Mercury General (MCY) FY2019 results: revenue $4.0 billion, up 17.5% on the year
Mercury General Corp. (MCY) reported revenue of $4.0 billion for fiscal 2019, the year ended 31 December 2019, up 17.5% on the year before. Net income was $320 million, and diluted earnings per share $5.78. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2020.
Revenue
$4.0 billion
+17.5% on the year
FY2012FY2019
Operating margin
9.5%
-0.9% a year earlier
FY2012FY2019
Net income
$320 million
FY2012FY2019
Diluted EPS
$5.78
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,973
3,380
3,416
+17.5%
Cost of revenue
10.5
10.5
10.2
0.0%
Gross profit
3,962
3,370
3,406
+17.6%
Gross margin
99.7%
99.7%
99.7%
Operating income
378
-30.6
167
Operating margin
9.5%
-0.9%
4.9%
Interest expense
17.0
17.0
15.2
-0.0%
Pre-tax income
378
-30.6
167
Income tax
58.0
-24.9
22.2
Effective tax rate
15.3%
n/a
13.3%
Net income
320
-5.7
145
Net margin
8.1%
-0.2%
4.2%
Diluted EPS
$5.78
-$0.10
$2.62
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
520
383
341
+35.5%
Capital expenditure
40.1
28.0
19.4
+43.4%
Free cash flow
480
355
322
+34.9%
Free cash flow margin
12.1%
10.5%
9.4%
Cash from investing
-401
-222
-186
Cash from financing
-138
-138
-84.7
Depreciation and amortisation
64.7
58.8
55.3
+10.1%
Share-based compensation
0.1
0.1
0.1
-15.2%
Dividends paid
139
138
138
+0.4%
Dividend per share
$2.51
$2.50
$2.49
+0.4%
Diluted shares, weighted
55m
55m
55m
+0.0%
Shares outstanding at period end
55m
55m
55m
+0.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,800
1,618
1,761
+11.2%
Debt
375
375
375
0.0%
Other liabilities
3,715
3,441
2,965
+8.0%
Total liabilities and equity
5,889
5,434
5,101
+8.4%
Fixed assets
169
153
145
+10.4%
Goodwill
42.8
42.8
42.8
0.0%
Intangible assets
10.6
15.5
20.7
-31.5%
Investments
494
253
303
+95.1%
Cash and equivalents
294
314
291
-6.3%
Other assets
4,878
4,655
4,298
+4.8%
Total assets
5,889
5,434
5,101
+8.4%
10-K for the year ended 31 December 2019, filed 12 February 2020: the filing.