Nexstar Media Group Reports Record Third Quarter Net Revenue of $1.37 Billion

Business Wire11-07

Q3 Net Revenue Drives Net Income of $180 Million, Adjusted EBITDA(1) of $510 Million, Net Cash Provided by Operating Activities of $387 Million and Adjusted Free Cash Flow (1) of $327 Million All-...

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Reduced Year-over-Year Quarterly Losses at The CW by $36 Million. Quarterly Return of Capital to Shareholders of $233 Million, Reducing Shares Outstanding by 3.1%. IRVING, Texas, November 07, 2024----Nexstar Media Group, Inc.   today reported financial results for the third quarter ended September 30, 2024 as summarized below. Please visit Nexstar’s website to view the full press release.STATEMENT FROM PERRY A. SOOK, FOUNDER, CHAIRMAN AND CEO. 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.Net Income margin is Net Income as a percentage of Net Revenue. Adjusted EBITDA mar","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"NXST":"Nexstar Broadcasting Group"},"translate_title":"Nexstar Media Group报告第三季度净收入创历史新高，达到13.7亿美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NXST":0.9},"content_text":"Q3 Net Revenue Drives Net Income of $180 Million, Adjusted EBITDA(1) of  $510 Million, Net Cash Provided by Operating Activities of $387 Million and Adjusted Free Cash Flow (1) of $327 Million \nAll-Time High Third Quarter Distribution Revenue\nReduced Year-over-Year Quarterly Losses at The CW by $36 Million\nQuarterly Return of Capital to Shareholders of $233 Million, Reducing Shares Outstanding by 3.1%\nIRVING, Texas, November 07, 2024--(BUSINESS WIRE)--Nexstar Media Group, Inc. (NASDAQ: NXST) (\"Nexstar\" or the \"Company\") today reported financial results for the third quarter ended September 30, 2024 as summarized below. Please visit Nexstar’s website to view the full press release.\nSTATEMENT FROM PERRY A. SOOK, FOUNDER, CHAIRMAN AND CEO\n\"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 $154 million, up 16% over the comparable 2020 period. During the quarter, we made further progress on our strategy for The CW, reducing operating losses by $36 million year-over-year and by $119 million year-to-date. We debuted NASCAR Xfinity Series racing in September and WWE NXT wrestling in October on The CW broadcast network to double-digit percentage increases both in total audience and in adults 18-49 versus previous viewership on cable. Overall, our strong year-to-date operating performance yielded $792 million of Adjusted Free Cash Flow and we returned $590 million, or 74%, to shareholders in the form of dividends and share repurchases and reduced debt by $146 million.\"\n\n\n\n\n\n2024 Third Quarter Financial Summary\n\n\n\n\n($ in millions)\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n\n\n\n\n2024\n\n2023\n\n% Change\n\n2024\n\n2023\n\n% Change\n\n\n\n\n\nDistribution\n$719\n\n$598\n\n20.2\n\n$2,215\n\n$2,023\n\n9.5\n\n\n\n\n\nAdvertising\n622\n\n509\n\n22.2\n\n1,656\n\n1,535\n\n7.9\n\n\n\n\n\nOther\n25\n\n25\n\n–\n\n49\n\n71\n\n(31.0)\n\n\n\n\n\nNet Revenue\n$1,366\n\n$1,132\n\n20.7\n\n$3,920\n\n$3,629\n\n8.0\n\n\n\n\n\nNet Income\n$180\n\n$8\n\nNM\n\n$453\n\n$171\n\n164.9\n\n\n\n\n\n% Margin(2)\n13.2%\n\n0.7%\n\n12.5\n\n11.6%\n\n4.7%\n\n6.9\n\n\n\n\n\nAdjusted EBITDA(1)\n$510\n\n$279\n\n82.8\n\n$1,376\n\n$1,029\n\n33.7\n\n\n\n\n\n% Margin(2)\n37.3%\n\n24.6%\n\n12.7\n\n35.1%\n\n28.4%\n\n6.7\n\n\n\n\n\nNet Cash Provided byOperating Activities\n$387\n\n$138\n\n180.4\n\n$839\n\n$817\n\n2.7\n\n\n\n\n\nAdjusted Free Cash Flow(1)\n$327\n\n$81\n\n303.7\n\n$792\n\n$659\n\n20.2\n\n\n\n\nNM = Not Meaningful\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(1)\nChanges 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.