Nexstar Media Group Reports Record Second Quarter Net Revenue of $1.27 Billion
Nexstar Media Group reported record second-quarter net revenue of $1.27 billion, marking a 2.3% increase year-over-year. Key figures included a net income of $106 million, a rise of 41.3%, and an adjusted EBITDA of $398 million, up 18.8%. Adjusted free cash flow reached $78 million, a 5.4% increase.
Distribution revenue stood at $734 million, a 5.5% increase, while advertising revenue was $522 million, up 2.2%. Operating losses at The CW were reduced by $33 million year-over-year, contributing to improved cash flows.
Nexstar returned $190 million to shareholders, reducing outstanding shares by 1.7%. The company repaid $31 million in debt. The consolidated debt was $6.78 billion, with a first lien net leverage ratio of 2.19x.
Nexstar Media Group ha riportato un reddito netto record per il secondo trimestre di $1,27 miliardi, segnando un aumento del 2,3% rispetto all'anno precedente. I dati chiave includevano un reddito netto di $106 milioni, un incremento del 41,3%, e un EBITDA rettificato di $398 milioni, in crescita del 18,8%. Il flusso di cassa libero rettificato ha raggiunto i $78 milioni, con un aumento del 5,4%.
Il reddito da distribuzione è stato di $734 milioni, con un incremento del 5,5%, mentre il reddito pubblicitario è stato di $522 milioni, in aumento del 2,2%. Le perdite operative presso The CW sono state ridotte di $33 milioni rispetto all'anno precedente, contribuendo a migliorare i flussi di cassa.
Nexstar ha restituito $190 milioni agli azionisti, riducendo le azioni in circolazione del 1,7%. L'azienda ha restituito $31 milioni di debito. Il debito consolidato ammontava a $6,78 miliardi, con un rapporto di leva netta di primo grado di 2,19x.
Nexstar Media Group reportó ingresos netos récord de $1.27 mil millones en el segundo trimestre, marcando un aumento del 2.3% en comparación con el año anterior. Las cifras clave incluyeron un ingreso neto de $106 millones, un aumento del 41.3%, y un EBITDA ajustado de $398 millones, un incremento del 18.8%. El flujo de caja libre ajustado alcanzó los $78 millones, con un aumento del 5.4%.
Los ingresos por distribución se situaron en $734 millones, un incremento del 5.5%, mientras que los ingresos por publicidad fueron de $522 millones, un aumento del 2.2%. Las pérdidas operativas en The CW se redujeron en $33 millones en comparación con el año anterior, lo que contribuyó a mejorar los flujos de caja.
Nexstar devolvió $190 millones a los accionistas, reduciendo las acciones en circulación en un 1.7%. La empresa pagó $31 millones de deuda. La deuda consolidada era de $6.78 mil millones, con una relación de apalancamiento neto de primer grado de 2.19x.
Nexstar Media Group는 2분기 순수익이 12억 7천만 달러로 기록적인 수치를 기록하며 전년 대비 2.3% 증가했다고 보고했습니다. 주요 수치로는 1억 6천만 달러의 순이익이 41.3% 증가했으며, 조정 EBITDA는 3억 9천8백만 달러로 18.8% 상승했습니다. 조정된 자유 현금 흐름은 7천8백만 달러로 5.4% 증가했습니다.
배급 수익은 7억 3천4백만 달러로 5.5% 증가했으며, 광고 수익은 5억 2천2백만 달러로 2.2% 증가했습니다. The CW의 운영 손실은 전년 대비 3천3백만 달러 줄어들어 현금 흐름 개선에 기여했습니다.
Nexstar는 주주에게 1억 9천만 달러를 돌려주었고, 유통 주식을 1.7% 줄였습니다. 회사는 3천1백만 달러의 부채를 상환했습니다. 통합 부채는 67억 8천만 달러였으며, 최초 담보 순 레버리지 비율은 2.19배였습니다.
Nexstar Media Group a annoncé un chiffre d'affaires net record au deuxième trimestre de 1,27 milliard de dollars, marquant une augmentation de 2,3 % par rapport à l'année précédente. Les chiffres clés comprenaient un revenu net de 106 millions de dollars, une hausse de 41,3 %, et un EBITDA ajusté de 398 millions de dollars, en hausse de 18,8 %. Le flux de trésorerie libre ajusté a atteint 78 millions de dollars, soit une augmentation de 5,4 %.
