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Nexstar Media(NXST) - 2024 Q3 - Quarterly Results
NXSTNexstar Media(NXST)2024-11-07 12:07

Revenue Growth - Record third quarter net revenue of 1.37billion,anincreaseof1.37 billion, an increase of 234 million or 20.7% year-over-year[5] - Distribution revenue reached 719million,up719 million, up 121 million or 20.2% compared to the prior year quarter[6] - Advertising revenue totaled 622million,reflectinga622 million, reflecting a 113 million increase or 22.2% year-over-year, driven by a 135millionriseinpoliticaladvertising[7]−NexstarMediaGroupreportednetrevenueof135 million rise in political advertising[7] - Nexstar Media Group reported net revenue of 1,366 million for Q3 2024, a 20.7% increase from 1,132millioninQ32023[24]Profitability−Netincomeforthethirdquarterwas1,132 million in Q3 2023[24] Profitability - Net income for the third quarter was 180 million, a significant increase of 172millioncomparedtothepreviousyear,resultinginanetincomemarginof13.2172 million compared to the previous year, resulting in a net income margin of 13.2%[8] - The company achieved net income of 180 million in Q3 2024, compared to 8millioninQ32023,reflectingasignificantyear−over−yeargrowth[24]−Nexstar′sbasicnetincomepershareavailabletocommonstockholderswas8 million in Q3 2023, reflecting a significant year-over-year growth[24] - Nexstar's basic net income per share available to common stockholders was 5.34 for Q3 2024, significantly higher than 0.71inQ32023[24]CashFlowandLiquidity−Netcashprovidedbyoperatingactivitieswas0.71 in Q3 2023[24] Cash Flow and Liquidity - Net cash provided by operating activities was 387 million, an increase of 249millionor180.4249 million or 180.4% year-over-year[10] - Adjusted free cash flow reached 327 million, a substantial increase of 246millionor303.7246 million or 303.7% compared to the prior year[11] - Adjusted Free Cash Flow for the nine months ended September 30, 2024, was 792 million, up from 659millioninthesameperiodof2023,indicatingimprovedliquidity[27]−ThecompanyreportedFreeCashFlowof659 million in the same period of 2023, indicating improved liquidity[27] - The company reported Free Cash Flow of 358 million for Q3 2024, compared to 102millioninQ32023,highlightingenhancedcashgenerationcapabilities[27]−CashflowsfromoperatingactivitiesfortheninemonthsendedSeptember30,2024,were102 million in Q3 2023, highlighting enhanced cash generation capabilities[27] - Cash flows from operating activities for the nine months ended September 30, 2024, were 839 million, compared to 817millioninthesameperiodof2023,indicatingstableoperationalperformance[25]CostManagement−Operatingexpensestotaled817 million in the same period of 2023, indicating stable operational performance[25] Cost Management - Operating expenses totaled 1,031 million in Q3 2024, slightly down from 1,038millioninQ32023,demonstratingcostmanagementefforts[24]−Thecompanyincurreddepreciationandamortizationexpensesof1,038 million in Q3 2023, demonstrating cost management efforts[24] - The company incurred depreciation and amortization expenses of 190 million in Q3 2024, down from 220millioninQ32023,reflectingassetmanagementstrategies[26]DebtandShareholderReturns−AsofSeptember30,2024,totaldebtwas220 million in Q3 2023, reflecting asset management strategies[26] Debt and Shareholder Returns - As of September 30, 2024, total debt was 6.7 billion, with a first lien net leverage ratio of 1.91x[14][15] - The company returned 233milliontoshareholdersintheformofdividendsandsharerepurchases,reducingsharesoutstandingby3.1233 million to shareholders in the form of dividends and share repurchases, reducing shares outstanding by 3.1%[12] - The company announced a new 1.5 billion share repurchase authorization in July 2024[3] Interest and Operating Income - Interest expense remained stable at 113millionforbothQ32024andQ32023,indicatingconsistentfinancingcosts[24]−Nexstar′stotaloperatingincomefortheninemonthsendedSeptember30,2024,was113 million for both Q3 2024 and Q3 2023, indicating consistent financing costs[24] - Nexstar's total operating income for the nine months ended September 30, 2024, was 851 million, compared to $477 million in the same period of 2023, showcasing strong operational growth[24]