AXS FY 2019 Earnings Report — AXIS Capital Holdings Limited Revenue & Financial Results | Market Cap Arena

AXIS Capital Holdings LimitedAXS

FY 2019 Earnings

Reported February 27, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$5.2B	—	$5.1B	—	1.3%
Op. Income	$337M	—	$13M	—	2590.5%
Gross Margin	21.5%	—	18.8%	—	2.8pp
Net Margin	6.2%	—	0.8%	—	5.4pp
EPS (Diluted)	$3.34	—	$0.51	—	554.9%
Free Cash Flow	$136M	—	-$14M	—	1048.3%

Revenue Flow

Item	Amount
REVENUE	$5.2B
Cost of Revenue	$4.1B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$635M
SG&A Expenses	$635M
Other Expenses	$144M
Operating Expenses	$779M
Cost & Expenses	$4.8B
OPERATING INCOME	$337M
Interest Income	$0
Interest Expense	$68M
Other Income/Expenses	$0
INCOME BEFORE TAX	$337M
Income Tax Expense	$24M
Net Income from Continuing Ops	$323M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$323M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$282M
D&A	$75M
EBIT	$406M
EBITDA	$481M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$5.2B
Cost of Revenue	$4.1B
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$635M
SG&A Expenses	$635M
Other Expenses	$144M
Operating Expenses	$779M
Cost & Expenses	$4.8B
OPERATING INCOME	$337M
Interest Income	$0
Interest Expense	$68M
Other Income/Expenses	$0
INCOME BEFORE TAX	$337M
Income Tax Expense	$24M
Net Income from Continuing Ops	$323M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$323M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$282M
D&A	$75M
EBIT	$406M
EBITDA	$481M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$323M
Depreciation & Amortization	$75M
Stock-Based Compensation	$32M
Deferred Income Tax	-$149M
Other Non-Cash Items	$27M
Change in Working Capital	-$110M
OPERATING CASH FLOW	$199M
Capital Expenditure	-$63M
Acquisitions (Net)	$63M
Purchases of Investments	-$10.4B
Sales/Maturities of Investments	$9.9B
Other Investing Activities	-$197M
NET CASH FROM INVESTING	-$774M
Net Debt Issuance	$468M
Common Stock Repurchased	-$10M
Common Dividends Paid	-$137M
Other Financing Activities	-$10M
NET CASH FROM FINANCING	$278M
FREE CASH FLOW	$136M
Net Change in Cash	-$254M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.2B
Short-Term Investments	$5.1B
Net Receivables	$7.4B
Inventory	$0
Other Current Assets	-$14.9B
TOTAL CURRENT ASSETS	$0
PP&E (Net)	$111M
Goodwill	$102M
Intangible Assets	$240M
Long-Term Investments	$13.1B
Tax Assets	$0
Other Non-Current Assets	-$13.6B
TOTAL NON-CURRENT ASSETS	$0
TOTAL ASSETS	$25.6B
Account Payables	$1.3B
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$1.4B
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$1.8B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$1.9B
TOTAL NON-CURRENT LIABILITIES	$0
TOTAL LIABILITIES	$20.1B
Common Stock	$2M
Additional Paid-In Capital	$2.3B
Retained Earnings	$6.1B
Treasury Stock	-$3.8B
Accum. Other Comp. Income	$172M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.5B
Minority Interest	$0
TOTAL EQUITY	$5.5B
TOTAL LIABILITIES & EQUITY	$25.6B
Total Debt	$1.9B
Net Debt	$683M