Interparfums (IPAR) FY2023 results: revenue $1.3 billion, up 21.3% on the year

Interparfums Inc. (IPAR) reported revenue of $1.3 billion for fiscal 2023, the year ended 31 December 2023, up 21.3% on the year before. Net income was $153 million, up 26.2%, and diluted earnings per share $4.75. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$1.3 billion

+21.3% on the year

FY2016FY2023

Operating margin

19.1%

17.9% a year earlier

FY2016FY2023

Net income

$153 million

+26.2% on the year

FY2016FY2023

Diluted EPS

$4.75

+25.7% 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	1,318	1,087	880	+21.3%
Cost of revenue	479	392	323	+22.0%
Gross profit	839	694	557	+20.8%
Gross margin	63.7%	63.9%	63.3%
Selling, general and administrative	588	492	406	+19.4%
Operating income	251	194	148	+29.4%
Operating margin	19.1%	17.9%	16.8%
Interest expense	11.3	3.6	2.8	+212.7%
Pre-tax income	250	194	151	+28.5%
Income tax	61.8	43.2	41.0	+43.2%
Effective tax rate	24.8%	22.2%	27.1%
Net income	153	121	87.4	+26.2%
Net margin	11.6%	11.1%	9.9%
Diluted EPS	$4.75	$3.78	$2.75	+25.7%

$ 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	106	73.0	120	+44.8%
Capital expenditure	6.5	33.8	141	-80.8%
Free cash flow	99.3	39.3	-21.7	+152.9%
Free cash flow margin	7.5%	3.6%	-2.5%
Cash from investing	7.3	-90.6	-188
Cash from financing	-133	-45.6	78.2
Depreciation and amortisation	17.3	22.5	12.7	-23.1%
Share-based compensation	2.5	3.1	2.9	-19.7%
Dividends paid	80.0	63.7	31.7	+25.6%
Dividend per share	$2.50	$2.00	$1.00	+25.0%
Diluted shares, weighted	32m	32m	32m	+0.5%
Shares outstanding at period end	32m	32m	n/a	+0.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	699	617	n/a	+13.4%
Non-controlling interest	193	171	166	+12.5%
Debt	162	180	n/a	-10.1%
Operating lease liabilities	24.5	24.3	n/a	+0.7%
Other liabilities	291	316	229	-8.0%
Total liabilities and equity	1,369	1,309	n/a	+4.6%
Fixed assets	169	167	n/a	+1.5%
Intangible assets	296	291	n/a	+1.9%
Investments	94.3	151	160	-37.5%
Cash and equivalents	88.5	105	n/a	-15.5%
Receivables	247	198	n/a	+25.1%
Inventory	372	290	n/a	+28.2%
Other assets	102	108	n/a	-5.5%
Total assets	1,369	1,309	n/a	+4.6%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.