Walker & Dunlop (WD) FY2018 results: revenue $725 million, up 1.9% on the year
Walker & Dunlop, Inc. (WD) reported revenue of $725 million for fiscal 2018, the year ended 31 December 2018, up 1.9% on the year before. Net income was $161 million, down 23.5%, and diluted earnings per share $4.96. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2019.
Revenue
$725 million
+1.9% on the year
FY2011FY2018
Operating margin
29.3%
32.8% a year earlier
FY2011FY2018
Net income
$161 million
-23.5% on the year
FY2011FY2018
Diluted EPS
$4.96
-24.4% 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
725
712
575
+1.9%
Operating income
213
234
186
-8.9%
Operating margin
29.3%
32.8%
32.3%
Interest expense
10.1
9.7
9.9
+4.0%
Pre-tax income
213
234
186
-8.9%
Income tax
51.9
21.8
71.5
+137.8%
Effective tax rate
24.4%
9.3%
38.5%
Net income
161
211
114
-23.5%
Net margin
22.3%
29.7%
19.8%
Diluted EPS
$4.96
$6.56
$3.65
-24.4%
$ 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
64.1
1,068
759
-94.0%
Capital expenditure
4.7
5.2
2.5
-9.3%
Free cash flow
59.4
1,062
757
-94.4%
Free cash flow margin
8.2%
149.2%
131.6%
Cash from investing
-552
97.2
-66.8
Cash from financing
322
-1,089
-694
Depreciation and amortisation
142
131
111
+8.3%
Share-based compensation
24.0
21.1
18.5
+13.4%
Buybacks
68.8
34.9
12.9
+97.2%
Dividends paid
31.4
n/a
n/a
Dividend per share
$1.00
n/a
n/a
Diluted shares, weighted
31m
32m
31m
-2.5%
Shares outstanding at period end
29m
30m
30m
-1.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
902
809
610
+11.5%
Non-controlling interest
5.1
5.6
4.9
-8.9%
Debt
296
164
164
+80.7%
Other liabilities
1,579
1,230
2,273
+28.4%
Total liabilities and equity
2,782
2,208
3,052
+26.0%
Goodwill
174
124
96.4
+40.5%
Intangible assets
670
n/a
n/a
Loans
497
66.5
220
+647.7%
Cash and equivalents
90.1
191
119
-52.9%
Other assets
1,351
1,827
2,617
-26.1%
Total assets
2,782
2,208
3,052
+26.0%
10-K for the year ended 31 December 2018, filed 1 March 2019: the filing.