MTG FY 2021 Earnings Report — MGIC Investment Corporation Revenue & Financial Results | Market Cap Arena

MGIC Investment CorporationMTG

FY 2021 Earnings

Reported February 23, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$1.2B	—	$1.2B	—	-1.1%
Op. Income	$802M	—	$559M	—	43.4%
Gross Margin	93.5%	—	68.5%	—	24.9pp
Net Margin	53.6%	—	37.2%	—	16.4pp
EPS (Diluted)	$1.85	—	$1.29	—	43.4%
Free Cash Flow	$692M	—	$729M	—	-5.0%

Revenue Flow

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$77M
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$307M
Operating Expenses	$307M
Cost & Expenses	$384M
OPERATING INCOME	$802M
Interest Income	$0
Interest Expense	$71M
Other Income/Expenses	$0
INCOME BEFORE TAX	$802M
Income Tax Expense	$167M
Net Income from Continuing Ops	$635M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$635M
Net Income Deductions	-$14M
BOTTOM LINE NET INCOME	$649M
D&A	$66M
EBIT	$873M
EBITDA	$939M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$77M
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$307M
Operating Expenses	$307M
Cost & Expenses	$384M
OPERATING INCOME	$802M
Interest Income	$0
Interest Expense	$71M
Other Income/Expenses	$0
INCOME BEFORE TAX	$802M
Income Tax Expense	$167M
Net Income from Continuing Ops	$635M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$635M
Net Income Deductions	-$14M
BOTTOM LINE NET INCOME	$649M
D&A	$66M
EBIT	$873M
EBITDA	$939M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$635M
Depreciation & Amortization	$66M
Stock-Based Compensation	$17M
Deferred Income Tax	$5M
Other Non-Cash Items	$31M
Change in Working Capital	-$58M
OPERATING CASH FLOW	$696M
Capital Expenditure	-$4M
Acquisitions (Net)	$0
Purchases of Investments	-$1.5B
Sales/Maturities of Investments	$1.4B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$161M
Net Debt Issuance	-$99M
Common Stock Repurchased	-$291M
Common Dividends Paid	-$94M
Other Financing Activities	-$44M
NET CASH FROM FINANCING	-$527M
FREE CASH FLOW	$692M
Net Change in Cash	$8M

Balance Sheet

Item	Amount
Cash & Equivalents	$285M
Short-Term Investments	$6.6B
Net Receivables	$160M
Inventory	$0
Other Current Assets	-$6.3B
TOTAL CURRENT ASSETS	$755M
PP&E (Net)	$46M
Goodwill	$0
Intangible Assets	$22M
Long-Term Investments	$6.6B
Tax Assets	$0
Other Non-Current Assets	$654M
TOTAL NON-CURRENT ASSETS	$7.3B
TOTAL ASSETS	$7.3B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$1.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$1.3B
TOTAL NON-CURRENT LIABILITIES	$2.5B
TOTAL LIABILITIES	$2.5B
Common Stock	$371M
Additional Paid-In Capital	$1.8B
Retained Earnings	$3.3B
Treasury Stock	-$675M
Accum. Other Comp. Income	$120M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.9B
Minority Interest	$0
TOTAL EQUITY	$4.9B
TOTAL LIABILITIES & EQUITY	$7.3B
Total Debt	$1.1B
Net Debt	$862M