NMIH FY 2021 Earnings Report — NMI Holdings, Inc. Revenue & Financial Results | Market Cap Arena

NMI Holdings, Inc.NMIH

FY 2021 Earnings

Reported February 15, 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	$486M	—	$436M	—	11.3%
Op. Income	$297M	—	$218M	—	36.0%
Gross Margin	96.9%	—	85.8%	—	11.2pp
Net Margin	47.6%	—	39.3%	—	8.3pp
EPS (Diluted)	$2.65	—	$2.13	—	24.4%
Free Cash Flow	$313M	—	$240M	—	30.4%

Revenue Flow

Item	Amount
REVENUE	$486M
Cost of Revenue	$15M
GROSS PROFIT	$471M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$174M
Operating Expenses	$174M
Cost & Expenses	$189M
OPERATING INCOME	$297M
Interest Income	$0
Interest Expense	$32M
Other Income/Expenses	$0
INCOME BEFORE TAX	$297M
Income Tax Expense	$66M
Net Income from Continuing Ops	$231M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$231M
Net Income Deductions	$566.0K
BOTTOM LINE NET INCOME	$231M
D&A	$11M
EBIT	$329M
EBITDA	$340M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$486M
Cost of Revenue	$15M
GROSS PROFIT	$471M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$174M
Operating Expenses	$174M
Cost & Expenses	$189M
OPERATING INCOME	$297M
Interest Income	$0
Interest Expense	$32M
Other Income/Expenses	$0
INCOME BEFORE TAX	$297M
Income Tax Expense	$66M
Net Income from Continuing Ops	$231M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$231M
Net Income Deductions	$566.0K
BOTTOM LINE NET INCOME	$231M
D&A	$11M
EBIT	$329M
EBITDA	$340M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$231M
Depreciation & Amortization	$11M
Stock-Based Compensation	$17M
Deferred Income Tax	$66M
Other Non-Cash Items	$7M
Change in Working Capital	-$6M
OPERATING CASH FLOW	$326M
Capital Expenditure	-$12M
Acquisitions (Net)	$12M
Purchases of Investments	-$525M
Sales/Maturities of Investments	$163M
Other Investing Activities	-$12M
NET CASH FROM INVESTING	-$374M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$7M
NET CASH FROM FINANCING	-$2M
FREE CASH FLOW	$313M
Net Change in Cash	-$50M

Balance Sheet

Item	Amount
Cash & Equivalents	$73M
Short-Term Investments	$2.1B
Net Receivables	$60M
Inventory	$0
Other Current Assets	-$60M
TOTAL CURRENT ASSETS	$73M
PP&E (Net)	$35M
Goodwill	$3M
Intangible Assets	$60M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$2.3B
TOTAL NON-CURRENT ASSETS	$2.4B
TOTAL ASSETS	$2.5B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$3M
Long-Term Debt	$395M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$488M
TOTAL NON-CURRENT LIABILITIES	$882M
TOTAL LIABILITIES	$885M
Common Stock	$858.0K
Additional Paid-In Capital	$955M
Retained Earnings	$608M
Treasury Stock	$0
Accum. Other Comp. Income	$1M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.6B
Minority Interest	$0
TOTAL EQUITY	$1.6B
TOTAL LIABILITIES & EQUITY	$2.5B
Total Debt	$395M
Net Debt	$321M