CBSH FY 2010 Earnings Report — Commerce Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Commerce Bancshares, Inc.CBSH

FY 2010 Earnings

Reported February 25, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$1.1B	—	$1.2B	—	-3.5%
Op. Income	$318M	—	$242M	—	31.4%
Gross Margin	83.9%	—	73.3%	—	10.6pp
Net Margin	19.5%	—	14.3%	—	5.1pp
EPS (Diluted)	$1.27	—	$1.00	—	27.0%
Free Cash Flow	$653M	—	$266M	—	145.3%

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$184M
GROSS PROFIT	$954M
R&D Expenses	$0
Selling & Marketing	$18M
General & Administrative	$461M
SG&A Expenses	$479M
Other Expenses	$157M
Operating Expenses	$636M
Cost & Expenses	$820M
OPERATING INCOME	$318M
Interest Income	$729M
Interest Expense	$84M
Other Income/Expenses	$0
INCOME BEFORE TAX	$318M
Income Tax Expense	$96M
Net Income from Continuing Ops	$222M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$222M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$222M
D&A	$49M
EBIT	$318M
EBITDA	$367M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$184M
GROSS PROFIT	$954M
R&D Expenses	$0
Selling & Marketing	$18M
General & Administrative	$461M
SG&A Expenses	$479M
Other Expenses	$157M
Operating Expenses	$636M
Cost & Expenses	$820M
OPERATING INCOME	$318M
Interest Income	$729M
Interest Expense	$84M
Other Income/Expenses	$0
INCOME BEFORE TAX	$318M
Income Tax Expense	$96M
Net Income from Continuing Ops	$222M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$222M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$222M
D&A	$49M
EBIT	$318M
EBITDA	$367M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$222M
Depreciation & Amortization	$49M
Stock-Based Compensation	$6M
Deferred Income Tax	-$9M
Other Non-Cash Items	$397M
Change in Working Capital	$7M
OPERATING CASH FLOW	$671M
Capital Expenditure	-$19M
Acquisitions (Net)	$0
Purchases of Investments	-$3.2B
Sales/Maturities of Investments	$2.4B
Other Investing Activities	$195M
NET CASH FROM INVESTING	-$654M
Net Debt Issuance	-$624M
Common Stock Repurchased	-$41M
Common Dividends Paid	-$78M
Other Financing Activities	$712M
NET CASH FROM FINANCING	-$20M
FREE CASH FLOW	$653M
Net Change in Cash	-$3M

Balance Sheet

Item	Amount
Cash & Equivalents	$451M
Short-Term Investments	$0
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$451M
PP&E (Net)	$383M
Goodwill	$126M
Intangible Assets	$11M
Long-Term Investments	$16.7B
Tax Assets	$0
Other Non-Current Assets	$857M
TOTAL NON-CURRENT ASSETS	$18.1B
TOTAL ASSETS	$18.5B
Account Payables	$0
Short-Term Debt	$983M
Deferred Revenue	$0
Other Current Liabilities	$15.1B
TOTAL CURRENT LIABILITIES	$16.1B
Long-Term Debt	$112M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$299M
TOTAL NON-CURRENT LIABILITIES	$411M
TOTAL LIABILITIES	$16.5B
Common Stock	$434M
Additional Paid-In Capital	$971M
Retained Earnings	$556M
Treasury Stock	-$2M
Accum. Other Comp. Income	$63M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.0B
Minority Interest	$1M
TOTAL EQUITY	$2.0B
TOTAL LIABILITIES & EQUITY	$18.5B
Total Debt	$1.1B
Net Debt	$645M