PennyMac Financial Services, Inc. Reports Fourth Quarter and Full-Year 2020 Results and Increases Quarterly Dividend
Also Announces
PFSI’s Board of Directors declared a fourth quarter cash dividend of
PFSI’s Board of Directors also approved an increase to its stock repurchase authorization from
Fourth Quarter 2020 Highlights
-
Pretax income was
$617.2 million , down 15 percent from the prior quarter and up 204 percent from the fourth quarter of 2019- Strong earnings driven by core production and servicing results partially offset by fair value losses on mortgage servicing rights (MSRs) and associated hedging and other losses
-
Repurchased approximately 1.6 million shares of PFSI’s common stock for an approximate cost of
$89.3 million
-
Production segment pretax income was
$572.6 million , down 7 percent from the prior quarter and up 182 percent from the fourth quarter of 2019, driven by strong performance across all channels-
Direct lending interest rate lock commitments (IRLCs) were a record
$18.6 billion in unpaid principal balance (UPB), up 13 percent from the prior quarter and 158 percent from the fourth quarter of 2019
–$12.8 billion in UPB of IRLCs in the consumer direct channel;$5.7 billion in UPB of IRLCs in the broker direct channel -
Government correspondent IRLCs totaled
$19.7 billion in UPB, down 2 percent from the prior quarter and up 22 percent from the fourth quarter of 2019 -
Total loan acquisitions and originations were a record
$69.4 billion in UPB, up 28 percent from the prior quarter and 64 percent from the fourth quarter of 2019 -
Correspondent acquisitions of conventional loans fulfilled for
(NYSE: PMT) werePennyMac Mortgage Investment Trust $38.0 billion in UPB, up 39 percent from the prior quarter and 85 percent from the fourth quarter of 2019
-
Direct lending interest rate lock commitments (IRLCs) were a record
-
Servicing segment pretax income was
$42.0 million , down from pretax income of$111.7 million in the prior quarter and up from a pretax loss of$5.1 million in the fourth quarter of 2019-
Pretax income excluding valuation-related items was
$234.3 million , up 230 percent from the prior quarter and 499 percent from the fourth quarter of 2019, driven by continued loss mitigation activities related to COVID-19 -
Valuation items included:
–$44.2 million in MSR fair value losses driven by faster-than-expected prepayment speeds and$102.5 million in hedging and other losses; net impact on pretax income related to these items was$(146.6) million and on earnings per share was$(1.42)
– A$45.6 million provision for credit losses on active loans related to COVID-19 -
Servicing portfolio grew to
$426.8 billion in UPB, up 6 percent fromSeptember 30, 2020 and 16 percent fromDecember 31, 2019 , driven by record production volumes offsetting elevated prepayment activity
-
Pretax income excluding valuation-related items was
-
Investment Management segment pretax income was
$2.6 million , down from$3.3 million in the prior quarter and$5.2 million in the fourth quarter of 2019-
Net assets under management (AUM) were
$2.3 billion , up 1 percent fromSeptember 30, 2020
-
Net assets under management (AUM) were
Notable activity after quarter-end:
-
Repurchased an additional approximately 1.1 million shares of PFSI’s common stock for an approximate cost of
$66 million throughFebruary 3, 2021
Full-Year 2020 Highlights
-
Pretax income of
$2.2 billion , up 323 percent from the prior year and the highest level on record for PennyMac Financial-
Diluted earnings per share of
$20.92 , up from$4.89 in 2019 and also a record
-
Diluted earnings per share of
-
Total net revenue of
$3.7 billion , up 151 percent from the prior year -
Repurchased approximately 8.9 million shares of PFSI’s common stock, or approximately 11 percent of the total outstanding at the beginning of the year, for an approximate cost of
