NMIH FY 2019 Earnings Report — NMI Holdings, Inc. Revenue & Financial Results | Market Cap Arena

NMI Holdings, Inc.NMIH

FY 2019 Earnings

Reported February 13, 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	$370M	—	$274M	—	35.3%
Op. Income	$217M	—	$136M	—	59.3%
Gross Margin	96.0%	—	97.9%	—	-1.9pp
Net Margin	46.5%	—	39.4%	—	7.0pp
EPS (Diluted)	$2.47	—	$1.60	—	54.4%
Free Cash Flow	$198M	—	$138M	—	43.8%

Revenue Flow

Item	Amount
REVENUE	$370M
Cost of Revenue	$15M
GROSS PROFIT	$355M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$2M
SG&A Expenses	$2M
Other Expenses	$136M
Operating Expenses	$139M
Cost & Expenses	$153M
OPERATING INCOME	$217M
Interest Income	$0
Interest Expense	$12M
Other Income/Expenses	$0
INCOME BEFORE TAX	$217M
Income Tax Expense	$45M
Net Income from Continuing Ops	$172M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$172M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$172M
D&A	$9M
EBIT	$229M
EBITDA	$238M
EPS	$3
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$370M
Cost of Revenue	$15M
GROSS PROFIT	$355M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$2M
SG&A Expenses	$2M
Other Expenses	$136M
Operating Expenses	$139M
Cost & Expenses	$153M
OPERATING INCOME	$217M
Interest Income	$0
Interest Expense	$12M
Other Income/Expenses	$0
INCOME BEFORE TAX	$217M
Income Tax Expense	$45M
Net Income from Continuing Ops	$172M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$172M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$172M
D&A	$9M
EBIT	$229M
EBITDA	$238M
EPS	$3
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$172M
Depreciation & Amortization	$10M
Stock-Based Compensation	$13M
Deferred Income Tax	$0
Other Non-Cash Items	$37M
Change in Working Capital	-$24M
OPERATING CASH FLOW	$208M
Capital Expenditure	-$10M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$184M
NET CASH FROM INVESTING	-$194M
Net Debt Issuance	-$2M
Common Stock Repurchased	-$18M
Common Dividends Paid	$0
Other Financing Activities	$22M
NET CASH FROM FINANCING	$2M
FREE CASH FLOW	$198M
Net Change in Cash	$16M

Balance Sheet

Item	Amount
Cash & Equivalents	$38M
Short-Term Investments	$0
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$38M
PP&E (Net)	$32M
Goodwill	$3M
Intangible Assets	$60M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$1.2B
TOTAL NON-CURRENT ASSETS	$1.3B
TOTAL ASSETS	$1.4B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$146M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$289M
TOTAL NON-CURRENT LIABILITIES	$434M
TOTAL LIABILITIES	$434M
Common Stock	$684.0K
Additional Paid-In Capital	$707M
Retained Earnings	$205M
Treasury Stock	$0
Accum. Other Comp. Income	$17M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$930M
Minority Interest	$0
TOTAL EQUITY	$930M
TOTAL LIABILITIES & EQUITY	$1.4B
Total Debt	$146M
Net Debt	$107M