Q1 2024 Walker & Dunlop Inc Earnings Call Transcript
Key Points
- Walker & Dunlop Inc (WD) reported a strong debt brokerage volume of $3.3 billion, up 40% year over year, highlighting robust capital sourcing capabilities.
- Adjusted EBITDA for Q1 was $74 million, marking a 9% increase from the previous year, demonstrating financial stability and growth.
- The company's servicing and asset management business contributed significantly to adjusted EBITDA, benefiting from lower portfolio runoff and a conservative credit culture.
- Investments in technology, particularly in the small balance lending and appraisal businesses, have led to increased efficiencies and revenue growth.
- Walker & Dunlop Inc (WD) launched a new technology portal for servicing clients, enhancing client engagement and reducing licensing fees.
- Q1 diluted earnings per share were down 56% year over year at $0.35, impacted by market volatility and rising interest rates.
- Total transaction volume closed at $6.4 billion, a decrease of 5% from Q1 of the previous year, reflecting challenging market conditions.
- The company experienced a slow start with the GSEs (Government-Sponsored Enterprises) in Q1, which could impact future performance if not improved.
- Walker & Dunlop Inc (WD) reported a decrease in revenues from Walker & Dunlop affordable equity by 9% in Q1 compared to the same period last year.
- Despite strong brokerage activities, the investment sales team closed only $1.2 billion of transaction volume, significantly lower than peak levels.
Good day and welcome to the Q1 2024 Walker & Dunlop earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to [Jenna]. Please go ahead.
Thank you, Rose. Good morning, everyone. Thank you for joining Walker & Dunlop's first-quarter 2024 earnings call. I have with me this morning, our Chairman and CEO, Willy Walker; and our CFO, Greg Florkowski. This call is being webcast live on our website and a recording will be available later today. Both our earnings press release and website provide details on accessing the archived webcast.
This morning, we posted our earnings release and presentation to the Investor Relations section of our website, www.walkerdunlop.com. The site serve as a reference point for some of what Willy and Greg will touch on during the call.
Please also note that we will reference the non-GAAP financial metrics adjusted EBITDA and adjusted core EPS. During the course of
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