Nexstar Media Group Reports Record Third Quarter Net Revenue of $1.27 Billion
Net Revenue Drives Record Q3 Operating Income of
All-Time High Third Quarter and Nine Month Return of Capital to Shareholders of
Summary 2022 Third Quarter Highlights |
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Three Months Ended |
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% |
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Nine Months Ended |
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% |
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($ in millions) |
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2022 |
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2021 |
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Change |
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2022 |
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2021 |
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Change |
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Core Advertising Revenue |
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|
|
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|
|
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(7.6 |
) |
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|
|
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(2.1 |
) |
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Political Advertising Revenue |
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|
129.3 |
|
|
|
12.4 |
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|
+942.7 |
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|
239.7 |
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26.3 |
|
|
+811.4 |
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Total Television Advertising Revenue |
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|
|
|
|
|
|
+18.8 |
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|
|
|
|
|
|
|
+14.4 |
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Distribution Revenue |
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641.7 |
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|
|
618.8 |
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+3.7 |
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|
|
1,955.7 |
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1,857.0 |
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+5.3 |
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Digital Revenue |
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|
85.7 |
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|
|
81.1 |
|
|
+5.7 |
|
|
|
252.6 |
|
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|
220.9 |
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+14.4 |
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Other Revenue |
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|
12.7 |
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|
|
12.0 |
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|
+5.8 |
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|
|
35.5 |
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|
|
30.4 |
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|
+16.8 |
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Net Revenue |
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|
|
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|
|
|
+9.7 |
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|
|
|
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|
+9.5 |
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Income from Operations |
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|
+28.1 |
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|
|
|
|
|
|
+19.7 |
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Net Income |
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+70.0 |
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|
+34.7 |
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Adjusted EBITDA Before Transaction and Other One-Time Expenses (1) |
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|
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+18.9 |
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+15.6 |
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Adjusted EBITDA (1) |
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|
488.8 |
|
|
|
410.5 |
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|
+19.1 |
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|
1,617.8 |
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1,400.6 |
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+15.5 |
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Adjusted EBITDA Margin (2) |
|
|
38.5 |
% |
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|
35.5 |
% |
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|
|
43.4 |
% |
|
|
41.2 |
% |
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Free Cash Flow Before Transaction and Other One-Time Expenses (1) |
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|
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|
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+16.3 |
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+17.2 |
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Free Cash Flow (1) |
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|
293.6 |
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|
251.8 |
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|
+16.6 |
|
|
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1,072.9 |
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916.4 |
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+17.1 |
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The contribution from Nexstar’s 31.3% ownership stake in TV Food Network and other investments is included in the Condensed Consolidated Statements of Operations under caption “Income from equity method investments, net”.
(1) Definitions and disclosures regarding non-GAAP financial information including reconciliations are included at the end of the press release.
(2) Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenue.
CEO Comment
“Nexstar’s results continue to benefit from our diverse, scaled, efficient and low leverage business model. Over 50% of revenue is contractual and from non-advertising sources and approximately 70% of our core advertising is from local advertisers which are historically more consistent in their spend throughout economic cycles.
“We expect the fourth quarter to benefit from a continuation of strong political advertising trends while 2023 will see distribution revenue upside from renewals of agreements representing more than half of our subscribers. Looking forward, we expect 2024 to benefit from another record year for political advertising due to the presidential election combined with the benefit of another wave of distribution agreement renewals for approximately 40% our subscribers.
“Longer-term, we believe implementing our plans for
Third Quarter 2022 Business Highlights
-
Consistent with the Company’s commitment to enhancing shareholder value, Nexstar’s Board of Directors took the following actions:
-
Extended the employment agreement of Chief Executive Officer,
Perry A. Sook , throughMarch 31, 2026 . -
Approved a new share repurchase program authorizing the Company to repurchase up to
$1.5 billion of its common stock. - Voted to recommend that shareholders approve an amendment to its corporate charter to declassify the Board of Directors. The proposed charter amendment is subject to shareholder approval at the Company’s next Annual Meeting of Shareholders, which will be held in 2023.
