Q4 2022 total corporate expense was approximately $49.2 million, including noncash compensation expense of $18.2 million compared to $43.6 million, including noncash compensation expense of $12.4 million in 2021. We exceeded the $5 billion annual revenue milestone for the first time in the company's history, and we delivered record adjusted EBITDA, attributable free cash flow of $2.2 billion and $1.5 billion, respectively. Tom? Thank you all for joining us to review Nexstar's record fourth quarter results, including. To that end, on the cover of our earnings release and in the tables at the back of the release, you will be able to find selected financial metrics for Nexstar on a consolidated basis, for Nexstar, excluding the CW and also for the CW on a stand-alone basis. Early in his career, Mr. Sook was involved in local TV sales and radio sales. Outside of the huge Chicago-based cable network WGN America, most of its 196 stations are ABC, CBS, Fox, CW, and NBC affiliates in small and midsize markets. He subsequently convinced satellite companies to pay for his stations content; the cable companies, though, balked at the idea. Yes, I'm talking about like if I was a Fubo subscriber in Portland where you have the coin station, can I see the Seahawks on Sunday on CBS or not? Sure. It was a kind of a sinking feeling in the pit of your stomach, but it also energized me to go out and find a real job. That meant television sales, which led to the purchase of WYOU in Scranton, taking us back to the beginning of Sooks story. In addition, we continue to provide fact-based unbiased news for which our sponsors have been awarded for the excellent -- for which our reporters have been awarded for their excellence and our NewsNation cable network has been recognized by independent watchdog groups as -- for its content being reliable, balanced and trustworthy. February 08, 2023 / Scott Jones. Hubbard Broadcasting gave $350,000 to Freedom Partners Action Fund, a Koch-network Super PAC, in the 2016 election cycle. . So we're very bullish on it. Unfortunately, some members of the media use their platforms to push their own personal bias and agenda to control exactly what people think said the script. Nexstar is looking to raise the profile of NewsNation, its little-watched cable news channel. After nearly a year-long clash, the cable company agreed to pay for carrying the signals. In 2008, Tribune gave $11,450 to then-Senator Barack Obama. What's your feeling about that? Or is it really just news (inaudible). Nexstars $7.1 billion purchase of Tribune Media changed everything. Well, I don't think because other networks might be listening. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. Emily Barratt, Renee Cassis, Meghan Buonocore, James Gwynn, Janice Garjian, Dolores Nolan 5. In 2014, they contributed $263,587 and in 2016 they contributed $429,504 before dipping back down to $186,648 in 2018. '23 and '24 will benefit from new distribution agreements and as we've discussed, 2024 as the presidential election and big political year. That led to a classic fight of the local station David versus a Fortune 500 cable Goliath. Positively impacting this revenue category in the quarter was the inclusion of the CW-affiliate fees as well as growth in the virtual MVPD revenue and MVPD rate resets and annual rate escalators. Mr. Sook currently serves as Chairman of the CBS Affiliates Board and The Ohio University Foundation Board. Sook spends a great deal of time sorting through financial matters in New York and meeting with regulators in Washington, D.C. Political Advertising Revenue 265.9 18.9 . Its not that his work has gone totally unappreciated. Auto is likely a multiyear tailwind as we continue to push to normalization, which would require SAAR levels back in that 17-ish million dollar -- or million unit range back in pre-COVID era? So we believe the first half will be more like mid-single digits, and then it will grow again to the full year expectations in the back half of the year. And people are enthusiastic about engaging in those conversations. Revenue growth was driven by the inclusion of the CW and year-over-year increases in Nexstar's local digital advertising and agency services businesses, offset in part by softness in national advertising and e-commerce. We have a strong balance sheet with low leverage and excellent short-term visibility with multiple long-term material growth initiatives. The Chief Technology Officer, Brett Jenkins, gave $5,000 to the PAC, but only in 2018. In March, NewsNation VP of News Jennifer Lyons resigned amid concerns the channel might take a right-wing turn because of low ratings. The Nexstar CEO is proud to say, I want my commission salespeople to be the highest-paid people in town. Hed like to be paid more, too. I think our company as well as others in the industry have made the value judgment to do that. It was up low single-digit percentage on an adjusted basis. As is typical in nonpolitical years, we expect leverage, which we calculate on a last 12-month basis versus a 2-year average to slightly tick up in 2023. With respect to our free cash flow guidance, we've opted to use an attributable free cash flow figure that includes the cash flow of Nexstar and its interest in the Food Network and our attributable 75% interest in the losses of the CW and the related tax benefits of those losses. A July segment in Centex Proud, a Fox-affiliated, Nexstar owned, Waco-area station, covered a Cruz event saying (Cruz) is excited to see the current economy and business boom with the lowest unemployment rate for Hispanics and African-Americans in a decade. Revenue is generated through advertising. For those with a cable subscription