Summary of Key Points from the Conference Call Industry Overview - The conference focused on the media and sports industry, featuring 13 companies and discussions on regulatory changes, consolidation, and digital media trends [1][2] - Media consolidation remains a significant topic, with notable deals such as Amazon's acquisition of MGM for $8.5 billion and the Discovery and WarnerMedia merger [3] - The shift from traditional media to digital media continues, with American consumers spending approximately eight hours daily on digital platforms, which is double the time spent on traditional media [4] Company Focus: EW Scripps - EW Scripps is a diversified media enterprise with a strong presence in local television, operating 61 TV stations and reaching over 36% of U.S. TV households [9][10] - The company has undergone significant transformation, focusing on expanding its local TV footprint from 27 stations to over 60 in the past decade [14] - Scripps aims to enhance connections between audiences and brands, as well as between advertisers and audiences, to drive financial benefits for shareholders [15] Financial Performance and Capital Allocation - Scripps' primary capital allocation priority is debt reduction, with leverage decreasing from 6x in Q2 of the previous year to 4.9x in the most recent quarter [17][18] - The company has directed 99% of discretionary cash flow towards debt paydown since the ION acquisition in 2021 [18] - Recent refinancing efforts have limited the increase in average debt costs to less than one percentage point despite a challenging rate environment [19] Regulatory Environment and Consolidation - There is optimism regarding deregulation in the broadcast industry, which could facilitate consolidation and benefit local broadcasters [22] - Scripps supports changes to antiquated ownership rules, emphasizing the need for regulations to adapt to the current competitive landscape, including competition from big tech [23][24] - The company sees opportunities for asset swaps and selective sales to improve operational performance rather than being a major buyer in the M&A market [31] Advertising Trends - Local advertising comprises 70% of Scripps' core advertising revenue, with national businesses accounting for 30% [59] - The advertising environment is challenging, with local businesses showing resilience while sectors like automotive are struggling [60][61] - Political advertising is expected to grow, with Scripps positioned to capture a significant share of spending in upcoming elections [79] Sports Programming Strategy - Scripps has developed a national sports strategy leveraging its reach through ION, focusing on underrepresented leagues like the WNBA and NWSL [51][54] - The company has seen significant audience growth, with the Florida Panthers' ratings up 149% compared to the previous RSN model [56] - Scripps anticipates a shift in MLB rights negotiations, likely following a model that combines linear and streaming platforms [57] Connected TV and Future Opportunities - Scripps has reported a 42% increase in connected TV revenue, now exceeding $100 million, indicating a strong growth area [87] - The company is optimistic about the potential of ATSC 3.0 technology to transform local broadcasting, with plans for significant developments in the coming years [94][96] Conclusion - Scripps is focused on improving operational performance, reducing debt, and navigating regulatory changes to enhance its competitive position in the media landscape [44][45] - The company is well-positioned to capitalize on growth opportunities in sports programming and connected TV while adapting to the evolving advertising environment [78][87]

Core Viewpoint - Nexstar Media Group, Inc. (NASDAQ: NXST) is initiated with a Strong Buy rating and a price target of $239, highlighting its position as the largest local television broadcaster and media platform in the US [1] Company Overview - Nexstar Media Group is recognized for delivering local programming and advertising, establishing itself as a key player in the local media landscape [1] Research Methodology - Moretus Research employs a structured framework to identify companies with durable business models and mispriced cash flow potential, focusing on U.S. public markets [1] - The research emphasizes rigorous fundamental analysis combined with a judgment-driven process, avoiding noise and overly complex forecasting [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model, emphasizing comparability and relevance [1] Investment Focus - The research coverage targets underappreciated companies undergoing structural changes or temporary dislocations, where disciplined analysis can lead to asymmetric returns [1] - Moretus Research aims to elevate the standard for independent investment research by providing actionable insights and a strong filter for relevant information in equity analysis [1]

Nexstar Media Group (NXST) FY Conference May 14, 2025 10:40 AM ET Speaker0 Are we good? Okay. We'll get started. I'm pleased to be joined up here today by Perry Suk, founder, chairman and CEO of Nexstar Media Group, along with Leanne Gliha, executive vice president and CFO. Thanks, being here. Speaker1 Thank you for having us. Speaker0 Great. So I'll start with this. Perry, you've been a continuous champion of broadcast and its role in the media and entertainment ecosystem. Maybe you could just speak to the ...

