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Walker Dunlop, Inc. (WD) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Walker Dunlop, Inc.

CIK: 1497770 Ticker: WD

Exhibit 99.1

Picture 2

Walker & Dunlop Reports Q4  Total Revenues of $215 Million

on Record Total Transaction Volume of $9.4 billion

 

 

FOURTH QUARTER 2018 HIGHLIGHTS

·

Record total transaction volume of $9.4 billion

·

Record total revenues of $214.9 million

·

Strong  net income of $45.8 million, or $1.44 per diluted share

·

Record adjusted EBITDA1 of $59.6 million

·

Increased dividend to $0.30 per share for the first quarter of 2019

 

FULL-YEAR 2018 HIGHLIGHTS

·

Total transaction volume of $28.0 billion, an increase of 1% from 2017

·

Total revenues of $725.2 million, up 2% from 2017

·

Net income of $161.4 million, or $5.04 per diluted share, a decrease of 24% from 2017

o

Net income in 2017 included a $58.3 million, or $1.80 per diluted share, one-time benefit to income tax expense from tax reform

o

Net income in 2018 increased 6% over net income in 2017 without the one-time benefit from tax reform 

·

Adjusted EBITDA of $220.1 million, an increase of 10% from 2017

·

Servicing portfolio of $85.7 billion at December 31, 2018, up 15% from December 31, 2017

 

Bethesda, MD – February 6, 2019

Walker & Dunlop, Inc. (NYSE: WD) (the “Company”) reported fourth quarter 2018 net income of $45.8 million, or $1.44 per diluted share, down 54% from the fourth quarter of 2017. Fourth quarter 2017 net income of $99.0 million, or $3.06 per diluted share, included a $58.3 million, or $1.80 per diluted share, one-time benefit to income tax expense from the enactment of the Tax Cuts and Jobs Act (“tax reform”). Without the one-time tax benefit, net income for the fourth quarter of 2017 was $40.7 million, or $1.26 per diluted share. Net income for the fourth quarter of 2018 increased 13% from the fourth quarter of 2017 without the benefit from tax reform. Total revenues were a quarterly record of $214.9 million, an increase of 4%,  generating record adjusted EBITDA of $59.6 million,  up 9% from the fourth quarter of 2017. The servicing portfolio grew 6% to $85.7 billion during the fourth quarter of 2018.

 

“Walker & Dunlop closed out 2018 with an exceptional fourth quarter, finishing the year with top-line growth and strong profitability,” stated Willy Walker, Chairman and CEO. “The consistent execution of our team for our clients, combined with the strength of our brand, contributed to record total transaction volume of $28.0 billion and record revenues of $725 million. We earned $5.04 per diluted share, up 6% over 2017 excluding the $1.80 per share one-time benefit we recorded last year from tax reform. The profitability of W&D’s business model was most apparent in the 10% year-over-year growth in adjusted EBITDA to $220 million. Given the cash generation of our core business, strong balance sheet, and positive market outlook; Walker & Dunlop’s Board of Directors increased our quarterly dividend payment by 20% to $0.30 per share.”

 

Mr. Walker continued, “During 2018, we continued adding professionals across the country, including a great group of bankers from iCap Realty Advisors, three investment sales teams in strategic markets, and the fund management team at JCR Capital. The investments we made in the platform last year help move us closer to achieving Vision 2020, which centers around the goal of generating annual revenues of $1 billion by growing loan originations, multifamily property sales, servicing, and our fund management business. The incredibly talented and dedicated team at Walker & Dunlop is focused every day on exceeding our clients’ expectations and driving our company towards our Vision 2020 to create the premier commercial real estate finance company in the country.”

