NMI : Reconciliation of non-GAAP to GAAP Measures 1Q 2025

Published: 2025-04-30 02:09:10 ET NMIH

NMI Holdings, Inc.

Non-GAAP reconciliation

($ in thousands, except per share values)

First Quarter 3/31/2024

Second Quarter 6/30/2024

Third Quarter 9/30/2024

Fourth Quarter 12/31/2024

First Quarter 3/31/2025

As Reported:

Revenues

Net premiums earned

$ 136,657

$ 141,168

$ 143,343

$ 143,520

$ 149,366

Net Investment Income

19,436

20,688

22,474

22,718

23,686

Net realized investment (losses) gains

-

-

(10)

33

24

Other revenues

160

266

285

233

170

Total revenues

$ 156,253

$ 162,122

$ 166,092

$ 166,504

$ 173,246

Expenses

Insurance claims and claim expenses

$ 3,694

$ 276

$ 10,321

17,253

4,478

Underwriting and operating expenses

29,815

28,330

29,160

31,092

30,175

Service expenses

137

194

208

184

116

Interest expense

8,040

14,678

7,076

7,102

7,106

Total expenses

$ 41,686

$ 43,478

$ 46,765

$ 55,631

$ 41,875

Income before income taxes

$ 114,567

$ 118,644

$ 119,327

$ 110,873

$ 131,371

Income tax expense

25,517

26,565

26,517

24,706

28,812

Net income

$ 89,050

$ 92,079

$ 92,810

$ 86,167

$ 102,559

Adjustments:

Capital markets transaction costs

Net realized investment (losses) gains

Adjusted income before income taxes

Income tax expense (benefit) on adjustments

Adjusted net income

-

6,966

-

-

-

-

-

10

(33)

(24)

$ 114,567

$ 125,610

$ 119,337

$ 110,840

$ 131,347

-

1,463

2

(7)

(5)

$ 89,050

$ 97,582

$ 92,818

$ 86,141

$ 102,540

Weighted average diluted shares outstanding

Weighted average diluted shares outstanding - Adjusted

82,099

81,300

81,045

80,623

79,858

82,099

81,300

81,045

80,623

79,858

Diluted EPS - Reported

Diluted EPS - Adjusted

$ 1.08

$ 1.13

$ 1.15

$ 1.07

$ 1.28

$ 1.08

$ 1.20

$ 1.15

$ 1.07

$ 1.28

Shareholders' equity

Return on equity - Reported

Return on equity - Adjusted

$ 1,978,381

$ 2,045,610

$ 2,195,186

$ 2,217,432

$ 2,321,571

18.2%

18.3%

17.5%

15.6%

18.1%

18.2%

19.4%

17.5%

15.6%

18.1%

Expense ratio - Reported

Expense ratio - Adjusted

Loss ratio - Reported and Adjusted

Combined ratio - Reported

Combined ratio - Adjusted

21.8%

20.1%

20.3%

21.7%

20.2%

21.8%

20.1%

20.3%

21.7%

20.2%

2.7%

0.2%

7.2%

12.0%

3.0%

24.5%

20.3%

27.5%

33.7%

23.2%

24.5%

20.3%

27.5%

33.7%

23.2%

Book value per share

Book value per share (excluding net unrealized gains and losses)

$ 24.56

$ 25.65

$ 26.42

$ 27.54

$ 27.67

$ 28.71

$ 28.21

$ 29.80

$ 29.65

$ 30.85

Disclaimer

NMI Holdings Inc. published this content on April 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2025 at 06:03 UTC.