Essent Group (ESNT) FY2018 results: revenue $719 million, up 24.8% on the year
Essent Group Ltd. (ESNT) reported revenue of $719 million for fiscal 2018, the year ended 31 December 2018, up 24.8% on the year before. Net income was $467 million, up 23.1%, and diluted earnings per share $4.77. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2019.
Revenue
$719 million
+24.8% on the year
FY2012FY2018
Operating margin
76.0%
69.1% a year earlier
FY2012FY2018
Net income
$467 million
+23.1% on the year
FY2012FY2018
Diluted EPS
$4.77
+19.5% on the year
FY2012FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
719
577
458
+24.8%
Operating income
547
399
312
+37.2%
Operating margin
76.0%
69.1%
68.1%
Interest expense
10.2
5.2
0.4
+96.6%
Pre-tax income
547
399
312
+37.2%
Income tax
79.3
18.8
89.3
+321.5%
Effective tax rate
14.5%
4.7%
28.6%
Net income
467
380
223
+23.1%
Net margin
65.0%
65.9%
48.6%
Diluted EPS
$4.77
$3.99
$2.41
+19.5%
$ million except per share. Read moreFree 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
625
369
275
+69.7%
Capital expenditure
4.1
2.8
3.2
+45.7%
Free cash flow
621
366
271
+69.8%
Free cash flow margin
86.4%
63.4%
59.2%
Cash from investing
-547
-690
-365
Cash from financing
-57.0
338
93.7
Depreciation and amortisation
3.4
3.9
4.1
-13.2%
Share-based compensation
15.1
18.7
16.9
-19.3%
Buybacks
31.4
7.6
4.0
+314.6%
Dividends paid
0.0
0.0
n/a
Diluted shares, weighted
98m
95m
92m
+2.9%
Shares outstanding at period end
98m
98m
93m
-0.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,366
1,940
1,344
+21.9%
Debt
225
250
n/a
-10.0%
Other liabilities
559
484
539
+15.6%
Total liabilities and equity
3,150
2,674
1,883
+17.8%
Fixed assets
7.6
7.0
8.1
+9.3%
Investments
154
313
132
-50.6%
Cash and equivalents
64.9
43.5
27.5
+49.2%
Other assets
2,923
2,311
1,715
+26.5%
Total assets
3,150
2,674
1,883
+17.8%
10-K for the year ended 31 December 2018, filed 19 February 2019: the filing.