HRTG FY 2013 Earnings Report — Heritage Insurance Holdings, Inc. Revenue & Financial Results | Market Cap Arena

Heritage Insurance Holdings, Inc.HRTG

FY 2013 Earnings

Reported December 30, 2013

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$99M	—	$6M	—	1654.6%
Op. Income	$55M	—	-$5M	—	1303.8%
Gross Margin	81.2%	—	73.6%	—	7.6pp
Net Margin	34.6%	—	-97.1%	—	131.7pp
EPS (Diluted)	$1.18	—	$-0.19	—	721.1%
Free Cash Flow	$94M	—	$49M	—	91.1%

Revenue Flow

Item	Amount
REVENUE	$99M
Cost of Revenue	$19M
GROSS PROFIT	$80M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$25M
SG&A Expenses	$25M
Other Expenses	$0
Operating Expenses	$25M
Cost & Expenses	$43M
OPERATING INCOME	$55M
Interest Income	$0
Interest Expense	$16.0K
Other Income/Expenses	$0
INCOME BEFORE TAX	$55M
Income Tax Expense	$21M
Net Income from Continuing Ops	$34M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$34M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$34M
D&A	$150.0K
EBIT	$55M
EBITDA	$56M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$99M
Cost of Revenue	$19M
GROSS PROFIT	$80M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$25M
SG&A Expenses	$25M
Other Expenses	$0
Operating Expenses	$25M
Cost & Expenses	$43M
OPERATING INCOME	$55M
Interest Income	$0
Interest Expense	$16.0K
Other Income/Expenses	$0
INCOME BEFORE TAX	$55M
Income Tax Expense	$21M
Net Income from Continuing Ops	$34M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$34M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$34M
D&A	$150.0K
EBIT	$55M
EBITDA	$56M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$34M
Depreciation & Amortization	$150.0K
Stock-Based Compensation	$6M
Deferred Income Tax	-$893.0K
Other Non-Cash Items	$1M
Change in Working Capital	$65M
OPERATING CASH FLOW	$105M
Capital Expenditure	-$11M
Acquisitions (Net)	$0
Purchases of Investments	-$127M
Sales/Maturities of Investments	$7M
Other Investing Activities	-$6M
NET CASH FROM INVESTING	-$136M
Net Debt Issuance	-$1M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$0
NET CASH FROM FINANCING	$33M
FREE CASH FLOW	$94M
Net Change in Cash	$1M

Balance Sheet

Item	Amount
Cash & Equivalents	$65M
Short-Term Investments	$130M
Net Receivables	$21M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$216M
PP&E (Net)	$11M
Goodwill	$0
Intangible Assets	$10M
Long-Term Investments	$130M
Tax Assets	$131M
Other Non-Current Assets	-$141M
TOTAL NON-CURRENT ASSETS	$141M
TOTAL ASSETS	$282M
Account Payables	$30M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$33M
TOTAL CURRENT LIABILITIES	$30M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$0
TOTAL LIABILITIES	$202M
Common Stock	$63M
Additional Paid-In Capital	$63M
Retained Earnings	$18M
Treasury Stock	$0
Accum. Other Comp. Income	-$790.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$80M
Minority Interest	$0
TOTAL EQUITY	$80M
TOTAL LIABILITIES & EQUITY	$282M
Total Debt	$0
Net Debt	-$65M