NXST Nexstar Media Group Inc

Q4 Net Revenue Drives Net Income of $229 Million, Adjusted EBITDA of $628 Million, Net Cash Provided by Operating Activities of $411 Million and Adjusted Free Cash Flow of $411 Million

Reduced Year-over-Year Losses at The CW by $7 Million in the Quarter and $126 Million for the Year

Quarter and Full Year Return of Capital to Shareholders of $230 Million and $820 Million, Respectively, Reducing Shares Outstanding by 8.9% during 2024

Repaid $327 Million of Debt during 2024, Achieving Net Leverage of 2.91x for 2024

Provides 2025 Adjusted EBITDA Guidance in a Range of $1.5 Billion to $1.595 Billion

Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar” or the “Company”) today reported financial results for the fourth quarter and full year ended December 31, 2024 as summarized below. Please visit Nexstar’s website to view the full press release.

STATEMENT FROM PERRY A. SOOK, FOUNDER, CHAIRMAN AND CEO

“We ended 2024 with another quarter of record net revenue driven by increased election year political advertising highlighting the effectiveness of local television broadcasting and our presence in nearly 85% of contested election markets across the country. In addition, we continued to grow distribution revenue, a testament to our position as the largest owner of local broadcast television stations carrying the most-watched programming. In 2024, we generated $1.2 billion of Adjusted Free Cash Flow and returned $820 million, or 68%, to shareholders in the form of dividends and share repurchases and used $327 million to reduce leverage. In 2025, our key initiatives include renewing distribution contracts representing approximately 60% of our subscriber base, continuing our march towards profitability for The CW, and pursuing deregulation. Looking ahead, we believe we are well positioned to consistently deliver strong financial results, a belief supported by our recent decision to increase our dividend for the twelfth year in a row.”

2024 Fourth Quarter Financial Summary

($ in millions)

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2024

 

2023

 

% Change

 

2024

 

2023

 

% Change

 

Distribution

$714

 

$704

 

1.4

 

$2,928

 

$2,727

 

7.4

 

 

Advertising

758

 

585

 

29.6

 

2,415

 

2,121

 

13.9

 

 

Other

16

 

15

 

6.7

 

64

 

85

 

(24.7

)

 

Net Revenue

$1,488

 

$1,304

 

14.1

 

$5,407

 

$4,933

 

9.6

 

 

Net Income

$229

 

$100

 

129.0

 

$683

 

$270

 

153.0

 

 

% Margin(1)

15.4%

 

7.7%

 

7.7

 

12.6%

 

5.5%

 

7.1

 

 

Adjusted EBITDA(2)

$628

 

$449

 

39.9

 

$2,004

 

$1,477

 

35.7

 

 

% Margin(1)

42.2%

 

34.4%

 

7.8

 

37.1%

 

29.9%

 

7.2

 

 

Net Cash Provided by Operating Activities

$411

 

$182

 

125.8

 

$1,250

 

$999

 

25.1

 

 

Adjusted Free Cash Flow(2)

$411

 

$245

 

67.8

 

$1,203

 

$905

 

32.9

 

 

(1)

Net Income margin is Net Income as a percentage of Net Revenue. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue.

(2)

Changes were made to these definitions in the third quarter of 2024. Please refer to the “Definitions and Disclosures Regarding Non-GAAP Financial Information” section herein, the reconciliations at the end of this press release and additional information on our website nexstar.tv.

Company and Business Highlights

• Achieved record annual revenue of $5.41 billion in 2024, surpassing our prior high of $5.21 billion in 2022.
• Returned $820 million to shareholders, representing 68% of Adjusted Free Cash Flow, and repaid $327 million of debt during 2024.
• Secured a comprehensive multi-year renewal of our NBC Television Network affiliations in January 2025.
• Implemented targeted restructuring actions in the fourth quarter to reduce operating expenses and streamline management of key lines of business, including The CW and our in-house advertising sales division.
• Acquired, in January 2025, WBNX-TV/TV55 in Cleveland, Ohio, creating a duopoly in the nation’s 19th largest television market. WBNX will become an affiliate of The CW on September 1, 2025.
• NewsNation and Decision Desk HQ were the first to call the 2024 presidential election for President Donald Trump and delivered over 200% increase in viewership from the network’s 2020 election night coverage.
• Announced, in January 2025, the creation of EdgeBeam Wireless, LLC a new joint venture (consolidating our prior joint ventures into one entity) among us, The E.W. Scripps Company, Gray Media, Inc., and Sinclair, Inc. to deliver wireless data via ATSC 3.0 transmission throughout the nation. In total, EdgeBeam Wireless represents spectrum covering 97% of the continental U.S. and over 7 billion MhZ-POPs.

