Essent Group (ESNT) Q2 FY2024 earnings: revenue $313 million, up 20.3% on the year

Essent Group Ltd. (ESNT) reported revenue of $313 million for Q2 FY2024, the quarter ended 30 June 2024, up 20.3% on the same quarter a year earlier. Net income was $204 million, up 18.2% on the year, and diluted earnings per share $1.91. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2024.

Revenue$313 millionup 20.3%

Net income$204 millionup 18.2%

Diluted EPS$1.91

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	313	298	n/a	n/a
Operating income	239	214	n/a	n/a
Operating margin	76.4%	71.6%	n/a
Interest expense	7.8	7.9	n/a	n/a
Pre-tax income	239	214	n/a	n/a
Income tax	35.6	32.0	n/a	n/a
Effective tax rate	14.9%	15.0%	n/a
Net income	204	182	n/a	n/a
Net margin	65.1%	60.9%	n/a
Diluted EPS	$1.91	$1.70	n/a	n/a

$ 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 and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	189	217	n/a	n/a
Capital expenditure	1.1	4.5	n/a	n/a
Free cash flow	188	212	n/a	n/a
Free cash flow margin	60.0%	71.2%	n/a
Cash from investing	-104	-151	n/a	n/a
Cash from financing	-51.6	-43.2	n/a	n/a
Depreciation and amortisation	1.5	1.4	n/a	n/a
Share-based compensation	7.0	6.8	n/a	n/a
Buybacks	22.0	13.6	n/a	n/a
Dividends paid	29.6	29.6	n/a	n/a
Dividend per share	$0.28	$0.28	n/a	n/a
Diluted shares, weighted	107m	107m	n/a	n/a
Shares outstanding at period end	106m	107m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	5,380	5,226	n/a	n/a
Debt	n/a	425	n/a	n/a
Other liabilities	1,313	914	n/a	n/a
Total liabilities and equity	6,693	6,565	n/a	n/a
Fixed assets	42.9	43.8	n/a	n/a
Securities held for sale or to maturity	5,455	5,369	n/a	n/a
Cash and equivalents	197	164	n/a	n/a
Other assets	997	988	n/a	n/a
Total assets	6,693	6,565	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	296	297	298	313	317	315	318	319	312	312	336	363
Operating income	209	203	214	239	208	195	207	231	199	185	207	230
Operating margin	71%	68%	72%	76%	66%	62%	65%	72%	64%	59%	62%	64%
Interest expense	7.9	8.0	7.9	7.8	11.5	8.2	8.1	8.1	8.3	8.1	8.1	8.1
Pre-tax income	209	203	214	239	208	195	207	231	199	185	207	230
Tax rate	15%	14%	15%	15%	15%	14%	15%	16%	18%	16%	17%	18%
Net income	178	175	182	204	176	168	175	195	164	155	172	190
Net margin	60%	59%	61%	65%	56%	53%	55%	61%	53%	50%	51%	52%
Diluted EPS	$1.66	$1.64	$1.70	$1.91	$1.65	$1.58	$1.69	$1.93	$1.67	$1.60	$1.82	$2.08
Operating cash flow	195	215	217	189	229	227	222	190	216	229	192	197
Capital expenditure	1.0	2.2	4.5	1.1	0.5	0.7	0.2	0.7	5.3	1.1	0.8	1.0
Free cash flow	194	213	212	188	229	226	221	189	211	228	191	196
Buybacks	5.0	14.8	13.6	22.0	9.6	66.3	169	171	122	126	171	192
Dividends paid	26.5	26.4	29.6	29.6	29.5	29.4	31.7	30.9	30.1	29.5	32.6	31.6
Shares outstanding	107m	107m	107m	106m	106m	105m	102m	100m	97m	95m	93m	90m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 6 August 2024, accession 0001448893-24-000061: the filing on EDGAR. All of Essent Group Ltd.'s filings: EDGAR company page.

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