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Nexstar Media Group (NXST) Q3 FY2023 earnings: revenue $1.1 billion, down 10.8% on the year

Nexstar Media Group, Inc. (NXST) reported revenue of $1.1 billion for Q3 FY2023, the quarter ended 30 September 2023, down 10.8% on the same quarter a year earlier. Net income was $25 million, down 91.3% on the year, and diluted earnings per share $0.70. The figures are the company's own, from the 10-Q it filed with the SEC on 8 November 2023.

Revenue$1.1 billiondown 10.8%
Net income$25 milliondown 91.3%
Diluted EPS$0.70
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue1,132n/an/an/a
Selling, general and administrative281n/an/an/a
Operating income94.0n/an/an/a
Operating margin8.3%n/an/a
Pre-tax income14.0n/an/an/a
Income tax6.0n/an/an/a
Effective tax rate42.9%n/an/a
Net income25.0n/an/an/a
Net margin2.2%n/an/a
Diluted EPS$0.70n/an/an/a
$ million except per share.
Read moreFree 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

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow138n/an/an/a
Capital expenditure36.0n/an/an/a
Free cash flow102n/an/an/a
Free cash flow margin9.0%n/an/a
Cash from investing-64.0n/an/an/a
Cash from financing-270n/an/an/a
Depreciation and amortisation220n/an/an/a
Share-based compensation17.0n/an/an/a
Buybacks194n/an/an/a
Dividends paid47.0n/an/an/a
Dividend per share$1.35n/an/an/a
Diluted shares, weighted35mn/an/an/a
Shares outstanding at period end34mn/an/an/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

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity2,332n/an/an/a
Non-controlling interest14.0n/an/an/a
Debt6,866n/an/an/a
Operating lease liabilities229n/an/an/a
Other liabilities2,606n/an/an/a
Total liabilities and equity12,047n/an/an/a
Fixed assets1,279n/an/an/a
Goodwill2,965n/an/an/a
Intangible assets2,212n/an/an/a
Investments946n/an/an/a
Cash and equivalents150n/an/an/a
Receivables891n/an/an/a
Other assets3,604n/an/an/a
Total assets12,047n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024 †Q2 FY2024 †Q3 FY2024 †Q4 FY2024 *Q1 FY2025 †Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,1321,3041,2841,2691,3661,4881,2341,2291,1981,2881,3961,993
SG&A281287272270277270257262270274327457
Operating income94.0231275240335418220213175241265362
Operating margin8%18%21%19%25%28%18%17%15%19%19%18%
Interest expensen/an/an/an/a113n/an/an/a94.0n/an/an/a
Pre-tax income14.014722814924433813813096.0-214153177
Tax rate43%33%27%29%26%32%30%30%32%n/a-5%36%
Net income25.011417511818724210897.070.0-166164120
Net margin2%9%14%9%14%16%9%8%6%-13%12%6%
Diluted EPS$0.70$3.32$5.16$3.54$5.27$7.56$3.37$3.06$2.14-$5.63$5.09$3.61
Operating cash flow138182276176387411337247117190289298
Capital expenditure36.036.044.037.029.035.035.029.030.054.022.045.0
Free cash flow10214623213935837630221887.0136267253
Buybacks19496.011113517717875.050.00.00.0n/an/a
Dividends paid47.046.057.055.055.052.057.056.056.057.056.057.0
Shares outstanding34m33m33m32m31m31m30m30m30m30m31m31m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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 8 November 2023, accession 0000950170-23-061149: the filing on EDGAR. All of Nexstar Media Group, Inc.'s filings: EDGAR company page.

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