Nexstar Media Group (NXST) Q4 FY2023 earnings: revenue $1.3 billion, down 12.3% on the year

Nexstar Media Group, Inc. (NXST) reported revenue of $1.3 billion for Q4 FY2023, the quarter ended 31 December 2023, down 12.3% on the same quarter a year earlier. Net income was $114 million, down 43.9% on the year, and diluted earnings per share $3.32. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue$1.3 billiondown 12.3%

Net income$114 milliondown 43.9%

Diluted EPS$3.32

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,304	1,132	n/a	n/a
Selling, general and administrative	287	281	n/a	n/a
Operating income	231	94.0	n/a	n/a
Operating margin	17.7%	8.3%	n/a
Pre-tax income	147	14.0	n/a	n/a
Income tax	48.0	6.0	n/a	n/a
Effective tax rate	32.7%	42.9%	n/a
Net income	114	25.0	n/a	n/a
Net margin	8.7%	2.2%	n/a
Diluted EPS	$3.32	$0.70	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	182	138	n/a	n/a
Capital expenditure	36.0	36.0	n/a	n/a
Free cash flow	146	102	n/a	n/a
Free cash flow margin	11.2%	9.0%	n/a
Cash from investing	-36.0	-64.0	n/a	n/a
Cash from financing	-163	-270	n/a	n/a
Depreciation and amortisation	210	220	n/a	n/a
Share-based compensation	16.0	17.0	n/a	n/a
Buybacks	96.0	194	n/a	n/a
Dividends paid	46.0	47.0	n/a	n/a
Dividend per share	n/a	$1.35	n/a	n/a
Diluted shares, weighted	34m	35m	n/a	n/a
Shares outstanding at period end	33m	34m	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,299	2,332	n/a	n/a
Non-controlling interest	14.0	14.0	n/a	n/a
Redeemable equity	0.0	n/a	n/a	n/a
Debt	6,837	6,866	n/a	n/a
Operating lease liabilities	246	229	n/a	n/a
Other liabilities	2,682	2,606	n/a	n/a
Total liabilities and equity	12,078	12,047	n/a	n/a
Fixed assets	1,269	1,279	n/a	n/a
Goodwill	2,946	2,965	n/a	n/a
Intangible assets	2,124	2,212	n/a	n/a
Investments	958	946	n/a	n/a
Cash and equivalents	135	150	n/a	n/a
Receivables	1,095	891	n/a	n/a
Other assets	3,551	3,604	n/a	n/a
Total assets	12,078	12,047	n/a	n/a

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	1,132	1,304	1,284	1,269	1,366	1,488	1,234	1,229	1,198	1,288	1,396	1,993
SG&A	281	287	272	270	277	270	257	262	270	274	327	457
Operating income	94.0	231	275	240	335	418	220	213	175	241	265	362
Operating margin	8%	18%	21%	19%	25%	28%	18%	17%	15%	19%	19%	18%
Interest expense	n/a	n/a	n/a	n/a	113	n/a	n/a	n/a	94.0	n/a	n/a	n/a
Pre-tax income	14.0	147	228	149	244	338	138	130	96.0	-214	153	177
Tax rate	43%	33%	27%	29%	26%	32%	30%	30%	32%	n/a	-5%	36%
Net income	25.0	114	175	118	187	242	108	97.0	70.0	-166	164	120
Net margin	2%	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 flow	138	182	276	176	387	411	337	247	117	190	289	298
Capital expenditure	36.0	36.0	44.0	37.0	29.0	35.0	35.0	29.0	30.0	54.0	22.0	45.0
Free cash flow	102	146	232	139	358	376	302	218	87.0	136	267	253
Buybacks	194	96.0	111	135	177	178	75.0	50.0	0.0	0.0	n/a	n/a
Dividends paid	47.0	46.0	57.0	55.0	55.0	52.0	57.0	56.0	56.0	57.0	56.0	57.0
Shares outstanding	34m	33m	33m	32m	31m	31m	30m	30m	30m	30m	31m	31m
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. 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-K for the period ended 31 December 2023, filed 28 February 2024, accession 0000950170-24-021979: the filing on EDGAR. All of Nexstar Media Group, Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install