Walker & Dunlop (WD) Q1 FY2024 earnings: revenue $228 million, down 4.5% on the year

Walker & Dunlop, Inc. (WD) reported revenue of $228 million for Q1 FY2024, the quarter ended 31 March 2024, down 4.5% on the same quarter a year earlier. Net income was $12 million, down 55.5% on the year, and diluted earnings per share $0.35. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$228 milliondown 4.5%

Net income$12 milliondown 55.5%

Diluted EPS$0.35

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	228	274	n/a	n/a
Operating income	13.7	39.4	n/a	n/a
Operating margin	6.0%	14.3%	n/a
Interest expense	8.6	12.8	n/a	n/a
Pre-tax income	13.7	39.4	n/a	n/a
Income tax	2.9	10.3	n/a	n/a
Effective tax rate	20.9%	26.2%	n/a
Net income	11.9	31.6	n/a	n/a
Net margin	5.2%	11.5%	n/a
Diluted EPS	$0.35	$0.93	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	38.4	332	n/a	n/a
Capital expenditure	3.2	2.3	n/a	n/a
Free cash flow	35.2	330	n/a	n/a
Free cash flow margin	15.4%	120.1%	n/a
Cash from investing	-25.1	-19.7	n/a	n/a
Cash from financing	-124	-221	n/a	n/a
Depreciation and amortisation	55.9	56.0	n/a	n/a
Buybacks	9.8	1.6	n/a	n/a
Dividends paid	22.0	21.3	n/a	n/a
Dividend per share	$0.65	n/a	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,715	1,724	n/a	n/a
Non-controlling interest	20.6	22.4	n/a	n/a
Debt	772	773	n/a	n/a
Other liabilities	1,318	1,533	n/a	n/a
Total liabilities and equity	3,826	4,052	n/a	n/a
Fixed assets	n/a	42.7	n/a	n/a
Goodwill	902	902	n/a	n/a
Intangible assets	178	182	n/a	n/a
Loans	n/a	40.1	n/a	n/a
Cash and equivalents	217	329	n/a	n/a
Other assets	2,529	2,557	n/a	n/a
Total assets	3,826	4,052	n/a	n/a

Questions

What was Walker & Dunlop's revenue in Q1 FY2024?

Walker & Dunlop (WD) reported revenue of $228 million for Q1 FY2024, the quarter ended 31 March 2024, down 4.5% on the same quarter a year earlier.

How much did Walker & Dunlop earn in Q1 FY2024?

Net income for Q1 FY2024 was $12 million, down 55.5% on the year, and diluted earnings per share $0.35.

When did Walker & Dunlop report Q1 FY2024 results?

Walker & Dunlop filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 2 May 2024.

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-Q for the period ended 31 March 2024, filed 2 May 2024, accession 0001558370-24-006445: the filing on EDGAR. All of Walker & Dunlop, Inc.'s filings: EDGAR company page.

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