ORI FY 2019 Earnings Report — Old Republic International Corporation Revenue & Financial Results | Market Cap Arena

Old Republic International CorporationORI

FY 2019 Earnings

Reported February 28, 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	$7.5B	—	$6.3B	—	19.2%
Op. Income	$1.3B	—	$438M	—	201.9%
Gross Margin	21.9%	—	11.8%	—	10.2pp
Net Margin	14.2%	—	5.9%	—	8.2pp
EPS (Diluted)	$3.51	—	$1.23	—	185.4%
Free Cash Flow	$936M	—	$761M	—	23.1%

Revenue Flow

Item	Amount
REVENUE	$7.5B
Cost of Revenue	$5.8B
GROSS PROFIT	$1.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$314M
Operating Expenses	$314M
Cost & Expenses	$6.1B
OPERATING INCOME	$1.3B
Interest Income	$0
Interest Expense	$40M
Other Income/Expenses	$200.0K
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$266M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	-$100.0K
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$0
EBIT	$1.4B
EBITDA	$1.4B
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$7.5B
Cost of Revenue	$5.8B
GROSS PROFIT	$1.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$314M
Operating Expenses	$314M
Cost & Expenses	$6.1B
OPERATING INCOME	$1.3B
Interest Income	$0
Interest Expense	$40M
Other Income/Expenses	$200.0K
INCOME BEFORE TAX	$1.3B
Income Tax Expense	$266M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	-$100.0K
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$0
EBIT	$1.4B
EBITDA	$1.4B
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$1.1B
Depreciation & Amortization	$27M
Stock-Based Compensation	$4M
Deferred Income Tax	$37M
Other Non-Cash Items	-$713M
Change in Working Capital	$525M
OPERATING CASH FLOW	$936M
Capital Expenditure	$0
Acquisitions (Net)	-$1M
Purchases of Investments	-$2.6B
Sales/Maturities of Investments	$2.3B
Other Investing Activities	-$28M
NET CASH FROM INVESTING	-$425M
Net Debt Issuance	-$8M
Common Stock Repurchased	$0
Common Dividends Paid	-$539M
Other Financing Activities	$200.0K
NET CASH FROM FINANCING	-$533M
FREE CASH FLOW	$936M
Net Change in Cash	-$22M

Balance Sheet

Item	Amount
Cash & Equivalents	$79M
Short-Term Investments	$9.3B
Net Receivables	$5.3B
Inventory	$0
Other Current Assets	-$14.7B
TOTAL CURRENT ASSETS	$0
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$14.3B
Tax Assets	$0
Other Non-Current Assets	-$14.3B
TOTAL NON-CURRENT ASSETS	$0
TOTAL ASSETS	$21.1B
Account Payables	$0
Short-Term Debt	$397M
Deferred Revenue	$0
Other Current Liabilities	-$948M
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$577M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$112M
Other Non-Current Liabilities	-$689M
TOTAL NON-CURRENT LIABILITIES	$0
TOTAL LIABILITIES	$15.1B
Common Stock	$304M
Additional Paid-In Capital	$1.3B
Retained Earnings	$4.4B
Treasury Stock	$0
Accum. Other Comp. Income	$78M
Other Equity	-$65M
TOTAL STOCKHOLDERS' EQUITY	$6.0B
Minority Interest	$0
TOTAL EQUITY	$6.0B
TOTAL LIABILITIES & EQUITY	$21.1B
Total Debt	$974M
Net Debt	$895M