CFR FY 2012 Earnings Report — Cullen/Frost Bankers, Inc. Revenue & Financial Results | Market Cap Arena

Cullen/Frost Bankers, Inc.CFR

FY 2012 Earnings

Reported February 8, 2013

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2012	Prior Q	FY 2011	QoQ Change	YoY Change
Revenue	$920M	—	$913M	—	0.8%
Op. Income	$308M	—	$286M	—	7.8%
Gross Margin	96.0%	—	92.5%	—	3.5pp
Net Margin	25.9%	—	23.8%	—	2.0pp
EPS (Diluted)	$3.86	—	$3.54	—	9.0%
Free Cash Flow	$275M	—	$248M	—	11.1%

Revenue Flow

Item	Amount
REVENUE	$920M
Cost of Revenue	$37M
GROSS PROFIT	$884M
R&D Expenses	$0
Selling & Marketing	$27M
General & Administrative	$341M
SG&A Expenses	$368M
Other Expenses	$207M
Operating Expenses	$575M
Cost & Expenses	$612M
OPERATING INCOME	$308M
Interest Income	$632M
Interest Expense	$27M
Other Income/Expenses	$0
INCOME BEFORE TAX	$308M
Income Tax Expense	$71M
Net Income from Continuing Ops	$238M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$238M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$237M
D&A	$38M
EBIT	$308M
EBITDA	$346M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$920M
Cost of Revenue	$37M
GROSS PROFIT	$884M
R&D Expenses	$0
Selling & Marketing	$27M
General & Administrative	$341M
SG&A Expenses	$368M
Other Expenses	$207M
Operating Expenses	$575M
Cost & Expenses	$612M
OPERATING INCOME	$308M
Interest Income	$632M
Interest Expense	$27M
Other Income/Expenses	$0
INCOME BEFORE TAX	$308M
Income Tax Expense	$71M
Net Income from Continuing Ops	$238M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$238M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$237M
D&A	$38M
EBIT	$308M
EBITDA	$346M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$238M
Depreciation & Amortization	$38M
Stock-Based Compensation	$13M
Deferred Income Tax	-$6M
Other Non-Cash Items	$16M
Change in Working Capital	$1M
OPERATING CASH FLOW	$300M
Capital Expenditure	-$25M
Acquisitions (Net)	-$7M
Purchases of Investments	-$18.6B
Sales/Maturities of Investments	$17.7B
Other Investing Activities	-$1.2B
NET CASH FROM INVESTING	-$2.2B
Net Debt Issuance	-$161M
Common Stock Repurchased	-$436.0K
Common Dividends Paid	-$117M
Other Financing Activities	$2.8B
NET CASH FROM FINANCING	$2.5B
FREE CASH FLOW	$275M
Net Change in Cash	$617M

Balance Sheet

Item	Amount
Cash & Equivalents	$3.4B
Short-Term Investments	$6.2B
Net Receivables	$292M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$9.9B
PP&E (Net)	$316M
Goodwill	$536M
Intangible Assets	$8M
Long-Term Investments	$12.1B
Tax Assets	$0
Other Non-Current Assets	$253M
TOTAL NON-CURRENT ASSETS	$13.2B
TOTAL ASSETS	$23.1B
Account Payables	$424M
Short-Term Debt	$561M
Deferred Revenue	$0
Other Current Liabilities	$19.5B
TOTAL CURRENT LIABILITIES	$20.5B
Long-Term Debt	$224M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$224M
TOTAL LIABILITIES	$20.7B
Common Stock	$615.0K
Additional Paid-In Capital	$703M
Retained Earnings	$1.5B
Treasury Stock	$0
Accum. Other Comp. Income	$238M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.4B
Minority Interest	$0
TOTAL EQUITY	$2.4B
TOTAL LIABILITIES & EQUITY	$23.1B
Total Debt	$785M
Net Debt	-$2.7B