Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) (“Nexstar”) today reported record financial results for the first quarter ended March 31, 2012 as summarized below:
Summary 2012 First Quarter Highlights
|Three Months Ended|
($ in thousands)
|Local and National Core Revenue||$||62,839||$||58,318||+7.8||%|
|Retransmission Fee Revenue||$||14,496||$||8,517||+70.2||%|
|Management Fee Revenue||$||1,961||$||500||+292.2||%|
|Network Comp, Other||$||792||$||841||(5.8||)%|
|Trade and Barter Revenue||$||4,988||$||4,887||+2.1||%|
|Less Agency Commissions||$||8,361||$||7,351||13.7||%|
|Income from Operations||$||17,505||$||9,166||91.0||%|
|Broadcast Cash Flow (1)||$||34,050||$||24,833||37.1||%|
|Broadcast Cash Flow Margin (2)||40.7||%||35.5||%|
|Adjusted EBITDA (1)||$||28,636||$||20,015||43.1||%|
|Adjusted EBITDA Margin (2)||34.2||%||28.6||%|
|Free Cash Flow (1)||$||12,685||$||3,627||249.7||%|
Definitions and disclosures regarding non-GAAP financial information are included on page 4, while reconciliations are included on page 7.
Broadcast cash flow margin is broadcast cash flow as a percentage of net revenue. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenue.
Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc., commented, “Nexstar’s growth and operating momentum is accelerating in 2012. In the first quarter we generated significant increases from all of our revenue sources leading to record net revenue, adjusted EBITDA and free cash flow. Nexstar’s 19.6% rise in first quarter net revenue again highlights the value of our long-term strategy to transition the traditional television broadcasting operating model and our locally focused content and advertiser relationships into a diversified model of high margin revenue streams.
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