-
Extended the employment agreement of Chief Executive Officer,
-
On
September 30 th,Nexstar closed its previously announced acquisition of a 75% ownership interest inThe CW Network, LLC (“The CW”) from co-ownersWarner Bros. Discovery (Nasdaq: WBD) and (Nasdaq: PARA, PARAA), who each retained a 12.5% ownership interest in The CW.Paramount Global - The transaction is expected to solidify the Company’s programming and revenue opportunities as the largest CW affiliate group, diversify its content outside of news, and establish it as a scaled participant in advertising video-on-demand (AVOD) services via The CW App.
Dennis Miller , a seasoned television executive with a long-term record of success and value creation in the industry, has been named President of The CW.Mr. Miller is focused on creating value for The CW andNexstar shareholders by improving The CW ratings, revenue, and profitability.Mr. Miller previously served as a member of Nexstar’s Board of Directors since 2014 and stepped down from the Board in connection with his appointment. The Board of Directors has initiated a search for his replacement.
-
NewsNation, the fastest growing national cable news network, announced key journalist and editorial additions and production facility expansions in
New York City andWashington, D.C. -
Nexstar Digital launched The Hill TV FAST channel, building upon The Hill’s success as an essential, agenda-setting read for lawmakers, policymakers and influential digital consumers fromCapitol Hill toMain Street . -
Nexstar -owned KTLA 5, Los Angeles’ #1 TV station, entered into a new broadcast television partnership with theLos Angeles Clippers to exclusively air fifteen games, which will also be carried by several otherNexstar local television stations acrossCalifornia . -
Nexstar -owned and partner stations and NewsNation delivered unprecedented mid-term election coverage, hosting 50 local and statewide candidate debates and forums from the primaries throughElection Day , including the only televised debates for keyU.S. Senate races inOhio ,Georgia andPennsylvania and the Governor’s races inTexas andIllinois . -
Nexstar Media Inc. stations earned a SigmaDelta Chi Award from theSociety of Professional Journalists and four National Edward R. Murrow Awards from theRadio Television Digital News Association (RTDNA), including recognition for “Excellence in Innovation,” “Breaking News Coverage,” “Digital” and “Podcast.”
Third Quarter 2022 Financial Highlights
-
Record third quarter net revenue of
$1.27 billion increased 9.7% from the prior year quarter.- Revenue growth was driven by strong political advertising revenue and healthy year-over-year increases in distribution, digital and other revenue, partially offset by a decline in core advertising, including the allocation of inventory to political advertising.
- 58.3% of Nexstar’s third quarter net revenue was generated by distribution, digital and other revenue sources.
-
Third quarter core television advertising revenue of
$399.7 million decreased 7.6% year-over-year, reflecting a weaker national advertising market, the absence of theOlympics and political inventory displacement.-
Offsetting the rate of decline was a more stable local advertising market, which constitutes approximately 70% of Nexstar’s core advertising revenue, aided by new local television advertising incentive program revenue of
$36.1 million which increased 4% year-over-year.
-
Offsetting the rate of decline was a more stable local advertising market, which constitutes approximately 70% of Nexstar’s core advertising revenue, aided by new local television advertising incentive program revenue of
-
Third quarter political advertising revenue of
$129.3 million increased 942.7% year-over-year and 84.3% over the third quarter of 2018, and was just$3.1 million behind third quarter 2020 levels.-
The increase reflects strong mid-term election spending, led by strong spending in
California ,Nevada, Missouri ,Michigan andPennsylvania , among others.
-
The increase reflects strong mid-term election spending, led by strong spending in
-
Record third quarter distribution revenue rose 3.7% year-over-year to approximately
$641.7 million .- The increase reflects the renewal of distribution agreements in 2021 on improved terms and annual rate escalators, partially offset by MVPD subscriber attrition.
-
Record third quarter digital revenue increased 5.7% year-over-year to approximately
$85.7 million .- Revenue growth was driven by year-over-year increases in Nexstar’s core digital advertising revenue and agency services business, combined with contributions from The Hill, which was acquired in the third quarter of 2021.
-
Record third quarter adjusted EBITDA increased 19.1% to
$488.8 million , representing a 38.5% margin, and record third quarter free cash flow increased 16.6% to$293.6 million , representing 60.1% of Adjusted EBITDA.- Growth in Adjusted EBITDA was primarily attributable to increased revenue net of related variable expenses and continued operational focus on controlling fixed expense growth.
