Gladstone Commercial (GOOD) Q4 FY2021 earnings: revenue $35 million, up 7.4% on the year

Gladstone Commercial Corp. (GOOD) reported revenue of $35 million for Q4 FY2021, the quarter ended 31 December 2021, up 7.4% on the same quarter a year earlier. Net income was $3 million, down 65.2% on the year, and diluted earnings per share $0.00. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2022.

Revenue$35 millionup 7.4%

Net income$3 milliondown 65.2%

Diluted EPS$0.00

QuarterQ4 FY2021ended 31 December 2021

The quarter, against the one before and a year earlier

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Revenue	35.3	34.3	n/a	n/a
Interest expense	6.5	6.7	n/a	n/a
Net income	3.1	4.5	n/a	n/a
Net margin	8.7%	13.2%	n/a
Diluted EPS	$0.00	$0.04	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. 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.

Cash flow and capital returned

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Operating cash flow	16.4	19.3	n/a	n/a
Cash from investing	-48.8	-28.8	n/a	n/a
Cash from financing	30.4	5.5	n/a	n/a
Depreciation and amortisation	14.7	14.7	n/a	n/a
Dividends paid	17.2	16.9	n/a	n/a
Diluted shares, weighted	37m	37m	n/a	n/a
Shares outstanding at period end	37m	37m	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 FY2021	Q3 FY2021	A year earlier	Change on the year
Shareholders' equity	201	200	n/a	n/a
Non-controlling interest	1.3	1.3	n/a	n/a
Debt	708	674	n/a	n/a
Other liabilities	233	229	n/a	n/a
Total liabilities and equity	1,143	1,105	n/a	n/a
Intangible assets	114	112	n/a	n/a
Cash and equivalents	8.0	10.2	n/a	n/a
Other assets	1,021	983	n/a	n/a
Total assets	1,143	1,105	n/a	n/a

Questions

What was Gladstone Commercial's revenue in Q4 FY2021?

Gladstone Commercial (GOOD) reported revenue of $35 million for Q4 FY2021, the quarter ended 31 December 2021, up 7.4% on the same quarter a year earlier.

How much did Gladstone Commercial earn in Q4 FY2021?

Net income for Q4 FY2021 was $3 million, down 65.2% on the year, and diluted earnings per share $0.00.

When did Gladstone Commercial report Q4 FY2021 results?

Gladstone Commercial filed its 10-K for the year that ended with the quarter on 15 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q3 FY2021 †	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023 †	Q2 FY2023	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	34.3	35.3	35.5	36.4	39.8	37.2	36.6	38.7	36.5	35.9	35.7	37.1	39.2	37.4	37.5	39.5	40.8	43.5	41.9	44.0
Interest expense	6.7	6.5	6.6	7.1	9.1	9.6	8.8	9.1	9.9	9.5	9.5	9.5	9.3	9.1	9.1	10.1	10.7	12.0	11.5	11.4
Net income	4.5	3.1	3.4	1.6	2.8	2.9	3.2	-4.5	1.8	4.5	3.5	1.6	11.7	7.2	5.1	4.6	4.1	5.4	7.0	8.3
Net margin	13%	9%	10%	4%	7%	8%	9%	-12%	5%	13%	10%	4%	30%	19%	14%	12%	10%	12%	17%	19%
Diluted EPS	$0.04	$0.00	$0.01	-$0.04	-$0.02	-$0.03	-$0.02	-$0.19	-$0.04	n/a	$0.01	-$0.04	$0.20	n/a	$0.04	$0.03	$0.02	n/a	$0.08	$0.11
Operating cash flow	19.3	16.4	17.2	17.4	22.3	12.3	14.9	15.8	17.8	11.9	15.0	13.6	5.5	22.8	17.7	35.8	18.9	15.7	17.9	17.6
Buybacks	n/a	n/a	0.0	0.0	0.0	0.0	0.1	0.9	0.0	0.0	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	16.9	17.2	17.4	17.7	18.0	18.1	15.1	15.2	15.2	15.2	15.2	15.3	16.1	16.3	16.5	16.9	17.1	17.6	17.6	17.6
Shares outstanding	37m	37m	39m	39m	40m	40m	40m	40m	40m	40m	40m	41m	44m	44m	46m	47m	48m	48m	48m	48m
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	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 blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. 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.

10-K for the period ended 31 December 2021, filed 15 February 2022: the filing.