\n\n\n\n\n(2)\nNet Income margin is Net Income as a percentage of Net Revenue. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue.\n\n\n\n\nCompany and Business Highlights\n\nAnnounced a new $1.5 billion share repurchase authorization in July 2024.\nAppointed 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.\nNamed 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.\nAnnounced 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 and Detroit, MI, both top-20 markets, to become affiliates of The CW Network on September 1, 2024.\nAnnounced the renewal of CW affiliation agreements with 38 Gray Media-owned television stations in August 2024.\nAnnounced in August that Nexstar stations in Augusta, GA, Monroe, LA, Wichita Falls, TX, Terre Haute, IN and Utica, 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, covering 45.7% of U.S. TV households.\nDelivered 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.\nRaised over $1.7 million 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.\n\nFinancial Highlights\n\nNet Revenue. Record third quarter net revenue of $1.37 billion, increased $234 million, or 20.7%, primarily due to growth in distribution and advertising revenue. Approximately 53% of Nexstar’s third quarter revenue was derived from distribution revenue.\nDistribution Revenue. Record third quarter distribution revenue of $719 million, increased $121 million, or 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.\n\nFinancial Highlights (continued)\n\nAdvertising Revenue. Record third quarter advertising revenue of $622 million, increased $113 million, or 22.2%, over the comparable prior year quarter reflecting a $135 million year-over-year increase in election-year political advertising to $154 million, which more than offset a $22 million year-over-year reduction in non-political advertising revenue due to ongoing advertising market softness and political displacement.\nNet Income. Third quarter net income of $180 million increased $172 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 31.3% interest. Net Income margin increased to 13.2% from 0.7% in the comparable prior year period.\nAdjusted EBITDA. Third quarter Adjusted EBITDA of $510 million, increased $231 million, or 82.8%, compared to the prior year quarter primarily reflecting revenue growth and a $36 million 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 37.3% from 24.6% in the comparable prior year period.\nNet Cash Provided by Operating Activities. Third quarter Net Cash Provided by Operating Activities of $387 million, increased $249 million, or 180.4%, compared to the prior year quarter, due primarily to increased net income and a deferral of income taxes into 2025.\nAdjusted Free Cash Flow. Third quarter Adjusted Free Cash Flow of $327 million, increased $246 million, or 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.\n\nCapital Allocation\n\nIn the third quarter of 2024, the Company used cash on hand and cash flow from operations to repay $85 million of debt, pay $55 million in dividends, and repurchase 1,061,852 shares of Nexstar’s common stock at an average price of approximately $167.16 per share for a total of $178 million.\n\n\n\n\n($ in millions, shares in thousands)\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\n\nCash Used For\n\n\n\n\n\n\n\n\n\n\nDebt repayment\n$85\n\n$31\n\n$146\n\n$93\n\n\n\nAcquisitions\n-\n\n38\n\n-\n\n38\n\n\n\nStockholder return\n233\n\n246\n\n590\n\n659\n\n\n\nCommon stock dividends\n55\n\n47\n\n167\n\n145\n\n\n\nStock repurchases\n178\n\n199\n\n423\n\n514\n\n\n\nShares Outstanding\n\n\n\n\n\n\n\n\n\n\nEnd of period\n31,476\n\n34,194\n\n31,476\n\n34,194\n\n\n\nLess: Beginning of period\n32,486\n\n35,381\n\n33,601\n\n36,810\n\n\n\nChange in shares outstanding\n(1,010)\n\n(1,187)\n\n(2,125)\n\n(2,616)\n\n\n\n% Change\n(3.1%)\n\n(3.4%)\n\n(6.3%)\n\n(7.1%)\n\n\n\n\nDebt, Cash and Leverage\n\nAs of September 30, 2024, the consolidated debt of Nexstar and Mission Broadcasting, Inc. (\"Mission\"), an independently owned variable interest entity, was $6.7 billion, including senior secured debt of $4.0 billion.