$MCY
MERCURY GENERAL CORP

2016 Q2 Form 10-Q Financial Statement

#000006499616000051 Filed on August 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $858.0M $726.2M
YoY Change 18.15% -10.02%
Cost Of Revenue $595.1M $521.2M
YoY Change 14.18% 7.9%
Gross Profit $262.9M $205.0M
YoY Change 28.26% -36.73%
Gross Profit Margin 30.64% 28.23%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $139.9M $135.1M
YoY Change 3.54% 1.56%
% of Gross Profit 53.22% 65.93%
Operating Expenses $792.7M $720.9M
YoY Change 9.96% 7.61%
Operating Profit -$529.8M -$515.9M
YoY Change 2.69% 49.15%
Interest Expense $960.0K $769.0K
YoY Change 24.84% 11.77%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $64.34M $4.511M
YoY Change 1326.18% -96.69%
Income Tax $15.46M -$5.128M
% Of Pretax Income 24.03% -113.68%
Net Earnings $48.87M $9.639M
YoY Change 407.03% -89.85%
Net Earnings / Revenue 5.7% 1.33%
Basic Earnings Per Share $0.88 $0.17
Diluted Earnings Per Share $0.88 $0.17
COMMON SHARES
Basic Shares Outstanding 55.25M shares 55.16M shares
Diluted Shares Outstanding 55.32M shares 55.18M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
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 $23.00M $21.40M
YoY Change 7.48% -0.47%
LONG-TERM ASSETS
Property, Plant & Equipment $157.2M $157.5M
YoY Change -0.18% 0.02%
Goodwill $42.80M $42.80M
YoY Change 0.0% 0.0%
Intangibles $28.66M $34.03M
YoY Change -15.78% -11.86%
Long-Term Investments $3.488B $3.360B
YoY Change 3.81% -0.88%
Other Assets $5.200M $14.10M
YoY Change -63.12%
Total Long-Term Assets $4.699B $4.565B
YoY Change 2.93% 0.53%
TOTAL ASSETS
Total Short-Term Assets $23.00M $21.40M
Total Long-Term Assets $4.699B $4.565B
Total Assets $4.722B $4.586B
YoY Change 2.96% 0.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $115.6M $128.3M
YoY Change -9.9% 6.21%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $115.6M $128.3M
YoY Change -9.9% -11.7%
LONG-TERM LIABILITIES
Long-Term Debt $290.0M $290.0M
YoY Change 0.0% 7.41%
Other Long-Term Liabilities $203.5M $179.9M
YoY Change 13.12% 9.7%
Total Long-Term Liabilities $493.5M $469.9M
YoY Change 5.02% 8.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $115.6M $128.3M
Total Long-Term Liabilities $493.5M $469.9M
Total Liabilities $2.900B $2.739B
YoY Change 5.89% 3.79%
SHAREHOLDERS EQUITY
Retained Earnings $1.725B $1.751B
YoY Change -1.48% -4.88%
Common Stock $94.01M $90.99M
YoY Change 3.31% 11.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.822B $1.848B
YoY Change
Total Liabilities & Shareholders Equity $4.722B $4.586B
YoY Change 2.96% 0.53%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $48.87M $9.639M
YoY Change 407.03% -89.85%
Depreciation, Depletion And Amortization $139.9M $135.1M
YoY Change 3.54% 1.56%
Cash From Operating Activities $56.00M $61.70M
YoY Change -9.24% -21.9%
INVESTING ACTIVITIES
Capital Expenditures -$4.300M -$5.400M
YoY Change -20.37% -6.9%
Acquisitions
YoY Change
Other Investing Activities -$19.30M $17.10M
YoY Change -212.87% -186.8%
Cash From Investing Activities -$23.60M $11.70M
YoY Change -301.71% -145.88%
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 -33.20M
YoY Change 3.01% -1.78%
NET CHANGE
Cash From Operating Activities 56.00M 61.70M
Cash From Investing Activities -23.60M 11.70M
Cash From Financing Activities -34.20M -33.20M
Net Change In Cash -1.800M 40.20M
YoY Change -104.48% 104.06%
FREE CASH FLOW
Cash From Operating Activities $56.00M $61.70M
Capital Expenditures -$4.300M -$5.400M
Free Cash Flow $60.30M $67.10M
YoY Change -10.13% -20.87%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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 June 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Financial Instruments - Credit Losses (Topic 326)." </font><font style="font-family:inherit;font-size:10pt;">The amendments in this ASU replace the &#8220;incurred loss&#8221; methodology for recognizing credit losses with a methodology that reflects expected credit losses and requires consideration of a broader range of information including past events, current conditions and reasonable and supportable forecasts that affect the collectability of reported amounts of financial assets that are not accounted for at fair value through net income, such as loans, debt securities, trade receivables, net investment in leases, off-balance sheet credit exposures and reinsurance receivables. Under the current GAAP incurred loss methodology, recognition of the full amount of credit losses is generally delayed until the loss is probable of incurring. Current GAAP restricts the ability to record credit losses that are expected, but do not yet meet the probability threshold. ASU 2016-13 becomes effective for the Company beginning with the first quarter ending March 31, 2020. The Company is evaluating the impact that ASU 2016-13 will have 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 March 2016, the FASB issued ASU 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Compensation - Stock Compensation (Topic 718),"</font><font style="font-family:inherit;font-size:10pt;"> which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 becomes effective for the Company beginning January 1, 2017 and is required to be applied on a modified retrospective basis. The Company is evaluating the impact that ASU 2016-09 will have 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 2016, the FASB issued ASU 2016-02,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> "Leases (Topic 842)," </font><font style="font-family:inherit;font-size:10pt;">which supersedes the guidance in Accounting Standards Codification (&#8220;ASC&#8221;) 840, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Leases."