← PennyMac Financial Services, Inc.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | $311.5m | $244.4m | $393.0m | $1.6b | $1.0b | $475.5m | $144.7m | $311.4m | $501.1m | |
| Net Income From Continuing Operations | — | — | — | — | — | $475.5m | $144.7m | $311.4m | $501.1m | |
| Amortization of debt issuance costs | $6.3m | ($29.2m) | ($4.1m) | $19.0m | $24.3m | $19.2m | $21.4m | $28.8m | $32.8m | |
| Depreciation and amortization | $8.4m | $12.9m | $15.0m | $25.6m | $28.6m | $34.4m | $53.2m | $56.0m | $54.4m | |
| Amortization of operating lease right-of-use assets | — | — | $10.2m | $12.3m | $14.3m | $15.8m | $16.8m | $13.7m | $15.0m | |
| Depreciation Amortization Depletion | — | — | — | — | — | $50.2m | $70.0m | $69.7m | $69.4m | |
| Impairment of capitalized software | — | $0 | $0 | $13.1m | $728k | — | $46k | $147k | $4.6m | |
| Asset Impairment Charge | — | — | — | — | — | $0 | $46k | $147k | $4.6m | |
| Decrease in operating lease liabilities | — | — | ($12.7m) | ($13.4m) | ($16.3m) | ($19.4m) | ($21.2m) | ($17.9m) | ($18.3m) | |
| Net gains on loans held for sale at fair value | ($391.8m) | ($249.0m) | ($725.5m) | ($2.7b) | ($2.5b) | ($791.6m) | ($545.9m) | ($817.4m) | ($1.1b) | |
| Change in fair value of mortgage servicing rights, mortgage servicing liabilities | — | — | $979.4m | $1.5b | $416.9m | ($354.2m) | $605.6m | $433.3m | $1.4b | |
| Mortgage servicing rights hedging results | — | $121.0m | ($395.5m) | ($918.2m) | $475.2m | $631.5m | $236.8m | $832.5m | ($56.5m) | |
| Accrual of unearned discounts on principal-only stripped mortgage-backed securities | — | — | — | — | — | — | — | ($25.2m) | ($46.0m) | |
| Capitalization of interest on loans held for sale | ($44.9m) | ($79.3m) | ($73.6m) | ($119.7m) | ($19.2m) | ($3.2m) | ($751k) | ($473k) | ($2.1m) | |
| Results of real estate acquired in settlement in loans | ($94k) | ($589k) | ($557k) | ($1.0m) | ($2.0m) | ($2.5m) | ($1.5m) | ($864k) | $3.5m | |
| Change in fair value of investment in common shares of PennyMac Mortgage Investment Trust | $23k | ($192k) | ($275k) | $567k | ($195k) | $371k | ($192k) | $177k | $3k | |
| Repricing of payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement | ($65.9m) | ($2.3m) | ($758k) | ($560k) | — | ($576k) | — | ($201k) | ($1.1m) | |
| Stock-based compensation expense | $20.7m | $25.3m | $24.8m | $45.1m | $37.8m | $42.6m | $27.6m | $20.9m | $36.2m | |
| Provision for servicing advance losses | $43.2m | $40.3m | $36.1m | $125.9m | ($47.9m) | ($36.1m) | $3.3m | $33.0m | $47.0m | |
| Purchase of loans held for sale from non-affiliates | — | ($531.7m) | ($1.7b) | ($3.8b) | ($4.9b) | ($1.8b) | ($2.1b) | ($2.9b) | ($60.2b) | |
| Origination of loans held for sale | ($5.6b) | ($5.0b) | ($11.8b) | ($31.8b) | ($54.9b) | ($20.3b) | ($10.8b) | ($18.7b) | ($28.2b) | |
| Purchase of loans from Ginnie Mae securities and early buyout investors | ($4.0b) | ($4.0b) | ($6.3b) | ($11.2b) | ($23.6b) | ($6.2b) | ($2.6b) | ($3.4b) | ($4.1b) | |
| Sale to non-affiliates and principal payment of loans held for sale | — | — | — | $102.8b | $154.5b | $84.3b | $85.7b | $101.1b | $131.6b | |
| Repurchase of loans subject to representations and warranties | ($20.3m) | ($26.0m) | ($18.7m) | ($58.4m) | ($99.5m) | ($92.9m) | ($49.6m) | ($89.7m) | ($113.8m) | |
| Increase in servicing advances | ($15.7m) | ($33.4m) | ($98.1m) | ($391.4m) | ($232.6m) | ($36.5m) | ($76.6m) | ($15.9m) | ($252.1m) | |
