Mercury General (MCY) FY2023 results: revenue $4.6 billion, up 27.1% on the year

Mercury General Corp. (MCY) reported revenue of $4.6 billion for fiscal 2023, the year ended 31 December 2023, up 27.1% on the year before. Net income was $96 million, and diluted earnings per share $1.74. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2024.

Revenue

$4.6 billion

+27.1% on the year

FY2016FY2023

Operating margin

2.1%

-18.4% a year earlier

FY2016FY2023

Net income

$96 million

FY2016FY2023

Diluted EPS

$1.74

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	4,630	3,643	3,993	+27.1%
Cost of revenue	11.4	11.0	12.8	+3.6%
Gross profit	4,618	3,632	3,981	+27.2%
Gross margin	99.8%	99.7%	99.7%
Operating income	99.4	-671	299
Operating margin	2.1%	-18.4%	7.5%
Interest expense	24.2	17.2	17.1	+40.3%
Pre-tax income	99.4	-671	299
Income tax	3.1	-158	51.4
Effective tax rate	3.1%	n/a	17.2%
Net income	96.3	-513	248
Net margin	2.1%	-14.1%	6.2%
Diluted EPS	$1.74	-$9.26	$4.48

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	453	353	502	+28.5%
Capital expenditure	36.8	35.5	41.4	+3.7%
Free cash flow	416	317	460	+31.3%
Free cash flow margin	9.0%	8.7%	11.5%
Cash from investing	-295	-316	-374
Cash from financing	104	-82.0	-141
Depreciation and amortisation	72.2	82.4	79.1	-12.3%
Share-based compensation	0.0	0.0	0.1
Dividends paid	70.3	105	140	-33.3%
Dividend per share	$1.27	$1.91	$2.53	-33.3%
Diluted shares, weighted	55m	55m	55m	0.0%
Shares outstanding at period end	55m	55m	55m	0.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,548	1,522	2,140	+1.7%
Debt	575	400	375	+43.8%
Other liabilities	4,980	4,592	4,257	+8.5%
Total liabilities and equity	7,103	6,514	6,772	+9.0%
Fixed assets	151	171	191	-11.8%
Goodwill	42.8	42.8	42.8	0.0%
Intangible assets	8.3	9.2	10.3	-9.5%
Cash and equivalents	551	290	336	+90.1%
Other assets	6,350	6,001	6,193	+5.8%
Total assets	7,103	6,514	6,772	+9.0%

10-K for the year ended 31 December 2023, filed 13 February 2024: the filing.