Q4 23 EPS
$0.45
MISS 8.16%
Est. $0.49
Q4 23 Revenue
$39.2M
BEAT +0.00%
Est. $39.2M
Full Year 2023 Results
FY 23 EPS
$1.93
FY 23 Revenue
$164.2M
Did RWAY Beat Earnings? Q4 2023 Results
Runway Growth Finance Corp. Delivered a mixed fourth quarter for 2023, posting earnings per share of $0.45 against total investment income of $39.23 million, up from $36.46 million a year earlier, as higher interest rates lifted returns across its fl… Read more Runway Growth Finance Corp. Delivered a mixed fourth quarter for 2023, posting earnings per share of $0.45 against total investment income of $39.23 million, up from $36.46 million a year earlier, as higher interest rates lifted returns across its floating-rate loan portfolio. Yet the headline revenue gain told only part of the story: rising financing costs consumed much of that top-line improvement, with total operating expenses climbing to $20.91 million from $18.10 million and interest and debt financing expenses jumping to $10.37 million from $8.46 million, leaving net investment income essentially flat at $18.32 million versus $18.36 million in the year-ago period. The quarter was further weighed down by a net realized loss of $17.21 million, primarily from control investments, and a net unrealized loss of $5.89 million, pushing net asset value per share lower to $13.50 from $14.22 a year ago. Looking ahead, the board signaled confidence by declaring a Q1 2024 regular dividend of $0.40 per share alongside a supplemental dividend of $0.07 per share.
Key Takeaways
- • Dollar-weighted annualized yield on debt investments of 16.9% for Q4
- • Higher interest rates driving increased total investment income
- • Eight investments completed in new and existing portfolio companies in Q4 totaling $154.6 million in funded loans
- • Return on equity expanded by 33 basis points over the course of the year
- • Low credit loss ratio averaging 14 basis points per year on a gross basis since inception
RWAY YoY Financials
Q4 2023 vs Q4 2022, source: SEC Filings
RWAY Revenue by Segment
Business unit performance breakdown
“In 2023, Runway Growth drove shareholder return while taking a measured approach to portfolio management as we preserved industry-leading credit quality. Over the course of the year, Runway Growth expanded its return on equity by 33 basis points and ended the fourth quarter with eight investments in new and existing portfolio companies.”
— Greg Greifeld, Q4 2023 Earnings Press Release
RWAY Earnings Trends
RWAY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RWAY EPS Trend
Earnings per share: estimate vs actual
RWAY Revenue Trend
Quarterly revenue: estimate vs actual
RWAY Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.31 | $0.29 | -7.05% | $29.5M | -0.18% |
| Q4 25 MISS FY | $0.35 | $0.32 | -7.35% | $30.0M | -4.96% |
| FY Full Year | — | $1.55 | — | $137.3M | — |
| Q3 25 BEAT | $0.39 | $0.43 | +10.40% | $36.7M | +4.91% |
| Q2 25 MISS | $0.39 | $0.38 | -1.66% | $35.1M | +2.57% |
| Q1 25 BEAT | $0.37 | $0.42 | +13.61% | $35.4M | +5.63% |
| Q4 24 MISS FY | $0.42 | $0.39 | -6.70% | $33.8M | -6.42% |
| FY Full Year | $1.67 | $1.64 | -1.60% | $144.6M | -1.72% |
| Q3 24 MISS | $0.45 | $0.41 | -8.89% | $36.7M | -5.25% |
| Q2 24 MISS | $0.44 | $0.37 | -15.91% | $34.2M | -9.66% |
| Q1 24 BEAT | $0.45 | $0.46 | +2.22% | $40.0M | +0.00% |
| Q4 23 MISS FY | $0.49 | $0.45 | -8.16% | $39.2M | +0.00% |
| FY Full Year | — | $1.93 | — | $164.2M | — |
| Q3 23 BEAT | $0.47 | $0.54 | +14.89% | $43.8M | +8.44% |
| Q2 23 BEAT | $0.45 | $0.49 | +8.89% | $41.9M | +99,650.00% |