Essent Group Ltd. (ESNT) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues	1,028.5	955.2	867.6	719.4	576.5	458.3	353.3	239.5
Revenue growth	7.7%	10.1%	20.6%	24.8%	25.8%	29.7%	47.5%	82.2%
Loss and loss adjustment expenses								6.3
Other underwriting costs	166.9	154.7	165.4	150.9	145.5	130.4	113.0	97.2
Investment expenses	5.5	4.9	3.7	2.8	2.7	2.1	1.9	1.1
Other operating expenses	25.5	296.4	29.3	8.7	24.5	13.4	10.0	-1.1
Equity in earnings	56.4	-0.2	-0.2
EBITDA	844.4	512.5	676.6	560.3	407.7	316.4	231.6	138.4
EBITDA margin	82.1%	53.7%	78.0%	77.9%	70.7%	69.0%	65.6%	57.8%
Depreciation	3.4	3.3	3.8	3.4	3.9	4.1	3.2	2.5
EBIT	841.0	509.2	672.8	556.9	403.7	312.3	228.4	135.9
EBIT margin	81.8%	53.3%	77.5%	77.4%	70.0%	68.2%	64.6%	56.8%
Interest expense	8.3	9.1	10.2	10.2	5.2	0.4	0.0	0.0
Interest expense	8.3	9.1	10.2	10.2	5.2	0.4
Other income (expense), net	-10.4	-10.0	-3.6
Pre-tax income	822.3	490.1	659.1	546.7	398.6	311.9	228.4	135.9
Income taxes	140.5	77.1	103.3	79.3	18.8	89.3	71.1	47.4
Tax rate	17.1%	15.7%	15.7%	14.5%	4.7%	28.6%	31.1%	34.9%
Net income	681.8	413.0	555.7	467.4	379.7	222.6	157.3	88.5
Net margin	66.3%	43.2%	64.1%	65.0%	65.9%	48.6%	44.5%	37.0%

Basic EPS	$6.13	$3.89	$5.68	$4.80	$4.07	$2.45	$1.74	$1.05
Diluted EPS	$6.11	$3.88	$5.66	$4.77	$3.99	$2.41	$1.72	$1.03

Shares outstanding (basic)	111.2	106.1	97.8	97.4	93.3	90.9	90.4	84.0
Shares outstanding (diluted)	111.6	106.4	98.2	98.0	95.2	92.2	91.7	85.6

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.