CUBE FY 2021 Earnings Report — CubeSmart Revenue & Financial Results | Market Cap Arena

FY 2021 Earnings

Reported February 25, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$823M	—	$679M	—	21.1%
Op. Income	$291M	—	$414M	—	-29.9%
Gross Margin	69.4%	—	69.6%	—	-0.2pp
Net Margin	27.2%	—	24.4%	—	2.8pp
EPS (Diluted)	$1.09	—	$0.85	—	28.2%
Free Cash Flow	$449M	—	$351M	—	28.0%

Revenue Flow

Item	Amount
REVENUE	$823M
Cost of Revenue	$252M
GROSS PROFIT	$570M
R&D Expenses	$0
Selling & Marketing	$21M
General & Administrative	$48M
SG&A Expenses	$69M
Other Expenses	$211M
Operating Expenses	$280M
Cost & Expenses	$532M
OPERATING INCOME	$291M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$60M
INCOME BEFORE TAX	$231M
Income Tax Expense	$0
Net Income from Continuing Ops	$231M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$223M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$223M
D&A	$232M
EBIT	$291M
EBITDA	$523M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$823M
Cost of Revenue	$252M
GROSS PROFIT	$570M
R&D Expenses	$0
Selling & Marketing	$21M
General & Administrative	$48M
SG&A Expenses	$69M
Other Expenses	$211M
Operating Expenses	$280M
Cost & Expenses	$532M
OPERATING INCOME	$291M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$60M
INCOME BEFORE TAX	$231M
Income Tax Expense	$0
Net Income from Continuing Ops	$231M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$223M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$223M
D&A	$232M
EBIT	$291M
EBITDA	$523M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$223M
Depreciation & Amortization	$240M
Stock-Based Compensation	$8M
Deferred Income Tax	$0
Other Non-Cash Items	-$32M
Change in Working Capital	$10M
OPERATING CASH FLOW	$449M
Capital Expenditure	$0
Acquisitions (Net)	-$1.7B
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$145M
NET CASH FROM INVESTING	-$1.9B
Net Debt Issuance	$748M
Common Stock Repurchased	$0
Common Dividends Paid	-$282M
Other Financing Activities	-$21M
NET CASH FROM FINANCING	$1.4B
FREE CASH FLOW	$449M
Net Change in Cash	$7M

Balance Sheet

Item	Amount
Cash & Equivalents	$11M
Short-Term Investments	$0
Net Receivables	$24M
Inventory	$0
Other Current Assets	$112M
TOTAL CURRENT ASSETS	$157M
PP&E (Net)	$55M
Goodwill	$0
Intangible Assets	$109M
Long-Term Investments	$120M
Tax Assets	$0
Other Non-Current Assets	$6.1B
TOTAL NON-CURRENT ASSETS	$6.4B
TOTAL ASSETS	$6.5B
Account Payables	$200M
Short-Term Debt	$210M
Deferred Revenue	$37M
Other Current Liabilities	$3M
TOTAL CURRENT LIABILITIES	$547M
Long-Term Debt	$2.9B
Deferred Revenue NC	$37M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$36M
TOTAL NON-CURRENT LIABILITIES	$3.0B
TOTAL LIABILITIES	$3.5B
Common Stock	$2M
Additional Paid-In Capital	$4.1B
Retained Earnings	-$1.2B
Treasury Stock	$0
Accum. Other Comp. Income	-$570.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.9B
Minority Interest	$127M
TOTAL EQUITY	$3.0B
TOTAL LIABILITIES & EQUITY	$6.5B
Total Debt	$3.2B
Net Debt	$3.2B