Extra Space Storage (EXR) FY2019 results: revenue $1.3 billion, up 9.3% on the year
Extra Space Storage Inc. (EXR) reported revenue of $1.3 billion for fiscal 2019, the year ended 31 December 2019, up 9.3% on the year before. Net income was $420 million, up 1.1%, and diluted earnings per share $3.24. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$1.3 billion
+9.3% on the year
FY2012FY2019
Operating margin
48.5%
51.8% a year earlier
FY2012FY2019
Net income
$420 million
+1.1% on the year
FY2012FY2019
Diluted EPS
$3.24
-0.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,308
1,197
1,105
+9.3%
Cost of revenue
336
292
272
+15.2%
Gross profit
972
905
833
+7.5%
Gross margin
74.3%
75.6%
75.4%
Operating income
635
620
654
+2.5%
Operating margin
48.5%
51.8%
59.2%
Interest expense
22.7
178
154
-87.3%
Pre-tax income
451
442
503
+2.1%
Income tax
11.3
9.2
3.6
+22.3%
Effective tax rate
2.5%
2.1%
0.7%
Net income
420
415
479
+1.1%
Net margin
32.1%
34.7%
43.3%
Diluted EPS
$3.24
$3.27
$3.76
-0.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
708
678
597
+4.4%
Capital expenditure
53.7
60.7
31.7
-11.5%
Free cash flow
654
617
566
+6.0%
Free cash flow margin
50.0%
51.6%
51.2%
Cash from investing
-622
-444
-353
Cash from financing
-88.0
-247
-216
Depreciation and amortisation
220
209
193
+5.2%
Share-based compensation
13.1
11.2
9.6
+16.8%
Buybacks
0.0
0.0
n/a
Dividends paid
458
425
393
+7.8%
Dividend per share
$3.56
$3.36
$3.12
+6.0%
Diluted shares, weighted
136m
133m
134m
+2.5%
Shares outstanding at period end
130m
127m
126m
+1.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,540
2,414
2,351
+5.2%
Non-controlling interest
382
372
373
+2.7%
Debt
5,046
4,812
4,554
+4.9%
Other liabilities
564
251
177
+124.7%
Total liabilities and equity
8,532
7,848
7,455
+8.7%
Cash and equivalents
65.7
57.5
55.7
+14.3%
Other assets
8,467
7,790
7,399
+8.7%
Total assets
8,532
7,848
7,455
+8.7%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.