Extra Space Storage (EXR) FY2018 results: revenue $1.2 billion, up 8.3% on the year
Extra Space Storage Inc. (EXR) reported revenue of $1.2 billion for fiscal 2018, the year ended 31 December 2018, up 8.3% on the year before. Net income was $415 million, down 13.3%, and diluted earnings per share $3.27. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$1.2 billion
+8.3% on the year
FY2011FY2018
Operating margin
51.8%
59.2% a year earlier
FY2011FY2018
Net income
$415 million
-13.3% on the year
FY2011FY2018
Diluted EPS
$3.27
-13.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,197
1,105
992
+8.3%
Cost of revenue
292
272
250
+7.3%
Gross profit
905
833
742
+8.6%
Gross margin
75.6%
75.4%
74.8%
Operating income
620
654
458
-5.3%
Operating margin
51.8%
59.2%
46.2%
Interest expense
178
154
133
+16.2%
Pre-tax income
442
503
331
-12.1%
Income tax
9.2
3.6
15.8
+155.0%
Effective tax rate
2.1%
0.7%
4.8%
Net income
415
479
366
-13.3%
Net margin
34.7%
43.3%
36.9%
Diluted EPS
$3.27
$3.76
$2.91
-13.0%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
678
597
539
+13.5%
Capital expenditure
60.7
31.7
23.3
+91.1%
Free cash flow
617
566
516
+9.1%
Free cash flow margin
51.6%
51.2%
52.0%
Cash from investing
-444
-353
-1,049
Cash from financing
-247
-216
461
Depreciation and amortisation
209
193
183
+8.2%
Share-based compensation
11.2
9.6
8.0
+16.9%
Buybacks
0.0
n/a
n/a
Dividends paid
425
393
368
+8.1%
Dividend per share
$3.36
$3.12
$2.93
+7.7%
Diluted shares, weighted
133m
134m
126m
-0.7%
Shares outstanding at period end
127m
126m
126m
+0.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,414
2,351
2,245
+2.7%
Non-controlling interest
372
373
351
-0.4%
Debt
4,812
4,554
4,306
+5.6%
Other liabilities
251
177
189
+41.7%
Total liabilities and equity
7,848
7,455
7,091
+5.3%
Cash and equivalents
57.5
55.7
43.9
+3.3%
Other assets
7,790
7,399
7,048
+5.3%
Total assets
7,848
7,455
7,091
+5.3%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.