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Sep 30, 2020
Nexstar Q3 2020 Earnings Report
Nexstar reported record third quarter results driven by strong revenue growth and effective cost management
Key Takeaways
Nexstar Media Group reported record third quarter net revenue of $1,118.2 million, a 68.5% increase year-over-year. The company also achieved record operating income, net income, BCF, adjusted EBITDA, and free cash flow. The company allocated capital towards debt reduction and share repurchases, demonstrating its commitment to shareholder value.
Net revenue increased by 68.5% year-over-year to $1,118.2 million.
Adjusted EBITDA increased by 209.1% year-over-year to $443.6 million.
Free cash flow increased by 268.3% year-over-year to $219.0 million.
The company lowered net debt by $162.5 million and repurchased $125 million of Class A common shares.
Nexstar
Nexstar
Nexstar Revenue by Segment
Revenue by Segment
Distribution Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Nexstar expects record results in the fourth quarter, reflecting the final weeks of political spending leading up to Election Day. The company is encouraged by the advertising rebound, particularly in the auto category, and the launch of News Nation.
Positive Outlook
- Month-over-month improvements in pacing data.
- Expected record results reflecting the final five weeks of political spending.
- Advertising rebound across the station footprint, notably in auto.
- Resurgence in large box retail spending, fast food, home improvement, attorney and sports wagering ad spending.
- Successful launch of WGN America’s primetime national newscast, News Nation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income