2023 Q3 Form 10-Q Financial Statement

#000162828023028176 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $219.1M $215.5M
YoY Change 5.98% 8.36%
Cost Of Revenue $58.58M $57.09M
YoY Change 6.26% 7.34%
Gross Profit $160.6M $158.4M
YoY Change 5.89% 8.73%
Gross Profit Margin 73.27% 73.51%
Selling, General & Admin $73.70M $71.50M
YoY Change 4.64% 5.31%
% of Gross Profit 45.9% 45.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $55.80M $56.71M
YoY Change -6.42% -2.05%
% of Gross Profit 34.75% 35.79%
Operating Expenses $133.7M $131.4M
YoY Change -1.99% 4.05%
Operating Profit $26.87M $26.99M
YoY Change 76.47% 39.17%
Interest Expense $43.07M -$37.83M
YoY Change 49.16% -254.74%
% of Operating Profit 160.3% -140.15%
Other Income/Expense, Net -$41.50M $196.0K
YoY Change 47.66% -100.84%
Pretax Income $43.99M $46.21M
YoY Change 4.11% -5.99%
Income Tax $922.0K $737.0K
% Of Pretax Income 2.1% 1.59%
Net Earnings $29.24M $24.32M
YoY Change 31.63% -2.88%
Net Earnings / Revenue 13.34% 11.28%
Basic Earnings Per Share $0.28 $0.28
Diluted Earnings Per Share $0.26 $0.28
COMMON SHARES
Basic Shares Outstanding 89.24M shares 88.30M shares
Diluted Shares Outstanding 146.1M shares 88.31M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.80M $44.02M
YoY Change 76.04% 36.1%
Cash & Equivalents $58.85M $44.02M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $13.40M $13.28M
Other Receivables $21.20M $20.74M
Total Short-Term Assets $93.40M $78.05M
YoY Change 58.43% 42.95%
LONG-TERM ASSETS
Property, Plant & Equipment $2.555M $5.727B
YoY Change 59.29% 377178.79%
Goodwill $8.182M $8.182M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $215.2M $219.1M
YoY Change -7.14% -6.41%
Other Assets $18.30M $20.05M
YoY Change 48.93% 111.07%
Total Long-Term Assets $6.072B $6.083B
YoY Change 1.12% 6.64%
TOTAL ASSETS
Total Short-Term Assets $93.40M $78.05M
Total Long-Term Assets $6.072B $6.083B
Total Assets $6.165B $6.161B
YoY Change 1.67% 6.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $109.4M $87.01M
YoY Change 18.31% 27.64%
Accrued Expenses $25.10M $25.31M
YoY Change 7.44% 7.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $134.5M $112.3M
YoY Change 16.12% 22.46%
LONG-TERM LIABILITIES
Long-Term Debt $3.847B $3.640B
YoY Change 10.3% 15.82%
Other Long-Term Liabilities $27.00M $25.12M
YoY Change 16.67% 5.95%
Total Long-Term Liabilities $3.874B $3.665B
YoY Change 10.34% 15.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $134.5M $112.3M
Total Long-Term Liabilities $3.874B $3.665B
Total Liabilities $4.008B $4.536B
YoY Change 10.53% 39.24%
SHAREHOLDERS EQUITY
Retained Earnings -$468.6M -$445.8M
YoY Change 24.97% 29.66%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.457B $1.625B
YoY Change
Total Liabilities & Shareholders Equity $6.165B $6.161B
YoY Change 1.67% 6.99%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $29.24M $24.32M
YoY Change 31.63% -2.88%
Depreciation, Depletion And Amortization $55.80M $56.71M
YoY Change -6.42% -2.05%
Cash From Operating Activities $129.4M $108.4M
YoY Change 5.29% -7.3%
INVESTING ACTIVITIES
Capital Expenditures $22.10M $17.65M
YoY Change -106.75% -115.74%
Acquisitions
YoY Change
Other Investing Activities -$300.0K $200.0K
YoY Change -43.82% -100.41%
Cash From Investing Activities -$22.30M -$17.45M
YoY Change -93.2% -89.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -93.80M -95.50M
YoY Change -145.32% -287.61%
NET CHANGE
Cash From Operating Activities 129.4M 108.4M
Cash From Investing Activities -22.30M -17.45M
Cash From Financing Activities -93.80M -95.50M
Net Change In Cash 13.30M -4.515M
YoY Change 639.71% -169.79%
FREE CASH FLOW
Cash From Operating Activities $129.4M $108.4M
Capital Expenditures $22.10M $17.65M
Free Cash Flow $107.3M $90.78M
YoY Change -76.18% -60.38%

Facts In Submission

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NumberOfStatesInWhichEntityOperates
42 state
CY2023Q2 us-gaap Net Rentable Area
NetRentableArea
72800000 sqft
CY2023Q2 nsa Number Of Storage Units
NumberOfStorageUnits
573000 storage_unit
us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
Rental revenueRental revenue consists of space rentals and related fees. Management has determined that all of the Company's leases are operating leases. Substantially all leases may be terminated on a month-to-month basis and rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term.
