Welltower (WELL) FY2018 results: revenue $4.7 billion, up 8.9% on the year
Welltower Inc. (WELL) reported revenue of $4.7 billion for fiscal 2018, the year ended 31 December 2018, up 8.9% on the year before. Net income was $758 million, up 63.6%, and diluted earnings per share $2.02. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2019.
Revenue
$4.7 billion
+8.9% on the year
FY2011FY2018
Operating margin
9.0%
6.9% a year earlier
FY2011FY2018
Net income
$758 million
+63.6% on the year
FY2011FY2018
Diluted EPS
$2.02
+60.3% 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
4,700
4,317
4,281
+8.9%
Cost of revenue
2,433
2,084
n/a
+16.8%
Gross profit
2,267
2,233
n/a
+1.6%
Gross margin
48.2%
51.7%
n/a
Selling, general and administrative
126
122
155
+3.6%
Operating income
423
300
709
+41.3%
Operating margin
9.0%
6.9%
16.6%
Interest expense
527
485
521
+8.7%
Pre-tax income
423
300
709
+41.3%
Income tax
8.7
20.1
-19.1
-56.9%
Effective tax rate
2.0%
6.7%
-2.7%
Net income
758
464
1,012
+63.6%
Net margin
16.1%
10.7%
23.6%
Diluted EPS
$2.02
$1.26
$2.81
+60.3%
$ 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
1,584
1,434
1,639
+10.4%
Capital expenditure
266
250
219
+6.4%
Free cash flow
1,318
1,184
1,420
+11.3%
Free cash flow margin
28.0%
27.4%
33.2%
Cash from investing
-2,386
155
-183
Cash from financing
818
-1,914
-1,251
Depreciation and amortisation
950
922
901
+3.1%
Share-based compensation
27.6
19.1
28.9
+44.7%
Buybacks
0.0
n/a
n/a
Dividends paid
1,300
1,277
1,234
+1.8%
Dividend per share
$3.48
$3.48
$3.44
0.0%
Diluted shares, weighted
375m
369m
360m
+1.7%
Shares outstanding at period end
384m
372m
363m
+3.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
14,632
14,423
14,806
+1.5%
Non-controlling interest
954
502
475
+90.0%
Redeemable equity
424
375
398
+13.0%
Debt
13,226
11,660
12,284
+13.4%
Other liabilities
1,105
984
901
+12.3%
Total liabilities and equity
30,342
27,944
28,865
+8.6%
Goodwill
68.3
68.3
68.3
0.0%
Intangible assets
384
377
436
+1.8%
Loans
330
n/a
n/a
Cash and equivalents
215
244
419
-11.7%
Other assets
29,344
27,255
27,941
+7.7%
Total assets
30,342
27,944
28,865
+8.6%
10-K for the year ended 31 December 2018, filed 25 February 2019: the filing.