 

1

 


The following information was filed by Walker Dunlop, Inc. (WD) on Wednesday, February 6, 2019 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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Inside Walker Dunlop, Inc.'s 10-K Annual Report:

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 Changes In Equity
Consolidated Statements Of Income And Comprehensive Income
Debt
Debt (Tables)
Debt - Covenants And Terms (Detail)
Debt - Notes Payable - Maturities (Detail)
Debt - Notes Payable - Summary (Detail)
Debt - Notes Payable - Terms (Detail)
Debt - Summary Information (Detail)
Earnings Per Share And Stockholders' Equity
Earnings Per Share And Stockholders' Equity (Tables)
Earnings Per Share And Stockholders' Equity - Antidilutive Securities (Detail)
Earnings Per Share And Stockholders' Equity - Basic And Diluted Eps (Detail)
Earnings Per Share And Stockholders' Equity - Restatement Of Eps (Detail)
Earnings Per Share And Stockholders' Equity - Restricted Stock Awards And Share Repurchases (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - General 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 (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)
Fannie Mae Commitments And Pledged Securities
Fannie Mae Commitments And Pledged Securities (Tables)
Fannie Mae Commitments And Pledged Securities - Agency Mortgage Based Securities Pledged Securities (Detail)
Fannie Mae Commitments And Pledged Securities - Commitments (Detail)
Fannie Mae Commitments And Pledged Securities - Pledged Securities At Fair Value (Detail)
Gains From Mortgage Banking Activities
Gains From Mortgage Banking Activities (Details)
Gains From Mortgage Banking Activities (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Contingent Consideration (Detail)
Goodwill And Other Intangible Assets - Schedule Of Goodwill (Detail)
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 - Schedule Of Activity Related To Guaranty Obligation (Detail)
Guaranty Obligation And Allowance For Risk-Sharing Obligations - Summary Of Allowance For Risk-Sharing Obligations (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Provision (Details)
Income Taxes - Statutory Reconciliation (Details)
Income Taxes - Tax Uncertainties (Details)
Leases
Leases (Details)
Leases (Tables)
Mortgage Servicing Rights
Mortgage Servicing Rights (Tables)
Mortgage Servicing Rights - Fair Value Disclosures (Detail)
Mortgage Servicing Rights - Prepayment Fees And Other Information (Detail)
Mortgage Servicing Rights - Schedule Of Activity Related To Capitalized Msrs (Detail)
Mortgage Servicing Rights - Schedule Of Expected Amortization Of Msrs (Detail)
Mortgage Servicing Rights - Summary Of Components Of Net Carrying Value Of Acquired And Originated Msrs (Detail)
Organization
Organization (Details)
Other Operating Expenses
Other Operating Expenses (Details)
Other Operating Expenses (Tables)
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) (Tables)
Quarterly Results (Unaudited) - Quarterly Financial Data (Details)
Quarterly Results (Unaudited) - Restatement Of Eps (Details)
Segments
Segments (Tables)
Segments - Concentration Of Risk (Details)
Segments - Geographic Concentration (Details)
Segments - Product Concentration (Details)
Servicing
Servicing - (Detail)
Share-Based Payment
Share-Based Payment (Tables)
Share-Based Payment - Compensation Costs (Details)
Share-Based Payment - Fair Value Assumptions (Details)
Share-Based Payment - Plan Activity (Details)
Share-Based Payment - Plan Information (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Cash Equivalents And Recent Accounting Pronouncements (Detail)
Summary Of Significant Accounting Policies - Cash Flows (Detail)
Summary Of Significant Accounting Policies - Contracts With Customers (Detail)
Summary Of Significant Accounting Policies - Goodwill (Detail)
Summary Of Significant Accounting Policies - Income Taxes And Pledged Securities (Detail)
Summary Of Significant Accounting Policies - Loans Held-For-Investment, Net (Detail)
Summary Of Significant Accounting Policies - Loans Held-For-Sale (Detail)
Summary Of Significant Accounting Policies - Mortgage Banking And Guaranty Obligations (Detail)
Summary Of Significant Accounting Policies - Schedule Of Net Warehouse Interest Income (Detail)
Summary Of Significant Accounting Policies - Schedule Of Provision (Benefit) For Credit Losses (Detail)
Summary Of Significant Accounting Policies - Share-Based Payment (Detail)
Ticker: WD
CIK: 1497770
Form Type: 10-K Annual Report
Accession Number: 0001558370-19-001390
Submitted to the SEC: Fri Mar 01 2019 4:03:10 AM EST
Accepted by the SEC: Fri Mar 01 2019
Period: Monday, December 31, 2018
Industry: Finance Services

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