Walker & dunlop, inc. (WD)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities
Net income before noncontrolling interests

47,605

42,955

44,069

42,146

44,060

45,445

37,757

41,033

36,707

99,554

34,708

34,512

43,060

37,006

29,861

32,111

15,333

20,280

20,711

20,291

21,313

16,251

15,113

12,914

7,144

11,206

8,055

14,543

7,726

11,543

7,098

9,292

5,839

11,015

6,079

11,131

6,639

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gains attributable to the fair value of future servicing rights, net of guaranty obligation

68,000

47,771

50,786

41,271

40,938

53,088

39,576

47,044

32,693

52,901

50,781

44,669

45,535

65,101

48,228

55,579

23,917

36,140

33,816

32,358

31,317

32,047

27,834

22,746

13,888

21,356

21,462

28,483

20,671

144,685

-25,726

-16,842

-9,523

-16,973

-11,905

-15,954

-9,469

Change in the fair value of premiums and origination fees

22,414

-5,121

18

2,017

-2,955

2,811

-1,301

4,472

-945

-1,234

-2,626

1,957

-3,878

-6,932

5,774

11,891

63

691

-4,681

-5,350

7,381

-7,774

4,541

1,959

-785

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of MSR, less prepayment of MSR

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7

2

-

-69

-1

-165

Provision for risk-sharing obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

750

1,224

-

937

1,764

746

Amortization and depreciation

39,762

39,552

37,636

37,381

37,903

36,271

36,739

35,489

33,635

33,705

32,343

32,860

32,338

30,603

29,244

26,425

25,155

24,385

25,644

23,470

24,674

-

-

-

-

-

-

-

-

22,923

17,000

6,743

7,259

6,256

6,267

5,084

4,907

Amortization and depreciation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

19,818

19,097

18,459

15,635

20,513

18,176

18,552

-

-

-

-

-

-

-

-

Stock compensation-equity and liability classified

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,792

1,675

1,028

681

698

681

620

423

Provision for credit losses

23,643

4,409

-772

961

2,675

-34

519

800

-477

-27

9

-93

-132

-778

283

292

-409

1,068

94

398

84

-

-

-

-171

325

-155

751

401

-

-

-

-

-

-

-

-

Gains attributable to fair value of premium and origination fees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

13,339

-

-8,671

-1,343

14

-

-

-

-

Originations of loans held for sale

3,168,168

3,648,769

4,184,198

4,140,539

3,773,443

4,680,547

4,526,205

3,490,380

2,455,871

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,995,877

1,074,389

871,746

648,055

1,264,567

687,311

878,882

440,971

Sales of loans to third parties

2,846,631

4,097,894

4,213,982

4,073,630

3,622,404

5,768,989

3,636,055

3,026,757

2,619,131

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,076,929

301,844

747,984

641,398

1,098,345

1,049,265

532,670

631,103

Amortization of deferred loan fees and costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-13

33

21

4

-

-

-

-

Amortization of leasehold inducement

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-39

-

-

-

-

Cash allowance received from landlord

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,301

-

-

-

-

Cash paid to settle risk-sharing obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,603

0

411

1,619

-

-

-

-

Changes in:
Restricted cash and pledged securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,540

3,687

1,045

-1,441

3,263

3,696

-2,904

3,207

Receivables, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,048

-855

3,662

-3,305

-2,416

186

7,752

-343

Other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,216

3,696

1,764

85

-944

409

1,140

-488

Derivative fair value adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-513

229

-15

-

-5,501

5,595

-413

Accounts payable and other liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,722

19,076

10,760

-19,986

1,864

8,075

11,100

-10,219

Performance deposits from borrowers

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,685

4,636

1,746

-4,619

867

-1,040

3,595

1,033

Other operating activities, net

8,315

-

6,263

5,867

-30,978

-

10,102

6,630

-24,340

-

-1,767,443

-244,659

610,509

-

948,361

-1,610,105

1,949,158

-

-221,984

417,397

-228,032

-

-120,963

-287,651

-87,247

-

96,013

32,933

592,624

-

-

-

-

-

-

-

-

Net cash provided by (used in) operating activities

-292,626

520,589

66,176

-23,842

-135,362

1,161,534

-843,308

-431,187

177,037

2,396,068

-1,748,538

-224,006

644,118

-540,793

953,747

-1,618,747

1,965,257

-1,347,934

-204,670

434,548

-220,659

-231,097

-116,920

-280,066

-74,918

85,857

106,880

32,200

611,971

63,093

-762,098

-118,801

-21,377

-155,526

371,647

-340,454

182,394

Cash flows from investing activities
Capital expenditures

778

545

774

1,931

1,461

2,757

814

635

516

569

2,589

1,205

844

657

1,044

293

484

132

341

492

448

1,578

253

542

152

180

2,239

912

1,188

-69

908

1,838

1,922

2,072

1,046

375

265

Purchase of equity-method investments

563

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of pledged available-for-sale ("AFS") securities

5,000

5,000

18,049

3,484

4,078

38,354

21,522

19,932

18,634

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from prepayment of pledged debt AFS securities

3,711

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Funding of preferred equity investments

-

-

-

-

-

40,000

0

0

1,100

563

4,936

7,333

4,052

9,297

9,129

5,118

1,291

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions from (investments in) joint ventures, net

-6,455

-5,567

8,141

-16,839

-1,679

-3,247

-2,099

154

1,055

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisitions, net of cash acquired

