MTG FY 2016 Earnings Report — MGIC Investment Corporation Revenue & Financial Results | Market Cap Arena

MGIC Investment CorporationMTG

FY 2016 Earnings

Reported February 21, 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	$1.1B	—	$1.0B	—	2.0%
Op. Income	$515M	—	$488M	—	5.5%
Gross Margin	76.5%	—	68.4%	—	8.0pp
Net Margin	32.2%	—	112.6%	—	-80.3pp
EPS (Diluted)	$0.86	—	$2.60	—	-66.9%
Free Cash Flow	$209M	—	$147M	—	41.9%

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$250M
GROSS PROFIT	$813M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$298M
Operating Expenses	$298M
Cost & Expenses	$548M
OPERATING INCOME	$515M
Interest Income	$0
Interest Expense	$57M
Other Income/Expenses	$0
INCOME BEFORE TAX	$515M
Income Tax Expense	$172M
Net Income from Continuing Ops	$343M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$343M
Net Income Deductions	-$28M
BOTTOM LINE NET INCOME	$371M
D&A	$61M
EBIT	$571M
EBITDA	$633M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$250M
GROSS PROFIT	$813M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$298M
Operating Expenses	$298M
Cost & Expenses	$548M
OPERATING INCOME	$515M
Interest Income	$0
Interest Expense	$57M
Other Income/Expenses	$0
INCOME BEFORE TAX	$515M
Income Tax Expense	$172M
Net Income from Continuing Ops	$343M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$343M
Net Income Deductions	-$28M
BOTTOM LINE NET INCOME	$371M
D&A	$61M
EBIT	$571M
EBITDA	$633M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$343M
Depreciation & Amortization	$61M
Stock-Based Compensation	$11M
Deferred Income Tax	$162M
Other Non-Cash Items	$82M
Change in Working Capital	-$428M
OPERATING CASH FLOW	$220M
Capital Expenditure	-$11M
Acquisitions (Net)	$88M
Purchases of Investments	-$1.4B
Sales/Maturities of Investments	$1.3B
Other Investing Activities	-$88M
NET CASH FROM INVESTING	-$93M
Net Debt Issuance	$55M
Common Stock Repurchased	-$147M
Common Dividends Paid	$0
Other Financing Activities	-$54M
NET CASH FROM FINANCING	-$152M
FREE CASH FLOW	$209M
Net Change in Cash	-$26M

Balance Sheet

Item	Amount
Cash & Equivalents	$155M
Short-Term Investments	$0
Net Receivables	$108M
Inventory	$4.7B
Other Current Assets	$686M
TOTAL CURRENT ASSETS	$4.9B
PP&E (Net)	$36M
Goodwill	-$307M
Intangible Assets	$18M
Long-Term Investments	$4.7B
Tax Assets	$290M
Other Non-Current Assets	-$3.9B
TOTAL NON-CURRENT ASSETS	$842M
TOTAL ASSETS	$5.7B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$2.0B
Long-Term Debt	$1.2B
Deferred Revenue NC	-$267M
Deferred Tax Liabilities	$29M
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$1.2B
TOTAL LIABILITIES	$3.2B
Common Stock	$359M
Additional Paid-In Capital	$1.8B
Retained Earnings	$633M
Treasury Stock	-$150M
Accum. Other Comp. Income	-$75M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.5B
Minority Interest	$0
TOTAL EQUITY	$2.5B
TOTAL LIABILITIES & EQUITY	$5.7B
Total Debt	$1.2B
Net Debt	$1.0B