Les revenus de distribution se sont élevés à 734 millions de dollars, soit une augmentation de 5,5 %, tandis que les revenus publicitaires étaient de 522 millions de dollars, en hausse de 2,2 %. Les pertes d'exploitation de The CW ont été réduites de 33 millions de dollars par rapport à l'année précédente, contribuant à améliorer les flux de trésorerie.
Nexstar a retourné 190 millions de dollars aux actionnaires, réduisant le nombre d'actions en circulation de 1,7 %. La société a remboursé 31 millions de dollars de dettes. La dette consolidée s'élevait à 6,78 milliards de dollars, avec un ratio de levier net de premier rang de 2,19x.
Nexstar Media Group meldete im zweiten Quartal einen Rekordnettoertrag von 1,27 Milliarden Dollar, was einem Anstieg von 2,3 % im Vergleich zum Vorjahr entspricht. Zu den wichtigen Kennzahlen gehörten ein Nettogewinn von 106 Millionen Dollar, ein Anstieg von 41,3 %, und ein bereinigtes EBITDA von 398 Millionen Dollar, was einem Anstieg von 18,8 % entspricht. Der bereinigte freie Cashflow erreichte 78 Millionen Dollar, was einen Anstieg von 5,4 % darstellt.
Die Vertriebseinnahmen betrugen 734 Millionen Dollar, was einem Anstieg von 5,5 % entspricht, während die Werbeeinnahmen 522 Millionen Dollar betrugen, das entspricht einem Anstieg von 2,2 %. Die Betriebsverluste bei The CW wurden im Jahresvergleich um 33 Millionen Dollar gesenkt, was zu einer Verbesserung der Cashflows beitrug.
Nexstar gab 190 Millionen Dollar an die Aktionäre zurück und reduzierte die ausstehenden Aktien um 1,7 %. Das Unternehmen zahlte 31 Millionen Dollar Schulden zurück. Die konsolidierte Verschuldung betrug 6,78 Milliarden Dollar, mit einem ersten Haftungsverhältnis von 2,19x.
- Record Q2 net revenue of $1.27 billion, a 2.3% increase
- Net income of $106 million, a 41.3% rise
- Adjusted EBITDA of $398 million, up 18.8%
- Adjusted free cash flow of $78 million, a 5.4% increase
- Distribution revenue of $734 million, up 5.5%
- Advertising revenue of $522 million, up 2.2%
- Reduced operating losses at The CW by $33 million
- Returned $190 million to shareholders
- Reduced outstanding shares by 1.7%
- Repaid $31 million in debt
- Decline in other revenue by 60.6% to $13 million
- Decrease in non-political advertising revenue by $24 million
- Lower cash distributions from equity method investments
Insights
Nexstar's Q2 results demonstrate strong financial performance with record-breaking revenue figures. The
- Distribution revenue grew
5.5% to$734 million , reflecting successful contract renewals and rate increases. - Political advertising revenue surged to
$45 million , offsetting softness in non-political ads. - Net income jumped
41.3% to$106 million , with margin expanding to8.4% . - Adjusted EBITDA increased
18.8% to$398 million , with margin improving to31.4% .
