Starwood Property Trust (STWD) FY2018 results: revenue $1.1 billion, up 26.1% on the year
Starwood Property Trust, Inc. (STWD) reported revenue of $1.1 billion for fiscal 2018, the year ended 31 December 2018, up 26.1% on the year before. Net income was $386 million, down 3.7%, and diluted earnings per share $1.42. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$1.1 billion
+26.1% on the year
FY2011FY2018
Operating margin
11.9%
16.4% a year earlier
FY2011FY2018
Net income
$386 million
-3.7% on the year
FY2011FY2018
Diluted EPS
$1.42
-6.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,109
880
785
+26.1%
Operating income
132
145
134
-9.0%
Operating margin
11.9%
16.4%
17.0%
Interest expense
408
296
231
+38.1%
Pre-tax income
427
444
376
-4.0%
Income tax
15.3
31.5
8.3
-51.4%
Effective tax rate
3.6%
7.1%
2.2%
Net income
386
401
365
-3.7%
Net margin
34.8%
45.5%
46.5%
Diluted EPS
$1.42
$1.52
$1.50
-6.6%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
585
-247
557
Cash from investing
-2,521
-1,037
-801
Cash from financing
2,005
1,048
506
+91.3%
Depreciation and amortisation
133
93.6
66.8
+41.7%
Share-based compensation
43.5
39.2
49.1
+10.8%
Buybacks
12.1
n/a
19.7
Dividends paid
510
502
458
+1.7%
Dividend per share
$1.92
$1.92
$1.92
0.0%
Diluted shares, weighted
288m
262m
242m
+10.1%
Shares outstanding at period end
276m
261m
259m
+5.5%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
4,603
4,478
4,522
+2.8%
Non-controlling interest
297
101
37.8
+194.4%
Redeemable equity
0.0
n/a
n/a
Debt
10,682
7,898
6,166
+35.2%
Other liabilities
52,680
50,464
66,531
+4.4%
Total liabilities and equity
68,262
62,941
77,256
+8.5%
Goodwill
260
140
140
+85.0%
Intangible assets
145
183
219
-20.8%
Securities held for sale or to maturity
644
433
510
+48.6%
Loans
8,532
6,562
5,848
+30.0%
Cash and equivalents
240
369
616
-35.1%
Other assets
58,441
55,252
69,923
+5.8%
Total assets
68,262
62,941
77,256
+8.5%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.