Agree Realty (ADC) Q3 FY2023 earnings: revenue $137 million, up 24.3% on the year

Agree Realty Corp. (ADC) reported revenue of $137 million for Q3 FY2023, the quarter ended 30 September 2023, up 24.3% on the same quarter a year earlier. Net income was $42 million, up 5.3% on the year, and diluted earnings per share $0.41. The figures are the company's own, from the 10-Q it filed with the SEC on 24 October 2023.

Revenue$137 millionup 24.3%

Net income$42 millionup 5.3%

Diluted EPS$0.41

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	137	n/a	n/a	n/a
Operating income	63.1	n/a	n/a	n/a
Operating margin	46.1%	n/a	n/a
Interest expense	20.8	n/a	n/a	n/a
Income tax	0.7	n/a	n/a	n/a
Net income	41.5	n/a	n/a	n/a
Net margin	30.3%	n/a	n/a
Diluted EPS	$0.41	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	110	n/a	n/a	n/a
Capital expenditure	400	n/a	n/a	n/a
Free cash flow	-290	n/a	n/a	n/a
Free cash flow margin	-211.9%	n/a	n/a
Cash from investing	-420	n/a	n/a	n/a
Cash from financing	305	n/a	n/a	n/a
Depreciation and amortisation	45.6	n/a	n/a	n/a
Share-based compensation	2.2	n/a	n/a	n/a
Buybacks	0.1	n/a	n/a	n/a
Dividends paid	70.5	n/a	n/a	n/a
Dividend per share	$0.73	n/a	n/a	n/a
Diluted shares, weighted	97m	n/a	n/a	n/a
Shares outstanding at period end	101m	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	5,244	n/a	n/a	n/a
Non-controlling interest	1.1	n/a	n/a	n/a
Debt	2,254	n/a	n/a	n/a
Other liabilities	148	n/a	n/a	n/a
Total liabilities and equity	7,647	n/a	n/a	n/a
Intangible assets	812	n/a	n/a	n/a
Cash and equivalents	6.4	n/a	n/a	n/a
Other assets	6,829	n/a	n/a	n/a
Total assets	7,647	n/a	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	137	144	149	153	154	161	169	176	183	190	201	205
Operating income	63.1	69.2	70.5	82.0	74.4	75.3	78.7	82.0	87.3	92.4	98.6	95.3
Operating margin	46%	48%	47%	54%	48%	47%	47%	47%	48%	49%	49%	46%
Interest expense	20.8	22.4	24.5	26.4	28.9	29.1	30.8	32.3	35.2	36.4	36.0	40.3
Net income	41.5	46.0	44.9	54.7	44.4	45.2	47.0	49.2	52.1	56.0	62.1	54.7
Net margin	30%	32%	30%	36%	29%	28%	28%	28%	28%	29%	31%	27%
Diluted EPS	$0.41	$0.44	$0.43	$0.52	$0.42	$0.41	$0.42	$0.43	$0.45	$0.47	$0.50	$0.44
Operating cash flow	110	98.0	99.2	97.0	140	91.4	127	120	147	111	145	131
Capital expenditure	400	189	128	188	216	343	215	217	220	185	n/a	n/a
Free cash flow	-290	-91.4	-29.1	-90.6	-75.5	-251	-88.2	-97.0	-73.3	-73.5	n/a	n/a
Buybacks	0.1	0.0	2.2	0.0	0.1	0.0	3.6	0.0	0.1	0.0	6.1	0.0
Dividends paid	70.5	74.1	74.7	75.2	75.5	78.3	81.9	84.2	85.2	89.5	94.9	95.6
Shares outstanding	101m	101m	101m	101m	104m	107m	110m	111m	114m	120m	120m	124m
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-Q for the period ended 30 September 2023, filed 24 October 2023, accession 0001558370-23-016665: the filing on EDGAR. All of Agree Realty Corp.'s filings: EDGAR company page.

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