MKL Q4 2021 Earnings Report — Markel Corporation Revenue & Financial Results | Market Cap Arena

Markel CorporationMKL

Q4 2021 Earnings

Reported February 18, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2021	Q3 2021	Q4 2020	QoQ Change	YoY Change
Revenue	$3.8B	—	$3.3B	—	15.7%
Op. Income	$1.1B	—	$1.0B	—	12.5%
Gross Margin	59.8%	—	58.6%	—	1.2pp
Net Margin	23.1%	—	26.0%	—	-2.9pp
EPS (Diluted)	$62.44	—	$59.33	—	5.2%
Free Cash Flow	$587M	—	$447M	—	31.2%

Revenue Flow

Item	Amount
REVENUE	$3.8B
Cost of Revenue	$1.5B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.1B
Operating Expenses	$1.1B
Cost & Expenses	$2.6B
OPERATING INCOME	$1.1B
Interest Income	$101M
Interest Expense	$48M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$265M
Net Income from Continuing Ops	$875M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$871M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$858M
D&A	$42M
EBIT	$1.2B
EBITDA	$1.2B
EPS	$63
EPS Diluted	$62

Income Statement

Item	Amount
REVENUE	$3.8B
Cost of Revenue	$1.5B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.1B
Operating Expenses	$1.1B
Cost & Expenses	$2.6B
OPERATING INCOME	$1.1B
Interest Income	$101M
Interest Expense	$48M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$265M
Net Income from Continuing Ops	$875M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$871M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$858M
D&A	$42M
EBIT	$1.2B
EBITDA	$1.2B
EPS	$63
EPS Diluted	$62

Cash Flow Statement

Item	Amount
Net Income	$871M
Depreciation & Amortization	$170M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$685M
Change in Working Capital	$295M
OPERATING CASH FLOW	$652M
Capital Expenditure	-$64M
Acquisitions (Net)	-$276M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$135M
NET CASH FROM INVESTING	-$205M
Net Debt Issuance	$93M
Common Stock Repurchased	-$84M
Common Dividends Paid	-$18M
Other Financing Activities	-$60M
NET CASH FROM FINANCING	-$70M
FREE CASH FLOW	$587M
Net Change in Cash	$374M

Balance Sheet

Item	Amount
Cash & Equivalents	$4.9B
Short-Term Investments	$0
Net Receivables	$2.4B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$7.3B
PP&E (Net)	$1.6B
Goodwill	$2.9B
Intangible Assets	$1.8B
Long-Term Investments	$23.9B
Tax Assets	$18M
Other Non-Current Assets	$1.8B
TOTAL NON-CURRENT ASSETS	$32.1B
TOTAL ASSETS	$39.4B
Account Payables	$7.5B
Short-Term Debt	$0
Deferred Revenue	$3.6B
Other Current Liabilities	-$11.1B
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$4.9B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$1.4B
Other Non-Current Liabilities	$17.3B
TOTAL NON-CURRENT LIABILITIES	$24.2B
TOTAL LIABILITIES	$24.2B
Common Stock	$3.4B
Additional Paid-In Capital	$0
Retained Earnings	$10.4B
Treasury Stock	$0
Accum. Other Comp. Income	$238M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$14.7B
Minority Interest	$484M
TOTAL EQUITY	$15.2B
TOTAL LIABILITIES & EQUITY	$39.4B
Total Debt	$5.5B
Net Debt	$623M