$337 million -
Record loan production of
$196.6 billion in UPB, an increase of 67 percent from the prior year$36 billion in UPB of originations in the direct lending channels, up 163 percent from 2019
-
Servicing portfolio UPB of
$426.8 billion at year end, up 16 percent fromDecember 31, 2019
“PennyMac Financial delivered another strong quarter,” said President and CEO
The following table presents the contributions of PennyMac Financial’s segments to pretax income:
Quarter ended |
||||||||||||||||||||
Mortgage Banking |
Investment Management |
|||||||||||||||||||
Production | Servicing | Total | Total | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Revenue | ||||||||||||||||||||
Net gains on loans held for sale at fair value |
$ |
659,915 |
|
$ |
199,146 |
|
$ |
859,061 |
|
$ |
- |
|
$ |
859,061 |
|
|||||
Loan origination fees |
|
93,460 |
|
|
- |
|
|
93,460 |
|
|
- |
|
|
93,460 |
|
|||||
Fulfillment fees from PMT |
|
72,606 |
|
|
- |
|
|
72,606 |
|
|
- |
|
|
72,606 |
|
|||||
Net loan servicing fees |
|
- |
|
|
26,496 |
|
|
26,496 |
|
|
- |
|
|
26,496 |
|
|||||
Management fees |
|
- |
|
|
- |
|
|
- |
|
|
8,687 |
|
|
8,687 |
|
|||||
Net interest expense: | ||||||||||||||||||||
Interest income |
|
29,765 |
|
|
44,427 |
|
|
74,192 |
|
|
- |
|
|
74,192 |
|
|||||
Interest expense |
|
31,036 |
|
|
62,612 |
|
|
93,648 |
|
|
5 |
|
|
93,653 |
|
|||||
|
(1,271 |
) |
|
(18,185 |
) |
|
(19,456 |
) |
|
(5 |
) |
|
(19,461 |
) |
||||||
Other |
|
212 |
|
|
111 |
|
|
323 |
|
|
974 |
|
|
1,297 |
|
|||||
Total net revenue |
|
824,922 |
|
|
207,568 |
|
|
1,032,490 |
|
|
9,656 |
|
|
1,042,146 |
|
|||||
Expenses |
|
252,276 |
|
|
165,547 |
|
|
417,823 |
|
|
7,097 |
|
|
424,920 |
|
|||||
Pretax income |
$ |
572,646 |
|
$ |
42,021 |
|
$ |
614,667 |
|
$ |
2,559 |
|
$ |
617,226 |
|
Production Segment
The Production segment includes the correspondent acquisition of newly originated government-insured mortgage loans for PennyMac Financial’s own account, fulfillment services on behalf of PMT and direct lending through the consumer direct and broker direct channels, including the underwriting and acquisition of loans from correspondent sellers on a non-delegated basis.
PennyMac Financial’s loan production activity for the quarter totaled
Production segment pretax income was
The components of net gains on loans held for sale are detailed in the following table:
Quarter ended | ||||||||||||
2020 |
2020 |
2019 |
||||||||||
(in thousands) | ||||||||||||
Receipt of MSRs and recognition of MSLs in loan sale transactions |
$ |
367,501 |
|
$ |
245,946 |
|
$ |
328,182 |
|
|||
Mortgage servicing rights recapture payable to |
|
(11,868 |
) |
|
(9,776 |
) |
|
(2,624 |
) |
|||
Provision of liability for representations and warranties, net |
|
(4,667 |
) |
|
(2,746 |
) |
|
(1,583 |
) |
|||
Cash gain (1) |
|
459,887 |
|
|
533,292 |
|
|
4,694 |
|
|||
Fair value changes of pipeline, inventory and hedges |
|
48,208 |
|
|
88,553 |
|
|
(71,182 |
) |
|||
Net gains on mortgage loans held for sale |
$ |
859,061 |
|
$ |
855,269 |
|
$ |
257,487 |
|
|||
Net gains on mortgage loans held for sale by segment: | ||||||||||||
Production |
$ |
659,915 |
|
$ |
700,830 |
|
$ |
227,751 |
|
|||
Servicing |
$ |
199,146 |
|
$ |
154,439 |
|
$ |
29,736 |
|
|||
(1) Net of cash hedging results |
PennyMac Financial performs fulfillment services for conventional conforming and jumbo loans acquired by PMT from non-affiliates in its correspondent production business. These services include, but are not limited to, marketing, relationship management, correspondent seller approval and monitoring, loan file review, underwriting, pricing, hedging and activities related to the subsequent sale and securitization of loans in the secondary mortgage markets for PMT.
