AXS FY 2010 Earnings Report — AXIS Capital Holdings Limited Revenue & Financial Results | Market Cap Arena

AXIS Capital Holdings LimitedAXS

FY 2010 Earnings

Reported February 18, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$3.6B	—	$2.8B	—	28.0%
Op. Income	$895M	—	$540M	—	65.9%
Gross Margin	39.3%	—	33.8%	—	5.5pp
Net Margin	24.0%	—	17.9%	—	6.1pp
EPS (Diluted)	$6.02	—	$3.07	—	96.1%
Free Cash Flow	$1.2B	—	$850M	—	39.8%

Revenue Flow

Item	Amount
REVENUE	$3.6B
Cost of Revenue	$2.2B
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$450M
SG&A Expenses	$450M
Other Expenses	$56M
Operating Expenses	$506M
Cost & Expenses	$2.7B
OPERATING INCOME	$895M
Interest Income	$0
Interest Expense	$56M
Other Income/Expenses	$0
INCOME BEFORE TAX	$895M
Income Tax Expense	$39M
Net Income from Continuing Ops	$857M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$857M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$820M
D&A	$14M
EBIT	$951M
EBITDA	$965M
EPS	$7
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$3.6B
Cost of Revenue	$2.2B
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$450M
SG&A Expenses	$450M
Other Expenses	$56M
Operating Expenses	$506M
Cost & Expenses	$2.7B
OPERATING INCOME	$895M
Interest Income	$0
Interest Expense	$56M
Other Income/Expenses	$0
INCOME BEFORE TAX	$895M
Income Tax Expense	$39M
Net Income from Continuing Ops	$857M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$857M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$820M
D&A	$14M
EBIT	$951M
EBITDA	$965M
EPS	$7
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$857M
Depreciation & Amortization	$14M
Stock-Based Compensation	$37M
Deferred Income Tax	$0
Other Non-Cash Items	-$198M
Change in Working Capital	$478M
OPERATING CASH FLOW	$1.2B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$13.3B
Sales/Maturities of Investments	$12.7B
Other Investing Activities	-$58M
NET CASH FROM INVESTING	-$688M
Net Debt Issuance	$495M
Common Stock Repurchased	-$710M
Common Dividends Paid	-$108M
Other Financing Activities	$0
NET CASH FROM FINANCING	-$352M
FREE CASH FLOW	$1.2B
Net Change in Cash	$141M

Balance Sheet

Item	Amount
Cash & Equivalents	$930M
Short-Term Investments	$692M
Net Receivables	$3.0B
Inventory	$0
Other Current Assets	-$15.2B
TOTAL CURRENT ASSETS	$17.4B
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$103M
Long-Term Investments	$11.5B
Tax Assets	$0
Other Non-Current Assets	-$12.6B
TOTAL NON-CURRENT ASSETS	-$930M
TOTAL ASSETS	$16.4B
Account Payables	$165M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$165M
TOTAL CURRENT LIABILITIES	$9.8B
Long-Term Debt	$994M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$994M
TOTAL NON-CURRENT LIABILITIES	$994M
TOTAL LIABILITIES	$10.8B
Common Stock	$2M
Additional Paid-In Capital	$2.1B
Retained Earnings	$4.3B
Treasury Stock	-$1.4B
Accum. Other Comp. Income	$177M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.6B
Minority Interest	$0
TOTAL EQUITY	$5.6B
TOTAL LIABILITIES & EQUITY	$16.4B
Total Debt	$1.0B
Net Debt	$85M