CORPORATE FINANCIAL REPORTS 3-7-22

The following are recent financial reports as posted by selected Utah corporations:

Extra Space Storage 

Extra Space Storage Inc., based in Salt Lake City, reported funds form operations (FFO) attributable to common stockholders and unit holders of $269.9 million, or $1.91 per share, for the fourth quarter ended Dec. 31. That compares with $204.7 million, or $1.48 per share, for the same quarter a year earlier.

Net income attributable to common stockholders totaled $268.4 million, or $2 per share. That compares with $156 million, or $1.19 per share, for the same quarter a year earlier.

Same-store rental revenue totaled $321.9 million in the most recent quarter, up from $272 million in the year-earlier quarter.

For the full year 2021, the company reported FFO of $974 million, or $6.91 per share. That compares with $722.5 million, or $5.24 per share, for 2020.

Net income in 2021 totaled $827.6 million, or $6.19 per share. That compares with $481.8 million, or $3.71 per share, for 2020.

Same-store revenue in 2021 totaled $1.2 billion, up from $1 billion in 2020.

Extra Space Storage is a real estate investment trust that owns and/or operates 2,096 self-storage stores in 41 states and Washington, D.C. The company is the second largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the United States.

“We had exceptional performance with all-time high occupancy and strong pricing power, resulting in same-store NOI (net operating income) of 24.2 percent in the fourth quarter and 19.7 percent for the year,” Joe Margolis, CEO, said in announcing the results. “External growth further contributed to our core FFO growth, which was 29.1 percent for the fourth quarter and 30.9 percent for the year.”

FinWise

FinWise Bancorp., based in Murray, reported net income of $101 million, or 90 cents per share, for the fourth quarter ended Dec. 31. That compares with $4.6 million, or 53 cents per share, for the same quarter a year earlier.

For the full year 2021, the company reported net income of $31.6 million, or $3.57 per share. That compares with $11.2 million, or $1.28 per share, for 2020.

FinWise Bancorp is the parent company of FinWise Bank. Its shares began trading publicly Nov. 19.

“We had an outstanding fourth quarter and full year 2021, capped off by the successful completion of our initial public offering,” Kent Landvatter, CEO and president, said in announcing the results.

“We made significant progress in key facets of our business, including continuing to implement our successful strategy that has resulted in a highly profitable FinTech lending model with nationwide reach and profitable growth. We are proud of our diverse and federally regulated product offerings that provide millions of dollars in loans to small-business owners. We also take pride in our strategic relationships that provide loans across the credit spectrum and expand access to credit for more consumers, particularly those with limited access.

“Our solid results are a testament to the unique business model that our team has built. These efforts put FinWise in a great position to continue to expand our market share and deliver strong performance for both our customers and shareholders over the long term.”

Overstock.com

Overstock.com Inc., based in Salt Lake City, reported net income attributable to stockholders of $32.9 million, or 68 cents per share, for the fourth quarter ended Dec. 31. That compares with $12.6 million, or 48 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $612.7 million, down from $669.7 million in the year-earlier quarter.

For the full year 2021, the company reported net income attributable to stockholders of $389.4 million, or $3.57 per share. That compares with $56 million, or $2.12 per share, for 2020.

Revenue in 2021 totaled $2.8 billion, up from $2.5 billion in 2020.

Overstock.com is an online retailer and technology company.

“This is our second consecutive year of profitability and market share growth,” Jonathan Johnson, CEO, said in announcing the results. “For the full year 2021, net revenue increased 11 percent against record 2020 growth. The foundational operational improvements we have made over the past two years have stabilized the business and positioned us well to navigate through economic- and industry-specific cycles over the long term.

“We are proving we can adjust to, execute through, and take advantage of both positive and negative jolts in the market. It’s encouraging that nearly one third of the overall home furniture and furnishings market continues to be transacted online. I believe increasing our brand association with home positions us favorably for 2022 and beyond.”

Merit Medical

Merit Medical Systems Inc., based in South Jordan, reported net income of $20.6 million, or 36 cents per share, for the fourth quarter ended Dec. 31. That compares with $15.4 million, or 27 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $278.5 million, up from $258 million in the year-earlier quarter.

For the full year 2021, the company reported net income of $48.5 million, or 84 cents per share. That compares with a loss of $9.8 million, or 18 cents per share, for 2020.

Revenue in 2021 totaled $1 billion, up from $963.9 million in 2020.

Merit is a manufacturer and marketer of medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.

“We delivered fourth-quarter performance that drove our 2021 financial results above the high end of our revenue and non-GAAP EPS guidance ranges, reflecting strong execution from our team despite the challenging operating environment,” Fred P. Lampropoulos, chairman and CEO, said in announcing the results.

“Fourth-quarter total revenue increased 8.4 percent on a constant currency, organic basis, driven by 6.6 percent growth in the U.S. and 10.8 percent growth outside the U.S. during the period.”

Arena

Arena Pharmaceuticals Inc., based in Park City, reported a net loss of $155.6 million, or $2.54 per share, for the fourth quarter ended Dec. 31. That compares with a loss of $122.2 million, or $2.10 per share, for the same quarter a year earlier.

Revenues in the most recent quarter totaled $54,000, up from $37,000 in the year-earlier quarter.

For the full year 2021, the company reported a net loss of $616.4 million, or $10.14 per share. That compares with a loss of $404.7 million, or $7.39 per share, for 2020.

Revenues in 2021 totaled $54,000, down from $319,000 in 2020.

Arena Pharmaceuticals develops medicines. In December, Arena announced that Pfizer Inc. and Arena had entered into a definitive agreement under which Pfizer has agreed to acquire Arena.