Walker & Dunlop (WD) FY2014 results: revenue $361 million, up 13.1% on the year
Walker & Dunlop, Inc. (WD) reported revenue of $361 million for fiscal 2014, the year ended 31 December 2014, up 13.1% on the year before. Net income was $51 million, up 23.8%, and diluted earnings per share $1.58. The figures are the company's own, from the 10-K it filed with the SEC on 5 March 2015.
Revenue
$361 million
+13.1% on the year
FY2009FY2014
Operating margin
23.3%
20.9% a year earlier
FY2009FY2014
Net income
$51 million
+23.8% on the year
FY2009FY2014
Diluted EPS
$1.58
+30.6% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
361
319
257
+13.1%
Operating income
83.9
66.8
55.8
+25.6%
Operating margin
23.3%
20.9%
21.7%
Interest expense
18.2
13.7
12.7
+32.8%
Pre-tax income
83.9
66.8
55.8
+25.6%
Income tax
32.5
25.3
22.0
+28.6%
Effective tax rate
38.7%
37.8%
39.4%
Net income
51.4
41.5
33.8
+23.8%
Net margin
14.3%
13.0%
13.2%
Diluted EPS
$1.58
$1.21
$1.31
+30.6%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
n/a
837
-839
Capital expenditure
2.5
4.5
4.6
-44.1%
Free cash flow
n/a
832
-844
Free cash flow margin
n/a
260.9%
-328.6%
Depreciation and amortisation
80.1
76.0
53.9
+5.5%
Share-based compensation
10.0
9.2
5.2
+8.7%
Buybacks
37.6
3.0
0.7
+1,142.7%
Diluted shares, weighted
33m
34m
26m
-5.0%
Shares outstanding at period end
32m
34m
34m
-6.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
433
403
353
+7.6%
Debt
1,389
548
1,165
+153.5%
Other liabilities
186
178
170
+4.8%
Total liabilities and equity
2,009
1,129
1,689
+78.0%
Goodwill
74.5
60.2
59.7
+23.8%
Intangible assets
376
354
4.6
+6.3%
Loans
223
135
n/a
+65.7%
Cash and equivalents
113
171
65.0
-33.5%
Other assets
1,223
410
1,559
+198.2%
Total assets
2,009
1,129
1,689
+78.0%
10-K for the year ended 31 December 2014, filed 5 March 2015: the filing.