Nexstar Media(NXST) - 2024 Q3 - Quarterly Results

Revenue Growth - Record third quarter net revenue of $1.37 billion, an increase of $234 million or 20.7% year-over-year[5] - Distribution revenue reached $719 million, up $121 million or 20.2% compared to the prior year quarter[6] - Advertising revenue totaled $622 million, reflecting a $113 million increase or 22.2% year-over-year, driven by a $135 million rise in political advertising[7] - Nexstar Media Group reported net revenue of $1,366 million for Q3 2024, a 20.7% increase from $1,132 million in Q3 2023[24] Profitability - Net income for the third quarter was $180 million, a significant increase of $172 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 $8 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 $0.71 in Q3 2023[24] Cash Flow and Liquidity - Net cash provided by operating activities was $387 million, an increase of $249 million or 180.4% year-over-year[10] - Adjusted free cash flow reached $327 million, a substantial increase of $246 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 $659 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 $102 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 $817 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 $1,038 million in Q3 2023, demonstrating cost management efforts[24] - The company incurred depreciation and amortization expenses of $190 million in Q3 2024, down from $220 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 $233 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 $113 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]