Resideo Technologies (REZI) FY2023 results: revenue $6.2 billion, down 2.0% on the year

Resideo Technologies, Inc. (REZI) reported revenue of $6.2 billion for fiscal 2023, the year ended 31 December 2023, down 2.0% on the year before. Net income was $210 million, down 25.8%, and diluted earnings per share $1.42. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue

$6.2 billion

-2.0% on the year

FY2016FY2023

Operating margin

8.8%

9.6% a year earlier

FY2016FY2023

Net income

$210 million

-25.8% on the year

FY2016FY2023

Diluted EPS

$1.42

-25.3% 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	6,242	6,370	5,846	-2.0%
Cost of revenue	4,546	4,604	4,262	-1.3%
Gross profit	1,696	1,766	1,584	-4.0%
Gross margin	27.2%	27.7%	27.1%
Research and development	109	111	86.0	-1.8%
Selling, general and administrative	960	974	909	-1.4%
Operating income	547	611	559	-10.5%
Operating margin	8.8%	9.6%	9.6%
Interest expense	65.0	54.0	48.0	+20.4%
Pre-tax income	313	418	353	-25.1%
Income tax	103	135	111	-23.7%
Effective tax rate	32.9%	32.3%	31.4%
Net income	210	283	242	-25.8%
Net margin	3.4%	4.4%	4.1%
Diluted EPS	$1.42	$1.90	$1.63	-25.3%

$ 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	440	152	315	+189.5%
Capital expenditure	105	85.0	63.0	+23.5%
Free cash flow	335	67.0	252	+400.0%
Free cash flow margin	5.4%	1.1%	4.3%
Cash from investing	-44.0	-764	-65.0
Cash from financing	-64.0	170	20.0
Depreciation and amortisation	98.0	94.0	88.0	+4.3%
Share-based compensation	44.0	50.0	39.0	-12.0%
Buybacks	41.0	0.0	0.0
Diluted shares, weighted	148m	149m	148m	-0.7%
Shares outstanding at period end	145m	146m	145m	-0.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,749	2,529	2,252	+8.7%
Debt	1,419	1,431	1,243	-0.8%
Operating lease liabilities	166	166	120	0.0%
Other liabilities	2,311	2,261	2,238	+2.2%
Total liabilities and equity	6,645	6,387	5,853	+4.0%
Fixed assets	390	366	287	+6.6%
Goodwill	2,705	2,724	2,661	-0.7%
Intangible assets	461	475	120	-2.9%
Cash and equivalents	636	326	775	+95.1%
Receivables	973	1,002	876	-2.9%
Inventory	941	975	740	-3.5%
Other assets	539	519	394	+3.9%
Total assets	6,645	6,387	5,853	+4.0%

10-K for the year ended 31 December 2023, filed 14 February 2024: the filing.