Curated Program Line-up Featuring The Iconic Zany TV Comedies of the Eighties Include "Three's Company," "Three's A Crowd," "The Ropers," "Too Close For Comfort" and "Check It Out!" Features Beloved Sitcom Stars John Ritter, Ted Knight, Suzanne Somers, Joyce DeWitt, Jeffrey Tambor, Norman Fell, Audra Lindley, Don Knotts, Audrey Meadows and Don Adams NEW YORK, May 13, 2025 /PRNewswire/ -- DLT Entertainment, the award-winning international production and distribution company, has inked distribution deals with ...

Core Insights - Gabelli Funds will host its 17th Annual Media & Entertainment Symposium on June 5, 2025, at the Harvard Club in New York City, focusing on industry dynamics, current trends, and business fundamentals [1] - The symposium will include discussions on Sports Investing, Media & Telecom Regulatory issues, and Advertising Panels, providing a platform for attendees to engage with leading companies in the media ecosystem [1][3] - A webcast option will be available for those unable to attend in person, ensuring broader access to the discussions and insights shared during the event [1] Presenting Companies - Notable companies participating in one-on-one meetings include Atlanta Braves Holdings, AMC Networks, Lionsgate Studios, Churchill Downs, Nexstar Media Group, Genius Sports, Reservoir Media, Gray Television, Rogers Communications, Live Nation Entertainment, Sinclair Inc., Sportradar Group, TEGNA Inc., TKO Group, and The E.W. Scripps Company [2] Panel Discussions - The symposium will feature several panel discussions, including "Sports Investing: Ways to Play," a TV Bureau of Advertising (TVB) Panel, and a Media & Telecom Regulatory Expert Session led by former FCC Commissioner Rob McDowell [3]

[PART I FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for Nexstar Media Group, Inc. as of March 31, 2025, detailing assets, liabilities, operations, and cash flows, with total assets at **$11.41 billion** and net income of **$97 million** Condensed Consolidated Balance Sheet Highlights (As of March 31, 2025) | Metric | Amount (in millions) | | :--- | :--- | | **Total Assets** | **$11,414** | | Total Current Assets | $1,402 | | Goodwill | $2,924 | | FCC Licenses | $2,949 | | **Total Liabilities** | **$9,164** | | Total Current Liabilities | $805 | | Debt | $6,371 | | **Total Stockholders' Equity** | **$2,231** | Condensed Consolidated Statement of Operations (Three Months Ended March 31) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Net Revenue | $1,234 | $1,284 | | Income from Operations | $220 | $275 | | Net Income | $97 | $167 | | **Net Income Attributable to Nexstar** | **$108** | **$175** | | Diluted EPS | $3.37 | $5.16 | Condensed Consolidated Statement of Cash Flows (Three Months Ended March 31) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $337 | $276 | | Net cash used in investing activities | ($61) | ($4) | | Net cash used in financing activities | ($167) | ($182) | | **Net increase in cash and cash equivalents** | **$109** | **$90** | [Note 1: Organization and Business Operations](index=8&type=section&id=Note%201%3A%20Organization%20and%20Business%20Operations) Nexstar is a leading diversified media company operating 201 television stations across 116 markets, with significant ownership in The CW Network and TV Food Network - The company's portfolio includes **201 full power television stations** in **116 markets**, affiliated with major networks like CBS, FOX, NBC, and ABC[16](index=16&type=chunk) - Nexstar holds a **77.7% ownership interest** in The CW Network, owns NewsNation, and has a **31.3% stake** in Television Food Network, G.P. (TV Food Network)[16](index=16&type=chunk) [Note 2: Summary of Significant Accounting Policies](index=8&type=section&id=Note%202%3A%20Summary%20of%20Significant%20Accounting%20Policies) Details significant accounting policies, including VIE consolidation, management