Financial Highlights

• Net Revenue. Record fourth quarter net revenue of $1.49 billion, increased $184 million year-over-year, or 14.1%, primarily due to growth in advertising revenue.
• Distribution Revenue. Record fourth quarter distribution revenue of $714 million, increased $10 million, or 1.4%, over the comparable prior year quarter. Distribution revenue growth primarily reflects the benefit of distribution contract renewals in 2023 on terms favorable to the Company, annual rate escalators, growth in vMVPD subscribers, the addition of CW affiliations on certain of our stations, and the return of partner stations on one MVPD in January, which more than offset MVPD subscriber attrition.
• Advertising Revenue. Fourth quarter advertising revenue of $758 million, increased $173 million, or 29.6%, over the comparable prior year quarter reflecting a $223 million year-over-year increase in election-year political advertising to $254 million, which more than offset a $51 million year-over-year reduction in non-political advertising revenue due to advertising market softness and political displacement.
• Net Income. Fourth quarter net income of $229 million increased $129 million compared to the prior year quarter, primarily reflecting revenue growth and lower net interest expense, offset in part, by increased income tax expenses and reduced income from equity investments related to the performance of the TV Food Network LLC (“TVFN”) in which we have a 31.3% interest. Net Income margin increased to 15.4% from 7.7% in the comparable prior year period.

Financial Highlights (continued)

• Adjusted EBITDA. Fourth quarter Adjusted EBITDA of $628 million, increased $179 million, or 39.9%, compared to the prior year quarter primarily reflecting revenue growth, which more than offset lower income from equity method investments from TVFN primarily related to lower advertising revenue. Adjusted EBITDA margin grew to 42.2% from 34.4% in the comparable prior year period.
• Net Cash Provided by Operating Activities. Fourth quarter Net Cash Provided by Operating Activities of $411 million, increased $229 million, or 125.8%, compared to the prior year quarter, due primarily to increased net income, changes in operating assets and liabilities primarily reflecting timing of receipts and payments and the impact of cash tax payments.
• Adjusted Free Cash Flow. Fourth quarter Adjusted Free Cash Flow of $411 million, increased $166 million, or 67.8%, compared to the prior year quarter, due primarily to the increase in net cash provided by operating activities, partially offset by changes in operating assets and liabilities primarily reflecting timing of receipts and payments which are excluded from our definition of Adjusted Free Cash Flow, and no cash contributions from noncontrolling interests in the period.

Capital Allocation

• In the fourth quarter of 2024, the Company used cash on hand and cash flow from operations to repay $181 million of debt, pay $52 million in dividends, and repurchase of 1,060,862 shares of Nexstar’s common stock at an average price of approximately $167.30 per share for a total of $178 million.

($ in millions, shares in thousands)

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2024

 

2023

 

2024

 

2023

 

Cash Used For

 

 

 

 

 

 

 

 

Debt repayment

$181

 

 

$32

 

 

$327

 

 

$125

 

 

Acquisitions

-

 

 

-

 

 

-

 

 

38

 

 

Stockholder return

230

 

 

137

 

 

820

 

 

796

 

 

Common stock dividends

52

 

 

46

 

 

219

 

 

191

 

 

Stock repurchases

178

 

 

91

 

 

601

 

 

605

 

 

Shares Outstanding

 

 

 

 

 

 

 

 

End of period

30,621

 

 

33,601

 

 

30,621

 

 

33,601

 

 

Less: Beginning of period

31,476

 

 

34,194

 

 

33,601

 

 

36,810

 

 

Change in shares outstanding

(855

)

 

(593

)

 

(2,980

)

 

(3,209

)

 

% Change

(2.7

%)

(1.7

%)

 

(8.9

%)

 

(8.7

%)

