Company: AX
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001299709-25-000087
Chunk: 70

Company: Axos Financial, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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 of adjusted earnings and adjusted EPS provide useful information about the Company’s operating performance. We believe excluding the non-recurring acquisition-related costs, and other costs provides investors with an alternative understanding of our core business.

Below is a reconciliation of net income, the nearest comparable GAAP measure, to adjusted earnings and adjusted EPS (Non-GAAP): 

For the Three Months Ended March 31, For the Nine Months Ended March 31, (Dollars in thousands, except per share data)2025202420252024Net income$105,206 $110,720 $322,233 $345,136 FDIC Loan Purchase - Gain on purchase— — — (92,397)FDIC Loan Purchase - Provision for credit losses— — — 4,648 Acquisition-related costs 1,604 2,719 5,804 8,289 Other costs1(1,879)— (1,879)— Income tax effect80 (784)(1,161)23,616 Adjusted earnings (Non-GAAP)$105,011 $112,655 $324,997 $289,292 Average dilutive common shares outstanding58,174,696 58,037,698 58,027,880 58,707,815 Diluted EPS$1.81 $1.91 $5.55 $5.88 FDIC Loan Purchase - Gain on purchase— — — (1.57)FDIC Loan Purchase - Provision for credit losses— — — 0.08 Acquisition-related costs0.03 0.05 0.10 0.14 Other costs1(0.03)— (0.03)— Income tax effect— (0.02)(0.02)0.40    Adjusted EPS (Non-GAAP)$1.81 $1.94 $5.60 $4.93 

1 Other costs primarily reflects the payment of a legal judgment at an amount less than previously accrued.

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, a non-GAAP financial measure, is calculated by dividing tangible book value by the common shares outstanding at