CFR FY 2013 Earnings Report — Cullen/Frost Bankers, Inc. Revenue & Financial Results | Market Cap Arena

Cullen/Frost Bankers, Inc.CFR

FY 2013 Earnings

Reported February 6, 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	$945M	—	$920M	—	2.7%
Op. Income	$291M	—	$308M	—	-5.7%
Gross Margin	95.5%	—	96.0%	—	-0.5pp
Net Margin	25.2%	—	25.9%	—	-0.7pp
EPS (Diluted)	$3.80	—	$3.86	—	-1.6%
Free Cash Flow	$134M	—	$275M	—	-51.3%

Revenue Flow

Item	Amount
REVENUE	$945M
Cost of Revenue	$43M
GROSS PROFIT	$903M
R&D Expenses	$0
Selling & Marketing	$26M
General & Administrative	$361M
SG&A Expenses	$388M
Other Expenses	$224M
Operating Expenses	$612M
Cost & Expenses	$654M
OPERATING INCOME	$291M
Interest Income	$643M
Interest Expense	$22M
Other Income/Expenses	$0
INCOME BEFORE TAX	$291M
Income Tax Expense	$53M
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	$230M
D&A	$38M
EBIT	$291M
EBITDA	$329M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$945M
Cost of Revenue	$43M
GROSS PROFIT	$903M
R&D Expenses	$0
Selling & Marketing	$26M
General & Administrative	$361M
SG&A Expenses	$388M
Other Expenses	$224M
Operating Expenses	$612M
Cost & Expenses	$654M
OPERATING INCOME	$291M
Interest Income	$643M
Interest Expense	$22M
Other Income/Expenses	$0
INCOME BEFORE TAX	$291M
Income Tax Expense	$53M
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	$230M
D&A	$38M
EBIT	$291M
EBITDA	$329M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$238M
Depreciation & Amortization	$38M
Stock-Based Compensation	$12M
Deferred Income Tax	$3M
Other Non-Cash Items	$46M
Change in Working Capital	-$164M
OPERATING CASH FLOW	$174M
Capital Expenditure	-$40M
Acquisitions (Net)	-$2M
Purchases of Investments	-$11.4B
Sales/Maturities of Investments	$11.4B
Other Investing Activities	-$291M
NET CASH FROM INVESTING	-$386M
Net Debt Issuance	$107M
Common Stock Repurchased	-$145M
Common Dividends Paid	-$120M
Other Financing Activities	$1.3B
NET CASH FROM FINANCING	$1.2B
FREE CASH FLOW	$134M
Net Change in Cash	$1.0B

Balance Sheet

Item	Amount
Cash & Equivalents	$4.5B
Short-Term Investments	$5.9B
Net Receivables	$285M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$10.7B
PP&E (Net)	$313M
Goodwill	$537M
Intangible Assets	$6M
Long-Term Investments	$12.6B
Tax Assets	$0
Other Non-Current Assets	$182M
TOTAL NON-CURRENT ASSETS	$13.6B
TOTAL ASSETS	$24.3B
Account Payables	$218M
Short-Term Debt	$668M
Deferred Revenue	$0
Other Current Liabilities	$20.7B
TOTAL CURRENT LIABILITIES	$21.6B
Long-Term Debt	$224M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$224M
TOTAL LIABILITIES	$21.8B
Common Stock	$617.0K
Additional Paid-In Capital	$724M
Retained Earnings	$1.6B
Treasury Stock	-$71M
Accum. Other Comp. Income	$140M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.5B
Minority Interest	$0
TOTAL EQUITY	$2.5B
TOTAL LIABILITIES & EQUITY	$24.3B
Total Debt	$892M
Net Debt	-$3.6B