Nexstar Media Group Reports Record Third Quarter Net Revenue of $1.37 Billion
Nexstar Media Group (NASDAQ: NXST) reported record third quarter financial results with net revenue of $1.37 billion, up 20.7% year-over-year. The company achieved net income of $180 million and Adjusted EBITDA of $510 million. Distribution revenue reached $719 million, while advertising revenue hit $622 million, including $154 million in political advertising. The CW Network reduced operating losses by $36 million year-over-year. The company returned $233 million to shareholders through dividends and share repurchases, reducing shares outstanding by 3.1%. Nexstar maintained strong financial health with a first lien net leverage ratio of 1.91x and total net leverage ratio of 3.26x.
Nexstar Media Group (NASDAQ: NXST) ha riportato risultati finanziari record per il terzo trimestre, con un fatturato netto di $1,37 miliardi, in aumento del 20,7% rispetto all'anno precedente. L'azienda ha registrato un reddito netto di $180 milioni e un EBITDA rettificato di $510 milioni. I ricavi da distribuzione hanno raggiunto $719 milioni, mentre i ricavi pubblicitari hanno toccato $622 milioni, inclusi $154 milioni in pubblicità politica. La rete CW ha ridotto le perdite operative di $36 milioni rispetto all'anno precedente. L'azienda ha restituito $233 milioni agli azionisti tramite dividendi e riacquisti di azioni, riducendo il numero di azioni in circolazione del 3,1%. Nexstar ha mantenuto una solida salute finanziaria con un rapporto di leva netta di primo grado di 1,91x e un rapporto di leva netta totale di 3,26x.
Nexstar Media Group (NASDAQ: NXST) reportó resultados financieros récord en el tercer trimestre, con ingresos netos de $1.37 mil millones, un aumento del 20.7% en comparación con el año anterior. La compañía logró un ingreso neto de $180 millones y un EBITDA ajustado de $510 millones. Los ingresos por distribución alcanzaron los $719 millones, mientras que los ingresos por publicidad llegaron a $622 millones, incluidos $154 millones en publicidad política. La red CW redujo las pérdidas operativas en $36 millones en comparación con el año anterior. La empresa devolvió $233 millones a los accionistas a través de dividendos y recompras de acciones, disminuyendo las acciones en circulación en un 3.1%. Nexstar mantuvo una sólida salud financiera con una relación de apalancamiento neto de primer grado de 1.91x y una relación de apalancamiento neto total de 3.26x.
Nexstar Media Group (NASDAQ: NXST)는 3분기 기록적인 재무 결과를 보고하였으며, 순수익은 $13.7억으로, 전년 대비 20.7% 증가하였습니다. 이 회사는 순이익 $1.8억을 달성하였고 조정 EBITDA는 $5.1억에 이릅니다. 배급 수익은 $7.19억에 도달했으며, 광고 수익은 $6.22억으로, 그 중 $1.54억은 정치 광고에서 발생했습니다. CW 네트워크는 전년 대비 운영 손실을 $3.6억 줄였습니다. 이 회사는 배당금과 자사주 매입을 통해 주주에게 $2.33억을 돌려주었고, 유통 주식을 3.1% 줄였습니다. Nexstar는 1.91배의 선순위 순 차입 비율과 3.26배의 총 순 차입 비율로 강력한 재무 건전성을 유지하고 있습니다.
Nexstar Media Group (NASDAQ: NXST) a annoncé des résultats financiers record pour le troisième trimestre, avec un chiffre d'affaires net de $1,37 milliard, en hausse de 20,7% par rapport à l'année précédente. L'entreprise a réalisé un bénéfice net de $180 millions et un EBITDA ajusté de $510 millions. Les revenus de distribution ont atteint 719 millions de dollars, tandis que les revenus publicitaires ont atteint 622 millions de dollars, dont 154 millions de dollars en publicité politique. Le réseau CW a réduit ses pertes d'exploitation de 36 millions de dollars par rapport à l'année précédente. L'entreprise a restitué 233 millions de dollars aux actionnaires par le biais de dividendes et de rachats d'actions, réduisant ainsi le nombre d'actions en circulation de 3,1%. Nexstar a maintenu une solide santé financière avec un ratio d'endettement net de premier rang de 1,91x et un ratio d'endettement net total de 3,26x.
