CFR FY 2020 Earnings Report — Cullen/Frost Bankers, Inc. Revenue & Financial Results | Market Cap Arena

Cullen/Frost Bankers, Inc.CFR

FY 2020 Earnings

Reported February 5, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2020	Prior Q	FY 2019	QoQ Change	YoY Change
Revenue	$1.5B	—	$1.5B	—	-0.7%
Op. Income	$351M	—	$499M	—	-29.7%
Gross Margin	80.7%	—	89.1%	—	-8.3pp
Net Margin	22.3%	—	29.6%	—	-7.3pp
EPS (Diluted)	$5.09	—	$6.81	—	-25.3%
Free Cash Flow	$429M	—	$427M	—	0.3%

Revenue Flow

Item	Amount
REVENUE	$1.5B
Cost of Revenue	$286M
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$34M
General & Administrative	$474M
SG&A Expenses	$508M
Other Expenses	$341M
Operating Expenses	$849M
Cost & Expenses	$1.1B
OPERATING INCOME	$351M
Interest Income	$1.0B
Interest Expense	$45M
Other Income/Expenses	$0
INCOME BEFORE TAX	$351M
Income Tax Expense	$20M
Net Income from Continuing Ops	$331M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$331M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$324M
D&A	$64M
EBIT	$351M
EBITDA	$416M
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$1.5B
Cost of Revenue	$286M
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$34M
General & Administrative	$474M
SG&A Expenses	$508M
Other Expenses	$341M
Operating Expenses	$849M
Cost & Expenses	$1.1B
OPERATING INCOME	$351M
Interest Income	$1.0B
Interest Expense	$45M
Other Income/Expenses	$0
INCOME BEFORE TAX	$351M
Income Tax Expense	$20M
Net Income from Continuing Ops	$331M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$331M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$324M
D&A	$64M
EBIT	$351M
EBITDA	$416M
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$331M
Depreciation & Amortization	$64M
Stock-Based Compensation	$14M
Deferred Income Tax	-$16M
Other Non-Cash Items	$238M
Change in Working Capital	-$107M
OPERATING CASH FLOW	$524M
Capital Expenditure	-$95M
Acquisitions (Net)	$0
Purchases of Investments	-$20.8B
Sales/Maturities of Investments	$22.1B
Other Investing Activities	-$2.8B
NET CASH FROM INVESTING	-$1.6B
Net Debt Issuance	$422M
Common Stock Repurchased	-$166M
Common Dividends Paid	-$181M
Other Financing Activities	$7.4B
NET CASH FROM FINANCING	$7.6B
FREE CASH FLOW	$429M
Net Change in Cash	$6.5B

Balance Sheet

Item	Amount
Cash & Equivalents	$10.3B
Short-Term Investments	$10.4B
Net Receivables	$585M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$21.3B
PP&E (Net)	$1.0B
Goodwill	$655M
Intangible Assets	$2M
Long-Term Investments	$19.2B
Tax Assets	$0
Other Non-Current Assets	$215M
TOTAL NON-CURRENT ASSETS	$21.1B
TOTAL ASSETS	$42.4B
Account Payables	$730M
Short-Term Debt	$2.1B
Deferred Revenue	$0
Other Current Liabilities	$35.0B
TOTAL CURRENT LIABILITIES	$37.9B
Long-Term Debt	$235M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$235M
TOTAL LIABILITIES	$38.1B
Common Stock	$642.0K
Additional Paid-In Capital	$997M
Retained Earnings	$2.8B
Treasury Stock	-$114M
Accum. Other Comp. Income	$513M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.3B
Minority Interest	$0
TOTAL EQUITY	$4.3B
TOTAL LIABILITIES & EQUITY	$42.4B
Total Debt	$2.4B
Net Debt	-$7.9B