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Nexstar Broadcasting Third Quarter Net Revenue Rises 39.8% To A Record $125.8 Million

Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) (“Nexstar”) today reported record financial results for the third quarter and nine months ended September 30, 2013 as summarized below:

Summary 2013 Third Quarter Highlights
                             

($ in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,
2013       2012       Change       2013       2012       Change
Local Revenues $ 63,605       $ 44,743 +42.2 % $ 190,270       $ 137,535 +38.3 %
National Revenues $ 28,646         $ 19,308   +48.4 % $ 80,596         $ 55,543   +45.1 %
Local and National Core Revenue $ 92,251 $ 64,051 +44.0 % $ 270,866 $ 193,078 +40.3 %
 
Political Revenues $ 1,030 $ 10,153 (89.9 )% $ 3,615 $ 18,929 (80.9 )%
Digital Media Revenue $ 10,058 $ 4,482 +124.4 % $ 24,223 $ 13,041 +85.7 %
Retransmission Fee Revenue $ 25,586 $ 15,102 +69.4 % $ 74,304 $ 44,881 +65.6 %
Management Fee Revenue $ 0 $ 0 - $ 0 $ 1,961 (100.0 )%
Network Comp, Other $ 986 $ 719 +37.1 % $ 3,210 $ 2,345 +36.9 %
Trade and Barter Revenue $ 7,890         $ 5,106   +54.5 % $ 23,182         $ 15,567   +48.9 %
Gross Revenue $ 137,801 $ 99,613 +38.3 % $ 399,400 $ 289,802 +37.8 %
Less Agency Commissions $ 12,009         $ 9,661   +24.3 % $ 35,192         $ 27,344   +28.7 %
Net Revenue $ 125,792 $ 89,952 +39.8 % $ 364,208 $ 262,458 +38.8 %
 
Gross Revenue Excluding

Political Revenue
$ 136,771 $ 89,460

+52.9

%
$ 395,785

$

270,873

+46.1

%
 
Income from Operations $ 25,153 $ 23,557 +6.8 % $ 71,163 $ 64,525 +10.3 %
 
Broadcast Cash Flow (1) $ 48,075 $ 40,968 +17.3 % $ 137,697 $ 114,686 +20.1 %
Broadcast Cash Flow Margin (2) 38.2 % 45.5 % 37.8 % 43.7 %
 
Adjusted EBITDA (1) $ 41,393 $ 35,077 +18.0 % $ 117,403 $ 98,262 +19.5 %
Adjusted EBITDA Margin (2) 32.9 % 39.0 % 32.2 % 37.4 %
 
Free Cash Flow (1) $ 21,590 $ 19,840 +8.8 % $ 52,215 $ 51,863 +0.7 %
    (1)     Definitions and disclosures regarding non-GAAP financial information are included on page 4, while reconciliations are included on page 7.
(2) 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.
 
 

CEO Comment

Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Broadcasting Group, Inc. commented, “Nexstar’s record third quarter financial results reflect contributions from recently completed accretive station acquisitions as well as our revenue diversification initiatives and success in generating new local direct advertising. Third quarter organic and acquisition related revenue growth in all of our non-political revenue sources, including a 44.0% rise in core ad revenue, a 124.4% increase in digital media revenue and retransmission fee revenue that was 69.4% higher than the comparable year-ago period, more than offset the impact of an 89.9% year-over-year reduction in political revenue and the loss of last year’s third quarter Olympic advertising revenue. Nexstar’s revenue growth also drove record third quarter BCF, adjusted EBITDA and free cash flow.

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