Debt, Cash and Leverage

• As of December 31, 2024, the consolidated debt of Nexstar and Mission Broadcasting, Inc., an independently owned variable interest entity, was $6.5 billion, including senior secured debt of $3.8 billion.
• The Company calculates its leverage ratios in accordance with the terms of its credit agreements which exclude The CW Network’s operations and cash balance. As of December 31, 2024, The CW Network had $16 million of cash on its balance sheet.
  • As of December 31, 2024, the Company’s first lien net leverage ratio was 1.68x compared to a covenant of 4.25x and its total net leverage ratio was 2.91x.
• The table below summarizes the Company’s unrestricted cash balances and debt obligations (net of financing costs, discounts and/or premiums) as of December 31, 2024 and 2023.

($ in millions)

 

December 31, 2024

 

December 31, 2023

 

Unrestricted Cash

 

$144

 

$135

 

Revolving Credit Facilities

 

$62

 

$62

 

First Lien Term Loans

 

3,750

 

4,064

 

5.625% Senior Unsecured Notes due 2027

 

1,716

 

1,717

 

4.75% Senior Unsecured Notes due 2028

 

995

 

994

 

Total Debt

 

$6,523

 

$6,837

 

Full Year 2025 Guidance

We are providing guidance for fiscal 2025 Adjusted EBITDA in a range of $1.5 billion to $1.595 billion.

Key factors differing from our current expectations could affect our outlook for Adjusted EBITDA for 2025 either positively or negatively. Those factors include, among other things, the rate of growth or attrition of pay television subscribers, the health of local and national advertising markets, our renegotiation of certain distribution and affiliation agreements on terms favorable to the Company, and the attributable net income related to our 31.3% ownership stake in TV Food Network.

Fourth Quarter Conference Call

Nexstar will host a conference call at 10:00 a.m. ET today. Senior management will discuss the financial results and host a question-and-answer session. The dial in number for the audio conference call is +1 877-407-9208 or +1 201-493-6784, conference ID 13751217 (domestic and international callers). Participants can also listen to a live webcast of the call through the “Events and Presentations” section under “Investor Relations” on Nexstar’s website at nexstar.tv. A webcast replay will be available for 90 days following the live event at nexstar.tv.

Forward-Looking Statements

This communication includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words "guidance," "believes," "expects," "anticipates," "could," or similar expressions. For these statements, Nexstar claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication, concerning, among other things, future financial performance, including changes in net revenue, operating expenses and cash flow, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, the ability to service and refinance our outstanding debt, successful integration of business acquisitions (including achievement of synergies and cost reductions), pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations' operating areas, competition from others in the broadcast television markets, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this communication might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see Nexstar’s other filings with the Securities and Exchange Commission.

Definitions and Disclosures Regarding Non-GAAP Financial Information

Adjusted EBITDA is calculated as net income, plus or (minus): transaction, other one-time and restructuring expenses, stock-based compensation expense, depreciation and amortization expense (excluding amortization of broadcast rights), amortization of basis difference of equity method investments, (gain) loss on asset disposal, impairment charges, interest expense, net, pension and other postretirement plans costs (credit), income tax expense (benefit) and other operating and non-operating expense (income). We consider Adjusted EBITDA to be an indicator of our assets’ operating performance.

Free Cash Flow is calculated as net cash provided by operating activities less capital expenditures.

Adjusted Free Cash Flow is calculated as Free Cash Flow plus or (minus): transaction, other one-time and restructuring expenses, changes in operating assets and liabilities, net of acquisitions and dispositions (excluding changes in income tax payable), taxes paid on sale of assets, pension and other postretirement plans costs (credit), (payments) for capitalized software obligations, proceeds from disposal of assets and insurance recoveries and other expense (income), cash contribution from (distribution to) noncontrolling interests and other items. We consider Adjusted Free Cash Flow to be an indicator of our liquidity. We consider Adjusted Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can be available for use in ongoing operations, debt payments, pension contributions, dividends, share repurchases, acquisitions and other items. Adjusted Free Cash Flow is not intended to represent the amount of cash flow available for discretionary expenditures as certain items and non-discretionary expenditures, such as changes in working capital, mandatory debt service requirements and pension contributions, are not deducted from this measure.

For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this news announcement, please see the supplemental tables at the end of this release.