| Decrease (increase) in receivable from PennyMac Mortgage Investment Trust | ($11.5m) | ($9.7m) | ($20.3m) | ($48.3m) | $35.2m | $2.8m | $5.7m | ($4.5m) | $3.1m | |
| Sale of real estate acquired in settlement of loans | $4.7m | $4.0m | $28.9m | $32.6m | $14.6m | $19.8m | $35.6m | $64.2m | $77.0m | |
| Increase in other assets | $16.1m | ($7.8m) | ($62.5m) | ($334.0m) | $61.9m | $191.4m | ($60.4m) | ($95.8m) | ($63.9m) | |
| Increase in accounts payable and accrued expenses | ($59.4m) | $32.8m | $38.6m | $135.3m | $34.7m | ($109.5m) | $121.7m | ($78.7m) | $262.9m | |
| Increase (decrease) in payable to PennyMac Mortgage Investment Trust | ($34.1m) | ($34.5m) | ($36.6m) | $37.6m | $36.5m | ($36.7m) | $2.0m | ($84.9m) | $4.4m | |
| Increase in income taxes payable | $29.9m | $25.3m | $104.0m | $118.1m | $62.6m | $317.5m | $40.1m | $88.1m | $53.0m | |
| Decrease (increase) in short-term investment | ($84.1m) | $52.3m | $43.2m | $59.4m | $8.3m | ($5.3m) | $1.9m | ($410.3m) | $10.5m | |
| Purchase of principal-only stripped mortgage-backed securities | — | — | — | — | — | — | — | ($935.4m) | — | |
| Repayment of principal-only stripped mortgage-backed securities | — | — | — | — | — | — | — | $96.5m | $193.1m | |
| Sale of interest-only stripped mortgage-backed securities | — | — | — | — | — | — | $98.1m | $202.2m | — | |
| Net settlement of derivative financial instruments used for hedging of mortgage servicing rights | ($36.6m) | ($122.2m) | $366.1m | $913.1m | ($434.4m) | ($871.9m) | ($242.0m) | ($702.6m) | $154.4m | |
| Sale of mortgage servicing rights to non-affiliates | — | — | — | — | — | — | $305k | — | $607.7m | |
| Acquisition of capitalized software | ($17.0m) | ($17.4m) | ($29.4m) | ($48.1m) | ($49.0m) | ($71.9m) | ($34.8m) | ($20.4m) | ($39.3m) | |
| Purchase of furniture, fixtures, equipment and leasehold improvements | ($6.8m) | ($13.4m) | ($6.1m) | ($10.7m) | ($7.9m) | ($7.2m) | ($1.4m) | ($1.7m) | ($11.9m) | |
| Sale of furniture, fixtures and equipment | — | — | — | — | — | — | $1.0m | — | — | |
| Increase in margin deposits | ($22.1m) | ($7.2m) | ($21.1m) | ($131.8m) | $97.7m | $238.7m | ($96.5m) | ($116.3m) | ($369.6m) | |
| Sale of assets under agreements to repurchase | $35.7b | $41.4b | $63.8b | $102.2b | $136.2b | $75.1b | $85.4b | $109.0b | $144.5b | |
| Repurchase of assets sold under agreements to repurchase | ($35.1b) | ($41.8b) | ($61.6b) | ($96.7b) | ($138.5b) | ($79.4b) | ($84.6b) | ($104.1b) | ($144.4b) | |
| Issuance of mortgage loan participation purchase and sale certificates | $23.0b | $25.3b | $23.5b | $23.6b | $23.8b | $19.3b | $22.2b | $23.1b | $25.8b | |
| Repayment of mortgage loan participation purchase and sale certificates | ($23.2b) | ($25.3b) | ($23.5b) | ($23.6b) | ($23.8b) | ($19.5b) | ($22.1b) | ($23.1b) | ($25.6b) | |
| Issuance of notes payable secured by mortgage servicing assets | $935.0m | $1.3b | — | — | — | $650.0m | $1.0b | $1.1b | $575.0m | |
| Repayment of notes payable secured by mortgage servicing assets | ($186.9m) | ($900.0m) | — | — | — | — | ($1.1b) | ($875.0m) | ($1.3b) | |
| Issuance of unsecured senior notes | — | — | — | $650.0m | $1.1b | — | $750.0m | $650.0m | $2.4b | |
| Repayment of unsecured senior notes | — | — | — | — | — | — | — | — | ($650.0m) | |
| Distributions to Private National Mortgage Acceptance Company, LLC members | — | ($10.1m) | ($9.7m) | — | — | — | — | — | — | |
| Payment of withholding taxes relating to stock-based compensation | — | — | ($4.6m) | ($5.3m) | ($9.0m) | ($7.8m) | ($9.1m) | ($9.4m) | ($3.8m) | |
