Sunstone Hotel Investors (SHO) FY2022 results: revenue $912 million, up 79.1% on the year

Sunstone Hotel Investors, Inc. (SHO) reported revenue of $912 million for fiscal 2022, the year ended 31 December 2022, up 79.1% on the year before. Net income was $73 million, up 435.0%, and diluted earnings per share $0.34. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$912 million

+79.1% on the year

FY2016FY2022

Operating margin

10.5%

-17.3% a year earlier

FY2016FY2022

Net income

$73 million

+435.0% on the year

FY2016FY2022

Diluted EPS

$0.34

+466.7% on the year

FY2016FY2022

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	912	509	268	+79.1%
Operating income	95.9	-88.1	-394
Operating margin	10.5%	-17.3%	-147.0%
Interest expense	32.0	30.9	53.3	+3.6%
Pre-tax income	91.1	33.1	-404	+175.3%
Income tax	0.4	0.1	6.6	+229.4%
Effective tax rate	0.4%	0.3%	n/a
Net income	72.6	13.6	-418	+435.0%
Net margin	8.0%	2.7%	-155.9%
Diluted EPS	$0.34	$0.06	-$1.93	+466.7%

$ 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	209	28.4	-117	+638.0%
Capital expenditure	129	63.7	51.4	+102.0%
Free cash flow	80.8	-35.3	-168
Free cash flow margin	8.9%	-6.9%	-62.8%
Cash from investing	-166	-240	114
Cash from financing	-49.2	-42.1	-446
Depreciation and amortisation	126	129	137	-1.8%
Share-based compensation	10.9	12.8	9.6	-14.8%
Buybacks	108	n/a	104
Dividends paid	24.8	13.7	156	+81.3%
Dividend per share	$0.10	n/a	$0.05
Diluted shares, weighted	213m	216m	216m	-1.7%
Shares outstanding at period end	209m	219m	216m	-4.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,085	2,199	2,049	-5.2%
Non-controlling interest	n/a	40.8	40.7
Debt	816	611	748	+33.5%
Operating lease liabilities	14.4	25.1	30.0	-42.8%
Finance lease liabilities	n/a	n/a	15.6
Other liabilities	167	165	103	+1.6%
Total liabilities and equity	3,083	3,041	2,986	+1.4%
Fixed assets	3.7	5.9	6.8	-37.7%
Cash and equivalents	101	120	368	-16.0%
Receivables	42.1	28.7	8.6	+46.5%
Other assets	2,936	2,886	2,602	+1.7%
Total assets	3,083	3,041	2,986	+1.4%

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