Pennymac financial services, inc. (PFSI)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18
Cash flow from operating activities
Net income

306

152

121

72

46

52

56

68

66

Adjustments to reconcile net income to net cash used in operating activities:
Net gains on loans held for sale at fair value

344

257

235

147

84

59

56

60

71

Change in fair value of mortgage servicing rights, mortgage servicing liabilities and excess servicing spread

-15

147

158

159

118

89

64

48

43

Capitalization of interest on loans held for sale at fair value

18

16

20

20

16

12

27

24

14

Accrual of interest on excess servicing spread financing payable to PennyMac Mortgage Investment Trust

1

2

2

2

3

3

3

3

3

Amortization of net debt issuance cost and (premiums)

2

2

1

-1

-6

-9

-5

-9

-3

Results of real estate acquired in settlement of loans

-0

-0

0

0

0

0

0

-0

0

Stock based compensation expense

12

5

8

5

4

4

8

6

6

Provision for servicing advance losses

3

16

11

3

4

16

11

5

6

Depreciation and amortization

5

4

3

3

3

3

3

3

2

Amortization of right-to-use assets

2

2

2

2

2

-

-

-

-

Origination of loans held for sale

4,954

4,581

2,723

2,984

1,542

1,360

1,121

1,237

1,281

Purchase of loans held for sale from non-affiliates

620

-

-

-

177

-

-

-

-

Purchase of loans from Ginnie Mae securities and early buyout investors for modification and subsequent sale

2,299

2,099

2,176

1,054

941

694

1,339

1,090

911

Sale to non-affiliates and principal payments of loans held for sale

19,337

22,129

17,897

12,650

8,536

10,349

11,375

11,729

11,103

Repurchase of loans subject to representations and warranties

16

3

4

7

4

1

11

6

6

Settlement of repurchase agreement derivatives

-

-

9

11

11

-

-

-

-

Increase in servicing advances

-18

88

36

-2

-24

69

12

-20

-27

Sale of real estate acquired in settlement of loans

9

11

13

1

2

-

-

-

-

Sale of real estate acquired in settlement of loans

-

-

-

-

-

-

-

-

1

Decrease (increase) in other assets

-0

40

20

-37

38

17

6

-9

-6

Decrease in operating lease liabilities

3

3

3

3

2

-

-

-

-

Increase in accounts payable and accrued expenses

21

-40

73

-4

10

18

10

0

2

Net cash (used in) operating activities

-730

-554

-808

-747

-134

-160

136

58

537

Cash flow from investing activities
Decrease (increase) in short-term investments

-72

-16

15

-73

31

-27

46

-7

-64

Net settlement of derivative financial instruments used for hedging of mortgage servicing rights

-942

176

-214

-201

-125

-60

55

-1

128

Purchase of mortgage servicing rights

24

0

9

6

211

47

150

2

27

Purchase of furniture, fixtures, equipment and leasehold improvements

0

0

1

2

2

4

4

1

2

Acquisition of capitalized software

14

7

3

11

6

4

5

3

3

Decrease in margin deposits

-132

-146

186

9

-28

6

-2

19

-15

Net cash provided by (used in) investing activities

1,116

-20

8

253

-92

27

-254

-14

-81

Cash flow from financing activities
Sale of assets under agreements to repurchase

20,510

22,506

20,341

12,573

8,382

10,056

10,554

10,992

9,771

Repurchase of assets sold under agreements to repurchase

20,205

21,904

19,550

11,977

8,164

9,860

10,640

10,980

10,338

Issuance of mortgage loan participation purchase and sale certificates

-5,273

-5,952

-6,122

-5,819

-5,555

-5,885

-6,911

-6,331

-6,155

Repayment of mortgage loan participation purchase and sale certificates

5,242

5,969

6,131

5,844

5,540

5,878

6,915

6,313

6,172

Repayments of obligations under capital lease

2

-

4

1

1

-

-

-

-

Advances on notes payable

-

-

-

-

-

-

650

0

650

Repayments of notes payable

-

-

-

-

-

-

500

0

400

Repayments of obligations under capital lease

-

-

-

-

-

-

-

-

4

Repayment of excess servicing spread financing

9

-

9

10

10

-

11

12

12

Payment of debt issuance costs

3

2

1

1

1

4

5

1

7

Issuance of common stock pursuant to exercise of stock options

3

1

2

0

1

0

0

0

3

Repurchase of common stock

4

-

-

-

-

-

-

-

-

Payment of withholding taxes relating to stock-based compensation

5

0

0

0

4

-

-

-

-

Payment of dividend to holders of common stock

9

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

304

562

768

581

216

185

30

7

-355

Net increase (decrease) in cash and restricted cash

690

-13

-30

87

-11

52

-86

51

100

Investment Funds
Carried Interest from Investment Funds

-

-

-

-

-

0

-0

-0

-0

PMT
Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust

-0

0

0

0

0

-0

0

0

0

Purchase of loans held for sale from PennyMac Mortgage Investment Trust

14,509

17,490

14,662

10,997

6,959

9,382

9,317

10,055

9,212

Sale of loans held for sale to Penny Mac Mortgage Investment Trust

2,246

2,160

1,876

1,334

884

1,006

908

646

781

(Increase) decrease in receivable from affiliates

10

10

6

5

-2

6

8

-6

0

Decrease in payable to affiliate

-17

9

-5

-11

-28

12

-8

-19

-19

Increase in income taxes payable

108

24

39

26

14

5

6

6

6

Net change in assets purchased from PMT under agreement to resell

7

0

11

7

5

2

5

4

1