AXS FY 2008 Earnings Report — AXIS Capital Holdings Limited Revenue & Financial Results | Market Cap Arena

AXIS Capital Holdings LimitedAXS

FY 2008 Earnings

Reported February 24, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$2.8B	—	$3.2B	—	-12.9%
Op. Income	$407M	—	$1.1B	—	-64.1%
Gross Margin	26.0%	—	45.6%	—	-19.6pp
Net Margin	13.8%	—	33.8%	—	-20.1pp
EPS (Diluted)	$2.26	—	$6.41	—	-64.7%
Free Cash Flow	$1.5B	—	-$7.1B	—	121.6%

Revenue Flow

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$2.1B
GROSS PROFIT	$731M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$336M
SG&A Expenses	$336M
Other Expenses	-$12M
Operating Expenses	$324M
Cost & Expenses	$2.4B
OPERATING INCOME	$407M
Interest Income	$0
Interest Expense	$32M
Other Income/Expenses	$0
INCOME BEFORE TAX	$407M
Income Tax Expense	$20M
Net Income from Continuing Ops	$387M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$387M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$351M
D&A	$11M
EBIT	$439M
EBITDA	$450M
EPS	$3
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$2.1B
GROSS PROFIT	$731M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$336M
SG&A Expenses	$336M
Other Expenses	-$12M
Operating Expenses	$324M
Cost & Expenses	$2.4B
OPERATING INCOME	$407M
Interest Income	$0
Interest Expense	$32M
Other Income/Expenses	$0
INCOME BEFORE TAX	$407M
Income Tax Expense	$20M
Net Income from Continuing Ops	$387M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$387M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$351M
D&A	$11M
EBIT	$439M
EBITDA	$450M
EPS	$3
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$387M
Depreciation & Amortization	$11M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$404M
Change in Working Capital	$723M
OPERATING CASH FLOW	$1.5B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$10.7B
Sales/Maturities of Investments	$10.2B
Other Investing Activities	-$75M
NET CASH FROM INVESTING	-$633M
Net Debt Issuance	$0
Common Stock Repurchased	-$291M
Common Dividends Paid	-$106M
Other Financing Activities	$0
NET CASH FROM FINANCING	-$408M
FREE CASH FLOW	$1.5B
Net Change in Cash	$424M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.8B
Short-Term Investments	$492M
Net Receivables	$79M
Inventory	$0
Other Current Assets	-$2.8B
TOTAL CURRENT ASSETS	$14.2B
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$60M
Long-Term Investments	$8.6B
Tax Assets	$0
Other Non-Current Assets	-$8.6B
TOTAL NON-CURRENT ASSETS	$60M
TOTAL ASSETS	$14.3B
Account Payables	$202M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$202M
TOTAL CURRENT LIABILITIES	$9.3B
Long-Term Debt	$499M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$499M
TOTAL NON-CURRENT LIABILITIES	$499M
TOTAL LIABILITIES	$9.8B
Common Stock	$2M
Additional Paid-In Capital	$2.0B
Retained Earnings	$3.2B
Treasury Stock	-$496M
Accum. Other Comp. Income	-$706M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.5B
Minority Interest	$0
TOTAL EQUITY	$4.5B
TOTAL LIABILITIES & EQUITY	$14.3B
Total Debt	$499M
Net Debt	-$1.3B