The company's focus on shareholder returns, evidenced by
Nexstar's Q2 results reveal significant progress in its strategic initiatives, particularly with The CW Network. The
The expansion of NewsNation to a 24/7 cable news network is a bold move, with early signs of success as primetime viewership has grown over
However, the ongoing softness in the advertising market remains a concern, as evidenced by the
Q2 Net Revenue Drives Net Income of
Adjusted Free Cash Flow of
All-Time High Second Quarter Distribution Revenue
Reduced Year-over-Year Quarterly Losses at The CW by
Quarterly Return of Capital to Shareholders of
STATEMENT FROM PERRY A. SOOK, FOUNDER, CHAIRMAN AND CEO
“Nexstar delivered another period of solid financial results, building on our strong start to the year. Following a first quarter in which Nexstar generated record first-quarter distribution and total net revenue, we did it again, generating our highest-ever second-quarter distribution and total net revenue. During the quarter, we continued executing on our plan at The CW, reducing operating losses by
2024 Second Quarter Financial Summary |
|||||||||||||||
($ in millions) |
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
|||||||||||
|
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
|
||
Distribution |
|
|
|
|
5.5 |
|
|
|
|
5.0 |
|
|
|||
Advertising |
|
522 |
|
511 |
2.2 |
|
1,034 |
1,028 |
|
0.6 |
|
|
|||
Other |
|
13 |
|
33 |
(60.6 |
) |
24 |
45 |
|
(46.7 |
) |
|
|||
Net Revenue |
|
|
|
|
2.3 |
|
|
|
|
2.2 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Income |
|
|
|
|
41.3 |
|
|
|
|
67.5 |
|
|
|||
% Margin(1) |
|
|
|
|
2.4 |
|
|
|
|
4.2 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA(2) |
|
|
|
|
18.8 |
|
|
|
|
13.2 |
|
|
|||
% Margin(1) |
|
|
|
|
4.4 |
|
|
|
|
3.6 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Free Cash Flow(2) |
|
|
|
|
5.4 |
|
|
|
|
7.1 |
|
|
|||
| (1) | Net Income margin is Net Income as a percentage of Net Revenue. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue. |
(2) |
Definitions and disclosures regarding non-GAAP financial information including reconciliations are included at the end of the press release. In the first quarter of 2024, we adjusted our definition of Adjusted EBITDA to add back stock-based compensation expense and restructuring expenses and to subtract out pension credits. We also adjusted our definition of Adjusted Free Cash Flow (formerly referred to as Attributable Free Cash Flow) to subtract out pension credits and payments for capitalized software obligations and to adjust for actual cash contributions from noncontrolling interests in lieu of adjusting for our partners’ share of losses in The CW. The comparative prior year disclosures were also recast to conform with the current presentation. |
Company and Business Highlights
-
Successfully expanded NewsNation to a 24/7 cable news network on June 1. According to Nielsen, NewsNation’s total viewership in primetime is up over
200% since its launch in March 2021 (comparing Q2 2024 to Q2 2021). - Announced additional exclusive sports on The CW, with eleven PAC-12 Football Games beginning this month and the final eight 2024 NASCAR Xfinity Series races, including all playoff races, beginning in September.
-
Announced Nexstar stations in
Chicago, IL ,Norfolk, VA , andLafayette, LA will become affiliates of The CW on September 1, bringing the number of Company and partner-owned CW-affiliated stations to 49, covering over45% ofU.S. TV households. - Delivered sequential primetime entertainment ratings growth at The CW in the first three quarters since the launch of the 2023/2024 broadcast season.
- Earned 35 Regional Edward R. Murrow Awards for outstanding journalism and exceptionally produced news programming from the Radio Television Digital News Association (RTDNA).
Financial Highlights
-
Net Revenue. Record second quarter net revenue of
$1.27 billion $29 million 2.3% , reflecting growth in distribution and advertising revenue, which more than offset a decline in other revenue. Approximately58% of Nexstar’s second quarter revenue was derived from distribution revenue. -
Distribution Revenue. Record second quarter distribution revenue of
$734 million $38 million 5.5% , over the comparable prior year quarter. Distribution revenue growth primarily reflects the impact of distribution contract renewals in 2023 on terms favorable to the Company and annual rate escalators, growth in vMVPD subscribers, the addition of CW affiliations on certain of our stations, and the return of our partner stations on one MVPD in January, which more than offset MVPD subscriber attrition. Distribution revenue includes retransmission revenue, carriage fees, affiliation fees, and spectrum leasing revenue. -
Advertising Revenue. Second quarter advertising revenue of
$522 million $11 million 2.2% , compared to the prior year quarter reflecting a$37 million $45 million $24 million -
Net Income. Second quarter net income of
$106 million $31 million 41.3% , compared to the prior year quarter, reflecting increased revenue and lower operating expenses driven, in part, by reduced amortization of broadcast rights at The CW, offset, in part, by reduced income from equity method investments related to the performance of the TV Food Network LLC (“TVFN”) in which we have a31.3% interest and increased income taxes. Net Income margin increased to8.4% from6.0% in the comparable prior year period. -
Adjusted EBITDA. Second quarter Adjusted EBITDA of
$398 million $63 million 18.8% , compared to the prior year quarter primarily reflecting revenue growth and a$33 million 31.4% from27.0% in the comparable prior year period.
