Nexstar Media Group Files Q3 2024 10-Q
Ticker: NXST · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 1142417
Sentiment: neutral
Topics: 10-Q, financials, broadcasting
Related Tickers: NXST
TL;DR
NXST Q3 10-Q is in. Financials and ops details for investors.
AI Summary
Nexstar Media Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and disclosures are provided, reflecting the company's ongoing business activities and market position in television broadcasting.
Why It Matters
This filing provides investors with a detailed look at Nexstar's financial health and operational performance during the third quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial data and forward-looking statements that can be subject to market interpretation and future performance.
Key Numbers
- Q3 — Quarterly Period (Reporting period for the 10-Q filing.)
- 20240930 — End of Fiscal Period (The specific date through which financial information is reported.)
- 20241107 — Filing Date (The date the document was officially submitted to the SEC.)
Key Players & Entities
- NEXSTAR MEDIA GROUP, INC. (company) — Filer of the 10-Q
- 20240930 (date) — Period of report
- 20241107 (date) — Filing date
- 545 EAST JOHN CARPENTER FREEWAY (location) — Company business and mailing address
- IRVING, TX (location) — Company business and mailing city/state
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 7, 2024.
What is the company's primary business as indicated by its SIC code?
The company's primary business is TELEVISION BROADCASTING STATIONS, indicated by SIC code 4833.
What is Nexstar Media Group's business address?
Nexstar Media Group's business address is 545 East John Carpenter Freeway, Suite 700, Irving, TX 75062.
What was the previous name of Nexstar Media Group?
The former company name was NEXSTAR BROADCASTING GROUP INC, with a date of name change on June 11, 2001.
Filing Stats: 4,548 words · 18 min read · ~15 pages · Grade level 17.3 · Accepted 2024-11-07 15:49:18
Filing Documents
- nxst-20240930.htm (10-Q) — 2511KB
- 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
- 0000950170-24-123213.txt ( ) — 11162KB
- nxst-20240930.xsd (EX-101.SCH) — 1569KB
- nxst-20240930_htm.xml (XML) — 2195KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests for the Three and Nine Months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 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: Acquisitions 12 Note 4: Intangible Assets and Goodwill 12 Note 5: Investments 13 Note 6: Accrued Expenses 14 Note 7: Debt 15 Note 8: Retirement and Postretirement Plans 16 Note 9: Leases 16 Note 10: Commitments and Contingencies 17 Note 11: Equity 19 Note 12: Income Taxes 20 Note 13: Income Per Share 20 Note 14: Fair Value Measurements 21 Note 15: Segment Data 21 Note 16: Subsequent Events 24 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 25 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 34 ITEM 4.
Controls and Procedures
Controls and Procedures 34 PART II OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 35 ITEM 1A.
Risk Factors
Risk Factors 35 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 ITEM 3. Defaults Upon Senior Securities 35 ITEM 4. Mine Safety Disclosures 35 ITEM 5. Other Information 35 ITEM 6. Exhibits 36
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) September 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 181 $ 135 Restricted cash and cash equivalents - 12 Accounts receivable, net of allowance for credit losses of $ 20 and $ 20 , respectively 1,016 1,095 Broadcast rights 132 136 Prepaid expenses and other current assets 92 88 Total current assets 1,421 1,466 Property and equipment, net 1,233 1,269 Goodwill 2,946 2,946 FCC licenses 2,929 2,929 Network affiliation agreements, net 1,541 1,683 Other intangible assets, net 371 441 Investments 869 958 Other noncurrent assets, net 383 386 Total assets (1) $ 11,693 $ 12,078 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS EQUITY Current liabilities: Current portion of debt $ 124 $ 124 Accounts payable 132 235 Broadcast rights payable 124 136 Accrued expenses 333 350 Other current liabilities 133 116 Total current liabilities 846 961 Debt 6,576 6,713 Deferred tax liabilities 1,494 1,520 Other noncurrent liabilities 536 571 Total liabilities (1) 9,452 9,765 Commitments and contingencies (Note 10) Redeemable noncontrolling interests (Note 2) 37 - Stockholders equity: Preferred stock - $ 0.01 par value, 200,000 shares authorized; none issued and outstanding at each of September 30, 2024 and December 31, 2023 - - Common stock - $ 0.01 par value, 100,000,000 shares authorized; 47,282,823 shares issued, 31,476,115 shares outstanding as of September 30, 2024 and 47,282,823 shares issued, 33,600,926 shares outstanding as of December 31, 2023 - - Additional paid-in capital 1,292 1,283 Accumulated other comprehensive income 1 1 Retained earnings 3,485 3,188