Palomar Holdings (PLMR) Q4 FY2023 earnings: revenue $105 million, up 18.9% on the year

Palomar Holdings, Inc. (PLMR) reported revenue of $105 million for Q4 FY2023, the quarter ended 31 December 2023, up 18.9% on the same quarter a year earlier. Net income was $26 million, up 38.0% on the year, and diluted earnings per share $1.02. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$105 millionup 18.9%

Net income$26 millionup 38.0%

Diluted EPS$1.02

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	105	90.9	n/a	n/a
Operating income	33.5	24.5	n/a	n/a
Operating margin	31.7%	27.0%	n/a
Interest expense	0.8	0.9	n/a	n/a
Pre-tax income	33.5	24.5	n/a	n/a
Income tax	7.6	6.1	n/a	n/a
Effective tax rate	22.6%	24.9%	n/a
Net income	25.9	18.4	n/a	n/a
Net margin	24.6%	20.3%	n/a
Diluted EPS	$1.02	$0.73	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	22.3	70.6	n/a	n/a
Cash from investing	-24.3	-51.2	n/a	n/a
Cash from financing	0.6	-24.7	n/a	n/a
Share-based compensation	4.2	3.6	n/a	n/a
Buybacks	0.1	6.6	n/a	n/a
Diluted shares, weighted	25m	25m	n/a	n/a
Shares outstanding at period end	25m	25m	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	471	421	n/a	n/a
Debt	52.6	52.6	n/a	n/a
Other liabilities	1,184	1,152	n/a	n/a
Total liabilities and equity	1,708	1,626	n/a	n/a
Fixed assets	0.4	0.4	n/a	n/a
Goodwill	3.8	n/a	n/a	n/a
Securities held for sale or to maturity	644	592	n/a	n/a
Cash and equivalents	51.5	53.0	n/a	n/a
Other assets	1,009	981	n/a	n/a
Total assets	1,708	1,626	n/a	n/a

Questions

What was Palomar Holdings' revenue in Q4 FY2023?

Palomar Holdings (PLMR) reported revenue of $105 million for Q4 FY2023, the quarter ended 31 December 2023, up 18.9% on the same quarter a year earlier.

How much did Palomar Holdings earn in Q4 FY2023?

Net income for Q4 FY2023 was $26 million, up 38.0% on the year, and diluted earnings per share $1.02.

When did Palomar Holdings report Q4 FY2023 results?

Palomar Holdings filed its 10-K for the year that ended with the quarter on 23 February 2024; the fourth quarter is the year less the first three.

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	90.9	105	119	131	149	156	175	203	245	253	279	314
Operating income	24.5	33.5	34.4	33.4	38.5	45.0	53.7	59.9	67.1	72.7	53.5	69.8
Operating margin	27%	32%	29%	25%	26%	29%	31%	29%	27%	29%	19%	22%
Interest expense	0.9	0.8	0.7	0.2	0.1	0.1	0.1	0.1	0.1	0.1	3.2	4.9
Pre-tax income	24.5	33.5	34.4	33.4	38.5	45.0	53.7	59.9	67.1	72.7	53.5	69.8
Tax rate	25%	23%	23%	23%	21%	22%	20%	22%	23%	23%	20%	25%
Net income	18.4	25.9	26.4	25.7	30.5	35.0	42.9	46.5	51.5	56.2	42.9	52.6
Net margin	20%	25%	22%	20%	21%	22%	25%	23%	21%	22%	15%	17%
Diluted EPS	$0.73	$1.02	$1.04	$1.00	$1.15	$1.29	$1.57	$1.68	$1.87	$2.06	$1.57	$1.94
Operating cash flow	70.6	22.3	33.1	55.1	100	72.6	87.2	121	83.6	117	47.0	167
Capital expenditure	n/a	n/a	0.0	0.0	0.2	0.0	0.0	0.0	0.1	0.0	0.0	0.4
Free cash flow	n/a	n/a	33.1	55.1	100	72.6	87.1	121	83.6	117	47.0	167
Buybacks	6.6	0.1	0.0	0.0	0.0	0.0	0.0	0.0	37.3	0.0	23.1	41.0
Shares outstanding	25m	25m	25m	25m	26m	27m	27m	27m	26m	27m	27m	26m
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-K for the period ended 31 December 2023, filed 23 February 2024, accession 0001437749-24-005385: the filing on EDGAR. All of Palomar Holdings, Inc.'s filings: EDGAR company page.

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