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Mar 31, 2023
Nexstar Q1 2023 Earnings Report
Nexstar reported record first-quarter net revenue, driven by distribution revenue and the acquisition of The CW, which offset declines in political and Olympic advertising.
Key Takeaways
Nexstar Media Group reported record first-quarter net revenue of $1.26 billion, a 3.9% increase year-over-year. The growth was driven by distribution revenue and the acquisition of The CW. The company returned $225 million to shareholders through dividends and share repurchases.
Record first quarter net revenue of $1.26 billion, up 3.9% year-over-year.
Adjusted EBITDA was $491 million with a 39.1% margin.
Attributable free cash flow was $383 million.
Returned $225 million to shareholders through share repurchases and dividends.
Nexstar
Nexstar
Nexstar Revenue by Segment
Revenue by Segment
Distribution Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Nexstar expects 2023 to benefit from recently renegotiated distribution contracts and anticipates strong upside in 2024 from presidential election year political advertising and additional distribution contract renewals.
Positive Outlook
- Benefit from recently renegotiated distribution contracts
- Strong upside from presidential election year political advertising in 2024
- Additional distribution contract renewals expected later this year
- Leveraging linear, digital, mobile and streaming assets
- Nationwide reach with local activation
Challenges Ahead
- Cyclical year-over-year decline in political and Olympic advertising
- Softness in the advertising market primarily due to national advertising
- Losses related to The CW
- Increased news expenses related to the expansion of news programming at NewsNation
- Reduction in the TV Food Network distribution
Revenue & Expenses
Visualization of income flow from segment revenue to net income