estimates, redeemable noncontrolling interests, and retrospective adoption of ASU 2023-07 for segment reporting - Nexstar consolidates VIEs where it is the primary beneficiary, resulting from local service agreements (TBA, LMA, SSA, JSA) and purchase options[21](index=21&type=chunk)[22](index=22&type=chunk) - The company adopted new segment reporting disclosure requirements (ASU 2023-07) on January 1, 2025, and applied the changes retrospectively[32](index=32&type=chunk) - Redeemable noncontrolling interests, related to The CW, are presented as mezzanine equity and accreted to their redemption value, impacting net income available to common stockholders[29](index=29&type=chunk)[30](index=30&type=chunk) [Note 3: Acquisition](index=13&type=section&id=Note%203%3A%20Acquisition) Details the January 31, 2025 acquisition of WBNX-TV assets in Cleveland, Ohio - The acquisition of WBNX-TV assets was for a cash purchase price of **$22 million**, with **$20 million** allocated to the FCC license[35](index=35&type=chunk) [Note 4: Intangible Assets and Goodwill](index=13&type=section&id=Note%204%3A%20Intangible%20Assets%20and%20Goodwill) Presents significant intangible assets and goodwill as of March 31, 2025, with no impairment events identified during the quarter Goodwill and Intangible Assets (in millions, as of March 31, 2025) | Asset | Net Value | | :--- | :--- | | Goodwill | $2,924 | | FCC Licenses (Indefinite-lived) | $2,949 | | Network Affiliation Agreements (Definite-lived) | $1,447 | | Other Intangible Assets (Definite-lived) | $331 | - Estimated amortization expense for definite-lived intangible assets for the remainder of 2025 is **$218 million**[37](index=37&type=chunk) [Note 5: Investments](index=14&type=section&id=Note%205%3A%20Investments) Details the 31.3% equity method investment in TV Food Network, with a book value of **$753 million** as of March 31, 2025, and plans for partnership renewal - The book value of the investment in TV Food Network decreased from **$857 million** at year-end 2024 to **$753 million** as of March 31, 2025[42](index=42&type=chunk) TV Food Network Financials (Three Months Ended March 31) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Net Revenue | $202 | $249 | | Net Income | $81 | $119 | | Net Income Attributable to Nexstar | $27 | $37 | - Nexstar received cash distributions of **$114 million** from TV Food Network during the first quarter of 2025[44](index=44&type=chunk) [Note 7: Debt](index=15&type=section&id=Note%207%3A%20Debt) Outlines the company's **$6.495 billion** long-term debt as of March 31, 2025, including term loans and notes, with **$31 million** repaid and covenant compliance maintained Long-Term Debt Composition (as of March 31, 2025) | Debt Instrument | Principal (in millions) | | :--- | :--- | | Nexstar Term Loan A & B | $3,449 | | Nexstar 5.625% & 4.75% Notes | $2,714 | | Mission Term Loan B & Revolving Loans | $351 | | **Total Outstanding Principal** | **$6,514** | - During Q1 2025, the company repaid **$31 million** of its term loans[47](index=47&type=chunk) - As of March 31, 2025, Nexstar had **$530 million** of unused revolving loan commitments available[48](index=48&type=chunk) [Note 10: Commitments and Contingencies](index=19&type=section&id=Note%2010%3A%20Commitments%20and%20Contingencies) Outlines significant commitments and legal contingencies, including debt guarantees, multi-district antitrust litigation, a major IRS tax dispute, and an FCC Notice of Apparent Liability - The company is a defendant in a multi-district antitrust litigation regarding local TV advertising, with a trial date scheduled for April 2026[63](index=63&type=chunk)[65](index=65&type=chunk) - A significant tax contingency exists related to the 2009 Chicago Cubs transaction; the IRS has appealed a Tax Court decision favorable to the company, with a ruling from the Court of Appeals