Fees earned from the fulfillment of correspondent loans on behalf of PMT totaled
Net interest expense totaled
Production segment expenses were
Servicing Segment
The Servicing segment includes income from owned MSRs, subservicing and special servicing activities. Servicing segment pretax income was
Revenue from net loan servicing fees totaled
The following table presents a breakdown of net loan servicing fees:
Quarter ended | ||||||||||||
|
|
|
||||||||||
(in thousands) | ||||||||||||
Loan servicing fees (1) |
$ |
262,740 |
|
$ |
250,368 |
|
$ |
234,871 |
|
|||
Changes in fair value of MSRs and MSLs resulting from: | ||||||||||||
Realization of cash flows |
|
(89,611 |
) |
|
(90,187 |
) |
|
(113,102 |
) |
|||
Change in fair value inputs |
|
(44,163 |
) |
|
(37,030 |
) |
|
160,611 |
|
|||
Change in fair value of excess servicing spread financing |
|
6,677 |
|
|
3,135 |
|
|
(2,263 |
) |
|||
Hedging (losses) gains |
|
(109,147 |
) |
|
6,521 |
|
|
(192,386 |
) |
|||
Net change in fair value of MSRs and MSLs |
|
(236,244 |
) |
|
(117,561 |
) |
|
(147,140 |
) |
|||
Net loan servicing fees |
$ |
26,496 |
|
$ |
132,807 |
|
$ |
87,731 |
|
|||
(1) Includes contractually-specified servicing fees |
Servicing segment revenue included
Servicing segment expenses totaled
The total servicing portfolio grew to
The table below details PennyMac Financial’s servicing portfolio UPB:
|
|
|
|||||||
(in thousands) | |||||||||
Prime servicing: | |||||||||
Owned | |||||||||
Mortgage servicing rights | |||||||||
Originated |
$ |
196,873,590 |
$ |
187,134,080 |
$ |
166,188,825 |
|||
Acquisitions |
|
41,537,219 |
|
47,716,917 |
|
59,598,279 |
|||
|
238,410,809 |
|
234,850,997 |
|
225,787,104 |
||||
Mortgage servicing liabilities |
|
2,857,492 |
|
1,799,562 |
|
2,758,454 |
|||
Loans held for sale |
|
11,063,938 |
|
8,749,673 |
|
4,724,006 |
|||
|
252,332,239 |
|
245,400,232 |
|
233,269,564 |
||||
Subserviced for PMT |
|
174,360,317 |
|
156,425,439 |
|
135,288,944 |
|||
Total prime servicing |
|
426,692,556 |
|
401,825,671 |
|
368,558,508 |
|||
Special servicing - subserviced for PMT |
|
58,274 |
|
71,129 |
|
125,724 |
|||
Total loans serviced |
$ |
426,750,830 |
$ |
401,896,800 |
$ |
368,684,232 |
|||
Loans serviced: | |||||||||
Owned | |||||||||
Mortgage servicing rights |
$ |
238,410,809 |
$ |
234,850,997 |
$ |
225,787,104 |
|||
Mortgage servicing liabilities |
|
2,857,492 |
|
1,799,562 |
|
2,758,454 |
|||
Loans held for sale |
|
11,063,938 |
|
8,749,673 |
|
4,724,006 |
|||
|
252,332,239 |
|
245,400,232 |
|
233,269,564 |
||||
Subserviced |
|
174,418,591 |
|
156,496,568 |
|
135,414,668 |
|||
Total loans serviced |
$ |
426,750,830 |
$ |
401,896,800 |
$ |
368,684,232 |
Investment Management Segment
PennyMac Financial manages PMT for which it earns base management fees and may earn incentive compensation. Net AUM were
Pretax income for the Investment Management segment was
The following table presents a breakdown of management fees:
Quarter ended | |||||||||
2020 |
2020 |
2019 |
|||||||
(in thousands) | |||||||||
Management fees: | |||||||||
|
|||||||||
Base |
$ |
8,687 |
$ |
8,508 |
$ |
8,441 |
|||
Performance incentive |
|
- |
|
- |
|
1,873 |
|||
Total management fees |
$ |
8,687 |
$ |
8,508 |
$ |
10,314 |
|||
Net assets of |
$ |
