NewLake Capital Partners, Inc. [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20
	10-K	10-K	10-K
Revenues	44.8	28.1	11.7
Revenue growth	59.6%	140.6%
Cost of goods sold	-25.4	-20.0	-1.5
Gross profit	70.2	48.1	13.2
Gross margin	156.8%	171.4%	112.8%
Selling, general and administrative [+]	12.7	11.9	4.1
General and administrative [+]	12.7	11.9	4.1
General and administrative expenses	9.4	8.5	4.1
Professional fees	1.6	2.0
Other operating expenses	22.2	16.6	15.6
EBITDA [+]	35.3	19.6	-6.5
EBITDA growth	80.1%	-401.8%
EBITDA margin	78.8%	69.8%	-55.7%
Depreciation	10.6	6.5	2.6
EBITA	24.7	13.1	-9.1
EBITA margin	55.0%	46.7%	-78.0%
Amortization of intangibles	2.2	1.6
EBIT [+]	22.5	11.5	-9.1
EBIT growth	95.4%	-226.4%
EBIT margin	50.1%	41.0%	-78.0%
Non-recurring items [+]	-0.1		1.5
Loss (gain) on sale of assets	-0.1		1.5
Interest income, net [+]	-0.2	0.1	0.2
Interest expense	0.3	0.0
Interest income	0.1	0.1	0.2
Pre-tax income	22.4	11.6	-10.4
Income taxes	0.0	0.0	0.0
Tax rate	0.0%	0.0%	0.0%
Minority interest	-0.4	-0.4	-0.2
Net income	22.0	11.2	-10.7
Net margin	49.1%	40.0%	-91.6%

Basic EPS [+]	$1.03	$0.66	($1.50)
Growth	55.4%	-144.0%
Diluted EPS [+]	$1.01	$0.64	($1.50)
Growth	57.6%	-142.6%

Dividends per share [+]	$1.36	$0.69	$0.73
Growth	96.1%	-4.6%

Shares outstanding (basic) [+]	21.4	17.0	7.1
Growth	25.9%	138.8%
Shares outstanding (diluted) [+]	21.8	17.6	7.1
Growth	24.2%	146.6%

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