expected in the first half of 2025[67](index=67&type=chunk)[70](index=70&type=chunk) - The FCC issued a Notice of Apparent Liability for Forfeiture (NAL) to Nexstar and Mission for alleged violations related to station WPIX, which the company is vigorously disputing[73](index=73&type=chunk) [Note 11: Equity](index=21&type=section&id=Note%2011%3A%20Equity) Details shareholder return activities in Q1 2025, including common stock repurchases and an increased quarterly dividend - In Q1 2025, Nexstar repurchased **441,164 shares** of its common stock for **$75 million**[74](index=74&type=chunk) - As of March 31, 2025, **$1.5 billion** remained available under the share repurchase authorization[74](index=74&type=chunk) - On January 29, 2025, the board of directors approved a **10% increase** in the quarterly cash dividend to **$1.86 per share**[76](index=76&type=chunk) [Note 15: Segment Data](index=23&type=section&id=Note%2015%3A%20Segment%20Data) Provides a breakdown of financial performance by reportable segments, with the Broadcast segment contributing the majority of revenue and all segment profit Segment Performance (Three Months Ended March 31, 2025, in millions) | Segment | Net Revenue | Segment Profit (Loss) | | :--- | :--- | :--- | | Reportable Broadcast | $1,169 | $429 | | Other Segments | $77 | ($42) | | Corporate (unallocated) | $2 | ($50) | Consolidated Revenue by Source (Three Months Ended March 31, 2025, in millions) | Revenue Source | Amount | | :--- | :--- | | Distribution | $762 | | Advertising | $460 | | Other | $12 | | **Total Net Revenue** | **$1,234** | [Note 16: Subsequent Events](index=25&type=section&id=Note%2016%3A%20Subsequent%20Events) Reports key corporate actions post-Q1 2025, including a dividend declaration and continued share repurchase activity - On May 5, 2025, the Board of Directors declared a quarterly cash dividend of **$1.86 per share**[94](index=94&type=chunk) - Between April 1, 2025, and May 8, 2025, the company repurchased an additional **209,915 shares** for **$32 million**[94](index=94&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q1 2025 financial performance, highlighting a **3.9%** net revenue decrease due to lower political advertising, stable distribution revenue, and strong liquidity to manage its **$6.5 billion** debt [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Net revenue decreased **3.9%** to **$1.234 billion** in Q1 2025, driven by a **$52 million** drop in advertising revenue, while distribution revenue remained stable Q1 2025 vs Q1 2024 Operating Results (in millions) | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Distribution Revenue | $762 | $761 | 0.1% | | Advertising Revenue | $460 | $512 | (10.2)% | | **Net Revenue** | **$1,234** | **$1,284** | **(3.9)%** | | Income from Operations | $220 | $275 | (20.0)% | - The decrease in advertising revenue was due to a **$32 million** decline in political advertising (as 2025 is a non-election year) and a **$20 million** decrease in non-political revenue from market softness[112](index=112&type=chunk) - Interest expense decreased by **14.9%** to **$97 million**, primarily due to lower interest rates and reduced outstanding debt[115](index=115&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses liquidity and capital resources, reporting **$253 million** cash, **$543 million** available credit, increased operating cash flow, and compliance with financial covenants on **$6.495 billion** total debt - Net cash provided by operating activities increased by **$61 million** year-over-year, primarily due to the timing of working capital receipts and payments[123](index=123&type=chunk) - Total outstanding debt was **$6.495 billion** as of March 31, 2025, representing **74.3%** of the company's combined capitalization[128](index=128&type=chunk)[129](index=129&type=chunk) - The company is in compliance with its maximum