NMIH FY 2018 Earnings Report — NMI Holdings, Inc. Revenue & Financial Results | Market Cap Arena

NMI Holdings, Inc.NMIH

FY 2018 Earnings

Reported February 14, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2018	Prior Q	FY 2017	QoQ Change	YoY Change
Revenue	$274M	—	$179M	—	53.2%
Op. Income	$136M	—	$53M	—	157.5%
Gross Margin	97.9%	—	96.7%	—	1.2pp
Net Margin	39.4%	—	12.3%	—	27.1pp
EPS (Diluted)	$1.60	—	$0.35	—	357.1%
Free Cash Flow	$138M	—	$59M	—	132.6%

Revenue Flow

Item	Amount
REVENUE	$274M
Cost of Revenue	$6M
GROSS PROFIT	$268M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$270.0K
SG&A Expenses	$270.0K
Other Expenses	$132M
Operating Expenses	$132M
Cost & Expenses	$138M
OPERATING INCOME	$136M
Interest Income	$0
Interest Expense	$15M
Other Income/Expenses	$0
INCOME BEFORE TAX	$136M
Income Tax Expense	$28M
Net Income from Continuing Ops	$108M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$108M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$108M
D&A	$8M
EBIT	$151M
EBITDA	$159M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$274M
Cost of Revenue	$6M
GROSS PROFIT	$268M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$270.0K
SG&A Expenses	$270.0K
Other Expenses	$132M
Operating Expenses	$132M
Cost & Expenses	$138M
OPERATING INCOME	$136M
Interest Income	$0
Interest Expense	$15M
Other Income/Expenses	$0
INCOME BEFORE TAX	$136M
Income Tax Expense	$28M
Net Income from Continuing Ops	$108M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$108M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$108M
D&A	$8M
EBIT	$151M
EBITDA	$159M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$108M
Depreciation & Amortization	$8M
Stock-Based Compensation	$13M
Deferred Income Tax	$26M
Other Non-Cash Items	$6M
Change in Working Capital	-$15M
OPERATING CASH FLOW	$146M
Capital Expenditure	-$8M
Acquisitions (Net)	$8M
Purchases of Investments	-$614M
Sales/Maturities of Investments	$402M
Other Investing Activities	-$8M
NET CASH FROM INVESTING	-$221M
Net Debt Issuance	$2M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$89M
NET CASH FROM FINANCING	$81M
FREE CASH FLOW	$138M
Net Change in Cash	$6M

Balance Sheet

Item	Amount
Cash & Equivalents	$24M
Short-Term Investments	$0
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$24M
PP&E (Net)	$25M
Goodwill	$3M
Intangible Assets	$47M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$993M
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$1.1B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$147M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$244M
TOTAL NON-CURRENT LIABILITIES	$391M
TOTAL LIABILITIES	$391M
Common Stock	$663.0K
Additional Paid-In Capital	$682M
Retained Earnings	$33M
Treasury Stock	$0
Accum. Other Comp. Income	-$15M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$702M
Minority Interest	$0
TOTAL EQUITY	$702M
TOTAL LIABILITIES & EQUITY	$1.1B
Total Debt	$147M
Net Debt	$123M