RLI (RLI) Q3 FY2023 earnings: revenue $332 million, down 61.4% on the year

RLI Corp. (RLI) reported revenue of $332 million for Q3 FY2023, the quarter ended 30 September 2023, down 61.4% on the same quarter a year earlier. Net income was $14 million, down 96.9% on the year, and diluted earnings per share $0.14. The figures are the company's own, from the 10-Q it filed with the SEC on 25 October 2023.

Revenue$332 milliondown 61.4%

Net income$14 milliondown 96.9%

Diluted EPS$0.14

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	332	n/a	n/a	n/a
Operating income	13.3	n/a	n/a	n/a
Operating margin	4.0%	n/a	n/a
Interest expense	1.9	n/a	n/a	n/a
Pre-tax income	15.0	n/a	n/a	n/a
Income tax	1.5	n/a	n/a	n/a
Effective tax rate	9.9%	n/a	n/a
Net income	13.5	n/a	n/a	n/a
Net margin	4.1%	n/a	n/a
Diluted EPS	$0.14	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	98.6	n/a	n/a	n/a
Capital expenditure	2.7	n/a	n/a	n/a
Free cash flow	95.9	n/a	n/a	n/a
Free cash flow margin	28.9%	n/a	n/a
Cash from investing	14.6	n/a	n/a	n/a
Cash from financing	-112	n/a	n/a	n/a
Dividends paid	12.3	n/a	n/a	n/a
Dividend per share	$0.14	n/a	n/a	n/a
Diluted shares, weighted	92m	n/a	n/a	n/a
Shares outstanding at period end	91m	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	1,299	n/a	n/a	n/a
Debt	100	n/a	n/a	n/a
Other liabilities	3,684	n/a	n/a	n/a
Total liabilities and equity	5,084	n/a	n/a	n/a
Fixed assets	48.6	n/a	n/a	n/a
Goodwill	46.1	n/a	n/a	n/a
Securities held for sale or to maturity	2,718	n/a	n/a	n/a
Cash and equivalents	18.4	n/a	n/a	n/a
Other assets	2,253	n/a	n/a	n/a
Total assets	5,084	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	332	434	445	416	470	439	408	500	509	466	424	576
Operating income	13.3	141	155	102	116	60.0	75.6	154	156	125	65.2	208
Operating margin	4%	33%	35%	24%	25%	14%	19%	31%	31%	27%	15%	36%
Interest expense	1.9	1.4	1.6	1.6	1.6	1.5	1.3	1.4	1.4	1.3	2.4	4.4
Pre-tax income	15.0	143	160	103	117	47.4	78.6	157	157	114	67.3	211
Tax rate	10%	20%	20%	21%	19%	14%	20%	21%	21%	20%	18%	20%
Net income	13.5	115	128	82.0	95.0	40.9	63.2	124	125	91.2	54.9	168
Net margin	4%	26%	29%	20%	20%	9%	16%	25%	24%	20%	13%	29%
Diluted EPS	$0.14	$1.25	$1.39	$0.89	$1.03	$0.44	$0.68	$1.34	$1.35	$0.99	$0.60	$1.82
Operating cash flow	98.6	122	70.9	142	219	128	104	175	179	157	42.8	145
Capital expenditure	2.7	0.5	1.1	2.8	0.3	0.5	1.1	1.3	1.4	1.8	1.1	2.8
Free cash flow	95.9	122	69.9	139	219	128	102	173	178	155	41.8	142
Dividends paid	12.3	104	12.3	13.3	13.3	197	13.8	14.7	14.7	198	14.7	201
Shares outstanding	91m	91m	91m	91m	92m	92m	92m	92m	92m	92m	92m	92m
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 25 October 2023, accession 0001558370-23-016702: the filing on EDGAR. All of RLI Corp.'s filings: EDGAR company page.

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