greeksoup/ stock research
Stock research / United States / PFSI / Q1 FY2022

PennyMac Financial Services (PFSI) Q1 FY2022 earnings: revenue $658 million, down 30.4% on the year

PennyMac Financial Services, Inc. (PFSI) reported revenue of $658 million for Q1 FY2022, the quarter ended 31 March 2022, down 30.4% on the same quarter a year earlier. Net income was $174 million, down 53.9% on the year, and diluted earnings per share $2.94. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2022.

Revenue$658 milliondown 30.4%
Net income$174 milliondown 53.9%
Diluted EPS$2.94
QuarterQ1 FY2022ended 31 March 2022

The quarter, against the one before and a year earlier

LineQ1 FY2022Q4 FY2021A year earlierChange on the year
Revenue658694n/an/a
Operating income235234n/an/a
Operating margin35.7%33.7%n/a
Interest expense77.389.8n/an/a
Pre-tax income235234n/an/a
Income tax60.961.0n/an/a
Effective tax rate26.0%26.1%n/a
Net income174173n/an/a
Net margin26.4%24.9%n/a
Diluted EPS$2.94$2.98n/an/a
$ million except per share.
Read moreFourth 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

LineQ1 FY2022Q4 FY2021A year earlierChange on the year
Operating cash flow4,427-207n/an/a
Capital expenditure2.61.9n/an/a
Free cash flow4,425-209n/an/a
Free cash flow margin673.0%-30.1%n/a
Cash from investing-167-2.9n/an/a
Cash from financing-4,11073.5n/an/a
Depreciation and amortisation7.06.9n/an/a
Share-based compensation9.39.2n/an/a
Buybacks141257n/an/a
Dividends paid11.412.3n/an/a
Dividend per share$0.20n/an/an/a
Diluted shares, weighted59m67mn/an/a
Shares outstanding at period end54m55mn/an/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

LineQ1 FY2022Q4 FY2021A year earlierChange on the year
Shareholders' equity3,4423,418n/an/a
Debt3,1013,103n/an/a
Other liabilities8,07512,255n/an/a
Total liabilities and equity14,61818,777n/an/a
Fixed assets32.231.7n/an/a
Investments78.06.9n/an/a
Cash and equivalents490340n/an/a
Other assets14,01818,398n/an/a
Total assets14,61818,777n/an/a

Questions

What was PennyMac Financial Services' revenue in Q1 FY2022?

PennyMac Financial Services (PFSI) reported revenue of $658 million for Q1 FY2022, the quarter ended 31 March 2022, down 30.4% on the same quarter a year earlier.

How much did PennyMac Financial Services earn in Q1 FY2022?

Net income for Q1 FY2022 was $174 million, down 53.9% on the year, and diluted earnings per share $2.94.

When did PennyMac Financial Services report Q1 FY2022 results?

PennyMac Financial Services filed its 10-Q for the quarter ended 31 March 2022 with the SEC on 5 May 2022.

Quarterly results, the last 20 quarters

Q3 FY2021Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue787694658512476340303337400362306406412470431445633538545497
Operating income34023423517818567.738.172.9127-54.243.913493.912910476.423613410531.5
Operating margin43%34%36%35%39%20%13%22%32%-15%14%33%23%28%24%17%37%25%19%6%
Interest expense90.789.877.371.183.0104132179157171166208n/an/an/an/an/an/an/an/a
Pre-tax income34023423517818567.738.172.9127-54.243.913493.912910476.423613410531.5
Tax rate27%26%26%27%27%44%20%20%27%n/a10%27%26%19%27%-79%23%21%21%31%
Net income24917317412913537.630.458.292.9-36.839.398.369.410476.313618210782.321.7
Net margin32%25%26%25%28%11%10%17%23%-10%13%24%17%22%18%31%29%20%15%4%
Diluted EPS$3.80$2.98$2.94$2.28$2.46$0.71$0.57$1.11$1.77-$0.74$0.74$1.85$1.30$1.95$1.42$2.54$3.37$1.97$1.53$0.41
Operating cash flow1,438-2074,4271,704-588489-3,2652,228-976430-898-1,093-394-2,1491,066-131-697-1,889-1,3422,143
Capital expenditure0.91.92.61.51.51.60.20.50.30.50.90.40.10.20.41.32.18.22.23.4
Free cash flow1,438-2094,4251,703-589488-3,2652,228-976430-899-1,093-394-2,1491,066-133-699-1,897-1,3442,140
Buybacks25725714111499.751.345.426.20.0-0.1n/an/an/an/an/an/an/an/a50.00.0
Dividends paid12.712.311.411.121.610.410.810.210.210.210.410.415.715.715.015.815.815.915.615.9
Shares outstanding59m55m54m52m50m50m50m50m50m50m51m51m51m51m52m52m52m52m52m52m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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 its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-Q for the period ended 31 March 2022, filed 5 May 2022: the filing.