PFSI FY 2020 Earnings Report — PennyMac Financial Services, Inc. Revenue & Financial Results | Market Cap Arena

PennyMac Financial Services, Inc.PFSI

FY 2020 Earnings

Reported February 25, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2020	Prior Q	FY 2019	QoQ Change	YoY Change
Revenue	$4.0B	—	$1.7B	—	135.3%
Op. Income	$2.2B	—	$529M	—	323.2%
Gross Margin	70.0%	—	53.1%	—	16.9pp
Net Margin	41.7%	—	23.4%	—	18.3pp
EPS (Diluted)	$20.92	—	$4.89	—	327.8%
Free Cash Flow	-$6.3B	—	-$2.2B	—	-191.8%

Revenue Flow

Item	Amount
REVENUE	$4.0B
Cost of Revenue	$1.2B
GROSS PROFIT	$2.8B
R&D Expenses	$0
Selling & Marketing	$9M
General & Administrative	$314M
SG&A Expenses	$323M
Other Expenses	$204M
Operating Expenses	$526M
Cost & Expenses	$1.7B
OPERATING INCOME	$2.2B
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$187.0K
INCOME BEFORE TAX	$2.2B
Income Tax Expense	$594M
Net Income from Continuing Ops	$1.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.6B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.6B
D&A	$38M
EBIT	$2.2B
EBITDA	$2.3B
EPS	$22
EPS Diluted	$21

Income Statement

Item	Amount
REVENUE	$4.0B
Cost of Revenue	$1.2B
GROSS PROFIT	$2.8B
R&D Expenses	$0
Selling & Marketing	$9M
General & Administrative	$314M
SG&A Expenses	$323M
Other Expenses	$204M
Operating Expenses	$526M
Cost & Expenses	$1.7B
OPERATING INCOME	$2.2B
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$187.0K
INCOME BEFORE TAX	$2.2B
Income Tax Expense	$594M
Net Income from Continuing Ops	$1.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.6B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.6B
D&A	$38M
EBIT	$2.2B
EBITDA	$2.3B
EPS	$22
EPS Diluted	$21

Cash Flow Statement

Item	Amount
Net Income	$1.6B
Depreciation & Amortization	$38M
Stock-Based Compensation	$45M
Deferred Income Tax	-$780M
Other Non-Cash Items	-$6.7B
Change in Working Capital	-$496M
OPERATING CASH FLOW	-$6.2B
Capital Expenditure	-$84M
Acquisitions (Net)	$132M
Purchases of Investments	-$132M
Sales/Maturities of Investments	$972M
Other Investing Activities	-$105M
NET CASH FROM INVESTING	$783M
Net Debt Issuance	$632M
Common Stock Repurchased	-$337M
Common Dividends Paid	-$31M
Other Financing Activities	$5.5B
NET CASH FROM FINANCING	$5.8B
FREE CASH FLOW	-$6.3B
Net Change in Cash	$344M

Balance Sheet

Item	Amount
Cash & Equivalents	$533M
Short-Term Investments	$15M
Net Receivables	$26.4B
Inventory	$0
Other Current Assets	$270M
TOTAL CURRENT ASSETS	$27.8B
PP&E (Net)	$107M
Goodwill	$0
Intangible Assets	$2.7B
Long-Term Investments	$1M
Tax Assets	$0
Other Non-Current Assets	$992M
TOTAL NON-CURRENT ASSETS	$3.8B
TOTAL ASSETS	$31.6B
Account Payables	$580M
Short-Term Debt	$9.7B
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$10.9B
Long-Term Debt	$17.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$75M
TOTAL NON-CURRENT LIABILITIES	$17.3B
TOTAL LIABILITIES	$28.2B
Common Stock	$7.0K
Additional Paid-In Capital	$1.0B
Retained Earnings	$2.3B
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.4B
Minority Interest	$0
TOTAL EQUITY	$3.4B
TOTAL LIABILITIES & EQUITY	$31.6B
Total Debt	$26.9B
Net Debt	$26.4B