ESNT FY 2016 Earnings Report — Essent Group Ltd. Revenue & Financial Results | Market Cap Arena

Essent Group Ltd.ESNT

FY 2016 Earnings

Reported February 15, 2017

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2016	Prior Q	FY 2015	QoQ Change	YoY Change
Revenue	$458M	—	$353M	—	29.7%
Op. Income	$312M	—	$228M	—	36.6%
Gross Margin	100.0%	—	100.0%	—	0.0pp
Net Margin	48.6%	—	44.5%	—	4.0pp
EPS (Diluted)	$2.41	—	$1.72	—	40.1%
Free Cash Flow	$270M	—	$219M	—	23.3%

Revenue Flow

Item	Amount
REVENUE	$458M
Cost of Revenue	$0
GROSS PROFIT	$458M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$84M
SG&A Expenses	$84M
Other Expenses	$62M
Operating Expenses	$146M
Cost & Expenses	$146M
OPERATING INCOME	$312M
Interest Income	$0
Interest Expense	$426.0K
Other Income/Expenses	$0
INCOME BEFORE TAX	$312M
Income Tax Expense	$89M
Net Income from Continuing Ops	$223M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$223M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$223M
D&A	$4M
EBIT	$312M
EBITDA	$316M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$458M
Cost of Revenue	$0
GROSS PROFIT	$458M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$84M
SG&A Expenses	$84M
Other Expenses	$62M
Operating Expenses	$146M
Cost & Expenses	$146M
OPERATING INCOME	$312M
Interest Income	$0
Interest Expense	$426.0K
Other Income/Expenses	$0
INCOME BEFORE TAX	$312M
Income Tax Expense	$89M
Net Income from Continuing Ops	$223M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$223M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$223M
D&A	$4M
EBIT	$312M
EBITDA	$316M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$223M
Depreciation & Amortization	$4M
Stock-Based Compensation	$17M
Deferred Income Tax	$58M
Other Non-Cash Items	$7M
Change in Working Capital	-$35M
OPERATING CASH FLOW	$273M
Capital Expenditure	-$3M
Acquisitions (Net)	$44M
Purchases of Investments	-$703M
Sales/Maturities of Investments	$341M
Other Investing Activities	-$44M
NET CASH FROM INVESTING	-$365M
Net Debt Issuance	$100M
Common Stock Repurchased	-$4M
Common Dividends Paid	$0
Other Financing Activities	-$1M
NET CASH FROM FINANCING	$95M
FREE CASH FLOW	$270M
Net Change in Cash	$3M

Balance Sheet

Item	Amount
Cash & Equivalents	$28M
Short-Term Investments	$0
Net Receivables	$22M
Inventory	$0
Other Current Assets	-$1.6B
TOTAL CURRENT ASSETS	$49M
PP&E (Net)	$8M
Goodwill	$0
Intangible Assets	$16M
Long-Term Investments	$1.6B
Tax Assets	$43M
Other Non-Current Assets	$19M
TOTAL NON-CURRENT ASSETS	$1.7B
TOTAL ASSETS	$1.9B
Account Payables	$0
Short-Term Debt	$100M
Deferred Revenue	$0
Other Current Liabilities	$305M
TOTAL CURRENT LIABILITIES	$439M
Long-Term Debt	$100M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$100M
TOTAL LIABILITIES	$539M
Common Stock	$1M
Additional Paid-In Capital	$918M
Retained Earnings	$436M
Treasury Stock	$0
Accum. Other Comp. Income	-$12M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.3B
Minority Interest	$0
TOTAL EQUITY	$1.3B
TOTAL LIABILITIES & EQUITY	$1.9B
Total Debt	$100M
Net Debt	$72M