AIZN FY 2023 Earnings Report — Assurant, Inc. 5.25% Subordinat Revenue & Financial Results | Market Cap Arena

Assurant, Inc. 5.25% SubordinatAIZN

FY 2023 Earnings

Reported February 15, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$11.1B	—	$10.2B	—	9.2%
Op. Income	$807M	—	$350M	—	130.6%
Gross Margin	77.3%	—	76.8%	—	0.5pp
Net Margin	5.8%	—	2.7%	—	3.1pp
EPS (Diluted)	$11.95	—	$5.05	—	136.6%
Free Cash Flow	$936M	—	$411M	—	127.9%

Revenue Flow

Item	Amount
REVENUE	$11.1B
Cost of Revenue	$2.5B
GROSS PROFIT	$8.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$7.8B
Operating Expenses	$7.8B
Cost & Expenses	$10.3B
OPERATING INCOME	$807M
Interest Income	$0
Interest Expense	$108M
Other Income/Expenses	$0
INCOME BEFORE TAX	$807M
Income Tax Expense	$164M
Net Income from Continuing Ops	$643M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$643M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$643M
D&A	$196M
EBIT	$915M
EBITDA	$1.1B
EPS	$12
EPS Diluted	$12

Income Statement

Item	Amount
REVENUE	$11.1B
Cost of Revenue	$2.5B
GROSS PROFIT	$8.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$7.8B
Operating Expenses	$7.8B
Cost & Expenses	$10.3B
OPERATING INCOME	$807M
Interest Income	$0
Interest Expense	$108M
Other Income/Expenses	$0
INCOME BEFORE TAX	$807M
Income Tax Expense	$164M
Net Income from Continuing Ops	$643M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$643M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$643M
D&A	$196M
EBIT	$915M
EBITDA	$1.1B
EPS	$12
EPS Diluted	$12

Cash Flow Statement

Item	Amount
Net Income	$643M
Depreciation & Amortization	$196M
Stock-Based Compensation	$75M
Deferred Income Tax	-$109M
Other Non-Cash Items	$72M
Change in Working Capital	$261M
OPERATING CASH FLOW	$1.1B
Capital Expenditure	-$203M
Acquisitions (Net)	-$300.0K
Purchases of Investments	-$2.3B
Sales/Maturities of Investments	$1.9B
Other Investing Activities	-$33M
NET CASH FROM INVESTING	-$638M
Net Debt Issuance	-$52M
Common Stock Repurchased	-$193M
Common Dividends Paid	-$152M
Other Financing Activities	-$7M
NET CASH FROM FINANCING	-$404M
FREE CASH FLOW	$936M
Net Change in Cash	$91M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.6B
Short-Term Investments	$2.1B
Net Receivables	$9.0B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$12.7B
PP&E (Net)	$686M
Goodwill	$2.6B
Intangible Assets	$10.6B
Long-Term Investments	$6.1B
Tax Assets	$0
Other Non-Current Assets	$862M
TOTAL NON-CURRENT ASSETS	$20.9B
TOTAL ASSETS	$33.6B
Account Payables	$2.4B
Short-Term Debt	$0
Deferred Revenue	$20.1B
Other Current Liabilities	$393M
TOTAL CURRENT LIABILITIES	$23.5B
Long-Term Debt	$2.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$3.3B
TOTAL NON-CURRENT LIABILITIES	$5.4B
TOTAL LIABILITIES	$28.8B
Common Stock	$600.0K
Additional Paid-In Capital	$1.7B
Retained Earnings	$4.0B
Treasury Stock	-$123M
Accum. Other Comp. Income	-$765M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.8B
Minority Interest	$0
TOTAL EQUITY	$4.8B
TOTAL LIABILITIES & EQUITY	$33.6B
Total Debt	$2.1B
Net Debt	$453M