SM Energy (SM) FY2020 results: revenue $1.1 billion, down 29.1% on the year
SM Energy Co. (SM) reported revenue of $1.1 billion for fiscal 2020, the year ended 31 December 2020, down 29.1% on the year before. Net income was -$765 million, and diluted earnings per share $-6.72. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2021.
Revenue
$1.1 billion
-29.1% on the year
FY2013FY2020
Operating margin
-94.9%
-4.4% a year earlier
FY2013FY2020
Net income
-$765 million
FY2013FY2020
Diluted EPS
-$6.72
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,127
1,590
2,067
-29.1%
Cost of revenue
391
501
487
-21.9%
Gross profit
735
1,089
1,580
-32.5%
Gross margin
65.3%
68.5%
76.4%
Operating income
-1,069
-70.0
836
Operating margin
-94.9%
-4.4%
40.5%
Interest expense
164
159
161
+3.0%
Pre-tax income
-957
-231
652
Income tax
-192
-44.0
143
Effective tax rate
n/a
n/a
22.0%
Net income
-765
-187
508
Net margin
-67.9%
-11.8%
24.6%
Diluted EPS
-$6.72
-$1.66
$4.48
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
791
824
721
-4.0%
Cash from investing
-556
-1,013
-588
Cash from financing
-235
112
-369
Share-based compensation
15.0
24.3
23.9
-38.3%
Buybacks
0.0
n/a
n/a
Dividends paid
2.3
11.3
11.2
-79.8%
Dividend per share
$0.02
$0.10
$0.10
-80.0%
Diluted shares, weighted
114m
113m
114m
+1.1%
Shares outstanding at period end
115m
113m
112m
+1.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,016
2,749
2,920
-26.7%
Debt
2,214
2,733
2,596
-19.0%
Operating lease liabilities
11.9
23.1
n/a
-48.6%
Other liabilities
734
787
836
-6.8%
Total liabilities and equity
4,976
6,292
6,353
-20.9%
Fixed assets
4,702
5,954
5,831
-21.0%
Cash and equivalents
0.0
0.0
78.0
0.0%
Receivables
162
185
168
-12.1%
Other assets
112
154
276
-27.1%
Total assets
4,976
6,292
6,353
-20.9%
10-K for the year ended 31 December 2020, filed 18 February 2021: the filing.