We don’t provide a quantitative reconciliation of forward-looking, non-GAAP financial measures to the most directly comparable GAAP financial measure because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have a significant impact on such calculations and providing them may imply a degree of precision that would be confusing or potentially misleading. These components include, but are not limited to, acquisition-related expenses, restructuring expenses, asset impairments, legal settlements and other gains and losses.

About Nexstar Media Group, Inc.

Nexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content across its television and digital platforms, including more than 316,000 hours of programming produced annually by its business units. Nexstar owns America’s largest local television broadcasting group comprised of top network affiliates, with 201 owned or partner stations in 116 U.S. markets reaching 220 million people. Nexstar’s national television properties include The CW, America’s fifth major broadcast network, NewsNation, our national news network providing “News for All Americans,” popular entertainment multicast networks Antenna TV and Rewind TV, and a 31.3% ownership stake in TV Food Network. The Company’s portfolio of digital assets, including its local TV station websites, The Hill and NewsNationNow.com, are collectively a Top 10 U.S. digital news and information property. For more information, please visit nexstar.tv.

Nexstar Media Group, Inc.

Consolidated Statements of Operations and Comprehensive Income

(in millions, except for share and per share amounts, unaudited)

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

Net revenue

 

$1,488

 

 

 

$1,304

 

 

 

$5,407

 

 

 

$4,933

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

558

 

 

 

540

 

 

 

2,221

 

 

 

2,153

 

Selling, general and administrative

 

222

 

 

 

242

 

 

 

879

 

 

 

905

 

Corporate

 

48

 

 

 

45

 

 

 

209

 

 

 

193

 

Depreciation and amortization

 

220

 

 

 

210

 

 

 

808

 

 

 

941

 

Goodwill and long-lived asset impairments

 

24

 

 

 

35

 

 

 

24

 

 

 

35

 

Other

 

-

 

 

 

2

 

 

 

(2

)

 

 

(2

)

Total operating expenses

 

1,072

 

 

 

1,074

 

 

 

4,139

 

 

 

4,225

 

Income from operations

 

416

 

 

 

230

 

 

 

1,268

 

 

 

708

 

Income from equity method investments, net

 

18

 

 

 

23

 

 

 

70

 

 

 

104

 

Interest expense, net

 

(104

)

 

 

(115

)

 

 

(444

)

 

 

(447

)

Pension and other postretirement plans credit, net

 

7

 

 

 

9

 

 

 

27

 

 

 

36

 

Gain on disposal of an investment

 

-

 

 

 

-

 

 

 

40

 

 

 

-

 

Other expenses, net

 

-

 

 

 

-

 

 

 

(2

)

 

 

-

 

Income before income taxes

 

337

 

 

 

147

 

 

 

959

 

 

 

401

 

Income tax expense

 

(108

)

 

 

(47

)

 

 

(276

)

 

 

(131

)

Net income

 

229

 

 

 

100

 

 

 

683

 

 

 

270

 

Net loss attributable to noncontrolling interests

 

12

 

 

 

15

 

 

 

39

 

 

 

76

 

Net income attributable to Nexstar Media Group, Inc.

 

$241

 

 

 

$115

 

 

 

$722

 

 

 

$346

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share available to common stockholders:

 

 

 

 

 

 

 

 

 

Basic

 

$7.68

 

 

 

$3.36

 

 

 

$21.73

 

 

 

$9.78

 

Diluted

 

$7.56

 

 

 

$3.32

 

 

 

$21.41

 

 

 

$9.64

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic (in thousands)

 

30,978

 

 

 

33,869

 

 

 

32,311

 

 

 

35,317

 

Diluted (in thousands)

 

31,449

 

 

 

34,244

 

 

 

32,796

 

 

 

35,834

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$229

 

 

 

$100

 

 

 

$683

 

 

 

$270

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

Change in unrecognized amounts included in pension and other postretirement benefit obligations, net of tax benefit of $1 in 2024 and $9 in 2023

 

(2

)

 

 

(26

)

 

 

(2

)

 

 

(26

)

Total comprehensive income

 

227

 

 

 

74

 

 

 

681

 

 

 

244

 

Total comprehensive loss attributable to noncontrolling interests

 

12

 

 

 

15

 

 

 

39

 

 

 

76

 

Total comprehensive income attributable to Nexstar Media Group, Inc.

