AXS FY 2009 Earnings Report — AXIS Capital Holdings Limited Revenue & Financial Results | Market Cap Arena

AXIS Capital Holdings LimitedAXS

FY 2009 Earnings

Reported February 22, 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	$2.8B	—	$2.8B	—	-0.9%
Op. Income	$540M	—	$407M	—	32.5%
Gross Margin	33.8%	—	26.0%	—	7.8pp
Net Margin	17.9%	—	13.8%	—	4.1pp
EPS (Diluted)	$3.07	—	$2.26	—	35.8%
Free Cash Flow	$850M	—	$1.5B	—	-44.3%

Revenue Flow

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$1.8B
GROSS PROFIT	$942M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$370M
SG&A Expenses	$370M
Other Expenses	$32M
Operating Expenses	$402M
Cost & Expenses	$2.2B
OPERATING INCOME	$540M
Interest Income	$0
Interest Expense	$32M
Other Income/Expenses	$0
INCOME BEFORE TAX	$540M
Income Tax Expense	$42M
Net Income from Continuing Ops	$498M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$498M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$461M
D&A	$15M
EBIT	$572M
EBITDA	$587M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$1.8B
GROSS PROFIT	$942M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$370M
SG&A Expenses	$370M
Other Expenses	$32M
Operating Expenses	$402M
Cost & Expenses	$2.2B
OPERATING INCOME	$540M
Interest Income	$0
Interest Expense	$32M
Other Income/Expenses	$0
INCOME BEFORE TAX	$540M
Income Tax Expense	$42M
Net Income from Continuing Ops	$498M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$498M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$461M
D&A	$15M
EBIT	$572M
EBITDA	$587M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$498M
Depreciation & Amortization	$15M
Stock-Based Compensation	$48M
Deferred Income Tax	$249M
Other Non-Cash Items	-$67M
Change in Working Capital	$108M
OPERATING CASH FLOW	$850M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$11.0B
Sales/Maturities of Investments	$9.4B
Other Investing Activities	$122M
NET CASH FROM INVESTING	-$1.5B
Net Debt Issuance	$0
Common Stock Repurchased	-$176M
Common Dividends Paid	-$113M
Other Financing Activities	$0
NET CASH FROM FINANCING	-$322M
FREE CASH FLOW	$850M
Net Change in Cash	-$909M

Balance Sheet

Item	Amount
Cash & Equivalents	$864M
Short-Term Investments	$699M
Net Receivables	$102M
Inventory	$0
Other Current Assets	-$1.9B
TOTAL CURRENT ASSETS	$15.2B
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$92M
Long-Term Investments	$10.6B
Tax Assets	$0
Other Non-Current Assets	-$10.6B
TOTAL NON-CURRENT ASSETS	$92M
TOTAL ASSETS	$15.3B
Account Payables	$173M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$173M
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	$3.6B
Treasury Stock	-$672M
Accum. Other Comp. Income	$86M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.5B
Minority Interest	$0
TOTAL EQUITY	$5.5B
TOTAL LIABILITIES & EQUITY	$15.3B
Total Debt	$499M
Net Debt	-$365M