Nexstar Media Group Stories Report Third Quarter Internet Income Of $1,118 2 Million

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Perry A. Sook, Chairman and Chief Executive Officer of Nexstar Media Group commented, “During the third quarter we continued to successfully navigate the challenges introduced by the pandemic thanks to our outstanding operating groups and their ability to adapt and dynamically manage the business for continued growth. Nexstar delivered document third quarter operating results with net income, profitability, and cash flow metrics all exceeding consensus expectations. Third quarter web income increased 68.5% and with the sturdy operating leverage in our enterprise mannequin, Nexstar generated report third quarter BCF, adjusted EBITDA and free money flow with these metrics rising 128.3%, 209.1% and 268.three%, respectively on a year over year basis. In addition, all through the quarter, we made important progress with our leverage discount and return of capital initiatives as we lowered net debt by $162.5 million and allocated $one hundred fifty.4 million toward share repurchases and quarterly cash dividends. We have based mostly these forward-wanting statements on our current expectations and projections about future events. Forward-trying statements embody data preceded by, adopted by, or that includes the words “steering,” “believes,” “expects,” “anticipates,” “may,” or similar expressions. For these statements, Nexstar claims the safety of the secure harbor for forward-trying statements contained within the Private Securities Litigation Reform Act of 1995.

  • “Third quarter 2020 whole digital revenue declined roughly 5.0%, because of de-emphasizing unprofitable strains of business and softer local customer buying developments related to the pandemic. However, digital profitability was up considerably over the comparable prior-12 months interval and digital engagement statistics stay significant and continue to point out a 20% improve over the prior yr. Last month we announced an operational realignment whereby we mixed Nexstar’s broadcasting and digital operating subsidiaries underneath the Nexstar Inc. name. The new operational construction and appointment of confirmed divisional leaders is intended to speed up our development by leveraging our main native content material to maximize its worth, our national reach, and significant shopper digital usage across multiple platforms. We expect a mid-seven determine expense savings in 2021 because of the synergies, efficiencies, and streamlined reporting structure ensuing from this realignment.
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  • In light of those dangers, uncertainties and assumptions, the ahead-looking occasions mentioned in this communication might not happen.

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Nexstar Media Group Stories Report Third Quarter Web Revenue Of $1,118 2 Million

“With a focus on generating free cash flow, we stay committed to actively managing our capital construction, value of capital, and liquidity place to supply the monetary flexibility to support our enterprise and improve shareholder returns as we emerge from the pandemic. During the first 9 months of 2020 we allotted approximately $906.9 million toward debt reduction, opportunistic share repurchases and cash dividends. Additionally, Nexstar continues to keep up a powerful steadiness sheet including $409.9 million in money at September 30, with entry to an additional $197.7 million beneath our revolving credit facilities. With report yr-to-date free money move, historically low LIBOR charges, contractual distribution payment revenues and document political income, we remain extremely assured in our liquidity place and path towards further de-leveraging. “Nexstar’s trade main scale, together with final yr’s addition of the Tribune stations, diversified revenue sources and consistent, solid execution resulted in a 68.5% rise in third quarter net income. Third quarter whole television promoting income rose 70.8% as we benefited from the restoration in promoting spending for key categories, drove 12 months-over-12 months increases in similar station new-to-tv business and captured exceptionally robust shares of political spending in our markets. Distribution charge income rose eighty two.6% year over yr to $538.4 million reflecting a full quarter advantage of the retransmission consent synergies from last 12 months’s Tribune Media transaction, our renewal in 2019 of retransmission consent agreements representing roughly 70% of our subscriber base and MVPD and OTT subscriber counts in keeping with our expectations. With approximately 18% of our subscriber base remaining to be renewed and repriced this year, and subscriber levels remaining in keeping with our expectations, additional income development from this source is projected for the stability of 2020 and past. “Reflecting our continued give attention to optimizing our capital construction and decreasing our value of capital, during the quarter we accomplished two capital market transactions that allowed us to get rid of our costliest debt whereas extending maturities. The resulting curiosity expense financial savings, combined with the declining borrowings and engaging rate environment, will allow us to de-lever even more rapidly and increase reported free money circulate, while affording us the monetary flexibility to act on different alternatives to enhance shareholder value. We generated approximately $854 million of free money move in the first 9 months of the year (before one-time transaction expenses) and with expectations for a sturdy fourth quarter, Nexstar will end 2020 with web leverage under 4x. Reflecting the repurchase of two,250,000 shares in 2020 to-date, we’ve decreased our issued and outstanding share count to approximately forty million and with the recent expansion of our repurchase authorization, we remain on plan to proceed to return capital to shareholders whereas aggressively reducing leverage.

