Extra Space Storage (EXR) FY2014 results: revenue $647 million, up 24.3% on the year
Extra Space Storage Inc. (EXR) reported revenue of $647 million for fiscal 2014, the year ended 31 December 2014, up 24.3% on the year before. Net income was $178 million, up 3.6%, and diluted earnings per share $1.53. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$647 million
+24.3% on the year
FY2008FY2014
Operating margin
43.0%
41.0% a year earlier
FY2008FY2014
Net income
$178 million
+3.6% on the year
FY2008FY2014
Diluted EPS
$1.53
0.0% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
647
521
409
+24.3%
Cost of revenue
172
140
114
+23.1%
Gross profit
475
381
295
+24.7%
Gross margin
73.4%
73.1%
72.1%
Operating income
278
213
157
+30.4%
Operating margin
43.0%
41.0%
38.4%
Interest expense
81.3
71.6
71.8
+13.5%
Pre-tax income
189
138
91.6
+37.0%
Income tax
7.6
10.0
5.4
-24.2%
Effective tax rate
4.0%
7.2%
5.9%
Net income
178
172
117
+3.6%
Net margin
27.6%
33.1%
28.7%
Diluted EPS
$1.53
$1.53
$1.14
0.0%
$ million except per share. Read moreFree 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
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
338
271
216
+24.4%
Capital expenditure
23.5
6.5
3.8
+263.9%
Free cash flow
314
265
212
+18.6%
Free cash flow margin
48.5%
50.9%
51.8%
Cash from investing
-565
n/a
n/a
Cash from financing
148
n/a
n/a
Depreciation and amortisation
115
95.2
74.5
+20.8%
Share-based compensation
5.0
4.8
4.4
+3.4%
Dividends paid
210
163
88.3
+28.9%
Dividend per share
$1.81
$1.45
$0.85
+24.8%
Diluted shares, weighted
121m
113m
107m
+7.4%
Shares outstanding at period end
116m
116m
111m
+0.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,737
1,758
1,492
-1.2%
Non-controlling interest
175
173
53.5
+0.7%
Debt
2,350
1,958
1,574
+20.0%
Other liabilities
120
87.1
104
+38.1%
Total liabilities and equity
4,382
3,977
3,223
+10.2%
Cash and equivalents
47.7
127
30.8
-62.4%
Other assets
4,334
3,850
3,193
+12.6%
Total assets
4,382
3,977
3,223
+10.2%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.