CBU FY 2013 Earnings Report — Community Bank System, Inc. Revenue & Financial Results | Market Cap Arena

Community Bank System, Inc.CBU

FY 2013 Earnings

Reported March 3, 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	$454M	—	$381M	—	19.2%
Op. Income	$111M	—	$109M	—	2.0%
Gross Margin	92.5%	—	84.2%	—	8.3pp
Net Margin	17.4%	—	20.2%	—	-2.9pp
EPS (Diluted)	$1.94	—	$1.93	—	0.5%
Free Cash Flow	$89M	—	$98M	—	-8.5%

Revenue Flow

Item	Amount
REVENUE	$454M
Cost of Revenue	$34M
GROSS PROFIT	$420M
R&D Expenses	$0
Selling & Marketing	$7M
General & Administrative	$159M
SG&A Expenses	$166M
Other Expenses	$143M
Operating Expenses	$309M
Cost & Expenses	$343M
OPERATING INCOME	$111M
Interest Income	$264M
Interest Expense	$26M
Other Income/Expenses	$0
INCOME BEFORE TAX	$111M
Income Tax Expense	$32M
Net Income from Continuing Ops	$79M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$79M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$78M
D&A	$17M
EBIT	$111M
EBITDA	$128M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$454M
Cost of Revenue	$34M
GROSS PROFIT	$420M
R&D Expenses	$0
Selling & Marketing	$7M
General & Administrative	$159M
SG&A Expenses	$166M
Other Expenses	$143M
Operating Expenses	$309M
Cost & Expenses	$343M
OPERATING INCOME	$111M
Interest Income	$264M
Interest Expense	$26M
Other Income/Expenses	$0
INCOME BEFORE TAX	$111M
Income Tax Expense	$32M
Net Income from Continuing Ops	$79M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$79M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$78M
D&A	$17M
EBIT	$111M
EBITDA	$128M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$79M
Depreciation & Amortization	$17M
Stock-Based Compensation	$4M
Deferred Income Tax	$7M
Other Non-Cash Items	$8M
Change in Working Capital	-$12M
OPERATING CASH FLOW	$103M
Capital Expenditure	-$14M
Acquisitions (Net)	$292M
Purchases of Investments	-$932M
Sales/Maturities of Investments	$1.5B
Other Investing Activities	-$249M
NET CASH FROM INVESTING	$553M
Net Debt Issuance	-$673M
Common Stock Repurchased	$0
Common Dividends Paid	-$43M
Other Financing Activities	-$34M
NET CASH FROM FINANCING	-$735M
FREE CASH FLOW	$89M
Net Change in Cash	-$79M

Balance Sheet

Item	Amount
Cash & Equivalents	$150M
Short-Term Investments	$2.2B
Net Receivables	$25M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.4B
PP&E (Net)	$94M
Goodwill	$375M
Intangible Assets	$16M
Long-Term Investments	$4.1B
Tax Assets	$0
Other Non-Current Assets	$180M
TOTAL NON-CURRENT ASSETS	$4.7B
TOTAL ASSETS	$7.1B
Account Payables	$80M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$5.9B
TOTAL CURRENT LIABILITIES	$6.0B
Long-Term Debt	$244M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$244M
TOTAL LIABILITIES	$6.2B
Common Stock	$41M
Additional Paid-In Capital	$397M
Retained Earnings	$482M
Treasury Stock	-$17M
Accum. Other Comp. Income	-$27M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$876M
Minority Interest	$0
TOTAL EQUITY	$876M
TOTAL LIABILITIES & EQUITY	$7.1B
Total Debt	$244M
Net Debt	$94M