First American Financial Corp FAF Cash Flow

First american financial corp (FAF)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities:
Net income
63,846	224,606	188,167	187,271	109,804	93,174	151,461	155,091	76,172	220,713	21,186	121,895	58,069	80,961	107,392	102,451	52,672	81,735	75,760	93,579	37,796	80,738	80,937	50,688	21,852	51,789	64,095	34,948	36,232	93,202	103,900	73,517	31,109	40,378	21,295	32,147	-15,241	47,744	33,343	34,140	13,729
Adjustments to reconcile net income to cash provided by operating activities:
Provision for policy losses and other claims
117,477	114,515	124,683	109,130	97,712	116,238	122,196	113,619	100,580	116,715	120,349	110,958	102,388	122,128	137,015	122,360	107,098	127,542	139,126	122,870	101,554	112,284	119,390	128,466	89,883	100,612	114,952	198,766	116,026	109,441	106,209	95,389	86,678	101,210	112,177	77,237	129,512	80,438	86,450	83,005	70,981
Depreciation and amortization
31,449	31,484	31,719	32,884	32,934	33,393	31,729	31,058	29,747	31,761	36,000	30,145	30,147	28,142	24,491	23,994	22,420	22,207	21,072	21,463	20,854	21,718	24,127	19,780	19,972	19,775	18,554	18,192	18,395	20,006	18,429	18,456	18,059	19,905	19,018	18,867	19,099	21,278	18,991	20,120	20,253
Amortization of premiums and accretion of discounts on debt securities, net
-9,952	-8,135	-7,277	-5,905	-5,464	-6,473	-7,070	-6,708	-6,743	-6,198	-8,347	-7,239	-9,427	-8,058	-7,185	-6,605	-6,477	-6,701	-7,657	-7,369	-6,676	-6,595	-6,017	-5,287	-6,680	-8,025	-6,885	-17,697	5,825	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	218	60	530	2,607	1,030	79	2,829	5,588	806	223	1,791	4,036	406	115	1,533	4,148	1,343	292	229	508	60	13	101	971	-	-	-	-
Net realized investment losses (gains)
-64,762	23,840	1,507	8,375	32,682	-67,462	11,144	5,485	-5,654	471	-7,001	17,861	-97	361	9,516	8,070	5,106	-6,332	-3,130	3,868	-953	6,806	14,392	6,275	2,594	2,399	-6,966	4,522	9,256	6,186	47,271	12,530	1,699	7,036	682	-1,903	-547	-1,927	1,504	6,987	3,645
Net other-than-temporary impairment losses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	962	2,602	3,852	3,942	977	297	863	1,940	3,824	1,396
Share-based compensation
25,903	7,563	7,556	7,758	19,597	6,769	7,241	7,626	19,509	6,203	6,616	7,548	17,032	6,029	6,128	6,110	15,858	4,078	4,698	4,705	10,858	3,340	3,443	3,122	9,397	3,700	4,257	4,457	9,887	2,917	2,842	2,932	6,148	2,847	3,090	4,033	5,011	2,824	5,509	2,924	3,906
Equity in earnings of equity method investments, net
-228	1,034	1,640	342	-180	462	1,547	1,004	-296	-765	1,103	1,803	1,644	2,402	2,753	2,124	894	90	2,830	3,750	1,130	-17,613	2,816	283	-2,031	-5,924	4,104	4,486	2,650	4,566	3,917	-2,565	596	-3,283	3,182	2,325	493	1,278	9,747	-1,788	-861
Dividends from equity method investments
1,402	1,551	1,745	1,787	545	1,490	1,645	969	805	1,490	4,031	1,950	3,612	2,070	4,204	1,026	2,723	2,042	1,619	3,507	2,433	984	547	3,266	205	4,480	1,935	2,923	2,214	5,172	1,899	2,190	2,324	2,861	1,561	7,171	398	6,149	658	892	558
Changes in assets and liabilities excluding effects of acquisitions and noncash transactions:
Claims paid, including assets acquired, net of recoveries
108,538	110,147	105,279	99,903	99,992	116,786	120,432	108,924	104,614	120,650	125,548	111,835	114,014	111,650	125,781	111,559	114,009	112,237	112,713	115,850	135,692	116,702	112,904	117,105	123,039	131,252	123,319	113,546	111,193	107,075	111,760	111,066	116,085	149,241	120,994	115,786	117,413	116,371	562,642	-118,746	-104,042
Net change in income tax accounts
