CBSH FY 2013 Earnings Report — Commerce Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Commerce Bancshares, Inc.CBSH

FY 2013 Earnings

Reported February 24, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$1.1B	—	$1.1B	—	-1.7%
Op. Income	$384M	—	$399M	—	-3.6%
Gross Margin	95.2%	—	94.0%	—	1.2pp
Net Margin	24.5%	—	24.9%	—	-0.4pp
EPS (Diluted)	$1.59	—	$1.61	—	-1.2%
Free Cash Flow	$337M	—	$348M	—	-3.2%

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$51M
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$14M
General & Administrative	$378M
SG&A Expenses	$392M
Other Expenses	$236M
Operating Expenses	$629M
Cost & Expenses	$680M
OPERATING INCOME	$384M
Interest Income	$650M
Interest Expense	$31M
Other Income/Expenses	$0
INCOME BEFORE TAX	$384M
Income Tax Expense	$123M
Net Income from Continuing Ops	$261M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$261M
Net Income Deductions	-$8.0K
BOTTOM LINE NET INCOME	$258M
D&A	$42M
EBIT	$384M
EBITDA	$426M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$51M
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$14M
General & Administrative	$378M
SG&A Expenses	$392M
Other Expenses	$236M
Operating Expenses	$629M
Cost & Expenses	$680M
OPERATING INCOME	$384M
Interest Income	$650M
Interest Expense	$31M
Other Income/Expenses	$0
INCOME BEFORE TAX	$384M
Income Tax Expense	$123M
Net Income from Continuing Ops	$261M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$261M
Net Income Deductions	-$8.0K
BOTTOM LINE NET INCOME	$258M
D&A	$42M
EBIT	$384M
EBITDA	$426M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$261M
Depreciation & Amortization	$42M
Stock-Based Compensation	$6M
Deferred Income Tax	$9M
Other Non-Cash Items	$43M
Change in Working Capital	$2.0K
OPERATING CASH FLOW	$361M
Capital Expenditure	-$24M
Acquisitions (Net)	$48M
Purchases of Investments	-$2.4B
Sales/Maturities of Investments	$2.6B
Other Investing Activities	-$885M
NET CASH FROM INVESTING	-$714M
Net Debt Issuance	$422.0K
Common Stock Repurchased	-$69M
Common Dividends Paid	-$82M
Other Financing Activities	$993M
NET CASH FROM FINANCING	$842M
FREE CASH FLOW	$337M
Net Change in Cash	$490M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.2B
Short-Term Investments	$8.9B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$10.1B
PP&E (Net)	$350M
Goodwill	$139M
Intangible Assets	$9M
Long-Term Investments	$10.9B
Tax Assets	$0
Other Non-Current Assets	$1.5B
TOTAL NON-CURRENT ASSETS	$12.9B
TOTAL ASSETS	$23.1B
Account Payables	$0
Short-Term Debt	$1.3B
Deferred Revenue	$0
Other Current Liabilities	$19.0B
TOTAL CURRENT LIABILITIES	$20.4B
Long-Term Debt	$107M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$356M
TOTAL NON-CURRENT LIABILITIES	$464M
TOTAL LIABILITIES	$20.9B
Common Stock	$481M
Additional Paid-In Capital	$1.3B
Retained Earnings	$450M
Treasury Stock	-$10M
Accum. Other Comp. Income	$10M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.2B
Minority Interest	$4M
TOTAL EQUITY	$2.2B
TOTAL LIABILITIES & EQUITY	$23.1B
Total Debt	$1.5B
Net Debt	$228M