MTG FY 2019 Earnings Report — MGIC Investment Corporation Revenue & Financial Results | Market Cap Arena

MGIC Investment CorporationMTG

FY 2019 Earnings

Reported February 21, 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	$1.2B	—	$1.1B	—	8.0%
Op. Income	$848M	—	$844M	—	0.5%
Gross Margin	89.2%	—	95.7%	—	-6.4pp
Net Margin	55.5%	—	59.6%	—	-4.1pp
EPS (Diluted)	$1.85	—	$1.74	—	6.3%
Free Cash Flow	$604M	—	$530M	—	13.9%

Revenue Flow

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$131M
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$235M
Operating Expenses	$235M
Cost & Expenses	$366M
OPERATING INCOME	$848M
Interest Income	$0
Interest Expense	$53M
Other Income/Expenses	$0
INCOME BEFORE TAX	$848M
Income Tax Expense	$174M
Net Income from Continuing Ops	$674M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$674M
Net Income Deductions	-$18M
BOTTOM LINE NET INCOME	$692M
D&A	$49M
EBIT	$901M
EBITDA	$949M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$131M
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$235M
Operating Expenses	$235M
Cost & Expenses	$366M
OPERATING INCOME	$848M
Interest Income	$0
Interest Expense	$53M
Other Income/Expenses	$0
INCOME BEFORE TAX	$848M
Income Tax Expense	$174M
Net Income from Continuing Ops	$674M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$674M
Net Income Deductions	-$18M
BOTTOM LINE NET INCOME	$692M
D&A	$49M
EBIT	$901M
EBITDA	$949M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$674M
Depreciation & Amortization	$49M
Stock-Based Compensation	$0
Deferred Income Tax	$11M
Other Non-Cash Items	-$5M
Change in Working Capital	-$119M
OPERATING CASH FLOW	$610M
Capital Expenditure	-$6M
Acquisitions (Net)	$0
Purchases of Investments	-$1.4B
Sales/Maturities of Investments	$978M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$422M
Net Debt Issuance	$0
Common Stock Repurchased	-$126M
Common Dividends Paid	-$42M
Other Financing Activities	-$6M
NET CASH FROM FINANCING	-$173M
FREE CASH FLOW	$604M
Net Change in Cash	$14M

Balance Sheet

Item	Amount
Cash & Equivalents	$162M
Short-Term Investments	$5.7B
Net Receivables	$79M
Inventory	$0
Other Current Assets	-$6.0B
TOTAL CURRENT ASSETS	$0
PP&E (Net)	$50M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$5.8B
Tax Assets	$0
Other Non-Current Assets	-$5.8B
TOTAL NON-CURRENT ASSETS	$0
TOTAL ASSETS	$6.2B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$833M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$833M
TOTAL NON-CURRENT LIABILITIES	$0
TOTAL LIABILITIES	$1.9B
Common Stock	$371M
Additional Paid-In Capital	$1.9B
Retained Earnings	$2.3B
Treasury Stock	-$283M
Accum. Other Comp. Income	$73M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.3B
Minority Interest	$0
TOTAL EQUITY	$4.3B
TOTAL LIABILITIES & EQUITY	$6.2B
Total Debt	$833M
Net Debt	$671M