HRTG FY 2014 Earnings Report — Heritage Insurance Holdings, Inc. Revenue & Financial Results | Market Cap Arena

Heritage Insurance Holdings, Inc.HRTG

FY 2014 Earnings

Reported March 18, 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	$234M	—	$99M	—	136.7%
Op. Income	$74M	—	$55M	—	33.9%
Gross Margin	46.1%	—	81.2%	—	-35.1pp
Net Margin	20.1%	—	34.6%	—	-14.5pp
EPS (Diluted)	$1.82	—	$1.18	—	54.2%
Free Cash Flow	$187M	—	$94M	—	98.9%

Revenue Flow

Item	Amount
REVENUE	$234M
Cost of Revenue	$126M
GROSS PROFIT	$108M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$33M
SG&A Expenses	$33M
Other Expenses	$0
Operating Expenses	$33M
Cost & Expenses	$160M
OPERATING INCOME	$74M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$0
INCOME BEFORE TAX	$74M
Income Tax Expense	$27M
Net Income from Continuing Ops	$47M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$47M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$47M
D&A	$777.0K
EBIT	$74M
EBITDA	$75M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$234M
Cost of Revenue	$126M
GROSS PROFIT	$108M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$33M
SG&A Expenses	$33M
Other Expenses	$0
Operating Expenses	$33M
Cost & Expenses	$160M
OPERATING INCOME	$74M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$0
INCOME BEFORE TAX	$74M
Income Tax Expense	$27M
Net Income from Continuing Ops	$47M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$47M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$47M
D&A	$777.0K
EBIT	$74M
EBITDA	$75M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$47M
Depreciation & Amortization	$777.0K
Stock-Based Compensation	$3M
Deferred Income Tax	-$4M
Other Non-Cash Items	$2M
Change in Working Capital	$144M
OPERATING CASH FLOW	$194M
Capital Expenditure	-$7M
Acquisitions (Net)	$0
Purchases of Investments	-$231M
Sales/Maturities of Investments	$39M
Other Investing Activities	-$786.0K
NET CASH FROM INVESTING	-$200M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$23M
NET CASH FROM FINANCING	$101M
FREE CASH FLOW	$187M
Net Change in Cash	$95M

Balance Sheet

Item	Amount
Cash & Equivalents	$174M
Short-Term Investments	$324M
Net Receivables	$20M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$474M
PP&E (Net)	$17M
Goodwill	$0
Intangible Assets	$24M
Long-Term Investments	$324M
Tax Assets	$7M
Other Non-Current Assets	-$349M
TOTAL NON-CURRENT ASSETS	$24M
TOTAL ASSETS	$616M
Account Payables	$17M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$30M
TOTAL CURRENT LIABILITIES	$13M
Long-Term Debt	$0
Deferred Revenue NC	$5M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$347M
TOTAL NON-CURRENT LIABILITIES	$347M
TOTAL LIABILITIES	$361M
Common Stock	$3.0K
Additional Paid-In Capital	$188M
Retained Earnings	$65M
Treasury Stock	$0
Accum. Other Comp. Income	$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$255M
Minority Interest	$0
TOTAL EQUITY	$255M
TOTAL LIABILITIES & EQUITY	$616M
Total Debt	$0
Net Debt	-$174M