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MGIC INVESTMENT CORP (MTG)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues | 1,172.8 | 1,185.7 | 1,199.1 | 1,214.0 | 1,123.8 | 1,066.1 | 1,062.5 | 1,041.3 |
| Revenue growth | -1.1% | -1.1% | -1.2% | 8.0% | 5.4% | 0.3% | 2.0% | 10.5% |
| Loss and loss adjustment expenses | -254.6 | 64.6 | 364.8 | 118.6 | 36.6 | 53.7 | 240.2 | 343.5 |
| Policy acquisition costs | 12.4 | 12.6 | 12.4 | 12.0 | 11.9 | 11.1 | 9.6 | 8.8 |
| Other underwriting costs | 236.7 | 198.4 | 176.4 | 182.8 | 178.2 | 159.6 | 150.8 | 155.6 |
| Investment expenses | 4.4 | 4.2 | 5.2 | 4.3 | 3.7 | 3.5 | 3.2 | 3.0 |
| Other operating expenses | -176.3 | 103.8 | 75.8 | 46.5 | 47.6 | 52.8 | 136.8 | -26.2 |
| Equity in earnings | | | | | | | | |
| EBITDA | 1,157.8 | 902.6 | 536.0 | 846.0 | 851.1 | 906.7 | 436.0 | 608.7 |
| EBITDA margin | 98.7% | 76.1% | 44.7% | 69.7% | 75.7% | 85.0% | 41.0% | 58.5% |
| Depreciation | 54.3 | 66.0 | 57.8 | 48.8 | 58.2 | 64.4 | 61.3 | 52.6 |
| EBIT | 1,103.5 | 836.6 | 478.2 | 797.2 | 792.9 | 842.2 | 374.7 | 556.1 |
| EBIT margin | 94.1% | 70.6% | 39.9% | 65.7% | 70.5% | 79.0% | 35.3% | 53.4% |
| Interest income, net [+] | -142.0 | -180.0 | -32.0 | -1.9 | -1.7 | -114.9 | -97.7 | -1.0 |
| Interest expense | 5.6 | 0.3 | 5.3 | 1.9 | 1.7 | 0.8 | 7.2 | 68.9 |
| Interest income | -136.3 | -179.6 | -26.7 | | | -114.1 | -90.5 | 67.9 |
| Pre-tax income | 1,090.0 | 801.8 | 559.3 | 848.0 | 844.2 | 784.5 | 514.7 | 487.7 |
| Income taxes | 224.7 | 166.8 | 113.2 | 174.2 | 174.1 | 428.7 | 172.2 | -684.3 |
| Tax rate | 20.6% | 20.8% | 20.2% | 20.5% | 20.6% | 54.7% | 33.5% | |
| Net income | 865.3 | 635.0 | 446.1 | 673.8 | 670.1 | 355.8 | 342.5 | 1,172.0 |
| Net margin | 73.8% | 53.6% | 37.2% | 55.5% | 59.6% | 33.4% | 32.2% | 112.6% |
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| Basic EPS | $2.83 | $1.90 | $1.31 | $1.91 | $1.83 | $0.98 | $1.00 | $3.45 |
| Diluted EPS | $2.78 | $1.81 | $1.24 | $1.80 | $1.74 | $0.90 | $0.79 | $2.50 |
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| Shares outstanding (basic) | 305.8 | 334.3 | 340.0 | 352.8 | 365.4 | 362.4 | 342.9 | 339.6 |
| Shares outstanding (diluted) | 311.2 | 351.3 | 359.3 | 373.9 | 386.1 | 394.8 | 432.0 | 468.0 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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