Kinsale Capital Group (KNSL) Q3 FY2023 earnings: revenue $314 million, up 41.6% on the year

Kinsale Capital Group, Inc. (KNSL) reported revenue of $314 million for Q3 FY2023, the quarter ended 30 September 2023, up 41.6% on the same quarter a year earlier. Net income was $76 million, up 130.8% on the year, and diluted earnings per share $3.26. The figures are the company's own, from the 10-Q it filed with the SEC on 26 October 2023.

Revenue$314 millionup 41.6%

Net income$76 millionup 130.8%

Diluted EPS$3.26

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	314	n/a	n/a	n/a
Operating income	95.5	n/a	n/a	n/a
Operating margin	30.4%	n/a	n/a
Interest expense	2.6	n/a	n/a	n/a
Pre-tax income	95.5	n/a	n/a	n/a
Income tax	19.4	n/a	n/a	n/a
Effective tax rate	20.3%	n/a	n/a
Net income	76.1	n/a	n/a	n/a
Net margin	24.2%	n/a	n/a
Diluted EPS	$3.26	n/a	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	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	225	n/a	n/a	n/a
Capital expenditure	1.3	n/a	n/a	n/a
Free cash flow	223	n/a	n/a	n/a
Free cash flow margin	71.1%	n/a	n/a
Cash from investing	-172	n/a	n/a	n/a
Cash from financing	-15.1	n/a	n/a	n/a
Share-based compensation	2.4	n/a	n/a	n/a
Dividends paid	3.2	n/a	n/a	n/a
Dividend per share	$0.14	n/a	n/a	n/a
Diluted shares, weighted	23m	n/a	n/a	n/a
Shares outstanding at period end	23m	n/a	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	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	924	n/a	n/a	n/a
Debt	184	n/a	n/a	n/a
Other liabilities	2,335	n/a	n/a	n/a
Total liabilities and equity	3,443	n/a	n/a	n/a
Fixed assets	62.3	n/a	n/a	n/a
Securities held for sale or to maturity	2,365	n/a	n/a	n/a
Cash and equivalents	163	n/a	n/a	n/a
Other assets	853	n/a	n/a	n/a
Total assets	3,443	n/a	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	314	351	373	385	418	412	423	470	498	483	467	549
Operating income	95.5	130	116	116	144	139	112	168	179	175	140	220
Operating margin	30%	37%	31%	30%	35%	34%	27%	36%	36%	36%	30%	40%
Interest expense	2.6	2.4	2.4	2.6	2.6	2.6	2.5	2.6	2.6	3.0	3.2	3.3
Pre-tax income	95.5	130	116	116	144	139	112	168	179	175	140	220
Tax rate	20%	20%	15%	20%	21%	21%	21%	20%	21%	21%	19%	20%
Net income	76.1	103	98.9	92.6	114	109	89.2	134	142	139	113	176
Net margin	24%	29%	27%	24%	27%	26%	21%	29%	28%	29%	24%	32%
Diluted EPS	$3.26	$4.43	$4.24	$3.97	$4.90	$4.68	$3.83	$5.76	$6.09	$5.99	$4.88	$7.72
Operating cash flow	225	212	210	279	274	213	230	269	303	241	249	242
Capital expenditure	1.3	1.1	3.5	3.8	5.8	10.8	12.1	17.0	13.9	10.6	7.5	2.8
Free cash flow	223	210	207	275	268	202	218	252	290	231	241	239
Buybacks	n/a	n/a	0.0	0.0	0.0	10.0	10.0	10.0	20.0	50.0	62.5	101
Dividends paid	3.2	3.2	3.5	3.5	3.5	3.5	4.0	3.9	3.9	3.9	5.8	5.7
Shares outstanding	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m
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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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 September 2023, filed 26 October 2023, accession 0001669162-23-000051: the filing on EDGAR. All of Kinsale Capital Group, Inc.'s filings: EDGAR company page.

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