CFR Q2 2021 Earnings Report — Cullen/Frost Bankers, Inc. Revenue & Financial Results | Market Cap Arena

Cullen/Frost Bankers, Inc.CFR

Q2 2021 Earnings

Reported July 29, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2021	Q1 2021	Q2 2020	QoQ Change	YoY Change
Revenue	$354M	$340M	$333M	4.2%	6.5%
Op. Income	$133M	$124M	$92M	7.5%	45.1%
Gross Margin	98.3%	98.3%	87.6%	0.0pp	10.7pp
Net Margin	33.3%	34.1%	28.0%	-0.8pp	5.3pp
EPS (Diluted)	$1.80	$1.77	$1.47	1.7%	22.4%
Free Cash Flow	$114M	$207M	-$62M	-45.1%	282.5%

Revenue Flow

Item	Amount
REVENUE	$354M
Cost of Revenue	$6M
GROSS PROFIT	$348M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$119M
SG&A Expenses	$119M
Other Expenses	$97M
Operating Expenses	$215M
Cost & Expenses	$221M
OPERATING INCOME	$133M
Interest Income	$263M
Interest Expense	$6M
Other Income/Expenses	$0
INCOME BEFORE TAX	$133M
Income Tax Expense	$15M
Net Income from Continuing Ops	$118M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$118M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$115M
D&A	$17M
EBIT	$133M
EBITDA	$150M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$354M
Cost of Revenue	$6M
GROSS PROFIT	$348M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$119M
SG&A Expenses	$119M
Other Expenses	$97M
Operating Expenses	$215M
Cost & Expenses	$221M
OPERATING INCOME	$133M
Interest Income	$263M
Interest Expense	$6M
Other Income/Expenses	$0
INCOME BEFORE TAX	$133M
Income Tax Expense	$15M
Net Income from Continuing Ops	$118M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$118M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$115M
D&A	$17M
EBIT	$133M
EBITDA	$150M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$118M
Depreciation & Amortization	$17M
Stock-Based Compensation	$3M
Deferred Income Tax	$1M
Other Non-Cash Items	$25M
Change in Working Capital	-$36M
OPERATING CASH FLOW	$129M
Capital Expenditure	-$15M
Acquisitions (Net)	$0
Purchases of Investments	-$346M
Sales/Maturities of Investments	$228M
Other Investing Activities	$1.3B
NET CASH FROM INVESTING	$1.2B
Net Debt Issuance	$320M
Common Stock Repurchased	$0
Common Dividends Paid	-$46M
Other Financing Activities	$1.8B
NET CASH FROM FINANCING	$2.1B
FREE CASH FLOW	$114M
Net Change in Cash	$3.4B

Balance Sheet

Item	Amount
Cash & Equivalents	$15.2B
Short-Term Investments	$10.8B
Net Receivables	$616M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$26.6B
PP&E (Net)	$1.0B
Goodwill	$655M
Intangible Assets	$1M
Long-Term Investments	$18.2B
Tax Assets	$0
Other Non-Current Assets	$223M
TOTAL NON-CURRENT ASSETS	$20.1B
TOTAL ASSETS	$46.7B
Account Payables	$1.1B
Short-Term Debt	$2.2B
Deferred Revenue	$0
Other Current Liabilities	$38.7B
TOTAL CURRENT LIABILITIES	$42.1B
Long-Term Debt	$235M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$235M
TOTAL LIABILITIES	$42.3B
Common Stock	$642.0K
Additional Paid-In Capital	$1.0B
Retained Earnings	$2.9B
Treasury Stock	-$51M
Accum. Other Comp. Income	$413M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.4B
Minority Interest	$0
TOTAL EQUITY	$4.4B
TOTAL LIABILITIES & EQUITY	$46.7B
Total Debt	$2.5B
Net Debt	-$12.7B