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Nexstar Broadcasting Third Quarter Net Revenue Rises 20.2% To A Record $90.0 Million

Stocks in this article: NXST

Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) (“Nexstar”) today reported record financial results for the third quarter ended September 30, 2012 as summarized below:

Summary 2012 Third Quarter Highlights

($ in thousands)

Three Months Ended September 30,     Nine Months Ended September 30,  
2012   2011   Change   2012   2011   Change
Local Revenues $ 44,743   $ 43,343 +3.2 % $ 137,535   $ 132,266 +4.0 %
National Revenues $ 19,308   $ 16,302   +18.4 % $ 55,543   $ 47,719   +16.4 %
Local and National Core Revenue $ 64,051 $ 59,645 +7.4 % $ 193,078 $ 179,985 +7.3 %
 
Political Revenues $ 10,153 $ 1,727 +487.9 % $ 18,929 $ 4,319 +338.3 %
e-Media Revenue $ 4,482 $ 4,207 +6.5 % $ 13,041 $ 11,963 +9.0 %
Retransmission Fee Revenue $ 15,102 $ 9,982 +51.3 % $ 44,881 $ 27,099 +65.6 %
Management Fee Revenue $ 0 $ 968 (100.0 )% $ 1,961 $ 1,968 (0.4 )%
Network Comp, Other $ 719 $ 808 (11.0 )% $ 2,345 $ 2,522 (7.0 )%
Trade and Barter Revenue $ 5,106   $ 5,124   (0.4 )% $ 15,567   $ 15,400   +1.1 %
Gross Revenue $ 99,613 $ 82,461 +20.8 % $ 289,802 $ 243,256 +19.1 %
Less Agency Commissions $ 9,661   $ 7,622   +26.8 % $ 27,344   $ 22,967   +19.1 %
Net Revenue $ 89,952 $ 74,839 +20.2 % $ 262,458 $ 220,289 +19.1 %
 
Gross Revenue Excluding Political Revenue $ 89,460 $ 80,734

+10.8

%

$ 270,873

$

238,937

+13.4

%

 
Income from Operations $ 23,557 $ 8,268 +184.9 % $ 64,525 $ 30,359 +112.5 %
 
Broadcast Cash Flow (1) $ 40,968 $ 26,115 +56.9 % $ 114,686 $ 80,925 +41.7 %
Broadcast Cash Flow Margin (2) 45.5 % 34.9 % 43.7 % 36.7 %
 
Adjusted EBITDA (1) $ 35,077 $ 21,021 +66.9 % $ 98,262 $ 66,497 +47.8 %
Adjusted EBITDA Margin (2) 39.0 % 28.1 % 37.4 % 30.2 %
 
Free Cash Flow (1) $ 19,840 $ 5,228 +279.5 % $ 51,863 $ 18,888 +174.6 %

(1) Definitions and disclosures regarding non-GAAP financial information are included on page 4, while reconciliations are included on page 7.

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