Nexstar Media Group (NASDAQ: NXST) meldete im dritten Quartal Rekordergebnisse mit einem Nettoumsatz von $1,37 Milliarden, was einem Anstieg von 20,7% im Jahresvergleich entspricht. Das Unternehmen erzielte einen Nettogewinn von $180 Millionen und ein bereinigtes EBITDA von $510 Millionen. Die Vertriebserlöse erreichten $719 Millionen, während die Werbeeinnahmen $622 Millionen betrugen, einschließlich $154 Millionen aus politischer Werbung. Das CW-Netzwerk verringerte die operativen Verluste um $36 Millionen im Jahresvergleich. Das Unternehmen gab $233 Millionen an die Aktionäre zurück, durch Dividenden und Aktienrückkäufe, und reduzierte die ausgegebenen Aktien um 3,1%. Nexstar wies eine starke finanzielle Gesundheit mit einem Nettoverschuldungsgrad von 1,91x und einem Gesamtverschuldungsgrad von 3,26x auf.
- Record Q3 net revenue of $1.37 billion, up 20.7% YoY
- Net income increased to $180 million from $8 million YoY
- Distribution revenue grew 20.2% to $719 million
- Political advertising revenue up 16% to $154 million
- Reduced The CW operating losses by $36 million
- Adjusted EBITDA increased 82.8% to $510 million
- Adjusted Free Cash Flow grew 303.7% to $327 million
- Non-political advertising revenue decreased by $22 million
- Reduced income from TV Food Network equity investments
- Ongoing advertising market softness
Insights
Nexstar's Q3 results showcase remarkable financial strength with
The company's capital allocation strategy remains shareholder-friendly, returning
Most impressive is the
Q3 Net Revenue Drives Net Income of
All-Time High Third Quarter Distribution Revenue
Reduced Year-over-Year Quarterly Losses at The CW by
Quarterly Return of Capital to Shareholders of
STATEMENT FROM PERRY A. SOOK, FOUNDER, CHAIRMAN AND CEO
“Nexstar generated record financial results for the third quarter, reflecting the continued power of our broadcast television business model. We delivered the highest third quarter net revenue in the Company’s history, comprised of record third quarter distribution and advertising revenue, including all-time high third quarter political advertising revenue of
|
2024 Third Quarter Financial Summary |
||||||||||||||||||||||||
|
($ in millions) |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
||||||||||||||||||||
|
|
2024 |
|
2023 |
|
% Change |
|
2024 |
2023 |
% Change |
|
||||||||||||||
|
Distribution |
|
|
|
|
20.2 |
|
|
|
9.5 |
|
||||||||||||||
|
Advertising |
622 |
|
509 |
|
22.2 |
|
1,656 |
1,535 |
7.9 |
|
||||||||||||||
|
Other |
25 |
|
25 |
|
– |
|
49 |
71 |
(31.0) |
|
||||||||||||||
|
Net Revenue |
|
|
|
|
20.7 |
|
|
|
8.0 |
|
||||||||||||||
|
Net Income |
|
|
|
|
NM |
|
|
|
164.9 |
|
||||||||||||||
|
% Margin(2) |
|
|
|
|
12.5 |
|
|
|
6.9 |
|
||||||||||||||
|
Adjusted EBITDA(1) |
|
|
|
|
82.8 |
|
|
|
33.7 |
|
||||||||||||||
|
% Margin(2) |
|
|
|
|
12.7 |
|
|
|
6.7 |
|
||||||||||||||
|
Net Cash Provided by
|
|
|
|
|
180.4 |
|
|
|
2.7 |
|
||||||||||||||
|
Adjusted Free Cash Flow(1) |
|
|
|
|
303.7 |
|
|
|
20.2 |
|
||||||||||||||
NM = Not Meaningful | |||||||||||||||||||||||||
(1) |
Changes were made to these definitions in the third quarter of 2024. Please refer to the “Definitions and Disclosures Regarding Non-GAAP Financial Information” section herein, the reconciliations at the end of this press release and additional information on our website nexstar.tv. |
||||||||||||||||||||||||
(2) | Net Income margin is Net Income as a percentage of Net Revenue. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue. |
Company and Business Highlights
-
Announced a new
share repurchase authorization in July 2024.$1.5 billion - Appointed Ellen Johnson, Chief Financial Officer of Interpublic Group of Companies (NYSE: IPG), one of the world’s leading providers of marketing and advertising solutions, to the Board of Directors effective October 1, 2024. Following her appointment, Nexstar’s Board is composed of 10 Board members, nine of whom are independent and three of whom are women.
