Starwood Property Trust (STWD) Q4 FY2023 earnings: revenue $522 million, up 14.9% on the year

Starwood Property Trust, Inc. (STWD) reported revenue of $522 million for Q4 FY2023, the quarter ended 31 December 2023, up 14.9% on the same quarter a year earlier. Net income was $71 million, down 49.3% on the year, and diluted earnings per share $0.22. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$522 millionup 14.9%

Net income$71 milliondown 49.3%

Diluted EPS$0.22

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	522	522	n/a	n/a
Operating income	12.4	1.9	n/a	n/a
Operating margin	2.4%	0.4%	n/a
Interest expense	369	368	n/a	n/a
Pre-tax income	103	40.0	n/a	n/a
Income tax	18.3	-11.4	n/a	n/a
Effective tax rate	17.8%	-28.5%	n/a
Net income	71.0	47.4	n/a	n/a
Net margin	13.6%	9.1%	n/a
Diluted EPS	$0.22	$0.15	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	11.9	356	n/a	n/a
Cash from investing	-88.1	391	n/a	n/a
Cash from financing	-43.4	-771	n/a	n/a
Depreciation and amortisation	12.1	12.3	n/a	n/a
Dividends paid	151	151	n/a	n/a
Dividend per share	$0.48	$0.48	n/a	n/a
Diluted shares, weighted	311m	311m	n/a	n/a
Shares outstanding at period end	313m	313m	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	6,251	6,321	n/a	n/a
Non-controlling interest	358	363	n/a	n/a
Redeemable equity	414	410	n/a	n/a
Debt	16,221	n/a	n/a	n/a
Other liabilities	46,261	63,200	n/a	n/a
Total liabilities and equity	69,504	70,294	n/a	n/a
Goodwill	260	260	n/a	n/a
Intangible assets	65.0	66.0	n/a	n/a
Securities held for sale or to maturity	722	707	n/a	n/a
Cash and equivalents	195	195	n/a	n/a
Other assets	68,263	69,066	n/a	n/a
Total assets	69,504	70,294	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	522	522	523	490	480	454	418	444	489	493	512	514
Operating income	1.9	12.4	13.8	-1.4	-23.0	-24.6	34.0	13.8	-0.6	10.5	32.2	-11.1
Operating margin	0%	2%	3%	-0%	-5%	-5%	8%	3%	-0%	2%	6%	-2%
Interest expense	368	369	356	344	338	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	40.0	103	161	93.6	82.6	68.7	120	135	93.3	131	53.5	21.2
Tax rate	-29%	18%	1%	17%	13%	-3%	3%	0%	14%	14%	-7%	29%
Net income	47.4	71.0	154	77.9	76.1	51.6	112	130	72.6	96.9	51.9	6.6
Net margin	9%	14%	30%	16%	16%	11%	27%	29%	15%	20%	10%	1%
Diluted EPS	$0.15	$0.22	$0.48	$0.24	$0.23	$0.15	$0.33	$0.38	$0.19	$0.25	$0.13	$0.01
Operating cash flow	356	11.9	55.9	53.3	242	296	239	-87.4	338	489	93.6	171
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	19.9	10.0
Dividends paid	151	151	152	153	152	163	162	164	165	178	178	179
Shares outstanding	313m	313m	316m	317m	337m	337m	339m	342m	370m	371m	371m	371m
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 22 February 2024, accession 0001628280-24-006128: the filing on EDGAR. All of Starwood Property Trust, Inc.'s filings: EDGAR company page.

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