CBSH Q3 2020 Earnings Report — Commerce Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Commerce Bancshares, Inc.CBSH

Q3 2020 Earnings

Reported November 5, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2020	Q2 2020	Q3 2019	QoQ Change	YoY Change
Revenue	$369M	—	$369M	—	-0.1%
Op. Income	$168M	—	$139M	—	20.5%
Gross Margin	97.2%	—	89.4%	—	7.8pp
Net Margin	35.9%	—	29.6%	—	6.3pp
EPS (Diluted)	$0.87	—	$0.73	—	19.2%
Free Cash Flow	$227M	—	$116M	—	95.1%

Revenue Flow

Item	Amount
REVENUE	$369M
Cost of Revenue	$10M
GROSS PROFIT	$359M
R&D Expenses	$0
Selling & Marketing	$5M
General & Administrative	$127M
SG&A Expenses	$132M
Other Expenses	$59M
Operating Expenses	$191M
Cost & Expenses	$201M
OPERATING INCOME	$168M
Interest Income	$223M
Interest Expense	$7M
Other Income/Expenses	$0
INCOME BEFORE TAX	$168M
Income Tax Expense	$34M
Net Income from Continuing Ops	$133M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$132M
Net Income Deductions	-$3.0K
BOTTOM LINE NET INCOME	$124M
D&A	$11M
EBIT	$168M
EBITDA	$179M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$369M
Cost of Revenue	$10M
GROSS PROFIT	$359M
R&D Expenses	$0
Selling & Marketing	$5M
General & Administrative	$127M
SG&A Expenses	$132M
Other Expenses	$59M
Operating Expenses	$191M
Cost & Expenses	$201M
OPERATING INCOME	$168M
Interest Income	$223M
Interest Expense	$7M
Other Income/Expenses	$0
INCOME BEFORE TAX	$168M
Income Tax Expense	$34M
Net Income from Continuing Ops	$133M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$132M
Net Income Deductions	-$3.0K
BOTTOM LINE NET INCOME	$124M
D&A	$11M
EBIT	$168M
EBITDA	$179M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$133M
Depreciation & Amortization	$11M
Stock-Based Compensation	$4M
Deferred Income Tax	$0
Other Non-Cash Items	$125M
Change in Working Capital	-$31M
OPERATING CASH FLOW	$243M
Capital Expenditure	-$16M
Acquisitions (Net)	$0
Purchases of Investments	-$2.5B
Sales/Maturities of Investments	$1.0B
Other Investing Activities	-$33M
NET CASH FROM INVESTING	-$1.5B
Net Debt Issuance	-$693.0K
Common Stock Repurchased	-$167.0K
Common Dividends Paid	-$30M
Other Financing Activities	$1.0B
NET CASH FROM FINANCING	$1.0B
FREE CASH FLOW	$227M
Net Change in Cash	-$261M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.5B
Short-Term Investments	$11.5B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$13.1B
PP&E (Net)	$378M
Goodwill	$139M
Intangible Assets	$7M
Long-Term Investments	$16.4B
Tax Assets	$0
Other Non-Current Assets	$1.5B
TOTAL NON-CURRENT ASSETS	$18.4B
TOTAL ASSETS	$31.5B
Account Payables	$0
Short-Term Debt	$1.7B
Deferred Revenue	$0
Other Current Liabilities	$25.7B
TOTAL CURRENT LIABILITIES	$27.4B
Long-Term Debt	$782.0K
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$792M
TOTAL NON-CURRENT LIABILITIES	$793M
TOTAL LIABILITIES	$28.1B
Common Stock	$564M
Additional Paid-In Capital	$2.1B
Retained Earnings	$327M
Treasury Stock	-$69M
Accum. Other Comp. Income	$343M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.3B
Minority Interest	$601.0K
TOTAL EQUITY	$3.3B
TOTAL LIABILITIES & EQUITY	$31.5B
Total Debt	$1.7B
Net Debt	$125M