Company: AX
Filing Date: 2025-08-21
Form Type: 10-K
Source: 0001299709-25-000125
Chunk: 128

Company: Axos Financial, Inc.
Filing Date: 2025-08-21
Form: 10-K
Item: Item 7
Chunk 128
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 ended 2025 primarily reflects the payment of a legal judgment at an amount less than previously accrued and for the fiscal year ended June 30, 2023 reflects the original accrual for such legal judgment.

We define “tangible book value,” a non-GAAP financial measure, as book value adjusted for goodwill and other intangible assets. Tangible book value is calculated using common stockholders’ equity minus servicing rights, goodwill and other intangible assets. Tangible book value per common share is calculated by dividing tangible book value by the common shares outstanding at the end of the period. We believe tangible book value per common share is useful in evaluating the Company’s capital strength, financial condition, and ability to manage potential losses.

Below is a reconciliation of total stockholders’ equity, the nearest comparable GAAP measure, to tangible book value (Non-GAAP) as of the dates indicated: 

At the Fiscal Years Ended June 30,(Dollars in thousands, except per share amounts)202520242023Common stockholders’ equity$2,680,677 $2,290,596 $1,917,159 Less: servicing rights, carried at fair value27,218 28,924 25,443 Less: goodwill and intangible assets—net134,502 141,769 152,149 Tangible common stockholders’ equity (Non-GAAP)$2,518,957 $2,119,903 $1,739,567 Common shares outstanding at end of period56,483,617 56,894,565 58,943,035 Book value per common share$47.46 $40.26 $32.53 Less: servicing rights, carried at fair value per common share$0.48 $0.51 $0.44 Less: goodwill and other intangible assets—net per common share$2.38 $2.49 $2.58 Tangible book value per common share (Non-GAAP)$44.60 $37.26 $29.51 

36

FINANCIAL HIGHLIGHTS

The following selected consolidated financial information should be read in conjunction with Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Consolidated Financial Statements and footnotes included elsewhere in this report.

At or for the Fiscal Years Ended June 30,(Dollars in thousands, except per share amounts)202520242023