-
Named Scott Weaver as Senior Vice President of Government Relations in August 2024 to lead a team to represent Nexstar’s interests in
Washington D.C. -
Announced comprehensive multi-year agreements in July 2024 to renew CBS Television Network affiliations in 42 markets and an agreement for two Paramount-owned independent stations in
Miami, FL andDetroit, MI , both top-20 markets, to become affiliates of The CW Network on September 1, 2024. - Announced the renewal of CW affiliation agreements with 38 Gray Media-owned television stations in August 2024.
-
Announced in August that Nexstar stations in
Augusta, GA ,Monroe, LA ,Wichita Falls, TX ,Terre Haute, IN andUtica, NY will become affiliates of The CW, bringing the number of CW affiliations recaptured by Nexstar and its partners since the acquisition of The CW to 17 and the number of Company and partner-owned CW affiliates to 54, covering45.7% ofU.S. TV households. -
Delivered record audiences for The CW Network debuts of NASCAR Xfinity series racing and WWE NXT. The NASCAR Xfinity Series race from Bristol Motor Speedway on September 20, 2024 averaged 906,000 viewers, the highest ratings for the series since July 2024. On October 1, 2024, WWE NXT drew 895,000 viewers, an increase of over
44% from the prior week’s episode on cable. -
Raised over
from viewers to support relief efforts related to Hurricane Helene and Hurricane Milton. Donations will go to several charitable organizations assisting victims of the storms, including the American Red Cross, United Way and the Salvation Army, among others.$1.7 million
Financial Highlights
-
Net Revenue. Record third quarter net revenue of
, increased$1.37 billion , or$234 million 20.7% , primarily due to growth in distribution and advertising revenue. Approximately53% of Nexstar’s third quarter revenue was derived from distribution revenue. -
Distribution Revenue. Record third quarter distribution revenue of
, increased$719 million , or$121 million 20.2% , over the comparable prior year quarter. Distribution revenue growth primarily reflects the comparison with the third quarter of 2023 when a dispute with an MVPD caused Nexstar stations to be dark, the benefit of distribution contract renewals in 2023 on terms favorable to the Company, annual rate escalators, growth in vMVPD subscribers, the addition of CW affiliations on certain of our stations, and the return of partner stations on one MVPD in January, which more than offset MVPD subscriber attrition.
Financial Highlights (continued)
-
Advertising Revenue. Record third quarter advertising revenue of
, increased$622 million , or$113 million 22.2% , over the comparable prior year quarter reflecting a year-over-year increase in election-year political advertising to$135 million , which more than offset a$154 million year-over-year reduction in non-political advertising revenue due to ongoing advertising market softness and political displacement.$22 million -
Net Income. Third quarter net income of
increased$180 million compared to the prior year quarter, reflecting the revenue growth and lower operating expenses driven, in part, by reduced amortization of broadcast rights at The CW, partially offset by increased income tax expenses and reduced income from equity investments related to the performance of the TV Food Network LLC (“TVFN”) in which we have a$172 million 31.3% interest. Net Income margin increased to13.2% from0.7% in the comparable prior year period. -
Adjusted EBITDA. Third quarter Adjusted EBITDA of
, increased$510 million , or$231 million 82.8% , compared to the prior year quarter primarily reflecting revenue growth and a year-over-year reduction in losses at The CW, which more than offset lower income from equity method investments from TVFN primarily related to lower advertising revenue. Adjusted EBITDA margin grew to$36 million 37.3% from24.6% in the comparable prior year period. -
Net Cash Provided by Operating Activities. Third quarter Net Cash Provided by Operating Activities of
, increased$387 million , or$249 million 180.4% , compared to the prior year quarter, due primarily to increased net income and a deferral of income taxes into 2025. -
Adjusted Free Cash Flow. Third quarter Adjusted Free Cash Flow of
, increased$327 million , or$246 million 303.7% , compared to the prior year quarter, due primarily to the increase in net cash provided by operating activities and reduced capital expenditures, partially offset by changes in operating assets and liabilities primarily reflecting timing of receipts and payments, which are excluded from our definition of Adjusted Free Cash Flow.
