Walker & Dunlop (WD) FY2020 results: revenue $1.1 billion, up 32.6% on the year
Walker & Dunlop, Inc. (WD) reported revenue of $1.1 billion for fiscal 2020, the year ended 31 December 2020, up 32.6% on the year before. Net income was $246 million, up 42.0%, and diluted earnings per share $7.69. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$1.1 billion
+32.6% on the year
FY2013FY2020
Operating margin
30.5%
28.2% a year earlier
FY2013FY2020
Net income
$246 million
+42.0% on the year
FY2013FY2020
Diluted EPS
$7.69
+41.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,084
817
725
+32.6%
Operating income
330
230
213
+43.4%
Operating margin
30.5%
28.2%
29.3%
Interest expense
8.6
14.4
10.1
-40.5%
Pre-tax income
330
230
213
+43.4%
Income tax
84.3
57.1
51.9
+47.6%
Effective tax rate
25.5%
24.8%
24.4%
Net income
246
173
161
+42.0%
Net margin
22.7%
21.2%
22.3%
Diluted EPS
$7.69
$5.45
$4.96
+41.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-1,411
428
64.1
Capital expenditure
3.0
4.7
4.7
-36.7%
Free cash flow
-1,414
423
59.4
Free cash flow margin
-130.5%
51.7%
8.2%
Cash from investing
115
-79.7
-552
Cash from financing
1,518
-332
322
Depreciation and amortisation
169
152
142
+10.8%
Share-based compensation
28.3
24.1
24.0
+17.6%
Buybacks
45.8
30.7
68.8
+49.2%
Dividends paid
45.4
37.3
31.4
+21.7%
Dividend per share
$1.44
$1.20
$1.00
+20.0%
Diluted shares, weighted
31m
31m
31m
+0.9%
Shares outstanding at period end
31m
30m
29m
+2.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,196
1,036
902
+15.5%
Non-controlling interest
n/a
6.6
5.1
Debt
292
294
296
-0.8%
Other liabilities
3,163
1,339
1,579
+136.2%
Total liabilities and equity
4,651
2,675
2,782
+73.9%
Goodwill
249
180
174
+38.0%
Intangible assets
1.9
719
670
-99.7%
Loans
360
544
497
-33.7%
Cash and equivalents
321
121
90.1
+166.1%
Other assets
3,719
1,112
1,351
+234.5%
Total assets
4,651
2,675
2,782
+73.9%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.