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UNIVERSAL INSURANCE HOLDINGS, INC. (UVE)
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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 | 1,222.7 | 1,121.9 | 1,072.8 | 939.4 | 823.8 | 751.9 | 685.3 | 546.5 |
| Revenue growth | 9.0% | 4.6% | 14.2% | 14.0% | 9.6% | 9.7% | 25.4% | 48.0% |
| Loss and loss adjustment expenses | 938.4 | 779.2 | 758.8 | 603.4 | 414.5 | 350.4 | 301.2 | 187.7 |
| Policy acquisition costs | 217.2 | 224.1 | 199.2 | 176.8 | 163.2 | 136.7 | 125.4 | 87.9 |
| Investment expenses | 2.6 | 3.0 | 3.2 | 3.1 | 3.0 | 2.2 | 2.2 | 2.3 |
| Other operating expenses | 85.0 | 86.5 | 87.3 | 92.5 | 90.3 | 92.1 | 93.6 | 93.6 |
| EBITDA | -13.3 | 36.0 | 29.4 | 68.5 | 157.7 | 174.5 | 166.1 | 177.1 |
| EBITDA margin | -1.1% | 3.2% | 2.7% | 7.3% | 19.1% | 23.2% | 24.2% | 32.4% |
| Depreciation | 7.3 | 6.9 | 5.1 | 5.0 | 4.8 | 4.1 | 3.2 | 2.0 |
| EBIT | -20.6 | 29.1 | 24.3 | 63.5 | 152.9 | 170.5 | 162.9 | 175.0 |
| EBIT margin | -1.7% | 2.6% | 2.3% | 6.8% | 18.6% | 22.7% | 23.8% | 32.0% |
| Interest expense | 6.6 | 0.6 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Interest expense | 6.6 | 0.6 | 0.1 | | | | | |
| Pre-tax income | -27.2 | 28.4 | 24.2 | 63.5 | 152.9 | 170.5 | 162.9 | 175.0 |
| Income taxes | -5.0 | 8.0 | 5.1 | 17.0 | 35.8 | 63.5 | 63.5 | 68.5 |
| Tax rate | 18.3% | 28.2% | 21.2% | 26.8% | 23.4% | 37.3% | 39.0% | 39.2% |
| Net income | -22.3 | 20.4 | 19.1 | 46.5 | 117.1 | 106.9 | 99.4 | 106.5 |
| Net margin | -1.8% | 1.8% | 1.8% | 5.0% | 14.2% | 14.2% | 14.5% | 19.5% |
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| Basic EPS | ($0.72) | $0.65 | $0.60 | $1.37 | $3.36 | $3.07 | $2.85 | $3.06 |
| Diluted EPS | ($0.72) | $0.65 | $0.60 | $1.36 | $3.27 | $2.99 | $2.79 | $2.97 |
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| Shares outstanding (basic) | 30.8 | 31.2 | 31.9 | 33.9 | 34.9 | 34.8 | 34.9 | 34.8 |
| Shares outstanding (diluted) | 30.8 | 31.3 | 32.0 | 34.2 | 35.8 | 35.8 | 35.7 | 35.9 |
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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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