Comstock Holding Companies (CHCI) Q4 2023 earnings summary

Executive summary

• FY23 revenue rose 14% YoY to $44.7M, including 13% growth in recurring fee-based revenue; operating income increased 15% to $9.2M and Adjusted EBITDA rose 16% to $10.4M.

• FY23 net income was $7.8M, flat YoY; cash flow from operations totaled $9.0M.

• Q4 marked the 14th consecutive period of higher comparative quarterly revenue.

Financial highlights

• Q4 revenue increased 18% YoY to $11.0M; operating income rose 22% to $1.9M and net income increased 43% to $1.9M.

• Q4 Adjusted EBITDA increased 17% YoY to $2.2M; FY23 Adjusted EBITDA was $10.4M versus $9.0M in FY22.

• FY23 net income from continuing operations was $7.8M versus $7.7M in FY22.

Outlook and guidance

• Additional world-class properties are slated for delivery in the next 12–24 months, supporting stated visibility to near-term growth.

• Development pipeline continues to expand, positioning the business for sustainable long-term growth.