FAF Q2 2024 Earnings Report — First American Financial Corporation Revenue & Financial Results | Market Cap Arena

First American Financial CorporationFAF

Q2 2024 Earnings

Reported July 25, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2024	Q1 2024	Q2 2023	QoQ Change	YoY Change
Revenue	$1.6B	$1.4B	—	13.2%	—
Op. Income	$152M	$93M	—	63.7%	—
Gross Margin	64.5%	63.7%	—	0.9pp	—
Net Margin	7.2%	3.3%	—	3.9pp	—
EPS (Diluted)	$1.11	$0.45	—	146.7%	—
Free Cash Flow	$210M	$18M	—	1093.2%	—

Revenue Flow

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$572M
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$509M
SG&A Expenses	$509M
Other Expenses	$380M
Operating Expenses	$889M
Cost & Expenses	$1.5B
OPERATING INCOME	$152M
Interest Income	$0
Interest Expense	$35M
Other Income/Expenses	$0
INCOME BEFORE TAX	$152M
Income Tax Expense	$35M
Net Income from Continuing Ops	$116M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$116M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$116M
D&A	$52M
EBIT	$187M
EBITDA	$239M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$572M
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$509M
SG&A Expenses	$509M
Other Expenses	$380M
Operating Expenses	$889M
Cost & Expenses	$1.5B
OPERATING INCOME	$152M
Interest Income	$0
Interest Expense	$35M
Other Income/Expenses	$0
INCOME BEFORE TAX	$152M
Income Tax Expense	$35M
Net Income from Continuing Ops	$116M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$116M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$116M
D&A	$52M
EBIT	$187M
EBITDA	$239M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$116M
Depreciation & Amortization	$52M
Stock-Based Compensation	$9M
Deferred Income Tax	$0
Other Non-Cash Items	$213M
Change in Working Capital	-$124M
OPERATING CASH FLOW	$267M
Capital Expenditure	-$57M
Acquisitions (Net)	-$3M
Purchases of Investments	-$240M
Sales/Maturities of Investments	$310M
Other Investing Activities	$91M
NET CASH FROM INVESTING	$101M
Net Debt Issuance	-$48M
Common Stock Repurchased	-$41M
Common Dividends Paid	-$55M
Other Financing Activities	$319M
NET CASH FROM FINANCING	$175M
FREE CASH FLOW	$210M
Net Change in Cash	$542M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.0B
Short-Term Investments	$111M
Net Receivables	$451M
Inventory	-$2.5B
Other Current Assets	$2.4B
TOTAL CURRENT ASSETS	$2.5B
PP&E (Net)	$1.7B
Goodwill	$1.8B
Intangible Assets	$801M
Long-Term Investments	$7.8B
Tax Assets	$50M
Other Non-Current Assets	$594M
TOTAL NON-CURRENT ASSETS	$12.7B
TOTAL ASSETS	$15.2B
Account Payables	$907M
Short-Term Debt	$0
Deferred Revenue	$191M
Other Current Liabilities	-$1.1B
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$1.4B
Deferred Revenue NC	$191M
Deferred Tax Liabilities	$64M
Other Non-Current Liabilities	$8.4B
TOTAL NON-CURRENT LIABILITIES	$10.3B
TOTAL LIABILITIES	$10.3B
Common Stock	$0
Additional Paid-In Capital	$1.8B
Retained Earnings	$3.8B
Treasury Stock	$0
Accum. Other Comp. Income	-$730M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.8B
Minority Interest	$19M
TOTAL EQUITY	$4.8B
TOTAL LIABILITIES & EQUITY	$15.2B
Total Debt	$1.6B
Net Debt	-$412M