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Financial Statements

Markel Corporation

Markel Corporation (MKL)

Financial Services

Income Statement

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Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Earnings Per Share Basic 20.5427.3114.6625.9622.5722.3841.9931.4125.89-9.55
Net Profit Margin 0.100.120.050.080.070.060.110.080.07-0.02
Earnings Per Share Diluted 20.5227.2714.6025.8922.4822.2741.7431.2725.81-9.55
Revenue 2,069.332,225.392,629.953,000.114,323.085,133.675,369.985,612.036,061.666,841.28
Weighted Average Shares Outstanding 9.829.729.629.6213.9713.9613.9513.9913.8913.88
Gross Profit 1,076.461,279.161,419.961,846.042,506.812,931.203,431.242,389.551,886.832,132.40
Weighted Average Shares Outstanding (Diluted) 9.829.729.629.6213.9713.9613.9513.9913.8913.88
Sales, General and Administrative Expense 736.66724.88810.18929.471,312.311,460.881,455.081,497.131,589.461,777.51
Dividend per Share ----------
Operating Income 252.61369.17276.45404.81475.75557.82860.41805.17216.6139.76
Gross Margin 0.520.570.540.620.580.570.640.430.310.31
Earnings before Tax 197.86294.57183.74307.19358.92437.87735.74625.1781.81-5.68
EBITDA Margin 0.140.190.130.160.150.150.200.170.070.06
Net Income 201.64266.79142.03253.38281.02321.18582.77455.69395.27-128.18
EBIT Margin 0.120.170.100.130.110.110.160.130.040.02
Net Income - Discounted ops ----------
Profit Margin 0.100.120.050.080.070.060.110.080.07-0.02
Preferred Dividends ----------
Free Cash Flow margin 0.000.000.000.000.000.000.000.000.000.00
R&D Expenses ----------
Interest Expense 53.9773.6686.2592.76114.00117.44118.30129.90132.45154.21
Earnings Before Tax Margin 0.100.130.070.100.080.090.140.110.01-0.00
Consolidated Income 202.42267.73148.49258.25283.85323.69589.14460.44400.76-130.35
EBIT 251.82368.24269.99399.95472.92555.31854.04755.06214.26148.53
EBITDA 283.00421.82340.56487.27662.99758.891,055.02949.21418.13376.38
Income Tax Expense -3.7827.7841.7153.8077.90116.69152.96169.48-313.46122.50
Operating Expenses 823.86909.991,143.521,441.232,031.062,373.382,570.831,584.381,670.222,092.64
Cost of Revenue 992.86946.231,209.991,154.071,816.272,202.471,938.743,222.484,174.834,708.89
Net Income Com 201.64266.79142.03253.38281.02321.18582.77455.69395.27-128.18
Net Income - Non-Controlling int 0.780.946.464.862.822.516.374.755.49-2.17

Balance Sheet Statement

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Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Total current liabilities ------2,454.532,632.613,684.384,266.69
Other Liabilities ------2,229.612,310.243,360.083,694.73
Long-term debt ------2,239.002,391.003,013.002,721.00
Cash and cash equivalents 850.49745.26775.03973.182,765.452,482.393,070.142,085.162,500.852,396.43
Total debt 963.651,015.951,293.521,492.552,256.232,253.592,239.272,574.533,099.233,009.58
Cash and short-term investments ------4,712.404,421.314,661.823,474.13
Deferred revenue 717.73839.54915.931,000.262,127.112,245.692,166.112,263.843,308.783,611.03
Inventories ----------
Tax Liabilities ----------
Goodwill and Intangible Assets 502.83641.73867.561,049.221,532.801,751.861,960.221,864.793,133.143,964.17
Deposit Liabilities ----------
Tax assets ----------
Total non-current liabilities ----------
Total current assets ------8,198.358,061.3012,119.6911,709.32
Total liabilities 7,450.187,637.908,069.768,581.3517,205.3217,537.3117,035.5517,334.2123,137.1724,031.90
Payables 46.8550.7264.33103.21295.50276.12224.92231.33324.30337.33
Other comprehensive income 387.09551.09660.92911.341,089.811,704.561,354.511,565.872,345.57-94.65
Short-term investments ------1,642.262,336.152,160.971,077.70
Retained earnings (deficit) 1,514.401,735.971,835.092,068.342,294.912,581.873,137.283,526.393,776.745,782.31
Property, Plant & Equipment Net ----------
Total non-current assets ----------
Other Assets ----------10.30
Net Debt ----------518.49
Investments 6,998.187,478.547,953.118,359.5614,846.6216,155.3115,111.2016,973.5018,069.4916,841.83
Total shareholders equity 2,774.363,171.523,387.513,888.666,673.587,594.827,834.158,460.939,504.159,080.65
Total assets 10,241.9010,825.5911,532.1012,556.5923,955.5125,200.3624,939.1225,875.3032,805.0233,306.26
Long-term investments ------1,642.002,336.002,161.001,078.00
Receivables 413.89469.37485.52575.361,627.331,602.881,486.191,647.817,412.608,245.50
Short-term debt -------91.05-234.64

Cash Flow Statement

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Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Insurance (repayment) of debt ----------
Net Cash/Marketcap 0.000.000.000.000.000.000.000.000.000.00
Insurance (buybacks) of shares ----------
Depreciation & Amortization 31.1753.5970.5787.33190.07203.58200.99194.15203.87227.85
Dividend payments ----------
Operating Cash Flow 282.46223.29311.32392.53745.52716.79651.15534.62858.53892.86
Acquisitions and disposals -154.92-214.16-120.10-243.68-12.20-319.09-261.52-7.53-1,431.71-1,175.21
Free Cash Flow 260.56181.19251.19347.01697.80634.66571.40470.95783.88786.26
Net cash flow / Change in cash 210.12-105.2312.98160.511,114.76-18.36587.75-984.98415.68-104.41
Effect of forex changes on cash 9.750.43-1.823.146.49-45.82-52.64-33.1445.30-21.05
Financing Cash Flow 251.61-45.61194.59141.96175.37-67.12-74.21152.02256.31-178.99
Investment purchases and sales -184.83-35.37-325.20-85.78246.21-218.62405.52-1,566.15766.01526.73
Capital Expenditure -21.91-42.10-60.13-45.52-47.73-82.13-79.75-63.67-74.65-106.59
Stock-based compensation ----------
Investing Cash Flow ----------

Retained Earning Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Retained Earnings (Previous Year) -1,5141,7361,8352,0682,2952,5823,1373,5263,777
Net Income 202267142253281321583456395-128
Stock Dividends 1,313-45-43-20-54-34-27-67-1452,134
Divident Paid ----------
Retained Earnings 1,5141,7361,8352,0682,2952,5823,1373,5263,7775,782

PPE Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Year 2009201020112012201320142015201620172018
Gross PPE ----------
Annual Depreciation 224260464882806475107
Capital Expenditure -22-42-60-46-48-82-80-64-75-107
Net PPE ----------

Intangible and Goodwill Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Intangible and Goodwill (Previous Year) -5036428681,0491,5331,7521,9601,8653,133
New Purchases -185-35-325-86246-219406-1,566766527
Intangible and Goodwill 5036428681,0491,5331,7521,9601,8653,1333,964

Markel Corporation income statement is the only one that provides an overview of company sales and net income
The reasoning behind the adjustment, however, is that free cash flow is meant to measure money being spent right now, not transactions that happened in the past. This makes Markel Corporation FCF a useful instrument for identifying growing companies with high up-front costs, which may eat into earnings now but have the potential to pay off later.