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Nexstar Broadcasting First Quarter Net Revenue Rises 19.3% To A Record $133.8 Million

Stocks in this article: NXST

Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) (“Nexstar”) today reported record financial results for the first quarter ended March 31, 2014 as summarized below:

 

Summary 2014 First Quarter Highlights

         

($ in thousands)

Three Months Ended

March 31,

2014     2013     Change
Local Revenues $ 65,642     $ 59,934 +9.5 %
National Revenues $ 27,189       $ 23,375   +16.3 %
Local and National Core Revenue $ 92,831 $ 83,309 +11.4 %
 
Political Revenues $ 4,003 $ 762 +425.3 %
Digital Media Revenue $ 6,277 $ 6,500 (3.4 )%
Retransmission Fee Revenue $ 35,129 $ 23,796 +47.6 %
Network Compensation and Other $ 981 $ 1,125 (12.8 )%
Trade and Barter Revenue $ 7,128       $ 7,418   (3.9 )%
Gross Revenue $ 146,349 $ 122,910 +19.1 %
Less Agency Commissions $ 12,516       $ 10,705   +16.9 %
Net Revenue $ 133,833 $ 112,205 +19.3 %
 
Gross Revenue Excluding Political Revenue $ 142,346 $ 122,148

+16.5

%

 
Income from Operations $ 27,700 $ 17,818 +55.5 %
 
Broadcast Cash Flow (1) $ 50,612 $ 39,797 +27.2 %
Broadcast Cash Flow Margin (2) 37.8 % 35.5 %
 
Adjusted EBITDA (1) $ 42,108 $ 33,064 +27.4 %
Adjusted EBITDA Margin (2) 31.5 % 29.5 %
 
Free Cash Flow (1) $ 25,255 $ 10,162 +148.5 %
(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 operating and financial momentum continues in 2014 as reflected by our record first quarter net revenue, BCF, adjusted EBITDA and free cash flow. The 19.3% rise in first quarter net revenue again highlights the value of our long-term strategy to complete accretive acquisitions while evolving the traditional television broadcasting operating model into a diversified entity with high margin revenue streams. With strong core advertising trends, the cyclical return of political spending, our expanded digital media operations and visible retransmission revenue growth, we believe Nexstar is on track to generate record free cash flow throughout 2014.

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