Financial Highlights (continued)
-
Adjusted Free Cash Flow. Second quarter Adjusted Free Cash Flow of
$78 million $4 million 5.4% , due primarily to the increase in Adjusted EBITDA offset, in part, primarily by higher operating cash taxes related to increased taxable income and no cash contributions from our partners in The CW.
Capital Allocation
-
In the second quarter of 2024 the Company used cash on hand and cash flow from operations to repay
$31 million $55 million $159.21 $135 million
($ in millions, shares in thousands) |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
||||
Cash Used For |
|
|
|
|
|
|
|
|
|
|
||||
Debt repayment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
Stockholder return |
|
190 |
|
|
189 |
|
|
|
358 |
|
|
413 |
|
|
Common stock dividends |
|
55 |
|
|
48 |
|
|
|
112 |
|
|
98 |
|
|
Stock repurchases |
|
135 |
|
|
141 |
|
|
|
246 |
|
|
315 |
|
|
Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
||||
End of period |
|
32,486 |
|
|
35,381 |
|
|
|
32,486 |
|
|
35,381 |
|
|
Less: Beginning of period |
|
33,038 |
|
|
35,984 |
|
|
|
33,601 |
|
|
36,810 |
|
|
Change in shares outstanding |
|
(552 |
) |
|
(603 |
) |
|
|
(1,115 |
) |
|
(1,429 |
) |
|
% Change |
|
(1.7% |
) |
|
(1.7% |
) |
|
|
(3.3% |
) |
|
(3.9% |
) |
|
Debt, Cash and Leverage
-
The consolidated debt of Nexstar and Mission Broadcasting, Inc. (“Mission”), an independently owned variable interest entity, as of June 30, 2024, was
$6.78 billion $4.07 billion -
The Company calculates its leverage ratios in accordance with the terms of its credit agreements which exclude The CW Network’s operations and cash balance. As of June 30, 2024, The CW Network had
$45 million - As of June 30, 2024, the Company’s first lien net leverage ratio was 2.19x compared to a covenant of 4.25x and its total net leverage ratio was 3.69x.
- The table below summarizes the Company’s unrestricted cash balances and debt obligations (net of financing costs, discounts and/or premiums) as of June 30, 2024 and as of December 31, 2023.
($ in millions) |
|
June 30, 2024 |
|
December 31, 2023 |
|
Unrestricted Cash |
|
|
|
|
|
Revolving Credit Facilities |
|
|
|
|
|
First Lien Term Loans |
|
4,008 |
|
4,064 |
|
|
|
1,717 |
|
1,717 |
|
|
|
994 |
|
994 |
|
Total Debt |
|
|
|
|
|
Second Quarter Conference Call
Nexstar will host a conference call at 10:00 a.m. ET today. Senior management will discuss the financial results and host a question-and-answer session. The dial in number for the audio conference call is +1 877-407-9208 or +1 201-493-6784, conference ID 13747205 (domestic and international callers). Participants can also listen to a live webcast of the call through the “Events and Presentations” section under “Investor Relations” on Nexstar’s website at nexstar.tv. A webcast replay will be available for 90 days following the live event at nexstar.tv.
Forward-Looking Statements
This communication includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words "guidance," "believes," "expects," "anticipates," "could," or similar expressions. For these statements, Nexstar claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication, concerning, among other things, future financial performance, including changes in net revenue, operating expenses and cash flow, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, the ability to service and refinance our outstanding debt, successful integration of business acquisitions (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations' operating areas, competition from others in the broadcast television markets, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this communication might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see Nexstar’s other filings with the Securities and Exchange Commission.
Definitions and Disclosures Regarding Non-GAAP Financial Information
Adjusted EBITDA is calculated as net income, plus or (minus): transaction and other one-time expenses, stock-based compensation expense, depreciation and amortization expense (excluding amortization of broadcast rights for The CW), (payments) for broadcast rights (excluding broadcast rights payments for The CW), (gain) loss on asset disposal, impairment charges, interest expense, net, (income) loss from equity method investments, cash distributions from equity method investments, pension and other postretirement plans costs (credit), income tax expense (benefit) and other expense (income). We consider Adjusted EBITDA to be an indicator of our assets’ operating performance and a measure of our ability to service debt. It is also used by management to identify the cash available for strategic acquisitions and investments, maintain capital assets and fund ongoing operations and working capital needs. We also believe that Adjusted EBITDA is useful to investors and lenders as a measure of valuation.