consolidated first lien net leverage ratio covenant of **4.25 to 1.00**[135](index=135&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Identifies primary market risk as interest rate exposure on variable-rate long-term debt, with no hedging instruments in place as of March 31, 2025 - A hypothetical **100 basis point (1%)** increase in the SOFR benchmark rate would increase the company's annual interest expense by approximately **$38 million**[151](index=151&type=chunk) [Controls and Procedures](index=34&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The Chairman and CEO, along with the CFO, concluded that disclosure controls and procedures were effective as of the end of the reporting period[153](index=153&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, its internal controls[154](index=154&type=chunk) [PART II OTHER INFORMATION](index=34&type=section&id=PART%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=34&type=section&id=ITEM%201.%20Legal%20Proceedings) Discusses legal proceedings arising from ordinary business, referring to Note 10 for detailed information on significant ongoing litigation not expected to have a material adverse effect - The company refers to Note 10, "Commitments and Contingencies," for a detailed discussion of ongoing litigation[156](index=156&type=chunk) [Risk Factors](index=34&type=section&id=ITEM%201A.%20Risk%20Factors) Reports no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to risk factors from the most recent Form 10-K were reported[157](index=157&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details common stock repurchase activity in Q1 2025, including **441,164 shares** repurchased for **$75 million**, with **$1.5 billion** remaining under authorization Share Repurchases (Q1 2025) | Period | Total Shares Purchased | Average Price Paid | Total Cost (millions) | | :--- | :--- | :--- | :--- | | Jan 3 - 31, 2025 | 92,159 | $155.81 | ~$14.4 | | Feb 3 - 7, 2025 | 20,423 | $153.75 | ~$3.1 | | Mar 4 - 28, 2025 | 328,582 | $174.98 | ~$57.5 | | **Total** | **441,164** | **$169.99** | **$75.0** | - As of March 31, 2025, the remaining amount available for share repurchases was **$1.5 billion**[158](index=158&type=chunk) [Other Information](index=35&type=section&id=ITEM%205.%20Other%20Information) Reports an amendment to Sean Compton's employment agreement regarding annual bonus criteria and confirms no Rule 10b5-1 trading arrangement changes by directors or officers - An amendment was made to Sean Compton's employment agreement, altering the criteria for his annual bonus to be based **30%** on company-wide financial metrics (Net Revenue or Adjusted EBITDA) and **70%** on discretionary targets specific to his business line[163](index=163&type=chunk) - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the first quarter of 2025[165](index=165&type=chunk)

Nexstar Media Group (NXST) Q1 2025 Earnings Call May 08, 2025 10:00 AM ET Company Participants Joseph Jaffoni - JCIRPerry Sook - Founder, Chairman & CEOMichael Biard - President & COOLee Gliha - Executive VP & CFOJason Bazinet - DirectorPatrick Sholl - Vice PresidentAlan Gould - Managing Director Conference Call Participants Daniel Kurnos - Equity Research AnalystSteven Cahall - Managing Director, Senior Analyst - Media, Advertising & CableBenjamin Soff - AnalystAaron Watts - Managing Director, Media, Enter ...

Nexstar Media Group (NXST) Q1 2025 Earnings Call May 08, 2025 10:00 AM ET Speaker0 Day, and welcome to Nexstar Media Group's First Quarter twenty twenty five Conference Call. Today's call is being recorded. I will now turn the conference over to Joe Jaffoni, Investor Relations. Please go ahead, sir. Speaker1 Thank you, Michelle, and good morning, everyone. We'll get to management's presentation and comments momentarily as well as your questions and answers. And during the I'll now read the Safe Harbor langu ...

