Safety Insurance Group (SAFT) Q4 FY2023 earnings: revenue $258 million, up 14.0% on the year

Safety Insurance Group Inc. (SAFT) reported revenue of $258 million for Q4 FY2023, the quarter ended 31 December 2023, up 14.0% on the same quarter a year earlier. Net income was $12 million, down 50.2% on the year, and diluted earnings per share $0.83. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue$258 millionup 14.0%

Net income$12 milliondown 50.2%

Diluted EPS$0.83

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	258	229	n/a	n/a
Operating income	15.8	2.5	n/a	n/a
Operating margin	6.1%	1.1%	n/a
Interest expense	0.1	0.1	n/a	n/a
Pre-tax income	15.8	2.5	n/a	n/a
Income tax	3.5	0.5	n/a	n/a
Effective tax rate	22.3%	21.3%	n/a
Net income	12.3	1.9	n/a	n/a
Net margin	4.7%	0.8%	n/a
Diluted EPS	$0.83	$0.13	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	35.1	30.5	n/a	n/a
Capital expenditure	0.4	0.8	n/a	n/a
Free cash flow	34.7	29.7	n/a	n/a
Free cash flow margin	13.4%	12.9%	n/a
Cash from investing	-14.6	-6.8	n/a	n/a
Cash from financing	-13.2	-18.2	n/a	n/a
Depreciation and amortisation	1.8	1.8	n/a	n/a
Share-based compensation	1.1	0.8	n/a	n/a
Dividends paid	13.2	13.2	n/a	n/a
Dividend per share	n/a	$0.90	n/a	n/a
Diluted shares, weighted	15m	15m	n/a	n/a
Shares outstanding at period end	15m	15m	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	804	770	n/a	n/a
Debt	30.0	n/a	n/a	n/a
Other liabilities	1,260	1,282	n/a	n/a
Total liabilities and equity	2,094	2,052	n/a	n/a
Fixed assets	11.7	n/a	n/a	n/a
Goodwill	17.1	17.1	n/a	n/a
Intangible assets	7.6	7.2	n/a	n/a
Investments	0.0	0.0	n/a	n/a
Cash and equivalents	38.2	30.9	n/a	n/a
Other assets	2,019	1,997	n/a	n/a
Total assets	2,094	2,052	n/a	n/a

Questions

What was Safety Insurance Group's revenue in Q4 FY2023?

Safety Insurance Group (SAFT) reported revenue of $258 million for Q4 FY2023, the quarter ended 31 December 2023, up 14.0% on the same quarter a year earlier.

How much did Safety Insurance Group earn in Q4 FY2023?

Net income for Q4 FY2023 was $12 million, down 50.2% on the year, and diluted earnings per share $0.83.

When did Safety Insurance Group report Q4 FY2023 results?

Safety Insurance Group filed its 10-K for the year that ended with the quarter on 28 February 2024; the fourth quarter is the year less the first three.

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	229	258	268	270	295	287	301	316	327	319	315	326
Operating income	2.5	15.8	25.6	21.2	32.9	10.1	28.2	36.8	36.2	25.4	-17.9	43.8
Operating margin	1%	6%	10%	8%	11%	4%	9%	12%	11%	8%	-6%	13%
Interest expense	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.4	0.4	0.6	0.6	0.8
Pre-tax income	2.5	15.8	25.6	21.2	32.9	10.1	28.2	36.8	36.2	25.4	-17.9	43.8
Tax rate	21%	22%	22%	22%	21%	20%	22%	21%	22%	21%	n/a	21%
Net income	1.9	12.3	20.1	16.6	25.9	8.1	21.9	28.9	28.3	20.1	-14.3	34.5
Net margin	1%	5%	7%	6%	9%	3%	7%	9%	9%	6%	-5%	11%
Diluted EPS	$0.13	$0.83	$1.36	$1.13	$1.73	$0.55	$1.48	$1.95	$1.91	$1.36	-$0.99	$2.36
Operating cash flow	30.5	35.1	-21.1	25.6	73.8	50.4	3.2	32.3	85.5	73.5	-17.0	38.3
Capital expenditure	0.8	0.4	3.1	0.5	0.6	0.2	0.3	0.1	0.0	2.1	1.8	0.6
Free cash flow	29.7	34.7	-24.2	25.0	73.2	50.3	2.8	32.3	85.5	71.4	-18.9	37.7
Dividends paid	13.2	13.2	13.6	13.2	13.2	13.2	13.6	13.3	13.6	13.5	13.6	13.4
Shares outstanding	15m	15m	15m	15m	15m	15m	15m	15m	15m	15m	15m	15m
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. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. 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 28 February 2024, accession 0001172052-24-000008: the filing on EDGAR. All of Safety Insurance Group Inc.'s filings: EDGAR company page.

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