\nThe 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 $22 million of cash on its balance sheet.\n\n‒ As of September 30, 2024, the Company’s first lien net leverage ratio was 1.91x compared to a covenant of 4.25x and its total net leverage ratio was 3.26x.\n\nThe table below summarizes the Company’s unrestricted cash balances and debt obligations (net of financing costs, discounts and/or premiums) as of September 30, 2024 and as of December 31, 2023.\n\n\n\n\n($ in millions)\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\n\nUnrestricted Cash\n\n$181\n\n$135\n\n\n\nRevolving Credit Facilities\n\n$62\n\n$62\n\n\n\nFirst Lien Term Loans\n\n3,926\n\n4,064\n\n\n\n5.625% Senior Unsecured Notes due 2027\n\n1,717\n\n1,717\n\n\n\n4.75% Senior Unsecured Notes due 2028\n\n995\n\n994\n\n\n\nTotal Debt\n\n$6,700\n\n$6,837\n\n\n\n\nThird Quarter Conference Call\nNexstar 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.\nForward-Looking Statements\nThis 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.\nDefinitions and Disclosures Regarding Non-GAAP Financial Information\nAdjusted 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.\nFree Cash Flow is calculated as net cash provided by operating activities less capital expenditures.\nAdjusted 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.\nFor 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.\n\n\n\nNexstar Media Group, Inc.Condensed Consolidated Statements of Operations(in millions, except for share and per share amounts, unaudited)\n\n\n\n\n\n\n\n \n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\n\nNet revenue\n\n$1,366\n\n\n\n$1,132\n\n\n\n$3,920\n\n\n\n$3,629\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating expenses:\n\n\n\n\n\n\n\n\n\n\nDirect operating\n\n563\n\n\n\n537\n\n\n\n1,663\n\n\n\n1,613\n\n\n\n\nSelling, general and administrative\n\n225\n\n\n\n229\n\n\n\n658\n\n\n\n659\n\n\n\n\nCorporate\n\n53\n\n\n\n52\n\n\n\n160\n\n\n\n149\n\n\n\n\nDepreciation and amortization\n\n190\n\n\n\n220\n\n\n\n588\n\n\n\n731\n\n\n\n\nTotal operating expenses\n\n1,031\n\n\n\n1,038\n\n\n\n3,069\n\n\n\n3,152\n\n\n\n\nIncome from operations\n\n335\n\n\n\n94\n\n\n\n851\n\n\n\n477\n\n\n\n\nIncome from equity method investments, net\n\n17\n\n\n\n24\n\n\n\n52\n\n\n\n82\n\n\n\n\nInterest expense, net\n\n(113\n)\n\n\n(113\n)\n\n\n(340\n)\n\n\n(332\n)\n\n\n\nPension and other postretirement plans credit, net\n\n6\n\n\n\n9\n\n\n\n20\n\n\n\n27\n\n\n\n\nGain on disposal of an investment\n\n-\n\n\n\n-\n\n\n\n40\n\n\n\n-\n\n\n\n\nOther expenses, net\n\n(1\n)\n\n\n-\n\n\n\n(1\n)\n\n\n-\n\n\n\n\nIncome before income taxes\n\n244\n\n\n\n14\n\n\n\n622\n\n\n\n254\n\n\n\n\nIncome tax expense\n\n(64\n)\n\n\n(6\n)\n\n\n(169\n)\n\n\n(83\n)\n\n\n\nNet income\n\n180\n\n\n\n8\n\n\n\n453\n\n\n\n171\n\n\n\n\nNet loss attributable to noncontrolling interests\n\n7\n\n\n\n17\n\n\n\n27\n\n\n\n61\n\n\n\n\nNet income attributable to Nexstar Media Group, Inc.