MKL FY 2019 Earnings Report — Markel Corporation Revenue & Financial Results | Market Cap Arena

Markel CorporationMKL

FY 2019 Earnings

Reported February 21, 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	$9.5B	—	—	—	—
Op. Income	$2.3B	—	—	—	—
Gross Margin	51.0%	—	—	—	—
Net Margin	18.8%	—	—	—	—
EPS (Diluted)	$129.07	—	—	—	—
Free Cash Flow	$1.2B	—	—	—	—

Revenue Flow

Item	Amount
REVENUE	$9.5B
Cost of Revenue	$4.7B
GROSS PROFIT	$4.9B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$676M
SG&A Expenses	$676M
Other Expenses	$1.9B
Operating Expenses	$2.6B
Cost & Expenses	$7.2B
OPERATING INCOME	$2.3B
Interest Income	$458M
Interest Expense	$172M
Other Income/Expenses	$0
INCOME BEFORE TAX	$2.3B
Income Tax Expense	$486M
Net Income from Continuing Ops	$1.8B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.8B
D&A	$269M
EBIT	$2.5B
EBITDA	$2.7B
EPS	$129
EPS Diluted	$129

Income Statement

Item	Amount
REVENUE	$9.5B
Cost of Revenue	$4.7B
GROSS PROFIT	$4.9B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$676M
SG&A Expenses	$676M
Other Expenses	$1.9B
Operating Expenses	$2.6B
Cost & Expenses	$7.2B
OPERATING INCOME	$2.3B
Interest Income	$458M
Interest Expense	$172M
Other Income/Expenses	$0
INCOME BEFORE TAX	$2.3B
Income Tax Expense	$486M
Net Income from Continuing Ops	$1.8B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.8B
D&A	$269M
EBIT	$2.5B
EBITDA	$2.7B
EPS	$129
EPS Diluted	$129

Cash Flow Statement

Item	Amount
Net Income	$1.8B
Depreciation & Amortization	$269M
Stock-Based Compensation	$0
Deferred Income Tax	$323M
Other Non-Cash Items	-$1.6B
Change in Working Capital	$434M
OPERATING CASH FLOW	$1.3B
Capital Expenditure	-$123M
Acquisitions (Net)	-$503M
Purchases of Investments	-$1.1B
Sales/Maturities of Investments	$1.1B
Other Investing Activities	$17M
NET CASH FROM INVESTING	-$535M
Net Debt Issuance	$542M
Common Stock Repurchased	-$116M
Common Dividends Paid	$0
Other Financing Activities	-$66M
NET CASH FROM FINANCING	$359M
FREE CASH FLOW	$1.2B
Net Change in Cash	$1.1B

Balance Sheet

Item	Amount
Cash & Equivalents	$3.5B
Short-Term Investments	$0
Net Receivables	$1.4B
Inventory	$0
Other Current Assets	$6.9B
TOTAL CURRENT ASSETS	$4.9B
PP&E (Net)	$821M
Goodwill	$2.3B
Intangible Assets	$1.7B
Long-Term Investments	$18.8B
Tax Assets	$22M
Other Non-Current Assets	$2.1B
TOTAL NON-CURRENT ASSETS	$25.7B
TOTAL ASSETS	$30.6B
Account Payables	$5.7B
Short-Term Debt	$113M
Deferred Revenue	$2.6B
Other Current Liabilities	-$8.4B
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$3.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$883M
Other Non-Current Liabilities	$14.6B
TOTAL NON-CURRENT LIABILITIES	$19.4B
TOTAL LIABILITIES	$19.4B
Common Stock	$3.4B
Additional Paid-In Capital	$0
Retained Earnings	$7.5B
Treasury Stock	$0
Accum. Other Comp. Income	$209M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$11.1B
Minority Interest	$185M
TOTAL EQUITY	$11.3B
TOTAL LIABILITIES & EQUITY	$30.6B
Total Debt	$4.0B
Net Debt	$509M