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Nexstar Broadcasting Fourth Quarter Net Revenue Rises 18.9% To A Record $138.1 Million

Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) (“Nexstar”) today reported financial results for the fourth quarter and year-ended December 31, 2013 as summarized below:

Summary 2013 Fourth Quarter Highlights

                 

($ in thousands)

Three Months Ended December 31,

Twelve Months Ended December 31,

  2013       2012       Change       2013       2012       Change
Local Revenue $ 75,106   $ 52,633 +42.7 % $ 265,376   $ 190,168 +39.5 %
National Revenue $ 32,827     $ 20,580   +59.5 % $ 113,423     $ 76,123   +49.0 %
Local and National Core Revenue $ 107,933 $ 73,213 +47.4 % $ 378,799 $ 266,291 +42.3 %
 
Political Revenue $ 1,537 $ 27,347 (94.4 )% $ 5,152 $ 46,276 (88.9 )%
Digital Media Revenue $ 6,623 $ 5,322 +24.4 % $ 30,846 $ 18,363 +68.0 %
Retransmission Fee Revenue $ 26,815 $ 16,052 +67.1 % $ 101,119 $ 60,933 +66.0 %
Management Fee Revenue $ 0 $ 0

     -

$ 0 $ 1,961 (100.0 )%
Network Comp, Other $ 1,070 $ 1,363 (21.5 )% $ 4,280 $ 3,708 +15.4 %
Trade and Barter Revenue $ 8,347     $ 6,353   +31.4 % $ 31,529     $ 21,920   +43.8 %
Gross Revenue $ 152,325 $ 129,650 +17.5 % $ 551,725 $ 419,452 +31.5 %
Less Agency Commissions $ 14,203     $ 13,476   +5.4 % $ 49,395     $ 40,820   +21.0 %
Net Revenue $ 138,122 $ 116,174 +18.9 % $ 502,330 $ 378,632 +32.7 %
 

Gross Revenue Excluding      Political Revenue

$ 150,788 $ 102,303

+47.4

%

$ 546,573

$

373,176

+46.5

%

 
Income from Operations $ 32,078 $ 35,380 (9.3 )% $ 103,241 $ 99,905 +3.3 %
 
Broadcast Cash Flow (1) $ 55,311 $ 56,294 (1.7 )% $ 193,008 $ 170,980 +12.9 %
Broadcast Cash Flow Margin (2) 40.0 % 48.5 % 38.4 % 45.2 %
 
Adjusted EBITDA (1) $ 49,266 $ 48,082 +2.5 % $ 166,669 $ 146,344 +13.9 %
Adjusted EBITDA Margin (2) 35.7 % 41.4 % 33.2 % 38.7 %
 
Free Cash Flow (1) $ 32,706 $ 28,652 +14.1 % $ 84,921 $ 80,515 +5.5 %
 
             

(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 strong fourth quarter and full year financial results mark the conclusion of another active and successful year of growth for the Company. During 2013, we generated record free cash flow, EBITDA, BCF and net revenue, completed or entered into agreements to strategically expand our operating base in accretive transactions to 108 stations, lowered our weighted average cost of capital and strengthened our balance sheet, and initiated the payment of a quarterly cash dividend.

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