Gaming & Leisure Properties (GLPI) Q4 FY2023 earnings: revenue $369 million, up 9.7% on the year

Gaming & Leisure Properties, Inc. (GLPI) reported revenue of $369 million for Q4 FY2023, the quarter ended 31 December 2023, up 9.7% on the same quarter a year earlier. Net income was $211 million, up 8.8% on the year, and diluted earnings per share $0.78. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue$369 millionup 9.7%

Net income$211 millionup 8.8%

Diluted EPS$0.78

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	369	360	n/a	n/a
Operating income	295	268	n/a	n/a
Operating margin	80.0%	74.6%	n/a
Interest expense	82.9	79.8	n/a	n/a
Pre-tax income	218	190	n/a	n/a
Income tax	1.0	0.5	n/a	n/a
Effective tax rate	0.4%	0.3%	n/a
Net income	211	184	n/a	n/a
Net margin	57.3%	51.2%	n/a
Diluted EPS	$0.78	$0.70	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	263	253	n/a	n/a
Capital expenditure	0.1	12.7	n/a	n/a
Free cash flow	263	241	n/a	n/a
Free cash flow margin	71.2%	66.9%	n/a
Cash from investing	-15.5	-189	n/a	n/a
Cash from financing	355	7.9	n/a	n/a
Depreciation and amortisation	69.0	69.5	n/a	n/a
Share-based compensation	4.9	5.1	n/a	n/a
Dividends paid	197	192	n/a	n/a
Dividend per share	$0.73	$0.73	n/a	n/a
Diluted shares, weighted	265m	264m	n/a	n/a
Shares outstanding at period end	271m	267m	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	4,157	3,959	n/a	n/a
Non-controlling interest	352	352	n/a	n/a
Debt	6,628	6,246	n/a	n/a
Other liabilities	670	679	n/a	n/a
Total liabilities and equity	11,807	11,236	n/a	n/a
Investments	0.0	n/a	n/a	n/a
Cash and equivalents	684	81.1	n/a	n/a
Other assets	11,123	11,154	n/a	n/a
Total assets	11,807	11,236	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	360	369	376	381	385	390	395	395	398	407	420	431
Operating income	268	295	258	293	271	308	259	242	337	363	333	332
Operating margin	75%	80%	69%	77%	70%	79%	65%	61%	85%	89%	79%	77%
Interest expense	79.8	82.9	86.7	86.7	95.7	97.8	97.3	89.9	94.1	92.6	95.9	101
Pre-tax income	190	218	180	215	191	224	171	157	249	276	240	236
Tax rate	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Net income	184	211	174	208	185	217	165	151	241	267	232	228
Net margin	51%	57%	46%	55%	48%	56%	42%	38%	61%	66%	55%	53%
Diluted EPS	$0.70	$0.78	$0.64	$0.77	$0.67	$0.79	$0.60	$0.54	$0.85	$0.94	$0.82	$0.80
Operating cash flow	253	263	258	252	270	292	252	293	240	343	270	350
Capital expenditure	12.7	0.1	0.0	7.1	8.9	n/a	12.9	21.1	57.3	n/a	111	n/a
Free cash flow	241	263	258	245	262	n/a	240	272	183	n/a	159	n/a
Dividends paid	192	197	206	206	209	209	209	209	221	221	221	221
Shares outstanding	267m	271m	272m	272m	274m	274m	275m	283m	283m	283m	283m	291m
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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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 27 February 2024, accession 0001575965-24-000005: the filing on EDGAR. All of Gaming & Leisure Properties, Inc.'s filings: EDGAR company page.

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