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 net income attributable to common stockholders of $216.1 million, or $1.02 per share, for the fourth quarter ended Dec. 31. That compares with $204.3 million, or $1.52 per share, for the same quarter a year earlier.
Funds from operations attributable to common stockholders and unit holders was $418.6 million, or $1.89 per share. That compares with $300 million, or $2.09 per share, for the same quarter a year earlier.
Same-store revenues in the quarter totaled $391.8 million, up from $388.6 million in the prior-year period.
For the full year 2023, the company reported net income attributable to common stockholders of $803.2 million, or $4.74 per share. That compares with $860.7 million, or $6.41 per share, for 2022. FFO in 2023 totaled $1.35 billion, or $7.56 per share. That compares with $1.2 billion, or $8.38 per share, in 2022.
Same-store revenues in 2023 totaled $1.56 billion, up from $1.5 billion in 2022.
Extra Space Storage is a real estate investment trust that owns and/or operates 3,714 self-storage stores in 42 states and Washington, D.C. It is the largest operator of self-storage properties in the United States.
“We had a solid quarter, focusing on optimizing the performance of the recently added Life Storage assets, while maximizing the performance of the legacy Extra Space Storage locations,” Joe Margolis, CEO, said in announcing the results. “We maintained healthy in-place rents and strong same-store occupancy in the quarter, averaging 93.4 percent, which drove positive same-store revenue growth.
“Turning to 2024, we anticipate stronger revenue growth from the Life Storage assets, which are benefiting from the sophistication of the Extra Space platform. While we expect a headwind from lower new customer rates, we are confident in the durability of self-storage, our highly diversified portfolio and our platform’s ability to capture customer volume when sector demand accelerates.”
R1 RCM
R1 RCM Inc., based in Murray, reported net income of $1.4 million, or zero cents per share, for the fourth quarter ended Dec. 31. That compares with a net loss of $36.6 million, or 9 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $575.1 million, up from $533.3 million in the year-earlier quarter.
For the full year 2023, the company reported net income of $3.3 million, or 1 cent per share. That compares with a net loss of $63.3 million, or 18 cents per share, in 2022. Revenue in 2023 totaled $2.25 billion, up from $1.8 billion in 2022.
R1 RCM provides technology-driven solutions that transform the financial performance and patient experience for health systems, hospitals and physician groups.
“R1 executed on its key objectives in 2023,” Lee Rivas, CEO, said in announcing the results. “We established a stronger foundation for growth, stabilized key metrics for several clients, and delivered approximately $30 million in synergies from the Cloudmed integration. In addition, we strengthened our technology platform by driving innovation through generative AI and enhanced our global infrastructure to improve our performance and competitive position in the market.
“We enter 2024 with a more diversified business, enhanced technology initiatives and increased global scale. Our strategy is to leverage our best-in-class capabilities to deploy flexible models that meet customers where they are in their revenue cycle journey. We believe R1’s breadth of capabilities and data-driven technology platform, combined with our focus on operational excellence, positions us to drive value for our customers while delivering long-term sustainable growth and improved financial performance for our shareholders.”
Clarus
Clarus Corp., based in Salt Lake City, reported a net loss of $8.4 million, or 22 cents per share, for the fourth quarter ended Dec. 31. That compares with a loss of $81.6 million, or $2.20 per share, for the same quarter a year earlier.
Sales in the most recent quarter totaled $76.5 million, up from $73.8 million in the year-earlier quarter.
For the full year 2023, the company reported a net loss of $10.1 million, or 27 cents per share. That compares with a loss of $70 million, or $2.49 per share, in 2022. Sales in 2023 totaled $286 million, down from $315.3 million in 2022.
Clarus designs, develops, manufactures and distributes outdoor equipment and lifestyle products.
