First American Financial Corporation (NYSE:FAF) Q1 2022 Earnings Conference Call April 28, 2022 11:00 AM ET

Company Participants

Craig Barberio – Vice President, Investor Relations

Ken DeGiorgio – Chief Executive Officer

Mark Seaton – Executive Vice President and Chief Financial Officer

Conference Call Participants

Mark DeVries – Barclays

Bose George – KBW

Ryan Gilbert – BTIG

John Campbell – Stephens Incorporated

Operator

Greetings, and welcome to the First American Financial Corporation's First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]

A copy of today's press release is available on First American's website at www.firstam.com/investor. Please note that this call is being recorded and will be available for replay from the company's investor website for a short time by dialing (877) 660-6853 or (201) 612-7415 and enter a conference ID 13729079.

We will now turn the call over to Mr. Craig Barberio, Vice President, Investor Relations, to make an introductory statement.

Craig Barberio

Good morning, everyone, and welcome to First American's earnings conference call for the first quarter of 2022. Joining us today’s call will be our Chief Executive Officer, Ken DeGiorgio; and Mark Seaton, Executive Vice President and Chief Financial Officer.

Some of the statements made today may contain forward-looking statements that do not relate strictly to historical or current fact. These forward-looking statements speak only as of the date they are made, and the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. For more information on these risks and uncertainties, please refer to this morning's earnings release and the Risk Factors discussed in our Form 10-K and subsequent SEC filings.

Our presentation today contains certain non-GAAP financial measures that we believe provide additional insight into the operational efficiency and performance of the Company relative to earlier periods and relative to the Company's competitors. For more details on these non-GAAP financial measures, including presentation with and reconciliation to the most directly comparable GAAP financials, please refer to this morning's earnings release, which is available on our website at www.firstam.com.

I will now turn the call over to our CEO, Ken DeGiorgio.

Ken DeGiorgio

Thank you, Craig. Our company delivered good financial results in the first quarter, our seasonally slowest period. Revenue was $2 billion with earnings of $0.88 per share or $1.17 per share excluding net investment losses. The market is currently transitioning from record low interest rates to a more normalized environment. And we believe First American will outperform for two primary reasons. First, the market is shifting away from refinance transactions towards purchase and commercial transactions, which is where we have a greater market share.