Vornado Realty Trust (VNO) Q4 FY2023 earnings: revenue $442 million, down 1.1% on the year

Vornado Realty Trust (VNO) reported revenue of $442 million for Q4 FY2023, the quarter ended 31 December 2023, down 1.1% on the same quarter a year earlier. Net income was -$45 million, and diluted earnings per share $-0.32. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2024.

Revenue$442 milliondown 1.1%

Net income-$45 million

Diluted EPS$-0.32

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	442	451	n/a	n/a
Operating income	n/a	68.6	n/a	n/a
Operating margin	n/a	15.2%	n/a
Pre-tax income	-92.2	71.3	n/a	n/a
Income tax	8.4	11.7	n/a	n/a
Effective tax rate	n/a	16.4%	n/a
Net income	-45.5	68.4	n/a	n/a
Net margin	-10.3%	15.2%	n/a
Diluted EPS	-$0.32	$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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	211	62.1	n/a	n/a
Capital expenditure	0.0	0.0	n/a	n/a
Free cash flow	211	62.1	n/a	n/a
Free cash flow margin	47.8%	13.8%	n/a
Cash from investing	-195	-86.6	n/a	n/a
Cash from financing	-17.6	-25.2	n/a	n/a
Depreciation and amortisation	116	110	n/a	n/a
Share-based compensation	10.0	9.7	n/a	n/a
Buybacks	n/a	5.9	n/a	n/a
Dividends paid	57.1	0.0	n/a	n/a
Dividend per share	n/a	$0.00	n/a	n/a
Diluted shares, weighted	n/a	193m	n/a	n/a
Shares outstanding at period end	190m	190m	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	5,509	5,811	n/a	n/a
Non-controlling interest	196	258	n/a	n/a
Redeemable equity	638	474	n/a	n/a
Debt	8,251	2,563	n/a	n/a
Other liabilities	1,592	7,347	n/a	n/a
Total liabilities and equity	16,188	16,453	n/a	n/a
Intangible assets	127	130	n/a	n/a
Investments	0.0	0.0	n/a	n/a
Cash and equivalents	997	1,000	n/a	n/a
Other assets	15,064	15,322	n/a	n/a
Total assets	16,188	16,453	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	451	442	436	450	443	458	462	441	454	454	459	462
Operating income	68.6	n/a	n/a	67.9	n/a	n/a	83.1	62.7	47.0	n/a	n/a	25.6
Operating margin	15%	n/a	n/a	15%	n/a	n/a	18%	14%	10%	n/a	n/a	6%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	87.9	n/a	n/a	n/a	89.6
Pre-tax income	71.3	-92.2	0.5	45.4	-14.6	11.6	107	817	13.7	12.7	-16.1	42.8
Tax rate	16%	n/a	1443%	12%	n/a	50%	7%	1%	-41%	61%	n/a	8%
Net income	68.4	-45.5	6.5	50.8	-3.6	16.7	102	759	27.1	16.1	-7.3	32.0
Net margin	15%	-10%	1%	11%	-1%	4%	22%	172%	6%	4%	-2%	7%
Diluted EPS	$0.28	-$0.32	-$0.05	$0.18	-$0.10	$0.01	$0.43	$3.70	$0.06	$0.00	-$0.12	$0.08
Operating cash flow	62.1	211	31.5	195	105	206	52.0	1,027	33.2	146	47.7	164
Capital expenditure	0.0	0.0	0.0	0.0	0.0	0.0	0.0	22.8	222	51.4	172	0.0
Free cash flow	62.1	211	31.5	195	105	206	52.0	1,004	-189	94.8	-124	164
Buybacks	5.9	n/a	n/a	n/a	0.0	n/a	0.0	0.0	n/a	n/a	79.9	53.5
Dividends paid	0.0	57.1	0.0	0.0	0.0	141	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	190m	190m	190m	191m	191m	191m	192m	192m	192m	191m	188m	187m
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 12 February 2024, accession 0000899689-24-000005: the filing on EDGAR. All of Vornado Realty Trust's filings: EDGAR company page.

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