2,296,859 |
$ |
2,281,266 |
$ |
2,450,916 |
Investment Management segment expenses totaled
Consolidated Expenses
Total expenses were
***
Management’s slide presentation will be available in the Investor Relations section of the Company’s website at ir.pennymacfinancial.com beginning at
About
Founded in 2008, the company is recognized as a leader in the
Additional information about
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “project,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: our exposure to risks of loss and disruptions in operations resulting from adverse weather conditions, man-made or natural disasters, climate change and pandemics such as COVID-19; failure to modify, resell or refinance early buyout loans; the continually changing federal, state and local laws and regulations applicable to the highly regulated industry in which we operate; lawsuits or governmental actions that may result from any noncompliance with the laws and regulations applicable to our businesses; the mortgage lending and servicing-related regulations promulgated by the
This press release contains financial information calculated other than in accordance with
|
|||||||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||||
|
|
|
|||||||
(in thousands, except share amounts) | |||||||||
ASSETS | |||||||||
Cash |
$ |
532,716 |
$ |
529,166 |
$ |
188,291 |
|||
Short-term investments at fair value |
|
15,217 |
|
102,136 |
|
74,611 |
|||
Loans held for sale at fair value |
|
11,616,400 |
|
9,126,172 |
|
4,912,953 |
|||
Assets purchased from |
|
80,862 |
|
86,958 |
|
107,512 |
|||
Derivative assets |
|
711,238 |
|
578,254 |
|
159,686 |
|||
Servicing advances, net |
|
579,528 |
|
393,654 |
|
331,169 |
|||
Mortgage servicing rights |
|
2,581,174 |
|
2,333,821 |
|
2,926,790 |
|||
Operating lease right-of-use assets |
|
74,934 |
|
72,133 |
|
73,090 |
|||
Investment in |
|
1,105 |
|
991 |
|
1,672 |
|||
Receivable from |
|
87,005 |
|
122,478 |
|
48,159 |
|||
Loans eligible for repurchase |
|
14,625,447 |
|
17,183,873 |
|
1,046,527 |
|||
Other |
|
692,169 |
|
651,229 |
|
333,557 |
|||
Total assets |
$ |
31,597,795 |
$ |
31,180,865 |
$ |
10,204,017 |
|||
LIABILITIES | |||||||||
Assets sold under agreements to repurchase |
$ |
9,654,797 |
$ |
7,259,188 |
$ |
4,141,053 |
|||
Mortgage loan participation and sale agreements |
|
521,477 |
|
535,063 |
|
497,948 |
|||
Obligations under capital lease |
|
11,864 |
|
13,957 |
|
20,810 |
|||
Notes payable secured by mortgage servicing assets |
|
1,295,840 |
|
1,295,143 |
|
1,294,070 |
|||
Unsecured senior notes |
|
645,820 |
|
492,358 |
|
- |
|||
Excess servicing spread financing payable to |
|
131,750 |
|
142,990 |
|
178,586 |
|||
Derivative liabilities |
|
42,638 |
|
24,537 |
|
22,330 |
|||
Mortgage servicing liabilities at fair value |
|
45,324 |
|
31,698 |
|
29,140 |
|||
Operating lease liabilities |
|
94,193 |
|
92,005 |
|
91,320 |
|||
Accounts payable and accrued expenses |
|
308,398 |
|
278,403 |
|
175,273 |
|||
Payable to |
|
140,306 |
|
77,136 |
|
73,280 |
|||
Payable to exchanged |
|
35,165 |
|
35,784 |
|
46,158 |
|||
Income taxes payable |
|
622,700 |
|
673,149 |
|
504,569 |
|||
Liability for loans eligible for repurchase |
|
14,625,447 |
|
17,183,873 |
|
1,046,527 |
|||
