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Walker Dunlop, Inc. (WD) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Walker Dunlop, Inc.

CIK: 1497770 Ticker: WD

Exhibit 99.1

 

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Walker & Dunlop Reports

Fourth Quarter & Full Year 2013 Results

FULL YEAR 2013 HIGHLIGHTS

 

  Loan origination volume of $8.4 billion, up 18% over prior year

 

  Largest Fannie Mae DUS® lender for second straight year

 

  Total revenues of $319.0 million, up 24% over prior year

 

  GAAP net income of $41.5 million, or $1.21 per diluted share, up 23% over prior year

 

  Servicing portfolio of $38.9 billion at December 31, 2013, up 11% over December 31, 2012

 

  Servicing fees of $90.2 million, up 73% over prior year

 

  Adjusted EBITDA1 of $56.8 million, up 93% over prior year

 

  Completed $175.0 million term loan facility to fund strategic growth

Bethesda, MD – February 13, 2014

– Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) announced today fourth quarter and full year 2013 results. Revenues for 2013 totaled $319.0 million, a 24% increase from $256.8 million in 2012. Revenue growth was driven by a 73% increase in servicing fees and an 18% increase in loan origination volume. Adjusted net income for 2013, which excludes certain items2, decreased 9% to $44.0 million, or $1.28 per diluted share, from $48.4 million, or $1.87 per diluted share in the prior year. GAAP net income for 2013 increased 23% to $41.5 million, or $1.21 per diluted share, from $33.8 million, or $1.31 per diluted share in 2012. Adjusted EBITDA for 2013 was $56.8 million compared to $29.4 million in 2012, a 93% increase. Adjusted net income for the fourth quarter 2013 decreased 38% to $11.4 million, or $0.33 per diluted share, from $18.4 million, or $0.54 per diluted share, in the prior year. GAAP net income for the fourth quarter 2013 decreased 3% to $11.2 million, or $0.33 per diluted share, from $11.5 million, or $0.34 per diluted share, in the prior year. Adjusted EBITDA for the fourth quarter 2013 was $17.9 million compared to $6.7 million for the same period last year, a 166% increase.

“We made fantastic progress on building the premier commercial real estate finance company in the United States in 2013. In a year with significant market and regulatory challenges for Fannie Mae, Freddie Mac and HUD, Walker & Dunlop maintained its strong market position, ending the year as the largest Fannie Mae DUS lender and moving up in the rankings with both Freddie Mac and HUD. We laid out a diversification and growth strategy to investors in 2012 that started with expanding our origination platform by hiring Capital Markets origination talent and then raising proprietary capital to feed into our ever-larger distribution network and in 2013 we did just that,” stated Willy Walker, Walker & Dunlop’s Chairman and Chief Executive Officer. “We grew brokered originations by 117% and proprietary capital originations by 444% year-over-year while increasing total origination volumes by 18% and revenues by 24%.

 

