MKL Q4 2019 Earnings Report — Markel Corporation Revenue & Financial Results | Market Cap Arena

Markel CorporationMKL

Q4 2019 Earnings

Reported February 21, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2019	Q3 2019	Q4 2018	QoQ Change	YoY Change
Revenue	$2.5B	—	$1.1B	—	133.0%
Op. Income	$641M	—	-$930M	—	168.9%
Gross Margin	62.4%	—	19.8%	—	42.6pp
Net Margin	20.2%	—	-69.3%	—	89.6pp
EPS (Diluted)	$36.26	—	$-54.01	—	167.1%
Free Cash Flow	$534M	—	$102M	—	423.9%

Revenue Flow

Item	Amount
REVENUE	$2.5B
Cost of Revenue	$950M
GROSS PROFIT	$1.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$177M
SG&A Expenses	$177M
Other Expenses	$758M
Operating Expenses	$935M
Cost & Expenses	$1.9B
OPERATING INCOME	$641M
Interest Income	$0
Interest Expense	$43M
Other Income/Expenses	$0
INCOME BEFORE TAX	$641M
Income Tax Expense	$129M
Net Income from Continuing Ops	$512M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$511M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$503M
D&A	$36M
EBIT	$684M
EBITDA	$720M
EPS	$36
EPS Diluted	$36

Income Statement

Item	Amount
REVENUE	$2.5B
Cost of Revenue	$950M
GROSS PROFIT	$1.6B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$177M
SG&A Expenses	$177M
Other Expenses	$758M
Operating Expenses	$935M
Cost & Expenses	$1.9B
OPERATING INCOME	$641M
Interest Income	$0
Interest Expense	$43M
Other Income/Expenses	$0
INCOME BEFORE TAX	$641M
Income Tax Expense	$129M
Net Income from Continuing Ops	$512M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$511M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$503M
D&A	$36M
EBIT	$684M
EBITDA	$720M
EPS	$36
EPS Diluted	$36

Cash Flow Statement

Item	Amount
Net Income	$511M
Depreciation & Amortization	$116M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$108M
Change in Working Capital	$43M
OPERATING CASH FLOW	$562M
Capital Expenditure	-$28M
Acquisitions (Net)	-$220M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$370M
NET CASH FROM INVESTING	$122M
Net Debt Issuance	-$357M
Common Stock Repurchased	-$34M
Common Dividends Paid	$0
Other Financing Activities	-$20M
NET CASH FROM FINANCING	-$411M
FREE CASH FLOW	$534M
Net Change in Cash	$301M

Balance Sheet

Item	Amount
Cash & Equivalents	$3.5B
Short-Term Investments	$0
Net Receivables	$1.4B
Inventory	$0
Other Current Assets	$0
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	$861M
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