Enact Holdings (ACT) FY2023 results: revenue $1.2 billion, up 5.4% on the year

Enact Holdings, Inc. (ACT) reported revenue of $1.2 billion for fiscal 2023, the year ended 31 December 2023, up 5.4% on the year before. Net income was $666 million, down 5.5%, and diluted earnings per share $4.11. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$1.2 billion

+5.4% on the year

FY2019FY2023

Operating margin

73.8%

82.0% a year earlier

FY2019FY2023

Net income

$666 million

-5.5% on the year

FY2019FY2023

Diluted EPS

$4.11

-4.6% on the year

FY2019FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,154	1,095	1,118	+5.4%
Selling, general and administrative	212	227	231	-6.4%
Operating income	852	898	695	-5.2%
Operating margin	73.8%	82.0%	62.2%
Interest expense	51.9	51.7	51.0	+0.3%
Pre-tax income	852	898	695	-5.2%
Income tax	186	194	149	-4.2%
Effective tax rate	21.8%	21.6%	21.4%
Net income	666	704	547	-5.5%
Net margin	57.7%	64.3%	48.9%
Diluted EPS	$4.11	$4.31	$3.36	-4.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	632	561	572	+12.8%
Cash from investing	-229	-220	-399
Cash from financing	-301	-252	-200
Share-based compensation	15.3	9.9	1.5	+54.6%
Buybacks	87.8	1.5	0.0	+5,628.6%
Dividends paid	213	251	200	-15.1%
Dividend per share	$1.33	$1.54	n/a	-13.6%
Diluted shares, weighted	162m	163m	163m	-0.9%
Shares outstanding at period end	159m	163m	163m	-2.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	4,632	4,101	4,106	+13.0%
Debt	745	743	740	+0.3%
Other liabilities	813	865	1,020	-6.1%
Total liabilities and equity	6,190	5,709	5,866	+8.4%
Investments	20.2	3.0	0.0	+563.6%
Cash and equivalents	616	514	426	+19.8%
Other assets	5,555	5,192	5,440	+7.0%
Total assets	6,190	5,709	5,866	+8.4%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.