\n\n$187\n\n\n\n$25\n\n\n\n$480\n\n\n\n$232\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income per share available to common stockholders:\n\n\n\n\n\n\n\n\n\nBasic\n\n$5.34\n\n\n\n$0.71\n\n\n\n$14.17\n\n\n\n$6.47\n\n\n\n\nDiluted\n\n$5.27\n\n\n\n$0.70\n\n\n\n$13.96\n\n\n\n$6.37\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted average number of common shares outstanding:\n\n\n\n\n\n\n\n\n\n\nBasic (in thousands)\n\n32,020\n\n\n\n34,931\n\n\n\n32,759\n\n\n\n35,806\n\n\n\n\nDiluted (in thousands)\n\n32,441\n\n\n\n35,367\n\n\n\n33,248\n\n\n\n36,370\n\n\n\n\n\n\n\n\nNexstar Media Group, Inc.Condensed Consolidated Statements of Cash Flows($ in millions, unaudited)\n\n\n\n\n\n\n \n\n\n\nNine Months Ended September 30,\n\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n\nCash flows from operating activities:\n\n\n\n\n\n\nNet income\n\n$453\n\n\n\n$171\n\n\n\n\nAdjustments to reconcile net income to net cash provided by operating activities:\n\n\n\n\n\n\nDepreciation and amortization\n\n588\n\n\n\n731\n\n\n\n\nStock-based compensation expense\n\n57\n\n\n\n44\n\n\n\n\nAmortization of debt financing costs, debt discounts and premium\n\n9\n\n\n\n8\n\n\n\n\nGain on disposal of an investment\n\n(40\n)\n\n\n-\n\n\n\n\nDeferred income taxes\n\n(26\n)\n\n\n(37\n)\n\n\n\nPayments for broadcast rights\n\n(240\n)\n\n\n(322\n)\n\n\n\nIncome from equity method investments, net\n\n(52\n)\n\n\n(82\n)\n\n\n\nDistribution from equity method investments – return on capital\n\n143\n\n\n\n259\n\n\n\n\nChanges in operating assets and liabilities, net of acquisitions and dispositions:\n\n\n\n\n\n\nAccounts receivable\n\n80\n\n\n\n191\n\n\n\n\nPrepaid and other current assets\n\n(10\n)\n\n\n(6\n)\n\n\n\nOther noncurrent assets\n\n(7\n)\n\n\n(21\n)\n\n\n\nAccounts payable\n\n(99\n)\n\n\n(54\n)\n\n\n\nAccrued expenses and other current liabilities\n\n-\n\n\n\n(3\n)\n\n\n\nIncome tax payable\n\n6\n\n\n\n(25\n)\n\n\n\nOther noncurrent liabilities\n\n(30\n)\n\n\n(36\n)\n\n\n\nOther\n\n7\n\n\n\n(1\n)\n\n\n\nNet cash provided by operating activities\n\n839\n\n\n\n817\n\n\n\n\nCash flows from investing activities:\n\n\n\n\n\n\nPurchases of property and equipment\n\n(110\n)\n\n\n(113\n)\n\n\n\nPayments for acquisitions\n\n-\n\n\n\n(38\n)\n\n\n\nDeposits received associated with a proposed sale of a real estate asset\n\n-\n\n\n\n10\n\n\n\n\nProceeds from disposal of an investment\n\n40\n\n\n\n-\n\n\n\n\nOther investing activities, net\n\n2\n\n\n\n4\n\n\n\n\nNet cash used in investing activities\n\n(68\n)\n\n\n(137\n)\n\n\n\nCash flows from financing activities:\n\n\n\n\n\n\nProceeds from debt issuance, net of debt discounts\n\n55\n\n\n\n-\n\n\n\n\nRepayments of long-term debt\n\n(201\n)\n\n\n(93\n)\n\n\n\nPurchase of treasury stock\n\n(423\n)\n\n\n(509\n)\n\n\n\nCommon stock dividends paid\n\n(167\n)\n\n\n(145\n)\n\n\n\nPayments for capitalized software obligations\n\n(13\n)\n\n\n(14\n)\n\n\n\nContribution from noncontrolling interests\n\n19\n\n\n\n47\n\n\n\n\nCash paid for shares withheld for taxes\n\n(8\n)\n\n\n(24\n)\n\n\n\nOther financing activities, net\n\n1\n\n\n\n2\n\n\n\n\nNet cash used in financing activities\n\n(737\n)\n\n\n(736\n)\n\n\n\nNet increase (decrease) in cash, cash equivalents and restricted cash\n\n34\n\n\n\n(56\n)\n\n\n\nCash, cash equivalents and restricted cash at beginning of period\n\n147\n\n\n\n220\n\n\n\n\nCash, cash equivalents and restricted cash at end of period\n\n$181\n\n\n\n$164\n\n\n\n\n\n\n\n\nNexstar Media Group, Inc.Reconciliation of Adjusted EBITDA (Non-GAAP Measure)($ in millions, unaudited)\n\n\n\n\n\n\n\n \n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income\n\n$180\n\n\n\n$8\n\n\n\n$453\n\n\n\n$171\n\n\n\n\nAdd (Less):\n\n\n\n\n\n\n\n\n\n\nTransaction and other one-time expenses(1)\n\n-\n\n\n\n2\n\n\n\n1\n\n\n\n13\n\n\n\n\nStock-based compensation expense\n\n19\n\n\n\n16\n\n\n\n57\n\n\n\n44\n\n\n\n\nDepreciation and amortization expense\n\n190\n\n\n\n220\n\n\n\n588\n\n\n\n731\n\n\n\n\n(Amortization) of broadcast rights expense\n\n(70\n)\n\n\n(98\n)\n\n\n(226\n)\n\n\n(367\n)\n\n\n\nAmortization of basis difference of equity method investments\n\n18\n\n\n\n18\n\n\n\n53\n\n\n\n53\n\n\n\n\nInterest