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Amtrust Financial Services, Inc. (AFSI)
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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 | Dec-31-10 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Specialty Risk & Extended Warranty | 2,009.8 | 1,543.9 | 1,305.0 | 1,212.5 | 811.8 | 541.6 | 446.8 | 303.6 |
| Other | 1,208.6 | 858.9 | 792.9 | 848.3 | 389.7 | 251.8 | | |
| Specialty Program | 739.7 | 920.6 | 829.3 | 678.6 | 520.4 | 348.6 | 171.4 | 140.3 |
| Other | 2,000.9 | 2,127.0 | 1,686.5 | 1,280.8 | 976.0 | 526.2 | 585.7 | 558.6 |
| Total revenues | 5,958.9 | 5,450.5 | 4,613.8 | 4,020.2 | 2,697.9 | 1,668.2 | 1,203.8 | 1,002.5 |
| Revenue growth | 9.3% | 18.1% | 14.8% | 49.0% | 61.7% | 38.6% | 20.1% | 35.4% |
| Loss and loss adjustment expenses | 4,084.5 | 3,142.3 | 2,688.1 | 2,331.3 | 1,517.4 | 922.7 | 678.3 | 471.5 |
| Policy acquisition costs | | | | 538.7 | 367.3 | 242.9 | 161.4 | 102.1 |
| Other underwriting costs | | | | | | | | |
| Investment expenses | 9.6 | 5.5 | 1.9 | 0.2 | 1.9 | 0.9 | 1.0 | 0.6 |
| Other operating expenses | 2,274.3 | 1,723.1 | 1,397.2 | 688.9 | 409.6 | 276.3 | 175.7 | 244.0 |
| General and administrative | 2,238.5 | 1,698.5 | 1,325.1 | 897.9 | 574.7 | 377.9 | 321.1 | 326.9 |
| Equity in earnings | -15.5 | -0.9 | -1.7 | -2.6 | -11.6 | 9.3 | 4.9 | 23.2 |
| EBITDA | -124.2 | 630.3 | 541.6 | 461.1 | 397.3 | 249.7 | 161.4 | 213.4 |
| EBITDA margin | -2.1% | 11.6% | 11.7% | 11.5% | 14.7% | 15.0% | 13.4% | 21.3% |
| Depreciation | 158.4 | 117.3 | 84.4 | 61.4 | 53.1 | 28.6 | 19.5 | 18.4 |
| EBIT | -282.6 | 513.1 | 457.2 | 399.7 | 344.2 | 221.1 | 141.9 | 195.0 |
| EBIT margin | -4.7% | 9.4% | 9.9% | 9.9% | 12.8% | 13.3% | 11.8% | 19.5% |
| Interest income, net [+] | -434.7 | -145.2 | -128.3 | -121.2 | -80.7 | -85.5 | -48.2 | -25.4 |
| Interest expense | 98.3 | 79.5 | 55.4 | 45.9 | 34.7 | 28.5 | 16.1 | 12.9 |
| Interest income | -336.4 | -65.6 | -73.0 | -75.3 | -46.0 | -57.0 | -32.2 | -12.5 |
| Other income (expense), net | 44.4 | 65.6 | 67.7 | 65.5 | 46.0 | 13.6 | 50.3 | 12.5 |
| Pre-tax income | -507.7 | 500.1 | 471.2 | 415.3 | 367.0 | 196.9 | 171.3 | 171.4 |
| Income taxes | -99.4 | 85.3 | 38.9 | 28.4 | 98.0 | 21.3 | -15.0 | 47.1 |
| Tax rate | 19.6% | 17.1% | 8.3% | 6.8% | 26.7% | 10.8% | | 27.5% |
| Minority interest | 14.0 | 19.4 | 6.9 | | | 6.9 | 20.7 | 5.1 |
| Net income | -415.2 | 363.1 | 419.1 | 402.9 | 278.2 | 178.0 | 170.4 | 142.5 |
| Net margin | -7.0% | 6.7% | 9.1% | 10.0% | 10.3% | 10.7% | 14.2% | 14.2% |
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| Basic EPS | ($2.23) | $2.10 | $2.54 | $2.69 | $1.88 | $2.43 | $2.34 | $2.17 |
| Diluted EPS | ($2.23) | $2.08 | $2.49 | $2.53 | $1.78 | $2.35 | $2.29 | $2.14 |
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| Shares outstanding (basic) | 186.0 | 172.6 | 165.0 | 149.9 | 148.3 | 73.3 | 72.7 | 65.5 |
| Shares outstanding (diluted) | 186.0 | 174.5 | 168.4 | 159.0 | 156.0 | 75.6 | 74.4 | 66.4 |
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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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