Nexstar Media Group, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: NXST · Form: 10-Q · Filed: May 9, 2024 · CIK: 1142417
Sentiment: neutral
Topics: Nexstar Media Group, 10-Q Filing, Financial Report, Debt Obligations, Q1 2024
TL;DR
<b>Nexstar Media Group, Inc. has filed its Q1 2024 10-Q report, detailing financial positions and debt obligations.</b>
AI Summary
NEXSTAR MEDIA GROUP, INC. (NXST) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Nexstar Media Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to Retained Earnings, Common Stock, and Noncontrolling Interest as of March 31, 2024. Information on Secured Debt, including Term Loans due in 2026, 2027, and 2028, is detailed. Advertising revenue for the period January 1, 2024, to March 31, 2024, is a key component. The company's fiscal year ends on December 31.
Why It Matters
For investors and stakeholders tracking NEXSTAR MEDIA GROUP, INC., this filing contains several important signals. This filing provides a snapshot of Nexstar's financial health and debt structure as of the first quarter of 2024, crucial for investors assessing financial stability. The inclusion of specific debt maturities and interest rates offers insight into the company's leverage and future financial commitments.
Risk Assessment
Risk Level: medium — NEXSTAR MEDIA GROUP, INC. shows moderate risk based on this filing. The company's financial reporting includes various debt instruments and variable interest entities, which can introduce complexity in assessing its true financial leverage and risk exposure.
Analyst Insight
Investors should review the detailed debt schedules and fair value measurements to understand Nexstar's financial obligations and potential risks.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| All Other Segments | Advertising | |
| All Other Segments | Advertising |
Key Numbers
- 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
- 2024-05-09 — Filing Date (Filed As Of Date)
- 1231 — Fiscal Year End (Fiscal Year End)
- 2026 — Term Loan Maturity Year (Term Loan B Due On September Two Thousand Twenty Six Member)
- 2027 — Term Loan Maturity Year (Term Loan A Due On June Two Thousand And Twenty Seven Member)
- 2028 — Term Loan Maturity Year (Term Loan B Due On June Two Thousand Twenty Eight Member)
- 2023-12-31 — Prior Year End Date (NonGuarantorVariableInterestEntitiesMember 2023-12-31)
- 2023-03-31 — Prior Year Quarter End Date (NoncontrollingInterestMember 2023-03-31)
Key Players & Entities
- NEXSTAR MEDIA GROUP, INC. (company) — Filer name
- 2024-03-31 (date) — Conformed period of report
- 2024-05-09 (date) — Filed as of date
- TELEVISION BROADCASTING STATIONS [4833] (industry) — Standard Industrial Classification
- Irving, TX (location) — Business address city and state
- 972-373-8800 (phone) — Business phone
- NEXSTAR BROADCASTING GROUP INC (company) — Former company name
- 2001-06-11 (date) — Date of name change
FAQ
When did NEXSTAR MEDIA GROUP, INC. file this 10-Q?
NEXSTAR MEDIA GROUP, INC. filed this Quarterly Report (10-Q) with the SEC on May 9, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by NEXSTAR MEDIA GROUP, INC. (NXST).
Where can I read the original 10-Q filing from NEXSTAR MEDIA GROUP, INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by NEXSTAR MEDIA GROUP, INC..
What are the key takeaways from NEXSTAR MEDIA GROUP, INC.'s 10-Q?
NEXSTAR MEDIA GROUP, INC. filed this 10-Q on May 9, 2024. Key takeaways: Nexstar Media Group, Inc. filed a 10-Q report for the period ending March 31, 2024.. The filing includes data related to Retained Earnings, Common Stock, and Noncontrolling Interest as of March 31, 2024.. Information on Secured Debt, including Term Loans due in 2026, 2027, and 2028, is detailed..
Is NEXSTAR MEDIA GROUP, INC. a risky investment based on this filing?
