JBG Smith Properties (JBGS) FY2023 results: revenue $604 million, down 0.3% on the year

JBG Smith Properties (JBGS) reported revenue of $604 million for fiscal 2023, the year ended 31 December 2023, down 0.3% on the year before. Net income was -$80 million, and diluted earnings per share $-0.78. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue

$604 million

-0.3% on the year

FY2016FY2023

Operating margin

6.5%

2.7% a year earlier

FY2016FY2023

Net income

-$80 million

FY2016FY2023

Diluted EPS

-$0.78

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	604	606	634	-0.3%
Operating income	39.2	16.2	-11.1	+142.5%
Operating margin	6.5%	2.7%	-1.8%
Interest expense	109	75.9	68.0	+43.1%
Pre-tax income	-92.0	100	-86.2
Income tax	-0.3	1.3	3.5
Effective tax rate	n/a	1.3%	n/a
Net income	-80.0	85.4	-79.3
Net margin	-13.2%	14.1%	-12.5%
Diluted EPS	-$0.78	$0.70	-$0.63

$ 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	183	178	218	+3.0%
Cash from investing	-98.2	524	-369
Cash from financing	-159	-730	190
Depreciation and amortisation	216	218	240	-1.0%
Share-based compensation	32.1	41.3	51.6	-22.2%
Buybacks	335	361	158	-7.1%
Dividends paid	94.0	108	118	-12.7%
Dividend per share	$0.68	$0.90	$0.90	-25.0%
Diluted shares, weighted	105m	119m	131m	-11.7%
Shares outstanding at period end	94m	114m	127m	-17.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,223	2,682	2,916	-17.1%
Non-controlling interest	29.0	32.2	22.5	-10.1%
Redeemable equity	441	481	523	-8.4%
Debt	2,580	2,452	2,488	+5.2%
Other liabilities	246	256	437	-4.1%
Total liabilities and equity	5,519	5,903	6,386	-6.5%
Intangible assets	56.6	68.2	202	-17.0%
Cash and equivalents	165	241	264	-31.7%
Other assets	5,297	5,594	5,920	-5.3%
Total assets	5,519	5,903	6,386	-6.5%

10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.