5,181	-1,124	-27,651	15,988	29,186	29,778	-8,259	8,240	12,320	-137,281	-70,194	40,486	64,170	-3,164	13,279	17,108	-9,622	-4,241	18,909	44,927	-7,052	-9,500	21,879	23,868	9,625	-342	-26,036	18,789	10,178	-16,522	32,493	20,278	28,237	24,840	6,128	12,559	-21,671	30,504	-13,087	10,229	32,644
(Increase) decrease in accounts and accrued income receivable
45,747	-25,517	17,615	37,685	-2,543	-56,414	14,450	42,193	-5,493	-24,333	-6,504	19,125	-714	-33,437	18,508	23,572	1,374	-24,717	11,233	20,361	600	-13,241	11,752	15,276	-3,837	-19,668	-12,659	20,313	-11,631	-4,084	2,881	22,218	8,383	-17,276	6,533	993	4,383	-7,019	-10,784	24,976	-11,903
Decrease in accounts payable and accrued liabilities
-149,960	34,863	81,882	47,122	-118,318	27,109	48,065	36,107	-95,978	32,300	188,045	44,658	-137,320	70,438	-38,951	62,213	-123,039	43,753	19,114	72,516	-98,704	59,404	-233	59,426	-133,600	60,300	1,164	67,216	-123,362	68,610	29,091	41,194	-54,916	52,598	13,432	-21,862	-57,646	49,984	24,816	-17,563	-51,347
Increase in deferred revenue
-15,753	-9,141	18,416	14,515	-13,447	-11,937	15,827	13,229	-14,378	-10,075	17,845	14,280	-11,812	-1,808	19,447	15,099	-11,204	-6,530	13,004	12,078	-13,033	3,553	11,797	8,402	-13,419	4,975	12,800	10,356	-8,029	883	11,765	9,954	-7,758	-1,266	11,732	7,471	-7,030	-8,906	7,606	8,638	-9,140
Net change in due to CoreLogic, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	394	-423	-48	-	914	-1,306	18,985	-4,093	-22,174	6,673	8,202
Other, net
23,952	-1,540	2,819	-9,417	945	-811	1,359	-4,108	818	4,606	1,844	9	-14,806	5,537	-17,739	-8,353	4,235	4,147	8,020	25,620	-14,358	-7,220	4,539	12,061	-8,585	12,210	3,294	7,989	2,621	7,784	-6,282	8,863	-7,040	2,903	-2,895	-2,410	477	-19,163	11,120	-1,635	-3,588
Cash provided by operating activities
24,154	301,408	310,572	266,638	34,471	308,304	230,761	210,933	43,167	176,607	220,923	228,544	6,060	237,197	105,833	202,758	-56,372	199,126	185,254	233,260	-66,317	194,466	121,278	149,514	-104,621	132,639	87,399	209,305	-50,871	178,180	147,183	112,108	-7,796	100,968	64,780	22,402	-51,476	131,587	65,471	-14,596	-25,455
Net cash effect of acquisitions/dispositions
386,231	0	14,949	4,500	225	5,414	0	49,273	24,484	0	79,060	4,183	-250	33,546	54,741	17,732	700	20	733	69	25,860	410	-3,444	496	165,858	-	-	-	-	6,334	12,142	0	14,000	-	-	-	-	9,500	1,539	-43	1,149
Net decrease (increase) in deposits with banks
2,095	-4,558	-1,481	6,556	-8,824	899	3,219	-3,049	2,292	-19,490	1,061	274	-164	104	-360	615	353	-6,863	-488	-395	3,354	1,323	3,144	-867	611	4,235	2,931	-2,704	285	33,402	-22,182	962	-9,660	19,962	-732	10,246	-13,253	8,298	-4,324	-16,867	28,985
Purchases of debt and equity securities
588,327	728,902	464,742	420,191	727,001	1,233,633	757,472	580,638	586,150	694,196	246,540	687,887	341,974	571,919	591,195	616,649	282,980	396,878	519,902	400,490	806,547	765,535	611,093	389,862	202,519	304,990	526,348	417,369	284,003	475,662	648,495	489,509	182,648	336,230	189,146	270,222	210,206	441,938	345,588	266,425	478,850
Proceeds from sales of debt and equity securities
211,370	352,173	280,626	236,946	461,447	840,854	189,878	257,238	213,432	564,400	99,839	297,603	201,923	236,429	234,802	185,598	74,317	187,638	99,106	88,527	255,643	301,212	240,430	243,806	142,938	113,498	221,052	134,495	152,210	119,091	357,998	376,227	101,310	198,794	235,426	163,572	74,303	109,133	144,074	262,036	184,099
Proceeds from maturities of debt securities
320,523	340,006	323,959	206,120	136,670	211,271	146,533	155,834	126,920	184,108	180,491	131,527	145,316	203,846	308,286	229,207	206,918	123,638	268,425	158,945	104,070	97,157	103,168	98,928	74,716	86,743	130,937	130,114	140,890	132,156	106,401	141,381	111,736	81,186	86,060	69,842	84,921	170,073	156,806	139,579	131,380
