FAF Files 8-K/A Amendment No. 2 on Dec 2023 Financials

TL;DR

**FAF just amended its December 2023 financials, watch for what changed!**

AI Summary

First American Financial Corp (FAF) filed an 8-K/A on January 12, 2024, as an Amendment No. 2 to a previous report from December 20, 2023. This filing, under Item 1.05, pertains to Financial Statements and Exhibits, indicating an update or correction to previously reported financial information. For investors, this matters because amendments to financial statements can reveal changes in the company's financial health or operational details that were not fully disclosed or were incorrect in prior filings, potentially impacting stock valuation.

Why It Matters

This amendment signals that First American Financial Corp is providing updated or corrected financial information, which could influence investor perception of the company's stability and future prospects.

Risk Assessment

Risk Level: medium — Amendments to financial statements can sometimes indicate prior inaccuracies or significant new information, which introduces uncertainty for investors.

Analyst Insight

A smart investor would review the full 8-K/A filing to understand the specific changes made to the financial statements and assess their potential impact on First American Financial Corp's financial health and future outlook.

Key Numbers

• 2023-12-20 — Date of earliest event reported (The original event date for which this amendment is filed.)
• 001-34580 — Commission File Number (Unique identifier for First American Financial Corp's filings with the SEC.)

Key Players & Entities

• First American Financial Corp (company) — the registrant filing the 8-K/A
• SEC (company) — the regulatory body receiving the filing
• New York Stock Exchange (company) — where FAF's common stock is registered

Forward-Looking Statements

• Further details regarding the specific changes to the financial statements will be disclosed in the full text of the 8-K/A. (First American Financial Corp) — high confidence, target: Immediately upon full review of the filing

FAQ

Key Financial Figures

• $0.00001 — nge on which registered Common stock, $0.00001 par value FAF New York Stock Exchan

Filing Documents

• faf-20231220.htm (8-K/A) — 44KB
• 0000950170-24-004247.txt ( ) — 160KB
• faf-20231220.xsd (EX-101.SCH) — 25KB
• faf-20231220_htm.xml (XML) — 5KB

05 Material Cybersecurity Incidents

Item 1.05 Material Cybersecurity Incidents. As disclosed in the Original Report, the Company identified unauthorized activity on certain of its information technology systems. Upon detection, the Company acted to contain, assess and remediate the incident. On December 20, 2023, the Company elected to isolate systems from the Internet. The Company retained leading experts, worked with law enforcement and notified certain regulatory authorities. The Company believes it has contained the incident and has resumed business operations. As a result of the incident, certain transactions that would have been consummated in the fourth quarter of 2023 were delayed and, consequently, revenue from those transactions will not be recognized until the first quarter of 2024. Certain other transactions that would have been consummated in the fourth quarter of 2023 were moved to other providers, which resulted in a loss of revenue. In addition, the Company recognizes revenue from its agents when a notice of title policy issuance is received. As a result of the incident, receipt of notices of the issuance of certain title policies have been delayed and, as a result, related revenue that would have been recognized in the fourth quarter of 2023 will not be recognized until the first quarter of 2024. In the fourth quarter of 2023 the Company also incurred one-time expenses as a result of the incident. While the Company expects the incident to have a material impact on the fourth quarter of 2023 results of operations, the Company does not believe the incident will have a material impact on the Company’s overall financial condition or on its ongoing results of operations.

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on management’s current beliefs, understanding, expectations and assumptions and may relate to, among other things, statements regarding management’s current beliefs, understanding and expectations regarding this incident and its impact on our business, operations and financial results. These forward-looking statements are not based on historical facts and are subject to risks and uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements and can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words “believe,” “expect,” “estimate,” “will,” or other similar words and phrases or future or conditional verbs such as “may,” “would,” or “could.” The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST AMERICAN FINANCIAL CORPORATION Date: January 12, 2024 By: /s/ Lisa W. Cornehl Name: Lisa W. Cornehl Title: Senior Vice President, Chief Legal Officer

View Full Filing

View this 8-K/A filing on SEC EDGAR