American Homes 4 Rent (AMH) Q1 FY2024 earnings: revenue $424 million, up 6.5% on the year

American Homes 4 Rent (AMH) reported revenue of $424 million for Q1 FY2024, the quarter ended 31 March 2024, up 6.5% on the same quarter a year earlier. Net income was $109 million, down 7.0% on the year, and diluted earnings per share $0.30. The figures are the company's own, from the 10-Q it filed with the SEC on 3 May 2024.

Revenue$424 millionup 6.5%

Net income$109 milliondown 7.0%

Diluted EPS$0.30

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	424	409	n/a	n/a
Operating income	56.7	n/a	n/a	n/a
Operating margin	13.4%	n/a	n/a
Interest expense	38.6	35.1	n/a	n/a
Net income	109	76.6	n/a	n/a
Net margin	25.8%	18.7%	n/a
Diluted EPS	$0.30	$0.21	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	202	115	n/a	n/a
Capital expenditure	10.8	16.3	n/a	n/a
Free cash flow	191	99.1	n/a	n/a
Free cash flow margin	45.1%	24.2%	n/a
Cash from investing	-68.1	-227	n/a	n/a
Cash from financing	-72.2	91.2	n/a	n/a
Depreciation and amortisation	116	116	n/a	n/a
Share-based compensation	9.9	4.6	n/a	n/a
Dividends paid	95.9	79.9	n/a	n/a
Dividend per share	$0.26	n/a	n/a	n/a
Diluted shares, weighted	367m	363m	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	7,017	6,968	n/a	n/a
Non-controlling interest	687	685	n/a	n/a
Debt	4,503	4,462	n/a	n/a
Other liabilities	553	574	n/a	n/a
Total liabilities and equity	12,761	12,688	n/a	n/a
Goodwill	120	120	n/a	n/a
Intangible assets	7.0	7.6	n/a	n/a
Cash and equivalents	125	59.4	n/a	n/a
Other assets	12,509	12,501	n/a	n/a
Total assets	12,761	12,688	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	422	409	424	423	445	437	459	458	478	455	472	470
Operating income	52.9	n/a	56.7	60.7	52.0	57.0	64.5	67.1	64.5	70.6	70.1	72.3
Operating margin	13%	n/a	13%	14%	12%	13%	14%	15%	13%	16%	15%	15%
Interest expense	34.4	35.1	38.6	38.7	43.6	44.5	45.4	46.3	48.2	45.3	48.2	49.5
Net income	74.1	76.6	109	92.1	73.8	123	110	106	99.7	124	128	114
Net margin	18%	19%	26%	22%	17%	28%	24%	23%	21%	27%	27%	24%
Diluted EPS	$0.20	$0.21	$0.30	$0.25	$0.20	$0.33	$0.30	$0.28	$0.27	$0.33	$0.35	$0.31
Operating cash flow	208	115	202	274	234	102	223	272	223	146	203	293
Capital expenditure	9.0	16.3	10.8	10.7	8.2	4.3	7.5	14.1	8.7	10.3	9.4	15.7
Free cash flow	199	99.1	191	263	225	97.9	216	258	215	135	194	277
Dividends paid	79.9	79.9	95.9	95.6	95.6	96.4	112	112	112	111	121	119
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. 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 31 March 2024, filed 3 May 2024, accession 0001562401-24-000053: the filing on EDGAR. All of American Homes 4 Rent's filings: EDGAR company page.

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