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Dec 31, 2022
Nexstar Q4 2022 Earnings Report
Nexstar reported record Q4 net revenue and strong growth in adjusted EBITDA and free cash flow, driven by political advertising and the acquisition of The CW.
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
Revenue by Segment
Distribution Revenue
CapyFin.comOther Revenue
CapyFin.com 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