Nexstar Broadcasting Second Quarter Net Revenue Rises 42.0% To A Record $126.2 Million

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

Summary 2013 Second Quarter Highlights
 

($ in thousands)
       

Three Months Ended June 30,
       

Six Months Ended June 30,
   
2013     2012     Change     2013     2012     Change
Local Revenues $ 66,731     $ 47,359 +40.9 % $ 126,665     $ 92,792 +36.5 %
National Revenues $ 28,575       $ 18,829   +51.8 % $ 51,950       $ 36,235   +43.4 %
Local and National Core Revenue $ 95,306 $ 66,188 +44.0 % $ 178,615 $ 129,027 +38.4 %
 
Political Revenues $ 1,823 $ 5,982 (69.5 )% $ 2,585 $ 8,776 (70.5 )%
e-Media Revenue $ 7,665 $ 4,426 +73.2 % $ 14,165 $ 8,559 +65.5 %
Retransmission Fee Revenue $ 24,922 $ 15,283 +63.1 % $ 48,718 $ 29,779 +63.6 %
Management Fee Revenue $ 0 $ 0 - $ 0 $ 1,961 (100.0 )%
Network Comp, Other $ 1,099 $ 834 +31.8 % $ 2,224 $ 1,626 +36.8 %
Trade and Barter Revenue $ 7,874       $ 5,473   +43.9 % $ 15,292       $ 10,461   +46.2 %
Gross Revenue $ 138,689 $ 98,186 +41.3 % $ 261,599 $ 190,189 +37.5 %
Less Agency Commissions $ 12,478       $ 9,322   +33.9 % $ 23,183       $ 17,683   +31.1 %
Net Revenue $ 126,211 $ 88,864 +42.0 % $ 238,416 $ 172,506 +38.2 %
 

Gross Revenue Excluding

Political Revenue
$ 136,866 $ 92,204

+48.4

%
$ 259,014

$

181,413

+42.8

%
 
Income from Operations $ 28,192 $ 23,463 +20.2 % $ 46,010 $ 40,968 +12.3 %
 
Broadcast Cash Flow (1) $ 49,825 $ 39,668 +25.6 % $ 89,622 $ 73,718 +21.6 %
Broadcast Cash Flow Margin (2) 39.5 % 44.6 % 37.6 % 42.7 %
 
Adjusted EBITDA (1) $ 42,946 $ 34,549 +24.3 % $ 76,010 $ 63,185 +20.3 %
Adjusted EBITDA Margin (2) 34.0 % 38.9 % 31.9 % 36.6 %
 
Free Cash Flow (1) $ 20,464 $ 19,338 +5.8 % $ 30,626 $ 32,023 (4.4 )%
 
(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 growth and operating momentum is accelerating in 2013 and we remain confident that continued year-over-year growth in all of our non-political revenue sources in the second half of the year will result in record annual revenue and free cash flow. Reflecting contributions from recently completed acquisitions as well as our focus on managing operations for current cash flow and future growth, all of our non-political revenue sources posted significant second quarter increases leading to record second quarter net revenue, adjusted EBITDA and free cash flow. Nexstar’s year-to-date results and contributions from new stations are as expected and we look forward to the completion later this year of the accretive acquisition of nineteen television stations which was announced in April.

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