10-Q Filing

NMI HOLDINGS, INC. CIK: 1547903 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001547903-15-000071`
Period End Date	20150331
Filing Date	20150506
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	nmih-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 42 Cash Flow Statement 58 Stockholders Equity 16 Comprehensive Income 5

Balance Sheet 53 line items

Line Item	Tag	Value	Unit	Period
Fixed maturity, amortized cost	`AvailableForSaleDebtSecuritiesAmortizedCostBasis`	$365.67M	USD	Point-in-time
Fixed maturity, amortized cost	`AvailableForSaleDebtSecuritiesAmortizedCostBasis`	$337.72M	USD	Point-in-time
Fixed maturities, available-for-sale, at fair value (amortized cost of $365,674 and $337,718 as of March 31, 2015 and December 31, 2014, respectively)	`AvailableForSaleSecuritiesDebtSecurities`	$367.95M	USD	Point-in-time
Fixed maturities, available-for-sale, at fair value (amortized cost of $365,674 and $337,718 as of March 31, 2015 and December 31, 2014, respectively)	`AvailableForSaleSecuritiesDebtSecurities`	$336.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$103.02M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$55.93M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$66.42M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.79M	USD	Point-in-time
Premiums receivable	`PremiumsReceivableAtCarryingValue`	$1.66M	USD	Point-in-time
Premiums receivable	`PremiumsReceivableAtCarryingValue`	$1.05M	USD	Point-in-time
Accrued investment income	`AccruedInvestmentIncomeReceivable`	$1.73M	USD	Point-in-time
Accrued investment income	`AccruedInvestmentIncomeReceivable`	$1.71M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrentAndNoncurrent`	$2.09M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrentAndNoncurrent`	$2.05M	USD	Point-in-time
Deferred policy acquisition costs, net	`DeferredPolicyAcquisitionCosts`	$2.98M	USD	Point-in-time
Deferred policy acquisition costs, net	`DeferredPolicyAcquisitionCosts`	$5.28M	USD	Point-in-time
Software and equipment, net	`PropertyPlantAndEquipmentNet`	$11.81M	USD	Point-in-time
Software and equipment, net	`PropertyPlantAndEquipmentNet`	$12.91M	USD	Point-in-time
Goodwill and other indefinite lived intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$3.63M	USD	Point-in-time
Goodwill and other indefinite lived intangible assets	`IntangibleAssetsNetIncludingGoodwill`	$3.63M	USD	Point-in-time
Other assets	`OtherAssets`	$56.00K	USD	Point-in-time
Other assets	`OtherAssets`	$509.00K	USD	Point-in-time
Total Assets	`Assets`	$463.26M	USD	Point-in-time
Total Assets	`Assets`	$461.74M	USD	Point-in-time
Unearned premiums	`UnearnedPremiums`	$28.05M	USD	Point-in-time
Unearned premiums	`UnearnedPremiums`	$22.07M	USD	Point-in-time
Reserve for insurance claims and claim expenses	`LiabilityForClaimsAndClaimsAdjustmentExpense`	-	USD	Point-in-time
Reserve for insurance claims and claim expenses	`LiabilityForClaimsAndClaimsAdjustmentExpense`	-	USD	Point-in-time
Reserve for insurance claims and claim expenses	`LiabilityForClaimsAndClaimsAdjustmentExpense`	$187.00K	USD	Point-in-time
Reserve for insurance claims and claim expenses	`LiabilityForClaimsAndClaimsAdjustmentExpense`	$83.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$10.65M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent`	$6.84M	USD	Point-in-time
Warrant liability, at fair value	`WarrantLiability`	$2.12M	USD	Point-in-time
Warrant liability, at fair value	`WarrantLiability`	$3.37M	USD	Point-in-time
Current tax payable	`TaxesPayableCurrent`	$1.19M	USD	Point-in-time
Current tax payable	`TaxesPayableCurrent`	-	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilities`	$137.00K	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilities`	$137.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$38.54M	USD	Point-in-time
Total Liabilities	`Liabilities`	$36.31M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$562.91M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$564.91M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.55M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-132.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-140.75M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$426.96M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$463.22M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$423.20M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$461.74M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$463.26M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net premiums written	`PremiumsWrittenNet`	$5.18M	USD	1 Quarter
Net premiums written	`PremiumsWrittenNet`	$12.92M	USD	1 Quarter
Increase in unearned premiums	`IncreaseDecreaseInUnearnedPremiumsNet`	$-5.99M	USD	1 Quarter
Increase in unearned premiums	`IncreaseDecreaseInUnearnedPremiumsNet`	$-3.27M	USD	1 Quarter
Net premiums earned	`PremiumsEarnedNet`	$6.94M	USD	1 Quarter
Net premiums earned	`PremiumsEarnedNet`	$1.90M	USD	1 Quarter
Net investment income	`NetInvestmentIncome`	$1.60M	USD	1 Quarter
Net investment income	`NetInvestmentIncome`	$1.49M	USD	1 Quarter
Net realized investment gains	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$613.00K	USD	1 Quarter
