FAF Q1 2021 Earnings Report — First American Financial Corporation Revenue & Financial Results | Market Cap Arena

First American Financial CorporationFAF

Q1 2021 Earnings

Reported April 22, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q1 2021	Q4 2020	Q1 2020	QoQ Change	YoY Change
Revenue	$2.0B	$2.1B	—	-5.6%	—
Op. Income	$306M	$382M	—	-20.0%	—
Gross Margin	60.0%	61.3%	—	-1.4pp	—
Net Margin	11.5%	13.1%	—	-1.5pp	—
EPS (Diluted)	$2.10	$2.49	—	-15.7%	—
Free Cash Flow	$195M	$381M	—	-48.8%	—

Revenue Flow

Item	Amount
REVENUE	$2.0B
Cost of Revenue	$811M
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$535M
SG&A Expenses	$535M
Other Expenses	$374M
Operating Expenses	$909M
Cost & Expenses	$1.7B
OPERATING INCOME	$306M
Interest Income	$0
Interest Expense	$17M
Other Income/Expenses	$0
INCOME BEFORE TAX	$306M
Income Tax Expense	$72M
Net Income from Continuing Ops	$234M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$234M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$234M
D&A	$38M
EBIT	$323M
EBITDA	$361M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$2.0B
Cost of Revenue	$811M
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$535M
SG&A Expenses	$535M
Other Expenses	$374M
Operating Expenses	$909M
Cost & Expenses	$1.7B
OPERATING INCOME	$306M
Interest Income	$0
Interest Expense	$17M
Other Income/Expenses	$0
INCOME BEFORE TAX	$306M
Income Tax Expense	$72M
Net Income from Continuing Ops	$234M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$234M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$234M
D&A	$38M
EBIT	$323M
EBITDA	$361M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$234M
Depreciation & Amortization	$38M
Stock-Based Compensation	$31M
Deferred Income Tax	-$54M
Other Non-Cash Items	$19M
Change in Working Capital	-$45M
OPERATING CASH FLOW	$224M
Capital Expenditure	-$29M
Acquisitions (Net)	-$15M
Purchases of Investments	-$1.4B
Sales/Maturities of Investments	$692M
Other Investing Activities	$4M
NET CASH FROM INVESTING	-$779M
Net Debt Issuance	$127M
Common Stock Repurchased	-$65M
Common Dividends Paid	-$51M
Other Financing Activities	$1.3B
NET CASH FROM FINANCING	$1.3B
FREE CASH FLOW	$195M
Net Change in Cash	$751M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.1B
Short-Term Investments	$0
Net Receivables	$1.2B
Inventory	$0
Other Current Assets	-$3.2B
TOTAL CURRENT ASSETS	$0
PP&E (Net)	$700M
Goodwill	$1.4B
Intangible Assets	$777M
Long-Term Investments	$7.6B
Tax Assets	$0
Other Non-Current Assets	-$10.5B
TOTAL NON-CURRENT ASSETS	$0
TOTAL ASSETS	$14.4B
Account Payables	$1.1B
Short-Term Debt	$646M
Deferred Revenue	$0
Other Current Liabilities	-$1.8B
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$1.0B
Deferred Revenue NC	$253M
Deferred Tax Liabilities	$291M
Other Non-Current Liabilities	-$1.8B
TOTAL NON-CURRENT LIABILITIES	$0
TOTAL LIABILITIES	$9.5B
Common Stock	$1.0K
Additional Paid-In Capital	$2.2B
Retained Earnings	$2.8B
Treasury Stock	$0
Accum. Other Comp. Income	-$56M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.0B
Minority Interest	$10M
TOTAL EQUITY	$5.0B
TOTAL LIABILITIES & EQUITY	$14.4B
Total Debt	$1.9B
Net Debt	-$133M