Xenia Hotels & Resorts (XHR) FY2021 results: revenue $616 million, up 66.6% on the year

Xenia Hotels & Resorts, Inc. (XHR) reported revenue of $616 million for fiscal 2021, the year ended 31 December 2021, up 66.6% on the year before. Net income was -$144 million, and diluted earnings per share $-1.26. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$616 million

+66.6% on the year

FY2016FY2021

Operating margin

-9.9%

-65.4% a year earlier

FY2016FY2021

Net income

-$144 million

FY2016FY2021

Diluted EPS

-$1.26

FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	616	370	1,149	+66.6%
Cost of revenue	446	352	773	+26.9%
Gross profit	170	18.2	376	+832.6%
Gross margin	27.6%	4.9%	32.7%
Operating income	-60.9	-242	111
Operating margin	-9.9%	-65.4%	9.7%
Interest expense	81.3	62.0	48.6	+31.2%
Pre-tax income	-146	-183	62.6
Income tax	0.7	-15.9	5.4
Effective tax rate	n/a	n/a	8.6%
Net income	-144	-163	55.4
Net margin	-23.3%	-44.2%	4.8%
Diluted EPS	-$1.26	-$1.44	$0.49

$ 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	40.8	-77.7	247
Capital expenditure	31.8	69.2	93.0	-54.0%
Free cash flow	8.9	-147	154
Free cash flow margin	1.5%	-39.7%	13.4%
Cash from investing	-24.2	254	-223
Cash from financing	109	57.4	9.7	+89.8%
Depreciation and amortisation	129	147	155	-11.7%
Share-based compensation	11.6	10.9	9.4	+6.3%
Buybacks	0.0	2.3	0.0
Dividends paid	0.1	63.2	126	-99.9%
Dividend per share	n/a	$0.28	$1.10
Diluted shares, weighted	114m	113m	113m	+0.3%
Shares outstanding at period end	114m	114m	113m	+0.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,431	1,554	1,739	-7.9%
Non-controlling interest	7.1	12.8	36.1	-44.5%
Debt	1,494	1,374	1,293	+8.7%
Other liabilities	155	138	195	+12.1%
Total liabilities and equity	3,087	3,080	3,263	+0.3%
Goodwill	4.8	4.8	25.0	0.0%
Intangible assets	0.6	1.6	4.0	-62.9%
Cash and equivalents	517	390	111	+32.7%
Other assets	2,564	2,683	3,123	-4.4%
Total assets	3,087	3,080	3,263	+0.3%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.