American Assets Trust (AAT) Q4 FY2023 earnings: revenue $112 million, up 6.1% on the year

American Assets Trust, Inc. (AAT) reported revenue of $112 million for Q4 FY2023, the quarter ended 31 December 2023, up 6.1% on the same quarter a year earlier. Net income was $10 million, up 8.8% on the year, and diluted earnings per share $0.17. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$112 millionup 6.1%

Net income$10 millionup 8.8%

Diluted EPS$0.17

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	112	111	n/a	n/a
Gross profit	68.8	69.9	n/a	n/a
Gross margin	61.1%	62.8%	n/a
Operating income	29.4	31.1	n/a	n/a
Operating margin	26.1%	28.0%	n/a
Interest expense	n/a	16.3	n/a	n/a
Income tax	0.3	0.3	n/a	n/a
Net income	10.5	11.8	n/a	n/a
Net margin	9.3%	10.6%	n/a
Diluted EPS	$0.17	$0.20	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	38.8	51.8	n/a	n/a
Capital expenditure	18.8	19.8	n/a	n/a
Free cash flow	20.1	32.0	n/a	n/a
Free cash flow margin	17.9%	28.7%	n/a
Cash from investing	-19.7	-21.1	n/a	n/a
Cash from financing	-26.3	-25.4	n/a	n/a
Depreciation and amortisation	29.9	29.9	n/a	n/a
Share-based compensation	2.6	2.1	n/a	n/a
Dividends paid	25.4	25.4	n/a	n/a
Dividend per share	$0.33	$0.33	n/a	n/a
Diluted shares, weighted	n/a	76m	n/a	n/a
Shares outstanding at period end	61m	61m	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	1,198	1,209	n/a	n/a
Non-controlling interest	-44.2	-40.6	n/a	n/a
Debt	1,700	1,689	n/a	n/a
Other liabilities	131	153	n/a	n/a
Total liabilities and equity	2,985	3,011	n/a	n/a
Intangible assets	18.7	n/a	n/a	n/a
Cash and equivalents	82.9	90.0	n/a	n/a
Other assets	2,883	2,921	n/a	n/a
Total assets	2,985	3,011	n/a	n/a

Questions

What was American Assets Trust's revenue in Q4 FY2023?

American Assets Trust (AAT) reported revenue of $112 million for Q4 FY2023, the quarter ended 31 December 2023, up 6.1% on the same quarter a year earlier.

How much did American Assets Trust earn in Q4 FY2023?

Net income for Q4 FY2023 was $10 million, up 8.8% on the year, and diluted earnings per share $0.17.

When did American Assets Trust report Q4 FY2023 results?

American Assets Trust filed its 10-K for the quarter ended 31 December 2023 with the SEC on 14 February 2024.

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	111	112	111	111	123	113	109	108	110	110	111	109
Gross profit	69.9	68.8	69.6	70.5	80.4	69.6	67.3	67.6	66.3	65.4	66.9	67.9
Gross margin	63%	61%	63%	64%	65%	61%	62%	63%	60%	59%	61%	62%
Operating income	31.1	29.4	30.5	30.8	37.8	30.0	72.0	26.0	24.8	23.2	25.8	26.3
Operating margin	28%	26%	28%	28%	31%	26%	66%	24%	23%	21%	23%	24%
Interest expense	16.3	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	11.8	10.5	19.3	11.9	16.7	9.0	42.5	5.5	4.5	3.1	5.1	5.2
Net margin	11%	9%	17%	11%	14%	8%	39%	5%	4%	3%	5%	5%
Diluted EPS	$0.20	$0.17	$0.32	$0.20	$0.28	$0.15	$0.70	$0.09	$0.07	$0.05	$0.08	$0.09
Operating cash flow	51.8	38.8	54.8	59.3	52.4	40.6	36.9	49.2	40.5	40.6	38.6	48.9
Capital expenditure	19.8	18.8	10.9	15.7	24.4	19.2	16.4	20.8	17.4	17.6	20.4	24.5
Free cash flow	32.0	20.1	43.8	43.6	28.0	21.5	20.4	28.4	23.1	23.0	18.2	24.4
Dividends paid	25.4	25.4	25.8	25.8	25.8	25.9	26.3	26.3	26.3	26.4	26.4	26.4
Shares outstanding	61m	61m	61m	61m	61m	61m	61m	61m	61m	61m	61m	61m
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.

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 14 February 2024, accession 0001500217-24-000008: the filing on EDGAR. All of American Assets Trust, Inc.'s filings: EDGAR company page.

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