Kinetik Holdings (KNTK) FY2023 results: revenue $1.3 billion, up 3.5% on the year

Kinetik Holdings Inc. (KNTK) reported revenue of $1.3 billion for fiscal 2023, the year ended 31 December 2023, up 3.5% on the year before. Net income was $289 million, up 610.5%, and diluted earnings per share $2.52. The figures are the company's own, from the 10-K it filed with the SEC on 5 March 2024.

Revenue

$1.3 billion

+3.5% on the year

FY2017FY2023

Operating margin

12.7%

12.4% a year earlier

FY2017FY2023

Net income

$289 million

+610.5% on the year

FY2017FY2023

Diluted EPS

$2.52

+70.3% on the year

FY2017FY2023

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	1,256	1,213	662	+3.5%
Cost of revenue	516	542	234	-4.8%
Gross profit	741	672	428	+10.2%
Gross margin	59.0%	55.4%	64.7%
Operating income	159	150	53.5	+5.8%
Operating margin	12.7%	12.4%	8.1%
Interest expense	218	142	105	+53.0%
Pre-tax income	154	253	3.3	-39.4%
Income tax	-233	2.6	1.9
Effective tax rate	-151.7%	1.0%	55.7%
Net income	289	40.7	0.0	+610.5%
Net margin	23.0%	3.4%	0.0%
Diluted EPS	$2.52	$1.48	-$3.86	+70.3%

$ 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	584	613	236	-4.7%
Capital expenditure	313	206	78.0	+51.8%
Free cash flow	272	407	158	-33.2%
Free cash flow margin	21.6%	33.5%	23.8%
Cash from investing	-686	-286	-99.6
Cash from financing	100.0	-339	-137
Depreciation and amortisation	281	260	244	+7.9%
Share-based compensation	56.0	42.8	0.0	+30.9%
Buybacks	5.8	0.0	0.0
Dividends paid	81.4	39.3	0.0	+107.0%
Dividend per share	n/a	n/a	$1.50
Diluted shares, weighted	146m	41m	16m	+253.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	-531	-840	0.0
Redeemable equity	n/a	n/a	770
Short-term borrowings	0.0	n/a	n/a
Debt	3,594	3,395	2,346	+5.9%
Operating lease liabilities	9.3	6.0	29.9	+55.2%
Other liabilities	3,424	3,358	407	+2.0%
Total liabilities and equity	6,497	5,920	3,553	+9.7%
Fixed assets	2,743	2,535	1,839	+8.2%
Goodwill	5.1	5.1	0.0	0.0%
Intangible assets	592	695	786	-14.9%
Cash and equivalents	4.5	6.4	18.7	-29.5%
Receivables	216	204	178	+5.7%
Inventory	3.1	4.8	2.1	-35.4%
Other assets	2,934	2,469	729	+18.8%
Total assets	6,497	5,920	3,553	+9.7%

10-K for the year ended 31 December 2023, filed 5 March 2024: the filing.