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Jun 30, 2021
Nexstar Q2 2021 Earnings Report
Nexstar's Q2 2021 financial performance was marked by record net revenue and strong growth in core advertising and distribution revenue.
Key Takeaways
Nexstar Media Group reported record second quarter net revenue of $1,131.6 million, driven by a faster and stronger-than-anticipated recovery in core advertising and continued double-digit distribution revenue growth. Net income was $199.8 million, and Adjusted EBITDA reached $418.8 million. The company raised its pro-forma average annual free cash flow guidance for the 2021/2022 cycle to approximately $1.33 billion.
Record second quarter net revenue of $1.13 billion, up 23.7% year-over-year.
Net income increased by 103.5% year-over-year to $199.8 million.
Adjusted EBITDA rose by 43.0% year-over-year to $418.8 million.
Free cash flow was $181.2 million, impacted by the timing of 2021 operating cash tax payments.
Revenue by Segment
Forward Guidance
Nexstar expects to generate year-over-year growth across all of its non-political revenue sources for the remainder of 2021 and has excellent visibility to deliver on or exceed its upsized free cash flow targets in the 2021/2022 cycle.
Positive Outlook
- Operating momentum across businesses is expected to continue.
- Year-over-year growth is anticipated across all non-political revenue sources for the remainder of 2021.
- The company has excellent visibility to deliver on or exceed its upsized free cash flow targets in the 2021/2022 cycle.
- The company's assets and operations provide a solid foundation.
- The business model's resiliency ensures consistency in results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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