CubeSmart (CUBE) Q4 FY2023 earnings: revenue $265 million, up 1.6% on the year

CubeSmart (CUBE) reported revenue of $265 million for Q4 FY2023, the quarter ended 31 December 2023, up 1.6% on the same quarter a year earlier. Net income was $113 million, up 37.6% on the year, and diluted earnings per share $0.50. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$265 millionup 1.6%

Net income$113 millionup 37.6%

Diluted EPS$0.50

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	265	268	n/a	n/a
Cost of revenue	71.3	77.5	n/a	n/a
Gross profit	194	190	n/a	n/a
Gross margin	73.1%	71.1%	n/a
Operating income	129	126	n/a	n/a
Operating margin	48.8%	47.1%	n/a
Net income	113	103	n/a	n/a
Net margin	42.5%	38.3%	n/a
Diluted EPS	$0.50	$0.45	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	146	168	n/a	n/a
Capital expenditure	13.3	6.5	n/a	n/a
Free cash flow	133	162	n/a	n/a
Free cash flow margin	50.1%	60.4%	n/a
Cash from investing	-39.0	-9.7	n/a	n/a
Cash from financing	-109	-160	n/a	n/a
Depreciation and amortisation	50.6	50.0	n/a	n/a
Share-based compensation	2.6	2.5	n/a	n/a
Dividends paid	111	111	n/a	n/a
Dividend per share	n/a	$0.49	n/a	n/a
Diluted shares, weighted	226m	226m	n/a	n/a
Shares outstanding at period end	225m	225m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,799	2,807	n/a	n/a
Non-controlling interest	21.7	14.1	n/a	n/a
Redeemable equity	60.3	51.9	n/a	n/a
Debt	2,923	n/a	n/a	n/a
Other liabilities	421	3,360	n/a	n/a
Total liabilities and equity	6,225	6,233	n/a	n/a
Intangible assets	1.8	n/a	n/a	n/a
Cash and equivalents	6.5	8.0	n/a	n/a
Other assets	6,217	6,225	n/a	n/a
Total assets	6,225	6,233	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	268	265	261	266	271	268	273	282	285	283	282	286
Cost of revenue	77.5	71.3	77.0	83.1	81.9	75.7	82.9	89.0	90.8	88.6	90.1	96.0
Gross profit	190	194	184	183	189	192	190	193	194	194	192	190
Gross margin	71%	73%	71%	69%	70%	72%	70%	68%	68%	69%	68%	66%
Operating income	126	129	118	117	124	124	115	112	111	111	113	117
Operating margin	47%	49%	45%	44%	46%	46%	42%	40%	39%	39%	40%	41%
Net income	103	113	94.5	94.0	101	102	89.2	83.0	82.9	78.7	82.9	89.6
Net margin	38%	42%	36%	35%	37%	38%	33%	29%	29%	28%	29%	31%
Diluted EPS	$0.45	$0.50	$0.42	$0.41	$0.44	$0.45	$0.39	$0.36	$0.36	$0.34	$0.36	$0.39
Operating cash flow	168	146	150	171	145	165	146	157	168	136	149	144
Capital expenditure	6.5	13.3	6.1	10.4	7.0	6.5	8.0	10.2	7.3	2.5	10.0	3.0
Free cash flow	162	133	144	160	138	158	138	147	161	134	139	141
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	33.4	42.5
Dividends paid	111	111	115	115	115	116	119	119	119	119	121	121
Shares outstanding	225m	225m	225m	225m	226m	228m	228m	228m	228m	227m	226m	226m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0001298675-24-000011: the filing on EDGAR. All of CubeSmart's filings: EDGAR company page.

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