expenses, Thank you, so everyone. review revenue and with along the expenses, adjusted Mike the I EBITDA side adjusted quarter essentially free Together, SG&A direct capital perspectives and our . and of review million. Mike, provide most guidance will details corporate and on were good the a amortization activities, XXXX of of expenses you some on our $X and depreciation flat, flow, a CW, decreasing by and fourth operating and morning, cash allocation gave valuation. on excluding
with million amortization amounts broadcast XXXX. is of compared QX new $XX among to our an for QX news XXXX $XX of our million other Of year programs of in the and operational and due in adjusted in to noncash restricted the million. Increases compared costs by quarter. part timing primarily programming and expense compensation XXXX. factors. costs increase severance other of million expense of by content million, XXXX was of $XX to of QX noncash increase compensation amortization total $XXX was definition fourth promotion $XX the a the reserves, $XX grants in noncash for other while depreciation included prior release and in quarter, reduced million these in of corporate rights increase versus is million related stock the is expense million $XX were million $XX compensation expense primarily including restructuring, to $XXX costs including to associated offset million, in of The offset due quarter $X and EBITDA grants onetime QX the XXXX
a QX amortization rights than and income TV to by but Please primarily CW amortization million million XXXX investments, costs CW XX% offset elsewhere by what programming Food The reflects ownership anticipated. was Food from slight programming Network higher originally reduction was up of acquired better be newly we we expect at declined in note A XXXX lower not as broadcast broadcast our primarily advertising while Premier, programming of which Nexstar. that amortization $X $XX amortization method in increase Network, TV CW of year-over-year, at the to do of by rights due than QX quarter revenue XXXX. related primarily XX% the or to equity programming
Putting adjusted consolidated $XXX margin representing fourth the of all a $XXX was XXXX million, a an from fourth quarter quarter together, and EBITDA of basis, on million of $XXX increase it XX.X% million.
cash adjusted interest was million, CapEx million, quarter flat the cash to of flow reduction Fourth essentially quarter of Fourth quarter to $XXX free of fourth and Moving last net free fourth components million of $XX quarter the year. $XX XXXX. was a from flow. expense
versus and reduction cash million reduction $XXX in related QX in QX interest Fourth basis, reduced in million compares to a On in this $XX primarily was balances. $XX XXXX $XXX XXXX. and were taxes primarily cash million XXXX debt political million, SOFR The a to increased in $XX to to operating year income increased operating to increase XXXX related quarter million pretax election compared advertising. related in an of expense
actually partners Payments $XX cash for as programming In and last as from XXXX programming was capitalized adjusted CW $XX $XXX were were software credits, year. XXXX. fourth amortization year. million deferred. contributions were consolidated $XX to free this recoveries proceeds net obligations million payments flow million from cash $XXX insurance the certain million last versus costs our and greater in assets of Putting the all disposal million payments million X by QX together, compared $XX in quarter than QX, were of quarter Cash in pension versus
of nonpolitical turning advertising guidance. will key XXXX subscriber than to and including: to billion due the one, our flattish expected are the embedded figures slightly XXXX expectation reduced net some our headwinds be of growth provided be CW we for continued billion. offset the expectation restructuring. be revenue in revenue guidance will based local continue to by offset our in of its reduce distribution range digital another be trends; improvement Operating our are to EBITDA up national already the the assumptions XXXX to Three, the four, slight XX% low in in will for on attrition and more two, the our growth for in growth Now $X.X XXXX. Mike And to in expected advertising We to the dollars as believe in from $X.XXX to CW adjusted levels. some of partially expect expenses increases losses XXXX at mid-X rest. in to operational is that
markets, our affect and and to from XX.X% things, certain on or our to among expectations differing growth renegotiation for our a current either on the not intend terms could rate EBITDA attrition and include, national income advertising factors outlook net adjusted of attrition negatively. subs, company. factors Food rate the positively of quarterly We the pay XXXX distribution Key of of the ownership other or affiliation TV update favorable TV to for our this -- of in agreements Those guidance growth basis. health attributable Network. of related do local stake
$XX million of few with on for of to year anticipate to projecting a currently the the $XXX respect $XXX year debt $XXX points $XX in SOFR forward interest improvement Based CapEx at QX. $XX amortization our expense free repayment mandatory plus current rate to of fixed expense a and from Nexstar's the rate the As expectations includes $XXX XXXX We guidance coupons current million additional XXXX area, for the debt million the amount curve, modest spread an utilizing increment million, cash our additional than of to cash midpoint. we be we the repayment. project are full million our debt million to approximately million on cash in adjusted along with million of flow, $XXX yield curve and on levels floating our more interest
be in cash is million expense million million, which versus from federal to to interest XXs year annualization million in for are income using the increase low of are about million range. XXXX our now us expected an $XX taxes XXXX. to enabled we Full income expected to defer $XXX as method tax XXXX $XX the QX taxes, the $XXX XXXX
calculating before and tax our onetime when a we For tax other cash taxes, rate used adjustments. estimated XX%
The only small first includes income amount range. the million of quarter $X a in tax state very
Loan we used optionally taxes we Term -- that XXXX repay or XXXX into reminder, a deferred As the cash XXXX to from B.
