Extra Space Storage (EXR) FY2020 results: revenue $1.4 billion, up 3.6% on the year
Extra Space Storage Inc. (EXR) reported revenue of $1.4 billion for fiscal 2020, the year ended 31 December 2020, up 3.6% on the year before. Net income was $482 million, up 14.7%, and diluted earnings per share $3.71. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$1.4 billion
+3.6% on the year
FY2013FY2020
Operating margin
49.1%
48.5% a year earlier
FY2013FY2020
Net income
$482 million
+14.7% on the year
FY2013FY2020
Diluted EPS
$3.71
+14.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,356
1,308
1,197
+3.6%
Cost of revenue
361
336
292
+7.3%
Gross profit
996
972
905
+2.4%
Gross margin
73.4%
74.3%
75.6%
Operating income
666
635
620
+4.9%
Operating margin
49.1%
48.5%
51.8%
Interest expense
17.2
22.7
178
-24.5%
Pre-tax income
509
451
442
+12.8%
Income tax
13.8
11.3
9.2
+22.1%
Effective tax rate
2.7%
2.5%
2.1%
Net income
482
420
415
+14.7%
Net margin
35.5%
32.1%
34.7%
Diluted EPS
$3.71
$3.24
$3.27
+14.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
771
708
678
+9.0%
Capital expenditure
67.3
53.7
60.7
+25.3%
Free cash flow
704
654
617
+7.6%
Free cash flow margin
51.9%
50.0%
51.6%
Cash from investing
-955
-622
-444
Cash from financing
241
-88.0
-247
Depreciation and amortisation
n/a
220
209
Share-based compensation
16.3
13.1
11.2
+24.7%
Buybacks
67.9
0.0
0.0
Dividends paid
468
458
425
+2.1%
Dividend per share
$0.90
$3.56
$3.36
-74.7%
Diluted shares, weighted
130m
136m
133m
-5.0%
Shares outstanding at period end
131m
130m
127m
+1.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,548
2,540
2,414
+0.3%
Non-controlling interest
388
382
372
+1.7%
Debt
5,746
5,046
4,812
+13.9%
Other liabilities
713
564
251
+26.4%
Total liabilities and equity
9,396
8,532
7,848
+10.1%
Cash and equivalents
109
65.7
57.5
+66.0%
Other assets
9,287
8,467
7,790
+9.7%
Total assets
9,396
8,532
7,848
+10.1%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.