Welltower (WELL) FY2020 results: revenue $4.6 billion, down 10.1% on the year
Welltower Inc. (WELL) reported revenue of $4.6 billion for fiscal 2020, the year ended 31 December 2020, down 10.1% on the year before. Net income was $979 million, down 20.6%, and diluted earnings per share $2.33. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2021.
Revenue
$4.6 billion
-10.1% on the year
FY2013FY2020
Operating margin
-0.7%
10.6% a year earlier
FY2013FY2020
Net income
$979 million
-20.6% on the year
FY2013FY2020
Diluted EPS
$2.33
-23.6% 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
4,606
5,121
4,700
-10.1%
Cost of revenue
2,598
2,690
2,433
-3.4%
Gross profit
2,008
2,431
2,267
-17.4%
Gross margin
43.6%
47.5%
48.2%
Selling, general and administrative
128
127
126
+1.5%
Operating income
-31.6
543
423
Operating margin
-0.7%
10.6%
9.0%
Interest expense
514
556
527
-7.4%
Pre-tax income
-31.6
543
423
Income tax
10.0
3.0
8.7
+237.1%
Effective tax rate
n/a
0.5%
2.0%
Net income
979
1,232
758
-20.6%
Net margin
21.3%
24.1%
16.1%
Diluted EPS
$2.33
$3.05
$2.02
-23.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,365
1,536
1,584
-11.1%
Capital expenditure
245
329
266
-25.5%
Free cash flow
1,120
1,207
1,318
-7.2%
Free cash flow margin
24.3%
23.6%
28.0%
Cash from investing
2,348
-2,049
-2,386
Cash from financing
-2,081
577
818
Depreciation and amortisation
1,038
1,027
950
+1.1%
Share-based compensation
28.3
25.0
27.6
+13.1%
Buybacks
7.7
0.0
0.0
Dividends paid
1,120
1,405
1,300
-20.3%
Dividend per share
$2.70
$3.48
$3.48
-22.4%
Diluted shares, weighted
417m
404m
375m
+3.4%
Shares outstanding at period end
417m
410m
384m
+1.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
15,973
15,540
14,632
+2.8%
Non-controlling interest
909
966
954
-5.9%
Redeemable equity
343
476
424
-27.8%
Debt
13,799
14,915
13,226
-7.5%
Other liabilities
1,460
1,483
1,105
-1.6%
Total liabilities and equity
32,484
33,381
30,342
-2.7%
Goodwill
68.3
68.3
68.3
0.0%
Intangible assets
323
436
384
-26.0%
Loans
n/a
n/a
330
Cash and equivalents
1,545
285
215
+442.3%
Other assets
30,548
32,592
29,344
-6.3%
Total assets
32,484
33,381
30,342
-2.7%
10-K for the year ended 31 December 2020, filed 10 February 2021: the filing.