NMI Holdings (NMIH) FY2020 results: revenue $433 million, up 14.4% on the year
NMI Holdings, Inc. (NMIH) reported revenue of $433 million for fiscal 2020, the year ended 31 December 2020, up 14.4% on the year before. Net income was $172 million, down 0.2%, and diluted earnings per share $2.13. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$433 million
+14.4% on the year
FY2013FY2020
Operating margin
50.3%
57.2% a year earlier
FY2013FY2020
Net income
$172 million
-0.2% on the year
FY2013FY2020
Diluted EPS
$2.13
-13.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
433
379
275
+14.4%
Operating income
218
217
136
+0.7%
Operating margin
50.3%
57.2%
49.4%
Interest expense
24.4
12.1
15.0
+101.8%
Pre-tax income
218
217
136
+0.7%
Income tax
46.5
44.7
28.0
+4.1%
Effective tax rate
21.3%
20.6%
20.6%
Net income
172
172
108
-0.2%
Net margin
39.6%
45.4%
39.2%
Diluted EPS
$2.13
$2.47
$1.60
-13.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
253
208
146
+21.4%
Capital expenditure
12.2
10.0
8.1
+22.1%
Free cash flow
240
198
138
+21.3%
Free cash flow margin
55.5%
52.3%
50.1%
Cash from investing
-630
-194
-221
Cash from financing
463
2.0
80.9
+23,040.2%
Depreciation and amortisation
9.9
9.3
7.8
+6.5%
Share-based compensation
11.1
13.0
12.6
-14.7%
Buybacks
0.0
n/a
n/a
Diluted shares, weighted
79m
70m
68m
+13.7%
Shares outstanding at period end
85m
68m
66m
+24.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,370
930
702
+47.2%
Debt
393
146
147
+169.8%
Other liabilities
404
289
244
+39.9%
Total liabilities and equity
2,167
1,365
1,092
+58.8%
Fixed assets
29.7
26.1
24.8
+13.7%
Goodwill
3.2
3.2
3.2
0.0%
Securities held for sale or to maturity
1,804
1,141
911
+58.1%
Cash and equivalents
127
41.1
25.3
+208.9%
Other assets
203
153
127
+32.0%
Total assets
2,167
1,365
1,092
+58.8%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.