1


The following information was filed by Walker Dunlop, Inc. (WD) on Thursday, February 13, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Acquisitions And Goodwill And Other Intangible Assets - Additional Information (detail)
Acquisitions And Goodwill And Other Intangible Assets - Schedule Of Goodwill Activity (detail)
Acquisitions And Goodwill And Other Intangible Assets - Schedule Of Other Intangible Assets Related To Acquisition (detail)
Acquisitions And Goodwill, And Other Intangible Assets
Acquisitions And Goodwill, And Other Intangible Assets (tables)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Earnings Per Share - Schedule Of Weighted Average Shares And Share Equivalents That Are Used To Calculate Basic And Diluted Earnings Per Share (details) (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Fair Value Measurements - Schedule Of Carrying Amounts And The Fair Values Of The Company's Financial Instruments (detail)
Fair Value Measurements - Schedule Of Fair Value Of Derivative Instruments And Loans Held For Sale (detail)
Fair Value Measurements - Schedule Of Roll Forward Of Derivative Instruments Which Require Valuations Based Upon Significant Unobservable Inputs (detail)
Fair Value Measurements - Schedule Of Significant Unobservable Inputs Used In The Measurement Of The Fair Value Of Level 3 Assets And Liabilities (detail)
Fair Value Measurements - Summary Of Financial Assets And Financial Liabilities Measured At Fair Value On A Recurring Basis (detail)
Gain From Mortgage Banking Activities - Schedule Of Gains From Mortgage Banking Activities (detail)
Gains From Mortgage Banking Activities
Gains From Mortgage Banking Activities (tables)
Guaranty Obligation And Allowance For Risk-sharing Obligations
Guaranty Obligation And Allowance For Risk-sharing Obligations (tables)
Guaranty Obligation And Allowance For Risk-sharing Obligations - Additional Information (detail)
Guaranty Obligation And Allowance For Risk-sharing Obligations - Summary Of Allowance For Risk-sharing Obligations (detail)
Guaranty Obligation And Allowance For Risk-sharing Obligations - Summary Of Guaranty Obligation (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (detail)
Income Taxes - Schedule Of Reconciliation Of The Statutory Federal Tax Provision To Income Tax Provision (detail)
Income Taxes - Schedule Of Reconciliation Of The Statutory Federal Tax Provision To Income Tax Provision (parenthetical) (detail)
Income Taxes - Summary Of The Entity's Provision For Income Taxes (detail)
Litigation, Commitments, And Contingencies
Litigation, Commitments, And Contingencies (tables)
Litigation, Commitments, And Contingencies - Additional Information (detail)
Litigation, Commitments, And Contingencies - Schedule Of Future Minimum Lease Payments (detail)
Mortgage Servicing Rights
Mortgage Servicing Rights (tables)
Mortgage Servicing Rights - Additional Information (detail)
Mortgage Servicing Rights - Schedule Of Activity Related To Capitalized Msrs (detail)
Mortgage Servicing Rights - Schedule Of Expected Amortization Of Msr (detail)
Notes Payable
Notes Payable (tables)
Notes Payable - Additional Information (detail)
Notes Payable - Schedule Of Consolidated Corporate Leverage Ratio (detail)
Notes Payable - Schedule Of Debt Obligations (detail)
Notes Payable - Schedule Of Notes Payable Maturities (detail)
Notes Payable - Schedule Of Outstanding Borrowings (detail)
Notes Payable - Schedule Of Outstanding Borrowings (parenthetical) (detail)
Organization
Organization - Additional Information (detail)
Other Operating Expenses
Other Operating Expenses (tables)
Other Operating Expenses - Summary Of Major Components Of Other Operating Expenses (detail)
Quarterly Results (unaudited)
Quarterly Results (unaudited) (tables)
Quarterly Results - Schedule Of Unaudited Selected Financial Data And Operating Information On A Quarterly Basis (detail)
Segments
Segments (tables)
Segments - Additional Information (detail)
Segments - Schedule Of Principal Balance Of The Loans Serviced For Others, By Investor (detail)
Segments - Schedule Of The Percentage Of Unpaid Principal Balance Of Loans Serviced For Others By Geographical Area (detail)
Servicing
Servicing (tables)
Servicing - Additional Information (detail)
Servicing - Schedule Of Total Unpaid Principal Balance Of Loans That The Company Was Servicing For Various Institutional Investors (detail)
Servicing - Schedule Of Total Unpaid Principal Balance Of Loans That The Company Was Servicing For Various Institutional Investors (parenthetical) (detail)
Share-based Payment
Share-based Payment (tables)
Share-based Payment - Additional Information (detail)
Share-based Payment - Schedule Of Fair Values Of The Restricted Stock That Vested (detail)
Share-based Payment - Schedule Of Share-based Equity Compensation (detail)
Share-based Payment - Schedule Of Stock Options Valuation Assumptions (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Schedule Of Net Warehouse Interest Income (detail)
Summary Of Significant Accounting Policies - Schedule Of Pledged Securities And Cash Balances (detail)
Summary Of Significant Accounting Policies - Schedule Of Restricted Cash (detail)
Transactions With Related Parties
Transactions With Related Parties - Additional Information (detail)
Ticker: WD
CIK: 1497770
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-089168
Submitted to the SEC: Fri Mar 07 2014 4:24:07 PM EST
Accepted by the SEC: Fri Mar 07 2014
Period: Tuesday, December 31, 2013
Industry: Finance Services

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