Essent Group (ESNT) FY2019 results: revenue $868 million, up 20.6% on the year
Essent Group Ltd. (ESNT) reported revenue of $868 million for fiscal 2019, the year ended 31 December 2019, up 20.6% on the year before. Net income was $556 million, up 18.9%, and diluted earnings per share $5.66. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2020.
Revenue
$868 million
+20.6% on the year
FY2012FY2019
Operating margin
76.0%
76.0% a year earlier
FY2012FY2019
Net income
$556 million
+18.9% on the year
FY2012FY2019
Diluted EPS
$5.66
+18.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
868
719
577
+20.6%
Operating income
659
547
399
+20.6%
Operating margin
76.0%
76.0%
69.1%
Interest expense
10.2
10.2
5.2
-0.3%
Pre-tax income
659
547
399
+20.6%
Income tax
103
79.3
18.8
+30.3%
Effective tax rate
15.7%
14.5%
4.7%
Net income
556
467
380
+18.9%
Net margin
64.1%
65.0%
65.9%
Diluted EPS
$5.66
$4.77
$3.99
+18.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
590
625
369
-5.7%
Capital expenditure
3.4
4.1
2.8
-15.9%
Free cash flow
586
621
366
-5.6%
Free cash flow margin
67.6%
86.4%
63.4%
Cash from investing
-545
-547
-690
Cash from financing
-38.4
-57.0
338
Depreciation and amortisation
3.8
3.4
3.9
+10.7%
Share-based compensation
16.6
15.1
18.7
+10.1%
Buybacks
9.0
31.4
7.6
-71.3%
Dividends paid
29.3
0.0
0.0
Dividend per share
$0.30
n/a
n/a
Diluted shares, weighted
98m
98m
95m
+0.3%
Shares outstanding at period end
98m
98m
98m
+0.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,985
2,366
1,940
+26.2%
Debt
225
225
250
0.0%
Other liabilities
664
559
484
+18.7%
Total liabilities and equity
3,873
3,150
2,674
+23.0%
Fixed assets
17.3
7.6
7.0
+126.9%
Investments
315
154
313
+104.2%
Cash and equivalents
71.3
64.9
43.5
+9.9%
Other assets
3,469
2,923
2,311
+18.7%
Total assets
3,873
3,150
2,674
+23.0%
10-K for the year ended 31 December 2019, filed 18 February 2020: the filing.