Company: AX
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001299709-25-000011
Chunk: 133

Company: Axos Financial, Inc.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 2
Chunk 133
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 financial measure, as net income without the after-tax impact of non-recurring acquisition-related items, (including amortization of intangible assets related to acquisitions) and other costs (unusual or non-recurring charges). Adjusted EPS, a non-GAAP financial measure, is calculated by dividing non-GAAP adjusted earnings by the average number of diluted common shares outstanding during the period. We believe the non-GAAP measures 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 December 31, For the Six Months Ended December 31, (Dollars in thousands, except per share data)2024202320242023Net income$104,687 $151,771 $217,027 $234,416 FDIC Loan Purchase - Gain on purchase— (92,397)— (92,397)FDIC Loan Purchase - Provision for credit losses— 4,648 — 4,648 Acquisition-related costs 1,645 2,780 4,199 5,570 Income tax effect(503)25,650 (1,255)24,811 Adjusted earnings (Non-GAAP)$105,829 $92,452 $219,971 $177,048 Average dilutive common shares outstanding58,226,006 57,932,834 58,262,923 58,930,427 Diluted EPS$1.80 $2.62 $3.72 $3.98 FDIC Loan Purchase - Gain on purchase— (1.59)— (1.57)FDIC Loan Purchase - Provision for credit losses— 0.08 — 0.08 Acquisition-related costs0.03 0.05 0.07 0.09 Income tax effect(0.01)0.44 (0.02)0.42    Adjusted EPS (Non-GAAP)$1.82 $1.60 $3.77 $3.00 

We define “tangible book value,” a non-GAAP financial measure, as book value adjusted for goodwill and other intangible assets. Tangible book