CBSH FY 2014 Earnings Report — Commerce Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Commerce Bancshares, Inc.CBSH

FY 2014 Earnings

Reported February 24, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$1.1B	—	$1.1B	—	3.3%
Op. Income	$384M	—	$384M	—	0.0%
Gross Margin	94.8%	—	95.2%	—	-0.4pp
Net Margin	23.8%	—	24.5%	—	-0.7pp
EPS (Diluted)	$1.60	—	$1.59	—	0.6%
Free Cash Flow	$317M	—	$337M	—	-5.9%

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$58M
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$16M
General & Administrative	$396M
SG&A Expenses	$411M
Other Expenses	$245M
Operating Expenses	$657M
Cost & Expenses	$714M
OPERATING INCOME	$384M
Interest Income	$648M
Interest Expense	$28M
Other Income/Expenses	$0
INCOME BEFORE TAX	$384M
Income Tax Expense	$122M
Net Income from Continuing Ops	$263M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$262M
Net Income Deductions	-$9.0K
BOTTOM LINE NET INCOME	$254M
D&A	$42M
EBIT	$384M
EBITDA	$427M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$58M
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$16M
General & Administrative	$396M
SG&A Expenses	$411M
Other Expenses	$245M
Operating Expenses	$657M
Cost & Expenses	$714M
OPERATING INCOME	$384M
Interest Income	$648M
Interest Expense	$28M
Other Income/Expenses	$0
INCOME BEFORE TAX	$384M
Income Tax Expense	$122M
Net Income from Continuing Ops	$263M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$262M
Net Income Deductions	-$9.0K
BOTTOM LINE NET INCOME	$254M
D&A	$42M
EBIT	$384M
EBITDA	$427M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$263M
Depreciation & Amortization	$42M
Stock-Based Compensation	$9M
Deferred Income Tax	-$540.0K
Other Non-Cash Items	$50M
Change in Working Capital	-$2M
OPERATING CASH FLOW	$361M
Capital Expenditure	-$44M
Acquisitions (Net)	-$44M
Purchases of Investments	-$2.5B
Sales/Maturities of Investments	$2.0B
Other Investing Activities	-$456M
NET CASH FROM INVESTING	-$1.1B
Net Debt Issuance	-$3M
Common Stock Repurchased	-$211M
Common Dividends Paid	-$84M
Other Financing Activities	$751M
NET CASH FROM FINANCING	$533M
FREE CASH FLOW	$317M
Net Change in Cash	-$169M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.1B
Short-Term Investments	$9.5B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$10.6B
PP&E (Net)	$358M
Goodwill	$139M
Intangible Assets	$7M
Long-Term Investments	$11.4B
Tax Assets	$0
Other Non-Current Assets	$1.5B
TOTAL NON-CURRENT ASSETS	$13.4B
TOTAL ASSETS	$24.0B
Account Payables	$0
Short-Term Debt	$1.9B
Deferred Revenue	$0
Other Current Liabilities	$19.5B
TOTAL CURRENT LIABILITIES	$21.3B
Long-Term Debt	$104M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$218M
TOTAL NON-CURRENT LIABILITIES	$322M
TOTAL LIABILITIES	$21.7B
Common Stock	$484M
Additional Paid-In Capital	$1.2B
Retained Earnings	$427M
Treasury Stock	-$17M
Accum. Other Comp. Income	$62M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.3B
Minority Interest	$4M
TOTAL EQUITY	$2.3B
TOTAL LIABILITIES & EQUITY	$24.0B
Total Debt	$2.0B
Net Debt	$898M