Net realized investment gains	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	-	USD	1 Quarter
Gain from change in fair value of warrant liability	`GainLossonChangeinFairValueofWarrantLiability`	$1.25M	USD	1 Quarter
Gain from change in fair value of warrant liability	`GainLossonChangeinFairValueofWarrantLiability`	$817.00K	USD	1 Quarter
Gain from settlement of warrants	`GainLossFromSettlementofWarrants`	-	USD	1 Quarter
Gain from settlement of warrants	`GainLossFromSettlementofWarrants`	$37.00K	USD	1 Quarter
Gain from settlement of warrants	`GainLossFromSettlementofWarrants`	$37.00K	USD	Annual
Total revenues	`Revenues`	$4.25M	USD	1 Quarter
Total revenues	`Revenues`	$10.39M	USD	1 Quarter
Insurance claims and claims expenses	`IncurredClaimsPropertyCasualtyAndLiability`	$104.00K	USD	1 Quarter
Insurance claims and claims expenses	`IncurredClaimsPropertyCasualtyAndLiability`	-	USD	1 Quarter
Underwriting and operating expenses	`OtherCostAndExpenseOperating`	$18.35M	USD	1 Quarter
Underwriting and operating expenses	`OtherCostAndExpenseOperating`	$19.30M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$18.45M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$19.30M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-15.05M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.06M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-241.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-48.91M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-15.05M	USD	1 Quarter
Net unrealized holding gains for the period included in accumulated other comprehensive loss, net of tax expense of $1,431, and $0 for the three months ended March 31, 2015 and 2014, respectively	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$3.04M	USD	1 Quarter
Net unrealized holding gains for the period included in accumulated other comprehensive loss, net of tax expense of $1,431, and $0 for the three months ended March 31, 2015 and 2014, respectively	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$2.67M	USD	1 Quarter
Reclassification adjustment for gains included in net loss, net of tax expense of $0, and $0 for the three months ended March 31, 2015 and 2014, respectively	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	-	USD	1 Quarter
Reclassification adjustment for gains included in net loss, net of tax expense of $0, and $0 for the three months ended March 31, 2015 and 2014, respectively	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	$613.00K	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$2.06M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.04M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-12.02M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.76M	USD	1 Quarter
Basic and Diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	1 Quarter
Basic and Diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.26	USD	1 Quarter
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.49M	shares	1 Quarter
Weighted average common shares outstanding (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.06M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-48.91M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-15.05M	USD	1 Quarter
Net realized investment gains	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$613.00K	USD	1 Quarter
Net realized investment gains	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	-	USD	1 Quarter
(Gain) loss from change in fair value of warrant liability	`GainLossonChangeinFairValueofWarrantLiability`	$1.25M	USD	1 Quarter
(Gain) loss from change in fair value of warrant liability	`GainLossonChangeinFairValueofWarrantLiability`	$817.00K	USD	1 Quarter
Gain from settlement of warrants	`GainLossFromSettlementofWarrants`	-	USD	1 Quarter
Gain from settlement of warrants	`GainLossFromSettlementofWarrants`	$37.00K	USD	1 Quarter
Gain from settlement of warrants	`GainLossFromSettlementofWarrants`	$37.00K	USD	Annual
Depreciation and other amortization	`DepreciationAmortizationAndAccretionNet`	$1.10M	USD	1 Quarter
Depreciation and other amortization	`DepreciationAmortizationAndAccretionNet`	$1.95M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$2.33M	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$2.00M	USD	1 Quarter
Benefit for taxes on current year unrealized gains	`ExpenseBenefitforTaxesonCurrentYearUnrealizedGains`	$-241.00K	USD	1 Quarter
Benefit for taxes on current year unrealized gains	`ExpenseBenefitforTaxesonCurrentYearUnrealizedGains`	-	USD	1 Quarter
Accrued investment income	`IncreaseDecreaseInAccruedInvestmentIncomeReceivable`	$25.00K	USD	1 Quarter
Accrued investment income	`IncreaseDecreaseInAccruedInvestmentIncomeReceivable`	$-210.00K	USD	1 Quarter
Premiums receivable	`IncreaseDecreaseInPremiumsReceivable`	$615.00K	USD	1 Quarter
Premiums receivable	`IncreaseDecreaseInPremiumsReceivable`	$110.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$37.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$183.00K	USD	1 Quarter
Deferred policy acquisition costs, net	`IncreaseDecreaseInDeferredPolicyAcquisitionCosts`	$887.00K	USD	1 Quarter
