Walker & Dunlop, Inc. WD Income Statement

Walker & dunlop, inc. (WD)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Revenues
Loan origination and debt brokerage fees, net
76,373	-	-	-	57,797	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fair value of expected net cash flows from servicing, net
68,000	-	-	-	40,938	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gains from mortgage banking activities
-	-	115,929	106,881	-	-	99,170	102,237	81,509	-	111,304	102,176	96,432	117,779	100,630	102,453	46,323	76,986	70,810	69,950	72,720	71,876	63,280	52,241	34,586	52,386	45,278	63,076	42,931	79,407	53,400	33,934	19,802	33,034	21,562	31,289	16,827	12,332	21,173
Servicing fees
55,434	55,126	54,219	53,006	52,199	52,092	50,781	49,317	48,040	46,713	44,900	43,214	41,525	39,370	37,134	32,771	31,649	30,530	29,328	28,058	26,841	26,073	25,036	23,962	23,343	23,750	22,954	22,370	21,141	19,694	13,307	9,827	9,379	9,064	8,757	8,047	7,713	6,989	6,561
Net warehouse interest income
5,495	-	6,172	6,411	7,021	-	3,880	2,392	1,857	-	5,358	5,800	6,620	-	5,614	3,580	6,731	-	6,860	6,610	4,354	-	5,045	3,896	2,236	-	1,783	1,760	1,623	-	1,248	1,074	937	1,370	1,052	1,059	717	771	1,606
Escrow earnings and other interest income
10,743	12,988	15,163	14,616	14,068	14,423	11,938	9,276	7,348	6,786	5,804	4,514	3,292	2,943	2,630	1,955	1,640	1,350	1,166	1,170	787	1,204	1,127	1,120	1,075	1,113	1,037	916	942	1,193	708	525	539	359	342	403	370	518	619
Other revenues
18,112	25,289	20,784	19,411	15,414	18,350	18,888	14,982	8,698	17,556	12,370	10,703	10,643	10,497	8,778	7,099	7,898	6,363	12,622	8,138	7,419	7,128	3,567	4,067	3,593	5,942	2,598	2,612	2,548	3,819	1,463	1,360	3,745	3,764	1,643	1,608	3,370	1,554	719
Total revenues
234,157	217,190	212,267	200,325	187,437	214,933	184,657	178,204	147,452	207,202	179,736	166,407	158,512	178,391	154,786	147,858	94,241	121,365	120,786	113,926	112,121	112,598	98,055	85,286	64,833	85,470	73,650	90,734	69,185	105,522	70,126	46,720	34,402	47,591	33,356	42,406	28,997	22,164	30,678
Expenses
Personnel
89,525	97,082	93,057	84,398	71,631	90,828	79,776	71,426	55,273	91,120	78,469	63,516	56,172	73,126	64,377	55,758	34,230	49,224	49,328	45,993	40,045	48,867	41,919	34,053	24,535	36,985	31,091	37,308	28,283	47,860	32,173	17,363	11,641	17,749	11,343	12,863	9,207	5,464	8,064
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	22,764	19,818	19,097	18,459	15,635	20,513	18,176	18,552	15,078	9,629	6,725	7,241	6,186	6,267	5,084	4,907	4,231	4,719
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	611	1,487	279	-171	325	-155	751	401	-	-	-	-	-	-	-	-	-	-
Amortization of intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,845	7,371	18	18	-	-	-	-	-	-
Provision for risk-sharing obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-848	750	1,224	-	937	1,764	746	1,817	2,656
Interest expense on corporate debt
2,860	3,292	3,638	3,777	3,652	3,179	2,429	2,343	2,179	2,344	2,555	2,443	2,403	2,432	2,485	2,465	2,469	2,485	2,484	2,472	2,477	2,525	2,592	2,621	2,573	1,051	854	870	968	930	388	163	168	177	180	214	252	342	344
Other operating costs
18,090	14,881	19,393	16,830	15,492	19,359	14,535	15,176	12,951	13,300	11,664	11,599	11,608	11,827	9,685	11,212	8,614	10,331	9,790	8,951	9,435	11,254	7,745	8,305	7,527	10,444	8,643	9,827	8,651	12,406	9,635	6,592	4,616	4,206	4,977	4,263	3,020	3,253	3,167
Total expenses
