CFR FY 2021 Earnings Report — Cullen/Frost Bankers, Inc. Revenue & Financial Results | Market Cap Arena

Cullen/Frost Bankers, Inc.CFR

FY 2021 Earnings

Reported February 4, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$1.4B	—	$1.5B	—	-6.1%
Op. Income	$490M	—	$351M	—	39.3%
Gross Margin	98.3%	—	80.7%	—	17.5pp
Net Margin	31.8%	—	22.3%	—	9.5pp
EPS (Diluted)	$6.74	—	$5.09	—	32.4%
Free Cash Flow	$582M	—	$429M	—	35.8%

Revenue Flow

Item	Amount
REVENUE	$1.4B
Cost of Revenue	$24M
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$35M
General & Administrative	$490M
SG&A Expenses	$524M
Other Expenses	$358M
Operating Expenses	$882M
Cost & Expenses	$906M
OPERATING INCOME	$490M
Interest Income	$1.0B
Interest Expense	$24M
Other Income/Expenses	$0
INCOME BEFORE TAX	$490M
Income Tax Expense	$46M
Net Income from Continuing Ops	$443M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$443M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$432M
D&A	$69M
EBIT	$490M
EBITDA	$559M
EPS	$7
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$1.4B
Cost of Revenue	$24M
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$35M
General & Administrative	$490M
SG&A Expenses	$524M
Other Expenses	$358M
Operating Expenses	$882M
Cost & Expenses	$906M
OPERATING INCOME	$490M
Interest Income	$1.0B
Interest Expense	$24M
Other Income/Expenses	$0
INCOME BEFORE TAX	$490M
Income Tax Expense	$46M
Net Income from Continuing Ops	$443M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$443M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$432M
D&A	$69M
EBIT	$490M
EBITDA	$559M
EPS	$7
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$443M
Depreciation & Amortization	$69M
Stock-Based Compensation	$13M
Deferred Income Tax	$8M
Other Non-Cash Items	$100M
Change in Working Capital	$15M
OPERATING CASH FLOW	$648M
Capital Expenditure	-$66M
Acquisitions (Net)	$0
Purchases of Investments	-$24.2B
Sales/Maturities of Investments	$20.6B
Other Investing Activities	$1.2B
NET CASH FROM INVESTING	-$2.5B
Net Debt Issuance	$636M
Common Stock Repurchased	-$4M
Common Dividends Paid	-$189M
Other Financing Activities	$7.7B
NET CASH FROM FINANCING	$8.2B
FREE CASH FLOW	$582M
Net Change in Cash	$6.3B

Balance Sheet

Item	Amount
Cash & Equivalents	$16.5B
Short-Term Investments	$13.9B
Net Receivables	$613M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$31.1B
PP&E (Net)	$1.1B
Goodwill	$655M
Intangible Assets	$866.0K
Long-Term Investments	$17.8B
Tax Assets	$0
Other Non-Current Assets	$257M
TOTAL NON-CURRENT ASSETS	$19.8B
TOTAL ASSETS	$50.9B
Account Payables	$754M
Short-Term Debt	$2.8B
Deferred Revenue	$0
Other Current Liabilities	$42.7B
TOTAL CURRENT LIABILITIES	$46.2B
Long-Term Debt	$222M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$222M
TOTAL LIABILITIES	$46.4B
Common Stock	$642.0K
Additional Paid-In Capital	$1.0B
Retained Earnings	$3.0B
Treasury Stock	-$21M
Accum. Other Comp. Income	$347M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.4B
Minority Interest	$0
TOTAL EQUITY	$4.4B
TOTAL LIABILITIES & EQUITY	$50.9B
Total Debt	$3.0B
Net Debt	-$13.6B