Starwood Property Trust (STWD) FY2019 results: revenue $1.2 billion, up 7.9% on the year
Starwood Property Trust, Inc. (STWD) reported revenue of $1.2 billion for fiscal 2019, the year ended 31 December 2019, up 7.9% on the year before. Net income was $510 million, up 32.1%, and diluted earnings per share $1.79. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$1.2 billion
+7.9% on the year
FY2012FY2019
Operating margin
13.9%
11.9% a year earlier
FY2012FY2019
Net income
$510 million
+32.1% on the year
FY2012FY2019
Diluted EPS
$1.79
+26.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,196
1,109
880
+7.9%
Operating income
167
132
145
+26.5%
Operating margin
13.9%
11.9%
16.4%
Interest expense
509
408
296
+24.6%
Pre-tax income
550
427
444
+29.0%
Income tax
13.2
15.3
31.5
-13.7%
Effective tax rate
2.4%
3.6%
7.1%
Net income
510
386
401
+32.1%
Net margin
42.6%
34.8%
45.5%
Diluted EPS
$1.79
$1.42
$1.52
+26.1%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
-13.2
585
-247
Cash from investing
-776
-2,521
-1,037
Cash from financing
877
2,005
1,048
-56.3%
Depreciation and amortisation
113
133
93.6
-14.6%
Share-based compensation
46.2
43.5
39.2
+6.4%
Buybacks
0.0
12.1
n/a
Dividends paid
538
510
502
+5.6%
Dividend per share
$1.92
$1.92
$1.92
0.0%
Diluted shares, weighted
290m
288m
262m
+0.4%
Shares outstanding at period end
282m
276m
261m
+2.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
4,700
4,603
4,478
+2.1%
Non-controlling interest
437
297
101
+47.1%
Redeemable equity
0.0
0.0
n/a
Debt
1,929
10,682
7,898
-81.9%
Other liabilities
70,977
52,680
50,464
+34.7%
Total liabilities and equity
78,042
68,262
62,941
+14.3%
Goodwill
260
260
140
0.0%
Intangible assets
85.7
145
183
-40.9%
Securities held for sale or to maturity
571
644
433
-11.4%
Loans
10,586
8,532
6,562
+24.1%
Cash and equivalents
478
240
369
+99.5%
Other assets
66,062
58,441
55,252
+13.0%
Total assets
78,042
68,262
62,941
+14.3%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.