NMI Holdings (NMIH) FY2018 results: revenue $275 million, up 50.5% on the year
NMI Holdings, Inc. (NMIH) reported revenue of $275 million for fiscal 2018, the year ended 31 December 2018, up 50.5% on the year before. Net income was $108 million, up 389.5%, and diluted earnings per share $1.60. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2019.
Revenue
$275 million
+50.5% on the year
FY2012FY2018
Operating margin
49.4%
28.9% a year earlier
FY2012FY2018
Net income
$108 million
+389.5% on the year
FY2012FY2018
Diluted EPS
$1.60
+357.1% 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
275
183
124
+50.5%
Operating income
136
52.8
28.2
+157.5%
Operating margin
49.4%
28.9%
22.8%
Interest expense
15.0
13.5
14.8
+10.7%
Pre-tax income
136
52.8
11.5
+157.5%
Income tax
28.0
30.7
-52.5
-8.8%
Effective tax rate
20.6%
58.2%
-458.9%
Net income
108
22.1
64.0
+389.5%
Net margin
39.2%
12.1%
51.7%
Diluted EPS
$1.60
$0.35
$1.05
+357.1%
$ 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
146
67.8
71.9
+115.3%
Capital expenditure
8.1
8.5
11.5
-5.3%
Free cash flow
138
59.3
60.5
+132.6%
Free cash flow margin
50.1%
32.4%
48.8%
Cash from investing
-221
-93.1
-79.8
Cash from financing
80.9
-3.2
-1.7
Depreciation and amortisation
7.8
6.7
4.9
+16.4%
Share-based compensation
12.6
9.5
6.9
+32.4%
Diluted shares, weighted
68m
62m
61m
+8.8%
Shares outstanding at period end
66m
61m
59m
+9.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
702
509
476
+37.8%
Debt
147
144
144
+2.0%
Other liabilities
244
242
220
+0.8%
Total liabilities and equity
1,092
895
840
+22.0%
Fixed assets
24.8
22.8
20.4
+8.6%
Goodwill
3.2
3.2
3.2
0.0%
Securities held for sale or to maturity
911
716
629
+27.3%
Cash and equivalents
25.3
19.2
47.7
+31.8%
Other assets
127
134
140
-4.8%
Total assets
1,092
895
840
+22.0%
10-K for the year ended 31 December 2018, filed 14 February 2019: the filing.