Nexstar Media Group Q2 2024 10-Q Filing
Ticker: NXST · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 1142417
Sentiment: neutral
Topics: 10-Q, financials, debt, broadcasting
Related Tickers: NXST
TL;DR
NXST Q2 10-Q filed. Financials look steady, debt details updated.
AI Summary
Nexstar Media Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates. Key financial data and disclosures related to debt, assets, and liabilities are presented, reflecting the company's ongoing business activities and strategic positioning.
Why It Matters
This filing provides investors with a detailed look into Nexstar Media Group's financial health and operational status for the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — The filing contains standard financial disclosures for a public company, including debt and asset information, which are typical for this industry.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
- 2024-08-08 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
- 2023-12-31 — Previous Year End Date (Provides a comparison point for financial data from the prior fiscal year-end.)
Key Players & Entities
- NEXSTAR MEDIA GROUP, INC. (company) — Filer
- 0000950170-24-093776 (other) — Accession Number
- 20240630 (date) — Period of Report
- 20240808 (date) — Filing Date
- 000-50478 (other) — SEC File Number
- 545 EAST JOHN CARPENTER FREEWAY SUITE 700 IRVING TX 75062 (address) — Business Address
- 972-373-8800 (phone) — Business Phone
- nxst:TermLoanBDueOnJuneTwoThousandTwentyEightMember (debt) — Specific Debt Instrument
- nxst:NorthsideEntertainmentHoldingsLLCMember (company) — Subsidiary/Related Entity
- nxst:ChicagoCubsTransactionsMember (transaction) — Related Transaction
FAQ
What is the primary business of Nexstar Media Group, Inc.?
Nexstar Media Group, Inc. is primarily involved in Television Broadcasting Stations, as indicated by its Standard Industrial Classification code [4833].
What is the accession number for this filing?
The accession number for this 10-Q filing is 0000950170-24-093776.
When does the Term Loan B due on June Two Thousand Twenty Eight mature?
The Term Loan B due on June Two Thousand Twenty Eight is a debt instrument associated with Nexstar Media Group, Inc.
What is the company's fiscal year end?
Nexstar Media Group, Inc.'s fiscal year ends on December 31st (1231).
What is the filing date of this 10-Q report?
This 10-Q report was filed on August 8, 2024.
Filing Stats: 4,540 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2024-08-08 15:05:59
Filing Documents
- nxst-20240630.htm (10-Q) — 2326KB
- 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
- 0000950170-24-093776.txt ( ) — 10362KB
- nxst-20240630.xsd (EX-101.SCH) — 1433KB
- nxst-20240630_htm.xml (XML) — 2060KB
Financial Statements (Unaudited)
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
Management's Discussion and Analysis of Financial Condition and Results of Operations 24 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 33 ITEM 4.
Controls and Procedures
Controls and Procedures 33 PART II OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 34 ITEM 1A.
Risk Factors
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
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) 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 STOCKHOLDERS 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) Stockholders 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