</font><font style="font-family:inherit;font-size:10pt;"> ASU 2016-02 requires a lessee to recognize lease assets and lease liabilities resulting from all leases. ASU 2016-02 retains the distinction between a finance lease and an operating lease. Lessor accounting is largely unchanged from ASC 840. ASU 2016-02 becomes effective for the Company beginning January 1, 2019. However, in transition, the Company will be required to recognize and measure leases at the beginning of the earliest period (the first quarter of 2017) using a modified retrospective approach. The Company is evaluating the effect that ASU 2016-02 will have 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 January 2016, the FASB issued ASU 2016-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Financial Instruments-Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities."</font><font style="font-family:inherit;font-size:10pt;"> The amendments in this ASU address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01: (1) requires equity investments (except those accounted for under the equity method or those that result in the consolidation of the investee) to be measured at fair value with changes in the fair value recognized in net income; (2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (3) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (4) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (5) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the notes to the financial statements; and, (6) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity&#8217;s other deferred tax assets. ASU 2016-01 is effective for the Company beginning January 1, 2018. The Company does not anticipate that ASU 2016-01 will have a material impact 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 May 2015, the FASB issued ASU 2015-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Financial Services -Insurance (Topic 944), Disclosures About Short-Duration Contracts."</font><font style="font-family:inherit;font-size:10pt;"> ASU 2015-09 requires insurance entities to provide additional disclosures related to claims liabilities. The additional disclosure requirements for the annual reports include: (1) 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 10 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. ASU 2015-09 becomes effective for the Company beginning with the annual period ending December 31, 2016, and quarter periods beginning with the first quarter of 2017. 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 style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></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 ASU 2015-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Consolidation (Topic 810), Amendments to the Consolidation Analysis" </font><font style="font-family:inherit;font-size:10pt;">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 became effective for the Company on January 1, 2016. As in previous GAAP, consolidation analysis under ASU 2015-02 contains two primary consolidation models: the voting control model and the variable interest (&#8220;VIE&#8221;) model. An entity being evaluated for consolidation is required to first be subjected to the requirements of the VIE model. Only if the entity fails to meet the requirements to be consolidated under the VIE model, would the voting control consolidation model apply. The adoption of ASU 2015-02 did not have an impact on the Company's 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 May 2014, the FASB issued ASU 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers (Topic 606)."</font><font style="font-family:inherit;font-size:10pt;"> ASU 2014-09 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 in the amount to which the entity expects to be entitled. In August 2015, the FASB issued ASU 2015-14, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,"</font><font style="font-family:inherit;font-size:10pt;"> which deferred the effective date of ASU 2014-09 for the Company to January 1, 2018. Through the first half of 2016, the FASB issued additional ASUs on Topic 606 that do not change the core principle of the guidance in ASU 2014-09 but merely clarify certain aspects of it. The additional ASUs also become effective for the Company beginning January 1, 2018. The Company is evaluating the impact that these ASUs will have on its consolidated financial statements and related disclosures.</font></div></div>
us-gaap Use Of Estimates
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<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 the 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, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>

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