FAF FY 2021 Earnings Report — First American Financial Corporation Revenue & Financial Results | Market Cap Arena

First American Financial CorporationFAF

FY 2021 Earnings

Reported February 17, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$9.2B	—	$7.1B	—	30.1%
Op. Income	$1.6B	—	$923M	—	77.8%
Gross Margin	61.2%	—	61.0%	—	0.2pp
Net Margin	13.5%	—	9.8%	—	3.6pp
EPS (Diluted)	$11.14	—	$6.16	—	80.8%
Free Cash Flow	$1.1B	—	$971M	—	9.2%

Revenue Flow

Item	Amount
REVENUE	$9.2B
Cost of Revenue	$3.6B
GROSS PROFIT	$5.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$2.4B
SG&A Expenses	$2.4B
Other Expenses	$1.6B
Operating Expenses	$4.0B
Cost & Expenses	$7.6B
OPERATING INCOME	$1.6B
Interest Income	$191M
Interest Expense	$72M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.6B
Income Tax Expense	$392M
Net Income from Continuing Ops	$1.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.2B
D&A	$158M
EBIT	$1.7B
EBITDA	$1.9B
EPS	$11
EPS Diluted	$11

Income Statement

Item	Amount
REVENUE	$9.2B
Cost of Revenue	$3.6B
GROSS PROFIT	$5.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$2.4B
SG&A Expenses	$2.4B
Other Expenses	$1.6B
Operating Expenses	$4.0B
Cost & Expenses	$7.6B
OPERATING INCOME	$1.6B
Interest Income	$191M
Interest Expense	$72M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.6B
Income Tax Expense	$392M
Net Income from Continuing Ops	$1.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.2B
D&A	$158M
EBIT	$1.7B
EBITDA	$1.9B
EPS	$11
EPS Diluted	$11

Cash Flow Statement

Item	Amount
Net Income	$1.2B
Depreciation & Amortization	$158M
Stock-Based Compensation	$54M
Deferred Income Tax	$0
Other Non-Cash Items	-$314M
Change in Working Capital	$73M
OPERATING CASH FLOW	$1.2B
Capital Expenditure	-$161M
Acquisitions (Net)	-$187M
Purchases of Investments	-$6.3B
Sales/Maturities of Investments	$3.1B
Other Investing Activities	$196M
NET CASH FROM INVESTING	-$3.4B
Net Debt Issuance	$645M
Common Stock Repurchased	-$99M
Common Dividends Paid	-$213M
Other Financing Activities	$1.8B
NET CASH FROM FINANCING	$2.1B
FREE CASH FLOW	$1.1B
Net Change in Cash	-$48M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.2B
Short-Term Investments	$58M
Net Receivables	$441M
Inventory	-$2.4B
Other Current Assets	$2.9B
TOTAL CURRENT ASSETS	$2.3B
PP&E (Net)	$755M
Goodwill	$1.6B
Intangible Assets	$218M
Long-Term Investments	$10.5B
Tax Assets	$14M
Other Non-Current Assets	-$14M
TOTAL NON-CURRENT ASSETS	$13.1B
TOTAL ASSETS	$16.5B
Account Payables	$87M
Short-Term Debt	$538M
Deferred Revenue	$14M
Other Current Liabilities	-$1.2B
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$1.6B
Deferred Revenue NC	$224M
Deferred Tax Liabilities	$345M
Other Non-Current Liabilities	$8.3B
TOTAL NON-CURRENT LIABILITIES	$10.7B
TOTAL LIABILITIES	$10.7B
Common Stock	$0
Additional Paid-In Capital	$2.2B
Retained Earnings	$3.7B
Treasury Stock	$0
Accum. Other Comp. Income	-$92M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.8B
Minority Interest	$16M
TOTAL EQUITY	$5.8B
TOTAL LIABILITIES & EQUITY	$16.5B
Total Debt	$2.5B
Net Debt	$1.2B