Academy Sports & Outdoors (ASO) Q3 FY2023 earnings: revenue $1.4 billion, down 6.4% on the year

Academy Sports & Outdoors, Inc. (ASO) reported revenue of $1.4 billion for Q3 FY2023, the quarter ended 28 October 2023, down 6.4% on the same quarter a year earlier. Net income was $100 million, down 24.1% on the year, and diluted earnings per share $1.31. The figures are the company's own, from the 10-Q it filed with the SEC on 30 November 2023.

Revenue$1.4 billiondown 6.4%

Net income$100 milliondown 24.1%

Diluted EPS$1.31

QuarterQ3 FY2023ended 28 October 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,398	n/a	n/a	n/a
Cost of revenue	915	n/a	n/a	n/a
Gross profit	483	n/a	n/a	n/a
Gross margin	34.5%	n/a	n/a
Selling, general and administrative	346	n/a	n/a	n/a
Operating income	137	n/a	n/a	n/a
Operating margin	9.8%	n/a	n/a
Pre-tax income	130	n/a	n/a	n/a
Income tax	30.0	n/a	n/a	n/a
Effective tax rate	23.1%	n/a	n/a
Net income	100.0	n/a	n/a	n/a
Net margin	7.2%	n/a	n/a
Diluted EPS	$1.31	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	57.5	n/a	n/a	n/a
Capital expenditure	42.2	n/a	n/a	n/a
Free cash flow	15.3	n/a	n/a	n/a
Free cash flow margin	1.1%	n/a	n/a
Cash from investing	-42.3	n/a	n/a	n/a
Cash from financing	-51.6	n/a	n/a	n/a
Depreciation and amortisation	27.4	n/a	n/a	n/a
Share-based compensation	6.2	n/a	n/a	n/a
Buybacks	43.6	n/a	n/a	n/a
Dividends paid	6.7	n/a	n/a	n/a
Dividend per share	$0.09	n/a	n/a	n/a
Diluted shares, weighted	76m	n/a	n/a	n/a
Shares outstanding at period end	74m	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	1,793	n/a	n/a	n/a
Debt	583	n/a	n/a	n/a
Operating lease liabilities	1,096	n/a	n/a	n/a
Other liabilities	1,449	n/a	n/a	n/a
Total liabilities and equity	4,921	n/a	n/a	n/a
Fixed assets	430	n/a	n/a	n/a
Goodwill	862	n/a	n/a	n/a
Intangible assets	578	n/a	n/a	n/a
Cash and equivalents	275	n/a	n/a	n/a
Receivables	17.7	n/a	n/a	n/a
Inventory	1,492	n/a	n/a	n/a
Other assets	1,267	n/a	n/a	n/a
Total assets	4,921	n/a	n/a	n/a

Questions

What was Academy Sports & Outdoors' revenue in Q3 FY2023?

Academy Sports & Outdoors (ASO) reported revenue of $1.4 billion for Q3 FY2023, the quarter ended 28 October 2023, down 6.4% on the same quarter a year earlier.

How much did Academy Sports & Outdoors earn in Q3 FY2023?

Net income for Q3 FY2023 was $100 million, down 24.1% on the year, and diluted earnings per share $1.31.

When did Academy Sports & Outdoors report Q3 FY2023 results?

Academy Sports & Outdoors filed its 10-Q for the quarter ended 28 October 2023 with the SEC on 30 November 2023.

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	1,398	1,795	1,364	1,549	1,343	1,677	1,351	1,600	1,384	1,718	1,442	1,647
Cost of revenue	915	1,198	908	990	887	1,137	893	1,023	890	1,142	963	981
Gross profit	483	597	456	559	457	540	459	577	493	577	479	666
Gross margin	35%	33%	33%	36%	34%	32%	34%	36%	36%	34%	33%	40%
SG&A	346	393	353	369	365	386	390	404	393	406	405	420
Operating income	137	204	102	190	91.5	155	69.3	172	100	170	74.7	246
Operating margin	10%	11%	8%	12%	7%	9%	5%	11%	7%	10%	5%	15%
Pre-tax income	130	211	97.7	187	88.7	165	63.0	165	94.0	164	68.9	178
Tax rate	23%	20%	22%	24%	26%	19%	27%	24%	24%	19%	23%	23%
Net income	100.0	168	76.5	143	65.8	134	46.1	125	71.6	134	52.7	138
Net margin	7%	9%	6%	9%	5%	8%	3%	8%	5%	8%	4%	8%
Diluted EPS	$1.31	$2.21	$1.01	$1.95	$0.92	$1.89	$0.68	$1.85	$1.05	$1.98	$0.80	$2.17
Operating cash flow	57.5	235	200	91.3	96.9	140	157	78.6	49.0	150	161	188
Capital expenditure	42.2	55.8	32.2	41.2	62.4	63.7	50.8	56.7	62.6	42.5	38.9	72.4
Free cash flow	15.3	179	167	50.1	34.4	76.4	107	21.8	-13.6	107	122	116
Buybacks	43.6	2.7	122	97.9	53.4	91.1	99.0	0.0	0.0	99.9	98.4	82.1
Dividends paid	6.7	6.7	8.2	7.9	7.7	7.6	8.7	8.6	8.7	8.6	9.6	9.3
Shares outstanding	74m	74m	73m	71m	70m	68m	66m	67m	67m	65m	64m	62m
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 28 October 2023, filed 30 November 2023, accession 0001817358-23-000229: the filing on EDGAR. All of Academy Sports & Outdoors, Inc.'s filings: EDGAR company page.

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