$MCY
MERCURY GENERAL CORP

2015 Q4 Form 10-Q Financial Statement

#000006499615000033 Filed on November 02, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $786.2M $752.4M $720.0M
YoY Change 8.92% 4.5% -1.19%
Cost Of Revenue $545.7M $492.5M
YoY Change 10.8% -0.01%
Gross Profit $206.7M $227.5M
YoY Change -9.12% -3.66%
Gross Profit Margin 27.47% 31.59%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.900M $132.9M $131.1M
YoY Change -19.51% 1.38% 3.31%
% of Gross Profit 64.29% 57.63%
Operating Expenses $761.4M $739.4M $682.2M
YoY Change 1.63% 8.38% 1.29%
Operating Profit -$532.7M -$454.7M
YoY Change 17.14% 3.97%
Interest Expense -$900.0K $785.0K $707.0K
YoY Change 28.57% 11.03% 109.17%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $23.93M $12.27M $37.12M
YoY Change -184.98% -66.95% -32.25%
Income Tax $500.0K -$3.003M $5.824M
% Of Pretax Income 2.09% -24.48% 15.69%
Net Earnings $23.41M $15.27M $31.30M
YoY Change -211.69% -51.21% -20.91%
Net Earnings / Revenue 2.98% 2.03% 4.35%
Basic Earnings Per Share $0.42 $0.28 $0.57
Diluted Earnings Per Share $0.42 $0.28 $0.57
COMMON SHARES
Basic Shares Outstanding 55.16M shares 55.16M shares 55.00M shares
Diluted Shares Outstanding 55.18M shares 55.01M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $21.90M $21.10M $22.20M
YoY Change 3.3% -4.95% 20.65%
LONG-TERM ASSETS
Property, Plant & Equipment $157.1M $157.6M $160.1M
YoY Change -1.16% -1.58% 3.67%
Goodwill $42.80M $42.80M $42.80M
YoY Change 0.0% 0.0% 0.0%
Intangibles $31.70M $32.54M $37.12M
YoY Change -11.01% -12.34% -13.88%
Long-Term Investments $3.381B $3.348B $3.408B
YoY Change -0.68% -1.74% 9.0%
Other Assets $23.20M $21.00M $0.00
YoY Change -100.0%
Total Long-Term Assets $4.607B $4.625B $4.587B
YoY Change 0.6% 0.84% 6.13%
TOTAL ASSETS
Total Short-Term Assets $21.90M $21.10M $22.20M
Total Long-Term Assets $4.607B $4.625B $4.587B
Total Assets $4.629B $4.647B $4.609B
YoY Change 0.62% 0.82% 6.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $122.6M $139.3M $141.9M
YoY Change -6.34% -1.83% 5.9%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $122.6M $139.3M $149.7M
YoY Change -6.34% -6.95% -6.61%
LONG-TERM LIABILITIES
Long-Term Debt $290.0M $290.0M $290.0M
YoY Change 0.0% 0.0% 61.11%
Other Long-Term Liabilities $199.2M $192.9M $163.8M
YoY Change -3.77% 17.77% -10.1%
Total Long-Term Liabilities $489.2M $482.9M $453.8M
YoY Change -1.57% 6.41% 25.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $122.6M $139.3M $149.7M
Total Long-Term Liabilities $489.2M $482.9M $453.8M
Total Liabilities $2.808B $2.817B $2.684B
YoY Change 3.04% 4.94% 7.36%
SHAREHOLDERS EQUITY
Retained Earnings $1.721B $1.732B $1.838B
YoY Change -3.47% -5.77% 4.49%
Common Stock $99.86M $91.03M $83.67M
YoY Change 7.94% 8.8% 3.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.821B $1.830B $1.925B
YoY Change
Total Liabilities & Shareholders Equity $4.629B $4.647B $4.609B
YoY Change 0.62% 0.82% 6.19%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $23.41M $15.27M $31.30M
YoY Change -211.69% -51.21% -20.91%
Depreciation, Depletion And Amortization $9.900M $132.9M $131.1M
YoY Change -19.51% 1.38% 3.31%
Cash From Operating Activities $41.50M $75.50M $71.10M
YoY Change -11.7% 6.19% -2.87%
INVESTING ACTIVITIES
Capital Expenditures -$3.700M -$5.100M -$8.700M
YoY Change -27.45% -41.38% 89.13%
Acquisitions
YoY Change
Other Investing Activities -$34.50M -$16.00M -$29.30M
YoY Change 1625.0% -45.39% 452.83%
Cash From Investing Activities -$38.20M -$21.10M -$37.90M
YoY Change 430.56% -44.33% 282.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.20M -34.10M -12.00M
YoY Change 15.54% 184.17% -287.5%
NET CHANGE
Cash From Operating Activities 41.50M 75.50M 71.10M
Cash From Investing Activities -38.20M -21.10M -37.90M
Cash From Financing Activities -34.20M -34.10M -12.00M
Net Change In Cash -30.90M 20.30M 21.20M
YoY Change -402.94% -4.25% -69.58%
FREE CASH FLOW
Cash From Operating Activities $41.50M $75.50M $71.10M
Capital Expenditures -$3.700M -$5.100M -$8.700M
Free Cash Flow $45.20M $80.60M $79.80M
YoY Change -13.24% 1.0% 2.57%