Investments in unconsolidated entities
44,795	-	-	-	75,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in other investments
-298	-	-	-	-1,036	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net increase in other investments
-	-	-	-	-	-	-7,175	-77	640	-	450	1,265	840	-554	452	2,950	-604	607	-4,039	2,725	1,784	2,932	3,729	455	909	4,472	-3	1,099	875	772	5,877	634	-692	2,157	2,038	-1,015	680	4,491	-2,784	11,246	476
Advances under secured financing agreements
3,028,490	2,689,271	2,536,612	1,789,738	985,478	843,221	957,495	580,162	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Collections of secured financings receivable
2,835,789	2,753,829	2,385,805	1,716,168	934,149	853,418	967,279	553,632	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from notes receivable from CoreLogic
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	552	2,039	1,315
Net paydowns on loans receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,924	5,088	10,638	4,276	3,312	7,643	7,056	15,586	4,954	7,128	10,997	8,760	49,174	-6,907	-2,100	-4,298	8,253	1,806	-2,030	1,432
Capital expenditures
29,213	28,821	24,207	26,565	27,386	30,851	31,599	33,376	22,344	31,142	33,511	39,650	29,903	28,530	42,796	31,081	29,858	31,733	30,127	29,956	31,881	33,299	23,860	18,905	21,158	26,125	22,138	20,222	18,657	27,250	20,815	17,655	18,172	22,356	19,079	15,758	12,604	41,056	16,405	17,977	13,287
Proceeds from sales of property and equipment
14,141	542	0	93	12	960	46	609	1,015	95	869	9,005	8	2	431	-8	8,795	42	449	12,411	4,197	-	-	-	-	408	328	329	4,742	344	6,415	323	685	1,984	4,779	2,204	378	1,797	232	5,924	879
Cash used for investing activities
-692,840	-27,177	-57,732	-76,723	-290,600	-205,897	-446,786	-279,262	-288,679	4,983	-76,401	-292,046	-23,704	-194,168	-145,121	-247,100	-23,759	-123,569	-187,309	-168,302	-495,240	-350,029	-264,288	-56,290	-166,085	-123,634	-186,098	-167,352	11,928	-218,527	-219,815	23,360	-2,681	-47,398	142,502	-37,778	-70,979	-175,098	-70,745	121,591	-151,083
Net change in deposits
93,916	-503,297	51,169	-132,344	135,720	-762,452	1,250,475	136,454	91,140	105,140	-132,370	214,984	103,334	-438,650	117,763	341,433	59,917	77,806	-344,084	352,943	279,636	41,484	336,594	200,594	69,185	-31,277	141,562	22,958	148,496	-4,512	29,263	-217	293,423	-263,446	-154,290	-129,564	157,980	42,672	139,580	117,546	29,185
Borrowings under secured financing agreements
2,998,687	2,796,554	2,430,458	1,778,727	985,878	843,383	957,722	579,871	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of secured financings payable
2,835,442	2,751,625	2,387,089	1,716,260	934,544	853,571	967,342	553,513	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings under unsecured credit agreement
120,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds from issuance of notes and contracts payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	293,974	-232	150,735	150,000	49	0	0	249,095	100,000	140,000	200,012	53	21,000	3,000	0	185	3,115	3,032	204,315	3,000
Proceeds from issuance of note payable to The First American Corporation ("TFAC")
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	29,087
Repayments of notes and contracts payable
1,338	1,289	1,375	161,494	1,411	1,183	1,430	1,259	1,422	1,415	1,468	1,337	1,323	1,426	1,416	1,301	1,028	1,157	1,464	1,500	1,123	163,232	5,402	153,266	3,210	1,169	3,275	2,435	161,326	142,604	141,537	202,834	23,569	5,806	9,314	4,662	3,335	7,052	16,173	6,169	11,564
Net activity related to noncontrolling interests