173,880	159,216	152,952	143,347	131,353	149,603	133,998	125,234	103,561	140,442	125,040	110,325	102,389	117,210	106,074	96,152	70,059	87,493	87,340	81,284	76,715	86,021	73,561	64,355	52,923	67,519	60,946	66,932	56,855	86,133	58,348	31,611	24,908	29,665	23,704	24,188	18,132	15,107	18,950
Income from operations
60,277	57,974	59,315	56,978	56,084	65,330	50,659	52,970	43,891	66,760	54,696	56,082	56,123	61,181	48,712	51,706	24,182	33,872	33,446	32,642	35,406	-	-	-	-	-	-	-	-	19,389	11,778	15,109	9,494	-	-	-	-	-	-
Income from operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24,494	20,931	11,910	-	12,704	23,802	12,330	-	-	-	-	-	9,652	18,218	10,865	7,057	11,728
Income tax expense
12,672	15,019	15,246	14,832	12,024	19,885	12,902	11,937	7,184	-32,794	19,988	21,570	13,063	24,175	18,851	19,595	8,849	13,592	12,735	12,351	14,093	10,326	9,381	8,017	4,766	6,745	4,649	9,259	4,604	7,846	4,680	5,817	3,655	6,911	3,573	7,087	4,226	-	-
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	-	15,113	12,914	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11,728
Less: net income (loss) from noncontrolling interests
-224	39	26	-50	-158	-305	41	-79	-154	593	330	-55	-161	216	233	90	-125	-	460	138	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Walker and Dunlop net income
47,829	42,916	44,043	42,196	44,218	45,750	37,716	41,112	36,861	98,961	34,378	34,567	43,221	36,790	29,628	32,021	15,458	20,411	20,251	20,153	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	7,057	-
Other comprehensive income (loss), net of tax:
Net change in unrealized gains and losses on pledged available-for-sale securities
-1,917	-278	123	666	301	-4	16	-53	-127	-	-2	8	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Walker and Dunlop comprehensive income
45,912	42,638	44,166	42,862	44,519	45,746	37,732	41,059	36,734	98,941	34,376	34,575	43,221	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Basic earnings per share (NOTE 10)
1.53	1.39	1.42	1.36	1.44	1.46	1.20	1.31	1.18	2.98	1.14	1.15	1.45	1.04	1.01	1.09	0.52	0.70	0.69	0.69	0.68	0.50	0.48	0.41	0.21	0.33	0.24	0.43	0.23	0.34	0.28	0.43	0.27	0.51	0.28	0.51	0.31	0.48	-
Diluted earnings per share (NOTE 10)
1.49	1.34	1.39	1.33	1.39	1.41	1.15	1.26	1.14	2.98	1.06	1.08	1.35	1.06	0.96	1.05	0.50	0.66	0.66	0.67	0.66	0.50	0.47	0.40	0.21	0.33	0.23	0.42	0.23	0.34	0.28	0.42	0.27	0.50	0.28	0.51	0.31	0.48	-
Basic and diluted earnings per share (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.80
Basic weighted average shares outstanding
30,226	30,000	29,987	29,985	29,680	30,109	30,423	30,256	30,020	30,679	30,085	30,131	29,809	30,821	29,374	29,388	29,489	29,279	29,165	29,057	31,515	31,793	31,788	31,711	33,548	33,926	33,859	33,699	33,570	33,558	25,091	21,779	21,750	21,644	21,629	21,629	21,582	14,741	14,741
Diluted weighted average shares outstanding
31,160	31,050	30,782	30,744	30,684	31,307	31,606	31,495	31,128	29,129	32,312	32,097	32,006	29,946	30,793	30,627	30,782	30,633	30,460	30,239	32,464	32,637	32,049	31,951	33,859	34,318	34,383	34,485	34,156	34,112	25,443	21,975	21,848	21,814	21,782	21,742	21,651	14,741	14,741
Income from operations, as reported
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,057	11,728
Pro forma adjustments for income tax expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,682	4,562
Pro forma net income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,375	7,166
Pro forma basic earnings per share (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.30	0.49
Pro forma diluted earnings per share (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.30	0.49