HA Sustainable Infrastructure Capital (HASI) FY2023 results: revenue $320 million, up 33.4% on the year

HA Sustainable Infrastructure Capital, Inc. (HASI) reported revenue of $320 million for fiscal 2023, the year ended 31 December 2023, up 33.4% on the year before. Net income was $149 million, up 258.6%, and diluted earnings per share $1.42. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue

$320 million

+33.4% on the year

FY2016FY2023

Operating margin

n/a

FY2016FY2023

Net income

$149 million

+258.6% on the year

FY2016FY2023

Diluted EPS

$1.42

+202.1% on the year

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	320	240	213	+33.4%
Interest expense	171	116	122	+48.0%
Pre-tax income	182	49.3	145	+270.0%
Income tax	31.6	7.4	17.2	+328.4%
Effective tax rate	17.3%	15.0%	11.9%
Net income	149	41.5	127	+258.6%
Net margin	46.5%	17.3%	59.4%
Diluted EPS	$1.42	$0.47	$1.51	+202.1%

$ 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	99.7	0.2	13.3	+43,243.0%
Cash from investing	-1,993	-592	-703
Cash from financing	1,792	517	631	+246.8%
Depreciation and amortisation	3.1	4.0	3.8	-21.7%
Share-based compensation	19.8	20.1	17.0	-1.6%
Dividends paid	160	132	114	+20.9%
Diluted shares, weighted	109m	91m	88m	+20.8%
Shares outstanding at period end	112m	91m	85m	+23.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,142	1,665	1,567	+28.6%
Debt	4,247	2,975	2,493	+42.8%
Other liabilities	163	120	88.9	+36.0%
Total liabilities and equity	6,552	4,760	4,148	+37.7%
Intangible assets	14.0	84.0	87.0	-83.3%
Securities held for sale or to maturity	7.2	10.2	17.7	-29.8%
Cash and equivalents	62.6	156	226	-59.8%
Other assets	6,469	4,510	3,817	+43.4%
Total assets	6,552	4,760	4,148	+37.7%

10-K for the year ended 31 December 2023, filed 16 February 2024: the filing.