Douglas Emmett (DEI) Q4 FY2023 earnings: revenue $259 million, up 2.0% on the year

Douglas Emmett Inc. (DEI) reported revenue of $259 million for Q4 FY2023, the quarter ended 31 December 2023, up 2.0% on the same quarter a year earlier. Net income was -$40 million, and diluted earnings per share $-0.24. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$259 millionup 2.0%

Net income-$40 million

Diluted EPS$-0.24

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	259	255	n/a	n/a
Gross profit	168	164	n/a	n/a
Gross margin	64.9%	64.0%	n/a
Operating income	30.7	28.7	n/a	n/a
Operating margin	11.8%	11.2%	n/a
Interest expense	57.6	56.0	n/a	n/a
Net income	-40.5	-13.4	n/a	n/a
Net margin	-15.6%	-5.2%	n/a
Diluted EPS	-$0.24	-$0.08	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	94.8	90.5	n/a	n/a
Capital expenditure	44.3	53.5	n/a	n/a
Free cash flow	50.4	36.9	n/a	n/a
Free cash flow margin	19.5%	14.5%	n/a
Cash from investing	-53.2	-60.4	n/a	n/a
Cash from financing	-44.7	233	n/a	n/a
Depreciation and amortisation	123	122	n/a	n/a
Share-based compensation	12.3	2.3	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	31.7	31.7	n/a	n/a
Dividend per share	$0.19	$0.19	n/a	n/a
Diluted shares, weighted	167m	167m	n/a	n/a
Shares outstanding at period end	167m	167m	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,220	2,337	n/a	n/a
Non-controlling interest	1,626	1,670	n/a	n/a
Debt	5,543	5,542	n/a	n/a
Other liabilities	256	297	n/a	n/a
Total liabilities and equity	9,644	9,846	n/a	n/a
Fixed assets	7.0	7.0	n/a	n/a
Intangible assets	3.0	3.1	n/a	n/a
Cash and equivalents	523	526	n/a	n/a
Other assets	9,111	9,310	n/a	n/a
Total assets	9,644	9,846	n/a	n/a

Questions

What was Douglas Emmett's revenue in Q4 FY2023?

Douglas Emmett (DEI) reported revenue of $259 million for Q4 FY2023, the quarter ended 31 December 2023, up 2.0% on the same quarter a year earlier.

How much did Douglas Emmett earn in Q4 FY2023?

Net loss for Q4 FY2023 was $40 million, and the diluted loss per share $0.24.

When did Douglas Emmett report Q4 FY2023 results?

Douglas Emmett filed its 10-K for the year that ended with the quarter on 16 February 2024; the fourth quarter is the year less the first three.

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	255	259	245	246	251	245	252	252	251	249	251	257
Gross profit	164	168	162	163	156	156	162	160	159	155	160	162
Gross margin	64%	65%	66%	66%	62%	64%	64%	63%	64%	62%	64%	63%
Operating income	28.7	30.7	54.6	55.7	48.7	47.9	52.6	45.6	47.4	44.8	48.9	50.3
Operating margin	11%	12%	22%	23%	19%	20%	21%	18%	19%	18%	20%	20%
Interest expense	56.0	57.6	55.3	55.0	56.8	62.3	60.1	65.3	72.8	68.5	64.5	68.3
Net income	-13.4	-40.5	8.9	10.9	4.6	-0.9	39.8	-5.8	-10.9	-6.8	-2.5	-2.7
Net margin	-5%	-16%	4%	4%	2%	-0%	16%	-2%	-4%	-3%	-1%	-1%
Diluted EPS	-$0.08	-$0.24	$0.05	$0.06	$0.03	-$0.01	$0.24	-$0.04	-$0.07	-$0.04	-$0.02	-$0.02
Operating cash flow	90.5	94.8	139	91.9	104	74.1	133	81.3	110	63.2	117	96.1
Capital expenditure	53.5	44.3	48.1	39.7	40.5	39.1	42.3	51.1	47.8	51.1	51.7	56.3
Free cash flow	36.9	50.4	90.9	52.2	63.2	35.0	90.3	30.2	61.9	12.0	65.2	39.9
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	31.7	31.7	31.8	31.8	31.8	31.8	31.8	31.8	31.8	31.8	31.8	31.8
Shares outstanding	167m	167m	167m	167m	167m	167m	167m	167m	167m	167m	167m	167m
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-K for the period ended 31 December 2023, filed 16 February 2024, accession 0001364250-24-000012: the filing on EDGAR. All of Douglas Emmett Inc.'s filings: EDGAR company page.

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