AIZN FY 2009 Earnings Report — Assurant, Inc. 5.25% Subordinat Revenue & Financial Results | Market Cap Arena

Assurant, Inc. 5.25% SubordinatAIZN

FY 2009 Earnings

Reported February 25, 2010

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2009	Prior Q	FY 2008	QoQ Change	YoY Change
Revenue	$8.7B	—	$8.6B	—	1.2%
Op. Income	$710M	—	$563M	—	26.0%
Gross Margin	55.5%	—	53.3%	—	2.3pp
Net Margin	4.9%	—	5.2%	—	-0.3pp
EPS (Diluted)	$3.63	—	$3.77	—	-3.7%
Free Cash Flow	$214M	—	$943M	—	-77.3%

Revenue Flow

Item	Amount
REVENUE	$8.7B
Cost of Revenue	$3.9B
GROSS PROFIT	$4.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.4B
Other Expenses	$1.7B
Operating Expenses	$4.1B
Cost & Expenses	$8.0B
OPERATING INCOME	$710M
Interest Income	$0
Interest Expense	$61M
Other Income/Expenses	$0
INCOME BEFORE TAX	$710M
Income Tax Expense	$279M
Net Income from Continuing Ops	$431M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$431M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$431M
D&A	$91M
EBIT	$770M
EBITDA	$862M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$8.7B
Cost of Revenue	$3.9B
GROSS PROFIT	$4.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.4B
Other Expenses	$1.7B
Operating Expenses	$4.1B
Cost & Expenses	$8.0B
OPERATING INCOME	$710M
Interest Income	$0
Interest Expense	$61M
Other Income/Expenses	$0
INCOME BEFORE TAX	$710M
Income Tax Expense	$279M
Net Income from Continuing Ops	$431M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$431M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$431M
D&A	$91M
EBIT	$770M
EBITDA	$862M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$431M
Depreciation & Amortization	$91M
Stock-Based Compensation	$30M
Deferred Income Tax	$0
Other Non-Cash Items	$137M
Change in Working Capital	-$419M
OPERATING CASH FLOW	$270M
Capital Expenditure	-$56M
Acquisitions (Net)	$5M
Purchases of Investments	-$2.2B
Sales/Maturities of Investments	$2.3B
Other Investing Activities	$112M
NET CASH FROM INVESTING	$141M
Net Debt Issuance	-$36M
Common Stock Repurchased	-$35M
Common Dividends Paid	-$70M
Other Financing Activities	-$2M
NET CASH FROM FINANCING	-$143M
FREE CASH FLOW	$214M
Net Change in Cash	$278M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.3B
Short-Term Investments	$453M
Net Receivables	$508M
Inventory	$0
Other Current Assets	-$2.3B
TOTAL CURRENT ASSETS	$0
PP&E (Net)	$275M
Goodwill	$926M
Intangible Assets	$95M
Long-Term Investments	$10.9B
Tax Assets	$0
Other Non-Current Assets	-$12.2B
TOTAL NON-CURRENT ASSETS	$0
TOTAL ASSETS	$25.8B
Account Payables	$1.5B
Short-Term Debt	$0
Deferred Revenue	$165M
Other Current Liabilities	-$5.3B
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$972M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$972M
TOTAL NON-CURRENT LIABILITIES	$0
TOTAL LIABILITIES	$21.0B
Common Stock	$1M
Additional Paid-In Capital	$3.0B
Retained Earnings	$3.1B
Treasury Stock	-$1.2B
Accum. Other Comp. Income	$66M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.9B
Minority Interest	$0
TOTAL EQUITY	$4.9B
TOTAL LIABILITIES & EQUITY	$25.8B
Total Debt	$972M
Net Debt	-$346M