Walker & Dunlop, Inc. (NYSE:WD) Q2 2022 Earnings Conference Call August 4, 2022 8:30 AM ET

Company Participants

Ginna Semmes - Investor Relations

Willy Walker - Chairman and Chief Executive Officer

Greg Florkowski - Executive Vice President and Chief Financial Officer

Conference Call Participants

Jay McCanless - Wedbush Securities

Steve Delaney - JMP

Jade Rahmani - KBW

Ginna Semmes

Good morning, I’m Ginna Semmes, Senior Analyst for Investor Relations at Walker & Dunlop and I would like to welcome you to Walker & Dunlop’s Second Quarter 2022 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 and CFO. Today’s webcast is being recorded and a replay will be available via webcast on the Investor Relations section of our website. [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, adjusted EBITDA margin, and adjusted diluted earnings per share during the course of this call. Please refer to the appendix of the earnings presentation for a reconciliation of these non-GAAP financial metric.

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, maybe 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. 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, Ginna and good morning everyone. Walker & Dunlop had an extremely strong second quarter with record Q2 origination volume, revenues and adjusted EBITDA, demonstrating the return on investment we have made in our people, brand and technology over the past several years. This fantastic growth and performance was done in a rapidly transforming macroeconomic environment with the second quarter beginning with a 10-year treasury rate of 2.39% and increasing by 110 basis points to reach a high of 3.49% in June.