CFR FY 2019 Earnings Report — Cullen/Frost Bankers, Inc. Revenue & Financial Results | Market Cap Arena

Cullen/Frost Bankers, Inc.CFR

FY 2019 Earnings

Reported February 4, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$1.5B	—	$1.4B	—	6.8%
Op. Income	$499M	—	$509M	—	-1.8%
Gross Margin	89.1%	—	91.8%	—	-2.7pp
Net Margin	29.6%	—	32.4%	—	-2.8pp
EPS (Diluted)	$6.81	—	$6.90	—	-1.3%
Free Cash Flow	$427M	—	$483M	—	-11.5%

Revenue Flow

Item	Amount
REVENUE	$1.5B
Cost of Revenue	$164M
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$38M
General & Administrative	$488M
SG&A Expenses	$526M
Other Expenses	$309M
Operating Expenses	$835M
Cost & Expenses	$998M
OPERATING INCOME	$499M
Interest Income	$1.1B
Interest Expense	$130M
Other Income/Expenses	$0
INCOME BEFORE TAX	$499M
Income Tax Expense	$56M
Net Income from Continuing Ops	$444M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$444M
Net Income Deductions	-$4M
BOTTOM LINE NET INCOME	$436M
D&A	$54M
EBIT	$499M
EBITDA	$554M
EPS	$7
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$1.5B
Cost of Revenue	$164M
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$38M
General & Administrative	$488M
SG&A Expenses	$526M
Other Expenses	$309M
Operating Expenses	$835M
Cost & Expenses	$998M
OPERATING INCOME	$499M
Interest Income	$1.1B
Interest Expense	$130M
Other Income/Expenses	$0
INCOME BEFORE TAX	$499M
Income Tax Expense	$56M
Net Income from Continuing Ops	$444M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$444M
Net Income Deductions	-$4M
BOTTOM LINE NET INCOME	$436M
D&A	$54M
EBIT	$499M
EBITDA	$554M
EPS	$7
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$444M
Depreciation & Amortization	$54M
Stock-Based Compensation	$16M
Deferred Income Tax	$8M
Other Non-Cash Items	$127M
Change in Working Capital	-$14M
OPERATING CASH FLOW	$634M
Capital Expenditure	-$207M
Acquisitions (Net)	$0
Purchases of Investments	-$24.0B
Sales/Maturities of Investments	$23.4B
Other Investing Activities	-$661M
NET CASH FROM INVESTING	-$1.4B
Net Debt Issuance	$328M
Common Stock Repurchased	-$69M
Common Dividends Paid	-$177M
Other Financing Activities	$511M
NET CASH FROM FINANCING	$585M
FREE CASH FLOW	$427M
Net Change in Cash	-$168M

Balance Sheet

Item	Amount
Cash & Equivalents	$3.4B
Short-Term Investments	$11.3B
Net Receivables	$441M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$15.1B
PP&E (Net)	$1.0B
Goodwill	$655M
Intangible Assets	$2M
Long-Term Investments	$16.6B
Tax Assets	$0
Other Non-Current Assets	$568M
TOTAL NON-CURRENT ASSETS	$18.9B
TOTAL ASSETS	$34.0B
Account Payables	$546M
Short-Term Debt	$1.7B
Deferred Revenue	$0
Other Current Liabilities	$27.6B
TOTAL CURRENT LIABILITIES	$29.9B
Long-Term Debt	$235M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$235M
TOTAL LIABILITIES	$30.1B
Common Stock	$642.0K
Additional Paid-In Capital	$983M
Retained Earnings	$2.7B
Treasury Stock	-$152M
Accum. Other Comp. Income	$267M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.9B
Minority Interest	$0
TOTAL EQUITY	$3.9B
TOTAL LIABILITIES & EQUITY	$34.0B
Total Debt	$1.9B
Net Debt	-$1.5B