43,784

-

0

0

7,180

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash paid to increase ownership interest in a previously held equity method investment

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,058

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisitions, net of cash received

-

-

-

-

-

-

-

-

-

-

-

-

15,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Originations of loans held for investment

-

208,622

70,900

50,040

33,362

372,520

73,615

144,435

7,319

16,236

601

27,637

139,442

-

-

-

-

35,425

30,005

106,525

8,420

109,873

82,873

65,806

81,250

16,200

93,700

37,920

0

-

-

-

-

-

-

-

-

Principal collected on loans held for investment upon payoff

88,779

119,517

49,554

90,616

60,145

73,615

0

73,562

14,126

102,037

16,499

52,580

48,400

238,000

54,700

91,572

41,548

-

-

-

-

91,748

70,000

58,636

29,720

-

-

-

0

-

-

-

-

-

-

-

-

Net increase in loans held for investment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,424

6,943

-

-

-

-

Net cash provided by (used in) investing activities

35,910

-96,500

-13,912

18,322

12,385

-346,222

-67,426

-126,202

-12,388

69,764

121,939

16,405

-110,938

25,499

-31,920

-99,055

38,715

108,846

-30,346

-96,864

-8,868

-43,120

-13,126

-7,712

-51,682

-16,380

-74,239

-38,832

-1,188

7,014

-209,018

-11,262

-8,865

-2,072

-1,046

-375

-265

Cash flows from financing activities
Borrowings (repayments) of warehouse notes payable, net

419,763

-421,236

-76,040

-22,402

151,814

-1,089,552

905,697

447,858

-124,705

-2,316,009

1,775,235

236,226

-650,492

589,832

-906,062

1,665,587

-1,999,202

1,394,935

205,445

-397,994

221,525

314,426

154,466

289,710

16,333

-67,311

-102,881

-18,765

-608,318

-80,307

784,726

136,310

18,259

128,307

-321,848

336,573

-173,025

Borrowings of interim warehouse notes payable

29,898

94,087

30,921

32,781

21,976

-

-

-

-

11,680

1

26,283

102,377

-

-

-

-

26,568

22,504

82,010

6,315

79,655

62,155

46,644

59,570

10,474

63,841

28,440

0

-

-

-

-

-

-

-

-

Repayments of interim warehouse notes payable

49,850

-

-

-

-

1

0

50,455

10,594

61,978

100,319

39,315

36,300

216,840

41,025

67,404

30,469

-

-

-

-

68,811

45,500

43,977

21,653

-

-

-

0

-

-

-

-

-

-

-

-

Repayments of note payable

744

0

750

750

750

165,395

276

276

276

276

276

276

276

275

277

276

276

276

275

3,830

438

437

438

437

438

74,700

2,075

2,075

2,075

2,075

25,669

-900

-900

899

901

900

1,052

Proceeds from issuance of common stock

6,369

1,058

265

1

4,187

10

872

3,216

4,851

126

2

1

2,884

326

148

0

3,291

1,876

0

2,858

2,819

6,038

1

250

1,467

-50

650

420

119

375

150,697

0

1

1

0

0

2,053

Repurchase of common stock

26,737

826

3,935

1,756

24,159

42,120

5,255

57

21,400

6,036

11,273

49

17,541

519

395

3,634

8,345

199

381

1,877

47,804

61

236

1,399

35,897

707

794

1,232

292

574

43

0

124

-

-

-

-

Cash dividends paid

11,347

9,336

9,306

9,311

9,319

7,845

7,901

7,861

7,838

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of contingent consideration

1,641

0

0

0

6,450

0

0

0

5,150

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt issuance costs

964

2,066

736

905

824

4,762

669

795

1,086

2,201

636

728

325

-

-

-

-

3,295

57

131

662

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Tax benefit from vesting of equity awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

579

154

743

-66

59

-14

13

-96

4

364

728

161

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

364,747

-367,663

-65,844

-34,606

136,475

-916,577

962,520

442,085

-166,198

-2,374,694

1,662,734

222,142

-599,673

548,669

-898,732

1,691,442

-2,035,001

1,311,836

227,390

-335,411

181,689

329,453

148,384

290,804

19,286

40,118

-37,962

7,516

-610,405

-87,693

1,007,576

135,405

17,236

125,329

-322,749

335,673

-172,024

Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents (NOTE 2)

108,031

56,426

-13,580

-40,126

13,498

-101,265

51,786

-115,304

-1,549

91,138

36,135

14,541

-66,493

33,375

23,095

-26,360

-31,029

72,748

-7,626

2,273

-47,838

55,236

18,338

3,026

-107,314

109,595

-5,321

884

378

-17,586

36,460

5,342

-13,006

-32,269

47,852

-5,156

10,105

Supplemental Disclosure of Cash Flow Information:
Cash paid to third parties for interest

11,207

12,479

15,082

18,218

17,785

21,115

13,977

10,838

10,500

21,981

11,773

10,774

11,739

10,719

10,584

6,128

11,880

8,041

7,766

9,254

7,793

7,240

5,646

5,929

5,135

3,496

3,080

3,475

4,762

7,626

1,677

1,439

1,180

1,793

1,144

925

800

Cash paid for income taxes

121

6,243

8,800

24,493

372

8,560

5,869

30,494

805

6,817

10,959

15,116

12,632

11,371

6,635

5,111

11,315

7,794

10,454

7,470

9,114

6,348

5,726

4,124

2,283

234

412

41

194

6,073

911

4,031

3,314

1,089

6,180

2,494

2,282