AXS FY 2006 Earnings Report — AXIS Capital Holdings Limited Revenue & Financial Results | Market Cap Arena

AXIS Capital Holdings LimitedAXS

FY 2006 Earnings

Reported March 1, 2007

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2006	Prior Q	FY 2005	QoQ Change	YoY Change
Revenue	$3.1B	—	—	—	—
Op. Income	$997M	—	—	—	—
Gross Margin	41.1%	—	—	—	—
Net Margin	31.3%	—	—	—	—
EPS (Diluted)	$5.63	—	—	—	—
Free Cash Flow	$1.6B	—	—	—	—

Revenue Flow

Item	Amount
REVENUE	$3.1B
Cost of Revenue	$1.8B
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$268M
SG&A Expenses	$268M
Other Expenses	$449.0K
Operating Expenses	$269M
Cost & Expenses	$2.1B
OPERATING INCOME	$997M
Interest Income	$0
Interest Expense	$33M
Other Income/Expenses	$0
INCOME BEFORE TAX	$997M
Income Tax Expense	$34M
Net Income from Continuing Ops	$963M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$963M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$926M
D&A	$41M
EBIT	$1.0B
EBITDA	$1.1B
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$3.1B
Cost of Revenue	$1.8B
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$268M
SG&A Expenses	$268M
Other Expenses	$449.0K
Operating Expenses	$269M
Cost & Expenses	$2.1B
OPERATING INCOME	$997M
Interest Income	$0
Interest Expense	$33M
Other Income/Expenses	$0
INCOME BEFORE TAX	$997M
Income Tax Expense	$34M
Net Income from Continuing Ops	$963M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$963M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$926M
D&A	$41M
EBIT	$1.0B
EBITDA	$1.1B
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$963M
Depreciation & Amortization	$41M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$361M
Change in Working Capital	$971M
OPERATING CASH FLOW	$1.6B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$5.6B
Sales/Maturities of Investments	$4.4B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$1.2B
Net Debt Issuance	$0
Common Stock Repurchased	-$335.0K
Common Dividends Paid	-$91M
Other Financing Activities	$400M
NET CASH FROM FINANCING	$290M
FREE CASH FLOW	$1.6B
Net Change in Cash	$708M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.0B
Short-Term Investments	$1.1B
Net Receivables	$2.6B
Inventory	$0
Other Current Assets	-$5.9B
TOTAL CURRENT ASSETS	$13.6B
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$29M
Long-Term Investments	$6.9B
Tax Assets	$0
Other Non-Current Assets	-$6.9B
TOTAL NON-CURRENT ASSETS	$29M
TOTAL ASSETS	$13.7B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$5.6B
TOTAL CURRENT LIABILITIES	$8.8B
Long-Term Debt	$499M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$499M
TOTAL NON-CURRENT LIABILITIES	$499M
TOTAL LIABILITIES	$9.3B
Common Stock	$2M
Additional Paid-In Capital	$1.9B
Retained Earnings	$2.0B
Treasury Stock	$0
Accum. Other Comp. Income	-$45M
Other Equity	$500M
TOTAL STOCKHOLDERS' EQUITY	$4.4B
Minority Interest	$0
TOTAL EQUITY	$4.4B
TOTAL LIABILITIES & EQUITY	$13.7B
Total Debt	$499M
Net Debt	-$1.5B