Nexstar Media Group, Inc. (NASDAQ:NXST) Q4 2022 Earnings Call Transcript

Barton Crockett: Okay. Thank you. That’s helpful.

Operator: Ladies and gentlemen, since there are no further questions, I would like to turn the call back to Perry Sook for the closing remarks. Please go ahead.

Perry Sook: Thank you. We continue to believe the investment case for Nexstar is very simple. Nexstar’s stock has been one of the best short and long-term performing stocks in media, one of the highest percentage returns of free cash flow to shareholders in media along with solid long-term growth prospects and a low valuation. We have a strong balance sheet with low leverage and excellent short-term visibility with multiple long-term material growth initiatives. ’23 and ’24 will benefit from new distribution agreements and as we’ve discussed, 2024 as the Presidential election and big political year. We also have multiple organic growth drivers, including NewsNation, the CW and ATSC 3.0 that are being positioned to generate material growth for Nexstar in the future.

As such, Nexstar shares represent a solid investment opportunity for existing and potential shareholders as we are the largest broadcast company with top-tier operational performance in the sector, but we trade at a very modest ’23, ’24 free cash flow yield. So thank you, everyone, for joining us today. We look forward to speaking to you again soon when we report our first quarter 2023 results.

Operator: This concludes our conference call for today. Thank you very much for your participation, and have a good day.