Mercury General (MCY) FY2020 results: revenue $3.8 billion, down 4.7% on the year
Mercury General Corp. (MCY) reported revenue of $3.8 billion for fiscal 2020, the year ended 31 December 2020, down 4.7% on the year before. Net income was $375 million, up 17.0%, and diluted earnings per share $6.77. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2021.
Revenue
$3.8 billion
-4.7% on the year
FY2013FY2020
Operating margin
12.1%
9.5% a year earlier
FY2013FY2020
Net income
$375 million
+17.0% on the year
FY2013FY2020
Diluted EPS
$6.77
+17.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
3,785
3,973
3,380
-4.7%
Cost of revenue
11.8
10.5
10.5
+12.4%
Gross profit
3,773
3,962
3,370
-4.8%
Gross margin
99.7%
99.7%
99.7%
Operating income
459
378
-30.6
+21.3%
Operating margin
12.1%
9.5%
-0.9%
Interest expense
17.0
17.0
17.0
+0.1%
Pre-tax income
459
378
-30.6
+21.3%
Income tax
83.9
58.0
-24.9
+44.7%
Effective tax rate
18.3%
15.3%
n/a
Net income
375
320
-5.7
+17.0%
Net margin
9.9%
8.1%
-0.2%
Diluted EPS
$6.77
$5.78
-$0.10
+17.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
606
520
383
+16.5%
Capital expenditure
40.0
40.1
28.0
-0.3%
Free cash flow
566
480
355
+17.9%
Free cash flow margin
14.9%
12.1%
10.5%
Cash from investing
-411
-401
-222
Cash from financing
-140
-138
-138
Depreciation and amortisation
68.5
64.7
58.8
+5.8%
Share-based compensation
0.1
0.1
0.1
+15.4%
Dividends paid
140
139
138
+0.4%
Dividend per share
$2.52
$2.51
$2.50
+0.4%
Diluted shares, weighted
55m
55m
55m
-0.0%
Shares outstanding at period end
55m
55m
55m
0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,033
1,800
1,618
+13.0%
Debt
375
375
375
0.0%
Other liabilities
3,921
3,715
3,441
+5.5%
Total liabilities and equity
6,328
5,889
5,434
+7.5%
Fixed assets
179
169
153
+5.9%
Goodwill
42.8
42.8
42.8
0.0%
Intangible assets
11.3
10.6
15.5
+6.4%
Investments
376
494
253
-24.0%
Cash and equivalents
348
294
314
+18.4%
Other assets
5,371
4,878
4,655
+10.1%
Total assets
6,328
5,889
5,434
+7.5%
10-K for the year ended 31 December 2020, filed 16 February 2021: the filing.