NYSE$KW

Kennedy-Wilson Holdings Inc · Q3 2022 earnings

Q3 2022 earnings · · Investor relations

Briefing

Kennedy Wilson reported strong Q3 2022 results driven by multifamily portfolio and investment management business expansion.

Kennedy Wilson reported Q3 2022 results demonstrating business strength, led by strong demand for its high-quality multifamily portfolio and expansion of its investment management business. Adjusted EBITDA was $166 million, driven by higher recurring NOI and fees, offset by decreases in fair value. Estimated annual NOI totaled $473 million, a 15% increase from Q3 2021.

  • Adjusted EBITDA of $166 million (vs. $203 million in Q3-21) driven by higher levels of recurring NOI and fees offset by decreases in fair value.
  • KW's share of recurring property NOI, loan income and fees totaled $130 million in Q3-22, an increase of $18 million from Q3-21.
  • Estimated Annual NOI Totals $473 million, an Increase of 15% from Q3-21.
  • Completed $1.4 billion in Gross Investment Transactions in Q3.

Headline financials

Total Revenue

$140M

Previous: $114M+22.0%
EPS (adj)

$0.12

Previous: $0.47-74.5%
Adjusted EBITDA

$166M

No prior period
Fee-Bearing Capital

$5.6B

Previous: $4.8B+16.7%
Capital Expenditures

-$109M

Previous: -$102M-7.7%
Free Cash Flow

-$85.7M

Previous: -$29M-195.5%
Net Income

$23.6M

Previous: $72.5M-67.4%
Operating Income

-$61.8M

Previous: -$57.9M-6.7%
Gross Profit

$92.4M

Previous: $78.3M+18.0%
Cash & Equivalents

$420M

Previous: $841M-50.0%
Total Assets

$8.08B

Previous: $7.77B+4.0%
Stock-Based Comp

$7.3M

Previous: $6.9M+5.8%

Revenue & EPS history

Kennedy-Wilson · Revenue · Quarterly

$140M

Q3 2022+22%vs Q3 2021
Beat estimate in 9 of 14 quarters(64%)
ActualEstimate

Revenue by segment

Kennedy-Wilson · $125M total across 2 segments · Q3 2022

  • Rental
    $111M+15.4%
  • Hotel
    $14M+125.8%

Forward guidance

While the near-term continues to be driven by uncertainty surrounding inflation and monetary policy, Kennedy Wilson remains confident around the long-term growth prospects.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q3 2022

Historical avgQ3 2022

-0.0%

Avg return

Earnings day

+0.5%

Avg return

5 days after

-0.0%

Avg return

30 days after

48%

31 / 65 earnings

Positive

+13.1%

Q4 2015

Best reaction

-8.8%

Q1 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.3%+0.9%+0.8%
Q4 2025-0.1%+0.6%+0.7%
Q3 2025-2.3%-1.0%-1.0%
Q1 2025-7.0%-2.9%-0.8%
Q4 2024+4.4%+7.2%-6.1%
Q3 2024+1.4%+5.4%+1.9%
Q2 2024+3.6%+1.8%+9.4%
Q1 2024+11.6%+18.4%+11.0%
Q4 2023-6.4%-16.9%-18.8%
Q3 2023-4.0%-4.2%-8.6%
Q2 2023+0.1%+1.9%-2.3%
Q1 2023-8.8%-10.0%-0.2%
Q4 2022-3.1%-4.8%-10.8%
Q3 2022-5.6%-2.8%+1.4%
Q2 2022-3.6%+0.1%-11.1%
Q1 2022-2.0%-8.0%-7.0%
Q4 2021-2.1%-3.2%+6.6%
Q3 2021+3.6%+5.6%-1.2%
Q2 2021+3.2%+3.5%+9.9%
Q1 2021-3.2%-3.8%-3.7%
Q4 2020+2.4%+2.0%+13.3%
Q3 2020+2.6%+6.0%+18.6%
Q2 2020-4.4%+0.7%-2.1%
Q1 2020+5.5%+3.1%+25.3%
Q4 2019-2.8%-1.9%-35.9%
Q3 2019+0.5%+1.8%-1.2%
Q2 2019+4.3%-1.1%-2.4%
Q1 2019+1.9%+4.5%-4.6%
Q4 2018-0.5%+0.6%+2.4%
Q3 2018+5.4%+2.8%+4.1%
Q2 2018+4.1%+4.3%+2.6%
Q1 2018-2.1%-0.3%+7.1%
Q4 2017+0.6%-0.9%+3.3%
Q3 2017-1.5%-0.8%-1.5%
Q2 2017-0.8%-1.8%-3.5%
Q1 2017-2.2%-1.7%-2.5%
Q4 2016+3.1%+3.8%-0.2%
Q3 2016+5.1%+7.1%-0.2%
Q2 2016+1.3%+1.8%+7.0%
Q1 2016-3.0%
Q4 2015+13.1%
Q3 2015+4.7%
Q2 2015-3.8%
Q1 2015-2.2%
Q4 2014+1.5%
Q3 2014-1.5%
Q2 2014+6.1%
Q1 2014+5.0%
Q4 2013-0.3%
Q3 2013+1.7%
Q2 2013+1.2%
Q1 2013+3.3%
Q4 2012-4.1%
Q3 2012+0.3%
Q2 2012-0.3%
Q1 2011+0.0%
Q1 2012+1.0%
Q4 2009-5.0%
Q4 2011-5.0%
Q3 2010-7.4%
Q3 2011-7.4%
Q2 2011-2.2%
Q2 2010-2.2%
Q4 2010-1.2%
Q1 2010+2.9%

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