Nmi holdings, inc. (NMIH)
Income statement / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Sep'12
Revenues
Direct

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

483

0

0

0

Net premiums written

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

22,948

13,769

8,719

3,541

483

0

0

0

Increase in unearned premiums

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-13,439

-7,678

-4,720

-1,446

0

0

0

0

Net premiums earned

369,864

345,015

318,759

291,785

270,151

251,197

232,015

211,127

187,429

165,740

148,486

135,775

123,899

110,481

94,536

75,562

58,377

45,506

34,136

25,202

18,439

13,407

9,509

6,091

3,999

2,095

0

0

0

-

Net investment income

31,577

30,856

29,846

28,241

26,347

23,538

20,974

18,867

17,040

16,273

15,519

14,893

14,327

13,751

12,195

10,535

8,881

7,246

6,487

5,945

5,725

5,618

5,771

5,948

5,887

4,808

3,336

0

0

0

Net realized investment losses

160

45

-213

-302

-130

57

60

137

266

208

264

261

134

-693

-879

-960

-667

831

1,015

1,164

810

197

148

-294

158

186

172

0

0

0

Other revenues

3,713

2,855

1,741

582

211

233

255

365

506

522

565

472

324

276

196

94

57

25

0

0

0

-

-

-

-

-

-

-

-

-

Total revenues

405,314

378,771

0

0

0

-

-

-

-

182,743

164,834

151,401

138,684

123,815

106,048

85,231

66,648

53,608

40,784

31,457

24,120

19,222

16,893

13,678

10,863

7,089

3,380

0

0

0

Expenses
Insurance claims and claim expenses

15,461

12,507

10,379

8,906

6,626

5,452

5,685

5,543

6,273

5,339

3,765

3,472

2,569

2,392

1,963

1,480

1,004

650

360

153

187

83

2

28

0

0

0

0

0

-

Amortization of deferred policy acquisition costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

Underwriting and operating expenses

128,098

126,621

124,664

122,652

119,420

116,966

115,307

109,629

108,719

106,362

101,962

101,354

96,540

93,223

91,629

87,245

84,921

80,599

76,496

74,738

72,465

73,417

71,098

69,237

67,620

60,744

0

0

0

-

Service expenses

2,933

2,248

1,356

503

212

270

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payroll and related

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Share-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Depreciation and amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Professional fees

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Information technology

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Travel and related costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Rent and office expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Interest expense

11,768

12,085

12,139

12,132

14,621

14,979

15,333

15,713

13,453

13,528

13,922

14,303

14,710

14,848

13,129

9,396

5,689

2,057

0

0

0

-

-

-

-

-

-

-

-

0

(Gain) loss from change in fair value of warrant liability

2,781

-8,657

-2,487

-9,090

-7,296

-1,397

-8,361

-3,399

-3,489

-4,105

-2,393

-2,688

-2,766

-1,900

245

1,374

1,327

1,905

1,414

2,322

3,380

2,949

2,091

1,319

-747

-1,529

-611

0

0

0

Loss on impairment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Other underwriting and operating expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Total expenses

155,479

162,118

0

0

0

-

-

-

-

129,951

105,727

104,826

99,109

95,615

93,592

88,725

85,925

81,249

76,856

74,891

72,652

73,500

71,100

69,265

67,620

60,744

53,593

0

0

0

Gain from settlement of warrants

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

37

37

37

37

0

0

0

0

-

Total other expense

-

-

-

-

-

-

-

-

-

-

-16,315

-16,991

-17,476

-16,748

-12,884

-8,022

-4,362

-152

0

0

0

-

-

-

-

-

-

-

-

-

Income before income taxes

249,835

216,653

199,108

167,023

148,404

135,961

107,776

95,426

72,583

52,792

42,792

29,584

22,099

11,452

-428

-11,516

-23,639

-27,793

-33,804

-40,258

-44,298

-51,292

-54,333

-59,354

0

-

0

0

-

-

Income tax expense

52,506

44,696

41,826

34,693

29,933

28,034

37,093

37,242

33,628

30,700

-40,746

-47,817

-51,301

-52,549

114

0

241

0

-812

-1,089

-2,627

-2,386

-1,574

-1,297

0

-

0

0

-

-

Net income

197,329

171,957

157,282

132,330

118,471

107,927

70,641

58,142

38,913

22,050

83,538

77,401

73,400

64,001

-542

-11,516

-23,880

-27,793

-32,992

-39,169

-41,671

-48,906

-51,970

-54,867

-58,286

-55,184

-50,212

0

0

0

Earnings per share
Basic (in dollars per share)

0.85

0.74

0.73

0.58

0.49

0.54

0.38

0.38

0.36

-0.03

0.21

0.10

0.09

1.02

0.10

0.03

-0.07

-

-0.08

-0.18

-

-

-

-

-

-

-

-

-

-

Diluted (in dollars per share)

0.74

0.71

0.69

0.56

0.48

0.46

0.36

0.37

0.34

-0.04

0.20

0.10

0.09

0.99

0.10

0.03

-0.07

-

-0.08

-0.18

-

-

-

-

-

-

-

-

-

-

Weighted average common shares outstanding
Basic (in shares)

68,563

68,140

67,849

67,590

66,692

66,308

65,948

65,664

62,099

60,373

59,884

59,823

59,184

59,111

59,130

59,105

58,936

-

58,741

58,720

-

-

-

-

-

-

-

-

-

-

Diluted (in shares)

70,401

70,276

70,137

69,590

68,996

69,013

68,844

68,616

65,697

60,306

63,089

63,010

62,339

64,263

60,284

59,830

58,936

-

58,741

58,720

-

-

-

-

-

-

-

-

-

-

Comprehensive income:
Net income

197,329

171,957

157,282

132,330

118,471

107,927

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Basic and diluted loss per share (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-0.13

-

-0.19

-0.22

-0.26

-0.23

-0.25

-0.29

-0.22

-0.15

Weighted average common shares outstanding (in shares)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

58,485

-

58,363

58,289

58,061

57,253

55,637

55,629

55,500

55,500

Other comprehensive (loss) income, net of tax:
Unrealized (losses) gains in accumulated other comprehensive income, net of tax (benefit) expense of ($3,424) and $3,953 for the quarters ended March 31, 2020 and 2019, respectively

4,406

32,155

0

0

0

-

-

-

-

2,559

-11,495

-12,345

-6,497

1,429

14,187

13,786

2,911

-3,518

454

228

3,273

3,636

3,343

6,335

-4,715

-6,862

-7,039

0

0

0

Reclassification adjustment for realized losses included in net income, net of tax (benefit) of ($15) and ($39) for the quarters ended March 31, 2020 and 2019, respectively

126

35

0

0

0

-

-

-

-

131

109

130

69

-758

-1,361

-1,442

-1,149

349

1,148

1,163

809

196

0

0

0

-

-

-

-

-

Other comprehensive (loss) income, net of tax

4,280

32,120

0

0

0

-

-

-

-

2,428

-11,604

-12,475

-6,566

2,187

15,548

15,228

4,060

-3,867

-694

-935

2,464

3,440

3,158

6,150

-4,900

-7,047

-7,039

0

0

0

Comprehensive income

201,609

204,077

0

0

0

-

-

-

-

24,478

71,934

64,926

66,834

66,188

15,006

3,712

-19,820

-31,660

-33,686

-40,104

-39,207

-45,466

-48,812

-48,717

-63,186

-62,231

-57,251

0

0

0