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Exhibit 99.1
Walker & Dunlop Reports 42% Growth in Revenues
As Diluted EPS Grows 18% to $2.12
FIRST QUARTER 2022 HIGHLIGHTS
● | Total transaction volume of $12.7 billion, up 40% from Q1’21 |
● | Total revenues of $319.4 million, up 42% from Q1’21 |
● | Net income of $71.2 million and diluted earnings per share of $2.12, up 23% and 18%, respectively, from Q1’21 |
● | Adjusted EBITDA1 of $62.6 million, up 3% from Q1’21 |
● | Servicing portfolio of $116.3 billion at March 31, 2022 up 6% from March 31, 2021 |
● | Completed the acquisition of GeoPhy |
● | Declared quarterly dividend of $0.60 per share for the second quarter |
● | Promoted Steve Theobald to Chief Operating Officer and Greg Florkowski to Chief Financial Officer |
BETHESDA, MD – May 5, 2022 – Walker & Dunlop, Inc. (NYSE: WD) (the “Company” or “W&D”) reported total revenues of $319.4 million for the first quarter of 2022, an increase of 42% year over year. Net income for the first quarter of 2022 was $71.2 million or $2.12 per diluted share, up 23% and 18%, respectively, from the first quarter of 2021. First quarter 2022 adjusted EBITDA1 was $62.6 million, up 3% over the same period in 2021. First quarter total transaction volume was $12.7 billion, up 40% year over year. The Company’s Board of Directors declared a dividend of $0.60 per share for the second quarter of 2022. The Company promoted Steve Theobald to Executive Vice President and Chief Operating Officer, effective June 1, 2022, at which time Greg Florkowski will assume the role of Executive Vice President and Chief Financial Officer.
Walker & Dunlop Chairman and CEO Willy Walker commented, “The breadth of Walker & Dunlop’s platform, capabilities, and brand resulted in 40% year-over-year growth in total transaction volume to $12.7 billion in the first quarter of 2022, driving total revenues to $319 million, up 42% year over year, and diluted earnings per share of $2.12, up 18% from the first quarter of last year. We recently made the two largest acquisitions in W&D's history, Alliant and GeoPhy, which dramatically expand our presence in the affordable housing industry and accelerate our growth as a technologically-enabled financial services company. The growth and market share gains in our core businesses, along with our investments in new businesses and technology, position Walker & Dunlop extremely well to achieve our mission of becoming the premier commercial real estate finance company in the United States.”
Mr. Walker continued, “Exceptional service delivery is a hallmark of W&D. We have asked Steve Theobald to become Chief Operating Officer to drive service delivery, integration, and technology implementation across Walker & Dunlop. Greg Florkowski, who has been an integral member of our finance and accounting team before running business development for the past three years, will become Chief Financial Officer. It is a joy to see these two talented executives moving into new roles that will bring significant benefits to W&D.”
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Walker Dunlop, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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The decrease in cash flows received in loan origination activities is primarily attributable to a net decrease in sales (net cash received) outpacing originations by $1.0 billion in 2022 compared to $1.3 billion in 2021.
We paid a cash dividend of $0.60 per share for the first quarter of 2022, which is 20% higher than the quarterly dividend paid in the first quarter of 2021.
Cash dividends paid increased largely as a result of the increase in our dividend to $0.60 per share in 2022 compared to $0.50 per share in 2021.
Excluding cash used for the origination and sale of loans, cash flows used in operating activities were $41.3 million in 2022, up from $24.3 million in 2021.
Other revenues increased primarily as a result of increases in: (i) a one-time gain from the revaluation of our previously held equity-method investment in Apprise ("Apprise revaluation gain"), (ii) prepayment fees, and (iii) asset management and research subscription fees from our subsidiaries acquired in the second half of 2021.
The increase in asset management...Read more
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Corporate adjusted EBITDA is reconciled...Read more
Other operating expenses increased as...Read more
52 In February 2022, our...Read more
MSR Income decreased due to...Read more
A decline in our Agency...Read more
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Non-GAAP Financial Measures A reconciliation...Read more
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Zelman is a nationally recognized...Read more
We use adjusted EBITDA to...Read more
For example, in the first...Read more
Our actual results may differ...Read more
Other revenues increased primarily due...Read more
Both of these actions by...Read more
Specifically, we assess a loan's...Read more
As the weighted-average annual loss...Read more
The decrease in Agency MSR...Read more
Servicing & Asset Management Servicing...Read more
The increase was primarily attributable...Read more
During the forecast period, we...Read more
Apprise's operations continue to rapidly...Read more
Principal Lending and Investing Our...Read more
The historical loss rate decreased...Read more
CM adjusted EBITDA is reconciled...Read more
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We believe the level of...Read more
Non-GAAP Financial Measures To supplement...Read more
We typically earn higher origination...Read more
The CM and SAM segments...Read more
Affordable Housing and Other Commercial...Read more
Consequently, the fundamentals of the...Read more
Over the past two quarters,...Read more
We continually seek opportunities to...Read more
Other operating expenses increased largely...Read more
These joint ventures earn developer...Read more
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Long term, we believe the...Read more
These techniques include maintaining a...Read more
Other operating expenses increased as...Read more
Overview Other revenues for the...Read more
Restricted Cash and Pledged Securities...Read more
We have increased the number...Read more
Personnel and Other operating expenses...Read more
Goodwill is recognized as an...Read more
We are a leader in...Read more
Furthermore, adjusted EBITDA is not...Read more
The decrease in the benefit...Read more
The increase in the average...Read more
We have a note payable...Read more
The loan origination and debt...Read more
Our debt financing operations with...Read more
The decrease in MSR Income...Read more
The increase was driven by...Read more
Amortization and depreciation expense increased...Read more
The average annual loss rate...Read more
The increase primarily stemmed from...Read more
The remaining increase was due...Read more
The increase was primarily due...Read more
The increase in origination fees...Read more
Additionally, the continued demand combined...Read more
Interest expense on corporate debt...Read more
The decline in HUD debt...Read more
We are generally required to...Read more
Loans with indicators of underperforming...Read more
The increase in income tax...Read more
The increase was primarily the...Read more
Financial Statements, Disclosures and Schedules
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Walker Dunlop, Inc. provided additional information to their SEC Filing as exhibits
Ticker: WD
CIK: 1497770
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-22-007220
Submitted to the SEC: Thu May 05 2022 7:02:06 AM EST
Accepted by the SEC: Thu May 05 2022
Period: Thursday, March 31, 2022
Industry: Finance Services