Broadstone Net Lease (BNL) Q1 FY2024 earnings: revenue $105 million, down 11.5% on the year

Broadstone Net Lease, Inc. (BNL) reported revenue of $105 million for Q1 FY2024, the quarter ended 31 March 2024, down 11.5% on the same quarter a year earlier. Net income was $65 million, up 65.7% on the year, and diluted earnings per share $0.35. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$105 milliondown 11.5%

Net income$65 millionup 65.7%

Diluted EPS$0.35

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	105	105	n/a	n/a
Operating income	26.1	20.5	n/a	n/a
Operating margin	24.8%	19.6%	n/a
Interest expense	18.6	19.0	n/a	n/a
Net income	65.1	6.5	n/a	n/a
Net margin	61.8%	6.2%	n/a
Diluted EPS	$0.35	$0.03	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	70.9	60.6	n/a	n/a
Capital expenditure	3.1	16.8	n/a	n/a
Free cash flow	67.7	43.8	n/a	n/a
Free cash flow margin	64.3%	41.7%	n/a
Cash from investing	204	-49.5	n/a	n/a
Cash from financing	-73.0	-40.9	n/a	n/a
Depreciation and amortisation	36.8	38.3	n/a	n/a
Share-based compensation	1.5	1.4	n/a	n/a
Dividends paid	54.4	52.5	n/a	n/a
Dividend per share	$0.28	n/a	n/a	n/a
Diluted shares, weighted	196m	196m	n/a	n/a
Shares outstanding at period end	188m	188m	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	3,074	3,049	n/a	n/a
Non-controlling interest	144	145	n/a	n/a
Debt	1,902	1,920	n/a	n/a
Other liabilities	150	155	n/a	n/a
Total liabilities and equity	5,270	5,269	n/a	n/a
Goodwill	340	340	n/a	n/a
Intangible assets	273	288	n/a	n/a
Cash and equivalents	222	19.5	n/a	n/a
Other assets	4,435	4,621	n/a	n/a
Total assets	5,270	5,269	n/a	n/a

Questions

What was Broadstone Net Lease's revenue in Q1 FY2024?

Broadstone Net Lease (BNL) reported revenue of $105 million for Q1 FY2024, the quarter ended 31 March 2024, down 11.5% on the same quarter a year earlier.

How much did Broadstone Net Lease earn in Q1 FY2024?

Net income for Q1 FY2024 was $65 million, up 65.7% on the year, and diluted earnings per share $0.35.

When did Broadstone Net Lease report Q1 FY2024 results?

Broadstone Net Lease filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 2 May 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	110	105	105	106	108	112	109	113	114	118	121	122
Operating income	55.2	20.5	26.1	49.4	53.6	34.8	37.9	43.9	50.8	55.9	63.3	51.9
Operating margin	50%	20%	25%	47%	49%	31%	35%	39%	44%	47%	52%	42%
Interest expense	19.7	19.0	18.6	17.8	18.2	19.6	20.1	21.1	28.2	25.1	25.3	25.8
Net income	49.7	6.5	65.1	35.3	35.6	26.4	16.7	20.2	26.5	33.1	46.4	39.8
Net margin	45%	6%	62%	33%	33%	24%	15%	18%	23%	28%	38%	33%
Diluted EPS	$0.26	$0.03	$0.35	$0.19	$0.19	$0.14	$0.09	$0.10	$0.14	$0.17	$0.24	$0.21
Operating cash flow	73.9	60.6	70.9	74.2	67.3	63.9	71.5	79.3	64.2	84.6	76.1	58.2
Capital expenditure	5.9	16.8	3.1	0.2	7.0	6.4	14.3	2.6	6.2	6.6	1.4	11.8
Free cash flow	68.0	43.8	67.7	74.0	60.3	57.5	57.1	76.7	58.0	78.0	74.7	46.4
Dividends paid	51.5	52.5	54.4	53.9	53.5	54.8	56.2	55.2	52.5	54.9	55.7	56.1
Shares outstanding	187m	188m	188m	189m	189m	189m	189m	189m	189m	191m	192m	192m
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/A

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 2 May 2024, accession 0000950170-24-052047: the filing on EDGAR. All of Broadstone Net Lease, Inc.'s filings: EDGAR company page.

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