-01-012022-09-300001142417us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001142417srt:ParentCompanyMember2022-09-300001142417us-gaap:ContractBasedIntangibleAssetsMember2022-09-300001142417us-gaap:SeniorSubordinatedNotesMembersrt:SubsidiaryIssuerMembernxst:FivePointSixTwoFivePercentDueTwoThousandTwentySevenMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-31xbrli:purenxst:Proofnxst:Applicationnxst:TelevisionStationnxst:RadioStationxbrli:sharesnxst:Websitenxst:Marketnxst:Statenxst:Stationiso4217:USDnxst:Customernxst:NetworkService
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, 2022
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, 2022, the registrant had 37,708,443 shares of Common Stock outstanding.
TABLE OF CONTENTS
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, |
|
|
2022 |
|
|
2021 |
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
346.6 |
|
|
$ |
190.9 |
|
Restricted cash and cash equivalents |
|
15.6 |
|
|
|
15.6 |
|
Accounts receivable, net of allowance for doubtful accounts of $33.9 and $23.1, respectively |
|
986.9 |
|
|
|
1,021.0 |
|
Broadcast rights |
|
154.8 |
|
|
|
46.4 |
|
Prepaid expenses and other current assets |
|
162.4 |
|
|
|
138.8 |
|
Total current assets |
|
1,666.3 |
|
|
|
1,412.7 |
|
Property and equipment, net |
|
1,491.0 |
|
|
|
1,512.5 |
|
Goodwill |
|
3,051.6 |
|
|
|
3,051.6 |
|
FCC licenses |
|
2,910.3 |
|
|
|
2,910.3 |
|
Network affiliation agreements, net |
|
1,918.5 |
|
|
|
2,060.2 |
|
Other intangible assets, net |
|
592.2 |
|
|
|
656.9 |
|
Investments |
|
1,088.7 |
|
|
|
1,218.8 |
|
Assets held for sale, net |
|
- |
|
|
|
45.3 |
|
Other noncurrent assets, net |
|
379.7 |
|
|
|
396.2 |
|
Total assets(1) |
$ |
13,098.3 |
|
|
$ |
13,264.5 |
|
LIABILITIES AND STOCKHOLDERSʼ EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Current portion of debt |
$ |
124.3 |
|
|
$ |
47.2 |
|
Accounts payable |
|
166.1 |
|
|
|
248.2 |
|
Broadcast rights payable |
|
151.6 |
|
|
|
76.9 |
|
Accrued expenses |
|
344.5 |
|
|
|
315.9 |
|
Operating lease liabilities |
|
46.5 |
|
|
|
42.8 |
|
Deferred revenue |
|
70.2 |
|
|
|
22.6 |
|
Other current liabilities |
|
11.9 |
|
|
|
33.7 |
|
Total current liabilities |
|
915.1 |
|
|
|
787.3 |
|
Debt |
|
7,052.9 |
|
|
|
7,367.9 |
|
Deferred tax liabilities |
|
1,714.9 |
|
|
|
1,728.5 |
|
Other noncurrent liabilities |
|
467.0 |
|
|
|
523.3 |
|
Total liabilities(1) |
|
10,149.9 |
|
|
|
10,407.0 |
|
Commitments and contingencies (Note 14) |
|
|
|
|
|
Stockholdersʼ equity: |
|
|
|
|
|
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of September 30, 2022 and December 31, 2021 |
|
- |
|
|
|
- |
|
Common stock - $0.01 par value, 100,000,000 shares authorized; 47,291,463 shares issued, 38,278,270 shares outstanding as of September 30, 2022 and 47,291,463 shares issued, 40,757,429 shares outstanding as of December 31, 2021 |
|
0.5 |
|
|
|
0.5 |
|
Additional paid-in capital |
|
1,270.7 |
|
|
|
1,311.1 |
|
Accumulated other comprehensive income |
|
141.3 |
|
|
|
141.6 |
|
Retained earnings |
|
2,863.7 |
|
|
|
2,204.2 |
|
Treasury stock - at cost; 9,013,193 and 6,534,034 shares as of September 30, 2022 and December 31, 2021, respectively |
|
(1,350.1 |
) |
|
|
(807.0 |
) |
Total Nexstar Media Group, Inc. stockholdersʼ equity |
|
2,926.1 |
|
|
|
2,850.4 |
|
Noncontrolling interests |
|
22.3 |
|
|
|
7.1 |
|
Total stockholdersʼ equity |
|
2,948.4 |
|
|
|
2,857.5 |
|
Total liabilities and stockholdersʼ equity |
$ |
13,098.3 |
|
|
$ |
13,264.5 |
|
|
|
|
|
|
|
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
(1)The condensed consolidated total assets as of September 30, 2022 and December 31, 2021 include certain assets held by consolidated VIEs of $306.3 million and $309.7 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of September 30, 2022 and December 31, 2021 include certain liabilities of consolidated VIEs of $156.8 million and $168.0 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, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net revenue |
