Sunstone Hotel Investors (SHO) FY2023 results: revenue $986 million, up 8.2% on the year

Sunstone Hotel Investors, Inc. (SHO) reported revenue of $986 million for fiscal 2023, the year ended 31 December 2023, up 8.2% on the year before. Net income was $192 million, up 164.1%, and diluted earnings per share $0.93. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue

$986 million

+8.2% on the year

FY2016FY2023

Operating margin

12.0%

10.5% a year earlier

FY2016FY2023

Net income

$192 million

+164.1% on the year

FY2016FY2023

Diluted EPS

$0.93

+173.5% 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	986	912	509	+8.2%
Operating income	119	95.9	-88.1	+23.8%
Operating margin	12.0%	10.5%	-17.3%
Interest expense	51.7	32.0	30.9	+61.5%
Pre-tax income	211	91.1	33.1	+131.8%
Income tax	4.6	0.4	0.1	+1,170.8%
Effective tax rate	2.2%	0.4%	0.3%
Net income	192	72.6	13.6	+164.1%
Net margin	19.4%	8.0%	2.7%
Diluted EPS	$0.93	$0.34	$0.06	+173.5%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	198	209	28.4	-5.4%
Capital expenditure	110	129	63.7	-14.3%
Free cash flow	88.0	80.8	-35.3	+8.9%
Free cash flow margin	8.9%	8.9%	-6.9%
Cash from investing	258	-166	-240
Cash from financing	-120	-49.2	-42.1
Depreciation and amortisation	127	126	129	+0.5%
Share-based compensation	10.8	10.9	12.8	-1.1%
Buybacks	56.4	108	n/a	-48.0%
Dividends paid	59.8	24.8	13.7	+141.0%
Dividend per share	$0.30	$0.10	n/a	+200.0%
Diluted shares, weighted	206m	213m	216m	-3.2%
Shares outstanding at period end	203m	209m	219m	-2.8%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,167	2,085	2,199	+3.9%
Non-controlling interest	n/a	n/a	40.8
Debt	819	816	611	+0.4%
Operating lease liabilities	n/a	14.4	25.1
Other liabilities	164	167	165	-2.2%
Total liabilities and equity	3,149	3,083	3,041	+2.2%
Fixed assets	3.1	3.7	5.9	-15.3%
Cash and equivalents	426	101	120	+321.3%
Receivables	n/a	42.1	28.7
Other assets	2,720	2,936	2,886	-7.4%
Total assets	3,149	3,083	3,041	+2.2%

10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.