American Homes 4 Rent (AMH) FY2021 results: revenue $1.3 billion, up 10.2% on the year

American Homes 4 Rent (AMH) reported revenue of $1.3 billion for fiscal 2021, the year ended 31 December 2021, up 10.2% on the year before. Net income was $135 million, up 58.7%, and diluted earnings per share $0.41. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$1.3 billion

+10.2% on the year

FY2014FY2021

Operating margin

n/a

FY2014FY2021

Net income

$135 million

+58.7% on the year

FY2014FY2021

Diluted EPS

$0.41

+46.4% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,304	1,183	1,143	+10.2%
Interest expense	115	117	127	-1.8%
Net income	135	85.2	85.9	+58.7%
Net margin	10.4%	7.2%	7.5%
Diluted EPS	$0.41	$0.28	$0.29	+46.4%

$ 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

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	595	474	458	+25.5%
Capital expenditure	47.7	17.0	21.9	+181.0%
Free cash flow	548	457	436	+19.8%
Free cash flow margin	42.0%	38.6%	38.1%
Cash from investing	-1,733	-643	-377
Cash from financing	1,065	270	-92.1	+294.7%
Depreciation and amortisation	373	343	329	+8.7%
Share-based compensation	17.8	9.8	4.8	+80.9%
Buybacks	n/a	0.0	0.0
Dividends paid	146	61.1	59.8	+139.5%
Diluted shares, weighted	326m	307m	300m	+6.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	6,060	5,789	5,335	+4.7%
Non-controlling interest	679	683	683	-0.7%
Debt	3,880	2,817	2,833	+37.7%
Other liabilities	344	304	248	+13.1%
Total liabilities and equity	10,962	9,594	9,100	+14.3%
Goodwill	120	120	120	0.0%
Intangible assets	13.1	4.9	6.8	+170.0%
Cash and equivalents	48.2	137	37.6	-64.8%
Other assets	10,781	9,331	8,935	+15.5%
Total assets	10,962	9,594	9,100	+14.3%

10-K for the year ended 31 December 2021, filed 24 February 2023: the filing.