Nexstar's FCF and Capital Allocation
THE HILL
OPINION
Nexstar Media Group, Inc. Overview
Nexstar
MEDIA GROUP, INC.
National Reach
9/30/22 LTM Revenue Composition
Key National Properties:
The CW, NewsNation, The Hill
Digital / Other
8%
% of U.S. Covered:
100%
Growing
Local Reach At Scale
Political Advertising
5%
Growing-11% of Revenue in
68%
90MM+
2020 Election Year
Core Advertising
35%
Consistent
9/30/22
Distribution
52%
$4,970MM
Recurring and Growing
LTM Adj. EBITDA:
$2,114MM
% Margin:
43%
9/30/22 LTM FCF Allocation
LTM Free Cash Flow:
% of Adj. EBITDA:
$1,400MM
66%
CONS BLOG
Democrats scramble
path forward after e
setbacks
CONGRESS BLOG
Biden highlights
bills, Equality A
Out Day
101AGO
ENERGY & EN
Abbott ba
from any
Nexstar
BROADCASTING
GROUP
200
owned or partner
broadcast stations
in 116 U.S. markets
THE
THEJW
One of America's major
broadcast networks
(75% ownership)
<<REWIND
ANTENNA
TV
PLAYBACK THE 80's & 30's▸▸
TV
[NEWSNATION]
Fastest growing
national cable news
network in
70MM+ homes
food
network
% of U.S. TV Households:
Monthly Unique Visitors:
Financial Profile
LTM Revenue:
Multicast TV networks
reaching almost 95% and
50% of US TVHH, respectively
nexstar
DIGITAL
Top 10 digital news
& information
property
Sources: Comscore, Nielsen, Company filings.
THE
HILL
Multi-platform
political news
31%
ownership stake
BEST REVIEWS
Consumer products
recommendations
3.2x
Capital Structure
Net Debt/EBITDA (1):
Corporate Credit Rating: Ba3 / BB
9/30/22 LTM Return of Capital
Dividend:
Share Repurch.:
Total:
Based on credit agreement definition.
$3.63/share (2)
$20.02/share(2)
$23.65/share(2)
Based on shares outstanding as of Q3 2022 10-Q.
Dividends
10%
Share Repurchases 54%
Debt Repayment 27%
Other
9%
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