Overview Key strengths Key risks The company's reach of approximately 70% of U.S. households positions it as the largest affiliate TV station group in the country. Shareholder-friendly activities are likely to keep leverage in the mid-3x area over the next two years. Distribution revenue, currently 55% of total revenue, provides revenue stability. Operating performance is susceptible to economic cyclicality because 35% of revenue comes from core advertising. Solid free operating cash flow (FOCF) of nearly $1 billion annually. Uncertainty regarding the effect of secular shifts in advertising and subscriber revenue. We expect Nexstar?s S&P Global Ratings-adjusted net debt to EBITDA (calculated on an average trailing-eight-quarters basis) will remain in the mid-3x area over the next two years. Absent potential acquisitions,
