MCY FY 2019 Earnings Report — Mercury General Corporation Revenue & Financial Results | Market Cap Arena

Mercury General CorporationMCY

FY 2019 Earnings

Reported February 12, 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	$4.0B	—	$3.4B	—	17.5%
Op. Income	$378M	—	-$31M	—	1334.9%
Gross Margin	16.7%	—	6.8%	—	9.9pp
Net Margin	8.1%	—	-0.2%	—	8.2pp
EPS (Diluted)	$5.78	—	$-0.10	—	5880.0%
Free Cash Flow	$480M	—	$355M	—	34.9%

Revenue Flow

Item	Amount
REVENUE	$4.0B
Cost of Revenue	$3.3B
GROSS PROFIT	$664M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$286M
Operating Expenses	$286M
Cost & Expenses	$3.6B
OPERATING INCOME	$378M
Interest Income	$0
Interest Expense	$17M
Other Income/Expenses	$0
INCOME BEFORE TAX	$378M
Income Tax Expense	$58M
Net Income from Continuing Ops	$320M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$320M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$320M
D&A	$65M
EBIT	$395M
EBITDA	$460M
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$4.0B
Cost of Revenue	$3.3B
GROSS PROFIT	$664M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$286M
Operating Expenses	$286M
Cost & Expenses	$3.6B
OPERATING INCOME	$378M
Interest Income	$0
Interest Expense	$17M
Other Income/Expenses	$0
INCOME BEFORE TAX	$378M
Income Tax Expense	$58M
Net Income from Continuing Ops	$320M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$320M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$320M
D&A	$65M
EBIT	$395M
EBITDA	$460M
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$320M
Depreciation & Amortization	$65M
Stock-Based Compensation	$123.0K
Deferred Income Tax	$0
Other Non-Cash Items	-$250M
Change in Working Capital	$385M
OPERATING CASH FLOW	$520M
Capital Expenditure	-$40M
Acquisitions (Net)	$0
Purchases of Investments	-$1.9B
Sales/Maturities of Investments	$1.5B
Other Investing Activities	$4M
NET CASH FROM INVESTING	-$401M
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	-$139M
Other Financing Activities	$701.0K
NET CASH FROM FINANCING	-$138M
FREE CASH FLOW	$480M
Net Change in Cash	-$20M

Balance Sheet

Item	Amount
Cash & Equivalents	$294M
Short-Term Investments	$494M
Net Receivables	$690M
Inventory	-$1.6B
Other Current Assets	$1.6B
TOTAL CURRENT ASSETS	$1.5B
PP&E (Net)	$214M
Goodwill	$43M
Intangible Assets	$11M
Long-Term Investments	$4.3B
Tax Assets	$28M
Other Non-Current Assets	-$28M
TOTAL NON-CURRENT ASSETS	$4.6B
TOTAL ASSETS	$5.9B
Account Payables	$143M
Short-Term Debt	$0
Deferred Revenue	$28M
Other Current Liabilities	-$28M
TOTAL CURRENT LIABILITIES	$143M
Long-Term Debt	$372M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$28M
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$448M
TOTAL LIABILITIES	$4.1B
Common Stock	$99M
Additional Paid-In Capital	$0
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	$5.9B
Total Debt	$420M
Net Debt	$126M