Financial Data and Key Metrics Changes - Commercial revenue was $160 million, a 39% decline compared to the previous year [6] - Average revenue per order for commercial transactions decreased by 15% to $10,763 [6] - Total revenue in the home warranty business was $108 million, a 3% increase year-over-year, with pretax income up 124% to $9.4 million [31] - Adjusted earnings per share were $1.22, excluding net investment losses of $164 million [81] - The effective tax rate for the quarter was 29.4%, higher than the normalized rate of 24% [31] Business Line Data and Key Metrics Changes - Purchase revenue decreased by 15%, driven by an 18% decrease in the number of orders closed, partially offset by a 3% increase in average revenue per order [30] - Refinance revenue declined by 41% due to rising mortgage rates [30] - Commercial open orders for the first three weeks of October were down 5% year-over-year and down 3% sequentially [28] - The title segment's pre-tax margin was 10.5%, or 12.0% on an adjusted basis [89] Market Data and Key Metrics Changes - Existing home sales have declined to the slowest annual pace since the global financial crisis, with commercial market sales down approximately 50% from the peak year of 2021 [85] - Open purchase orders in October were down 7% compared to September but up slightly year-over-year [79] - The company has an outsized share of the new home market, with new home-related purchase orders at 19% in October, above the historical average of 13% [11][12] Company Strategy and Development Direction - The company is focused on expense management and has highlighted the importance of investing for long-term growth while returning capital to shareholders [73] - The company is committed to enhancing operational efficiency through technology initiatives like Endpoint and instant decisioning for purchase transactions [20][42] - The company anticipates a cautious outlook for 2024, with concerns across all business segments, particularly in commercial and residential markets [67] Management's Comments on Operating Environment and Future Outlook - Management noted that refinance open orders remain at low levels, averaging 350 per day, and do not expect significant improvement in the near future [4] - The company expressed optimism about potential recovery in the commercial market, anticipating higher revenues in Q4 consistent with seasonal patterns [28] - Management acknowledged the challenges posed by rising interest rates and their impact on housing affordability, which is at its lowest point in over three decades [85] Other Important Information - The company repurchased $9 million of its shares in Q3 and has accelerated purchases in October, buying an additional $9 million [80] - The debt-to-capital ratio was reported at 29.7%, with a comfortable level of 23.5% when excluding secured financings payable [113] Q&A Session Summary Question: What is the outlook for investment income in Q4? - Management expects investment income to dip slightly in Q4 by about $5 million due to market conditions [17] Question: How is the company managing interest expense? - Interest expense in the title segment was $23.5 million this quarter, influenced by the cost of funds in banking operations [36] Question: What are the expectations for the commercial market? - Management noted a decline in large deals, with only four mega deals this quarter compared to seven a year ago, indicating a cautious outlook [64] Question: How is the home warranty business performing? - The home warranty business is performing well, with a loss ratio of 55%, down from 59% in 2022, driven by lower claim frequency and severity [31][58] Question: What is the company's approach to share buybacks? - The company has accelerated share repurchases, viewing them as an attractive alternative for returning capital to shareholders [46]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 001-34580 FIRST AMERICAN FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) (State or o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-34580 FIRST AMERICAN FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 26-19115 ...

First American Financial Corporation (NYSE:FAF) Q1 2023 Earnings Conference Call April 27, 2023 11:00 AM ET Company Participants Craig Barberio - Vice President, Investor Relations Ken DeGiorgio - Chief Executive Officer Mark Seaton - Executive Vice President & Chief Financial Officer Conference Call Participants Bose George - KBW Mark Hughes - Truist Mark DeVries - Barclays Geoffrey Dunn - Dowling & Partners John Campbell - Stephens Operator Greetings, and welcome to the First Quarter 2023 First American F ...

FORM 10-Q (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Washington, D.C. 20549 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-34580 FIRST AMERICAN FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 26-1911 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting Large accelerated filer ☒ Accelerated filer ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to ...

First American Financial Corporation (NYSE:FAF) Q3 2022 Earnings Conference Call October 27, 2022 11:00 AM ET Company Participants Craig Barberio - Vice President, Investor Relations Ken DeGiorgio - Chief Executive Officer Mark Seaton - Executive Vice President & Chief Financial Officer Conference Call Participants John Campbell - Stephens Inc. Mark DeVries - Barclays Mark Hughes - Truist Securities Bose George - KBW Operator Greetings, and welcome to the First American Financial Corporation Third Quarter E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-34580 FIRST AMERICAN FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 26- ...

First American Financial Corporation (NYSE:FAF) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET Company Participants Craig Barberio - VP, IR Ken DeGiorgio - CEO Mark Seaton - EVP & CFO Conference Call Participants Mark DeVries - Barclays Bose George - KBW Mark Hughes - Truist Securities Ryan Gilbert - BTIG John Campbell - Stephens Geoffrey Dunn - Dowling & Partners Operator Greetings, and welcome to the First American Financial Corporation's Second Quarter 2022 Earnings Conference Call. At this t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-34580 FIRST AMERICAN FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 26-19115 ...