Walker & dunlop, inc. (WD)
CashFlow / TTM
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

176,775

173,230

175,720

169,408

168,295

160,942

215,051

212,002

205,481

211,834

149,286

144,439

142,038

114,311

97,585

88,435

76,615

82,595

78,566

72,968

65,591

51,422

46,377

39,319

40,948

41,530

41,867

40,910

35,659

33,772

33,244

32,225

34,064

34,864

0

0

0

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

207,828

180,766

186,083

174,873

180,646

172,401

172,214

183,419

181,044

193,886

206,086

203,533

214,443

192,825

163,864

149,452

126,231

133,631

129,538

123,556

113,944

96,515

85,824

79,452

85,189

91,972

215,301

168,113

122,788

92,594

-69,064

-55,243

-54,355

-54,301

0

0

0

Change in the fair value of premiums and origination fees

19,328

-6,041

1,891

572

3,027

5,037

992

-333

-2,848

-5,781

-11,479

-3,079

6,855

10,796

18,419

7,964

-9,277

-1,959

-10,424

-1,202

6,107

-2,059

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of MSR, less prepayment of MSR

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

Provision for risk-sharing obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

Amortization and depreciation

154,331

152,472

149,191

148,294

146,402

142,134

139,568

135,172

132,543

131,246

128,144

125,045

118,610

111,427

105,209

101,609

98,654

98,173

0

0

0

-

-

-

-

-

-

-

-

53,925

37,258

26,525

24,866

22,514

0

0

0

Amortization and depreciation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

73,009

73,704

72,783

72,876

0

0

0

-

-

-

-

-

-

-

-

Stock compensation-equity and liability classified

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,176

4,082

3,088

2,680

2,422

0

0

0

Provision for credit losses

28,241

7,273

2,830

4,121

3,960

808

815

305

-588

-243

-994

-720

-335

-612

1,234

1,045

1,151

1,644

0

0

0

-

-

-

750

1,322

0

0

0

-

-

-

-

-

-

-

-

Gains attributable to fair value of premium and origination fees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

-

-

-

-

Originations of loans held for sale

15,141,674

15,746,949

16,778,727

17,120,734

16,470,575

15,153,003

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,590,067

3,858,757

3,471,679

3,478,815

3,271,731

0

0

0

Sales of loans to third parties

15,232,137

16,007,910

17,679,005

17,101,078

16,054,205

15,050,932

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,768,155

2,789,571

3,536,992

3,321,678

3,311,383

0

0

0

Amortization of deferred loan fees and costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

45

0

0

0

-

-

-

-

Amortization of leasehold inducement

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Cash allowance received from landlord

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

Cash paid to settle risk-sharing obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,633

0

0

0

-

-

-

-

Changes in:
Restricted cash and pledged securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,831

6,554

6,563

2,614

7,262

0

0

0

Receivables, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

14,550

-2,914

-1,873

2,217

5,179

0

0

0

Other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,761

4,601

1,314

690

117

0

0

0

Derivative fair value adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Accounts payable and other liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,128

11,714

713

1,053

10,820

0

0

0

Performance deposits from borrowers

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-922

2,630

-3,046

-1,197

4,455

0

0

0

Other operating activities, net

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

Net cash provided by (used in) operating activities

270,297

427,561

1,068,506

159,022

-248,323

64,076

1,298,610

393,380

600,561

1,067,642

-1,869,219

833,066

-561,675

759,464

-47,677

-1,206,094

847,201

-1,338,715

-221,878

-134,128

-848,742

-703,001

-386,047

-162,247

150,019

836,908

814,144

-54,834

-205,835

-839,183

-1,057,802

75,943

-145,710

58,061

0

0

0

Cash flows from investing activities
Capital expenditures

4,028

4,711

6,923

6,963

5,667

4,722

2,534

4,309

4,879

5,207

5,295

3,750

2,838

2,478

1,953

1,250

1,449

1,413

2,859

2,771

2,821

2,525

1,127

3,113

3,483

4,519

4,270

2,939

3,865

4,599

6,740

6,878

5,415

3,758

0

0

0

Purchase of equity-method investments

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

31,533

30,611

63,965

67,438

83,886

98,442

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from prepayment of pledged debt AFS securities

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Funding of preferred equity investments

-

-

-

-

-

41,100

1,663

6,599

13,932

16,884

25,618

29,811

27,596

24,835

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributions from (investments in) joint ventures, net

-20,720

-15,944

-13,624

-23,864

-6,871

-4,137

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisitions, net of cash acquired

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

1,058

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisitions, net of cash received

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Originations of loans held for investment

