CFR Q3 2018 Earnings Report — Cullen/Frost Bankers, Inc. Revenue & Financial Results | Market Cap Arena

Cullen/Frost Bankers, Inc.CFR

Q3 2018 Earnings

Reported October 25, 2018

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2018	Q2 2018	Q3 2017	QoQ Change	YoY Change
Revenue	$356M	$343M	$309M	3.9%	15.3%
Op. Income	$133M	$125M	$103M	6.3%	29.1%
Gross Margin	91.7%	91.6%	93.7%	0.1pp	-2.1pp
Net Margin	33.1%	32.5%	30.1%	0.6pp	2.9pp
EPS (Diluted)	$1.78	$1.68	$1.41	6.0%	26.2%
Free Cash Flow	$195M	$14M	$158M	1266.0%	23.8%

Revenue Flow

Item	Amount
REVENUE	$356M
Cost of Revenue	$30M
GROSS PROFIT	$327M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$111M
SG&A Expenses	$111M
Other Expenses	$83M
Operating Expenses	$194M
Cost & Expenses	$223M
OPERATING INCOME	$133M
Interest Income	$269M
Interest Expense	$27M
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	$13M
EBIT	$133M
EBITDA	$146M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$356M
Cost of Revenue	$30M
GROSS PROFIT	$327M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$111M
SG&A Expenses	$111M
Other Expenses	$83M
Operating Expenses	$194M
Cost & Expenses	$223M
OPERATING INCOME	$133M
Interest Income	$269M
Interest Expense	$27M
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	$13M
EBIT	$133M
EBITDA	$146M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$118M
Depreciation & Amortization	$13M
Stock-Based Compensation	$3M
Deferred Income Tax	$16M
Other Non-Cash Items	$23M
Change in Working Capital	$34M
OPERATING CASH FLOW	$206M
Capital Expenditure	-$11M
Acquisitions (Net)	$0
Purchases of Investments	-$3.5B
Sales/Maturities of Investments	$3.1B
Other Investing Activities	-$115M
NET CASH FROM INVESTING	-$517M
Net Debt Issuance	$106M
Common Stock Repurchased	$0
Common Dividends Paid	-$43M
Other Financing Activities	$353M
NET CASH FROM FINANCING	$415M
FREE CASH FLOW	$195M
Net Change in Cash	$104M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.9B
Short-Term Investments	$11.2B
Net Receivables	$431M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$14.5B
PP&E (Net)	$541M
Goodwill	$655M
Intangible Assets	$4M
Long-Term Investments	$14.8B
Tax Assets	$0
Other Non-Current Assets	$689M
TOTAL NON-CURRENT ASSETS	$16.7B
TOTAL ASSETS	$31.2B
Account Payables	$248M
Short-Term Debt	$1.1B
Deferred Revenue	$0
Other Current Liabilities	$26.3B
TOTAL CURRENT LIABILITIES	$27.7B
Long-Term Debt	$235M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$235M
TOTAL LIABILITIES	$27.9B
Common Stock	$642.0K
Additional Paid-In Capital	$963M
Retained Earnings	$2.4B
Treasury Stock	-$28M
Accum. Other Comp. Income	-$141M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.3B
Minority Interest	$0
TOTAL EQUITY	$3.3B
TOTAL LIABILITIES & EQUITY	$31.2B
Total Debt	$1.3B
Net Debt	-$1.6B