[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Nexstar reported Q1 2025 net revenue of $1.23 billion, a 3.9% decrease, with record distribution revenue and $348 million Adjusted Free Cash Flow 2025 First Quarter Financial Summary | ($ in millions) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | **Distribution** | $762 | $761 | 0.1% | | **Advertising** | $460 | $512 | (10.2)% | | **Other** | $12 | $11 | 9.1% | | **Net Revenue** | $1,234 | $1,284 | (3.9)% | | **Net Income** | $97 | $167 | (41.9)% | | **Adjusted EBITDA** | $381 | $452 | (15.7)% | | **Net Cash Provided by Operating Activities** | $337 | $276 | 22.1% | | **Adjusted Free Cash Flow** | $348 | $389 | (10.5)% | - CEO Perry A. Sook stated the company's focus for the remainder of 2025 includes renewing distribution contracts representing about **60%** of its subscriber base, continuing The CW's path to profitability, preparing for the 2026 political cycle, and pursuing deregulation[1](index=1&type=chunk) [Company and Business Highlights](index=2&type=section&id=Company%20and%20Business%20Highlights) Net revenue declined 3.9% to $1.23 billion due to lower advertising, while operational highlights include a 10% dividend increase and strategic acquisitions [Financial Results](index=2&type=section&id=Financial%20Results) - First quarter net revenue decreased **3.9% YoY** to **$1.23 billion**, primarily due to a **$32 million** decrease in political advertising revenue[6](index=6&type=chunk) - Distribution revenue reached a record for the first quarter at **$762 million**, a slight increase of **0.1% YoY**, driven by rate escalators and vMVPD growth, which offset MVPD subscriber attrition[6](index=6&type=chunk) - Net income decreased by **$70 million** to **$97 million**, primarily due to lower revenue, increased amortization of broadcast rights for The CW sports, and a Q1 2024 non-recurring **$40 million** gain from the sale of its BMI interest[6](index=6&type=chunk) - Adjusted EBITDA decreased **15.7%** to **$381 million**, reflecting lower revenue, reduced income from the TV Food Network equity investment, and higher amortization of broadcast rights at The CW[10](index=10&type=chunk) [Operational Highlights & Strategic Initiatives](index=2&type=section&id=Operational%20Highlights%20%26%20Strategic%20Initiatives) - The quarterly cash dividend was raised by **10%** to **$1.86 per share**, marking the twelfth consecutive annual dividend increase[6](index=6&type=chunk) - Viewership for key sports on The CW grew significantly, with NASCAR Xfinity Series and WWE NXT average viewership both increasing **19% year-over-year** in their respective periods[6](index=6&type=chunk) - Acquired WBNX-TV in Cleveland, Ohio, in January 2025, creating a new duopoly in the nation's 19th largest television market. WBNX will become a CW affiliate on September 1, 2025[6](index=6&type=chunk) - Expanded sports programming by adding Grand Slam Track, AVP volleyball, and the Men's HBCU All-Star Basketball Game to The CW, and partnering with the Texas Rangers for regional broadcasts[6](index=6&type=chunk) [Capital Allocation and Shareholder Returns](index=3&type=section&id=Capital%20Allocation%20and%20Shareholder%20Returns) Nexstar deployed capital in Q1 2025 through $31 million debt repayment, $22 million acquisition, and $132 million returned to shareholders Q1 2025 Capital Allocation | ($ in millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Cash Used For** | | | | Debt repayment | $31 | $30 | | Acquisitions | $22 | - | | **Stockholder return** | **$132** | **$168** | | Common stock dividends | $57 | $57 | | Stock repurchases | $75 | $111 | - In Q1 2025, the company repurchased **441,164 shares** of its common stock at an average price of approximately **$169.99 per share** for a total of **$75 million**[8](index=8&type=chunk) [Financial Position](index=4&type=section&id=Financial%20Position) As of March 31, 2025, Nexstar maintained a strong financial position with $6.5 billion total debt and healthy leverage ratios Debt and Cash Summary | ($ in millions) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash on Hand** | $253 | $144 | | **Total Debt** | $6,495 | $6,523 | - As of March 31, 2025, the company's first lien net leverage ratio was **1.67x**, compared to a covenant of **4.25x**, and its total net leverage ratio was **2.93x**[14](index=14&type=chunk) - Leverage ratios are calculated in accordance with credit