Adjusted Free Cash Flow is calculated as net income, plus or (minus) transaction and other one-time expenses, stock-based compensation expense, depreciation and amortization expense (excluding amortization of broadcast rights for The CW), (payments) for broadcast rights (excluding broadcast rights payments for The CW), (gain) loss on asset disposal, impairment charges, interest expense, net, (income) loss from equity method investments, cash distributions from equity method investments, pension and other postretirement plans costs (credit), income tax expense (benefit) and other expense (income) minus cash interest expense, capital expenditures, payments for capitalized software obligations and operating cash income tax payments, plus proceeds from disposal of assets and insurance recoveries and cash contribution from noncontrolling interests. We consider Adjusted Free Cash Flow to be an indicator of our assets’ operating performance. In addition, this measure is useful to investors because it is frequently used by industry analysts, investors and lenders as a measure of valuation for broadcast companies, although their definitions of free cash flow may differ from our definition.
For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this news announcement, please see the supplemental tables at the end of this release.
With respect to our forward-looking guidance, no reconciliation between a non-GAAP measure to the closest corresponding GAAP measure is included in this release because we are unable to quantify certain amounts that would be required to be included in the GAAP measure without unreasonable efforts. We believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. In particular, a reconciliation of forward-looking Adjusted Free Cash Flow to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures. For example, the definition of Adjusted Free Cash Flow excludes stock-based compensation expenses specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. In addition, the definition of Adjusted Free Cash Flow excludes the impact of non-recurring or unusual items such as impairment charges, transaction-related costs and gains or losses on sales of assets which are unpredictable. We expect the variability of these items to have a significant, and potentially unpredictable, impact on our future GAAP financial results.
About Nexstar Media Group, Inc.
Nexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content across its television and digital platforms, including more than 310,000 hours of programming produced annually by its business units. Nexstar owns America’s largest local television broadcasting group comprised of top network affiliates, with 200 owned or partner stations in 116 U.S. markets reaching 220 million people. Nexstar’s national television properties include The CW, America’s fifth major broadcast network, NewsNation, our national news network providing “News for All America,” popular entertainment multicast networks Antenna TV and Rewind TV, and a
Nexstar Media Group, Inc. Condensed Consolidated Statements of Operations (in millions, except for share and per share amounts, unaudited) |
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|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
||||
Direct operating |
|
552 |
|
|
537 |
|
|
1,100 |
|
|
1,075 |
|
Selling, general and administrative |
|
215 |
|
|
213 |
|
|
431 |
|
|
431 |
|
Corporate |
|
54 |
|
|
49 |
|
|
108 |
|
|
97 |
|
Depreciation and amortization |
|
208 |
|
|
262 |
|
|
398 |
|
|
511 |
|
Total operating expenses |
|
1,029 |
|
|
1,061 |
|
|
2,037 |
|
|
2,114 |
|
Income from operations |
|
240 |
|
|
179 |
|
|
516 |
|
|
383 |
|
Income from equity method investments, net |
|
16 |
|
|
32 |
|
|
35 |
|
|
57 |
|
Interest expense, net |
|
(113 |
) |
|
(111 |
) |
|
(227 |
) |
|
(218 |
) |
Pension and other postretirement plans credit, net |
|
7 |
|
|
10 |
|
|
14 |
|
|
19 |
|
Gain on disposal of an investment |
|
- |
|
|
- |
|
|
40 |
|
|
- |
|
Other expenses, net |
|
(1 |
) |
|
- |
|
|
- |
|
|
(1 |
) |
Income before income taxes |
|
149 |
|
|
110 |
|
|
378 |
|
|
240 |
|
Income tax expense |
|
(43 |
) |
|
(35 |
) |
|
