MTG FY 2020 Earnings Report — MGIC Investment Corporation Revenue & Financial Results | Market Cap Arena

MGIC Investment CorporationMTG

FY 2020 Earnings

Reported February 23, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2020	Prior Q	FY 2019	QoQ Change	YoY Change
Revenue	$1.2B	—	$1.2B	—	-1.2%
Op. Income	$559M	—	$848M	—	-34.0%
Gross Margin	68.5%	—	89.2%	—	-20.7pp
Net Margin	37.2%	—	55.5%	—	-18.3pp
EPS (Diluted)	$1.29	—	$1.85	—	-30.3%
Free Cash Flow	$729M	—	$604M	—	20.7%

Revenue Flow

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$377M
GROSS PROFIT	$822M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$263M
Operating Expenses	$263M
Cost & Expenses	$640M
OPERATING INCOME	$559M
Interest Income	$0
Interest Expense	$60M
Other Income/Expenses	$0
INCOME BEFORE TAX	$559M
Income Tax Expense	$113M
Net Income from Continuing Ops	$446M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$446M
Net Income Deductions	-$17M
BOTTOM LINE NET INCOME	$463M
D&A	$58M
EBIT	$619M
EBITDA	$677M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$377M
GROSS PROFIT	$822M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$263M
Operating Expenses	$263M
Cost & Expenses	$640M
OPERATING INCOME	$559M
Interest Income	$0
Interest Expense	$60M
Other Income/Expenses	$0
INCOME BEFORE TAX	$559M
Income Tax Expense	$113M
Net Income from Continuing Ops	$446M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$446M
Net Income Deductions	-$17M
BOTTOM LINE NET INCOME	$463M
D&A	$58M
EBIT	$619M
EBITDA	$677M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$446M
Depreciation & Amortization	$58M
Stock-Based Compensation	$14M
Deferred Income Tax	$27M
Other Non-Cash Items	$14M
Change in Working Capital	$173M
OPERATING CASH FLOW	$732M
Capital Expenditure	-$3M
Acquisitions (Net)	$0
Purchases of Investments	-$2.6B
Sales/Maturities of Investments	$1.9B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$773M
Net Debt Issuance	$424M
Common Stock Repurchased	-$120M
Common Dividends Paid	-$82M
Other Financing Activities	-$54M
NET CASH FROM FINANCING	$168M
FREE CASH FLOW	$729M
Net Change in Cash	$128M

Balance Sheet

Item	Amount
Cash & Equivalents	$288M
Short-Term Investments	$6.7B
Net Receivables	$152M
Inventory	$0
Other Current Assets	-$7.1B
TOTAL CURRENT ASSETS	$0
PP&E (Net)	$47M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$6.7B
Tax Assets	$0
Other Non-Current Assets	-$6.7B
TOTAL NON-CURRENT ASSETS	$0
TOTAL ASSETS	$7.4B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$1.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$1.2B
TOTAL NON-CURRENT LIABILITIES	$0
TOTAL LIABILITIES	$2.7B
Common Stock	$371M
Additional Paid-In Capital	$1.9B
Retained Earnings	$2.6B
Treasury Stock	-$393M
Accum. Other Comp. Income	$217M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.7B
Minority Interest	$0
TOTAL EQUITY	$4.7B
TOTAL LIABILITIES & EQUITY	$7.4B
Total Debt	$1.2B
Net Debt	$955M