2024 Q2 Form 10-Q Financial Statement

#000129867524000021 Filed on April 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $266.2M $261.4M
YoY Change 2.07% 1.9%
Cost Of Revenue $83.10M $77.04M
YoY Change 11.06% 8.31%
Gross Profit $183.1M $184.4M
YoY Change -1.54% -0.56%
Gross Profit Margin 68.79% 70.53%
Selling, General & Admin $14.62M $15.63M
YoY Change 2.07% 6.48%
% of Gross Profit 7.99% 8.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $52.05M $50.72M
YoY Change 3.36% 0.77%
% of Gross Profit 28.43% 27.51%
Operating Expenses $65.66M $66.34M
YoY Change 1.51% 2.06%
Operating Profit $117.5M $118.0M
YoY Change -3.17% -1.97%
Interest Expense -$23.36M -$23.10M
YoY Change -1.84% 4.17%
% of Operating Profit -19.89% -19.58%
Other Income/Expense, Net $88.00K -$65.00K
YoY Change -88.67% -76.45%
Pretax Income $94.19M $94.86M
YoY Change -4.17% -3.15%
Income Tax
% Of Pretax Income
Net Earnings $94.19M $94.86M
YoY Change -4.17% -3.15%
Net Earnings / Revenue 35.38% 36.29%
Basic Earnings Per Share $0.42 $0.42
Diluted Earnings Per Share $0.41 $0.42
COMMON SHARES
Basic Shares Outstanding 225.0M 225.0M
Diluted Shares Outstanding 226.6M 226.6M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.656M $5.587M
YoY Change -38.66% 1.4%
Cash & Equivalents $5.656M $5.587M
Short-Term Investments
Other Short-Term Assets $6.765M $7.912M
YoY Change -57.26% -2.51%
Inventory
Prepaid Expenses
Receivables $9.213M $7.907M
Other Receivables $0.00 $0.00
Total Short-Term Assets $21.63M $21.41M
YoY Change -33.89% 2.78%
LONG-TERM ASSETS
Property, Plant & Equipment $5.962B $5.989B
YoY Change -1.3% -1.22%
Goodwill
YoY Change
Intangibles $1.326M $2.036M
YoY Change 279.85%
Long-Term Investments $94.05M $96.23M
YoY Change -7.32% -7.19%
Other Assets $4.978M $5.707M
YoY Change -41.97% -52.21%
Total Long-Term Assets $6.163B $6.187B
YoY Change -1.37% -1.32%
TOTAL ASSETS
Total Short-Term Assets $21.63M $21.41M
Total Long-Term Assets $6.163B $6.187B
Total Assets $6.184B $6.209B
YoY Change -1.54% -1.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $230.3M $202.8M
YoY Change 7.24% 7.76%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $472.0K $31.87M
YoY Change
Total Short-Term Liabilities $346.8M $350.6M
YoY Change 6.01% 16.67%
LONG-TERM LIABILITIES
Long-Term Debt $2.950B $2.957B
YoY Change -2.76% -3.44%
Other Long-Term Liabilities $40.58M $39.27M
YoY Change -2.57% -4.5%
Total Long-Term Liabilities $2.990B $2.996B
YoY Change -2.76% -3.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $346.8M $350.6M
Total Long-Term Liabilities $2.990B $2.996B
Total Liabilities $3.337B $3.347B
YoY Change -1.91% -1.67%
SHAREHOLDERS EQUITY
Retained Earnings -$1.386B -$1.365B
YoY Change 3.97% 3.19%
Common Stock $2.252M $2.250M
YoY Change 0.18% 0.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.770B $2.782B
YoY Change
Total Liabilities & Shareholders Equity $6.184B $6.209B
YoY Change -1.54% -1.31%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $94.19M $94.86M
YoY Change -4.17% -3.15%
Depreciation, Depletion And Amortization $52.05M $50.72M
YoY Change 3.36% 0.77%
Cash From Operating Activities $170.9M $150.2M
YoY Change 5.95% 10.81%
INVESTING ACTIVITIES
Capital Expenditures $11.41M $29.80M
YoY Change -19.2% 167.29%
Acquisitions
YoY Change
Other Investing Activities -$8.931M -$4.417M
YoY Change 34.18% -66.56%
Cash From Investing Activities -$20.34M -$34.22M
YoY Change -2.1% 40.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -150.9M -116.5M
YoY Change 9.22% 4.71%
NET CHANGE
Cash From Operating Activities 170.9M 150.2M
Cash From Investing Activities -20.34M -34.22M
Cash From Financing Activities -150.9M -116.5M
Net Change In Cash -343.0K -604.0K
YoY Change -114.52% 322.38%
FREE CASH FLOW
Cash From Operating Activities $170.9M $150.2M
Capital Expenditures $11.41M $29.80M
Free Cash Flow $159.5M $120.3M
YoY Change 8.37% -3.22%

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CY2024Q1 us-gaap Share Based Compensation
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CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2024Q1 cube Fair Value Adjustment Of Debt
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CY2023Q1 cube Fair Value Adjustment Of Debt
FairValueAdjustmentOfDebt
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CY2024Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2023Q1 us-gaap Increase Decrease In Other Operating Assets
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CY2024Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2024Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
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CY2023Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
717000
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
150150000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2024Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
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CY2024Q1 cube Payments For Additions And Improvements To Real Estate
PaymentsForAdditionsAndImprovementsToRealEstate
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CY2023Q1 cube Payments For Additions And Improvements To Real Estate
PaymentsForAdditionsAndImprovementsToRealEstate
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CY2024Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
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CY2023Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
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CY2024Q1 us-gaap Distributions Payable To Real Estate Partnerships
DistributionsPayableToRealEstatePartnerships
-305000
CY2023Q1 us-gaap Distributions Payable To Real Estate Partnerships
DistributionsPayableToRealEstatePartnerships
-5000
CY2024Q1 us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
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CY2023Q1 us-gaap Proceeds From Distributions Received From Real Estate Partnerships
ProceedsFromDistributionsReceivedFromRealEstatePartnerships
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CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-34220000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2024Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
213920000
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
220073000
CY2024Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
213620000
CY2023Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
219573000
CY2024Q1 cube Payments Of Mortgage Loans And Notes Payable
PaymentsOfMortgageLoansAndNotesPayable
456000
CY2023Q1 cube Payments Of Mortgage Loans And Notes Payable
