Global Net Lease (GNL) FY2022 results: revenue $379 million, down 3.2% on the year

Global Net Lease, Inc. (GNL) reported revenue of $379 million for fiscal 2022, the year ended 31 December 2022, down 3.2% on the year before. Net income was -$8 million, and diluted earnings per share $-0.09. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$379 million

-3.2% on the year

FY2015FY2022

Operating margin

26.5%

28.6% a year earlier

FY2015FY2022

Net income

-$8 million

FY2015FY2022

Diluted EPS

-$0.09

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	379	391	330	-3.2%
Operating income	101	112	99.2	-10.2%
Operating margin	26.5%	28.6%	30.1%
Interest expense	97.5	94.3	71.8	+3.4%
Pre-tax income	23.1	23.5	15.7	-2.0%
Income tax	11.0	12.2	5.0	-9.2%
Effective tax rate	47.9%	51.7%	31.6%
Net income	-8.4	-8.7	-7.8
Net margin	-2.2%	-2.2%	-2.4%
Diluted EPS	-$0.09	-$0.20	-$0.09

$ 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	182	192	177	-5.5%
Capital expenditure	29.9	7.9	6.4	+277.9%
Free cash flow	152	185	170	-17.7%
Free cash flow margin	40.1%	47.2%	51.6%
Cash from investing	-16.5	-437	-471
Cash from financing	-150	218	141
Depreciation and amortisation	154	163	139	-5.5%
Share-based compensation	12.1	11.0	10.1	+9.4%
Buybacks	0.7	0.2	0.0	+339.7%
Dividends paid	167	156	155	+6.8%
Dividend per share	$1.60	$1.73	$1.73	-7.5%
Diluted shares, weighted	104m	98m	89m	+5.5%
Shares outstanding at period end	104m	104m	90m	+0.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,439	1,621	1,533	-11.2%
Non-controlling interest	14.9	5.9	21.8	+151.9%
Debt	2,396	2,427	2,265	-1.3%
Other liabilities	112	130	147	-13.8%
Total liabilities and equity	3,962	4,183	3,967	-5.3%
Goodwill	21.4	22.1	n/a	-3.2%
Intangible assets	300	370	393	-18.9%
Cash and equivalents	103	89.7	124	+15.2%
Other assets	3,537	3,702	3,450	-4.4%
Total assets	3,962	4,183	3,967	-5.3%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.