Apple Hospitality REIT (APLE) FY2022 results: revenue $1.2 billion, up 32.6% on the year

Apple Hospitality REIT, Inc. (APLE) reported revenue of $1.2 billion for fiscal 2022, the year ended 31 December 2022, up 32.6% on the year before. Net income was $145 million, up 669.1%, and diluted earnings per share $0.63. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2023.

Revenue

$1.2 billion

+32.6% on the year

FY2015FY2022

Operating margin

16.7%

9.3% a year earlier

FY2015FY2022

Net income

$145 million

+669.1% on the year

FY2015FY2022

Diluted EPS

$0.63

+687.5% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,238	934	602	+32.6%
Cost of revenue	710	542	402	+31.0%
Gross profit	528	392	200	+34.8%
Gross margin	42.6%	41.9%	33.2%
Operating income	206	87.0	-102	+137.2%
Operating margin	16.7%	9.3%	-17.0%
Pre-tax income	147	19.3	-173	+660.5%
Income tax	1.9	0.5	0.3	+314.5%
Effective tax rate	1.3%	2.4%	n/a
Net income	145	18.8	-173	+669.1%
Net margin	11.7%	2.0%	-28.8%
Diluted EPS	$0.63	$0.08	-$0.77	+687.5%

$ million except per share.

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

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	368	218	26.7	+69.4%
Capital expenditure	59.4	18.3	48.6	+224.2%
Free cash flow	309	199	-21.8	+55.1%
Free cash flow margin	25.0%	21.3%	-3.6%
Cash from investing	-136	-151	-82.3
Cash from financing	-229	-61.3	55.2
Depreciation and amortisation	182	184	200	-1.5%
Buybacks	2.7	n/a	14.3
Dividends paid	139	6.8	67.4	+1,951.9%
Dividend per share	$0.76	$0.03	$0.30	+2,433.3%
Diluted shares, weighted	229m	226m	224m	+1.1%
Shares outstanding at period end	229m	228m	223m	+0.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	3,178	3,147	3,029	+1.0%
Debt	1,366	1,439	1,483	-5.0%
Other liabilities	228	204	318	+11.6%
Total liabilities and equity	4,773	4,791	4,830	-0.4%
Cash and equivalents	4.1	3.3	5.6	+24.2%
Other assets	4,769	4,787	4,824	-0.4%
Total assets	4,773	4,791	4,830	-0.4%

10-K for the year ended 31 December 2022, filed 21 February 2023: the filing.