Mgic Investment (MTG) Q3 FY2023 earnings: revenue $297 million, up 1.3% on the year

Mgic Investment Corp. (MTG) reported revenue of $297 million for Q3 FY2023, the quarter ended 30 September 2023, up 1.3% on the same quarter a year earlier. Net income was $183 million, down 26.8% on the year, and diluted earnings per share $0.64. The figures are the company's own, from the 10-Q it filed with the SEC on 31 October 2023.

Revenue$297 millionup 1.3%

Net income$183 milliondown 26.8%

Diluted EPS$0.64

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	297	n/a	n/a	n/a
Operating income	234	n/a	n/a	n/a
Operating margin	79.1%	n/a	n/a
Interest expense	9.3	n/a	n/a	n/a
Pre-tax income	234	n/a	n/a	n/a
Income tax	51.6	n/a	n/a	n/a
Effective tax rate	22.0%	n/a	n/a
Net income	183	n/a	n/a	n/a
Net margin	61.7%	n/a	n/a
Diluted EPS	$0.64	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	170	n/a	n/a	n/a
Capital expenditure	0.8	n/a	n/a	n/a
Free cash flow	169	n/a	n/a	n/a
Free cash flow margin	57.0%	n/a	n/a
Cash from investing	-83.7	n/a	n/a	n/a
Cash from financing	-128	n/a	n/a	n/a
Depreciation and amortisation	9.6	n/a	n/a	n/a
Share-based compensation	5.6	n/a	n/a	n/a
Buybacks	66.5	n/a	n/a	n/a
Dividends paid	32.5	n/a	n/a	n/a
Diluted shares, weighted	286m	n/a	n/a	n/a
Shares outstanding at period end	279m	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	4,855	n/a	n/a	n/a
Debt	643	n/a	n/a	n/a
Other liabilities	834	n/a	n/a	n/a
Total liabilities and equity	6,332	n/a	n/a	n/a
Fixed assets	39.4	n/a	n/a	n/a
Investments	177	n/a	n/a	n/a
Cash and equivalents	267	n/a	n/a	n/a
Other assets	5,848	n/a	n/a	n/a
Total assets	6,332	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	297	284	294	305	307	301	306	304	305	299	297	295
Operating income	234	230	220	260	254	235	235	246	235	213	207	230
Operating margin	79%	81%	75%	85%	83%	78%	77%	81%	77%	71%	70%	78%
Interest expense	9.3	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9	8.9
Pre-tax income	234	230	220	260	254	235	235	246	235	213	207	230
Tax rate	22%	20%	21%	21%	21%	21%	21%	22%	19%	20%	20%	21%
Net income	183	185	174	204	200	185	185	192	191	169	165	182
Net margin	62%	65%	59%	67%	65%	61%	61%	63%	63%	57%	56%	62%
Diluted EPS	$0.64	$0.66	$0.64	$0.77	$0.77	$0.72	$0.75	$0.81	$0.83	$0.75	$0.76	$0.86
Operating cash flow	170	186	191	169	183	182	224	183	215	231	76.9	185
Capital expenditure	0.8	0.5	0.0	0.3	0.4	0.5	0.1	0.0	0.3	0.6	0.2	0.5
Free cash flow	169	186	191	169	182	182	224	183	215	230	76.7	184
Buybacks	66.5	120	95.2	156	124	195	225	186	188	189	192	185
Dividends paid	32.5	31.8	33.4	30.6	33.7	32.9	33.9	30.8	34.4	33.4	35.2	31.6
Shares outstanding	279m	272m	269m	261m	256m	248m	240m	233m	226m	219m	213m	207m
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 September 2023, filed 31 October 2023, accession 0000876437-23-000073: the filing on EDGAR. All of Mgic Investment Corp.'s filings: EDGAR company page.

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