 

$239

 

 

 

$89

 

 

 

$720

 

 

 

$320

 

 

Nexstar Media Group, Inc.

Consolidated Statements of Cash Flows

($ in millions, unaudited)

 

 

 

Year Ended December 31,

 

 

2024

 

 

2023

Cash flows from operating activities:

 

 

 

 

 

Net income

 

$683

 

 

 

$270

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

808

 

 

 

941

 

Goodwill and other long-lived asset impairments

 

24

 

 

 

35

 

Stock-based compensation expense

 

78

 

 

 

60

 

Amortization of debt financing costs, debt discounts and premium

 

12

 

 

 

11

 

Gain on disposal of an investment

 

(40

)

 

 

-

 

Deferred income taxes

 

(33

)

 

 

(77

)

Payments for broadcast rights

 

(325

)

 

 

(417

)

Income from equity method investments, net

 

(70

)

 

 

(104

)

Distribution from equity method investments – return on capital

 

154

 

 

 

270

 

Changes in operating assets and liabilities, net of acquisitions and dispositions:

 

 

 

 

 

Accounts receivable

 

68

 

 

 

(13

)

Prepaid and other current assets

 

(1

)

 

 

(4

)

Other noncurrent assets

 

(10

)

 

 

(24

)

Accounts payable

 

(98

)

 

 

32

 

Accrued expenses and other current liabilities

 

(26

)

 

 

29

 

Income tax payable

 

52

 

 

 

37

 

Other noncurrent liabilities

 

(36

)

 

 

(48

)

Other

 

10

 

 

 

1

 

Net cash provided by operating activities

 

1,250

 

 

 

999

 

Cash flows from investing activities:

 

 

 

 

 

Purchases of property and equipment

 

(145

)

 

 

(149

)

Payments for acquisitions

 

-

 

 

 

(38

)

Deposits received associated with a proposed sale of a real estate asset

 

-

 

 

 

10

 

Proceeds from disposal of an investment

 

40

 

 

 

-

 

Proceeds from disposal of assets

 

5

 

 

 

8

 

Other investing activities, net

 

(2

)

 

 

(4

)

Net cash used in investing activities

 

(102

)

 

 

(173

)

Cash flows from financing activities:

 

 

 

 

 

Proceeds from debt issuance, net of debt discounts

 

55

 

 

 

20

 

Repayments of long-term debt

 

(382

)

 

 

(145

)

Purchase of treasury stock

 

(601

)

 

 

(605

)

Common stock dividends paid

 

(219

)

 

 

(191

)

Payments for capitalized software obligations

 

(19

)

 

 

(19

)

Contribution from noncontrolling interests

 

19

 

 

 

62

 

Cash paid for shares withheld for taxes

 

(8

)

 

 

(24

)

Proceeds from exercise of stock options

 

10

 

 

 

4

 

Other financing activities, net

 

(6

)

 

 

(1

)

Net cash used in financing activities

 

(1,151

)

 

 

(899

)

Net decrease in cash, cash equivalents and restricted cash

 

(3

)

 

 

(73

)

Cash, cash equivalents and restricted cash at beginning of period

 

147

 

 

 

220

 

Cash, cash equivalents and restricted cash at end of period

 

$144

 

 

 

$147

 

 

Nexstar Media Group, Inc.

Reconciliation of Adjusted EBITDA (Non-GAAP Measure)

($ in millions, unaudited)

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$229

 

 

 

$100

 

 

 

$683

 

 

 

$270

 

Add (Less):

 

 

 

 

 

 

 

 

 

 

 

Transaction, other one-time and restructuring expenses(1)

 

11

 

 

 

2

 

 

 

12

 

 

 

15

 

Stock-based compensation expense

 

20

 

 

 

16

 

 

 

78

 

 

 

60

 

Depreciation and amortization expense

 

220

 

 

 

210

 

 

 

808

 

 

 

941

 

(Amortization) of broadcast rights expense

 

(98

)

 

 

(86

)

 

 

(324

)

 

 

(453

)

Goodwill and long-lived assets impairments

 

24

 

 

 

35

 

 

 

24

 

 

 

35

 

Amortization of basis difference of equity method investments

 