-
In the third quarter of 2022, the Company used cash flow from operations to:
-
Reduce debt by approximately
$59.6 million , and -
Return
$250.1 million to shareholders through the repurchase of 1,197,138 shares of Nexstar’s common stock at an average price of approximately$179.77 per share for a total cost of$215.2 million , and quarterly cash dividend payments of$34.9 million .
-
Reduce debt by approximately
-
As of
September 30, 2022 ,Nexstar had 38.3 million shares of common stock outstanding. As ofSeptember 30, 2022 ,Nexstar has approximately$1.5 billion available under its share repurchase authorization.
Debt and Leverage Review
-
The consolidated debt of
Nexstar andMission Broadcasting, Inc. , an independently owned variable interest entity, atSeptember 30, 2022 was$7,177.2 million , including senior secured debt of$4,423.5 million . -
The Company’s unrestricted cash balance includes cash at the Company’s consolidated, 75%-owned subsidiary,
The CW Network LLC , but this cash is excluded from its leverage ratios in accordance with the terms of its credit agreements. -
The Company calculates its leverage ratios in accordance with the terms of its credit agreements.
-
The Company’s first lien net leverage ratio at
September 30, 2022 was 1.92x compared to a covenant of 4.25x. -
The Company’s total net leverage ratio at
September 30, 2022 was 3.18x.
-
The Company’s first lien net leverage ratio at
The table below summarizes the Company’s debt obligations (net of financing costs, discounts and/or premiums).
($ in millions) |
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Revolving Credit Facilities |
|
|
|
|
First Lien Term Loans |
|
4,362.0 |
|
4,571.5 |
5.625% Senior Unsecured Notes due 2027 |
|
1,761.0 |
|
1,790.2 |
4.75% Senior Unsecured Notes due 2028 |
|
992.7 |
|
991.9 |
Total Outstanding Debt |
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|
|
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Unrestricted Cash |
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Third Quarter Conference Call
Definitions and Disclosures Regarding non-GAAP Financial Information
Adjusted EBITDA is calculated as net income, plus interest expense (net), loss on extinguishment of debt, income tax expense (benefit), depreciation of property and equipment, amortization of intangible assets and broadcast rights, (gain) loss on asset disposal, impairment charges, (income) loss from equity method investments, distributions from equity method investments and other expense (income), minus reimbursement from the
Free cash flow is calculated as net income, plus interest expense (net), loss on extinguishment of debt, income tax expense (benefit), depreciation of property and equipment, amortization of intangible assets and broadcast rights, (gain) loss on asset disposal, stock-based compensation expense, impairment charges, (income) loss from equity method investments, distributions from equity method investments and other expense (income), minus payments for broadcast rights, cash interest expense, capital expenditures, proceeds from disposals of property and equipment, and operating cash income tax payments. We consider 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 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 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 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
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,
-tables follow-
Condensed Consolidated Statements of Operations (in millions, except for share and per share amounts, unaudited) |
