CBSH FY 2009 Earnings Report — Commerce Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Commerce Bancshares, Inc.CBSH

FY 2009 Earnings

Reported February 26, 2010

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2009	Prior Q	FY 2008	QoQ Change	YoY Change
Revenue	$1.2B	—	$1.2B	—	-3.8%
Op. Income	$242M	—	$274M	—	-11.8%
Gross Margin	73.3%	—	70.1%	—	3.2pp
Net Margin	14.3%	—	15.4%	—	-1.0pp
EPS (Diluted)	$1.00	—	$1.14	—	-12.3%
Free Cash Flow	$266M	—	$175M	—	52.3%

Revenue Flow

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$315M
GROSS PROFIT	$864M
R&D Expenses	$0
Selling & Marketing	$18M
General & Administrative	$467M
SG&A Expenses	$485M
Other Expenses	$136M
Operating Expenses	$622M
Cost & Expenses	$936M
OPERATING INCOME	$242M
Interest Income	$790M
Interest Expense	$154M
Other Income/Expenses	$0
INCOME BEFORE TAX	$242M
Income Tax Expense	$74M
Net Income from Continuing Ops	$168M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$169M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$168M
D&A	$52M
EBIT	$242M
EBITDA	$294M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.2B
Cost of Revenue	$315M
GROSS PROFIT	$864M
R&D Expenses	$0
Selling & Marketing	$18M
General & Administrative	$467M
SG&A Expenses	$485M
Other Expenses	$136M
Operating Expenses	$622M
Cost & Expenses	$936M
OPERATING INCOME	$242M
Interest Income	$790M
Interest Expense	$154M
Other Income/Expenses	$0
INCOME BEFORE TAX	$242M
Income Tax Expense	$74M
Net Income from Continuing Ops	$168M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$169M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$168M
D&A	$52M
EBIT	$242M
EBITDA	$294M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$169M
Depreciation & Amortization	$52M
Stock-Based Compensation	$7M
Deferred Income Tax	-$7M
Other Non-Cash Items	$172M
Change in Working Capital	-$97M
OPERATING CASH FLOW	$295M
Capital Expenditure	-$29M
Acquisitions (Net)	-$3M
Purchases of Investments	-$4.1B
Sales/Maturities of Investments	$1.5B
Other Investing Activities	$999M
NET CASH FROM INVESTING	-$1.6B
Net Debt Issuance	-$1.0B
Common Stock Repurchased	-$528.0K
Common Dividends Paid	-$75M
Other Financing Activities	$1.4B
NET CASH FROM FINANCING	$441M
FREE CASH FLOW	$266M
Net Change in Cash	-$836M

Balance Sheet

Item	Amount
Cash & Equivalents	$441M
Short-Term Investments	$0
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$441M
PP&E (Net)	$403M
Goodwill	$126M
Intangible Assets	$14M
Long-Term Investments	$16.8B
Tax Assets	$0
Other Non-Current Assets	$377M
TOTAL NON-CURRENT ASSETS	$17.7B
TOTAL ASSETS	$18.1B
Account Payables	$0
Short-Term Debt	$1.1B
Deferred Revenue	$0
Other Current Liabilities	$14.2B
TOTAL CURRENT LIABILITIES	$15.3B
Long-Term Debt	$736M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$185M
TOTAL NON-CURRENT LIABILITIES	$921M
TOTAL LIABILITIES	$16.2B
Common Stock	$416M
Additional Paid-In Capital	$854M
Retained Earnings	$569M
Treasury Stock	-$838.0K
Accum. Other Comp. Income	$46M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.9B
Minority Interest	$2M
TOTAL EQUITY	$1.9B
TOTAL LIABILITIES & EQUITY	$18.1B
Total Debt	$1.8B
Net Debt	$1.4B