Capital Allocation
-
In the third quarter of 2024, the Company used cash on hand and cash flow from operations to repay
of debt, pay$85 million in dividends, and repurchase 1,061,852 shares of Nexstar’s common stock at an average price of approximately$55 million per share for a total of$167.16 .$178 million
($ in millions, shares in thousands) |
Three Months Ended
|
Nine Months Ended
|
||||||
|
2024 |
2023 |
2024 |
2023 |
||||
Cash Used For |
|
|
|
|
||||
Debt repayment |
|
|
|
|
||||
Acquisitions |
- |
38 |
- |
38 |
||||
Stockholder return |
233 |
246 |
590 |
659 |
||||
Common stock dividends |
55 |
47 |
167 |
145 |
||||
Stock repurchases |
178 |
199 |
423 |
514 |
||||
Shares Outstanding |
|
|
|
|
||||
End of period |
31,476 |
34,194 |
31,476 |
34,194 |
||||
Less: Beginning of period |
32,486 |
35,381 |
33,601 |
36,810 |
||||
Change in shares outstanding |
(1,010) |
(1,187) |
(2,125) |
(2,616) |
||||
% Change |
( |
( |
( |
( |
Debt, Cash and Leverage
-
As of September 30, 2024, the consolidated debt of Nexstar and Mission Broadcasting, Inc. (“Mission”), an independently owned variable interest entity, was
, including senior secured debt of$6.7 billion .$4.0 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 September 30, 2024, The CW Network had
of cash on its balance sheet.$22 million
‒ As of September 30, 2024, the Company’s first lien net leverage ratio was 1.91x compared to a covenant of 4.25x and its total net leverage ratio was 3.26x.
- The table below summarizes the Company’s unrestricted cash balances and debt obligations (net of financing costs, discounts and/or premiums) as of September 30, 2024 and as of December 31, 2023.
($ in millions) |
|
September 30, 2024 |
|
December 31, 2023 |
|
Unrestricted Cash |
|
|
|
|
|
Revolving Credit Facilities |
|
|
|
|
|
First Lien Term Loans |
|
3,926 |
|
4,064 |
|
|
|
1,717 |
|
1,717 |
|
|
|
995 |
|
994 |
|
Total Debt |
|
|
|
|
|
Third Quarter Conference Call
Nexstar will host a conference call at 10 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 877-407-9208 or 201-493-6784, conference ID 13748486 (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), amortization of basis difference of equity method investments, (gain) loss on asset disposal, impairment charges, interest expense, net, pension and other postretirement plans costs (credit), income tax expense (benefit) and other operating and non-operating expense (income). We consider Adjusted EBITDA to be an indicator of our assets’ operating performance.
Free Cash Flow is calculated as net cash provided by operating activities less capital expenditures.
Adjusted Free Cash Flow is calculated as Free Cash Flow plus or (minus): transaction and other one-time expenses, changes in operating assets and liabilities, net of acquisitions and dispositions (excluding changes in income tax payable), taxes paid on sale of assets, pension and other postretirement plans costs (credit), (payments) for capitalized software obligations, proceeds from disposal of assets and insurance recoveries and other expense (income), cash contribution from (distribution to) noncontrolling interests and other items. We consider Adjusted Free Cash Flow to be an indicator of our liquidity. We consider Adjusted Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can be available for use in ongoing operations, debt payments, pension contributions, dividends, share repurchases, acquisitions and other items. Adjusted Free Cash Flow is not intended to represent the amount of cash flow available for discretionary expenditures as certain items and non-discretionary expenditures, such as changes in working capital, mandatory debt service requirements and pension contributions, are not deducted from this measure.
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.
