Income less operating expenses equals net operating income (NOI).

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One measure of how expensive REITs have become is capitalization rates, defined as net operating income (profit after operating expenses but before debt service) divided by a property's value.

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Operating margin was calculated based on subtracting operating expenses from total operating revenue (inpatient and outpatient), net of discounts from managed care contracts.

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However, it marked a 22% annual decline in net income in 2012 on account of higher operating expenses.

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Gross margin expanded 295 basis points year-over-year to 73.3%, resulting from sourcing cost improvements, while operating expenses declined 200 basis points as a percentage of net sales.

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The following tables include information about non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per share (collectively, the "non-GAAP financial measures"), which are not measurements of financial performance prepared in accordance with U.S. generally accepted accounting principles.

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These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income tax expense, non-GAAP net income, non-GAAP net income, or earnings, per share, and free cash flow.

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