AIZN FY 2014 Earnings Report — Assurant, Inc. 5.25% Subordinat Revenue & Financial Results | Market Cap Arena

Assurant, Inc. 5.25% SubordinatAIZN

FY 2014 Earnings

Reported February 19, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$10.4B	—	$9.0B	—	15.0%
Op. Income	$744M	—	$790M	—	-5.8%
Gross Margin	43.3%	—	43.0%	—	0.2pp
Net Margin	4.5%	—	5.4%	—	-0.9pp
EPS (Diluted)	$6.44	—	$6.30	—	2.2%
Free Cash Flow	$310M	—	$975M	—	-68.2%

Revenue Flow

Item	Amount
REVENUE	$10.4B
Cost of Revenue	$5.9B
GROSS PROFIT	$4.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$3.7B
Operating Expenses	$3.7B
Cost & Expenses	$9.6B
OPERATING INCOME	$744M
Interest Income	$0
Interest Expense	$58M
Other Income/Expenses	$0
INCOME BEFORE TAX	$744M
Income Tax Expense	$273M
Net Income from Continuing Ops	$471M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$471M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$471M
D&A	$132M
EBIT	$803M
EBITDA	$935M
EPS	$7
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$10.4B
Cost of Revenue	$5.9B
GROSS PROFIT	$4.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$3.7B
Operating Expenses	$3.7B
Cost & Expenses	$9.6B
OPERATING INCOME	$744M
Interest Income	$0
Interest Expense	$58M
Other Income/Expenses	$0
INCOME BEFORE TAX	$744M
Income Tax Expense	$273M
Net Income from Continuing Ops	$471M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$471M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$471M
D&A	$132M
EBIT	$803M
EBITDA	$935M
EPS	$7
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$471M
Depreciation & Amortization	$132M
Stock-Based Compensation	$49M
Deferred Income Tax	-$67M
Other Non-Cash Items	-$498M
Change in Working Capital	$239M
OPERATING CASH FLOW	$394M
Capital Expenditure	-$84M
Acquisitions (Net)	-$174M
Purchases of Investments	-$2.6B
Sales/Maturities of Investments	$3.0B
Other Investing Activities	$12M
NET CASH FROM INVESTING	$64M
Net Debt Issuance	-$467M
Common Stock Repurchased	-$215M
Common Dividends Paid	-$77M
Other Financing Activities	-$16M
NET CASH FROM FINANCING	-$776M
FREE CASH FLOW	$310M
Net Change in Cash	-$399M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.3B
Short-Term Investments	$11.6B
Net Receivables	$8.7B
Inventory	$0
Other Current Assets	-$21.6B
TOTAL CURRENT ASSETS	$0
PP&E (Net)	$278M
Goodwill	$841M
Intangible Assets	$427M
Long-Term Investments	$12.1B
Tax Assets	$0
Other Non-Current Assets	-$13.7B
TOTAL NON-CURRENT ASSETS	$0
TOTAL ASSETS	$31.6B
Account Payables	$3.9B
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$4.3B
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$1.2B
Deferred Revenue NC	$101M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$1.3B
TOTAL NON-CURRENT LIABILITIES	$0
TOTAL LIABILITIES	$26.4B
Common Stock	$1M
Additional Paid-In Capital	$3.1B
Retained Earnings	$4.6B
Treasury Stock	-$3.3B
Accum. Other Comp. Income	$556M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.2B
Minority Interest	$0
TOTAL EQUITY	$5.2B
TOTAL LIABILITIES & EQUITY	$31.6B
Total Debt	$1.2B
Net Debt	-$148M