EPR Properties (EPR) Q4 FY2023 earnings: revenue $172 million, down 3.8% on the year

EPR Properties (EPR) reported revenue of $172 million for Q4 FY2023, the quarter ended 31 December 2023, down 3.8% on the same quarter a year earlier. Net income was $46 million, up 7.6% on the year, and diluted earnings per share $0.52. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$172 milliondown 3.8%

Net income$46 millionup 7.6%

Diluted EPS$0.52

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	172	189	n/a	n/a
Operating income	81.2	87.3	n/a	n/a
Operating margin	47.2%	46.1%	n/a
Interest expense	30.3	31.2	n/a	n/a
Pre-tax income	46.2	56.6	n/a	n/a
Income tax	0.7	0.4	n/a	n/a
Effective tax rate	1.4%	0.7%	n/a
Net income	45.5	56.3	n/a	n/a
Net margin	26.5%	29.7%	n/a
Diluted EPS	$0.52	$0.66	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	77.0	149	n/a	n/a
Capital expenditure	12.9	0.7	n/a	n/a
Free cash flow	64.1	149	n/a	n/a
Free cash flow margin	37.3%	78.4%	n/a
Cash from investing	-104	-7.6	n/a	n/a
Cash from financing	-68.0	-68.0	n/a	n/a
Depreciation and amortisation	40.7	42.4	n/a	n/a
Share-based compensation	4.4	4.4	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	68.1	68.1	n/a	n/a
Dividend per share	n/a	$0.82	n/a	n/a
Diluted shares, weighted	n/a	76m	n/a	n/a
Shares outstanding at period end	76m	75m	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	2,454	2,474	n/a	n/a
Debt	2,816	2,814	n/a	n/a
Other liabilities	431	431	n/a	n/a
Total liabilities and equity	5,701	5,719	n/a	n/a
Goodwill	0.7	n/a	n/a	n/a
Intangible assets	34.7	n/a	n/a	n/a
Cash and equivalents	78.1	173	n/a	n/a
Other assets	5,587	5,546	n/a	n/a
Total assets	5,701	5,719	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	189	172	167	173	181	177	175	178	182	183	181	196
Operating income	87.3	81.2	98.3	79.4	92.7	45.2	102	111	97.6	104	101	107
Operating margin	46%	47%	59%	46%	51%	26%	58%	62%	54%	57%	56%	55%
Interest expense	31.2	30.3	31.7	32.8	32.9	33.5	33.0	33.2	33.2	33.6	34.8	38.3
Pre-tax income	56.6	46.2	63.1	45.7	46.5	-7.7	65.9	76.3	67.3	67.9	63.2	67.8
Tax rate	1%	1%	1%	1%	-0%	n/a	0%	1%	1%	1%	1%	1%
Net income	56.3	45.5	62.7	45.1	46.6	-8.4	65.8	75.6	66.6	66.9	62.6	67.2
Net margin	30%	26%	37%	26%	26%	-5%	38%	42%	37%	37%	35%	34%
Diluted EPS	$0.66	$0.52	$0.75	$0.51	$0.53	-$0.19	$0.78	$0.91	$0.79	$0.79	$0.74	$0.79
Operating cash flow	149	77.0	99.5	78.7	122	92.9	99.4	87.3	136	97.8	113	93.2
Capital expenditure	0.7	12.9	34.5	7.3	0.5	3.3	14.7	4.9	4.4	128	36.4	422
Free cash flow	149	64.1	65.0	71.3	121	89.6	84.7	82.4	132	-30.1	76.9	-329
Buybacks	0.0	0.0	11.4	0.0	0.0	0.0	9.8	0.0	0.0	0.0	13.1	0.0
Dividends paid	68.1	68.1	68.2	70.3	70.7	70.7	70.8	73.3	73.3	73.3	73.5	77.1
Shares outstanding	75m	76m	76m	76m	76m	76m	76m	76m	76m	77m	77m	77m
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 29 February 2024, accession 0001045450-24-000027: the filing on EDGAR. All of EPR Properties's filings: EDGAR company page.

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