ESNT FY 2014 Earnings Report — Essent Group Ltd. Revenue & Financial Results | Market Cap Arena

Essent Group Ltd.ESNT

FY 2014 Earnings

Reported February 27, 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	$239M	—	$131M	—	82.2%
Op. Income	$136M	—	$58M	—	134.2%
Gross Margin	97.4%	—	98.2%	—	-0.9pp
Net Margin	37.0%	—	49.8%	—	-12.8pp
EPS (Diluted)	$1.03	—	$0.70	—	47.1%
Free Cash Flow	$150M	—	$116M	—	28.8%

Revenue Flow

Item	Amount
REVENUE	$239M
Cost of Revenue	$6M
GROSS PROFIT	$233M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$64M
SG&A Expenses	$64M
Other Expenses	$33M
Operating Expenses	$97M
Cost & Expenses	$104M
OPERATING INCOME	$136M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$0
INCOME BEFORE TAX	$136M
Income Tax Expense	$47M
Net Income from Continuing Ops	$88M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$88M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$88M
D&A	$2M
EBIT	$136M
EBITDA	$138M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$239M
Cost of Revenue	$6M
GROSS PROFIT	$233M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$64M
SG&A Expenses	$64M
Other Expenses	$33M
Operating Expenses	$97M
Cost & Expenses	$104M
OPERATING INCOME	$136M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$0
INCOME BEFORE TAX	$136M
Income Tax Expense	$47M
Net Income from Continuing Ops	$88M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$88M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$88M
D&A	$2M
EBIT	$136M
EBITDA	$138M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$88M
Depreciation & Amortization	$2M
Stock-Based Compensation	$13M
Deferred Income Tax	$45M
Other Non-Cash Items	$4M
Change in Working Capital	$1M
OPERATING CASH FLOW	$154M
Capital Expenditure	-$4M
Acquisitions (Net)	$196M
Purchases of Investments	-$896M
Sales/Maturities of Investments	$172M
Other Investing Activities	-$196M
NET CASH FROM INVESTING	-$728M
Net Debt Issuance	$0
Common Stock Repurchased	-$2M
Common Dividends Paid	$0
Other Financing Activities	-$3M
NET CASH FROM FINANCING	$121M
FREE CASH FLOW	$150M
Net Change in Cash	-$453M

Balance Sheet

Item	Amount
Cash & Equivalents	$24M
Short-Term Investments	$1.1B
Net Receivables	$16M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.1B
PP&E (Net)	$6M
Goodwill	$0
Intangible Assets	$12M
Long-Term Investments	$1.1B
Tax Assets	-$12M
Other Non-Current Assets	-$980M
TOTAL NON-CURRENT ASSETS	$84M
TOTAL ASSETS	$1.2B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$41M
TOTAL CURRENT LIABILITIES	$64M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$37M
Other Non-Current Liabilities	-$69M
TOTAL NON-CURRENT LIABILITIES	$37M
TOTAL LIABILITIES	$226M
Common Stock	$1M
Additional Paid-In Capital	$893M
Retained Earnings	$56M
Treasury Stock	$0
Accum. Other Comp. Income	$5M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$956M
Minority Interest	$0
TOTAL EQUITY	$956M
TOTAL LIABILITIES & EQUITY	$1.2B
Total Debt	$0
Net Debt	-$24M