package, NewsNation might be included in the subscription offerings, and NewsNations channel finder can locate the correct channel. It was interesting Sinclair was talking a little bit about their feeling about the importance of getting the FCC to move so that you can shut down the legacy stations, the ATSC 1.0 to get really enough kind of capacity to generate meaningful revenues off of this. We've been able to substantially grow our distribution revenue because of news content and being 1 of 5 networks rather than 1 of 100 general entertainment networks. We have 5,400 journalists around the country who produce local newsmore than any other organization. Perry Sook, Nexstar's Chairman and Chief Executive Officer, commented, "2022 was a monumental year for Nexstar as we generated $5.2 billion of revenue as well as record levels of Adjusted EBITDA and free cash flow. Under Sooks watch, both employee morale and the companys stock have remained high. I consent the use of my personal data in accordance with Future's. As one of the nation's leading providers of local news, entertainment, sports, lifestyle, and network programming, Nexstar produces and distributes over 275,000 hours of local content per year. Okay. Fourth quarter distribution of approximately $616 million was flat to the prior year. We're accessing the fan base, both nationally and at local markets is important for advertisers and brands. IRVING, Texas After a 36-year career in broadcasting, including the last 20 with Nexstar, Timothy C. Busch, Nexstar's president of Broadcasting, will retire as of June 1. But at the time, Nexstar couldnt own outright two television stations in the marketplace due to Federal Trade Commission and Federal Communications Commission regulations. So maybe you could just put a little more context. One segment, run by Nexstar-owned WATE in Knoxville, Tennessee, focused on an anti-Phil Bredesen ad that was censored by Facebook. Using the Wayback Machine to return to October 2008, one can see Tribunes official endorsement of Obama for president on the WGN-TV website. So basically, auto under -- the way you're describing it. In the 24 ensuing years, the founder and CEO of Nexstar Media Group added 195 stations to his corporate quiver to become the nations largest owner of television stations. a serious, hands-on leader who earned executive-level platinum points last year in just five months while still managing to maintain a golf handicap of 15. But it is certainly a tailwind in core advertising revenue that auto is up and up double digits, and we see that continuing throughout the year. According to Kantar, total gross political advertising on all media was up a record 3% over 2020 and up significantly compared to 2018, driven in large part by more competitive races in 2022 in the impact of sports betting propositions in California. If it rained, staffers had to send a Jeep down the road to retrieve Sook. Looking ahead, excluding the impact of the CW affiliate fees, given our recent contract resets, we expect distribution revenues to be up high single to low double digits for 2023, depending on the outcome of our partners' ongoing negotiations with multiple -- with a couple of MVPDs on which they are currently dark and inclusive of our projections for subscriber attrition. Speaking on Nexstars second-quarter earnings call Wednesday, CEO Perry Sook said a year after its launch, few people know about NewsNation. Weve made three dozen separate acquisitionssome small, some very large, he begins. The company is now the nations biggest player in local television. Perry love doing shows and covering sports around the country, or right at home, always excited for new opportunities. May He is past Chairman of the CBS Affiliate Board. Sook believes its important to spend time visiting all of the companys 114 markets. Okay. For example, former President Donald Trump tweeted a good luck message (when his Twitter account was still active) to Compton for the networks launch and later gave an interview in which anchor Joe Donlon didnt challenge his false statements. Every donation we receive from users like you goes directly into promoting high-quality data analysis and investigative journalism that you can trust. Strike 2: Warner Bros Discovery Wants Out Of Regional Sports Business: Report, Warner Sues Paramount, Claims It Reneged on $500 Million 'South Park' Licensing Deal, CBS Plans Primetime Special To Mark James Corden Signing Off, Byron Allen To Be Honored At Harvard Business School, FCC Designates Standard General-Tegna Deal for Hearing. Nexstar CEO Perry Sook just knocked them off that mountaintop by acquiring Media General, becoming the largest TV company on the planet. The insurance category softness was primarily related to industry-specific issues and the movement of some insurers from the local market to the national market. Nexstar is creating a state-of-the-art studio in Chicago and expanding teams both in front of and behind the camera. Operator, please open the line for questions. Our total net leverage for Nexstar, excluding CW at quarter end, was 2.93x, down from 3.7x as of December 31, 2021, and 3.18% in Q3. For carrying the signals by acquiring Media General, becoming the largest TV company on the.! Very large, he begins of some insurers from the local station David a! Results, including who produce local newsmore than any other organization, including do that both in front and!, Mr. Sook was involved in local TV sales and radio sales separate acquisitionssome small some... The prior year is perry a sook political affiliation Chairman of the local station David versus a Fortune cable... 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