17

 

 

 

17

 

 

 

70

 

 

 

70

 

Interest expense, net

 

104

 

 

 

115

 

 

 

444

 

 

 

447

 

Pension and other postretirement plans (credit), net

 

(7

)

 

 

(9

)

 

 

(27

)

 

 

(36

)

Income tax expense

 

108

 

 

 

47

 

 

 

276

 

 

 

131

 

Gain on disposal of an investment

 

-

 

 

 

-

 

 

 

(40

)

 

 

-

 

Other

 

-

 

 

 

2

 

 

 

-

 

 

 

(3

)

Adjusted EBITDA

 

$628

 

 

 

$449

 

 

 

$2,004

 

 

 

$1,477

 

(1)

Primarily includes severance, legal and other direct expenses associated with our completed or proposed strategic transactions and/or acquisitions, any fees or other direct expenses associated with financing transactions, and severance and other direct expenses associated with restructuring activities.

 

Nexstar Media Group, Inc.

Reconciliation of Free Cash Flow and Adjusted Free Cash Flow (Non-GAAP Measure)

($ in millions, unaudited)

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

$411

 

 

 

$182

 

 

 

$1,250

 

 

 

$999

 

Add (Less):

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(35

)

 

 

(36

)

 

 

(145

)

 

 

(149

)

Free Cash Flow

 

$376

 

 

 

$146

 

 

 

$1,105

 

 

 

$850

 

 

 

 

 

 

 

 

 

 

 

 

 

Add (Less):

 

 

 

 

 

 

 

 

 

 

 

Transaction, other one-time and restructuring expenses(1)

 

11

 

 

 

2

 

 

 

12

 

 

 

15

 

Changes in operating assets and liabilities(2)

 

(9

)

 

 

37

 

 

 

51

 

 

 

(9

)

Changes in income tax payable(3)

 

46

 

 

 

62

 

 

 

52

 

 

 

37

 

Taxes paid on sale of assets(4)

 

-

 

 

 

-

 

 

 

11

 

 

 

-

 

Pension and other postretirement plans (credit), net

 

(7

)

 

 

(9

)

 

 

(27

)

 

 

(36

)

Payments for capitalized software obligations

 

(6

)

 

 

(5

)

 

 

(19

)

 

 

(19

)

Proceeds from disposal of assets and insurance recoveries

 

2

 

 

 

-

 

 

 

5

 

 

 

8

 

Cash contribution from noncontrolling interests

 

-

 

 

 

15

 

 

 

19

 

 

 

62

 

Other

 

(2

)

 

 

(3

)

 

 

(6

)

 

 

(3

)

Adjusted Free Cash Flow

 

$411

 

 

 

$245

 

 

 

$1,203

 

 

 

$905

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information:

 

 

 

 

 

 

 

 

 

 

 

Distributions received (reduced distributions) from accounts receivable securitization of equity method investee (included above)(5)

 

-

 

 

 

-

 

 

 

(9

)

 

 

69

 

(1)

Primarily includes severance, legal and other direct expenses associated with our completed or proposed strategic transactions and/or acquisitions, any fees or other direct expenses associated with financing transactions, and severance and other direct expenses associated with restructuring activities.

(2)

Removes the impact of changes in operating assets and liabilities (including changes in income tax payable), net of acquisitions and dispositions.

(3)

Includes changes in income tax payable to reflect all tax payments.

(4)

Eliminates taxes paid on sale of assets related to the impact of a $40 million gain from disposal of an investment in Q1 2024.

(5)

Reflects the impact included in Free Cash Flow and Adjusted Free Cash Flow of cash distributions received from our 31.3% ownership interest in TV Food Network LLC related to its accounts receivable securitization program. As our investee increases or (reduces) the amount of accounts receivable it sells into the program, our distribution is increased or (reduced) accordingly.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250227983204/en/

Investor Contacts: Lee Ann Gliha EVP and Chief Financial Officer Nexstar Media Group, Inc. 972/373-8800

Joe Jaffoni, Jennifer Neuman JCIR 212/835-8500 or nxst@jcir.com

Media Contact: Gary Weitman EVP and Chief Communications Officer Nexstar Media Group, Inc. 972/373-8800 or gweitman@nexstar.tv