IHS (US:IHS)2024-03-12 10:37Financial Performance - Revenue for Q4 2023 was $509.8 million, a decrease of 3.1% year-on-year, but an organic increase of 48.4%[4] - The company reported a loss of $456.8 million for Q4 2023, compared to a loss of $268.9 million in Q4 2022, marking a 69.9% increase in loss[4] - Total revenue for the twelve months ended December 31, 2023, was $2,125.5 million, an increase of $164.2 million or 8.4% from 2022, with organic revenue growth of $723.1 million or 36.9%[27] - The loss for the twelve months ended December 31, 2023, was $1,988.2 million, significantly impacted by $1,555.4 million in unrealized FX losses due to the devaluation of the NGN[29] - The Company reported a total comprehensive loss of $1,017,370,000 for the twelve months ended December 31, 2023[70] - The Company experienced a net loss of $1,988,178,000 for the twelve months ended December 31, 2023, compared to a loss of $468,966,000 in 2022[70] Cash Flow and Capital Expenditure - Cash from operations for Q4 2023 was $162.1 million, down 44.0% from $289.3 million in Q4 2022[17] - Adjusted Levered Free Cash Flow (ALFCF) for Q4 2023 was $118.2 million, a 22.0% increase from $96.9 million in Q4 2022[17] - Cash from operations for the twelve months ended December 31, 2023, was $902,923,000, down from $966,874,000 in 2022, a decrease of about 6.6%[73] - Net cash used in investing activities for the twelve months ended December 31, 2023, was $722,249,000, compared to $1,517,288,000 in 2022, showing a reduction of approximately 52.4%[73] - Capital expenditure for Q4 2023 was $130.6 million, down from $195.6 million in Q4 2022, primarily due to lower spending in Nigeria and SSA segments[31] - Total Capex for 2023 was $586.0 million, with a guidance for 2024 Capex set between $330 million and $370 million[4] Segment Performance - Revenue from the Nigeria segment decreased by 9.7% to $320.7 million in Q4 2023, primarily due to negative FX movements[19] - SSA segment Adjusted EBITDA for Q4 2023 was $62.4 million, a decrease of $4.2 million or 6.3% from Q4 2022, primarily due to a $9.0 million increase in cost of sales[22] - Latam segment revenue increased by $10.4 million or 23.8% to $54.3 million in Q4 2023, with organic revenue growth of $7.3 million or 16.6% driven by fiber and new sites[23] - Latam segment Adjusted EBITDA for Q4 2023 was $41.1 million, an increase of $9.7 million or 30.8% compared to Q4 2022, reflecting the revenue increase[24] - MENA segment revenue rose by $1.3 million or 13.3% to $10.8 million in Q4 2023, with organic revenue growth of $0.6 million or 6.4%[25] - MENA segment Adjusted EBITDA for Q4 2023 was $7.9 million, up $3.5 million or 79.7% from Q4 2022, driven by revenue growth and a $2.0 million decrease in cost of sales[26] Guidance and Future Outlook - The company expects 2024 revenue guidance of $1,700 million to $1,730 million, with Adjusted EBITDA guidance of $935 million to $955 million[4] - Full year 2024 revenue guidance is projected to be between $1,700 million and $1,730 million, with adjusted EBITDA expected between $935 million and $955 million[59] - The Company aims to construct approximately 850 build-to-suit sites, with around 600 sites located in Brazil[61] - The net leverage ratio target is set between 3.0x and 4.0x[61] Shareholder Actions - The company authorized a stock repurchase program for up to $50.0 million of ordinary shares, effective from August 15, 2023, through August 15, 2025[55] - The Company repurchased a total of 1,878,657 shares for $10.0 million during the twelve months ended December 31, 2023, with an average price of $5.04 per share in Q3 2023 and $5.61 per share in Q4 2023[56] - The company repurchased and canceled shares through a buyback program totaling $10,037,000 in 2023[72] Asset and Liability Changes - Total assets decreased from $6,320,733,000 in 2022 to $5,364,710,000 in 2023, a decline of approximately 15.1%[71] - Non-current assets fell from $5,067,798,000 in 2022 to $4,392,103,000 in 2023, representing a decrease of about 13.3%[71] - Current liabilities decreased from $1,266,387,000 in 2022 to $1,221,956,000 in 2023, a reduction of approximately 3.5%[71] - Total equity attributable to owners of the Company decreased from $1,133,030,000 in 2022 to $109,848,000 in 2023, a decline of about 90.3%[72] - Cash and cash equivalents at the end of the year were $293,823,000 in 2023, down from $514,078,000 in 2022, a decrease of approximately 42.8%[74]