JBG Smith Properties (JBGS) FY2022 results: revenue $606 million, down 4.5% on the year

JBG Smith Properties (JBGS) reported revenue of $606 million for fiscal 2022, the year ended 31 December 2022, down 4.5% on the year before. Net income was $85 million, and diluted earnings per share $0.70. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2023.

Revenue

$606 million

-4.5% on the year

FY2015FY2022

Operating margin

2.7%

-1.8% a year earlier

FY2015FY2022

Net income

$85 million

FY2015FY2022

Diluted EPS

$0.70

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	606	634	603	-4.5%
Operating income	16.2	-11.1	-37.4
Operating margin	2.7%	-1.8%	-6.2%
Interest expense	75.9	68.0	62.3	+11.7%
Pre-tax income	100	-86.2	-71.5
Income tax	1.3	3.5	-4.3	-64.3%
Effective tax rate	1.3%	n/a	n/a
Net income	85.4	-79.3	-62.3
Net margin	14.1%	-12.5%	-10.3%
Diluted EPS	$0.70	-$0.63	-$0.49

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	178	218	169	-18.2%
Cash from investing	524	-369	-168
Cash from financing	-730	190	119
Depreciation and amortisation	218	240	226	-9.4%
Share-based compensation	41.3	51.6	66.1	-19.9%
Buybacks	361	158	105	+129.0%
Dividends paid	108	118	120	-8.8%
Dividend per share	$0.90	$0.90	$0.90	0.0%
Diluted shares, weighted	119m	131m	133m	-9.0%
Shares outstanding at period end	114m	127m	132m	-10.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,682	2,916	3,206	-8.0%
Non-controlling interest	32.2	22.5	0.2	+43.2%
Redeemable equity	481	523	531	-7.9%
Debt	2,452	2,488	2,004	-1.5%
Other liabilities	256	437	339	-41.4%
Total liabilities and equity	5,903	6,386	6,080	-7.6%
Intangible assets	68.2	202	41.5	-66.2%
Cash and equivalents	241	264	226	-8.8%
Other assets	5,594	5,920	5,812	-5.5%
Total assets	5,903	6,386	6,080	-7.6%

10-K for the year ended 31 December 2022, filed 21 February 2023: the filing.