Nexstar Media Group, Inc. Condensed Consolidated Statements of Operations (in millions, except for share and per share amounts, unaudited) |
||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net revenue |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||||||
Operating expenses: |
|
|
|
|
||||||||||||
Direct operating |
|
563 |
|
|
537 |
|
|
1,663 |
|
|
1,613 |
|
||||
Selling, general and administrative |
|
225 |
|
|
229 |
|
|
658 |
|
|
659 |
|
||||
Corporate |
|
53 |
|
|
52 |
|
|
160 |
|
|
149 |
|
||||
Depreciation and amortization |
|
190 |
|
|
220 |
|
|
588 |
|
|
731 |
|
||||
Total operating expenses |
|
1,031 |
|
|
1,038 |
|
|
3,069 |
|
|
3,152 |
|
||||
Income from operations |
|
335 |
|
|
94 |
|
|
851 |
|
|
477 |
|
||||
Income from equity method investments, net |
|
17 |
|
|
24 |
|
|
52 |
|
|
82 |
|
||||
Interest expense, net |
|
(113 |
) |
|
(113 |
) |
|
(340 |
) |
|
(332 |
) |
||||
Pension and other postretirement plans credit, net |
|
6 |
|
|
9 |
|
|
20 |
|
|
27 |
|
||||
Gain on disposal of an investment |
|
- |
|
|
- |
|
|
40 |
|
|
- |
|
||||
Other expenses, net |
|
(1 |
) |
|
- |
|
|
(1 |
) |
|
- |
|
||||
Income before income taxes |
|
244 |
|
|
14 |
|
|
622 |
|
|
254 |
|
||||
Income tax expense |
|
(64 |
) |
|
(6 |
) |
|
(169 |
) |
|
(83 |
) |
||||
Net income |
|
180 |
|
|
8 |
|
|
453 |
|
|
171 |
|
||||
Net loss attributable to noncontrolling interests |
|
7 |
|
|
17 |
|
|
27 |
|
|
61 |
|
||||
Net income attributable to Nexstar Media Group, Inc. |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||||||
Net income per share available to common stockholders: |
|
|
|
|||||||||||||
Basic |
|
|
|
|
|
|
|
|
||||||||
Diluted |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||||||
Weighted average number of common shares outstanding: |
|
|
|
|
||||||||||||
Basic (in thousands) |
|
32,020 |
|
|
34,931 |
|
|
32,759 |
|
|
35,806 |
|
||||
Diluted (in thousands) |
|
32,441 |
|
|
35,367 |
|
|
33,248 |
|
|
36,370 |
|
Nexstar Media Group, Inc. Condensed Consolidated Statements of Cash Flows ($ in millions, unaudited) |
||||||||
|
Nine Months Ended September 30, |
|||||||
|
|
2024 |
|
|
2023 |
|
||
Cash flows from operating activities: |
|
|
||||||
Net income |
|
|
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
||||||
Depreciation and amortization |
|
588 |
|
|
731 |
|
||
Stock-based compensation expense |
|
57 |
|
|
44 |
|
||
Amortization of debt financing costs, debt discounts and premium |
|
9 |
|
|
8 |
|
||
Gain on disposal of an investment |
|
(40 |
) |
|
- |
|
||
Deferred income taxes |
|
(26 |
) |
|
(37 |
) |
||
Payments for broadcast rights |
|
(240 |
) |
|
(322 |
) |
||
Income from equity method investments, net |
|
(52 |
) |
|
(82 |
) |
||
Distribution from equity method investments – return on capital |
|
143 |
|
|
259 |
|
||
Changes in operating assets and liabilities, net of acquisitions and dispositions: |
|
|
||||||
Accounts receivable |
|
80 |
|
|
191 |
|
||
Prepaid and other current assets |
|
(10 |
) |
|
(6 |
) |
||
Other noncurrent assets |
|
(7 |
) |
|
(21 |
) |
||
Accounts payable |
|
(99 |
) |
|
(54 |
) |
||
Accrued expenses and other current liabilities |
|
- |
|
|
(3 |
) |
||
Income tax payable |
|
6 |
|
|
(25 |
) |
||
Other noncurrent liabilities |
|
(30 |
) |
|
(36 |
) |
||
Other |
|
7 |
|
|
(1 |
) |
||
Net cash provided by operating activities |
|
839 |
|
|
817 |
|
||
Cash flows from investing activities: |
|
|
||||||
Purchases of property and equipment |
|
(110 |
) |
|
(113 |
) |
||
Payments for acquisitions |
|
- |
|
|
(38 |
) |
||
Deposits received associated with a proposed sale of a real estate asset |
|
- |
|
|
10 |
|
||
Proceeds from disposal of an investment |
|
40 |
|
|
- |
|
||
Other investing activities, net |
|
2 |
|
|
4 |
|
||
Net cash used in investing activities |
|
(68 |
) |
|
(137 |
) |
||
Cash flows from financing activities: |
|
|
||||||
Proceeds from debt issuance, net of debt discounts |
|
55 |
|
|
- |
|
||
Repayments of long-term debt |
|
(201 |
) |
|
(93 |
) |
||
Purchase of treasury stock |
|
(423 |
) |
|
(509 |
) |