| Cash at beginning of year | $38.2m | $155.9m | $188.6m | $532.8m | $340.1m | $1.3b | $938.4m | $238.5m | $301.7m | |
| Mortgage servicing rights received from loan sales | — | — | — | $1.1b | $1.9b | $1.7b | $1.8b | $2.3b | $2.9b | |
| Unsettled portion of MSR sales | — | — | — | — | — | — | — | — | $57.4m | |
| Exchange of mortgage servicing spread for interest-only stripped mortgage-backed securities | — | — | — | — | — | — | $98.1m | $202.2m | — | |
| Operating right-of-use assets recognized | — | — | — | $14.1m | $28.4m | $1.4m | $2.9m | $1.4m | $40.1m | |
| Beginning Cash Position | — | — | — | — | — | $340.1m | $1.3b | $938.4m | $238.5m | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | — | ($4.3b) | $1.5b | $5.7b | $1.2b | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | — | ($721.6m) | ($273.3m) | ($1.9b) | $552.5m | |
| Change In Account Payable | — | — | — | — | — | ($109.5m) | $121.7m | ($78.7m) | $262.9m | |
| Change In Income Tax Payable | — | — | — | — | — | $317.5m | $40.1m | $88.1m | $53.0m | |
| Change In Other Current Assets | — | — | — | — | — | $191.4m | ($60.4m) | ($95.8m) | ($63.9m) | |
| Change In Other Current Liabilities | — | — | — | — | — | ($19.4m) | ($21.2m) | ($17.9m) | ($18.3m) | |
| Change In Payable | — | — | — | — | — | $171.3m | $163.8m | ($75.5m) | $320.3m | |
| Change In Payables And Accrued Expense | — | — | — | — | — | $171.3m | $163.8m | ($75.5m) | $320.3m | |
| Change In Prepaid Assets | — | — | — | — | — | ($36.5m) | ($76.6m) | ($15.9m) | ($252.1m) | |
| Change In Receivables | — | — | — | — | — | $2.8m | $5.7m | ($4.5m) | $3.1m | |
| Change In Tax Payable | — | — | — | — | — | $317.5m | $40.1m | $88.1m | $53.0m | |
| Change In Working Capital | — | — | — | — | — | $309.5m | $11.2m | ($209.5m) | ($10.9m) | |
| Changes In Account Receivables | — | — | — | — | — | $2.8m | $5.7m | ($4.5m) | $3.1m | |
| Changes In Cash | — | — | — | — | — | $988.4m | ($390.2m) | ($699.9m) | $63.2m | |
| End Cash Position | — | — | — | — | — | $1.3b | $938.4m | $238.5m | $301.7m | |
| Financing Cash Flow | — | — | — | — | — | ($4.3b) | $1.5b | $5.7b | $1.2b | |
| Free Cash Flow | — | — | — | — | — | $6.0b | ($1.6b) | ($4.6b) | ($1.7b) | |
| Gain Loss On Investment Securities | — | — | — | — | — | $629.0m | $235.2m | $831.6m | ($53.1m) | |
| Investing Cash Flow | — | — | — | — | — | ($721.6m) | ($273.3m) | ($1.9b) | $552.5m | |
| Net Intangibles Purchase And Sale | — | — | — | — | — | ($4.0m) | $305k | $0 | $615.2m | |
| Net PPE Purchase And Sale | — | — | — | — | — | ($7.2m) | ($386k) | ($1.7m) | ($11.9m) | |
| Operating Gains Losses | — | — | — | — | — | $629.0m | $235.2m | $831.6m | ($53.1m) | |
| Other Non Cash Items | — | — | — | — | — | $4.6b | ($2.1b) | ($5.6b) | ($2.2b) | |
| Proceeds From Stock Option Exercised | — | — | — | — | — | $2.9m | $17.2m | $20.1m | $12.8m | |
| Provisionand Write Offof Assets | — | — | — | — | — | ($36.1m) | $3.3m | $33.0m | $47.0m | |
| Purchase Of Intangibles | — | — | — | — | $0 | ($4.0m) | $0 | $0 | — | |
| Purchase Of PPE | — | — | — | — | — | ($7.2m) | ($1.4m) | ($1.7m) | ($11.9m) | |
| Repurchase Of Capital Stock | — | — | — | — | — | ($406.1m) | ($71.5m) | $0 | ($4.7m) | |
| Sale Of Intangibles | — | — | — | — | — | $0 | $305k | $0 | $615.2m | |
| Sale Of PPE | — | — | — | — | — | $0 | $1.0m | $0 | $0 | |
| Stock Based Compensation | — | — | — | — | — | $42.6m | $27.6m | $20.9m | $36.2m | |
| Unrealized Gain Loss On Investment Securities | — | — | — | — | — | $371k | ($192k) | $177k | $3k | |