Deferred policy acquisition costs, net	`IncreaseDecreaseInDeferredPolicyAcquisitionCosts`	$2.30M	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-453.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-7.00K	USD	1 Quarter
Unearned premiums	`IncreaseDecreaseInUnearnedPremiumsNet`	$-5.99M	USD	1 Quarter
Unearned premiums	`IncreaseDecreaseInUnearnedPremiumsNet`	$-3.27M	USD	1 Quarter
Reserve for insurance claims and claims expenses	`IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve`	-	USD	1 Quarter
Reserve for insurance claims and claims expenses	`IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve`	$-104.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.68M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-4.29M	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-7.54M	USD	1 Quarter
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-11.99M	USD	1 Quarter
Purchase of fixed-maturity investments, available-for-sale	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$61.68M	USD	1 Quarter
Purchase of fixed-maturity investments, available-for-sale	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$110.00K	USD	1 Quarter
Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$33.94M	USD	1 Quarter
Proceeds from redemptions, maturities and sale of fixed-maturity investments, available-for-sale	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$718.00K	USD	1 Quarter
Purchase of software and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.66M	USD	1 Quarter
Purchase of software and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.32M	USD	1 Quarter
Net Cash Provided by (Used in) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.06M	USD	1 Quarter
Net Cash Provided by (Used in) Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.06M	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$334.00K	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$90.00K	USD	1 Quarter
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$333.00K	USD	1 Quarter
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.00K	USD	1 Quarter
Net Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-90.00K	USD	1 Quarter
Net Increase (Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-13.14M	USD	1 Quarter
Net Increase (Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-36.60M	USD	1 Quarter
Cash and Cash Equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$103.02M	USD	Point-in-time
Cash and Cash Equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$55.93M	USD	Point-in-time
Cash and Cash Equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$66.42M	USD	Point-in-time
Cash and Cash Equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$42.79M	USD	Point-in-time
Cash and Cash Equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$103.02M	USD	Point-in-time
Cash and Cash Equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$55.93M	USD	Point-in-time
Cash and Cash Equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$66.42M	USD	Point-in-time
Cash and Cash Equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$42.79M	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Change in unrealized investment gains (losses), tax amount	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$1.43M	USD	1 Quarter
Change in unrealized investment gains (losses), tax amount	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	-	USD	1 Quarter
Change in unrealized investment gains (losses), tax amount	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$2.39M	USD	Annual
Beginning balance	`StockholdersEquity`	$426.96M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$463.22M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$423.20M	USD	Point-in-time
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$9.18M	USD	Annual
Share-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.00M	USD	1 Quarter
Change in unrealized investment gains/losses, net of tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$3.44M	USD	Annual
Change in unrealized investment gains/losses, net of tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$2.06M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-48.91M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.82M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-15.05M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$426.96M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$463.22M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$423.20M	USD	Point-in-time

Comprehensive Income 5 line items

Line Item	Tag	Value	Unit	Period
Change in unrealized investment gains (losses), tax amount	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$1.43M	USD	1 Quarter
Change in unrealized investment gains (losses), tax amount	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	-	USD	1 Quarter
Change in unrealized investment gains (losses), tax amount	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$2.39M	USD	Annual
Reclassification adjustment from AOCI for sale of securities, tax amount	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax`	-	USD	1 Quarter
Reclassification adjustment from AOCI for sale of securities, tax amount	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax`	-	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.