Gaming & Leisure Properties, Inc. (GLPI) [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:
TRS Segment				128.4
GLP Capital				1,025.1	923.2	829.2	684.2	427.1
Other					132.5	142.1	144.1	147.9
Total revenues [+]	1,311.7	1,216.4	1,153.2	1,153.5	1,055.7	971.3	828.3	575.1
Food & beverage								11.2
Direct financing lease income					81.1	74.3	48.9
Lease / rental								427.1
Promotional allowances								-5.6
Revenue growth [+]	7.8%	5.5%	0.0%	9.3%	8.7%	17.3%	44.0%	-2.7%
GLP Capital				11.0%	11.3%	21.2%	60.2%	-2.2%
TRS Properties					-6.7%	-1.4%	-2.6%	-4.0%
Cost of goods sold	-11.5	53.0	56.7	74.7	88.8	84.7	69.4	36.4
Gross profit	1,323.2	1,163.3	1,096.5	1,078.8	967.0	886.6	758.8	538.6
Gross margin	100.9%	95.6%	95.1%	93.5%	91.6%	91.3%	91.6%	93.7%
Selling, general and administrative [+]	51.3	61.2	68.6	65.4	71.1	63.2	71.4	82.9
General and administrative	51.3	61.2	68.6	65.4	71.1	63.2	71.4	82.9
Other operating expenses		23.9	-12.4	55.5	105.5	104.5	97.3	88.6
EBITDA [+]	1,287.8	1,093.8	1,052.3	976.4	801.6	729.4	596.3	367.2
EBITDA growth	17.7%	3.9%	7.8%	21.8%	9.9%	22.3%	62.4%	0.5%
EBITDA margin	98.2%	89.9%	91.3%	84.6%	75.9%	75.1%	72.0%	63.9%
Depreciation and amortization	254.5	252.0	243.0	259.0	148.4	123.8	115.7	109.8
EBIT [+]	1,033.2	841.8	809.3	717.4	653.3	605.5	480.6	257.4
EBIT growth	22.7%	4.0%	12.8%	9.8%	7.9%	26.0%	86.7%	-0.4%
EBIT margin	78.8%	69.2%	70.2%	62.2%	61.9%	62.3%	58.0%	44.8%
Non-recurring items [+]	3.3				59.5
Asset impairment	3.3				59.5
Interest expense	309.3	283.0	282.1	301.5	247.7	217.1	185.9	124.2
Interest expense	309.3	283.0	282.1	301.5	247.7	217.1	185.9	124.2
Other income (expense), net [+]	-0.3	3.7	-17.5	-20.3	-1.6	1.9	2.1	2.3
Gain (loss) on sale of assets	-67.5	-21.8	-41.4	0.1
Gain (loss) on debt retirement	-2.2		-18.1	-21.0	-3.5
Other non-operating income	1.9	0.2	0.6	0.8	1.8	1.9	2.1	2.3
Other	-1.9	-0.2	-0.6	-0.8	-1.8	-1.9	-2.1	-2.3
Pre-tax income	720.3	562.4	509.6	395.6	344.5	390.4	296.9	135.6
Income taxes	17.1	28.3	3.9	4.8	5.0	9.8	7.5	7.4
Tax rate	2.4%	5.0%	0.8%	1.2%	1.4%	2.5%	2.5%	5.5%
Minority interest	18.6	0.0
Net income	684.7	534.0	505.7	390.9	339.5	380.6	289.3	128.1
Net margin	52.2%	43.9%	43.9%	33.9%	32.2%	39.2%	34.9%	22.3%

Basic EPS [+]	$2.71	$2.27	$2.31	$1.82	$1.59	$1.81	$1.62	$1.12
Growth	19.5%	-1.9%	26.9%	14.6%	-12.1%	11.5%	44.7%	-9.6%
Diluted EPS [+]	$2.70	$2.26	$2.30	$1.81	$1.58	$1.79	$1.60	$1.08
Growth	19.3%	-1.8%	27.0%	14.6%	-11.6%	11.7%	48.1%	-8.4%

Dividends per share [+]	$2.85	$2.86	$2.50	$2.74	$2.57	$2.50	$2.32	$2.18
Growth	-0.3%	14.4%	-8.8%	6.6%	2.8%	7.8%	6.4%	-50.6%

Shares outstanding (basic) [+]	252.7	235.5	218.8	214.7	213.7	210.7	178.6	114.4
Growth	7.3%	7.6%	1.9%	0.4%	1.4%	18.0%	56.1%	2.1%
Shares outstanding (diluted) [+]	253.8	236.2	219.8	215.8	214.8	212.8	180.6	118.4
Growth	7.5%	7.5%	1.8%	0.5%	1.0%	17.8%	52.5%	0.7%

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