First American Financial Corporation (NYSE:FAF) Q1 2020 Earnings Conference Call - Final Transcript

Apr 23, 2020 • 11:00 am ET

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First American Financial Corporation (NYSE:FAF) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings and welcome to the First American Financial Corporation First Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] A copy of today's press release is available on First American's website at www.firstam.com/investor. Please note that the call is being recorded and will be available for replay from the company's investor website and for a short time by dialing 877-660-6853 or 201-612-7415 and you will enter a conference ID 13701584. We will now turn the call over to Craig Barberio, Vice President of Investor Relations to make an introductory statement.

Executive
Craig Barberio

Good morning everyone and welcome to First American's earnings conference call for the first quarter of 2020. Joining us today will be our Chief Executive Officer, Dennis Gilmore and Mark Seaton, Executive Vice President and Chief Financial Officer. Some of the statements made today may contain forward-looking statements that do not relate strictly to historical or current fact. These forward-looking statements speak only as of the date they are made and the company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements.

For more information on the risks and uncertainties, please refer to this morning's earnings release and the risk factors discussed in our Form 10-K and subsequent SEC filings. Our presentation today also contains certain non-GAAP financial measures that we believe provide additional insight into the operational efficiency and performance of the company relative to earlier periods and relative to the company's competitors. For more details on these non-GAAP financial measures including presentation with and reconciliation to the most directly comparable GAAP financials, please refer to this morning's earnings release, which is available on our website at www.firstam.com. I'll now turn the call over to Dennis Gilmore.

Executive
Dennis J. Gilmore

Good morning and thank you for joining our call. Today, I will comment on First American's response to the pandemic and its impact on our business. Mark will comment on our first quarter earnings, financial expectations for 2020, and capital management. Throughout the pandemic, our first priority has been to keep our employees and their families safe. Early in the process, we activated our business continuity plan, which includes giving our employees the ability to work from home. Today, the vast majority of our workforce is working remotely. For those that do come to the office, we are taking extra precautions and following CDC guidelines.

Consistent with our people-first philosophy, we have committed to our employees that we will not make any layoffs through the end of the second quarter. We strongly believe that this is the right approach given these unique circumstances. We've taken a long-term perspective and although this action will negatively impact our short-term results, we believe the benefits to our people, our customers, and ultimately our shareholders will be worth