us-gaap Use Of Estimates
UseOfEstimates
Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
CY2019Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
400000000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1622874000 shares
nsa Stock Repurchased During Period Value Including Fees
StockRepurchasedDuringPeriodValueIncludingFees
69300000 usd
nsa Number Of Annexes Acquired
NumberOfAnnexesAcquired
2 property
nsa Asset Acquisition Assets Acquiredand Liabilities Assumed Net
AssetAcquisitionAssetsAcquiredandLiabilitiesAssumedNet
174300000 usd
us-gaap Asset Acquisition Consideration Transferred Transaction Cost
AssetAcquisitionConsiderationTransferredTransactionCost
1100000 usd
CY2023Q1 nsa Number Of Assets Acquired
NumberOfAssetsAcquired
16 property
CY2023Q1 nsa Payments For Asset Acquisitions
PaymentsForAssetAcquisitions
9920000 usd
CY2023Q1 us-gaap Asset Acquisition Consideration Transferred Equity Interest Issued And Issuable
AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable
150531000 usd
CY2023Q1 nsa Asset Acquisitions Liabilities And Other Consideration
AssetAcquisitionsLiabilitiesAndOtherConsideration
85000 usd
CY2023Q1 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
160536000 usd
CY2023Q2 nsa Number Of Assets Acquired
NumberOfAssetsAcquired
0 property
CY2023Q2 nsa Payments For Asset Acquisitions
PaymentsForAssetAcquisitions
8167000 usd
CY2023Q2 us-gaap Asset Acquisition Consideration Transferred Equity Interest Issued And Issuable
AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable
5577000 usd
CY2023Q2 nsa Asset Acquisitions Liabilities And Other Consideration
AssetAcquisitionsLiabilitiesAndOtherConsideration
34000 usd
CY2023Q2 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
13778000 usd
nsa Number Of Assets Acquired
NumberOfAssetsAcquired
16 property
nsa Payments For Asset Acquisitions
PaymentsForAssetAcquisitions
18087000 usd
us-gaap Asset Acquisition Consideration Transferred Equity Interest Issued And Issuable
AssetAcquisitionConsiderationTransferredEquityInterestIssuedAndIssuable
156108000 usd
nsa Asset Acquisitions Liabilities And Other Consideration
AssetAcquisitionsLiabilitiesAndOtherConsideration
119000 usd
us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
174314000 usd
CY2023Q2 nsa Number Of Annexes Acquired
NumberOfAnnexesAcquired
2 property
CY2023Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
13283000 usd
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
13120000 usd
CY2023Q2 us-gaap Derivative Assets
DerivativeAssets
49006000 usd
CY2022Q4 us-gaap Derivative Assets
DerivativeAssets
51466000 usd
CY2023Q2 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
13972000 usd
CY2022Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
26156000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2307000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1534000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
8182000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
8182000 usd
CY2023Q2 us-gaap Other Assets
OtherAssets
160618000 usd
CY2022Q4 us-gaap Other Assets
OtherAssets
156228000 usd
CY2023Q2 nsa Debt Long Term And Short Term Combined Amounts Gross
DebtLongTermAndShortTermCombinedAmountsGross
3650075000 usd
CY2022Q4 nsa Debt Long Term And Short Term Combined Amounts Gross
DebtLongTermAndShortTermCombinedAmountsGross
3560570000 usd
CY2023Q2 nsa Deferred Finance Costs And Debt Premium
DeferredFinanceCostsAndDebtPremium
10528000 usd
CY2022Q4 nsa Deferred Finance Costs And Debt Premium
DeferredFinanceCostsAndDebtPremium
9391000 usd
CY2023Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
3639547000 usd
CY2022Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
3551179000 usd
CY2023Q2 nsa Longterm Debt Maturities Repayments Of Principal Remainder Of Year Gross
LongtermDebtMaturitiesRepaymentsOfPrincipalRemainderOfYearGross
62318000 usd
CY2023Q2 nsa Longterm Debt Premium Amortization Repayments Of Principal Remainder Of Year
LongtermDebtPremiumAmortizationRepaymentsOfPrincipalRemainderOfYear
1546000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
60772000 usd
CY2023Q2 nsa Long Term Debt Maturities Repayments Of Principal In Year One Gross
