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FIRST ACCEPTANCE CORP (FAC)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-17 | Dec-31-16 | Dec-31-15 | Dec-31-14 | Dec-31-13 | Dec-31-12 | Dec-31-11 | Jun-30-11 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 8-K | 10-K |
| Revenues: |
| Insurance | 347.4 | 388.3 | 331.8 | 263.1 | 240.5 | 228.0 | | 210.6 |
| Real estate and corporate | 0.1 | 1.3 | 0.1 | 0.1 | 0.1 | 0.1 | | 0.1 |
| Total revenues | 347.5 | 389.6 | 331.9 | 263.2 | 240.5 | 228.1 | 205.0 | 210.7 |
| Revenue growth | -10.8% | 17.4% | 26.1% | 9.4% | 5.5% | 11.2% | | -5.6% |
| Loss and loss adjustment expenses | 220.8 | 309.0 | 219.0 | 161.3 | 142.8 | 148.2 | 129.5 | 129.2 |
| Other underwriting costs | 111.3 | 116.5 | 105.3 | 87.3 | 82.8 | 82.1 | 79.1 | 77.8 |
| Investment expenses | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 | 0.6 | | 0.7 |
| Other operating expenses | -0.6 | 0.2 | 5.0 | 2.6 | 2.7 | 3.1 | 76.9 | 55.7 |
| EBITDA | 18.4 | -28.2 | 4.3 | 13.2 | 13.6 | -3.8 | | 1.4 |
| EBITDA margin | 5.3% | -7.2% | 1.3% | 5.0% | 5.7% | -1.7% | | 0.7% |
| Depreciation | 2.1 | 2.5 | 1.8 | 1.8 | 2.1 | 2.2 | | 1.6 |
| EBITA | 16.3 | -30.7 | 2.6 | 11.5 | 11.6 | -6.0 | -7.0 | -0.2 |
| EBITA margin | 4.7% | -7.9% | 0.8% | 4.4% | 4.8% | -2.6% | -3.4% | -0.1% |
| Amortization of intangibles | 0.8 | 1.0 | 0.5 | | | | | |
| EBIT | 15.5 | -31.7 | 2.1 | 11.5 | 11.6 | -6.0 | -7.0 | -0.2 |
| EBIT margin | 4.5% | -8.1% | 0.6% | 4.4% | 4.8% | -2.6% | -3.4% | -0.1% |
| Interest expense, net [+] | 17.9 | 3.6 | 4.7 | 1.7 | 1.7 | 3.0 | 3.9 | 7.9 |
| Interest expense | 8.9 | 8.5 | 4.7 | 1.7 | 1.7 | 3.0 | 3.9 | 3.9 |
| Interest income | -8.9 | 5.0 | 0.0 | 0.0 | | | | -3.9 |
| Other income (expense), net | 0.0 | -5.0 | 0.0 | 0.0 | | | | |
| Pre-tax income | 6.6 | -45.1 | -2.6 | 9.7 | 9.8 | -9.0 | -84.4 | -56.6 |
| Income taxes | 15.2 | -15.8 | -0.6 | -18.3 | 0.7 | 0.0 | 0.1 | 0.2 |
| Tax rate | 230.6% | 35.1% | 25.0% | | 6.6% | 0.1% | | |
| Net income | -8.6 | -29.3 | -1.9 | 28.1 | 9.2 | -9.0 | -84.5 | -56.8 |
| Net margin | -2.5% | -7.5% | -0.6% | 10.7% | 3.8% | -4.0% | -41.2% | -26.9% |
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| Basic EPS | ($0.21) | ($0.71) | ($0.05) | $0.68 | $0.22 | ($0.22) | ($1.76) | ($1.18) |
| Diluted EPS | ($0.21) | ($0.71) | ($0.05) | $0.68 | $0.22 | ($0.22) | ($1.76) | ($1.18) |
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| Shares outstanding (basic) | 41.3 | 41.1 | 41.0 | 41.0 | 40.9 | 40.9 | 48.0 | 48.2 |
| Shares outstanding (diluted) | 41.3 | 41.1 | 41.0 | 41.3 | 41.1 | 40.9 | 48.0 | 48.2 |
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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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