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Three Months Ended |
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Nine Months Ended |
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2022 |
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2021 |
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|
2022 |
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|
2021 |
|
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Net revenue |
|
$ |
1,269.1 |
|
|
$ |
1,157.0 |
|
|
$ |
3,724.3 |
|
|
$ |
3,402.5 |
|
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Operating expenses (income): |
|
|
|
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|
|
|
|
|
|
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Direct operating expenses |
|
|
511.1 |
|
|
|
480.1 |
|
|
|
1,502.7 |
|
|
|
1,391.8 |
|
Selling, general and administrative expenses, excluding corporate |
|
|
208.3 |
|
|
|
211.4 |
|
|
|
626.0 |
|
|
|
611.9 |
|
Corporate expenses |
|
|
52.5 |
|
|
|
46.8 |
|
|
|
149.2 |
|
|
|
132.2 |
|
Amortization of broadcast rights |
|
|
25.4 |
|
|
|
29.9 |
|
|
|
80.6 |
|
|
|
92.4 |
|
Amortization of intangible assets |
|
|
76.8 |
|
|
|
75.7 |
|
|
|
231.9 |
|
|
|
223.2 |
|
Depreciation of property and equipment |
|
|
40.2 |
|
|
|
41.3 |
|
|
|
118.6 |
|
|
|
120.7 |
|
Reimbursement from the |
|
|
(0.5 |
) |
|
|
(5.6 |
) |
|
|
(2.8 |
) |
|
|
(17.9 |
) |
Other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2.4 |
) |
Total operating expenses |
|
|
913.8 |
|
|
|
879.6 |
|
|
|
2,706.2 |
|
|
|
2,551.9 |
|
Income from operations |
|
|
355.3 |
|
|
|
277.4 |
|
|
|
1,018.1 |
|
|
|
850.6 |
|
Gain on bargain purchase |
|
|
54.1 |
|
|
|
- |
|
|
|
54.1 |
|
|
|
- |
|
Income from equity method investments, net |
|
|
36.6 |
|
|
|
20.8 |
|
|
|
110.2 |
|
|
|
77.7 |
|
Interest expense, net |
|
|
(88.6 |
) |
|
|
(70.4 |
) |
|
|
(233.2 |
) |
|
|
(212.6 |
) |
Pension and other postretirement plans credit, net |
|
|
11.0 |
|
|
|
17.7 |
|
|
|
32.7 |
|
|
|
53.0 |
|
Other income (expenses), net |
|
|
1.0 |
|
|
|
(10.5 |
) |
|
|
(10.5 |
) |
|
|
(4.3 |
) |
Income before income taxes |
|
|
369.4 |
|
|
|
235.0 |
|
|
|
971.4 |
|
|
|
764.4 |
|
Income tax expense |
|
|
(81.9 |
) |
|
|
(65.9 |
) |
|
|
(206.0 |
) |
|
|
(196.3 |
) |
Net income |
|
|
287.5 |
|
|
|
169.1 |
|
|
|
765.4 |
|
|
|
568.1 |
|
Net loss attributable to noncontrolling interests |
|
|
1.2 |
|
|
|
0.5 |
|
|
|
2.4 |
|
|
|
2.5 |
|
Net income attributable to |
|
$ |
288.7 |
|
|
$ |
169.6 |
|
|
$ |
767.8 |
|
|
$ |
570.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income per common share attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
7.45 |
|
|
$ |
4.07 |
|
|
$ |
19.21 |
|
|
$ |
13.42 |
|
Diluted |
|
$ |
7.30 |
|
|
$ |
3.90 |
|
|
$ |
18.81 |
|
|
$ |
12.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic (in thousands) |
|
|
38,767 |
|
|
|
41,676 |
|
|
|
39,964 |
|
|
|
42,520 |
|
Diluted (in thousands) |
|
|
39,560 |
|
|
|
43,476 |
|
|
|
40,816 |
|
|
|
44,422 |
|
Reconciliation of Adjusted EBITDA (Non-GAAP Measure) ($ in millions, unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
Adjusted EBITDA: |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Net income |
|
$ |
287.5 |
|
|
$ |
169.1 |
|
|
$ |
765.4 |
|
|
$ |
568.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Add (Less): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net |
|
|
88.6 |
|
|
|
70.4 |
|
|
|
233.2 |
|
|
|
212.6 |
|
Income tax expense |
|
|
81.9 |
|
|
|
65.9 |
|
|
|
206.0 |
|
|
|
196.3 |
|
Depreciation of property and equipment |
