Community Financial System (CBU) Q3 FY2023 earnings: revenue $175 million, up 87586.0% on the year

Community Financial System, Inc. (CBU) reported revenue of $175 million for Q3 FY2023, the quarter ended 30 September 2023, up 87586.0% on the same quarter a year earlier. Net income was $44 million, down 9.4% on the year, and diluted earnings per share $0.82. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2023.

Revenue$175 millionup 87586.0%

Net income$44 milliondown 9.4%

Diluted EPS$0.82

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	175	n/a	n/a	n/a
Interest expense	29.8	n/a	n/a	n/a
Pre-tax income	56.0	n/a	n/a	n/a
Income tax	11.9	n/a	n/a	n/a
Effective tax rate	21.2%	n/a	n/a
Net income	44.1	n/a	n/a	n/a
Net margin	25.2%	n/a	n/a
Diluted EPS	$0.82	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	64.9	n/a	n/a	n/a
Capital expenditure	6.9	n/a	n/a	n/a
Free cash flow	57.9	n/a	n/a	n/a
Cash from investing	-123	n/a	n/a	n/a
Cash from financing	291	n/a	n/a	n/a
Depreciation and amortisation	6.8	n/a	n/a	n/a
Share-based compensation	2.5	n/a	n/a	n/a
Buybacks	5.2	n/a	n/a	n/a
Dividends paid	23.6	n/a	n/a	n/a
Dividend per share	$0.45	n/a	n/a	n/a
Diluted shares, weighted	54m	n/a	n/a	n/a
Shares outstanding at period end	53m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	1,555	n/a	n/a	n/a
Deposits	13,031	n/a	n/a	n/a
Other liabilities	801	n/a	n/a	n/a
Total liabilities and equity	15,386	n/a	n/a	n/a
Fixed assets	175	n/a	n/a	n/a
Goodwill	845	n/a	n/a	n/a
Intangible assets	55.9	n/a	n/a	n/a
Securities held for sale or to maturity	3,893	n/a	n/a	n/a
Loans	9,385	n/a	n/a	n/a
Cash and equivalents	456	n/a	n/a	n/a
Other assets	576	n/a	n/a	n/a
Total assets	15,386	n/a	n/a	n/a

Questions

What was Community Financial System's revenue in Q3 FY2023?

Community Financial System (CBU) reported revenue of $175 million for Q3 FY2023, the quarter ended 30 September 2023, up 87586.0% on the same quarter a year earlier.

How much did Community Financial System earn in Q3 FY2023?

Net income for Q3 FY2023 was $44 million, down 9.4% on the year, and diluted earnings per share $0.82.

When did Community Financial System report Q3 FY2023 results?

Community Financial System filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 9 November 2023.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	175	177	179	184	190	197	197	200	208	217	215	220
Interest expense	29.8	37.1	45.7	47.6	51.2	50.0	47.4	48.1	49.1	48.0	45.3	45.2
Pre-tax income	56.0	43.8	53.0	62.1	57.0	64.5	64.3	66.0	73.2	71.9	74.6	80.8
Tax rate	21%	23%	23%	23%	23%	23%	23%	22%	25%	24%	23%	24%
Net income	44.1	33.7	40.9	47.9	43.9	49.8	49.6	51.3	55.1	54.4	57.2	61.3
Net margin	25%	19%	23%	26%	23%	25%	25%	26%	26%	25%	27%	28%
Diluted EPS	$0.82	$0.63	$0.76	$0.91	$0.83	$0.94	$0.93	$0.97	$1.04	$1.03	$1.08	$1.16
Operating cash flow	64.9	44.7	79.9	39.8	56.9	65.7	62.5	53.7	101	84.6	71.6	51.1
Capital expenditure	6.9	4.7	2.6	6.0	4.9	7.2	10.6	17.3	17.7	23.0	11.3	9.7
Free cash flow	57.9	40.0	77.3	33.8	51.9	58.5	52.0	36.4	83.4	61.6	60.3	41.4
Buybacks	5.2	4.4	34.5	11.4	0.0	0.0	0.0	0.0	11.0	0.0	15.5	0.6
Dividends paid	23.6	24.1	24.0	23.8	23.7	24.2	24.3	24.2	24.3	24.7	24.8	24.7
Shares outstanding	53m	53m	53m	53m	53m	53m	53m	53m	53m	53m	53m	53m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 9 November 2023, accession 0001410578-23-002297: the filing on EDGAR. All of Community Financial System, Inc.'s filings: EDGAR company page.

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