MKL Q1 2019 Earnings Report — Markel Corporation Revenue & Financial Results | Market Cap Arena

Markel CorporationMKL

Q1 2019 Earnings

Reported April 30, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q1 2019	Q4 2018	Q1 2018	QoQ Change	YoY Change
Revenue	$2.4B	$1.1B	—	125.9%	—
Op. Income	$733M	-$930M	—	178.7%	—
Gross Margin	64.8%	19.8%	—	45.0pp	—
Net Margin	23.5%	-69.3%	—	92.9pp	—
EPS (Diluted)	$42.76	$-54.01	—	179.2%	—
Free Cash Flow	-$6M	$102M	—	-105.9%	—

Revenue Flow

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$862M
GROSS PROFIT	$1.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$175M
SG&A Expenses	$175M
Other Expenses	$679M
Operating Expenses	$854M
Cost & Expenses	$1.7B
OPERATING INCOME	$733M
Interest Income	$114M
Interest Expense	$40M
Other Income/Expenses	$0
INCOME BEFORE TAX	$733M
Income Tax Expense	$155M
Net Income from Continuing Ops	$578M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$576M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$595M
D&A	$41M
EBIT	$773M
EBITDA	$814M
EPS	$43
EPS Diluted	$43

Income Statement

Item	Amount
REVENUE	$2.4B
Cost of Revenue	$862M
GROSS PROFIT	$1.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$175M
SG&A Expenses	$175M
Other Expenses	$679M
Operating Expenses	$854M
Cost & Expenses	$1.7B
OPERATING INCOME	$733M
Interest Income	$114M
Interest Expense	$40M
Other Income/Expenses	$0
INCOME BEFORE TAX	$733M
Income Tax Expense	$155M
Net Income from Continuing Ops	$578M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$576M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$595M
D&A	$41M
EBIT	$773M
EBITDA	$814M
EPS	$43
EPS Diluted	$43

Cash Flow Statement

Item	Amount
Net Income	$578M
Depreciation & Amortization	$55M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$559M
Change in Working Capital	$0
OPERATING CASH FLOW	$19M
Capital Expenditure	-$25M
Acquisitions (Net)	-$9M
Purchases of Investments	-$228M
Sales/Maturities of Investments	$592M
Other Investing Activities	$12M
NET CASH FROM INVESTING	$342M
Net Debt Issuance	$51M
Common Stock Repurchased	-$38M
Common Dividends Paid	$0
Other Financing Activities	-$14M
NET CASH FROM FINANCING	-$69.0K
FREE CASH FLOW	-$6M
Net Change in Cash	$368M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.8B
Short-Term Investments	$0
Net Receivables	$2.0B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$4.7B
PP&E (Net)	$0
Goodwill	$2.2B
Intangible Assets	$1.7B
Long-Term Investments	$17.3B
Tax Assets	$0
Other Non-Current Assets	$2.2B
TOTAL NON-CURRENT ASSETS	$23.4B
TOTAL ASSETS	$28.1B
Account Payables	$5.5B
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$5.5B
Long-Term Debt	$3.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$15.1B
TOTAL NON-CURRENT LIABILITIES	$18.1B
TOTAL LIABILITIES	$18.1B
Common Stock	$3.4B
Additional Paid-In Capital	$0
Retained Earnings	$6.3B
Treasury Stock	$0
Accum. Other Comp. Income	$61M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$9.8B
Minority Interest	$170M
TOTAL EQUITY	$10.0B
TOTAL LIABILITIES & EQUITY	$28.1B
Total Debt	$3.1B
Net Debt	$295M