agreements and exclude The CW Network's operations and its **$20 million** cash balance[14](index=14&type=chunk) [Appendix](index=5&type=section&id=Appendix) This section provides supplementary information, including forward-looking statements, non-GAAP financial measure definitions, and detailed financial statements [Condensed Consolidated Financial Statements](index=8&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Condensed Consolidated Statements of Operations (Q1 2025 vs Q1 2024) | (in millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Net revenue** | $1,234 | $1,284 | | **Income from operations** | $220 | $275 | | **Income before income taxes** | $138 | $228 | | **Net income** | $97 | $167 | | **Net income attributable to Nexstar** | $108 | $175 | | **Diluted EPS** | $3.37 | $5.16 | Condensed Consolidated Statements of Cash Flows (Q1 2025 vs Q1 2024) | (in millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $337 | $276 | | **Net cash used in investing activities** | ($61) | ($4) | | **Net cash used in financing activities** | ($167) | ($182) | | **Net increase in cash and cash equivalents** | $109 | $90 | | **Cash and cash equivalents at end of period** | $253 | $237 | [Reconciliation of Non-GAAP Financial Measures](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) Reconciliation of Net Income to Adjusted EBITDA | ($ in millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Net income** | $97 | $167 | | **Adjustments** | $284 | $285 | | **Adjusted EBITDA** | $381 | $452 | Reconciliation to Free Cash Flow and Adjusted Free Cash Flow | ($ in millions) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $337 | $276 | | Capital expenditures | ($35) | ($44) | | **Free Cash Flow** | **$302** | **$232** | | Adjustments | $46 | $157 | | **Adjusted Free Cash Flow** | **$348** | **$389** | [Definitions and Disclosures](index=5&type=section&id=Definitions%20and%20Disclosures) - The report contains forward-looking statements subject to risks and uncertainties, protected under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995[15](index=15&type=chunk) - Adjusted EBITDA is defined as net income adjusted for items including one-time expenses, stock-based compensation, D&A, interest, taxes, and other specified items. It is considered an indicator of operating performance[17](index=17&type=chunk) - Adjusted Free Cash Flow is defined as Free Cash Flow (Net Cash from Operations minus capex) adjusted for items like one-time expenses, changes in operating assets and liabilities, and other specified cash items. It is considered an indicator of liquidity[19](index=19&type=chunk)

Core Viewpoint - The author emphasizes a preference for the terms "contributor" or "author" over "analyst," indicating a shift from professional analysis to sharing personal views on investment opportunities and discussions [1][3]. Group 1: Background and Experience - The author has over 30 years of personal investment experience in the stock market and has worked in various roles within the financial industry, including as a buy-side analyst and fund co-manager [1]. - Experience includes working at a leading mutual fund company focusing on long-only stock market investments, particularly in financial companies, with a strong emphasis on fundamental analysis and market news [1]. - The author has also worked at a multi-billion dollar hedge fund, gaining insights into capital structures, arbitrage, and M&A situations [1]. - A transition to a financial regulatory authority provided the author with insights into international regulation and corporate governance, enhancing the ability to analyze companies [1]. Group 2: Insights and Analysis - Extensive interactions with corporate executives through various events have provided the author with unique insights into company operations and strategies [1]. - The author highlights the importance of understanding the context behind corporate communications, suggesting that messages are tailored for specific audiences and should be interpreted cautiously [1]. Group 3: Current Position and Intent - The author aims to share independent views and engage in discussions with the public, leveraging past experiences while adhering to compliance regulations by focusing on publicly available information [1]. - The author clarifies that the content shared is not intended as investment advice and encourages readers to conduct their own research [3][4].