Extra Space Storage (EXR) FY2016 results: revenue $992 million, up 26.8% on the year
Extra Space Storage Inc. (EXR) reported revenue of $992 million for fiscal 2016, the year ended 31 December 2016, up 26.8% on the year before. Net income was $366 million, up 93.2%, and diluted earnings per share $2.91. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$992 million
+26.8% on the year
FY2009FY2016
Operating margin
46.2%
37.7% a year earlier
FY2009FY2016
Net income
$366 million
+93.2% on the year
FY2009FY2016
Diluted EPS
$2.91
+86.5% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
992
782
647
+26.8%
Cost of revenue
250
204
172
+22.6%
Gross profit
742
578
475
+28.3%
Gross margin
74.8%
73.9%
73.4%
Operating income
458
295
278
+55.5%
Operating margin
46.2%
37.7%
43.0%
Interest expense
133
95.7
81.3
+39.5%
Pre-tax income
331
205
189
+61.0%
Income tax
15.8
11.1
7.6
+42.2%
Effective tax rate
4.8%
5.4%
4.0%
Net income
366
189
178
+93.2%
Net margin
36.9%
24.2%
27.6%
Diluted EPS
$2.91
$1.56
$1.53
+86.5%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
539
367
338
+46.8%
Capital expenditure
23.3
26.9
23.5
-13.6%
Free cash flow
516
340
314
+51.6%
Free cash flow margin
52.0%
43.5%
48.5%
Cash from investing
-1,049
-1,626
-565
Cash from financing
461
1,286
148
-64.2%
Depreciation and amortisation
183
133
115
+36.8%
Share-based compensation
8.0
6.1
5.0
+32.9%
Dividends paid
368
269
210
+36.6%
Dividend per share
$2.93
$2.24
$1.81
+30.8%
Diluted shares, weighted
126m
127m
121m
-0.8%
Shares outstanding at period end
126m
124m
116m
+1.4%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
2,245
2,089
1,737
+7.5%
Non-controlling interest
351
284
175
+23.9%
Debt
4,306
3,536
2,350
+21.8%
Other liabilities
189
163
120
+15.9%
Total liabilities and equity
7,091
6,071
4,382
+16.8%
Cash and equivalents
43.9
75.8
47.7
-42.1%
Other assets
7,048
5,996
4,334
+17.5%
Total assets
7,091
6,071
4,382
+16.8%
10-K for the year ended 31 December 2016, filed 26 February 2019: the filing.