|
$ |
1,269.1 |
|
|
$ |
1,157.0 |
|
|
$ |
3,724.3 |
|
|
$ |
3,402.5 |
|
Operating expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating expenses, excluding depreciation and amortization |
|
|
511.1 |
|
|
|
480.1 |
|
|
|
1,502.7 |
|
|
|
1,391.8 |
|
Selling, general and administrative expenses, excluding depreciation and amortization |
|
|
260.8 |
|
|
|
258.2 |
|
|
|
775.2 |
|
|
|
744.1 |
|
Amortization of broadcast rights |
|
|
25.4 |
|
|
|
29.9 |
|
|
|
80.6 |
|
|
|
92.4 |
|
Amortization of intangible assets |
|
|
76.8 |
|
|
|
75.7 |
|
|
|
231.9 |
|
|
|
223.2 |
|
Depreciation of property and equipment |
|
|
40.2 |
|
|
|
41.3 |
|
|
|
118.6 |
|
|
|
120.7 |
|
Reimbursement from the FCC related to station repack |
|
|
(0.5 |
) |
|
|
(5.6 |
) |
|
|
(2.8 |
) |
|
|
(17.9 |
) |
Other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2.4 |
) |
Total operating expenses |
|
|
913.8 |
|
|
|
879.6 |
|
|
|
2,706.2 |
|
|
|
2,551.9 |
|
Income from operations |
|
|
355.3 |
|
|
|
277.4 |
|
|
|
1,018.1 |
|
|
|
850.6 |
|
Gain on bargain purchase |
|
|
54.1 |
|
|
|
- |
|
|
|
54.1 |
|
|
|
- |
|
Income from equity method investments, net |
|
|
36.6 |
|
|
|
20.8 |
|
|
|
110.2 |
|
|
|
77.7 |
|
Interest expense, net |
|
|
(88.6 |
) |
|
|
(70.4 |
) |
|
|
(233.2 |
) |
|
|
(212.6 |
) |
Pension and other postretirement plans credit, net |
|
|
11.0 |
|
|
|
17.7 |
|
|
|
32.7 |
|
|
|
53.0 |
|
Other (expenses) income, net |
|
|
1.0 |
|
|
|
(10.5 |
) |
|
|
(10.5 |
) |
|
|
(4.3 |
) |
Income before income taxes |
|
|
369.4 |
|
|
|
235.0 |
|
|
|
971.4 |
|
|
|
764.4 |
|
Income tax expense |
|
|
(81.9 |
) |
|
|
(65.9 |
) |
|
|
(206.0 |
) |
|
|
(196.3 |
) |
Net income |
|
|
287.5 |
|
|
|
169.1 |
|
|
|
765.4 |
|
|
|
568.1 |
|
Net loss attributable to noncontrolling interests |
|
|
1.2 |
|
|
|
0.5 |
|
|
|
2.4 |
|
|
|
2.5 |
|
Net income attributable to Nexstar Media Group, Inc. |
|
$ |
288.7 |
|
|
$ |
169.6 |
|
|
$ |
767.8 |
|
|
$ |
570.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share attributable to Nexstar Media Group, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
7.45 |
|
|
$ |
4.07 |
|
|
$ |
19.21 |
|
|
$ |
13.42 |
|
Diluted |
|
$ |
7.30 |
|
|
$ |
3.90 |
|
|
$ |
18.81 |
|
|
$ |
12.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic (in thousands) |
|
|
38,767 |
|
|
|
41,676 |
|
|
|
39,964 |
|
|
|
42,520 |
|
Diluted (in thousands) |
|
|
39,560 |
|
|
|
43,476 |
|
|
|
40,816 |
|
|
|
44,422 |
|
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 September 30, 2022 and 2021
(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 June 30, 2022 |
|
|
47,291,463 |
|
|
$ |
0.5 |
|
|
$ |
1,257.9 |
|
|
$ |
2,609.9 |
|
|
$ |
141.3 |
|
|
|
(7,867,571 |
) |
|
$ |
(1,139.9 |
) |
|
$ |
(0.6 |
) |
|
$ |
2,869.1 |
|
Purchase of treasury stock |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,197,138 |
) |
|
|
(215.2 |
) |
|
|
- |
|
|
|
(215.2 |
) |
Stock-based compensation expense |
|
|
- |
|
|
|
- |
|
|
|
17.2 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
17.2 |
|
Vesting of restricted stock units and exercise of stock options |
|
|
- |
|
|
|
- |
|
|
|
(4.4 |
) |
|
|
- |
|
|
|
- |
|
|
|
51,516 |
|
|
|
5.0 |
|
|
|
- |
|
|
|
0.6 |
|
Dividends declared on common stock ($0.90 per share) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(34.9 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(34.9 |
) |
Noncontrolling interests from a business combination (see Note 3) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
24.2 |
|
|
|
24.2 |
|
Distribution to a noncontrolling interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
Net income (loss) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
288.7 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1.2 |
) |
|
|
287.5 |
|
Balances as of September 30, 2022 |
|
|
47,291,463 |
|
|
$ |
0.5 |
|
|
$ |
1,270.7 |
|
|
$ |
2,863.7 |
|
|
$ |
141.3 |
|
|
|
(9,013,193 |
) |
|
$ |
(1,350.1 |
) |
|
$ |
22.3 |
|
|
$ |
2,948.4 |
|