National Health Investors (NHI) FY2023 results: revenue $320 million, up 15.0% on the year

National Health Investors Inc. (NHI) reported revenue of $320 million for fiscal 2023, the year ended 31 December 2023, up 15.0% on the year before. Net income was $136 million, up 104.3%, and diluted earnings per share $3.13. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.

Revenue

$320 million

+15.0% on the year

FY2016FY2023

Operating margin

n/a

FY2016FY2023

Net income

$136 million

+104.3% on the year

FY2016FY2023

Diluted EPS

$3.13

+111.5% 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	320	278	299	+15.0%
Interest expense	58.2	44.9	50.8	+29.5%
Net income	136	66.4	112	+104.3%
Net margin	42.4%	23.9%	37.4%
Diluted EPS	$3.13	$1.48	$2.44	+111.5%

$ 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	184	185	211	-0.5%
Capital expenditure	49.6	11.0	50.3	+350.8%
Free cash flow	135	174	161	-22.6%
Free cash flow margin	42.2%	62.7%	53.7%
Cash from investing	-11.6	198	185
Cash from financing	-170	-401	-403
Depreciation and amortisation	70.0	n/a	n/a
Share-based compensation	4.6	8.6	5.1	-46.5%
Buybacks	0.0	152	0.0
Dividends paid	156	162	183	-3.4%
Dividend per share	$3.60	$3.60	$3.80	0.0%
Diluted shares, weighted	43m	45m	46m	-3.1%
Shares outstanding at period end	43m	43m	46m	+0.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,254	1,270	1,507	-1.3%
Non-controlling interest	10.4	9.9	9.9	+5.9%
Redeemable equity	9.7	9.8	0.0	-1.7%
Debt	1,135	1,148	1,243	-1.1%
Other liabilities	79.4	70.0	79.0	+13.4%
Total liabilities and equity	2,488	2,507	2,839	-0.8%
Fixed assets	2,107	2,118	2,318	-0.5%
Loans	245	233	300	+5.2%
Cash and equivalents	22.3	19.3	37.4	+15.8%
Receivables	n/a	3.6	3.2
Other assets	114	133	180	-14.6%
Total assets	2,488	2,507	2,839	-0.8%

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