First American Financial (FAF) Q2 FY2024 earnings: revenue $1.6 billion, down 2.1% on the year

First American Financial Corp. (FAF) reported revenue of $1.6 billion for Q2 FY2024, the quarter ended 30 June 2024, down 2.1% on the same quarter a year earlier. Net income was $116 million, down 16.2% on the year, and diluted earnings per share $1.11. The figures are the company's own, from the 10-Q it filed with the SEC on 26 July 2024.

Revenue$1.6 billiondown 2.1%

Net income$116 milliondown 16.2%

Diluted EPS$1.11

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	1,612	1,425	n/a	n/a
Operating income	152	58.3	n/a	n/a
Operating margin	9.4%	4.1%	n/a
Interest expense	35.4	34.3	n/a	n/a
Pre-tax income	152	58.3	n/a	n/a
Income tax	35.2	11.6	n/a	n/a
Effective tax rate	23.2%	19.9%	n/a
Net income	116	46.7	n/a	n/a
Net margin	7.2%	3.3%	n/a
Diluted EPS	$1.11	$0.45	n/a	n/a

$ million except per share.

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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	267	69.3	n/a	n/a
Capital expenditure	56.7	51.7	n/a	n/a
Free cash flow	210	17.6	n/a	n/a
Free cash flow margin	13.0%	1.2%	n/a
Cash from investing	101	-231	n/a	n/a
Cash from financing	175	-1,932	n/a	n/a
Depreciation and amortisation	52.1	50.1	n/a	n/a
Share-based compensation	9.4	23.4	n/a	n/a
Buybacks	40.7	3.5	n/a	n/a
Dividends paid	54.7	54.9	n/a	n/a
Dividend per share	$0.53	$0.53	n/a	n/a
Diluted shares, weighted	104m	104m	n/a	n/a
Shares outstanding at period end	103m	104m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	4,814	4,787	n/a	n/a
Non-controlling interest	19.0	18.8	n/a	n/a
Deposits	5,616	5,303	n/a	n/a
Other liabilities	4,709	4,589	n/a	n/a
Total liabilities and equity	15,157	14,698	n/a	n/a
Fixed assets	777	766	n/a	n/a
Goodwill	1,808	1,807	n/a	n/a
Intangible assets	137	148	n/a	n/a
Securities held for sale or to maturity	7,081	7,054	n/a	n/a
Cash and equivalents	2,049	1,506	n/a	n/a
Other assets	3,305	3,416	n/a	n/a
Total assets	15,157	14,698	n/a	n/a

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	1,481	1,429	1,425	1,612	1,406	1,685	1,582	1,841	1,979	2,050	1,838	2,117
Operating income	-1.7	38.4	58.3	152	-144	99.9	96.6	195	247	287	162	284
Operating margin	-0%	3%	4%	9%	-10%	6%	6%	11%	12%	14%	9%	13%
Interest expense	35.8	33.3	34.3	35.4	36.2	43.7	35.2	38.0	39.9	43.9	41.9	45.7
Pre-tax income	-1.7	38.4	58.3	152	-144	99.9	96.6	195	247	287	162	284
Tax rate	n/a	11%	20%	23%	n/a	27%	23%	25%	23%	26%	23%	23%
Net income	-1.7	34.1	46.7	116	-104	72.4	74.2	146	190	212	125	218
Net margin	-0%	2%	3%	7%	-7%	4%	5%	8%	10%	10%	7%	10%
Diluted EPS	-$0.02	$0.33	$0.45	$1.11	-$1.00	$0.69	$0.71	$1.41	$1.84	$2.05	$1.21	$2.12
Operating cash flow	219	-41.7	69.3	267	237	325	-52.8	362	272	369	5.6	357
Capital expenditure	65.8	58.1	51.7	56.7	51.5	58.4	41.7	52.4	49.4	44.8	38.3	39.2
Free cash flow	154	-99.8	17.6	210	185	266	-94.5	309	223	324	-32.7	317
Buybacks	9.3	17.7	3.5	40.7	16.1	8.2	28.2	60.5	33.6	0.0	33.5	20.5
Dividends paid	54.7	54.5	54.9	54.7	55.6	55.5	55.7	55.3	56.0	56.0	56.2	56.1
Shares outstanding	103m	103m	104m	103m	103m	103m	103m	102m	102m	102m	102m	102m
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. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. 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 30 June 2024, filed 26 July 2024, accession 0000950170-24-086667: the filing on EDGAR. All of First American Financial Corp.'s filings: EDGAR company page.

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