UL Solutions (ULS) Q1 FY2024 earnings: revenue $670 million, up 6.5% on the year

UL Solutions Inc. (ULS) reported revenue of $670 million for Q1 FY2024, the quarter ended 31 March 2024, up 6.5% on the same quarter a year earlier. Net income was $56 million, up 1.8% on the year, and diluted earnings per share $0.28. The figures are the company's own, from the 10-Q it filed with the SEC on 20 May 2024.

Revenue$670 millionup 6.5%

Net income$56 millionup 1.8%

Diluted EPS$0.28

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	670	684	n/a	n/a
Cost of revenue	351	367	n/a	n/a
Gross profit	319	317	n/a	n/a
Gross margin	47.6%	46.3%	n/a
Selling, general and administrative	228	230	n/a	n/a
Operating income	91.0	87.0	n/a	n/a
Operating margin	13.6%	12.7%	n/a
Interest expense	15.0	12.0	n/a	n/a
Pre-tax income	73.0	79.0	n/a	n/a
Income tax	13.0	17.0	n/a	n/a
Effective tax rate	17.8%	21.5%	n/a
Net income	56.0	58.0	n/a	n/a
Net margin	8.4%	8.5%	n/a
Diluted EPS	$0.28	$0.28	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	141	126	n/a	n/a
Capital expenditure	57.0	59.0	n/a	n/a
Free cash flow	84.0	67.0	n/a	n/a
Free cash flow margin	12.5%	9.8%	n/a
Cash from investing	-57.0	-57.0	n/a	n/a
Cash from financing	-49.0	-219	n/a	n/a
Depreciation and amortisation	41.0	43.0	n/a	n/a
Share-based compensation	0.0	n/a	n/a	n/a
Dividends paid	25.0	620	n/a	n/a
Dividend per share	$0.13	n/a	n/a	n/a
Diluted shares, weighted	200m	200m	n/a	n/a
Shares outstanding at period end	200m	200m	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	671	654	n/a	n/a
Non-controlling interest	12.0	24.0	n/a	n/a
Debt	879	904	n/a	n/a
Operating lease liabilities	116	120	n/a	n/a
Other liabilities	1,141	1,034	n/a	n/a
Total liabilities and equity	2,819	2,736	n/a	n/a
Fixed assets	n/a	555	n/a	n/a
Goodwill	618	623	n/a	n/a
Intangible assets	66.0	72.0	n/a	n/a
Cash and equivalents	344	315	n/a	n/a
Receivables	429	362	n/a	n/a
Other assets	1,362	809	n/a	n/a
Total assets	2,819	2,736	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	676	684	670	730	731	739	705	776	783	789	758	816
Cost of revenue	344	367	351	364	373	389	365	394	389	397	377	399
Gross profit	332	317	319	366	358	350	340	382	394	392	381	417
Gross margin	49%	46%	48%	50%	49%	47%	48%	49%	50%	50%	50%	51%
SG&A	206	230	228	240	228	235	232	244	238	239	243	267
Operating income	89.0	87.0	91.0	126	130	115	109	139	156	118	138	150
Operating margin	13%	13%	14%	17%	18%	16%	15%	18%	20%	15%	18%	18%
Interest expense	7.0	12.0	15.0	13.0	14.0	13.0	12.0	10.0	10.0	9.0	8.0	5.0
Pre-tax income	75.0	79.0	73.0	134	116	92.0	94.0	125	146	105	129	338
Tax rate	24%	22%	18%	21%	19%	8%	24%	22%	27%	32%	25%	25%
Net income	53.0	58.0	56.0	101	88.0	81.0	67.0	91.0	100	67.0	92.0	246
Net margin	8%	8%	8%	14%	12%	11%	10%	12%	13%	8%	12%	30%
Diluted EPS	$0.27	$0.28	$0.28	$0.50	$0.44	$0.40	$0.33	$0.45	$0.49	$0.32	$0.45	$1.21
Operating cash flow	121	126	141	103	150	130	154	147	155	144	219	160
Capital expenditure	43.0	59.0	57.0	56.0	66.0	58.0	51.0	42.0	46.0	58.0	69.0	69.0
Free cash flow	78.0	67.0	84.0	47.0	84.0	72.0	103	105	109	86.0	150	91.0
Dividends paid	20.0	620	25.0	25.0	25.0	25.0	26.0	26.0	26.0	26.0	29.0	29.0
Shares outstanding	n/a	200m	200m	200m	200m	200m	n/a	n/a	n/a	201m	n/a	n/a
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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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 31 March 2024, filed 20 May 2024, accession 0001628280-24-024348: the filing on EDGAR. All of UL Solutions Inc.'s filings: EDGAR company page.

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