Walker & Dunlop (WD) Q4 FY2023 earnings: revenue $274 million, down 3.0% on the year

Walker & Dunlop, Inc. (WD) reported revenue of $274 million for Q4 FY2023, the quarter ended 31 December 2023, down 3.0% on the same quarter a year earlier. Net income was $32 million, down 23.8% on the year, and diluted earnings per share $0.93. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$274 milliondown 3.0%

Net income$32 milliondown 23.8%

Diluted EPS$0.93

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	274	269	n/a	n/a
Operating income	39.4	28.2	n/a	n/a
Operating margin	14.3%	10.5%	n/a
Interest expense	12.8	13.9	n/a	n/a
Pre-tax income	39.4	28.2	n/a	n/a
Income tax	10.3	7.1	n/a	n/a
Effective tax rate	26.2%	25.1%	n/a
Net income	31.6	21.5	n/a	n/a
Net margin	11.5%	8.0%	n/a
Diluted EPS	$0.93	$0.64	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	332	549	n/a	n/a
Capital expenditure	2.3	4.4	n/a	n/a
Free cash flow	330	544	n/a	n/a
Free cash flow margin	120.1%	202.5%	n/a
Cash from investing	-19.7	36.0	n/a	n/a
Cash from financing	-221	-568	n/a	n/a
Depreciation and amortisation	56.0	57.5	n/a	n/a
Buybacks	1.6	0.9	n/a	n/a
Dividends paid	21.3	21.1	n/a	n/a
Dividend per share	n/a	$0.63	n/a	n/a
Diluted shares, weighted	33m	33m	n/a	n/a
Shares outstanding at period end	33m	33m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,724	1,706	n/a	n/a
Non-controlling interest	22.4	24.8	n/a	n/a
Debt	773	775	n/a	n/a
Other liabilities	1,533	1,772	n/a	n/a
Total liabilities and equity	4,052	4,278	n/a	n/a
Fixed assets	42.7	n/a	n/a	n/a
Goodwill	902	950	n/a	n/a
Intangible assets	182	186	n/a	n/a
Loans	40.1	n/a	n/a	n/a
Cash and equivalents	329	236	n/a	n/a
Other assets	2,557	2,906	n/a	n/a
Total assets	4,052	4,278	n/a	n/a

Questions

What was Walker & Dunlop's revenue in Q4 FY2023?

Walker & Dunlop (WD) reported revenue of $274 million for Q4 FY2023, the quarter ended 31 December 2023, down 3.0% on the same quarter a year earlier.

How much did Walker & Dunlop earn in Q4 FY2023?

Net income for Q4 FY2023 was $32 million, down 23.8% on the year, and diluted earnings per share $0.93.

When did Walker & Dunlop report Q4 FY2023 results?

Walker & Dunlop filed its 10-K for the year that ended with the quarter on 22 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	269	274	228	271	292	341	237	319	338	340	301	307
Operating income	28.2	39.4	13.7	28.2	37.5	52.1	5.2	46.4	45.9	-18.6	25.9	2.1
Operating margin	10%	14%	6%	10%	13%	15%	2%	15%	14%	-5%	9%	1%
Interest expense	13.9	12.8	8.6	17.9	18.2	15.9	15.5	16.8	16.5	16.0	14.9	15.3
Pre-tax income	28.2	39.4	13.7	28.2	37.5	52.1	5.2	46.4	45.9	-18.6	25.9	2.1
Tax rate	25%	26%	21%	28%	24%	21%	48%	27%	27%	n/a	31%	-37%
Net income	21.5	31.6	11.9	22.7	28.8	44.8	2.8	34.0	33.5	-13.9	15.9	3.0
Net margin	8%	12%	5%	8%	10%	13%	1%	11%	10%	-4%	5%	1%
Diluted EPS	$0.64	$0.93	$0.35	$0.67	$0.85	$1.32	$0.08	$0.99	$0.98	-$0.41	$0.46	$0.09
Operating cash flow	549	332	38.4	-238	-202	531	-281	-238	-948	803	-1,144	1,169
Capital expenditure	4.4	2.3	3.2	3.8	2.0	3.9	3.6	2.6	2.3	7.3	1.9	0.6
Free cash flow	544	330	35.2	-242	-204	527	-285	-241	-950	796	-1,146	1,169
Buybacks	0.9	1.6	9.8	0.8	1.4	0.4	8.6	0.6	1.0	0.2	19.1	0.3
Dividends paid	21.1	21.3	22.0	22.2	22.1	22.4	22.9	22.9	23.0	23.0	23.6	23.6
Shares outstanding	33m	33m	33m	33m	33m	33m	33m	33m	33m	33m	33m	33m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 22 February 2024, accession 0001558370-24-001538: the filing on EDGAR. All of Walker & Dunlop, Inc.'s filings: EDGAR company page.

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