(105 |
) |
|
(77 |
) |
Net income |
|
106 |
|
|
75 |
|
|
273 |
|
|
163 |
|
Net loss attributable to noncontrolling interests |
|
12 |
|
|
21 |
|
|
20 |
|
|
44 |
|
Net income attributable to Nexstar Media Group, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income per common share attributable to Nexstar Media Group, Inc.: |
|
|
|
|
|
|
|
|
||||
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
||||
Basic (in thousands) |
|
32,816 |
|
|
35,788 |
|
|
33,133 |
|
|
36,250 |
|
Diluted (in thousands) |
|
33,287 |
|
|
36,314 |
|
|
33,656 |
|
|
36,878 |
|
Nexstar Media Group, Inc. Reconciliation of Adjusted EBITDA and Adjusted Free Cash Flow (Non-GAAP Measure) ($ in millions, unaudited) |
||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
||||
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
Add (Less): |
|
|
|
|
|
|
|
|
||||
Transaction and other one-time expenses(1) |
|
- |
|
|
4 |
|
|
1 |
|
|
11 |
|
Stock-based compensation expense |
|
20 |
|
|
13 |
|
|
38 |
|
|
27 |
|
Depreciation and amortization expense(2) |
|
137 |
|
|
142 |
|
|
275 |
|
|
284 |
|
Gain on asset disposal |
|
(1 |
) |
|
(7 |
) |
|
(1 |
) |
|
(7 |
) |
(Payments) for broadcast rights(2) |
|
(17 |
) |
|
(23 |
) |
|
(36 |
) |
|
(50 |
) |
Interest expense, net |
|
113 |
|
|
111 |
|
|
227 |
|
|
218 |
|
Income from equity method investments, net |
|
(16 |
) |
|
(32 |
) |
|
(35 |
) |
|
(57 |
) |
Cash distributions from equity method investments(3) |
|
19 |
|
|
26 |
|
|
148 |
|
|
183 |
|
Pension and other postretirement plans (credit), net |
|
(7 |
) |
|
(10 |
) |
|
(14 |
) |
|
(19 |
) |
Income tax expense |
|
43 |
|
|
35 |
|
|
105 |
|
|
77 |
|
Gain on disposal of an investment |
|
- |
|
|
- |
|
|
(40 |
) |
|
- |
|
Other |
|
1 |
|
|
1 |
|
|
- |
|
|
1 |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Add (Less): |
|
|
|
|
|
|
|
|
||||
Cash interest expense, net |
|
(110 |
) |
|
(109 |
) |
|
(221 |
) |
|
(213 |
) |
Capital expenditures |
|
(37 |
) |
|
(41 |
) |
|
(81 |
) |
|
(77 |
) |
Payments for capitalized software obligations |
|
(10 |
) |
|
(10 |
) |
|
(11 |
) |
|
(12 |
) |
Proceeds from disposal of assets and insurance recoveries |
|
1 |
|
|
6 |
|
|
2 |
|
|
7 |
|
Operating cash income tax payments, net(4) |
|
(164 |
) |
|
(119 |
) |
|
(166 |
) |
|
(121 |
) |
Cash contribution from noncontrolling interests |
|
- |
|
|
12 |
|
|
19 |
|
|
36 |
|
Adjusted Free Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Primarily includes severance, legal and other direct expenses associated with our completed or proposed strategic transactions and/or acquisitions, any fees or other direct expenses associated with financing transactions, and severance and other direct expenses associated with restructuring activities. |
(2) |
Depreciation and amortization expense excludes amounts related to amortization of broadcast rights for The CW (already deducted from Net Income (loss)). Payments for broadcast rights also excludes amounts related to The CW. By using The CW’s reported amortization of broadcast rights in our definition of Adjusted EBITDA, we match timing of revenues with the expense of the programming. |
(3) |
Distribution received from our investment in TV Food Network LLC during Q1 2023 excludes |
(4) |
Excludes |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808320848/en/
Investor Contacts:
Lee Ann Gliha
EVP and Chief Financial Officer
Nexstar Media Group, Inc.
972/373-8800
Joe Jaffoni, Jennifer Neuman
JCIR
212/835-8500 or nxst@jcir.com
Media Contact:
Gary Weitman
EVP and Chief Communications Officer
Nexstar Media Group, Inc.
972/373-8800 or gweitman@nexstar.tv
Source: Nexstar Media Group, Inc.
FAQ
What was Nexstar Media Group's net revenue for Q2 2024?
How much did Nexstar Media Group's net income increase in Q2 2024?
What was the adjusted EBITDA for NXST in Q2 2024?
How much did Nexstar Media Group's adjusted free cash flow grow in Q2 2024?
What was the year-over-year change in advertising revenue for Nexstar Media Group in Q2 2024?
How did operating losses at The CW change in Q2 2024?
How much did Nexstar Media Group return to shareholders in Q2 2024?
What was Nexstar Media Group's consolidated debt as of June 30, 2024?
