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Mar 31, 2021
Nexstar Q1 2021 Earnings Report
Nexstar generated record first quarter financial results, driven by double-digit growth in digital and distribution revenue and recovery in core advertising.
Key Takeaways
Nexstar Media Group reported record first quarter net revenue of $1,113.9 million. The company's operating income was $284.9 million, net income was $199.2 million, adjusted EBITDA was $571.4 million, and free cash flow was $483.5 million.
Nexstar generated record first quarter financial results across key financial and cash flow metrics, outperforming consensus expectations.
Record first quarter net revenue reflects double-digit growth in digital and distribution revenue and Nexstar’s ability to drive recovery in core advertising.
Nexstar's local sales initiatives continue to deliver healthy levels of new business with sales teams generating $27.8 million of first quarter new-to-television revenue, marking a 149% increase over the prior year.
The company allocated $75 million toward leverage reduction, returned approximately $30.4 million to shareholders through cash dividend, and repurchased $121 million of Class A common shares.
Nexstar
Nexstar
Nexstar Revenue by Segment
Revenue by Segment
Distribution Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
With operating momentum continuing in the second quarter across our businesses, we expect to generate year-over-year growth across all of our non-political revenue sources throughout 2021, as the vaccine rollout progresses and economic conditions continue to improve. As a result, we remain confident in our ability to meet or exceed our pro-forma average annual free cash flow guidance of approximately $1.27 billion over the 2021/2022 cycle.
Positive Outlook
- Expect to generate year-over-year growth across all of our non-political revenue sources throughout 2021
- Vaccine rollout progresses
- Economic conditions continue to improve
- Confident in ability to meet or exceed pro-forma average annual free cash flow guidance of approximately $1.27 billion over the 2021/2022 cycle
- Core advertising acceleration beginning in the second quarter
Revenue & Expenses
Visualization of income flow from segment revenue to net income