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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 & Dunlops 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%.
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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