will million for the tax quarter in to future million primarily $X amortization programming payments of In second deferred years deferred $XX with that this of years $XX to income prior excess We of be are in to approximately and payments programming for in XXXX, investment pay expected by million QX. from programming due in XXXX.
million Turning of to share share, repurchase year, in flow of returned capital stock $XXX per from balance hand, the XX% adjusted in The million by price allocation the of of repurchases. reducing on million $XXX equity returned $XX and our dividends shares of our outstanding X.X%. and Together shareholders net vesting free million to the $XXX or sheet. and of $XXX.XX quarter of an and in operations dividends comprised with -- for we million cash cash to $XXX shareholders cash generated the form million we of at $XXX average of
million as optionally million million of we outstanding at of a payments B. loan billion, $XXX $X.X quarterly XX, Nexstar's amortization of $XXX our $XX repaid term debt for reduction quarter was December and 'XX, the made
including of balance to the Our quarter end million CW $XXX at cash million, $XX was related cash
Because losses designated leverage the an of we the as associated unrestricted are in CW calculation agreement. credit of for the for our purposes subsidiary, with our not CW accounted
covenant ratio lien December first Nexstar of lien X.XXx. which XX, such, is first our was well covenant only our and for below X.XXx, net at As XXXX,
at was quarter total X.XXx leverage Nexstar Our for end. net
nonelection leverage, basis X-year on political falls calculated we increase which in LTM typical EBITDA is an adjusted when years advertising average years, expect is nonpolitical versus a to during significantly is As XXXX, in as lower. and
in debt $XXX million. fulfill to $XX consecutive plan acquisition which will the In our first deployed Perry repayments anticipated and X% increase stocks now $XXX as XXth announced the increasing an our dividend and XXXX of flow and us S&P quarterly million, defined in XXX for the mentioned, yesterday, Cleveland our dividend, XX% in based represents obligations be approximately benefit which cash yield. of stock dividend for XXXX we as dividend XX%, Our puts our on television station mandatory including by January, almost price, yield, approximately of contributions million of the pension to rate
optional cash potential not we repurchase The XXXX deferred debt was acquisitions based optionally flow for sheet strategic M&A, as opportunity that large-scale better additional are from will If be no used value to our if EBITDA many we an on an to remainder during plan M&A should attractive repaid cash debt become investors M&A reborrow stock. In XXXX, no any the plan even incremental The repay and assuming deleveraging of us and fund the us amount available. of should no acquisitions benefit debt an and taxes. will repay multiple. available, is to from our balance there prepare accretive
that debt mathematically increases on reduction methodology, Based for dollar dollar. our equity any
shares, level continue total, to of similar to In largest component almost XXXX, the Finally, to to we valuation. shareholders we plan of flow in repurchase our strategy, capital the returned be will XXXX. we our current which allocation in returning cash free especially continue given to X/X anticipate
to it turn proposition for address stock. the the questions, Nexstar value Before over operator to I I'd in like
achieve any his in other to enabling to remarks, achieve. the is other cannot media bend mentioned scope us player broader Nexstar the of that curve unlike industry, As in the scale Perry and results operators
last price year. been While this in with has our case record-setting the respect it has our revenue to been performance XXXX, the over the case with not stock
disconnect creates opportunity. that So
highest price, midpoint of cash 'XX achieving free X.Xx traded comparable a overall Based of cash top-tier closing EBITDA and conversion and of the the to 'XX, and free and of pack XX% current dividend multiple stock as highest capital flow and despite of a below at the flow yield yield we the return margins shareholders. on estimates Street broadcasters yesterday's
same multiple Paramount would growth XX% of Nexstar, perpetuity $XXX flow top-tier Warner same a A a a of X.Xx free a to price yesterday's the valuation math for that been of networks, for to the XX% a X yesterday's and at stock But nor premium those price. industry cash -- of we metrics, have XX.X% do [indiscernible] trajectory Bros consensus rate. to assuming applied those did imply we've $XXX included a revenue estimates price. not implies applying able broadcast the cable and which And as to those share, their [indiscernible] same adjusted the average per prospects of if closing the to the that premium which the X% the closing accomplish, negative estimates valuation midpoint,
And and does if make to accretive and attrition Nexstar fruition, be our able we subscriber the slow, few comes we regulation pay acquisitions to industry have rerated. as in TV should past are and
boats premium growth So company we curve are attrition. should tide all rising RAG win-win. floating vending a us to it the then with a like be and value media Short-term slowing and
ourselves. are deploy by our and believers on betting return long-term to near both We grow shareholder stock, capital value and to we'll continue in and of the our business maximize
the With call that, I'll open up the can you to for Operator, first go questions. question?