|
|
40.2 |
|
|
|
41.3 |
|
|
|
118.6 |
|
|
|
120.7 |
|
Amortization of intangible assets |
|
|
76.8 |
|
|
|
75.7 |
|
|
|
231.9 |
|
|
|
223.2 |
|
Amortization of broadcast rights |
|
|
25.4 |
|
|
|
29.9 |
|
|
|
80.6 |
|
|
|
92.4 |
|
Stock-based compensation expense |
|
|
17.2 |
|
|
|
12.3 |
|
|
|
43.4 |
|
|
|
34.3 |
|
Amortization of right-of-use assets attributable to favorable leases |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.5 |
|
|
|
0.5 |
|
Loss (gain) on asset disposal and operating lease terminations, net |
|
|
0.7 |
|
|
|
(0.4 |
) |
|
|
0.5 |
|
|
|
(8.9 |
) |
Transaction and other one-time expenses |
|
|
2.4 |
|
|
|
2.7 |
|
|
|
6.8 |
|
|
|
4.7 |
|
Income from equity method investments, net |
|
|
(36.6 |
) |
|
|
(20.8 |
) |
|
|
(110.2 |
) |
|
|
(77.7 |
) |
Distributions from equity method investments |
|
|
10.7 |
|
|
|
15.0 |
|
|
|
234.8 |
|
|
|
222.4 |
|
Pension and other postretirement plans credit, net |
|
|
(11.0 |
) |
|
|
(17.7 |
) |
|
|
(32.7 |
) |
|
|
(53.0 |
) |
Other (income) expenses, net |
|
|
(1.0 |
) |
|
|
10.5 |
|
|
|
10.5 |
|
|
|
4.3 |
|
Gain on bargain purchase |
|
|
(54.1 |
) |
|
|
- |
|
|
|
(54.1 |
) |
|
|
- |
|
Gain on disposal of a business unit, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2.4 |
) |
Reimbursement from the |
|
|
(0.5 |
) |
|
|
(5.6 |
) |
|
|
(2.8 |
) |
|
|
(17.9 |
) |
Payments for broadcast rights |
|
|
(31.0 |
) |
|
|
(40.7 |
) |
|
|
(97.1 |
) |
|
|
(133.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA before transaction, one-time and other non-cash items |
|
|
497.4 |
|
|
|
407.8 |
|
|
|
1,635.3 |
|
|
|
1,386.6 |
|
Margin % |
|
|
39.2 |
% |
|
|
35.2 |
% |
|
|
43.9 |
% |
|
|
40.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Transaction and other one-time expenses |
|
|
(2.4 |
) |
|
|
(2.7 |
) |
|
|
(6.8 |
) |
|
|
(4.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA before other non-cash items |
|
|
495.0 |
|
|
|
405.1 |
|
|
|
1,628.5 |
|
|
|
1,381.9 |
|
Margin % |
|
|
39.0 |
% |
|
|
35.0 |
% |
|
|
43.7 |
% |
|
|
40.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Add (Less): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation expense |
|
|
(17.2 |
) |
|
|
(12.3 |
) |
|
|
(43.4 |
) |
|
|
(34.3 |
) |
Pension and other postretirement plans credit, net |
|
|
11.0 |
|
|
|
17.7 |
|
|
|
32.7 |
|
|
|
53.0 |
|
Transaction and other one-time expenses |
|
|
2.4 |
|
|
|
2.7 |
|
|
|
6.8 |
|
|
|
4.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA before transaction and other one-time expenses |
|
$ |
491.2 |
|
|
$ |
413.2 |
|
|
$ |
1,624.6 |
|
|
$ |
1,405.3 |
|
Margin % |
|
|
38.7 |
% |
|
|
35.7 |
% |
|
|
43.6 |
% |
|
|
41.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Transaction and other one-time expenses |
|
|
(2.4 |
) |
|
|
(2.7 |
) |
|
|
(6.8 |
) |
|
|
(4.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA |
|
$ |
488.8 |
|
|
$ |
410.5 |
|
|
$ |
1,617.8 |
|
|
$ |
1,400.6 |
|
Margin % |
|
|
38.5 |
% |
|
|
35.5 |
% |
|
|
43.4 |
% |
|
|
41.2 |
% |
Reconciliation of Free Cash Flow (Non-GAAP Measure) ($ in millions, unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
Free Cash Flow: |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Net income |
|
$ |
287.5 |
|
|
$ |
169.1 |
|
|
$ |
765.4 |
|
|
$ |
568.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Add (Less): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net |
|
|
88.6 |
|
|
|
70.4 |
|
|
|
233.2 |
|
|
|
212.6 |
|
Income tax expense |
|
|
81.9 |
|
|
|
65.9 |
|
|
|
206.0 |
|
|
|
196.3 |
|
Depreciation of property and equipment |