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearOneGross
296964000 usd
CY2023Q2 nsa Long Term Debt Premium Amortization Repayments Of Principal In Year One
LongTermDebtPremiumAmortizationRepaymentsOfPrincipalInYearOne
2892000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
294072000 usd
CY2023Q2 nsa Longterm Debt Maturities Repayments Of Principal In Year Two Gross
LongtermDebtMaturitiesRepaymentsOfPrincipalInYearTwoGross
327185000 usd
CY2023Q2 nsa Longterm Debt Premium Amortization Repayments Of Principal In Year Two
LongtermDebtPremiumAmortizationRepaymentsOfPrincipalInYearTwo
1840000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
325345000 usd
CY2023Q2 nsa Longterm Debt Maturities Repayments Of Principal In Year Three Gross
LongtermDebtMaturitiesRepaymentsOfPrincipalInYearThreeGross
312322000 usd
CY2023Q2 nsa Longterm Debt Premium Amortization Repayments Of Principal In Year Three
LongtermDebtPremiumAmortizationRepaymentsOfPrincipalInYearThree
1534000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
310788000 usd
CY2023Q2 nsa Longterm Debt Maturities Repayments Of Principal In Year Four Gross
LongtermDebtMaturitiesRepaymentsOfPrincipalInYearFourGross
637369000 usd
CY2023Q2 nsa Longterm Debt Premium Amortization Repayments Of Principal In Year Four
LongtermDebtPremiumAmortizationRepaymentsOfPrincipalInYearFour
1036000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
636333000 usd
CY2023Q2 nsa Longterm Debt Maturities Repayments Of Principal In Year Five Gross
LongtermDebtMaturitiesRepaymentsOfPrincipalInYearFiveGross
340624000 usd
CY2023Q2 nsa Longterm Debt Premium Amortization Repayments Of Principal In Year Five
LongtermDebtPremiumAmortizationRepaymentsOfPrincipalInYearFive
826000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
339798000 usd
CY2023Q2 nsa Long Term Debt Maturities Repayments Of Principal After Year Five Gross
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFiveGross
1673293000 usd
CY2023Q2 nsa Long Term Debt Premium Amortization Repayments Of Principal After Year Five
LongTermDebtPremiumAmortizationRepaymentsOfPrincipalAfterYearFive
854000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1672439000 usd
CY2023Q2 nsa Debt Long Term And Short Term Combined Amounts Gross
DebtLongTermAndShortTermCombinedAmountsGross
3650075000 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
10528000 usd
CY2023Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
3639547000 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
45476000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
16028000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
29448000 usd
CY2023Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5119000 usd
CY2023Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
13000 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Available To Common Shareholders Diluted
UndistributedEarningsLossAvailableToCommonShareholdersDiluted
24316000 usd
CY2023Q2 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
24316000 usd
CY2022Q2 us-gaap Undistributed Earnings Loss Available To Common Shareholders Diluted
UndistributedEarningsLossAvailableToCommonShareholdersDiluted
21642000 usd
us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
49577000 usd
us-gaap Undistributed Earnings Loss Available To Common Shareholders Diluted
UndistributedEarningsLossAvailableToCommonShareholdersDiluted
49577000 usd
us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
43577000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88312000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88312000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91541000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91541000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88902000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91433000 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.28
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2023Q2 nsa Interest Rate Cash Flow Hedge Loss To Be Reclassified During Next12 Months
InterestRateCashFlowHedgeLossToBeReclassifiedDuringNext12Months
34100000 usd
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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