Terreno Realty (TRNO) FY2022 results: revenue $276 million, up 24.5% on the year

Terreno Realty Corp. (TRNO) reported revenue of $276 million for fiscal 2022, the year ended 31 December 2022, up 24.5% on the year before. Net income was $198 million, up 126.9%, and diluted earnings per share $2.61. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2023.

Revenue

$276 million

+24.5% on the year

FY2015FY2022

Operating margin

39.4%

39.6% a year earlier

FY2015FY2022

Net income

$198 million

+126.9% on the year

FY2015FY2022

Diluted EPS

$2.61

+112.2% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	276	222	187	+24.5%
Operating income	109	87.9	68.2	+23.9%
Operating margin	39.4%	39.6%	36.5%
Interest expense	23.9	18.1	16.0	+32.1%
Net income	198	87.3	79.8	+126.9%
Net margin	71.7%	39.3%	42.7%
Diluted EPS	$2.61	$1.23	$1.16	+112.2%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	143	132	101	+8.3%
Capital expenditure	66.6	51.3	31.6	+29.9%
Free cash flow	76.6	80.9	69.4	-5.3%
Free cash flow margin	27.7%	36.5%	37.2%
Cash from investing	-338	-666	-52.1
Cash from financing	17.7	631	-53.9	-97.2%
Depreciation and amortisation	65.8	50.7	45.9	+29.7%
Share-based compensation	10.2	9.6	9.8	+6.5%
Buybacks	1.0	0.6	9.8	+79.6%
Dividends paid	107	84.6	74.8	+26.9%
Dividend per share	$1.48	$1.26	$1.12	+17.5%
Diluted shares, weighted	76m	71m	68m	+6.8%
Shares outstanding at period end	76m	75m	67m	+1.9%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,230	2,058	1,588	+8.4%
Debt	771	721	459	+7.0%
Other liabilities	164	146	92.5	+12.5%
Total liabilities and equity	3,164	2,924	2,140	+8.2%
Cash and equivalents	26.4	204	107	-87.1%
Other assets	3,138	2,720	2,033	+15.4%
Total assets	3,164	2,924	2,140	+8.2%

10-K for the year ended 31 December 2022, filed 8 February 2023: the filing.