Facts In Submission

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CY2014Q4 us-gaap Liability For Claims And Claims Adjustment Expense Property Casualty Liability
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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199497000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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CY2014Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
198905000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
15270000 USD
us-gaap Net Income Loss
NetIncomeLoss
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CY2014Q4 us-gaap Notes Payable
NotesPayable
290000000 USD
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CY2014Q4 us-gaap Other Assets
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21512000 USD
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27381000 USD
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0 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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0 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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0 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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0 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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0 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
0 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
0 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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0 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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0 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0 USD
CY2014Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
58545000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
166341000 USD
CY2015Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
60788000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
191017000 USD
CY2014Q3 us-gaap Other Income
OtherIncome
2275000 USD
us-gaap Other Income
OtherIncome
6666000 USD
CY2015Q3 us-gaap Other Income
OtherIncome
2281000 USD
CY2014Q4 us-gaap Other Liabilities
OtherLiabilities
207028000 USD
CY2015Q3 us-gaap Other Liabilities
OtherLiabilities
192859000 USD
CY2014Q4 us-gaap Other Receivables
OtherReceivables
21202000 USD
CY2015Q3 us-gaap Other Receivables
OtherReceivables
21114000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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-2896000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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-2291000 USD
us-gaap Payments Of Dividends Common Stock
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101461000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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us-gaap Payments To Acquire Available For Sale Securities Debt
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us-gaap Payments To Acquire Available For Sale Securities Debt
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us-gaap Payments To Acquire Available For Sale Securities Equity
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us-gaap Payments To Acquire Available For Sale Securities Equity
PaymentsToAcquireAvailableForSaleSecuritiesEquity
573011000 USD
us-gaap Payments To Acquire Productive Assets
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20880000 USD
us-gaap Payments To Acquire Productive Assets
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CY2014Q3 us-gaap Policyholder Benefits And Claims Incurred Net
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us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
1452171000 USD
CY2015Q3 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
545692000 USD
us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
1581306000 USD
CY2014Q4 us-gaap Premiums And Other Receivables Net
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449948000 USD
CY2015Q3 us-gaap Premiums And Other Receivables Net
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504558000 USD
CY2014Q3 us-gaap Premiums Earned Net Property And Casualty
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705237000 USD
us-gaap Premiums Earned Net Property And Casualty
PremiumsEarnedNetPropertyAndCasualty
2086827000 USD
CY2015Q3 us-gaap Premiums Earned Net Property And Casualty
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745520000 USD
us-gaap Premiums Earned Net Property And Casualty
PremiumsEarnedNetPropertyAndCasualty
2197803000 USD
CY2014Q4 us-gaap Premiums Receivable At Carrying Value
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CY2015Q3 us-gaap Premiums Receivable At Carrying Value
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us-gaap Proceeds From Bank Debt
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100000000 USD
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
0 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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213865000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
522662000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
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us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
209000 USD
us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Proceeds From Sale Of Short Term Investments
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23788000 USD
us-gaap Proceeds From Sale Of Short Term Investments
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1800000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2111000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
158976000 USD
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2014Q3 us-gaap Realized Investment Gains Losses
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-20089000 USD
