CareTrust REIT (CTRE) FY2023 results: revenue $218 million, up 11.0% on the year

CareTrust REIT, Inc. (CTRE) reported revenue of $218 million for fiscal 2023, the year ended 31 December 2023, up 11.0% on the year before. Net income was $54 million, and diluted earnings per share $0.50. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2024.

Revenue

$218 million

+11.0% on the year

FY2016FY2023

Operating margin

26.6%

1.7% a year earlier

FY2016FY2023

Net income

$54 million

FY2016FY2023

Diluted EPS

$0.50

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	218	196	192	+11.0%
Cost of revenue	n/a	n/a	0.0
Gross profit	n/a	n/a	192
Gross margin	n/a	n/a	100.0%
Operating income	58.0	3.4	82.9	+1,623.3%
Operating margin	26.6%	1.7%	43.1%
Interest expense	40.9	30.0	23.7	+36.2%
Pre-tax income	53.7	n/a	n/a
Income tax	0.0	n/a	n/a
Effective tax rate	0.0%	n/a	n/a
Net income	53.7	-7.5	72.0
Net margin	24.7%	-3.8%	37.4%
Diluted EPS	$0.50	-$0.08	$0.74

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	155	144	157	+7.2%
Cash from investing	-268	-127	-193
Cash from financing	394	-23.7	36.7
Depreciation and amortisation	51.2	50.3	55.4	+1.8%
Share-based compensation	5.2	5.8	10.8	-10.5%
Dividends paid	115	106	101	+8.8%
Dividend per share	$1.12	$1.10	$1.06	+1.8%
Diluted shares, weighted	106m	97m	96m	+9.8%
Shares outstanding at period end	130m	99m	96m	+31.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,417	849	916	+66.8%
Non-controlling interest	1.9	0.0	n/a
Redeemable equity	0.0	0.0	0.0
Debt	596	719	673	-17.2%
Other liabilities	70.5	51.9	51.7	+35.9%
Total liabilities and equity	2,085	1,621	1,641	+28.6%
Cash and equivalents	294	13.2	19.9	+2,134.4%
Other assets	1,790	1,608	1,621	+11.4%
Total assets	2,085	1,621	1,641	+28.6%

10-K for the year ended 31 December 2023, filed 8 February 2024: the filing.