expense, net\n\n113\n\n\n\n113\n\n\n\n340\n\n\n\n332\n\n\n\n\nPension and other postretirement plans (credit), net\n\n(6\n)\n\n\n(9\n)\n\n\n(20\n)\n\n\n(27\n)\n\n\n\nIncome tax expense\n\n64\n\n\n\n6\n\n\n\n169\n\n\n\n83\n\n\n\n\nGain on disposal of an investment\n\n-\n\n\n\n-\n\n\n\n(40\n)\n\n\n-\n\n\n\n\nOther\n\n2\n\n\n\n3\n\n\n\n1\n\n\n\n(4\n)\n\n\n\nAdjusted EBITDA\n\n$510\n\n\n\n$279\n\n\n\n$1,376\n\n\n\n$1,029\n\n\n\n\n\n\n\n\n(1)\n\nPrimarily includes severance, legal and other direct expenses associated with our completed or proposed strategic transactions and/or acquisitions, any fees or other direct expenses associated with financing transactions, and severance and other direct expenses associated with restructuring activities.\n\n\n\n\n\n\nNexstar Media Group, Inc.Reconciliation of Free Cash Flow and Adjusted Free Cash Flow (Non-GAAP Measure)($ in millions, unaudited)\n\n\n\n\n\n\n\n \n\n\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet cash provided by operating activities\n\n$387\n\n\n\n$138\n\n\n\n$839\n\n\n\n$817\n\n\n\n\nAdd (Less):\n\n\n\n\n\n\n\n\n\n\nCapital expenditures\n\n(29\n)\n\n\n(36\n)\n\n\n(110\n)\n\n\n(113\n)\n\n\n\nFree Cash Flow\n\n$358\n\n\n\n$102\n\n\n\n$729\n\n\n\n$704\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAdd (Less):\n\n\n\n\n\n\n\n\n\n\nTransaction and other one-time expenses(1)\n\n-\n\n\n\n2\n\n\n\n1\n\n\n\n13\n\n\n\n\nChanges in operating assets and liabilities(2)\n\n(90\n)\n\n\n(22\n)\n\n\n60\n\n\n\n(46\n)\n\n\n\nChanges in income tax payable(3)\n\n66\n\n\n\n(1\n)\n\n\n8\n\n\n\n(25\n)\n\n\n\nTaxes paid on sale of assets(4)\n\n-\n\n\n\n-\n\n\n\n11\n\n\n\n-\n\n\n\n\nPension and other postretirement plans (credit), net\n\n(6\n)\n\n\n(9\n)\n\n\n(20\n)\n\n\n(27\n)\n\n\n\nPayments for capitalized software obligations\n\n(2\n)\n\n\n(2\n)\n\n\n(13\n)\n\n\n(14\n)\n\n\n\nProceeds from disposal of assets and insurance recoveries\n\n1\n\n\n\n-\n\n\n\n3\n\n\n\n7\n\n\n\n\nCash contribution from noncontrolling interests\n\n-\n\n\n\n11\n\n\n\n19\n\n\n\n47\n\n\n\n\nOther\n\n-\n\n\n\n-\n\n\n\n(6\n)\n\n\n-\n\n\n\n\nAdjusted Free Cash Flow\n\n$327\n\n\n\n$81\n\n\n\n$792\n\n\n\n$659\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSupplemental Information:\n\n\n\n\n\n\n\n\n\n\nDistributions received (reduced distributions) from accounts receivablesecuritization of equity method investee (included above)(5)\n\n-\n\n\n\n-\n\n\n\n(9\n)\n\n\n69\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n(1)\n\nPrimarily 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.\n\n\n(2)\n\nRemoves the impact of changes in operating assets and liabilities (including changes in income tax payable), net of acquisitions and dispositions.\n\n\n(3)\n\nIncludes changes in income tax payable to reflect all tax payments.\n\n\n(4)\n\nEliminates taxes paid on sale of assets related to the impact of a $40 million gain from disposal of an investment in Q1 2024.\n\n\n(5)\n\nReflects the impact included in Free Cash Flow and Adjusted Free Cash Flow of cash distributions received from our 31.3% ownership interest in TV Food Network LLC related to its accounts receivable securitization program. As our investee increases or (reduces) the amount of accounts receivable it sells into the program, our distribution is increased or (reduced) accordingly.\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241107959840/en/\nContacts\nInvestor Contacts: Lee Ann GlihaEVP and Chief Financial OfficerNexstar Media Group, Inc.972/373-8800Joe Jaffoni, Jennifer NeumanJCIR212/835-8500 or nxst@jcir.com Media Contact: Gary WeitmanEVP and Chief Communications OfficerNexstar Media Group, Inc.972/373-8800 or gweitman@nexstar.tv","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481903463"}