PFSI Q2 2019 Earnings Report — PennyMac Financial Services, Inc. Revenue & Financial Results | Market Cap Arena

PennyMac Financial Services, Inc.PFSI

Q2 2019 Earnings

Reported August 6, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2019	Q1 2019	Q2 2018	QoQ Change	YoY Change
Revenue	$356M	$285M	—	24.8%	—
Op. Income	$100M	$60M	—	65.2%	—
Gross Margin	38.2%	33.7%	—	4.5pp	—
Net Margin	20.4%	16.2%	—	4.2pp	—
EPS (Diluted)	$0.92	$0.58	—	58.6%	—
Free Cash Flow	-$768M	-$355M	—	-116.6%	—

Revenue Flow

Item	Amount
REVENUE	$356M
Cost of Revenue	$220M
GROSS PROFIT	$136M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$13M
SG&A Expenses	$13M
Other Expenses	$23M
Operating Expenses	$36M
Cost & Expenses	$256M
OPERATING INCOME	$100M
Interest Income	$0
Interest Expense	$53M
Other Income/Expenses	$0
INCOME BEFORE TAX	$100M
Income Tax Expense	$27M
Net Income from Continuing Ops	$73M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$73M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$73M
D&A	$6M
EBIT	$100M
EBITDA	$106M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$356M
Cost of Revenue	$220M
GROSS PROFIT	$136M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$13M
SG&A Expenses	$13M
Other Expenses	$23M
Operating Expenses	$36M
Cost & Expenses	$256M
OPERATING INCOME	$100M
Interest Income	$0
Interest Expense	$53M
Other Income/Expenses	$0
INCOME BEFORE TAX	$100M
Income Tax Expense	$27M
Net Income from Continuing Ops	$73M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$73M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$73M
D&A	$6M
EBIT	$100M
EBITDA	$106M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$73M
Depreciation & Amortization	$6M
Stock-Based Compensation	$6M
Deferred Income Tax	$3M
Other Non-Cash Items	-$875M
Change in Working Capital	$41M
OPERATING CASH FLOW	-$748M
Capital Expenditure	-$20M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$273M
NET CASH FROM INVESTING	$253M
Net Debt Issuance	-$12M
Common Stock Repurchased	-$1M
Common Dividends Paid	$0
Other Financing Activities	$595M
NET CASH FROM FINANCING	$582M
FREE CASH FLOW	-$768M
Net Change in Cash	$87M

Balance Sheet

Item	Amount
Cash & Equivalents	$231M
Short-Term Investments	$76M
Net Receivables	$153M
Inventory	-$184M
Other Current Assets	$3.7B
TOTAL CURRENT ASSETS	$5.1B
PP&E (Net)	$87M
Goodwill	$0
Intangible Assets	$2.8B
Long-Term Investments	$2M
Tax Assets	$176M
Other Non-Current Assets	$230M
TOTAL NON-CURRENT ASSETS	$3.3B
TOTAL ASSETS	$8.4B
Account Payables	$411M
Short-Term Debt	$2.7B
Deferred Revenue	$0
Other Current Liabilities	-$1.8B
TOTAL CURRENT LIABILITIES	$3.6B
Long-Term Debt	$2.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$1.9B
TOTAL NON-CURRENT LIABILITIES	$3.0B
TOTAL LIABILITIES	$6.6B
Common Stock	$8.0K
Additional Paid-In Capital	$1.3B
Retained Earnings	$462M
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.8B
Minority Interest	$0
TOTAL EQUITY	$1.8B
TOTAL LIABILITIES & EQUITY	$8.4B
Total Debt	$5.7B
Net Debt	$5.5B