Kilroy Realty (KRC) Q4 FY2023 earnings: revenue $269 million, down 5.4% on the year

Kilroy Realty Corp. (KRC) reported revenue of $269 million for Q4 FY2023, the quarter ended 31 December 2023, down 5.4% on the same quarter a year earlier. Net income was $47 million, down 10.1% on the year, and diluted earnings per share $0.40. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.

Revenue$269 milliondown 5.4%

Net income$47 milliondown 10.1%

Diluted EPS$0.40

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	269	284	n/a	n/a
Interest expense	32.3	29.8	n/a	n/a
Net income	47.3	52.8	n/a	n/a
Net margin	17.6%	18.6%	n/a
Diluted EPS	$0.40	$0.45	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	110	209	n/a	n/a
Capital expenditure	28.5	23.7	n/a	n/a
Free cash flow	81.7	185	n/a	n/a
Free cash flow margin	30.4%	65.3%	n/a
Cash from investing	-140	-401	n/a	n/a
Cash from financing	-78.9	449	n/a	n/a
Depreciation and amortisation	80.8	85.2	n/a	n/a
Share-based compensation	8.5	12.3	n/a	n/a
Dividends paid	63.9	63.9	n/a	n/a
Dividend per share	n/a	$0.54	n/a	n/a
Diluted shares, weighted	118m	117m	n/a	n/a
Shares outstanding at period end	117m	117m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	5,428	5,434	n/a	n/a
Non-controlling interest	232	234	n/a	n/a
Debt	4,928	n/a	n/a	n/a
Other liabilities	813	5,804	n/a	n/a
Total liabilities and equity	11,401	11,471	n/a	n/a
Trading assets	285	279	n/a	n/a
Cash and equivalents	510	619	n/a	n/a
Receivables	13.6	11.4	n/a	n/a
Other assets	10,593	10,562	n/a	n/a
Total assets	11,401	11,471	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	284	269	279	281	290	286	271	290	280	272	270	272
Interest expense	29.8	32.3	38.9	36.8	36.4	33.2	31.1	30.8	32.2	32.1	38.5	41.6
Net income	52.8	47.3	49.9	49.2	52.4	59.5	39.0	68.4	156	12.4	-19.3	19.9
Net margin	19%	18%	18%	18%	18%	21%	14%	24%	56%	5%	-7%	7%
Diluted EPS	$0.45	$0.40	$0.42	$0.41	$0.44	$0.50	$0.33	$0.57	$1.31	$0.11	-$0.16	$0.17
Operating cash flow	209	110	168	88.7	176	108	137	144	177	109	151	78.2
Capital expenditure	23.7	28.5	16.0	19.2	29.2	35.9	21.3	25.3	27.9	41.5	29.9	38.4
Free cash flow	185	81.7	152	69.5	147	72.3	116	118	149	67.6	121	39.8
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	72.7	0.0
Dividends paid	63.9	63.9	63.9	64.0	64.0	64.4	64.4	64.5	64.5	64.5	64.5	63.4
Shares outstanding	117m	117m	117m	117m	118m	118m	118m	118m	118m	118m	116m	116m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 9 February 2024, accession 0001025996-24-000094: the filing on EDGAR. All of Kilroy Realty Corp.'s filings: EDGAR company page.

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