Based on this 10-Q, NEXSTAR MEDIA GROUP, INC. presents a moderate-risk profile. The company's financial reporting includes various debt instruments and variable interest entities, which can introduce complexity in assessing its true financial leverage and risk exposure.
What should investors do after reading NEXSTAR MEDIA GROUP, INC.'s 10-Q?
Investors should review the detailed debt schedules and fair value measurements to understand Nexstar's financial obligations and potential risks. The overall sentiment from this filing is neutral.
Risk Factors
- Variable Interest Entities [medium — financial]: The company's financial statements include data related to non-guarantor variable interest entities, indicating potential off-balance sheet exposures.
Filing Stats: 4,459 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-05-09 15:36:19
Filing Documents
- nxst-20240331.htm (10-Q) — 1805KB
- nxst-ex10_1.htm (EX-10.1) — 135KB
- nxst-ex31_1.htm (EX-31.1) — 13KB
- nxst-ex31_2.htm (EX-31.2) — 13KB
- nxst-ex32_1.htm (EX-32.1) — 7KB
- nxst-ex32_2.htm (EX-32.2) — 7KB
- 0000950170-24-056779.txt ( ) — 9171KB
- nxst-20240331.xsd (EX-101.SCH) — 1386KB
- nxst-20240331_htm.xml (XML) — 1706KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three Months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements Note 1: Organization and Business Operations 7 Note 2: Summary of Significant Accounting Policies 7 Note 3: Intangible Assets and Goodwill 11 Note 4: Investments 11 Note 5: Accrued Expenses 13 Note 6: Retirement and Postretirement Plans 13 Note 7: Debt 13 Note 8: Leases 14 Note 9: Fair Value Measurements 15 Note 10: Common Stock 16 Note 11: Income Taxes 16 Note 12: Commitments and Contingencies 16 Note 13: Segment Data 19 Note 14: Subsequent Events 20 ITEM 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 21 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 29 ITEM 4.
Controls and Procedures
Controls and Procedures 29 PART II OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 30 ITEM 1A.
Risk Factors
Risk Factors 30 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 ITEM 3. Defaults Upon Senior Securities 30 ITEM 4. Mine Safety Disclosures 30 ITEM 5. Other Information 30 ITEM 6. Exhibits 31
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
ITEM 1. Financial Statements NEXSTAR MEDIA GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except for share and per share information, unaudited) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 237 $ 135 Restricted cash and cash equivalents - 12 Accounts receivable, net of allowance for credit losses of $ 20 and $ 20 , respectively 1,051 1,095 Broadcast rights 148 136 Prepaid expenses and other current assets 58 88 Total current assets 1,494 1,466 Property and equipment, net 1,264 1,269 Goodwill 2,946 2,946 FCC licenses 2,929 2,929 Network affiliation agreements, net 1,635 1,683 Other intangible assets, net 417 441 Investments 859 958 Other noncurrent assets, net 401 386 Total assets (1) $ 11,945 $ 12,078 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Current portion of debt $ 124 $ 124 Accounts payable 115 235 Broadcast rights payable 138 136 Accrued expenses 315 350 Operating lease liabilities 43 47 Other current liabilities 96 69 Total current liabilities 831 961 Debt 6,686 6,713 Deferred tax liabilities 1,508 1,520 Other noncurrent liabilities 574 571 Total liabilities (1) 9,599 9,765 Commitments and contingencies (Note 12) Stockholders equity: Preferred stock - $ 0.01 par value, 200,000 shares authorized; none issued and outstanding at each of March 31, 2024 and December 31, 2023 - - Common stock - $ 0.01 par value, 100,000,000 shares authorized; 47,282,823 shares issued, 33,037,901 shares outstanding as of March 31, 2024 and 47,282,823 shares issued, 33,600,926 shares outstanding as of December 31, 2023 - - Additional paid-in capital 1,290 1,283 Accumulated other comprehensive income 1 1 Retained earnings 3,306 3,188 Treasury stock - at cost; 14,244,922 and 13,681,897 shares as of Ma