VICI Properties Inc. stock research
FY2023 Q1
VICI Properties (VICI) Gross Margin — Quarter Ended Mar 31, 2023
Revenue and gross profit increased compared to both the prior quarter and the same quarter a year earlier, while cost of revenue was lower than the prior quarter but higher than the year-ago quarter. Gross margin improved slightly from both periods, remaining near its maximum level.
Gross margin takeaway
Quarter ended Mar 31, 2023 · FY2023 Q1
Revenue and gross profit increased compared to both the prior quarter and the same quarter a year earlier, while cost of revenue was lower than the prior quarter but higher than the year-ago quarter. Gross margin improved slightly from both periods, remaining near its maximum level.
- The gross margin is driven by the minimal cost of revenue relative to revenue, which has remained consistently low. The filing context indicates that the company's assets are primarily lease investments, a structure consistent with the observed low cost of revenue.
- Compared to the prior quarter, revenue, gross profit, and gross margin were all higher, while cost of revenue was lower. Compared to the same quarter a year earlier, revenue, gross profit, and gross margin were all higher, and cost of revenue was also higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
99.3%
Gross profit
$871.7M
Revenue
$877.6M
Cost of revenue
$6.0M
Quarter-over-quarter change
n/a
Year-over-year change
+0.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $877.6M | $871.7M | $6.0M | 99.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Previous quarter unavailable
n/a
Year-over-year change
Mar 31, 2022
+0.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin is driven by the minimal cost of revenue relative to revenue, which has remained consistently low. The filing context indicates that the company's assets are primarily lease investments, a structure consistent with the observed low cost of revenue.
Compared to the prior quarter, revenue, gross profit, and gross margin were all higher, while cost of revenue was lower. Compared to the same quarter a year earlier, revenue, gross profit, and gross margin were all higher, and cost of revenue was also higher.
Monitor the company's liquidity position, including cash balances and borrowing capacity under the revolving credit facility, as disclosed in the filing.