Nexstar Media Group, Inc. · NASDAQ:NXST
Nexstar Media — Bank of America 2019 Leveraged Finance Conference
17 slides from Nexstar Media's conference presentation, December 2019
Slide 1: Bank of America 2019 Leveraged Finance Conference
NXST: NASDAQ Nexstar Media Group, Inc. Bank of America 2019 Leveraged Finance Conference Tom Carter, EVP & CFO DECEMBER 2019
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This Presentation 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 w
Slide 3: Nexstar Media Group, Inc. (Nasdaq: NXST)
Nexstar Media Group, Inc. (Nasdaq: NXST) The Largest North American Broadcaster and Local Media Company Positioned for the Ongoing Enhancement of Long-Term Shareholder Value • Affiliate broadcast television and digital media leader with broad geographic scale and reach – #1 US television broadcaster
Slide 4: Largest Local Affiliate Broadcast Group by U.S. TV Household Reach
Largest Local Affiliate Broadcast Group by U.S. TV Household Reach #1 local broadcast TV affiliate station group and one of the largest producers and distributors of local news, lifestyle, sports and network programming % of U.S. Television Households Reached, Inclusive of UHF Discount 39% 39% FCC C
Slide 5: Superior Geographic Diversification and Scale
Superior Geographic Diversification and Scale 197 Local and Network Affiliated TV Stations 1 458 Local Websites and Mobile Apps 115 U.S. Markets 40 U.S. States ____________________ (1) Includes both Nexstar-owned stations and stations to which Nexstar provides services pursuant to contractual agreem
Slide 6: Top U.S. Broadcast Television Network Affiliate Partner
Top U.S. Broadcast Television Network Affiliate Partner 6
Slide 7: Strong Local Television Brands with Leading Local News and Content
Strong Local Television Brands with Leading Local News and Content Award-winning journalism, top-rated network programming and premium local and regional multi-platform marketing opportunities 15 Top 25 U.S. Television Markets 27 State Capital News Bureaus ~69 Million U.S. TV Households ~5,400 Local
Slide 8: Ownership and Ownership Interests in Prominent Cable and Radio Assets
Ownership and Ownership Interests in Prominent Cable and Radio Assets OWNERSHIP OWNERSHIP 8
Slide 9: Nexstar/Tribune: Meaningful Realizable Synergies
Nexstar/Tribune: Meaningful Realizable Synergies Total Expected Year 1 Synergy Realization of ~$185 million Prior Projection Current Projection Difference ($/%) Corporate Overhead ~$20m ~$30m +$10/+50% Expense Reduction ~$65m ~$70m +$5m/+8% Net Retransmission ~$75m ~$85m +$10m/+13% Revenue TOTAL ~$1
Slide 10: Significant Pro Forma FCF Growth
Significant Pro Forma FCF Growth NXST Average Annual Free Cash Flow Growth (FY) Based on Two-Year Cycles NXST Stand-Alone NXST Pro-Forma for TRCO ($ in millions) REPORTED ESTIMATED 3 $1,020.0 2 $900.0 ~60% ~50% 1 $390.8 $184.0 $47.2 $82.7 2010/2011 2012/2013 2014/2015 2016/2017 2018/2019 2019/2020 1
Slide 11: Pro Forma Capital Structure Reflecting November 2019 Notes Offering
Pro Forma Capital Structure Reflecting November 2019 Notes Offering PF NXST PF Notes add-on • In November, Nexstar completed an offering of $665 million in ($ in millions) As of 9/30/19 As of 9/30/19 aggregate principal amount of Revolver ($172) $6 $6 5.625% Senior Notes due 2027 First Lien Term Loa
Slide 12: Transformative M&A, Commitment to Local and Operating Strategies Driving Record FCF
Transformative M&A, Commitment to Local and Operating Strategies Driving Record FCF • Continued growth of non-core revenue channels – Political: FY18 same-station political revenue was 50% higher than FY14 and 38% higher than FY16 • NXST political revenue exceeded guidance – Retransmission: Contract
Slide 13: Legacy Nexstar Financials
Legacy Nexstar Financials SUBTITLE TEXT 13
Slide 14: 3Q'19 and Nine Months Ended Financial Summary
3Q’19 and Nine Months Ended Financial Summary Summary 2019 Third Quarter Highlights Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands) 2019 2018 Change 2019 2018 Change Local revenue 208,338 189,423 +10.0% 595,783 581,251 +2.5% National revenue 81,875 71,623 +14.3% 213
Slide 15: Historical Financial Summary (in millions)
Historical Financial Summary (in millions) FY Net Revenue FY Broadcast Cash Flow(1) $1,124 $2,767 $2,432 $869 $914 $1,103 $457 $896 $350 $631 $270 $369 $388 $502 $171 $193 $285 $252 $313 $306 $379 $172 $132 $82 $174 $116 $112 $157 $182 $190 $265 $279 39% 32% 42% 38% 45% 38% 43% 39% 41% 36% 41% 2008
Slide 16: Debt/Leverage Analysis
Debt/Leverage Analysis TTM ENDED 3M ENDED (in millions) 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 09/30/19 Revolver $ 24.3 $ - $ - $ 5.5 $ 2.0 $ 2.0 $ 3.0 $ 5.6 $ 5.6 First Lien Term Loans 148.1 288.3 545.4 705.1 682.2 662.2 2,791.9 2,407.5 5,861.1 8.875% Sr. Sec 2nd Li
Slide 17: Bank of America 2019 Leveraged Finance Conference
NXST: NASDAQ Nexstar Media Group, Inc. Bank of America 2019 Leveraged Finance Conference Tom Carter, EVP & CFO DECEMBER 2019
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