Liability for losses under representations and warranties |
|
32,688 |
|
28,504 |
|
21,446 |
|||
Total liabilities |
|
28,208,407 |
|
28,163,788 |
|
8,142,510 |
|||
STOCKHOLDERS' EQUITY | |||||||||
Common stock—authorized 200,000,000 shares of |
|
7 |
|
7 |
|
8 |
|||
Additional paid-in capital |
|
1,047,052 |
|
1,116,428 |
|
1,335,107 |
|||
Retained earnings |
|
2,342,329 |
|
1,900,642 |
|
726,392 |
|||
Total stockholders' equity |
|
3,389,388 |
|
3,017,077 |
|
2,061,507 |
|||
Total liabilities and stockholders’ equity |
$ |
31,597,795 |
$ |
31,180,865 |
$ |
10,204,017 |
|||
|
||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
||||||||||||
Quarter ended | ||||||||||||
2020 |
2020 |
2019 |
||||||||||
(in thousands, except earnings per share) | ||||||||||||
Revenue | ||||||||||||
Net gains on loans held for sale at fair value |
$ |
859,061 |
|
$ |
855,269 |
|
$ |
257,487 |
|
|||
Loan origination fees |
|
93,460 |
|
|
75,572 |
|
|
63,868 |
|
|||
Fulfillment fees from |
|
72,606 |
|
|
54,839 |
|
|
58,297 |
|
|||
Net loan servicing fees: | ||||||||||||
Loan servicing fees |
|
262,740 |
|
|
250,368 |
|
|
234,871 |
|
|||
Change in fair value of mortgage servicing rights, mortgage servicing liabilities and excess servicing spread financing |
|
(127,097 |
) |
|
(124,082 |
) |
|
45,246 |
|
|||
Hedging results |
|
(109,147 |
) |
|
6,521 |
|
|
(192,386 |
) |
|||
Net loan servicing fees |
|
26,496 |
|
|
132,807 |
|
|
87,731 |
|
|||
Net interest (expense) income: | ||||||||||||
Interest income |
|
74,192 |
|
|
52,952 |
|
|
76,015 |
|
|||
Interest expense |
|
93,653 |
|
|
63,179 |
|
|
65,132 |
|
|||
|
(19,461 |
) |
|
(10,227 |
) |
|
10,883 |
|
||||
Management fees from |
|
8,687 |
|
|
8,508 |
|
|
10,314 |
|
|||
Change in fair value of investment in and dividends received from |
|
149 |
|
|
(288 |
) |
|
39 |
|
|||
Results of real estate acquired in settlement of loans |
|
233 |
|
|
1,214 |
|
|
(648 |
) |
|||
Revaluation of payable to exchange |
|
280 |
|
|
- |
|
|
379 |
|
|||
Other |
|
635 |
|
|
2,298 |
|
|
2,025 |
|
|||
Total net revenue |
|
1,042,146 |
|
|
1,119,992 |
|
|
490,375 |
|
|||
Expenses | ||||||||||||
Compensation |
|
187,807 |
|
|
202,440 |
|
|
141,009 |
|
|||
Servicing |
|
87,155 |
|
|
71,110 |
|
|
57,487 |
|
|||
Loan origination |
|
69,069 |
|
|
53,752 |
|
|
44,919 |
|
|||
Technology |
|
42,594 |
|
|
28,964 |
|
|
15,515 |
|
|||
Professional services |
|
19,853 |
|
|
18,307 |
|
|
10,983 |
|
|||
Occupancy and equipment |
|
8,535 |
|
|
8,491 |
|
|
7,841 |
|
|||
Other |
|
9,907 |
|
|
8,637 |
|
|
9,255 |
|
|||
Total expenses |
|
424,920 |
|
|
391,701 |
|
|
287,009 |
|
|||
Income before provision for income taxes |
|
617,226 |
|
|
728,291 |
|
|
203,366 |
|
|||
Provision for income taxes |
|
164,422 |
|
|
193,131 |
|
|
50,705 |
|
|||
Net income |
$ |
452,804 |
|
$ |
535,160 |
|
$ |
152,661 |
|
|||
Earnings per share | ||||||||||||
Basic |
$ |
6.31 |
|
$ |
7.39 |
|
$ |
1.95 |
|
|||
Diluted |
$ |
5.97 |
|
$ |
7.03 |
|
$ |
1.88 |
|
|||
Weighted-average common shares outstanding | ||||||||||||
Basic |
|
71,793 |
|
|
72,439 |
|
|
78,466 |
|
|||
Diluted |
|
75,898 |
|
|
76,138 |
|
|
81,076 |
|
|||
Dividend declared per share |
$ |
0.15 |
|
$ |
0.15 |
|
$ |
- |
|
|||
|
||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