-1,328	-42	-67	20	-1,065	200	-25	-25	-895	-5	-85	-26	-853	-25	-236	-24	-744	-36	-26	-24	-655	-24	-25	-9	-624	-94	-1,296	-452	-52	-6,657	2,052	5	506	4,194	49	154	94	263	25	490	355
Repayment of debt to TFAC
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,160	2,317	-	-	-	-
Excess tax benefits from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	218	60	530	2,607	1,030	79	2,829	5,588	806	223	1,791	4,036	406	115	1,533	4,148	1,343	292	229	508	60	13	101	971	160	-67	-138	1,125
Net payments in connection with share-based compensation
-14,378	3,672	3,631	2,990	-11,480	2,568	4,556	1,377	-12,606	1,537	3,362	3,780	-5,947	1,858	2,298	1,699	-4,751	6,576	2,794	-2,235	-2,093	2,716	1,796	-509	-402	-	-	1,304	3,184	15,921	-3,096	-1,307	1,150	-	-	-	-	-	-	-	-
Purchase of subsidiary shares from/other decreases in noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,315	574	66	181	3	12	3,550
Sale of subsidiary shares to/other increases in noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	44	40	-25	51
Repurchases of Company shares
65,785	0	0	0	2,066	-	-	-	0	-	-	-	-	0	0	0	454	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of cash dividends
49,702	47,196	47,139	47,084	47,021	46,858	46,912	42,387	42,330	42,110	42,075	37,604	37,495	37,339	37,305	28,487	28,410	27,241	27,162	27,140	26,981	25,780	25,718	25,682	12,759	12,695	12,695	13,007	12,927	21,390	8,505	8,482	6,328	6,324	6,318	6,307	6,267	-	-	-	-
Cash provided by financing activities
244,630	-503,223	49,588	-115,445	124,011	-836,714	1,197,044	120,518	33,887	63,147	-172,636	179,797	57,716	-475,364	241,164	313,850	27,137	56,978	-369,863	324,873	254,372	149,944	307,236	173,654	206,226	-41,964	80,698	-10,192	224,250	-59,279	20,557	-9,990	262,431	-256,965	-168,896	-139,426	147,123	30,878	120,870	15,015	50,478
Effect of exchange rate changes on cash
-11,918	3,952	-3,394	443	2,041	-3,883	-2,210	-2,297	1,017	574	3,265	3,002	1,257	-4,839	-378	-3,577	1,556	356	-3,312	1,432	-4,498	-8,174	-1,612	3,961	63	517	3,506	-3,602	-2,221	-1,611	1,284	-1,844	2,276	3,176	-8,113	220	1,863	-	-	-	-
Net decrease in cash and cash equivalents
-435,974	-225,040	299,034	74,913	-130,077	-738,190	978,809	49,892	-210,608	245,311	-24,849	119,297	41,329	-437,174	201,498	265,931	-51,438	132,891	-375,230	391,263	-311,683	-13,793	162,614	270,839	-64,417	-32,442	-14,495	28,159	183,086	-101,237	-50,791	123,634	254,230	-200,219	30,273	-154,582	26,531	-14,097	115,596	122,010	-126,060
Supplemental information:
Interest
9,462	12,213	11,117	12,583	10,353	11,153	9,439	10,273	8,318	9,061	7,808	9,217	7,594	9,028	6,560	8,030	6,507	8,046	6,502	8,171	6,493	1,626	7,355	1,803	6,543	1,399	6,771	1,248	1,409	1,682	1,969	2,198	3,060	3,275	3,582	2,056	3,718	4,326	4,168	6,922	1,301
Premium taxes
25,049	13,047	17,859	13,017	24,353	12,130	13,556	13,963	28,877	11,552	13,581	12,913	28,739	11,355	13,811	12,485	27,855	11,684	11,640	10,373	23,670	10,419	10,904	12,669	24,156	9,154	11,562	11,952	21,961	7,760	10,875	10,645	16,095	5,136	6,858	13,932	12,210	8,010	9,392	12,937	10,721
Income tax refunds
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	338	361	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes, less refunds of $71 and $548
3,239	65,020	84,821	26,343	2,559	-3,296	52,585	38,269	4,187	75,944	66,960	21,668	-38,364	3,908	45,140	34,360	32,901	36,993	21,096	2,713	28,260	51,518	14,683	1,875	3,952	33,071	69,034	5,015	13,193	117,763	-18,894	-23,534	11,989	-45,442	5,629	3,457	12,494	8,682	28,636	7,867	-23,414
Noncash investing and financing activities:
Net noncash contribution from TFAC as a result of Separation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-417	0	0	5,581	-	-	-	-4,587