Apple Hospitality REIT (APLE) FY2023 results: revenue $1.3 billion, up 8.5% on the year

Apple Hospitality REIT, Inc. (APLE) reported revenue of $1.3 billion for fiscal 2023, the year ended 31 December 2023, up 8.5% on the year before. Net income was $177 million, up 22.6%, and diluted earnings per share $0.77. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$1.3 billion

+8.5% on the year

FY2016FY2023

Operating margin

18.4%

16.7% a year earlier

FY2016FY2023

Net income

$177 million

+22.6% on the year

FY2016FY2023

Diluted EPS

$0.77

+22.2% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,344	1,238	934	+8.5%
Cost of revenue	781	710	542	+9.9%
Gross profit	563	528	392	+6.7%
Gross margin	41.9%	42.6%	41.9%
Operating income	247	206	87.0	+19.9%
Operating margin	18.4%	16.7%	9.3%
Pre-tax income	179	147	19.3	+21.7%
Income tax	1.1	1.9	0.5	-41.5%
Effective tax rate	0.6%	1.3%	2.4%
Net income	177	145	18.8	+22.6%
Net margin	13.2%	11.7%	2.0%
Diluted EPS	$0.77	$0.63	$0.08	+22.2%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	399	368	218	+8.3%
Capital expenditure	76.8	59.4	18.3	+29.3%
Free cash flow	322	309	199	+4.3%
Free cash flow margin	24.0%	25.0%	21.3%
Cash from investing	-365	-136	-151
Cash from financing	-34.3	-229	-61.3
Depreciation and amortisation	183	182	184	+0.9%
Buybacks	6.9	2.7	n/a	+157.2%
Dividends paid	238	139	6.8	+70.9%
Dividend per share	$1.01	$0.76	$0.03	+32.9%
Diluted shares, weighted	229m	229m	226m	+0.2%
Shares outstanding at period end	242m	229m	228m	+5.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	3,324	3,178	3,147	+4.6%
Debt	1,371	1,366	1,439	+0.4%
Other liabilities	242	228	204	+6.0%
Total liabilities and equity	4,937	4,773	4,791	+3.4%
Cash and equivalents	10.3	4.1	3.3	+152.3%
Other assets	4,927	4,769	4,787	+3.3%
Total assets	4,937	4,773	4,791	+3.4%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.