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The forward-wanting statements contained on this communication, concerning, among different issues, future monetary efficiency, including adjustments in internet income, money flow and working expenses, involve dangers and uncertainties, and are subject to change primarily based on numerous essential elements, together with the impact of changes in national and regional economies, the power to service and refinance our outstanding debt, successful integration of acquired television stations and digital businesses , pricing fluctuations in native and national promoting, future regulatory actions and situations within the television stations’ working areas, competitors from others within the broadcast television markets, volatility in programming prices, the consequences of governmental regulation of broadcasting, industry consolidation, technological developments and main world news occasions. Nexstar undertakes no obligation to replace or revise any forward-looking statements, whether or not on account of new information, future events or in any other case. In gentle of these dangers, uncertainties and assumptions, the ahead-trying occasions mentioned in this communication may not occur. You should not place undue reliance on these ahead-looking statements, which speak solely as of the date of this launch.

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Nexstar Media Group Reviews Document Third Quarter Web Income Of $1,118 2 Million

It is also utilized by management to determine the cash obtainable for strategic acquisitions and investments, preserve capital assets and fund ongoing operations and dealing capital needs. We also consider that Adjusted EBITDA is beneficial to traders and lenders as a measure of valuation and talent to service debt. “Third quarter 2020 total digital income declined approximately 5.0%, due to de-emphasizing unprofitable strains of business and softer local buyer buying developments related to the pandemic. However, digital profitability was up substantially over the comparable prior-yr interval and digital engagement statistics stay important and continue to indicate a 20% improve over the prior year. Last month we introduced an operational realignment whereby we mixed Nexstar’s broadcasting and digital working subsidiaries beneath the Nexstar Inc. name. The new operational structure and appointment of proven divisional leaders is meant to accelerate our progress by leveraging our leading local content material to maximise its value, our nationwide attain, and important shopper digital utilization across multiple platforms. We anticipate a mid-seven figure expense financial savings in 2021 as a result of the synergies, efficiencies, and streamlined reporting structure ensuing from this realignment. Broadcast money move margin is broadcast cash move as a percentage of web revenue. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of web revenue.

The Company repurchased a complete of 1,300,000 shares of its Class A widespread inventory in the third quarter of 2020 at an average value of roughly $ninety six.14 per share for a complete value of $ million, which was funded from cash flow from operations. Reflecting all shares repurchased thus far, Nexstar has roughly forty million shares of Class A widespread inventory outstanding and has approximately $259.2 million available underneath its share repurchase authorization. “Our progress to-date in 2020 reflects the sturdy basis of our property, operations and financial structure and the adaptability of our groups coast-to-coast to take quick actions to offset and in lots of instances overcome the financial impacts on our companies introduced on by the pandemic. We applied a range of cost-cutting initiatives which resulted in third quarter operating and corporate expense savings in extra of $25 million from budgeted levels and over $70 million year so far. Reported third quarter direct working bills primarily displays a full quarter of incremental expenses related to the operation of the acquired Tribune stations and budgeted will increase in community affiliation expense as a partial offset to Nexstar’s rising distribution revenue. Third quarter pro forma mounted expenses, excluding programming expenses, have been down 14%.

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Represents the cash interest expense on the 5.625% Notes through the escrow period of $thirteen.four million, much less curiosity income earned during the same escrow period of $4.9 million. Excludes funds of $26.6 million in one-time charges in September 2019 related to the financing of Nexstar’s merger with Tribune and cash curiosity expense on the brand new 5.625% Notes during the escrow period of $13.four million, much less curiosity earnings earned during the identical escrow period of $four.9 million. Free cash flow is calculated as web revenue, plus interest expense , loss on extinguishment of debt, revenue tax expense , depreciation, amortization of intangible belongings and broadcast rights, loss on asset disposal, inventory-based compensation expense, goodwill and intangible assets impairment, loss on equity investments, distribution from equity investments and other expense , minus payments for broadcast rights, money interest expense, capital expenditures, proceeds from disposals of property and tools, and web working money revenue taxes. We consider Free Cash Flow to be an indicator of our assets’ working performance. In addition, this measure is useful to investors as a result of it is regularly used by business analysts, buyers and lenders as a measure of valuation for broadcast corporations, though their definitions of Free Cash Flow might differ from our definition. Adjusted EBITDA is calculated as broadcast cash move, plus pension and other postretirement plans credit and distribution from fairness investments, minus corporate expenses. We think about Adjusted EBITDA to be an indicator of our assets’ working performance and a measure of our capacity to service debt.

For more particulars on components that might have an effect on these expectations, please see Nexstar’s different filings with the Securities and Exchange Commission. Broadcast cash circulate is calculated as internet income, plus curiosity expense , loss on extinguishment of debt, earnings tax expense , depreciation, amortization of intangible assets and broadcast rights, loss on asset disposal, corporate bills, loss on fairness investments, other expense and goodwill and intangible belongings impairment, minus pension and different postretirement plans credit score , reimbursement from the FCC related to station repack and broadcast rights payments. Given the Company’s recent disclosure that effective November 1, 2020 it combined its broadcast and digital operations, commencing with the fourth quarter of 2020, Nexstar will not report broadcast cash move though traders will be able to calculate a comparable metric for the combined broadcast and digital operations by adding again company expense to Adjusted EBITDA.

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