Safehold (SAFE) FY2023 results: revenue $353 million, up 30.4% on the year

Safehold Inc. (SAFE) reported revenue of $353 million for fiscal 2023, the year ended 31 December 2023, up 30.4% on the year before. Net income was -$55 million, and diluted earnings per share $-0.82. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2024.

Revenue

$353 million

+30.4% on the year

FY2016FY2023

Operating margin

-21.9%

50.2% a year earlier

FY2016FY2023

Net income

-$55 million

FY2016FY2023

Diluted EPS

-$0.82

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	353	270	187	+30.4%
Cost of revenue	4.7	3.1	2.7	+49.6%
Gross profit	348	267	184	+30.2%
Gross margin	98.7%	98.8%	98.6%
Operating income	-77.1	136	65.5
Operating margin	-21.9%	50.2%	35.0%
Interest expense	181	129	79.7	+40.4%
Pre-tax income	-52.8	145	73.4
Income tax	1.7	0.6	-0.1	+203.2%
Effective tax rate	n/a	0.4%	-0.2%
Net income	-55.0	135	73.1
Net margin	-15.6%	50.1%	39.1%
Diluted EPS	-$0.82	$2.17	$1.32

$ 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	15.4	64.9	26.9	-76.3%
Capital expenditure	n/a	1.2	6.8
Free cash flow	n/a	63.7	20.2
Free cash flow margin	n/a	23.6%	10.8%
Cash from investing	-577	-1,146	-1,288
Cash from financing	560	1,091	1,203	-48.7%
Depreciation and amortisation	9.9	5.5	59.3	+81.6%
Share-based compensation	23.2	1.5	1.8	+1,402.6%
Buybacks	n/a	n/a	123
Dividends paid	46.0	30.2	34.8	+52.3%
Dividend per share	$0.71	$0.38	$0.48	+88.8%
Diluted shares, weighted	67m	62m	55m	+6.9%
Shares outstanding at period end	71m	87m	69m	-18.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,231	2,142	851	+4.2%
Non-controlling interest	45.4	4.1	212	+1,019.6%
Redeemable equity	19.0	19.0	n/a	0.0%
Debt	4,054	3,521	2,572	+15.1%
Other liabilities	198	165	1,205	+20.2%
Total liabilities and equity	6,548	5,851	4,841	+11.9%
Fixed assets	1.0	n/a	n/a
Intangible assets	211	218	1.2	-3.1%
Cash and equivalents	18.8	20.1	29.6	-6.5%
Other assets	6,317	5,613	4,810	+12.5%
Total assets	6,548	5,851	4,841	+11.9%

10-K for the year ended 31 December 2023, filed 13 February 2024: the filing.