-

362,924

526,822

529,537

623,932

597,889

241,605

168,591

51,793

183,916

0

0

0

-

-

-

-

180,375

254,823

307,691

266,972

339,802

246,129

256,956

229,070

147,820

0

0

0

-

-

-

-

-

-

-

-

Principal collected on loans held for investment upon payoff

348,466

319,832

273,930

224,376

207,322

161,303

189,725

206,224

185,242

219,516

355,479

393,680

432,672

425,820

0

0

0

-

-

-

-

250,104

0

0

0

-

-

-

0

-

-

-

-

-

-

-

-

Net increase in loans held for investment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

Net cash provided by (used in) investing activities

-56,180

-79,705

-329,427

-382,941

-527,465

-552,238

-136,252

53,113

195,720

97,170

52,905

-100,954

-216,414

-66,761

16,586

18,160

20,351

-27,232

-179,198

-161,978

-72,826

-115,640

-88,900

-150,013

-181,133

-130,639

-107,245

-242,024

-214,454

-222,131

-231,217

-23,245

-12,358

-3,758

0

0

0

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

-99,915

-367,864

-1,036,180

-54,443

415,817

139,298

-1,087,159

-217,621

-429,253

-955,040

1,950,801

-730,496

698,865

-649,845

155,258

1,266,765

-796,816

1,423,911

343,402

292,423

980,127

774,935

393,198

135,851

-172,624

-797,275

-810,271

77,336

232,411

858,988

1,067,602

-38,972

161,291

-29,993

0

0

0

Borrowings of interim warehouse notes payable

187,687

179,765

0

0

0

-

-

-

-

140,341

0

0

0

-

-

-

-

137,397

190,484

230,135

194,769

248,024

178,843

180,529

162,325

102,755

0

0

0

-

-

-

-

-

-

-

-

Repayments of interim warehouse notes payable

0

-

-

-

-

61,050

123,027

223,346

212,206

237,912

392,774

333,480

361,569

355,738

0

0

0

-

-

-

-

179,941

0

0

0

-

-

-

0

-

-

-

-

-

-

-

-

Repayments of note payable

2,244

2,250

167,645

167,171

166,697

166,223

1,104

1,104

1,104

1,104

1,103

1,104

1,104

1,104

1,105

1,103

4,657

4,819

4,980

5,143

1,750

1,750

76,013

77,650

79,288

80,925

8,300

31,894

28,919

25,944

24,768

0

1,800

3,752

0

0

0

Proceeds from issuance of common stock

7,693

5,511

4,463

5,070

8,285

8,949

9,065

8,195

4,980

3,013

3,213

3,359

3,358

3,765

5,315

5,167

8,025

7,553

11,715

11,716

9,108

7,756

1,668

2,317

2,487

1,139

1,564

151,611

151,191

151,073

150,699

2

2

2,054

0

0

0

Repurchase of common stock

33,254

30,676

71,970

73,290

71,591

68,832

32,748

38,766

38,758

34,899

29,382

18,504

22,089

12,893

12,573

12,559

10,802

50,261

50,123

49,978

49,500

37,593

38,239

38,797

38,630

3,025

2,892

2,141

909

741

0

0

0

-

-

-

-

Cash dividends paid

39,300

37,272

35,781

34,376

32,926

31,445

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of contingent consideration

1,641

6,450

6,450

6,450

6,450

5,150

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt issuance costs

4,671

4,531

7,227

7,160

7,050

7,312

4,751

4,718

4,651

3,890

0

0

0

-

-

-

-

4,145

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Tax benefit from vesting of equity awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,410

890

722

-8

-38

-93

285

1,000

1,257

0

0

0

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-103,366

-331,638

-880,552

147,812

624,503

321,830

-1,136,287

-436,073

-656,016

-1,089,491

1,833,872

-727,594

741,706

-693,622

69,545

1,195,667

-831,186

1,385,504

403,121

324,115

950,330

787,927

498,592

312,246

28,958

-600,733

-728,544

316,994

444,883

1,072,524

1,285,546

-44,779

155,489

-33,771

0

0

0

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

110,751

16,218

-141,473

-76,107

-151,285

-166,332

26,071

10,420

140,265

75,321

17,558

4,518

-36,383

-919

38,454

7,733

36,366

19,557

2,045

28,009

28,762

-30,714

23,645

-14

-2,156

105,536

-21,645

20,136

24,594

11,210

-3,473

7,919

-2,579

20,532

0

0

0

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

56,986

63,564

72,200

71,095

63,715

56,430

57,296

55,092

55,028

56,267

45,005

43,816

39,170

39,311

36,633

33,815

36,941

32,854

32,053

29,933

26,608

23,950

20,206

17,640

15,186

14,813

18,943

17,540

15,504

11,922

6,089

5,556

5,042

4,662

0

0

0

Cash paid for income taxes

39,657

39,908

42,225

39,294

45,295

45,728

43,985

49,075

33,697

45,524

50,078

45,754

35,749

34,432

30,855

34,674

37,033

34,832

33,386

28,658

25,312

18,481

12,367

7,053

2,970

881

6,720

7,219

11,209

14,329

9,345

14,614

13,077

12,045

0

0

0