NMI Holdings, Inc.

Non-GAAP reconciliation

Second

Second

Fourth Quarter

First Quarter

Quarter

Third Quarter

Fourth Quarter

First Quarter

Quarter

Third Quarter

Fourth Quarter

($ in thousands, except per share values)

12/31/2019

3/31/2020

6/30/2020

9/30/2020

12/31/2020

3/31/2021

6/30/2021

9/30/2021

12/31/2021

As Reported:

Revenues

Net premiums earned

$

95,517

$

98,717

$

98,944

$

98,802

$

100,709

$

105,879

$

110,888

$

113,594

$

113,933

Net Investment Income

7,962

8,104

7,070

8,337

8,386

8,814

9,382

9,831

10,045

Net realized investment gains (losses)

264

(72)

711

(4)

295

-

12

3

714

Other revenues

1,154

900

1,223

648

513

501

483

613

380

Total revenues

$

104,897

$

107,649

$

107,948

$

107,783

$

109,903

$

115,194

$

120,765

$

124,041

$

125,072

Expenses

Insurance claims and claims expenses

$

4,269

$

5,697

$

34,334

$

15,667

$

3,549

$

4,962

$

4,640

$

3,204

$

(500)

Underwriting and operating expenses

31,296

32,277

30,370

33,969

34,994

34,065

34,725

34,669

38,843

Service expenses

937

734

1,090

557

459

591

481

787

650

Interest expense

2,974

2,744

5,941

7,796

7,906

7,915

7,922

7,930

8,029

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

2,632

(5,959)

1,236

$

437

1,379

205

(658)

-

(112)

Total expenses

$

42,108

$

35,493

$

72,971

$

58,426

$

48,287

$

47,738

$

47,110

$

46,590

$

46,910

Income before income taxes

$

62,789

$

72,156

$

34,977

$

49,357

$

61,616

$

67,456

$

73,655

$

77,451

$

78,162

Income tax expense

12,594

13,885

8,129

11,178

13,348

14,565

16,133

17,258

17,639

Net income

$

50,195

$

58,271

$

26,848

$

38,179

$

48,268

$

52,891

$

57,522

$

60,193

$

60,523

Adjustments:

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

$

2,632

$

(5,959)

$

1,236

$

437

$

1,379

$

205

$

(658)

$

-

$

(112)

Capital markets transaction costs

-

474

2,790

2,254

1,719

378

1,615

481

1,505

Net realized investment (gains) losses

(264)

72

(711)

4

(295)

-

(12)

(3)

(714)

Other Infrequent, unusual or non-operating items

-

-

-

-

-

-

-

1,289

2,540

Adjusted Income before income taxes

$

65,157

$

66,743

$

38,292

$

52,052

$

64,419

$

68,039

$

74,600

$

79,218

$

81,381

Income tax expense (benefit) on adjustments

$

(55)

$

115

$

437

$

474

$

299

$

79

$

337

$

139

$

251

Adjusted Net income

$

52,618

$

52,743

$

29,726

$

40,400

$

50,772

$

53,395

$

58,130

$

61,821

$

63,491

Weighted average diluted shares outstanding

70,276

70,401

74,174

85,599

86,250

86,487

86,819

86,880

87,117

Dilutive effect of non-vested shares and warrants

-

-

-

-

-

-

-

Weighted average diluted shares outstanding - Adjusted

70,276

70,401

74,174

85,599

86,250

86,487

86,819

86,880

87,117

Diluted EPS - Reported

$

0.71

$

0.74

$

0.36

$

0.45

$

0.56

$

0.61

$

0.65

$

0.69

$

0.69

Diluted EPS - Adjusted

$

0.75

$

0.75

$

0.40

$

0.47

$

0.59

$

0.62

$

0.67

$

0.71

$

0.73

Shareholders' equity

$

930,420

$

974,890

$

1,257,037

$

1,307,556

$

1,369,591

$

1,380,308

$

1,459,905

$

1,516,226

$

1,565,786

Return on equity - Reported

22.3%

24.5%

9.6%

11.9%

14.4%

15.4%

16.2%

16.2%

15.7%

Return on equity - Adjusted

23.3%

22.1%

10.7%

12.6%

15.2%

15.5%

16.4%

16.6%

16.5%

Expense ratio - Reported

32.8%

32.7%

30.7%

34.4%

34.7%

32.2%

31.3%

30.5%

34.1%

Expense ratio - Adjusted

32.8%

32.2%

30.5%

32.1%

33.0%

31.8%

29.9%

29.0%

30.5%

Loss ratio - Reported and Adjusted

4.5%

5.8%

34.7%

15.9%

3.5%

4.7%

4.2%

2.8%

(0.4%)

Combined ratio - Reported

37.2%

38.5%

65.4%

50.2%

38.3%

36.9%

35.5%

33.3%

33.7%

Combined ratio - Adjusted

37.2%

38.0%

65.2%

48.0%

36.6%

36.5%

34.0%

31.8%

30.1%

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Disclaimer

NMI Holdings Inc. published this content on 16 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2022 06:33:04 UTC.