Starwood Property Trust (STWD) FY2017 results: revenue $880 million, up 12.1% on the year
Starwood Property Trust, Inc. (STWD) reported revenue of $880 million for fiscal 2017, the year ended 31 December 2017, up 12.1% on the year before. Net income was $401 million, up 9.7%, and diluted earnings per share $1.52. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2018.
Revenue
$880 million
+12.1% on the year
FY2011FY2017
Operating margin
16.4%
17.0% a year earlier
FY2011FY2017
Net income
$401 million
+9.7% on the year
FY2011FY2017
Diluted EPS
$1.52
+1.3% on the year
FY2011FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
880
785
736
+12.1%
Operating income
145
134
200
+8.3%
Operating margin
16.4%
17.0%
27.1%
Interest expense
296
231
203
+28.1%
Pre-tax income
444
376
469
+18.2%
Income tax
31.5
8.3
17.2
+277.8%
Effective tax rate
7.1%
2.2%
3.7%
Net income
401
365
451
+9.7%
Net margin
45.5%
46.5%
61.2%
Diluted EPS
$1.52
$1.50
$1.91
+1.3%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
-247
557
606
Cash from investing
-1,037
-801
-420
Cash from financing
1,048
506
-93.3
+107.3%
Depreciation and amortisation
93.6
66.8
29.0
+40.2%
Share-based compensation
39.2
49.1
51.0
-20.1%
Buybacks
n/a
19.7
48.7
Dividends paid
502
458
447
+9.4%
Dividend per share
$1.92
$1.92
$1.92
0.0%
Diluted shares, weighted
262m
242m
234m
+8.4%
Shares outstanding at period end
261m
259m
237m
+0.8%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
4,478
4,522
4,140
-1.0%
Non-controlling interest
101
37.8
30.6
+166.6%
Debt
7,898
6,166
5,304
+28.1%
Other liabilities
50,464
66,531
76,263
-24.1%
Total liabilities and equity
62,941
77,256
85,738
-18.5%
Goodwill
140
140
140
0.0%
Intangible assets
183
219
202
-16.5%
Securities held for sale or to maturity
433
510
321
-15.0%
Loans
6,562
5,848
5,973
+12.2%
Cash and equivalents
369
616
369
-40.0%
Other assets
55,252
69,923
78,733
-21.0%
Total assets
62,941
77,256
85,738
-18.5%
10-K for the year ended 31 December 2017, filed 28 February 2018: the filing.