Safehold (SAFE) Q3 FY2023 earnings: revenue $86 million, up 19.3% on the year

Safehold Inc. (SAFE) reported revenue of $86 million for Q3 FY2023, the quarter ended 30 September 2023, up 19.3% on the same quarter a year earlier. Net income was -$123 million, and diluted earnings per share $-1.81. The figures are the company's own, from the 10-Q it filed with the SEC on 1 November 2023.

Revenue$86 millionup 19.3%

Net income-$123 million

Diluted EPS$-1.81

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	85.6	n/a	n/a	n/a
Cost of revenue	1.0	n/a	n/a	n/a
Gross profit	84.6	n/a	n/a	n/a
Gross margin	98.8%	n/a	n/a
Operating income	-130	n/a	n/a	n/a
Operating margin	-152.2%	n/a	n/a
Interest expense	46.6	n/a	n/a	n/a
Pre-tax income	-123	n/a	n/a	n/a
Income tax	0.1	n/a	n/a	n/a
Net income	-123	n/a	n/a	n/a
Net margin	-143.7%	n/a	n/a
Diluted EPS	-$1.81	n/a	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	1.8	n/a	n/a	n/a
Cash from investing	-94.1	n/a	n/a	n/a
Cash from financing	89.4	n/a	n/a	n/a
Depreciation and amortisation	2.5	n/a	n/a	n/a
Share-based compensation	7.5	n/a	n/a	n/a
Dividends paid	11.3	n/a	n/a	n/a
Dividend per share	$0.18	n/a	n/a	n/a
Diluted shares, weighted	68m	n/a	n/a	n/a
Shares outstanding at period end	71m	n/a	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	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	2,264	n/a	n/a	n/a
Non-controlling interest	35.1	n/a	n/a	n/a
Redeemable equity	19.0	n/a	n/a	n/a
Debt	3,938	n/a	n/a	n/a
Other liabilities	187	n/a	n/a	n/a
Total liabilities and equity	6,443	n/a	n/a	n/a
Fixed assets	1.1	n/a	n/a	n/a
Intangible assets	213	n/a	n/a	n/a
Cash and equivalents	11.5	n/a	n/a	n/a
Other assets	6,218	n/a	n/a	n/a
Total assets	6,443	n/a	n/a	n/a

Questions

What was Safehold's revenue in Q3 FY2023?

Safehold (SAFE) reported revenue of $86 million for Q3 FY2023, the quarter ended 30 September 2023, up 19.3% on the same quarter a year earlier.

How much did Safehold earn in Q3 FY2023?

Net loss for Q3 FY2023 was $123 million, and the diluted loss per share $1.81.

When did Safehold report Q3 FY2023 results?

Safehold filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 1 November 2023.

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	85.6	103	93.2	89.9	90.7	91.9	97.7	93.8	96.2	97.9	111	115
Cost of revenue	1.0	1.4	1.1	1.0	1.0	1.1	1.2	0.9	1.4	1.3	1.3	0.8
Gross profit	84.6	102	92.1	88.9	89.7	90.8	96.5	93.0	94.8	96.5	110	114
Gross margin	99%	99%	99%	99%	99%	99%	99%	99%	99%	99%	99%	99%
Operating income	-130	34.9	24.6	24.0	15.9	22.6	25.3	23.9	24.9	26.8	25.5	28.3
Operating margin	-152%	34%	26%	27%	18%	25%	26%	25%	26%	27%	23%	25%
Interest expense	46.6	47.5	48.6	49.1	50.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	-123	42.6	31.5	30.5	20.6	27.5	30.3	28.8	29.5	28.9	29.6	32.1
Tax rate	n/a	n/a	1%	3%	3%	5%	3%	3%	1%	3%	2%	4%
Net income	-123	41.2	30.7	29.7	19.3	26.0	29.4	27.9	29.3	27.9	28.9	30.2
Net margin	-144%	40%	33%	33%	21%	28%	30%	30%	30%	28%	26%	26%
Diluted EPS	-$1.81	$0.57	$0.43	$0.42	$0.27	$0.36	$0.41	$0.39	$0.41	$0.38	$0.40	$0.42
Operating cash flow	1.8	23.1	-3.1	24.8	8.3	7.9	8.9	28.0	-1.4	12.3	-8.6	34.6
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	3.2	12.8
Dividends paid	11.3	12.6	12.6	12.7	12.6	12.6	12.7	12.9	12.7	12.7	12.7	13.1
Shares outstanding	71m	71m	71m	71m	71m	71m	72m	72m	72m	72m	72m	71m
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-Q for the period ended 30 September 2023, filed 1 November 2023, accession 0001095651-23-000012: the filing on EDGAR. All of Safehold Inc.'s filings: EDGAR company page.

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