Company: AX
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001299709-25-000087
Chunk: 134

Company: Axos Financial, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 134
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-GAAP 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 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