PFSI FY 2021 Earnings Report — PennyMac Financial Services, Inc. Revenue & Financial Results | Market Cap Arena

PennyMac Financial Services, Inc.PFSI

FY 2021 Earnings

Reported February 23, 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	$3.6B	—	$4.0B	—	-10.0%
Op. Income	$1.4B	—	$2.2B	—	-39.3%
Gross Margin	59.9%	—	70.0%	—	-10.1pp
Net Margin	28.2%	—	41.7%	—	-13.5pp
EPS (Diluted)	$14.87	—	$20.92	—	-28.9%
Free Cash Flow	$2.5B	—	-$6.3B	—	139.9%

Revenue Flow

Item	Amount
REVENUE	$3.6B
Cost of Revenue	$1.4B
GROSS PROFIT	$2.1B
R&D Expenses	$0
Selling & Marketing	$45M
General & Administrative	$416M
SG&A Expenses	$461M
Other Expenses	$313M
Operating Expenses	$774M
Cost & Expenses	$2.2B
OPERATING INCOME	$1.4B
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$152.0K
INCOME BEFORE TAX	$1.4B
Income Tax Expense	$356M
Net Income from Continuing Ops	$1.0B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.0B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.0B
D&A	$43M
EBIT	$1.4B
EBITDA	$1.4B
EPS	$16
EPS Diluted	$15

Income Statement

Item	Amount
REVENUE	$3.6B
Cost of Revenue	$1.4B
GROSS PROFIT	$2.1B
R&D Expenses	$0
Selling & Marketing	$45M
General & Administrative	$416M
SG&A Expenses	$461M
Other Expenses	$313M
Operating Expenses	$774M
Cost & Expenses	$2.2B
OPERATING INCOME	$1.4B
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$152.0K
INCOME BEFORE TAX	$1.4B
Income Tax Expense	$356M
Net Income from Continuing Ops	$1.0B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.0B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.0B
D&A	$43M
EBIT	$1.4B
EBITDA	$1.4B
EPS	$16
EPS Diluted	$15

Cash Flow Statement

Item	Amount
Net Income	$1.0B
Depreciation & Amortization	$43M
Stock-Based Compensation	$38M
Deferred Income Tax	$426M
Other Non-Cash Items	$1.1B
Change in Working Capital	-$18M
OPERATING CASH FLOW	$2.6B
Capital Expenditure	-$57M
Acquisitions (Net)	-$49M
Purchases of Investments	-$434M
Sales/Maturities of Investments	$8M
Other Investing Activities	$228M
NET CASH FROM INVESTING	-$304M
Net Debt Issuance	$965M
Common Stock Repurchased	-$958M
Common Dividends Paid	-$53M
Other Financing Activities	-$2.4B
NET CASH FROM FINANCING	-$2.5B
FREE CASH FLOW	$2.5B
Net Change in Cash	-$193M

Balance Sheet

Item	Amount
Cash & Equivalents	$340M
Short-Term Investments	$7M
Net Receivables	$13.0B
Inventory	$0
Other Current Assets	$137M
TOTAL CURRENT ASSETS	$14.2B
PP&E (Net)	$121M
Goodwill	$0
Intangible Assets	$4.0B
Long-Term Investments	$1M
Tax Assets	$0
Other Non-Current Assets	$460M
TOTAL NON-CURRENT ASSETS	$4.6B
TOTAL ASSETS	$18.8B
Account Payables	$587M
Short-Term Debt	$7.3B
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$8.6B
Long-Term Debt	$6.6B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$66M
TOTAL NON-CURRENT LIABILITIES	$6.8B
TOTAL LIABILITIES	$15.4B
Common Stock	$6.0K
Additional Paid-In Capital	$125M
Retained Earnings	$3.3B
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	$18.8B
Total Debt	$14.0B
Net Debt	$13.6B