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
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CY2015Q3 us-gaap Realized Investment Gains Losses
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us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
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CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1782937000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1731827000 USD
CY2014Q3 us-gaap Revenues
Revenues
719987000 USD
us-gaap Revenues
Revenues
2289962000 USD
CY2015Q3 us-gaap Revenues
Revenues
752413000 USD
us-gaap Revenues
Revenues
2223132000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2741000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2946000 USD
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
78500 shares
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
85500 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
96750 shares
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
372542000 USD
CY2015Q3 us-gaap Short Term Investments
ShortTermInvestments
162835000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1829499000 USD
CY2014Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
2618400000 USD
CY2015Q3 us-gaap Trading Securities Debt
TradingSecuritiesDebt
2886864000 USD
CY2014Q4 us-gaap Trading Securities Equity
TradingSecuritiesEquity
412880000 USD
CY2015Q3 us-gaap Trading Securities Equity
TradingSecuritiesEquity
298687000 USD
CY2014Q4 us-gaap Unearned Premiums
UnearnedPremiums
999798000 USD
CY2015Q3 us-gaap Unearned Premiums
UnearnedPremiums
1063323000 USD
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
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CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55014000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54995000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55178000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55172000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55002000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54986000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55164000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55154000 shares
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recently Issued Accounting Standards</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued a new standard that requires entities to apply a five-step model to determine the amount and timing of revenue recognition. The model specifies, among other criteria, that revenue should be recognized when an entity transfers control of goods or services to a customer at the amount at which the entity expects to be entitled. In August 2015, the FASB issued an update which defers the effective date of this standard to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that annual reporting period. Early application is now permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that annual reporting period. The Company is evaluating the impact of this standard on its consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the FASB issued amendments affecting the consolidation evaluation of limited partnerships and similar entities, fees paid to a decision maker or a service provider as a variable interest, and variable interests in a variable interest entity held by related parties of the reporting entities. The amendments are effective for annual and interim reporting periods beginning after December 15, 2015. The adoption of the new standard will not have a material impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2015, the FASB issued a new standard that requires insurance entities to provide additional disclosures related to claims liabilities. The additional disclosure requirements for the annual reports include: (1) the claims development information by accident year, on a net of reinsurance basis, for the number of years for which claims incurred remain outstanding but not to exceed the most recent </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;"> years, and for the most recent reporting period presented, an insurer also needs to disclose the amount of total net outstanding claims for all accident years included in the claims development tables; (2) a reconciliation of claims development information and the aggregate carrying amount of the liability for unpaid claims and claim adjustment expenses; and (3) information about the claims frequency and the amount of the incurred-but-not-reported liabilities for each accident year presented. In addition, a description of the methodology used to determine the amounts disclosed is required. The roll forward of the liability for unpaid claims and claims adjustment expenses, currently required only for annual periods, will also be required for interim periods. This standard will be effective for annual periods beginning after December 15, 2015, and interim periods within annual reporting periods beginning after December 15, 2016. Although the adoption of this standard will not have a material impact on its consolidated financial statements, the Company will expand the nature and extent of its insurance contracts disclosures.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates require the Company to apply complex assumptions and judgments, and often the Company must make estimates about effects of matters that are inherently uncertain and will likely change in subsequent periods. The most significant assumptions in the preparation of these condensed consolidated financial statements relate to reserves for losses and loss adjustment expenses. Actual results could differ from those estimates (See Note 1 &#8220;Summary of Significant Accounting Policies&#8221; of the Notes to Consolidated Financial Statements in the Company&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">).</font></div></div>

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