||
Common stock dividends paid |
|
(167 |
) |
|
(145 |
) |
||
Payments for capitalized software obligations |
|
(13 |
) |
|
(14 |
) |
||
Contribution from noncontrolling interests |
|
19 |
|
|
47 |
|
||
Cash paid for shares withheld for taxes |
|
(8 |
) |
|
(24 |
) |
||
Other financing activities, net |
|
1 |
|
|
2 |
|
||
Net cash used in financing activities |
|
(737 |
) |
|
(736 |
) |
||
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
34 |
|
|
(56 |
) |
||
Cash, cash equivalents and restricted cash at beginning of period |
|
147 |
|
|
220 |
|
||
Cash, cash equivalents and restricted cash at end of period |
|
|
|
|
Nexstar Media Group, Inc. Reconciliation of Adjusted EBITDA (Non-GAAP Measure) ($ in millions, unaudited) |
||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
|
|
||||||||||||
Net income |
|
|
|
|
|
|
|
|
||||||||
Add (Less): |
|
|
|
|
||||||||||||
Transaction and other one-time expenses(1) |
|
- |
|
|
2 |
|
|
1 |
|
|
13 |
|
||||
Stock-based compensation expense |
|
19 |
|
|
16 |
|
|
57 |
|
|
44 |
|
||||
Depreciation and amortization expense |
|
190 |
|
|
220 |
|
|
588 |
|
|
731 |
|
||||
(Amortization) of broadcast rights expense |
|
(70 |
) |
|
(98 |
) |
|
(226 |
) |
|
(367 |
) |
||||
Amortization of basis difference of equity method investments |
|
18 |
|
|
18 |
|
|
53 |
|
|
53 |
|
||||
Interest expense, net |
|
113 |
|
|
113 |
|
|
340 |
|
|
332 |
|
||||
Pension and other postretirement plans (credit), net |
|
(6 |
) |
|
(9 |
) |
|
(20 |
) |
|
(27 |
) |
||||
Income tax expense |
|
64 |
|
|
6 |
|
|
169 |
|
|
83 |
|
||||
Gain on disposal of an investment |
|
- |
|
|
- |
|
|
(40 |
) |
|
- |
|
||||
Other |
|
2 |
|
|
3 |
|
|
1 |
|
|
(4 |
) |
||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
(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. |
Nexstar Media Group, Inc. Reconciliation of Free Cash Flow and Adjusted Free Cash Flow (Non-GAAP Measure) ($ in millions, unaudited) |
||||||||||||||||
|
Three Months Ended
|
Nine Months Ended September 30, |
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
|
|
||||||||||||
Net cash provided by operating activities |
|
|
|
|
|
|
|
|
||||||||
Add (Less): |
|
|
|
|
||||||||||||
Capital expenditures |
|
(29 |
) |
|
(36 |
) |
|
(110 |
) |
|
(113 |
) |
||||
Free Cash Flow |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||||||
Add (Less): |
|
|
|
|
||||||||||||
Transaction and other one-time expenses(1) |
|
- |
|
|
2 |
|
|
1 |
|
|
13 |
|
||||
Changes in operating assets and liabilities(2) |
|
(90 |
) |
|
(22 |
) |
|
60 |
|
|
(46 |
) |
||||
Changes in income tax payable(3) |
|
66 |
|
|
(1 |
) |
|
8 |
|
|
(25 |
) |
||||
Taxes paid on sale of assets(4) |
|
- |
|
|
- |
|
|
11 |
|
|
- |
|
||||
Pension and other postretirement plans (credit), net |
|
(6 |
) |
|
(9 |
) |
|
(20 |
) |
|
(27 |
) |
||||
Payments for capitalized software obligations |
|
(2 |
) |
|
(2 |
) |
|
(13 |
) |
|
(14 |
) |
||||
Proceeds from disposal of assets and insurance recoveries |
|
1 |
|
|
- |
|
|
3 |
|
|
7 |
|
||||
Cash contribution from noncontrolling interests |
|
- |
|
|
11 |
|
|
19 |
|
|
47 |
|
||||
Other |
|
- |
|
|
- |
|
|
(6 |
) |
|
- |
|
||||
Adjusted Free Cash Flow |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||||||
Supplemental Information: |
|
|
|
|
||||||||||||
Distributions received (reduced distributions) from accounts receivable
|
|
- |
|
|
- |
|
|
(9 |
) |
|
69 |
|
||||
(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) |
Removes the impact of changes in operating assets and liabilities (including changes in income tax payable), net of acquisitions and dispositions. | |
(3) |
Includes changes in income tax payable to reflect all tax payments. | |
(4) |
Eliminates taxes paid on sale of assets related to the impact of a |
|
(5) |
Reflects the impact included in Free Cash Flow and Adjusted Free Cash Flow of cash distributions received from our |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107959840/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
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