NMI Holdings (NMIH) FY2019 results: revenue $379 million, up 37.7% on the year
NMI Holdings, Inc. (NMIH) reported revenue of $379 million for fiscal 2019, the year ended 31 December 2019, up 37.7% on the year before. Net income was $172 million, up 59.3%, and diluted earnings per share $2.47. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$379 million
+37.7% on the year
FY2012FY2019
Operating margin
57.2%
49.4% a year earlier
FY2012FY2019
Net income
$172 million
+59.3% on the year
FY2012FY2019
Diluted EPS
$2.47
+54.4% 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
379
275
183
+37.7%
Operating income
217
136
52.8
+59.3%
Operating margin
57.2%
49.4%
28.9%
Interest expense
12.1
15.0
13.5
-19.3%
Pre-tax income
217
136
52.8
+59.3%
Income tax
44.7
28.0
30.7
+59.4%
Effective tax rate
20.6%
20.6%
58.2%
Net income
172
108
22.1
+59.3%
Net margin
45.4%
39.2%
12.1%
Diluted EPS
$2.47
$1.60
$0.35
+54.4%
$ 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
208
146
67.8
+42.7%
Capital expenditure
10.0
8.1
8.5
+23.5%
Free cash flow
198
138
59.3
+43.8%
Free cash flow margin
52.3%
50.1%
32.4%
Cash from investing
-194
-221
-93.1
Cash from financing
2.0
80.9
-3.2
-97.5%
Depreciation and amortisation
9.3
7.8
6.7
+19.2%
Share-based compensation
13.0
12.6
9.5
+3.8%
Diluted shares, weighted
70m
68m
62m
+3.1%
Shares outstanding at period end
68m
66m
61m
+3.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
930
702
509
+32.6%
Debt
146
147
144
-0.7%
Other liabilities
289
244
242
+18.4%
Total liabilities and equity
1,365
1,092
895
+25.0%
Fixed assets
26.1
24.8
22.8
+5.4%
Goodwill
3.2
3.2
3.2
0.0%
Securities held for sale or to maturity
1,141
911
716
+25.2%
Cash and equivalents
41.1
25.3
19.2
+62.4%
Other assets
153
127
134
+20.6%
Total assets
1,365
1,092
895
+25.0%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.