HRTG FY 2019 Earnings Report — Heritage Insurance Holdings, Inc. Revenue & Financial Results | Market Cap Arena

Heritage Insurance Holdings, Inc.HRTG

FY 2019 Earnings

Reported March 10, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$511M	—	$480M	—	6.5%
Op. Income	$41M	—	$39M	—	5.1%
Gross Margin	25.4%	—	32.9%	—	-7.5pp
Net Margin	5.6%	—	5.7%	—	-0.1pp
EPS (Diluted)	$0.98	—	$1.04	—	-5.8%
Free Cash Flow	$115M	—	$93M	—	23.1%

Revenue Flow

Item	Amount
REVENUE	$511M
Cost of Revenue	$381M
GROSS PROFIT	$130M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$81M
SG&A Expenses	$81M
Other Expenses	$9M
Operating Expenses	$89M
Cost & Expenses	$470M
OPERATING INCOME	$41M
Interest Income	$0
Interest Expense	$9M
Other Income/Expenses	$0
INCOME BEFORE TAX	$41M
Income Tax Expense	$12M
Net Income from Continuing Ops	$29M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$29M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$29M
D&A	$10M
EBIT	$50M
EBITDA	$60M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$511M
Cost of Revenue	$381M
GROSS PROFIT	$130M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$81M
SG&A Expenses	$81M
Other Expenses	$9M
Operating Expenses	$89M
Cost & Expenses	$470M
OPERATING INCOME	$41M
Interest Income	$0
Interest Expense	$9M
Other Income/Expenses	$0
INCOME BEFORE TAX	$41M
Income Tax Expense	$12M
Net Income from Continuing Ops	$29M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$29M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$29M
D&A	$10M
EBIT	$50M
EBITDA	$60M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$29M
Depreciation & Amortization	$10M
Stock-Based Compensation	$5M
Deferred Income Tax	-$898.0K
Other Non-Cash Items	$3M
Change in Working Capital	$73M
OPERATING CASH FLOW	$120M
Capital Expenditure	-$5M
Acquisitions (Net)	$0
Purchases of Investments	-$257M
Sales/Maturities of Investments	$208M
Other Investing Activities	$358.0K
NET CASH FROM INVESTING	-$54M
Net Debt Issuance	-$19M
Common Stock Repurchased	-$16M
Common Dividends Paid	-$7M
Other Financing Activities	-$4M
NET CASH FROM FINANCING	-$45M
FREE CASH FLOW	$115M
Net Change in Cash	$21M

Balance Sheet

Item	Amount
Cash & Equivalents	$268M
Short-Term Investments	$587M
Net Receivables	$496M
Inventory	$0
Other Current Assets	-$1.6B
TOTAL CURRENT ASSETS	$0
PP&E (Net)	$21M
Goodwill	$152M
Intangible Assets	$69M
Long-Term Investments	$589M
Tax Assets	$0
Other Non-Current Assets	-$831M
TOTAL NON-CURRENT ASSETS	$0
TOTAL ASSETS	$1.9B
Account Payables	$164M
Short-Term Debt	$79M
Deferred Revenue	$0
Other Current Liabilities	-$261M
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$50M
Deferred Revenue NC	$37M
Deferred Tax Liabilities	$13M
Other Non-Current Liabilities	-$108M
TOTAL NON-CURRENT LIABILITIES	$0
TOTAL LIABILITIES	$1.5B
Common Stock	$3.0K
Additional Paid-In Capital	$330M
Retained Earnings	$217M
Treasury Stock	-$105M
Accum. Other Comp. Income	$7M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$449M
Minority Interest	$0
TOTAL EQUITY	$449M
TOTAL LIABILITIES & EQUITY	$1.9B
Total Debt	$138M
Net Debt	-$131M