Mercury General (MCY) FY2021 results: revenue $4.0 billion, up 5.5% on the year

Mercury General Corp. (MCY) reported revenue of $4.0 billion for fiscal 2021, the year ended 31 December 2021, up 5.5% on the year before. Net income was $248 million, down 33.8%, and diluted earnings per share $4.48. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2022.

Revenue

$4.0 billion

+5.5% on the year

FY2014FY2021

Operating margin

7.5%

12.1% a year earlier

FY2014FY2021

Net income

$248 million

-33.8% on the year

FY2014FY2021

Diluted EPS

$4.48

-33.8% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	3,993	3,785	3,973	+5.5%
Cost of revenue	12.8	11.8	10.5	+8.5%
Gross profit	3,981	3,773	3,962	+5.5%
Gross margin	99.7%	99.7%	99.7%
Operating income	299	459	378	-34.7%
Operating margin	7.5%	12.1%	9.5%
Interest expense	17.1	17.0	17.0	+0.4%
Pre-tax income	299	459	378	-34.7%
Income tax	51.4	83.9	58.0	-38.8%
Effective tax rate	17.2%	18.3%	15.3%
Net income	248	375	320	-33.8%
Net margin	6.2%	9.9%	8.1%
Diluted EPS	$4.48	$6.77	$5.78	-33.8%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	502	606	520	-17.2%
Capital expenditure	41.4	40.0	40.1	+3.7%
Free cash flow	460	566	480	-18.7%
Free cash flow margin	11.5%	14.9%	12.1%
Cash from investing	-374	-411	-401
Cash from financing	-141	-140	-138
Depreciation and amortisation	79.1	68.5	64.7	+15.5%
Share-based compensation	0.1	0.1	0.1	-0.7%
Dividends paid	140	140	139	+0.4%
Dividend per share	$2.53	$2.52	$2.51	+0.4%
Diluted shares, weighted	55m	55m	55m	+0.0%
Shares outstanding at period end	55m	55m	55m	+0.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	2,140	2,033	1,800	+5.3%
Debt	375	375	375	0.0%
Other liabilities	4,257	3,921	3,715	+8.6%
Total liabilities and equity	6,772	6,328	5,889	+7.0%
Fixed assets	191	179	169	+6.9%
Goodwill	42.8	42.8	42.8	0.0%
Intangible assets	10.3	11.3	10.6	-9.4%
Investments	n/a	376	494
Cash and equivalents	336	348	294	-3.7%
Other assets	6,193	5,371	4,878	+15.3%
Total assets	6,772	6,328	5,889	+7.0%

10-K for the year ended 31 December 2021, filed 15 February 2022: the filing.