HRTG FY 2018 Earnings Report — Heritage Insurance Holdings, Inc. Revenue & Financial Results | Market Cap Arena

Heritage Insurance Holdings, Inc.HRTG

FY 2018 Earnings

Reported March 12, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2018	Prior Q	FY 2017	QoQ Change	YoY Change
Revenue	$480M	—	$407M	—	18.1%
Op. Income	$39M	—	-$6M	—	761.8%
Gross Margin	32.9%	—	29.8%	—	3.1pp
Net Margin	5.7%	—	-0.3%	—	5.9pp
EPS (Diluted)	$1.04	—	$-0.04	—	2588.0%
Free Cash Flow	$93M	—	$7M	—	1197.1%

Revenue Flow

Item	Amount
REVENUE	$480M
Cost of Revenue	$322M
GROSS PROFIT	$158M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$89M
SG&A Expenses	$89M
Other Expenses	$31M
Operating Expenses	$119M
Cost & Expenses	$441M
OPERATING INCOME	$39M
Interest Income	$0
Interest Expense	$20M
Other Income/Expenses	$0
INCOME BEFORE TAX	$39M
Income Tax Expense	$12M
Net Income from Continuing Ops	$27M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$27M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$27M
D&A	$27M
EBIT	$59M
EBITDA	$86M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$480M
Cost of Revenue	$322M
GROSS PROFIT	$158M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$89M
SG&A Expenses	$89M
Other Expenses	$31M
Operating Expenses	$119M
Cost & Expenses	$441M
OPERATING INCOME	$39M
Interest Income	$0
Interest Expense	$20M
Other Income/Expenses	$0
INCOME BEFORE TAX	$39M
Income Tax Expense	$12M
Net Income from Continuing Ops	$27M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$27M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$27M
D&A	$27M
EBIT	$59M
EBITDA	$86M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$27M
Depreciation & Amortization	$27M
Stock-Based Compensation	$5M
Deferred Income Tax	-$22M
Other Non-Cash Items	$23M
Change in Working Capital	$34M
OPERATING CASH FLOW	$95M
Capital Expenditure	-$2M
Acquisitions (Net)	$2M
Purchases of Investments	-$219M
Sales/Maturities of Investments	$245M
Other Investing Activities	-$2M
NET CASH FROM INVESTING	$24M
Net Debt Issuance	-$18M
Common Stock Repurchased	-$2M
Common Dividends Paid	-$6M
Other Financing Activities	-$5M
NET CASH FROM FINANCING	-$32M
FREE CASH FLOW	$93M
Net Change in Cash	$88M

Balance Sheet

Item	Amount
Cash & Equivalents	$250M
Short-Term Investments	$526M
Net Receivables	$0
Inventory	-$401M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.2B
PP&E (Net)	$18M
Goodwill	$152M
Intangible Assets	$77M
Long-Term Investments	$526M
Tax Assets	$8M
Other Non-Current Assets	-$8M
TOTAL NON-CURRENT ASSETS	$773M
TOTAL ASSETS	$1.8B
Account Payables	$176M
Short-Term Debt	$0
Deferred Revenue	$204M
Other Current Liabilities	-$395M
TOTAL CURRENT LIABILITIES	$195M
Long-Term Debt	$149M
Deferred Revenue NC	$45M
Deferred Tax Liabilities	$8M
Other Non-Current Liabilities	$1.2B
TOTAL NON-CURRENT LIABILITIES	$181M
TOTAL LIABILITIES	$1.3B
Common Stock	$3.0K
Additional Paid-In Capital	$325M
Retained Earnings	$196M
Treasury Stock	-$89M
Accum. Other Comp. Income	-$7M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$425M
Minority Interest	$0
TOTAL EQUITY	$425M
TOTAL LIABILITIES & EQUITY	$1.8B
Total Debt	$149M
Net Debt	-$101M