| Net cash used in operating activities | ($883.4m) | $572.4m | ($2.2b) | ($6.2b) | $2.6b | $6.0b | ($1.6b) | ($4.5b) | ($1.7b) | |
| Capital Expenditure Reported | — | — | — | — | — | ($71.9m) | ($34.8m) | ($20.4m) | ($39.3m) | |
| Purchase of loans held for sale from PennyMac Mortgage Investment Trust | ($42.6b) | ($38.0b) | ($50.1b) | ($63.6b) | ($67.9b) | ($50.6b) | ($72.4b) | ($82.0b) | ($52.9b) | |
| Net Investment Purchase And Sale | — | — | — | — | — | ($877.2m) | ($142.0m) | ($1.7b) | $358.1m | |
| Purchase Of Investment | — | — | — | — | — | ($877.2m) | ($242.0m) | ($2.0b) | $0 | |
| Sale of loans held for sale to PennyMac Mortgage Investment Trust | $904.1m | $3.3b | $6.3b | $2.2b | — | $298.9m | — | $663.0m | $11.2b | |
| Sale of mortgage servicing rights to PennyMac Mortgage Investment Trust | — | — | — | — | — | — | — | — | $7.5m | |
| Sale Of Investment | — | — | — | — | — | $0 | $100.0m | $298.7m | $358.1m | |
| Net Other Investing Changes | — | — | — | — | — | $238.7m | ($96.5m) | ($116.3m) | ($369.6m) | |
| Net cash provided by (used in) investing activities | ($339.2m) | ($322.6m) | $148.8m | $783.0m | ($304.4m) | ($721.6m) | ($273.3m) | ($1.9b) | $552.5m | |
| Payment of debt issuance costs | ($22.2m) | ($20.0m) | ($6.6m) | ($30.1m) | ($37.6m) | ($19.6m) | ($33.0m) | ($35.9m) | ($60.0m) | |
| Issuance Of Debt | — | — | — | — | — | $20.0b | $24.0b | $24.8b | $28.7b | |
| Long Term Debt Issuance | — | — | — | — | — | $20.0b | $24.0b | $24.8b | $28.7b | |
| Net Issuance Payments Of Debt | — | — | — | — | — | $454.6m | $838.5m | $875.5m | $1.2b | |
| Net Long Term Debt Issuance | — | — | — | — | — | $454.6m | $838.5m | $875.5m | $1.2b | |
| Long Term Debt Payments | — | — | — | — | — | ($19.5b) | ($23.2b) | ($24.0b) | ($27.5b) | |
| Repayment Of Debt | — | — | — | — | — | ($19.5b) | ($23.2b) | ($24.0b) | ($27.5b) | |
| Issuance of common stock by exercise of stock options | $1.3m | $5.3m | $5.1m | $9.4m | $7.5m | $2.9m | $17.2m | $20.1m | $12.8m | |
| Issuance of common stock in settlement of directors' fees | — | — | — | $194k | $200k | $205k | $180k | $256k | $234k | |
| Net Common Stock Issuance | — | — | — | — | — | ($406.1m) | ($71.5m) | $0 | ($4.7m) | |
| Payment of dividends to holders of common stock | — | ($10.1m) | ($9.7m) | ($30.9m) | ($52.9m) | ($54.6m) | ($41.4m) | ($52.2m) | ($62.5m) | |
| Repurchase of common stock | ($8.6m) | ($5.3m) | ($1.1m) | ($337.5m) | ($958.2m) | ($406.1m) | ($71.5m) | — | ($4.7m) | |
| Common Stock Payments | — | — | — | — | — | ($406.1m) | ($71.5m) | $0 | ($4.7m) | |
| Cash Dividends Paid | — | — | — | — | — | ($54.6m) | ($41.4m) | ($52.2m) | ($62.5m) | |
| Common Stock Dividend Paid | — | — | — | — | — | ($54.6m) | ($41.4m) | ($52.2m) | ($62.5m) | |
| Net Other Financing Charges | — | — | — | — | — | ($4.3b) | $722.6m | $4.9b | $41.9m | |
| Net cash provided by financing activities | $1.2b | ($132.0m) | $2.1b | $5.8b | ($2.5b) | ($4.3b) | $1.5b | $5.7b | $1.2b | |
| Net increase (decrease) in cash | ($61.5m) | $117.8m | $32.7m | $344.2m | ($192.7m) | $988.4m | ($390.2m) | ($699.9m) | $63.2m | |
| Change In Cash Supplemental As Reported | — | — | — | — | — | $988.4m | ($390.2m) | ($699.9m) | $63.2m | |
| Cash paid for interest | — | — | — | $273.0m | $389.5m | $330.0m | $639.5m | $797.2m | $955.7m | |
| (Refunds received) cash paid for income taxes, net | — | — | — | $475.6m | $293.1m | ($127.7m) | ($1.2m) | $1.5m | ($2.7m) |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.