AXS FY 2011 Earnings Report — AXIS Capital Holdings Limited Revenue & Financial Results | Market Cap Arena

AXIS Capital Holdings LimitedAXS

FY 2011 Earnings

Reported February 22, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$3.8B	—	$3.6B	—	7.8%
Op. Income	$62M	—	$895M	—	-93.1%
Gross Margin	15.2%	—	39.3%	—	-24.1pp
Net Margin	1.2%	—	24.0%	—	-22.8pp
EPS (Diluted)	$0.07	—	$6.02	—	-98.8%
Free Cash Flow	$1.2B	—	$1.2B	—	0.2%

Revenue Flow

Item	Amount
REVENUE	$3.8B
Cost of Revenue	$3.3B
GROSS PROFIT	$583M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$459M
SG&A Expenses	$459M
Other Expenses	$63M
Operating Expenses	$522M
Cost & Expenses	$3.8B
OPERATING INCOME	$62M
Interest Income	$0
Interest Expense	$63M
Other Income/Expenses	$0
INCOME BEFORE TAX	$62M
Income Tax Expense	$15M
Net Income from Continuing Ops	$46M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$46M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$9M
D&A	$17M
EBIT	$124M
EBITDA	$141M
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$3.8B
Cost of Revenue	$3.3B
GROSS PROFIT	$583M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$459M
SG&A Expenses	$459M
Other Expenses	$63M
Operating Expenses	$522M
Cost & Expenses	$3.8B
OPERATING INCOME	$62M
Interest Income	$0
Interest Expense	$63M
Other Income/Expenses	$0
INCOME BEFORE TAX	$62M
Income Tax Expense	$15M
Net Income from Continuing Ops	$46M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$46M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$9M
D&A	$17M
EBIT	$124M
EBITDA	$141M
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$46M
Depreciation & Amortization	$17M
Stock-Based Compensation	$39M
Deferred Income Tax	$0
Other Non-Cash Items	-$59M
Change in Working Capital	$1.1B
OPERATING CASH FLOW	$1.2B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$17.1B
Sales/Maturities of Investments	$16.3B
Other Investing Activities	-$27M
NET CASH FROM INVESTING	-$833M
Net Debt Issuance	$0
Common Stock Repurchased	-$66M
Common Dividends Paid	-$206M
Other Financing Activities	$0
NET CASH FROM FINANCING	-$302M
FREE CASH FLOW	$1.2B
Net Change in Cash	$52M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.1B
Short-Term Investments	$150M
Net Receivables	$3.3B
Inventory	$0
Other Current Assets	-$16.3B
TOTAL CURRENT ASSETS	$14.9B
PP&E (Net)	$0
Goodwill	$49M
Intangible Assets	$50M
Long-Term Investments	$11.8B
Tax Assets	$0
Other Non-Current Assets	-$8.9B
TOTAL NON-CURRENT ASSETS	$2.9B
TOTAL ASSETS	$17.8B
Account Payables	$207M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$358M
TOTAL CURRENT LIABILITIES	$11.4B
Long-Term Debt	$995M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$995M
TOTAL NON-CURRENT LIABILITIES	$995M
TOTAL LIABILITIES	$12.4B
Common Stock	$2M
Additional Paid-In Capital	$2.1B
Retained Earnings	$4.2B
Treasury Stock	-$1.4B
Accum. Other Comp. Income	$128M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.4B
Minority Interest	$0
TOTAL EQUITY	$5.4B
TOTAL LIABILITIES & EQUITY	$17.8B
Total Debt	$995M
Net Debt	-$88M