CBU FY 2014 Earnings Report — Community Bank System, Inc. Revenue & Financial Results | Market Cap Arena

Community Bank System, Inc.CBU

FY 2014 Earnings

Reported March 2, 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	$375M	—	$454M	—	-17.3%
Op. Income	$130M	—	$111M	—	16.8%
Gross Margin	94.9%	—	92.5%	—	2.5pp
Net Margin	24.3%	—	17.4%	—	7.0pp
EPS (Diluted)	$2.22	—	$1.94	—	14.4%
Free Cash Flow	$109M	—	$89M	—	21.7%

Revenue Flow

Item	Amount
REVENUE	$375M
Cost of Revenue	$19M
GROSS PROFIT	$356M
R&D Expenses	$0
Selling & Marketing	$7M
General & Administrative	$163M
SG&A Expenses	$170M
Other Expenses	$57M
Operating Expenses	$227M
Cost & Expenses	$246M
OPERATING INCOME	$130M
Interest Income	$256M
Interest Expense	$12M
Other Income/Expenses	$0
INCOME BEFORE TAX	$130M
Income Tax Expense	$38M
Net Income from Continuing Ops	$91M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$91M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$91M
D&A	$18M
EBIT	$130M
EBITDA	$148M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$375M
Cost of Revenue	$19M
GROSS PROFIT	$356M
R&D Expenses	$0
Selling & Marketing	$7M
General & Administrative	$163M
SG&A Expenses	$170M
Other Expenses	$57M
Operating Expenses	$227M
Cost & Expenses	$246M
OPERATING INCOME	$130M
Interest Income	$256M
Interest Expense	$12M
Other Income/Expenses	$0
INCOME BEFORE TAX	$130M
Income Tax Expense	$38M
Net Income from Continuing Ops	$91M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$91M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$91M
D&A	$18M
EBIT	$130M
EBITDA	$148M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$91M
Depreciation & Amortization	$18M
Stock-Based Compensation	$4M
Deferred Income Tax	$7M
Other Non-Cash Items	$2M
Change in Working Capital	-$970.0K
OPERATING CASH FLOW	$122M
Capital Expenditure	-$13M
Acquisitions (Net)	-$924.0K
Purchases of Investments	-$318M
Sales/Maturities of Investments	$137M
Other Investing Activities	-$136M
NET CASH FROM INVESTING	-$331M
Net Debt Issuance	$196M
Common Stock Repurchased	-$4M
Common Dividends Paid	-$46M
Other Financing Activities	$41M
NET CASH FROM FINANCING	$198M
FREE CASH FLOW	$109M
Net Change in Cash	-$11M

Balance Sheet

Item	Amount
Cash & Equivalents	$138M
Short-Term Investments	$2.5B
Net Receivables	$25M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.6B
PP&E (Net)	$94M
Goodwill	$375M
Intangible Assets	$12M
Long-Term Investments	$4.2B
Tax Assets	$0
Other Non-Current Assets	$177M
TOTAL NON-CURRENT ASSETS	$4.9B
TOTAL ASSETS	$7.5B
Account Payables	$126M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$5.9B
TOTAL CURRENT LIABILITIES	$6.1B
Long-Term Debt	$440M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$440M
TOTAL LIABILITIES	$6.5B
Common Stock	$42M
Additional Paid-In Capital	$410M
Retained Earnings	$526M
Treasury Stock	-$20M
Accum. Other Comp. Income	$31M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$988M
Minority Interest	$0
TOTAL EQUITY	$988M
TOTAL LIABILITIES & EQUITY	$7.5B
Total Debt	$440M
Net Debt	$302M