MCY FY 2013 Earnings Report — Mercury General Corporation Revenue & Financial Results | Market Cap Arena

Mercury General CorporationMCY

FY 2013 Earnings

Reported February 10, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$2.8B	—	$2.8B	—	1.4%
Op. Income	$132M	—	$135M	—	-2.4%
Gross Margin	12.5%	—	12.4%	—	0.1pp
Net Margin	4.0%	—	4.2%	—	-0.2pp
EPS (Diluted)	$2.04	—	$2.13	—	-4.2%
Free Cash Flow	$191M	—	$133M	—	43.8%

Revenue Flow

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$2.5B
GROSS PROFIT	$353M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$221M
Operating Expenses	$221M
Cost & Expenses	$2.7B
OPERATING INCOME	$132M
Interest Income	$0
Interest Expense	$1M
Other Income/Expenses	$0
INCOME BEFORE TAX	$132M
Income Tax Expense	$20M
Net Income from Continuing Ops	$112M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$112M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$112M
D&A	$31M
EBIT	$133M
EBITDA	$164M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$2.8B
Cost of Revenue	$2.5B
GROSS PROFIT	$353M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$221M
Operating Expenses	$221M
Cost & Expenses	$2.7B
OPERATING INCOME	$132M
Interest Income	$0
Interest Expense	$1M
Other Income/Expenses	$0
INCOME BEFORE TAX	$132M
Income Tax Expense	$20M
Net Income from Continuing Ops	$112M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$112M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$112M
D&A	$31M
EBIT	$133M
EBITDA	$164M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$112M
Depreciation & Amortization	$31M
Stock-Based Compensation	$974.0K
Deferred Income Tax	$24M
Other Non-Cash Items	-$10M
Change in Working Capital	$53M
OPERATING CASH FLOW	$210M
Capital Expenditure	-$19M
Acquisitions (Net)	$820.0K
Purchases of Investments	-$1.4B
Sales/Maturities of Investments	$1.4B
Other Investing Activities	$2M
NET CASH FROM INVESTING	-$18M
Net Debt Issuance	$50M
Common Stock Repurchased	$0
Common Dividends Paid	-$135M
Other Financing Activities	$2M
NET CASH FROM FINANCING	-$83M
FREE CASH FLOW	$191M
Net Change in Cash	$108M

Balance Sheet

Item	Amount
Cash & Equivalents	$267M
Short-Term Investments	$316M
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$582M
PP&E (Net)	$157M
Goodwill	$43M
Intangible Assets	$42M
Long-Term Investments	$3.2B
Tax Assets	$15M
Other Non-Current Assets	-$3.2B
TOTAL NON-CURRENT ASSETS	$256M
TOTAL ASSETS	$4.3B
Account Payables	$128M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$140M
TOTAL CURRENT LIABILITIES	$12M
Long-Term Debt	$190M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$2.3B
TOTAL NON-CURRENT LIABILITIES	$2.5B
TOTAL LIABILITIES	$2.5B
Common Stock	$82M
Additional Paid-In Capital	$411.0K
Retained Earnings	$1.7B
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.8B
Minority Interest	$0
TOTAL EQUITY	$1.8B
TOTAL LIABILITIES & EQUITY	$4.3B
Total Debt	$190M
Net Debt	-$77M