|
|
40.2 |
|
|
|
41.3 |
|
|
|
118.6 |
|
|
|
120.7 |
|
Amortization of intangible assets |
|
|
76.8 |
|
|
|
75.7 |
|
|
|
231.9 |
|
|
|
223.2 |
|
Amortization of broadcast rights |
|
|
25.4 |
|
|
|
29.9 |
|
|
|
80.6 |
|
|
|
92.4 |
|
Stock-based compensation expense |
|
|
17.2 |
|
|
|
12.3 |
|
|
|
43.4 |
|
|
|
34.3 |
|
Amortization of right-of-use assets attributable to favorable leases |
|
|
0.2 |
|
|
|
0.2 |
|
|
|
0.5 |
|
|
|
0.5 |
|
Loss (gain) on asset disposal and operating lease terminations, net |
|
|
0.7 |
|
|
|
(0.4 |
) |
|
|
0.5 |
|
|
|
(8.9 |
) |
Transaction and other one-time expenses |
|
|
2.4 |
|
|
|
2.7 |
|
|
|
6.8 |
|
|
|
4.7 |
|
Income from equity method investments, net |
|
|
(36.6 |
) |
|
|
(20.8 |
) |
|
|
(110.2 |
) |
|
|
(77.7 |
) |
Distributions from equity method investments |
|
|
10.7 |
|
|
|
15.0 |
|
|
|
234.8 |
|
|
|
222.4 |
|
Pension and other postretirement plans credit, net |
|
|
(11.0 |
) |
|
|
(17.7 |
) |
|
|
(32.7 |
) |
|
|
(53.0 |
) |
Other (income) expenses, net |
|
|
(1.0 |
) |
|
|
10.5 |
|
|
|
10.5 |
|
|
|
4.3 |
|
Gain on bargain purchase |
|
|
(54.1 |
) |
|
|
- |
|
|
|
(54.1 |
) |
|
|
- |
|
Gain on disposal of a business unit, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2.4 |
) |
Payments for broadcast rights |
|
|
(31.0 |
) |
|
|
(40.7 |
) |
|
|
(97.1 |
) |
|
|
(133.0 |
) |
Cash interest expense |
|
|
(85.7 |
) |
|
|
(66.5 |
) |
|
|
(223.2 |
) |
|
|
(201.3 |
) |
Capital expenditures, excluding station repack and CVR spectrum |
|
|
(36.7 |
) |
|
|
(36.2 |
) |
|
|
(98.5 |
) |
|
|
(97.3 |
) |
Capital expenditures related to station repack |
|
|
- |
|
|
|
(1.6 |
) |
|
|
(0.8 |
) |
|
|
(7.0 |
) |
Proceeds from disposal of assets(1) |
|
|
- |
|
|
|
2.3 |
|
|
|
0.2 |
|
|
|
16.6 |
|
Operating cash income tax payments, net(2) |
|
|
(90.5 |
) |
|
|
(74.6 |
) |
|
|
(268.8 |
) |
|
|
(247.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Free cash flow before transaction, one-time and other non-cash items |
|
|
285.0 |
|
|
|
236.8 |
|
|
|
1,047.0 |
|
|
|
868.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Transaction and other one-time expenses |
|
|
(2.4 |
) |
|
|
(2.7 |
) |
|
|
(6.8 |
) |
|
|
(4.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Free cash flow before other non-cash items |
|
|
282.6 |
|
|
|
234.1 |
|
|
|
1,040.2 |
|
|
|
863.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Add: Pension and other postretirement plans credit, net |
|
|
11.0 |
|
|
|
17.7 |
|
|
|
32.7 |
|
|
|
53.0 |
|
Transaction and other one-time expenses |
|
|
2.4 |
|
|
|
2.7 |
|
|
|
6.8 |
|
|
|
4.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Free cash flow before transaction and other one-time expenses |
|
$ |
296.0 |
|
|
$ |
254.5 |
|
|
$ |
1,079.7 |
|
|
$ |
921.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Less: Transaction and other one-time expenses |
|
|
(2.4 |
) |
|
|
(2.7 |
) |
|
|
(6.8 |
) |
|
|
(4.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Free cash flow |
|
$ |
293.6 |
|
|
$ |
251.8 |
|
|
$ |
1,072.9 |
|
|
$ |
916.4 |
|
________________________________
(1) |
Excludes proceeds from the sale of certain real estate property of |
|
(2) |
Excludes Q3 2022 tax payments related to the sale of certain real property of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221108005380/en/
Investors:
President and Chief Operating Officer
972/373-8800
Executive Vice President and Chief Financial Officer
972/373-8800
JCIR
212/835-8500 or nxst@jcir.com
Media:
EVP and Chief Communications Officer
972/373-8800 or gweitman@nexstar.tv
Source: