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Nexstar Broadcasting Group's CEO Discusses Q4 2010 Results - Earnings Call Transcript

Stocks in this article: NXST

Perry Sook

Thank you, Mimi and good morning, everyone. Thank you all for joining us today to review Nexstar's fourth quarter and full year 2010 operating results. CFO, Tom Carter is also with me on the call this morning. And after our prepared remarks, we will be glad to open the call for your questions.

As we entered 2010, we telegraphed everyone that we were positioned to return to growth and I think it's evident with the record results reported each quarter throughout this year and again this morning, that Nexstar has exceeded that promise. Nexstar's industry-leading growth of this past year is directly attributable to our significant revenue diversification initiatives and our focus on free cash flow. And our fourth quarter earnings represent the highest quarterly level of revenue and cash flows in the company's history.

The efficacy of our revenue diversification strategies and our expense management disciplines has been borne out in comparison in 2010 fourth quarter net revenue to that of the same period of 2008, which was a Presidential election year. Comparing these periods, we grew net revenue by approximately 21% while our cash flow growth measured by BCF, EBITDA and free cash flow grew by multiples over that same time.

We refer to our quadruple play of revenue drivers and our success in driving profitable revenue growth, reflects our strength of our core local content. It also reflects our initiatives to develop distribution and digital extensions for our core content, including the creation of new online, text and mobile content and applications. And the benefit derived from leveraging our management team to provide services to other broadcasters.

Strengthened core television advertising trends, which began for Nexstar in the 2009 fourth quarter is continuing here in Q1 of 2011. And we are well-positioned to further grow all of our non-political revenue sources throughout this current year.

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