MKL Q4 2022 Earnings Report — Markel Corporation Revenue & Financial Results | Market Cap Arena

Markel CorporationMKL

Q4 2022 Earnings

Reported February 17, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2022	Q3 2022	Q4 2021	QoQ Change	YoY Change
Revenue	$4.1B	—	$3.8B	—	7.9%
Op. Income	$901M	—	$1.1B	—	-20.9%
Gross Margin	54.7%	—	59.8%	—	-5.0pp
Net Margin	16.9%	—	23.1%	—	-6.1pp
EPS (Diluted)	$49.05	—	$62.44	—	-21.4%
Free Cash Flow	$784M	—	$587M	—	33.5%

Revenue Flow

Item	Amount
REVENUE	$4.1B
Cost of Revenue	$1.8B
GROSS PROFIT	$2.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.3B
Operating Expenses	$1.3B
Cost & Expenses	$3.2B
OPERATING INCOME	$901M
Interest Income	$150M
Interest Expense	$49M
Other Income/Expenses	$0
INCOME BEFORE TAX	$901M
Income Tax Expense	$192M
Net Income from Continuing Ops	$710M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$690M
Net Income Deductions	$70M
BOTTOM LINE NET INCOME	$602M
D&A	$44M
EBIT	$950M
EBITDA	$994M
EPS	$49
EPS Diluted	$49

Income Statement

Item	Amount
REVENUE	$4.1B
Cost of Revenue	$1.8B
GROSS PROFIT	$2.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.3B
Operating Expenses	$1.3B
Cost & Expenses	$3.2B
OPERATING INCOME	$901M
Interest Income	$150M
Interest Expense	$49M
Other Income/Expenses	$0
INCOME BEFORE TAX	$901M
Income Tax Expense	$192M
Net Income from Continuing Ops	$710M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$690M
Net Income Deductions	$70M
BOTTOM LINE NET INCOME	$602M
D&A	$44M
EBIT	$950M
EBITDA	$994M
EPS	$49
EPS Diluted	$49

Cash Flow Statement

Item	Amount
Net Income	$692M
Depreciation & Amortization	$157M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$606M
Change in Working Capital	$587M
OPERATING CASH FLOW	$829M
Capital Expenditure	-$45M
Acquisitions (Net)	-$79M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$262M
NET CASH FROM INVESTING	-$387M
Net Debt Issuance	$4M
Common Stock Repurchased	-$83M
Common Dividends Paid	-$18M
Other Financing Activities	-$8M
NET CASH FROM FINANCING	-$104M
FREE CASH FLOW	$784M
Net Change in Cash	$426M

Balance Sheet

Item	Amount
Cash & Equivalents	$5.2B
Short-Term Investments	$0
Net Receivables	$2.2B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$7.4B
PP&E (Net)	$1.7B
Goodwill	$2.6B
Intangible Assets	$1.7B
Long-Term Investments	$22.7B
Tax Assets	$37M
Other Non-Current Assets	$3.0B
TOTAL NON-CURRENT ASSETS	$31.9B
TOTAL ASSETS	$39.3B
Account Payables	$670M
Short-Term Debt	$0
Deferred Revenue	$4.2B
Other Current Liabilities	-$4.8B
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$4.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$897M
Other Non-Current Liabilities	$19.4B
TOTAL NON-CURRENT LIABILITIES	$25.5B
TOTAL LIABILITIES	$25.5B
Common Stock	$3.5B
Additional Paid-In Capital	$0
Retained Earnings	$9.8B
Treasury Stock	$0
Accum. Other Comp. Income	-$767M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$13.2B
Minority Interest	$586M
TOTAL EQUITY	$13.7B
TOTAL LIABILITIES & EQUITY	$39.3B
Total Debt	$5.2B
Net Debt	-$9M