||||||||||||
Year ended |
||||||||||||
|
2020 |
|
|
2019 |
|
|
2018 |
|
||||
(in thousands, except earnings per share) | ||||||||||||
Revenue | ||||||||||||
Net gains on loans held for sale at fair value |
$ |
2,740,785 |
|
$ |
725,528 |
|
$ |
249,022 |
|
|||
Loan origination fees |
|
285,551 |
|
|
174,156 |
|
|
101,641 |
|
|||
Fulfillment fees from |
|
222,200 |
|
|
160,610 |
|
|
81,350 |
|
|||
Net loan servicing fees: | ||||||||||||
Loan servicing fees: | ||||||||||||
From non-affiliates |
|
814,646 |
|
|
730,165 |
|
|
585,101 |
|
|||
From |
|
67,181 |
|
|
48,797 |
|
|
42,045 |
|
|||
Investment funds |
|
- |
|
|
- |
|
|
3 |
|
|||
Other fees |
|
116,464 |
|
|
98,564 |
|
|
64,133 |
|
|||
|
998,291 |
|
|
877,526 |
|
|
691,282 |
|
||||
Change in fair value of mortgage servicing rights, mortgage servicing liabilities and excess servicing spread financing |
|
(1,477,023 |
) |
|
(979,358 |
) |
|
(124,844 |
) |
|||
Hedging results |
|
918,180 |
|
|
395,497 |
|
|
(121,045 |
) |
|||
Net loan servicing fees |
|
439,448 |
|
|
293,665 |
|
|
445,393 |
|
|||
Net interest (expense) income: | ||||||||||||
Interest income |
|
247,026 |
|
|
288,700 |
|
|
216,416 |
|
|||
Interest expense |
|
271,551 |
|
|
211,979 |
|
|
144,597 |
|
|||
|
(24,525 |
) |
|
76,721 |
|
|
71,819 |
|
||||
Management fees, net: | ||||||||||||
From |
|
34,538 |
|
|
36,492 |
|
|
24,465 |
|
|||
From Investment Funds |
|
- |
|
|
- |
|
|
4 |
|
|||
|
34,538 |
|
|
36,492 |
|
|
24,469 |
|
||||
Carried Interest from Investment Funds |
|
- |
|
|
- |
|
|
(365 |
) |
|||
Change in fair value of investment in and dividends received from |
|
(453 |
) |
|
416 |
|
|
332 |
|
|||
Results of real estate acquired in settlement of loans |
|
1,036 |
|
|
557 |
|
|
589 |
|
|||
Revaluation of payable to exchange |
|
280 |
|
|
379 |
|
|
1,126 |
|
|||
Other |
|
6,737 |
|
|
8,880 |
|
|
9,253 |
|
|||
Total net revenue |
|
3,705,597 |
|
|
1,477,404 |
|
|
984,629 |
|
|||
Expenses | ||||||||||||
Compensation |
|
738,569 |
|
|
503,458 |
|
|
403,270 |
|
|||
Servicing |
|
256,934 |
|
|
164,697 |
|
|
137,104 |
|
|||
Loan origination |
|
219,746 |
|
|
117,338 |
|
|
27,398 |
|
|||
Technology |
|
112,570 |
|
|
67,946 |
|
|
60,103 |
|
|||
Professional services |
|
64,064 |
|
|
32,859 |
|
|
27,615 |
|
|||
Occupancy and equipment |
|
33,357 |
|
|
28,916 |
|
|
27,152 |
|
|||
Other |
|
39,748 |
|
|
32,746 |
|
|
34,290 |
|
|||
Total expenses |
|
1,464,988 |
|
|
947,960 |
|
|
716,932 |
|
|||
Income before provision for income taxes |
|
2,240,609 |
|
|
529,444 |
|
|
267,697 |
|
|||
Provision for income taxes |
|
593,725 |
|
|
136,479 |
|
|
23,254 |
|
|||
Net income |
|
1,646,884 |
|
|
392,965 |
|
|
244,443 |
|
|||
Less: Net income attributable to noncontrolling interest |
|
- |
|
|
- |
|
|
156,749 |
|
|||
Net income attributable to |
$ |
1,646,884 |
|
$ |
392,965 |
|
$ |
87,694 |
|
|||
Earnings per share | ||||||||||||
Basic |
$ |
21.91 |
|
$ |
5.02 |
|
$ |
2.62 |
|
|||
Diluted |
$ |
20.92 |
|
$ |
4.89 |
|
$ |
2.59 |
|
|||
Weighted average shares outstanding | ||||||||||||
Basic |
|
75,161 |
|
|
78,466 |
|
|
33,524 |
|
|||
Diluted |
|
78,728 |
|
|
81,076 |
|
|
35,322 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006094/en/
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