PaymentsOfMortgageLoansAndNotesPayable
638000
CY2023Q1 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
39000
CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-9000
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-91000
CY2024Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
838000
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
635000
CY2024Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
201000
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
915000
CY2024Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
309000
CY2024Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
125000
CY2023Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
107000
CY2024Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
115253000
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
110495000
CY2024Q1 cube Payments To Minority Shareholders In Operating Partnership
PaymentsToMinorityShareholdersInOperatingPartnership
663000
CY2023Q1 cube Payments To Minority Shareholders In Operating Partnership
PaymentsToMinorityShareholdersInOperatingPartnership
699000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-116534000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-111289000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-604000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-143000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8217000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8925000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7613000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8782000
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
31551000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
32202000
CY2024Q1 cube Derivative Valuation Adjustment
DerivativeValuationAdjustment
20000
CY2023Q1 cube Derivative Valuation Adjustment
DerivativeValuationAdjustment
20000
CY2024Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
24
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2024Q1 cube Common Stock Conversion Ratio
CommonStockConversionRatio
1
CY2024Q1 cube Common Stock Conversion Ratio
CommonStockConversionRatio
1
CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Reclassifications</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:9.35pt;margin:0pt;">Certain amounts within the Company’s and the Operating Partnership’s unaudited consolidated financial statements have been reclassified in prior years to conform to the current year presentation. </p>
CY2024Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
7397588000
CY2023Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
7367613000
CY2024Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1458854000
CY2023Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1416377000
CY2024Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
5938734000
CY2023Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
5951236000
CY2024Q1 cube Ground Lease Receivable
GroundLeaseReceivable
6206000
CY2023Q4 cube Ground Lease Receivable
GroundLeaseReceivable
6193000
CY2024Q1 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
6233000
CY2023Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
4732000
CY2024Q1 us-gaap Other Assets
OtherAssets
162633000
CY2023Q4 us-gaap Other Assets
OtherAssets
163284000
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
801000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
164000
CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2036000
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1806000
CY2024Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
7907000
CY2023Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
8944000
CY2024Q1 us-gaap Prepaid Taxes
PrepaidTaxes
5738000
CY2023Q4 us-gaap Prepaid Taxes
PrepaidTaxes
8171000
CY2024Q1 us-gaap Prepaid Insurance
PrepaidInsurance
2174000
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
4879000
CY2024Q1 us-gaap Other Receivables
OtherReceivables
20018000
CY2023Q4 us-gaap Other Receivables
OtherReceivables
18045000
CY2024Q1 us-gaap Assets Held In Trust
AssetsHeldInTrust
62142000
CY2023Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
60038000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
50179000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
50476000
CY2024Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2800000000
CY2023Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2800000000
CY2024Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
20000
CY2024Q1 us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
100000
CY2024Q1 cube Property Self Storage Facility Under Development Number Of Units
PropertySelfStorageFacilityUnderDevelopmentNumberOfUnits
4
CY2024Q1 cube Commitments And Contingencies Future Milestone Payments
CommitmentsAndContingenciesFutureMilestonePayments
38500000
CY2023Q1 cube Related Party Transaction Acquisition Fees
RelatedPartyTransactionAcquisitionFees
0
CY2024Q1 cube Related Party Transaction Acquisition Fees
RelatedPartyTransactionAcquisitionFees
0
CY2024Q1 us-gaap Profit Loss
ProfitLoss
94858000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
97942000
CY2024Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
541000
CY2023Q1 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Redeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable
614000
CY2024Q1 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
-210000
CY2023Q1 us-gaap Noncontrolling Interest In Net Income Loss Other Noncontrolling Interests Redeemable
NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable
-238000
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
94527000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
97566000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
225767000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
225294000
CY2024Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
808000
CY2023Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
889000
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
226575000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
226183000
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.43
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.51
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.49
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1100000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
224965172
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
224671525
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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