CFR Q2 2016 Earnings Report — Cullen/Frost Bankers, Inc. Revenue & Financial Results | Market Cap Arena

Cullen/Frost Bankers, Inc.CFR

Q2 2016 Earnings

Reported July 27, 2016

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2016	Q1 2016	Q2 2015	QoQ Change	YoY Change
Revenue	$271M	$289M	—	-6.0%	—
Op. Income	$80M	$78M	—	2.1%	—
Gross Margin	95.5%	89.1%	—	6.4pp	—
Net Margin	26.3%	23.8%	—	2.5pp	—
EPS (Diluted)	$1.11	$1.07	—	3.7%	—
Free Cash Flow	$34M	$123M	—	-72.6%	—

Revenue Flow

Item	Amount
REVENUE	$271M
Cost of Revenue	$12M
GROSS PROFIT	$259M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$100M
SG&A Expenses	$100M
Other Expenses	$79M
Operating Expenses	$179M
Cost & Expenses	$192M
OPERATING INCOME	$80M
Interest Income	$193M
Interest Expense	$3M
Other Income/Expenses	$0
INCOME BEFORE TAX	$80M
Income Tax Expense	$8M
Net Income from Continuing Ops	$72M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$71M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$69M
D&A	$12M
EBIT	$80M
EBITDA	$92M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$271M
Cost of Revenue	$12M
GROSS PROFIT	$259M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$100M
SG&A Expenses	$100M
Other Expenses	$79M
Operating Expenses	$179M
Cost & Expenses	$192M
OPERATING INCOME	$80M
Interest Income	$193M
Interest Expense	$3M
Other Income/Expenses	$0
INCOME BEFORE TAX	$80M
Income Tax Expense	$8M
Net Income from Continuing Ops	$72M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$71M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$69M
D&A	$12M
EBIT	$80M
EBITDA	$92M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$72M
Depreciation & Amortization	$12M
Stock-Based Compensation	$3M
Deferred Income Tax	-$5M
Other Non-Cash Items	$23M
Change in Working Capital	-$54M
OPERATING CASH FLOW	$50M
Capital Expenditure	-$16M
Acquisitions (Net)	$0
Purchases of Investments	-$700M
Sales/Maturities of Investments	$89M
Other Investing Activities	-$58M
NET CASH FROM INVESTING	-$686M
Net Debt Issuance	$39M
Common Stock Repurchased	$0
Common Dividends Paid	-$34M
Other Financing Activities	$134M
NET CASH FROM FINANCING	$138M
FREE CASH FLOW	$34M
Net Change in Cash	-$498M

Balance Sheet

Item	Amount
Cash & Equivalents	$3.3B
Short-Term Investments	$10.0B
Net Receivables	$362M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$13.7B
PP&E (Net)	$564M
Goodwill	$655M
Intangible Assets	$8M
Long-Term Investments	$13.8B
Tax Assets	$0
Other Non-Current Assets	$271M
TOTAL NON-CURRENT ASSETS	$15.3B
TOTAL ASSETS	$29.0B
Account Payables	$583M
Short-Term Debt	$733M
Deferred Revenue	$0
Other Current Liabilities	$24.3B
TOTAL CURRENT LIABILITIES	$25.6B
Long-Term Debt	$236M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$236M
TOTAL LIABILITIES	$25.8B
Common Stock	$637.0K
Additional Paid-In Capital	$903M
Retained Earnings	$1.9B
Treasury Stock	-$107M
Accum. Other Comp. Income	$281M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.1B
Minority Interest	$0
TOTAL EQUITY	$3.1B
TOTAL LIABILITIES & EQUITY	$29.0B
Total Debt	$969M
Net Debt	-$2.3B