“Despite very challenging macroeconomic headwinds throughout 2023 that adversely impacted consumer demand, we have taken important steps to realign our brands and inventory levels to position Clarus for long-term profitable growth as a pure-play, ESG-friendly outdoor business,” Warren Kanders, executive chairman, said in announcing the results.
“After completing the sale of our Precision Sport segment, we are debt-free with over $40 million of cash on the balance sheet. We have a streamlined company focused on two operating segments poised for growth, each with strong leaders with highly capable teams focused on increasing profitability and unlocking new opportunities.”
BRC
BRC Inc., based in Salt Lake City, reported a net loss of $14 million, or 7 cents per share, for the fourth quarter of 2023. That compares with a net loss of $20 million, or 9 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $119.7 million, up from $93.6 million in the year-earlier quarter.
For the full fiscal year, the company reported a net loss of $56.7 million, or 27 cents per share. That compares with $338 million, or $1.62 per share, for 2022. Revenue in 2023 totaled $395.6 million, up from $301.3 million in 2022.
Black Rifle Coffee Co. is a veteran-founded coffee company.
“Black Rifle continues to build momentum as a brand, as an efficient, well-run company, and most importantly, in its ability to impact the veteran and first-responder community,” Chris Mondzelewski, CEO, said in announcing the results. “We are one of the fastest-growing brands in the coffee category, with bagged coffee growing at 18x the category and RTD coffee 4x the category.”
“BRCC has reached an inflection point, driven by a renewed focus on efficiency and effectiveness, giving us confidence in our first full-year guidance of positive profit and free cash flow,” said Steve Kadenacy, chief financial officer. “Our strong performance during the past fiscal year demonstrates our commitment to excellence at every level of the company. We’ve further refined operations to serve our greater vision for the company — a vision that will allow us to strengthen and grow the business while creating value for our customers, partners, and investors.”
Cricut
Cricut Inc., based in South Jordan, reported net income of $11.3 million, or 5 cents per share, for the fourth quarter ended Dec. 31. That compares with $10.9 million, or 5 cents per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $231.2 million, down from $280.8 million in the year-earlier quarter.
For the full year 2023, the company reported net income of $53.6 million, or 24 cents per share. That compares with $60.7 million, or 28 cents per share, in 2022. Revenue in 2023 totaled $765.1 million, down from $886.3 million in 2022.
Cricut offers hardware and design software for hobbyists.
“We moved through 2023 focused on profitability, even as we navigated a dynamic consumer discretionary environment,” Ashish Arora, CEO, said in announcing the results. “We are encouraged by our 49 percent operating income increase in Q4 year over year and the positive uplift from our promotions in Q4. However, we were disappointed that sales fell in the quarter and full year by 18 percent and 14 percent, respectively.
“Our promotions uplift was smaller than we expected and is attributable in part to lower retailer inventory, but in hindsight, we could have conducted more aggressive marketing and promotions. We intend to boost our marketing efforts and spending in 2024 to generate more interest and demand throughout the funnel.”
Owlet
Owlet Inc., based in Lehi, reported a net loss of $6.9 million, or 97 cents per share, for the fourth quarter ended Dec. 31. That compares with a loss of $19.5 million, or $2.43 per share, for the same quarter a year earlier.
Revenue in the most recent quarter totaled $21 million, up from $12 million in the year-earlier quarter.
For the full year 2023, the company reported a net loss of $32.9 million, or $4.53 per share. That compares with $79.3 million, or $9.98 per share, for 2022. Revenue in 2023 totaled $54 million, down from $69.2 million in 2022.
The company offers parenting technology.
“I am gratified to announce a very strong operating quarter and year of ongoing fiscal improvement for Owlet,” Kurt Workman, CEO and co-founder, said in announcing the results. “A year ago, we reiterated our significant conviction in Owlet’s fundamentals and vision for the future. Since then, the company gained two FDA authorizations all while improving operational efficiency, reducing costs and bringing the business toward adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) break-even. The mission, direction and momentum of the company has never been stronger.”