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Nexstar Media Group, Inc. (NASDAQ:NXST^[1])
Q3 2020 Earnings Call
Nov 5, 2020, 9:00 a.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen, and welcome to the Nexstar Media Group Third Quarter 2020 Results Call. [Operator Instructions]

I would now like to turn the conference over to Joe Jaffoni, Investor Relations. Please go ahead, sir.

Joe Jaffoni — Investor Relations

Thank you, Keith, and good morning, everyone. I’m just going to read the safe harbor language, and then we’ll get right into the call. All statements and comments made by management during this conference call other than statements of historical fact may be deemed forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Nexstar cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those reflected by the forward-looking statements made during the call. For additional details on these risks and uncertainties, please see Nexstar’s annual report on Form 10-K for the year ended December 31, 2019, and Nexstar’s subsequent public filings with the Securities and Exchange Commission. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

With that, it’s now my pleasure to turn the conference over to your host, Nexstar Chairman and CEO, Perry Sook. Perry, please go ahead.

Perry A. Sook — Chairman and Chief Executive Officer

Thank you, Joseph, and good morning, everyone. Thank you all for joining us to review Nexstar’s record third quarter operating and financial results. During the third quarter, we continue to overcome most challenges presented by the pandemic, thanks to the ability of our outstanding operating teams to adapt and dynamically manage the business for continued growth. Nexstar delivered record third quarter net revenue, profitability, cash flow and with each of these metrics, all exceeding nicely our consensus expectations. As always, Tom Carter is here with me on the call this morning, as we announced a few weeks ago, Tom has assumed the additional responsibility recruiting a CFO to replace himself as our team continues to focus on further leveraging Nexstar’s position as the nation’s leading local media company and the value of the enormous volumes of content that we produce to ultimately create new value for shareholders. I’ll touch more on that subject in just a couple of minutes. Third quarter net revenue increased 68.5% and reflecting strong flow-through in our model. Nexstar generated record third quarter BCF, adjusted EBITDA and free cash flow with these metrics growing 128.3%, 209.1% and 268.3%, respectively, on a year-over-year basis.