Omega Healthcare Investors (OHI) Q4 FY2023 earnings: revenue $239 million, up 65.2% on the year

Omega Healthcare Investors Inc. (OHI) reported revenue of $239 million for Q4 FY2023, the quarter ended 31 December 2023, up 65.2% on the same quarter a year earlier. Net income was $55 million, up 20.7% on the year, and diluted earnings per share $0.23. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2024.

Revenue$239 millionup 65.2%

Net income$55 millionup 20.7%

Diluted EPS$0.23

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	239	242	n/a	n/a
Operating income	41.5	47.5	n/a	n/a
Operating margin	17.3%	19.6%	n/a
Interest expense	59.4	58.8	n/a	n/a
Pre-tax income	61.2	97.0	n/a	n/a
Income tax	4.2	1.8	n/a	n/a
Effective tax rate	6.8%	1.8%	n/a
Net income	55.0	91.4	n/a	n/a
Net margin	23.0%	37.8%	n/a
Diluted EPS	$0.23	$0.37	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	165	171	n/a	n/a
Capital expenditure	14.7	10.1	n/a	n/a
Free cash flow	150	161	n/a	n/a
Free cash flow margin	62.8%	66.5%	n/a
Cash from investing	111	72.6	n/a	n/a
Cash from financing	-390	-41.8	n/a	n/a
Depreciation and amortisation	75.7	80.8	n/a	n/a
Share-based compensation	8.8	8.8	n/a	n/a
Dividends paid	165	164	n/a	n/a
Dividend per share	$0.67	$0.67	n/a	n/a
Diluted shares, weighted	250m	256m	n/a	n/a
Shares outstanding at period end	245m	245m	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	3,575	3,669	n/a	n/a
Non-controlling interest	188	188	n/a	n/a
Debt	5,067	5,291	n/a	n/a
Other liabilities	288	277	n/a	n/a
Total liabilities and equity	9,117	9,425	n/a	n/a
Goodwill	644	643	n/a	n/a
Intangible assets	0.7	0.7	n/a	n/a
Loans	1,212	1,121	n/a	n/a
Cash and equivalents	443	555	n/a	n/a
Other assets	6,818	7,105	n/a	n/a
Total assets	9,117	9,425	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	242	239	243	253	276	279	277	283	312	319	323	328
Operating income	47.5	41.5	69.2	103	113	118	101	281	146	144	156	331
Operating margin	20%	17%	28%	41%	41%	42%	37%	100%	47%	45%	48%	101%
Interest expense	58.8	59.4	57.8	54.0	54.7	55.2	52.3	52.9	58.1	51.7	49.8	48.1
Pre-tax income	97.0	61.2	71.8	119	111	127	115	147	191	171	160	380
Tax rate	2%	7%	4%	2%	3%	2%	3%	3%	2%	1%	3%	1%
Net income	91.4	55.0	67.4	114	112	113	109	137	180	165	151	363
Net margin	38%	23%	28%	45%	40%	41%	39%	48%	58%	52%	47%	111%
Diluted EPS	$0.37	$0.23	$0.27	$0.45	$0.42	$0.41	$0.33	$0.46	$0.59	$0.56	$0.47	$1.19
Operating cash flow	171	165	151	184	185	229	182	239	227	231	216	218
Capital expenditure	10.1	14.7	6.9	7.1	8.3	15.5	20.2	12.8	21.2	26.7	8.8	17.9
Free cash flow	161	150	145	177	177	213	162	226	205	204	207	200
Dividends paid	164	165	165	166	173	181	189	195	198	198	198	200
Shares outstanding	245m	245m	246m	254m	268m	279m	286m	293m	296m	296m	298m	299m
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. 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 12 February 2024, accession 0000888491-24-000007: the filing on EDGAR. All of Omega Healthcare Investors Inc.'s filings: EDGAR company page.

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