Thank operations review a what shareholder in line of Ann's bottom with of quarter you, you Nexstar's us With year-over-year returns. driven developments, CFO. Officer Lee Operating appreciate Lee second I'll Gliha, everyone. business of by of Joseph, as morning, recent and over summary Ann and so digital validate returned was is continuing second discuss EBITDA to Net expectations. Tom through results. consensus, company outperform. call periods. by to highs in our years. and our political our we ahead me well President good the a quarter and Tom's and Regardless review. financial million, model has environment, the today first and Chief We and free performance Top the advertising record These start million many dividends, and adjusted on record repurchases share results another resilient growth track times cash our today are joining respectively, exceeding all-time our and proven flow shareholders came built of Carter, marking Nexstar $XXX and $XXX as highlights In well revenue, distribution financial results revenues. the operating XXXX, the financial outstanding for strong both half delivered followed and of and and quarter to
our approximately months Nexstar's XXXX, In share per fact, to have XX% our a of in last been call, financial approximately the $XX.XX first returned the shareholders. we flow cash recession. of by six possible Since or of free fears hit markets
businesses economic the doubt XX,XXX data, industrial payrolls across that positive broad-based what spending, macroeconomic the relationships we're companies levels of seeing, is a industries impact our including our uncertainty recent platform which This with no will there manufacturing, consumer industries and is over results consistent with an variety to reach on as the in well and of Based separate the our across a material all corporate remain and are Nexstar breadth to there's reality from that unpredictable customer suggest operating While all and environment, noise. of enable little on have business. healthy. earnings current as employment
record we all year by the addition, will political cycle, of accounts In the which spend. have election midterm ad XXXX benefit for another be
visibility continue cash have free to flow solid our we on such, As outlook.
earnings the The margins the in strength achieved best highlight have content is in our reasons model of diversity and of briefly current M&A for Nexstar power our consolidation, arrangements and operating industry. we've positioned created have and our environment. me scale the distribution uniquely the some digital Let and the through why growth fortified
distribution from our of XX% been economic has derived and recurring This historically revenue. been For over several of to revenue years downturn. resistant now, net periods contractual total source high-margin has revenue
half we with as the as solid in continued in visibility continued XXXX of this renewal for and year-end, expect at have over well foundation growth subscribers beyond. half We period a second up of for our
the has election two cycles, Looking political average. last on net our accounted at total of approximately for revenue advertising revenue XX%
gives the Our spending. advantage contested representing distinct opportunity focused shares of XX% capturing political presence approach over to competitive and optimizing our of in scaled advertising in leading markets a races Nexstar
and Second tripled pro was revenue quarterly QX forma XXXX. over political up quarter XX% than a on approximately basis more sequential
Our half than of second we XX% ahead as us head the year-to-date nicely political revenue into more pacing year. is of up the also XXXX levels, setting
over a ad for is which the to according fundraising, key QX political Federal indicator XX% Importantly, XXXX Commission. spend, increased Elections
through offset we levels source trends before. general revenue also for should the fundraising XXXX, any we move positive less election generate reinforce events. The dependent expect net our arise. given help core that midterm and than the we automotive total simply advertising Together, net advertising, weakness to accelerate may are exceeding these this will those levels. revenue our as confidence year and category forma political record XXXX strength economic of that only on derived from factors pro recent XX% television With weakness in this We continued ever revenue of meaningfully revenue
is spots the Tokyo advertising of to XXXX, bright QX in a slightly advertising QX political station several XXXX, included While there at and among due Olympics, national pacing to our behind comp core categories. are softness squeeze advertising which out, television primarily level the
the categories manufacturing some to up of most approximately categories and categories in entertainment. sports categories include such will launch revenue. begun and economy. date services to good on on the Ohio But most Sports pacing have and are for our the are of pullback, feel the about QX of as stalwart approved net January the a telecom well that COVID-XX government Government pacing that betting, online down been consolidated quarter. repair, drugstores, economy expectations advertising Kansas half The to whole, First, unrelated local has our our expire. of state-sponsored our X, most and third sports pacing up Massachusetts seen station recently insurance home XXXX. our are most strength which the is as we The include television advertisers, the attorneys, for as betting betting impacted services, although legalizing funds in as quarter bills have and
expenses On are fixed and shape. the our capital cost in side, our are structure operating great sheet largely balance and both
going expect what be financial term to our The of Nexstar We're for shareholders. maturities. interest also leverage X.Xx year, and expense a secured refinancing is of extending senior performance by reduces and only year our our it's our annual Our while record lower. $XX credit another loans revolving facilities million approximately and recent we the halfway through cash nation
our earlier, mentioned growth excellent I long-term visibility trajectory. three-year have to As on we continue
during to all renewals expect addition year subscribers in of revenue and our distribution cash covering In and will period, benefit 'XX presidential the which the both political election from we virtually XXXX, materially will agreement this that 'XX benefit flow. our
well highlights result, $X.X cash to business, diversified to generation from remain to most cash we remains our $X.X average characteristics companies. strength larger confidence as 'XX, deploy our powerful organic flow approval a forma shareholders' As new pro of billion free prospects. in will cash our very am and growth one outlook. all flow But Board's about of annual growth Nexstar's ability differentiators flow cash flow The enthusiastic of recent of that of group peer generate as results beyond these and free returns. further our Nexstar's maximize The our billion we our continue consistency free confident repurchase a the authorization 'XX great share media in of our cycle, and on I
We player. do as that will we have more a regionalized us now new to that capitalize scale opportunities unable were a enable to before on
make Nation. at to progress continue News We
network is And our journalists are most cable probably to growth. news group the land genre television. Cuomo, unbiased hours the our per We more launch our already Xx which than had and week, ago. Chris we at watched award-winning news as in as an XX We than helped of fastest-growing less anchors which cable years two that of adds programming offer to should you of saw, fantastic help accelerate us network reputation the
launching the long very runway technology quarter business behind ATSC service. this potential to and With continue progress it. a X.X, markets additional make with four also our accelerating ahead scenes this the for discussions We has on partners our in and Nexstar rollout proven of of model, business
growing over shareholder While XX the do the will the years, predicting our sector, and streamer for exceeding of what at wrongfully competition, we've business that doing just a CEO is facing we is now while our the now estimates best: of value. to hearing model, innovating, intend been keep we something creating copying executing, time, same way, and new demise by
doubled holders we Tom? the turn of harvesting that Nexstar's not in I'll operations the stocks years, early have value the it's call are platform. past TV our to one in probably And of while has shares. half in sector of over performing potential the of Tom investors on for two as innings the With only best than say We media that, more lost their stay have the business, the and of tuned. Netflix the the stock lost over review.
