Walker & Dunlop, Inc. (NYSE:WD) Q1 2023 Earnings Conference Call May 4, 2023 8:00 AM ET
Company Participants
Kelsey Duffey - SVP, IR
Willy Walker - Chairman and CEO
Greg Florkowski - EVP and CFO
Conference Call Participants
Jade Rahmani - KBW
Jay McCanless - Wedbush Securities
Kelsey Duffey
Good morning, I’m Kelsey Duffey, Senior Vice President of Investor Relations at Walker & Dunlop, and I'd like to welcome you to Walker & Dunlop’s First Quarter 2023 Earnings Conference Call and Webcast.
Hosting the call today is Willy Walker, Walker & Dunlop Chairman and CEO. He is joined by Greg Florkowski, Executive Vice President & CFO. Today’s webcast is being recorded, and a replay will be available via webcast on the Investor Relations section of our website. At this time, all participants have been placed in a listen-only mode and the line will be open for your questions following the presentation. [Operator Instructions]
This morning, we posted our earnings release and presentation to the Investor Relations section of our website, www.walkerdunlop.com. These slides 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 this call. Please refer to the appendix of the earnings presentation for a reconciliation of these non-GAAP financial metrics.
Investors are urged to carefully read the forward-looking statements language in our earnings release. Statements made on this call, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements describe our current expectations, and actual results may differ materially. Walker & Dunlop is under no obligation to update or alter our forward-looking statements whether as a result of new information, future events, or otherwise and we expressly disclaim any obligation to do so. More detailed information about risk factors can be found in our annual and quarterly reports filed with the SEC.
I will now turn the call over to Willy.
Willy Walker
Thank you, Kelsey and good morning everyone. Walker & Dunlop’s business and the broader commercial real estate industry faced continued pressure from uncertainty around interest rates and volatile market conditions during the first quarter of 2023.
Our financial results reflect the challenges of the current market environment, and while working closely with our clients, our team closed $6.7 billion of total transaction volume, down 47% year-over-year. Our multifamily property sales volume of $1.9 billion was down 46% year-over-year, compared to a 74% decline in the broader market as reported by CoStar.