HRTG FY 2016 Earnings Report — Heritage Insurance Holdings, Inc. Revenue & Financial Results | Market Cap Arena

Heritage Insurance Holdings, Inc.HRTG

FY 2016 Earnings

Reported March 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	$439M	—	$395M	—	11.2%
Op. Income	$56M	—	$150M	—	-62.5%
Gross Margin	26.4%	—	49.8%	—	-23.4pp
Net Margin	7.7%	—	23.4%	—	-15.7pp
EPS (Diluted)	$1.14	—	$3.05	—	-62.6%
Free Cash Flow	$74M	—	$153M	—	-51.9%

Revenue Flow

Item	Amount
REVENUE	$439M
Cost of Revenue	$323M
GROSS PROFIT	$116M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$59M
SG&A Expenses	$59M
Other Expenses	$362.0K
Operating Expenses	$59M
Cost & Expenses	$383M
OPERATING INCOME	$56M
Interest Income	$0
Interest Expense	$362.0K
Other Income/Expenses	$0
INCOME BEFORE TAX	$56M
Income Tax Expense	$23M
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	$9M
EBIT	$57M
EBITDA	$66M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$439M
Cost of Revenue	$323M
GROSS PROFIT	$116M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$59M
SG&A Expenses	$59M
Other Expenses	$362.0K
Operating Expenses	$59M
Cost & Expenses	$383M
OPERATING INCOME	$56M
Interest Income	$0
Interest Expense	$362.0K
Other Income/Expenses	$0
INCOME BEFORE TAX	$56M
Income Tax Expense	$23M
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	$9M
EBIT	$57M
EBITDA	$66M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$34M
Depreciation & Amortization	$9M
Stock-Based Compensation	$5M
Deferred Income Tax	$3M
Other Non-Cash Items	$6M
Change in Working Capital	$18M
OPERATING CASH FLOW	$75M
Capital Expenditure	-$2M
Acquisitions (Net)	-$110M
Purchases of Investments	-$318M
Sales/Maturities of Investments	$180M
Other Investing Activities	-$137M
NET CASH FROM INVESTING	-$249M
Net Debt Issuance	$78M
Common Stock Repurchased	-$26M
Common Dividends Paid	-$7M
Other Financing Activities	-$2M
NET CASH FROM FINANCING	$44M
FREE CASH FLOW	$74M
Net Change in Cash	-$130M

Balance Sheet

Item	Amount
Cash & Equivalents	$106M
Short-Term Investments	$603M
Net Receivables	$0
Inventory	-$386M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$720M
PP&E (Net)	$17M
Goodwill	$46M
Intangible Assets	$27M
Long-Term Investments	$603M
Tax Assets	$3M
Other Non-Current Assets	-$603M
TOTAL NON-CURRENT ASSETS	$93M
TOTAL ASSETS	$1.0B
Account Payables	$103M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$111M
TOTAL CURRENT LIABILITIES	$97M
Long-Term Debt	$73M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$3M
Other Non-Current Liabilities	$599M
TOTAL NON-CURRENT LIABILITIES	$76M
TOTAL LIABILITIES	$675M
Common Stock	$3.0K
Additional Paid-In Capital	$206M
Retained Earnings	$183M
Treasury Stock	-$26M
Accum. Other Comp. Income	-$5M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$358M
Minority Interest	$0
TOTAL EQUITY	$358M
TOTAL LIABILITIES & EQUITY	$1.0B
Total Debt	$73M
Net Debt	-$33M