MKL FY 2010 Earnings Report — Markel Corporation Revenue & Financial Results | Market Cap Arena

Markel CorporationMKL

FY 2010 Earnings

Reported February 28, 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	$2.2B	—	$2.1B	—	7.5%
Op. Income	$296M	—	$199M	—	48.8%
Gross Margin	38.3%	—	52.0%	—	-13.7pp
Net Margin	12.0%	—	9.7%	—	2.2pp
EPS (Diluted)	$27.27	—	$20.52	—	32.9%
Free Cash Flow	$181M	—	$261M	—	-30.5%

Revenue Flow

Item	Amount
REVENUE	$2.2B
Cost of Revenue	$1.4B
GROSS PROFIT	$853M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$558M
Operating Expenses	$558M
Cost & Expenses	$1.9B
OPERATING INCOME	$296M
Interest Income	$0
Interest Expense	$74M
Other Income/Expenses	$0
INCOME BEFORE TAX	$296M
Income Tax Expense	$28M
Net Income from Continuing Ops	$268M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$267M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$267M
D&A	$54M
EBIT	$369M
EBITDA	$423M
EPS	$27
EPS Diluted	$27

Income Statement

Item	Amount
REVENUE	$2.2B
Cost of Revenue	$1.4B
GROSS PROFIT	$853M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$558M
Operating Expenses	$558M
Cost & Expenses	$1.9B
OPERATING INCOME	$296M
Interest Income	$0
Interest Expense	$74M
Other Income/Expenses	$0
INCOME BEFORE TAX	$296M
Income Tax Expense	$28M
Net Income from Continuing Ops	$268M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$267M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$267M
D&A	$54M
EBIT	$369M
EBITDA	$423M
EPS	$27
EPS Diluted	$27

Cash Flow Statement

Item	Amount
Net Income	$268M
Depreciation & Amortization	$54M
Stock-Based Compensation	$0
Deferred Income Tax	$7M
Other Non-Cash Items	-$36M
Change in Working Capital	-$69M
OPERATING CASH FLOW	$223M
Capital Expenditure	-$42M
Acquisitions (Net)	-$214M
Purchases of Investments	-$957M
Sales/Maturities of Investments	$927M
Other Investing Activities	$3M
NET CASH FROM INVESTING	-$283M
Net Debt Issuance	$13M
Common Stock Repurchased	-$45M
Common Dividends Paid	$0
Other Financing Activities	-$13M
NET CASH FROM FINANCING	-$46M
FREE CASH FLOW	$181M
Net Change in Cash	-$105M

Balance Sheet

Item	Amount
Cash & Equivalents	$745M
Short-Term Investments	$0
Net Receivables	$257M
Inventory	$0
Other Current Assets	$1.6B
TOTAL CURRENT ASSETS	$1.0B
PP&E (Net)	$160M
Goodwill	$0
Intangible Assets	$646M
Long-Term Investments	$7.5B
Tax Assets	$405M
Other Non-Current Assets	$527M
TOTAL NON-CURRENT ASSETS	$9.2B
TOTAL ASSETS	$10.2B
Account Payables	$51M
Short-Term Debt	$246M
Deferred Revenue	$0
Other Current Liabilities	-$246M
TOTAL CURRENT LIABILITIES	$51M
Long-Term Debt	$770M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$342M
Other Non-Current Liabilities	$5.9B
TOTAL NON-CURRENT LIABILITIES	$7.0B
TOTAL LIABILITIES	$7.0B
Common Stock	$884M
Additional Paid-In Capital	$0
Retained Earnings	$1.7B
Treasury Stock	$0
Accum. Other Comp. Income	$551M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.2B
Minority Interest	$16M
TOTAL EQUITY	$3.2B
TOTAL LIABILITIES & EQUITY	$10.2B
Total Debt	$1.0B
Net Debt	$271M