Nexstar Q4 2022 Earnings Report
Key Takeaways
Nexstar Media Group reported record fourth-quarter net revenue of $1.49 billion, a 19.3% increase year-over-year. The company's adjusted EBITDA increased by 19.8% to $598.2 million, and attributable free cash flow increased by 27.8% to $422.1 million. Excluding The CW Network, adjusted EBITDA increased by 32.5% to $661.8 million, and free cash flow increased by 38.7% to $458.1 million.
Nexstar's Q4 net revenue increased by 19.3% year-over-year to $1.49 billion.
Q4 adjusted EBITDA increased by 19.8% to $598.2 million.
Q4 attributable free cash flow increased by 27.8% to $422.1 million.
Excluding The CW, Q4 adjusted EBITDA increased by 32.5% to $661.8 million and free cash flow increased by 38.7% to $458.1 million.
Nexstar
Nexstar
Nexstar Revenue by Segment
Forward Guidance
For the 2023/2024 cycle, Nexstar expects to generate pro forma average annual attributable free cash flow of approximately $1.25 billion, inclusive of $90 million of attributable losses and associated tax benefit from The CW.
Positive Outlook
- 2023 will benefit from the 2022 renegotiation of our distribution contracts representing more than half of our subscribers
- 2024 will benefit from presidential election year political advertising
- 2024 will benefit from additional distribution contract renewals
- Strong free cash flow enables us to increase the percentage of capital returned to shareholders in the form of dividends
- Strong free cash flow enables us to continue to opportunistically repurchase shares, as well as reduce debt and pursue other strategic opportunities to further enhance shareholder value.
Revenue & Expenses
Visualization of income flow from segment revenue to net income