Nexstar Q2 2021 Earnings Report
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.
Nexstar
Nexstar
Nexstar 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income