Nexstar Q4 2023 Earnings Report
Key Takeaways
Nexstar Media Group reported Q4 2023 net revenue of $1.3 billion, operating income of $230 million, net income of $100 million, adjusted EBITDA of $411 million, and attributable free cash flow of $265 million. The company successfully renewed distribution agreements and managed shareholder returns through dividends and share repurchases.
Net revenue was $1.3 billion, a decrease compared to the prior year quarter, primarily due to a decline in political advertising revenue.
Adjusted EBITDA reached $411 million with a 31.5% margin.
Attributable free cash flow was $265 million.
The company returned $137 million to shareholders through share repurchases and dividend payments.
Nexstar
Nexstar
Nexstar Revenue by Segment
Forward Guidance
Nexstar is establishing guidance for fiscal year 2024 Adjusted EBITDA in a range of $2.085 billion to $2.195 billion.
Positive Outlook
- Potential increase in political fundraising and spend on television advertising.
- Favorable renegotiation of affiliation agreements.
- Growth in virtual MVPD revenue.
- Successful renewal of distribution agreements.
- Benefits from exclusive broadcast rights for sports and entertainment content.
Challenges Ahead
- Changes in national and regional economies.
- Ability to service and refinance outstanding debt.
- Pricing fluctuations in local and national advertising.
- Competition from others in the broadcast television markets.
- Volatility in programming costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income