Sunstone Hotel Investors, Inc. (SHO) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Room								874.1
Food and beverage								293.9
Other								81.2
Total revenues [+]	912.1	509.2	267.9	1,115.2	1,159.1	1,193.6	1,189.3	1,249.2
Food & beverage								293.9
Room / occupancy								874.1
Other hotel								81.2
Revenue growth [+]	79.1%	90.0%	-76.0%	-3.8%	-2.9%	0.4%	-4.8%	9.4%
Room								7.7%
Food and beverage								13.3%
Other operating								14.4%
Cost of goods sold [+]	182.3	135.6	126.7	213.6	214.8	222.2	300.5	639.2
Food and beverage costs								204.9
Occupancy costs	69.0	64.1	76.8	83.3	82.4	83.7	83.0	224.0
Maintenance and operations costs							44.3	46.6
Other direct hotel costs								21.3
Real estate or leased property costs							30.4
Other direct costs	113.3	71.4	49.9	130.3	132.4	138.5	142.7	142.3
Gross profit	729.7	373.6	141.2	901.6	944.2	971.4	888.9	610.0
Gross margin	80.0%	73.4%	52.7%	80.8%	81.5%	81.4%	74.7%	48.8%
Selling, general and administrative [+]	98.1	82.8	59.0	116.9	121.2	124.1	86.1	169.9
Sales and marketing	62.8	42.5	30.8	86.6	90.9	95.3	60.1	102.0
General and administrative [+]	35.2	40.3	28.1	30.3	30.2	28.8	26.0	67.9
General and administrative expenses	35.2	40.3	28.1	30.3	30.2	28.8	26.0	33.3
Utilities expense								34.5
Other selling, general and administrative
Equity in earnings
Other operating expenses	384.9	95.2	145.6	431.9	357.0	455.1	451.0	95.0
EBITDA [+]	246.8	195.7	-63.3	352.8	466.1	392.7	352.5	347.3
EBITDA growth	26.1%	-409.1%	-117.9%	-24.3%	18.7%	11.4%	1.5%	9.6%
EBITDA margin	27.1%	38.4%	-23.6%	31.6%	40.2%	32.9%	29.6%	27.8%
Depreciation	125.8	128.6	137.0	147.7	145.0	156.0	159.9	160.4
EBITA	120.9	67.0	-200.3	205.1	321.2	236.7	192.6	186.9
EBITA margin	13.3%	13.2%	-74.8%	18.4%	27.7%	19.8%	16.2%	15.0%
Amortization of intangibles	0.5	0.1	0.0	0.1	1.6	3.1	3.7	6.5
EBIT [+]	120.4	67.0	-200.4	205.0	319.6	233.6	188.8	180.4
EBIT growth	79.8%	-133.4%	-197.7%	-35.8%	36.8%	23.7%	4.7%	15.1%
EBIT margin	13.2%	13.2%	-74.8%	18.4%	27.6%	19.6%	15.9%	14.4%
Non-recurring items [+]	3.5	2.7	146.9	24.7	1.4	40.1
Asset impairment	3.5	2.7	146.9	24.7	1.4	40.1
Interest expense	32.0	30.9	53.3	54.2	47.7	51.8	50.3	66.5
Interest expense	32.0	30.9	53.3	54.2	47.7	51.8	50.3	66.5
Other income (expense), net [+]	6.2	-0.3	-3.3	16.6	-9.7	-3.5	1.5	227.1
Gain (loss) on sale of assets	22.9	152.5	34.3	42.9	117.0	45.5	18.4	226.2
Gain (loss) on debt retirement	-0.9	-0.1	6.1		-0.8	-0.8	-0.3	-3.0
Other non-operating income					10.5	4.3	1.8	3.9
Other	5.2	-0.3	2.8	16.6	-10.5	-4.3	-1.8	-3.9
Pre-tax income	91.1	33.1	-403.9	142.6	260.8	138.2	140.1	341.1
Income taxes	0.4	0.1	6.6	-0.2	1.8	-7.8	-0.6	1.4
Tax rate	0.4%	0.3%			0.7%			0.4%
Minority interest	-3.5	1.3	5.8	-7.1	-8.6	-7.6	-6.5	-8.2
Earnings from continuing ops	73.0	13.7	-417.5	122.9	237.6	125.5	118.2	322.3
Earnings from discontinued ops						7.0		15.9
Net income	73.0	13.7	-417.5	122.9	237.6	132.5	118.2	338.2
Net margin	8.0%	2.7%	-155.8%	11.0%	20.5%	11.1%	9.9%	27.1%

Basic EPS [+]	$0.34	$0.06	($1.93)	$0.54	$1.05	$0.57	$0.55	$1.55
Growth	444.0%	-103.3%	-455.0%	-48.2%	85.9%	2.9%	-64.6%	345.7%
Diluted EPS [+]	$0.34	$0.06	($1.93)	$0.54	$1.05	$0.57	$0.55	$1.55
Growth	443.9%	-103.3%	-455.0%	-48.2%	85.9%	2.9%	-64.6%	345.7%

Dividends per share [+]	$0.10	$0.06	$0.05	$0.74	$0.69	$0.73	$0.68	$1.41
Growth	58.0%	26.6%	-93.2%	7.2%	-5.5%	7.4%	-51.8%	176.5%

Shares outstanding (basic) [+]	212.6	216.3	215.9	225.7	225.9	221.9	215.0	207.4
Growth	-1.7%	0.2%	-4.3%	-0.1%	1.8%	3.2%	3.7%	7.6%
Shares outstanding (diluted) [+]	212.7	216.3	215.9	225.7	225.9	221.9	215.0	207.4
Growth	-1.7%	0.2%	-4.3%	-0.1%	1.8%	3.2%	3.7%	7.6%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.