Walker & Dunlop (WD) FY2019 results: revenue $817 million, up 12.7% on the year
Walker & Dunlop, Inc. (WD) reported revenue of $817 million for fiscal 2019, the year ended 31 December 2019, up 12.7% on the year before. Net income was $173 million, up 7.4%, and diluted earnings per share $5.45. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$817 million
+12.7% on the year
FY2012FY2019
Operating margin
28.2%
29.3% a year earlier
FY2012FY2019
Net income
$173 million
+7.4% on the year
FY2012FY2019
Diluted EPS
$5.45
+9.9% 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
817
725
712
+12.7%
Operating income
230
213
234
+8.2%
Operating margin
28.2%
29.3%
32.8%
Interest expense
14.4
10.1
9.7
+41.7%
Pre-tax income
230
213
234
+8.2%
Income tax
57.1
51.9
21.8
+10.0%
Effective tax rate
24.8%
24.4%
9.3%
Net income
173
161
211
+7.4%
Net margin
21.2%
22.3%
29.7%
Diluted EPS
$5.45
$4.96
$6.56
+9.9%
$ 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
428
64.1
1,068
+567.3%
Capital expenditure
4.7
4.7
5.2
-0.2%
Free cash flow
423
59.4
1,062
+612.4%
Free cash flow margin
51.7%
8.2%
149.2%
Cash from investing
-79.7
-552
97.2
Cash from financing
-332
322
-1,089
Depreciation and amortisation
152
142
131
+7.3%
Share-based compensation
24.1
24.0
21.1
+0.5%
Buybacks
30.7
68.8
34.9
-55.4%
Dividends paid
37.3
31.4
n/a
+18.5%
Dividend per share
$1.20
$1.00
n/a
+20.0%
Diluted shares, weighted
31m
31m
32m
-1.8%
Shares outstanding at period end
30m
29m
30m
+1.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,036
902
809
+14.8%
Non-controlling interest
6.6
5.1
5.6
+30.1%
Debt
294
296
164
-0.7%
Other liabilities
1,339
1,579
1,230
-15.2%
Total liabilities and equity
2,675
2,782
2,208
-3.8%
Goodwill
180
174
124
+3.7%
Intangible assets
719
670
n/a
+7.3%
Loans
544
497
66.5
+9.3%
Cash and equivalents
121
90.1
191
+34.0%
Other assets
1,112
1,351
1,827
-17.7%
Total assets
2,675
2,782
2,208
-3.8%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.