WTM FY 2023 Earnings Report — White Mountains Insurance Group, Ltd. Revenue & Financial Results | Market Cap Arena

White Mountains Insurance Group, Ltd.WTM

FY 2023 Earnings

Reported February 26, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$2.2B	—	$1.2B	—	87.1%
Op. Income	$565M	—	-$149M	—	478.4%
Gross Margin	53.1%	—	32.0%	—	21.0pp
Net Margin	23.5%	—	68.5%	—	-45.0pp
EPS (Diluted)	$198.63	—	$276.96	—	-28.3%
Free Cash Flow	$404M	—	$326M	—	23.8%

Revenue Flow

Item	Amount
REVENUE	$2.2B
Cost of Revenue	$1.0B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$433M
SG&A Expenses	$433M
Other Expenses	$152M
Operating Expenses	$584M
Cost & Expenses	$1.6B
OPERATING INCOME	$565M
Interest Income	$0
Interest Expense	$63M
Other Income/Expenses	$0
INCOME BEFORE TAX	$565M
Income Tax Expense	-$16M
Net Income from Continuing Ops	$581M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$509M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$502M
D&A	-$18M
EBIT	$628M
EBITDA	$610M
EPS	$199
EPS Diluted	$199

Income Statement

Item	Amount
REVENUE	$2.2B
Cost of Revenue	$1.0B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$433M
SG&A Expenses	$433M
Other Expenses	$152M
Operating Expenses	$584M
Cost & Expenses	$1.6B
OPERATING INCOME	$565M
Interest Income	$0
Interest Expense	$63M
Other Income/Expenses	$0
INCOME BEFORE TAX	$565M
Income Tax Expense	-$16M
Net Income from Continuing Ops	$581M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$509M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$502M
D&A	-$18M
EBIT	$628M
EBITDA	$610M
EPS	$199
EPS Diluted	$199

Cash Flow Statement

Item	Amount
Net Income	$509M
Depreciation & Amortization	-$18M
Stock-Based Compensation	$15M
Deferred Income Tax	$0
Other Non-Cash Items	-$449M
Change in Working Capital	$347M
OPERATING CASH FLOW	$404M
Capital Expenditure	$0
Acquisitions (Net)	$87M
Purchases of Investments	-$1.5B
Sales/Maturities of Investments	$793M
Other Investing Activities	$44M
NET CASH FROM INVESTING	-$544M
Net Debt Issuance	-$13M
Common Stock Repurchased	-$33M
Common Dividends Paid	-$3M
Other Financing Activities	$56M
NET CASH FROM FINANCING	$7M
FREE CASH FLOW	$404M
Net Change in Cash	-$133M

Balance Sheet

Item	Amount
Cash & Equivalents	$122M
Short-Term Investments	$1.5B
Net Receivables	$1.1B
Inventory	$0
Other Current Assets	-$2.7B
TOTAL CURRENT ASSETS	$0
PP&E (Net)	$0
Goodwill	$169M
Intangible Assets	$202M
Long-Term Investments	$4.4B
Tax Assets	$0
Other Non-Current Assets	$3.6B
TOTAL NON-CURRENT ASSETS	$8.4B
TOTAL ASSETS	$8.4B
Account Payables	$81M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$81M
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$565M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$3.3B
TOTAL NON-CURRENT LIABILITIES	$3.8B
TOTAL LIABILITIES	$3.8B
Common Stock	$3M
Additional Paid-In Capital	$549M
Retained Earnings	$3.7B
Treasury Stock	$0
Accum. Other Comp. Income	-$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.2B
Minority Interest	$321M
TOTAL EQUITY	$4.6B
TOTAL LIABILITIES & EQUITY	$8.4B
Total Debt	$565M
Net Debt	$443M