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Sep 30, 2022
Nexstar Q3 2022 Earnings Report
Nexstar reported record Q3 net revenue, operating income, net income, adjusted EBITDA, and free cash flow.
Key Takeaways
Nexstar Media Group reported record third-quarter financial results, with net revenue up 9.7% driven by strong growth in political advertising, distribution, and digital revenue. Adjusted EBITDA and free cash flow also reached record levels for the third quarter. The company returned a significant portion of its free cash flow to shareholders through dividends and share repurchases.
Net revenue increased by 9.7% year-over-year, reaching a record $1.27 billion.
Adjusted EBITDA increased by 19.1% year-over-year to $488.8 million, with a margin of 38.5%.
Free cash flow increased by 16.6% year-over-year to $293.6 million, representing 60.1% of Adjusted EBITDA.
The company returned $250.1 million to shareholders through share repurchases and dividends.
Revenue by Segment
Forward Guidance
The company expects the fourth quarter to benefit from strong political advertising trends, while 2023 will see distribution revenue upside from renewals. Looking forward, 2024 is expected to benefit from another record year for political advertising and further distribution agreement renewals.
Positive Outlook
- Strong political advertising trends expected to continue in the fourth quarter.
- Distribution revenue upside expected in 2023 from agreement renewals.
- Record political advertising year anticipated in 2024 due to the presidential election.
- Further distribution agreement renewals expected to benefit 2024.
- The CW Network, NewsNation, and ATSC 3.0 technology are expected to support further enhancement of shareholder value.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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