CFR Q4 2018 Earnings Report — Cullen/Frost Bankers, Inc. Revenue & Financial Results | Market Cap Arena

Cullen/Frost Bankers, Inc.CFR

Q4 2018 Earnings

Reported February 6, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2018	Q3 2018	Q4 2017	QoQ Change	YoY Change
Revenue	$368M	$356M	$324M	3.4%	13.6%
Op. Income	$133M	$133M	$110M	-0.1%	21.2%
Gross Margin	90.3%	91.7%	94.3%	-1.4pp	-4.0pp
Net Margin	32.4%	33.1%	31.0%	-0.7pp	1.4pp
EPS (Diluted)	$1.82	$1.78	$1.53	2.2%	19.0%
Free Cash Flow	$80M	$195M	$172M	-59.1%	-53.7%

Revenue Flow

Item	Amount
REVENUE	$368M
Cost of Revenue	$36M
GROSS PROFIT	$333M
R&D Expenses	$0
Selling & Marketing	$33M
General & Administrative	$127M
SG&A Expenses	$160M
Other Expenses	$40M
Operating Expenses	$200M
Cost & Expenses	$235M
OPERATING INCOME	$133M
Interest Income	$281M
Interest Expense	$32M
Other Income/Expenses	$0
INCOME BEFORE TAX	$133M
Income Tax Expense	$14M
Net Income from Continuing Ops	$119M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$119M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$116M
D&A	$13M
EBIT	$133M
EBITDA	$146M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$368M
Cost of Revenue	$36M
GROSS PROFIT	$333M
R&D Expenses	$0
Selling & Marketing	$33M
General & Administrative	$127M
SG&A Expenses	$160M
Other Expenses	$40M
Operating Expenses	$200M
Cost & Expenses	$235M
OPERATING INCOME	$133M
Interest Income	$281M
Interest Expense	$32M
Other Income/Expenses	$0
INCOME BEFORE TAX	$133M
Income Tax Expense	$14M
Net Income from Continuing Ops	$119M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$119M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$116M
D&A	$13M
EBIT	$133M
EBITDA	$146M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$119M
Depreciation & Amortization	$13M
Stock-Based Compensation	$4M
Deferred Income Tax	$14M
Other Non-Cash Items	$27M
Change in Working Capital	-$75M
OPERATING CASH FLOW	$102M
Capital Expenditure	-$22M
Acquisitions (Net)	$0
Purchases of Investments	-$3.2B
Sales/Maturities of Investments	$3.0B
Other Investing Activities	-$287M
NET CASH FROM INVESTING	-$509M
Net Debt Issuance	$284M
Common Stock Repurchased	-$101M
Common Dividends Paid	-$43M
Other Financing Activities	$805M
NET CASH FROM FINANCING	$944M
FREE CASH FLOW	$80M
Net Change in Cash	$536M

Balance Sheet

Item	Amount
Cash & Equivalents	$3.3B
Short-Term Investments	$11.4B
Net Receivables	$458M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$15.2B
PP&E (Net)	$552M
Goodwill	$655M
Intangible Assets	$4M
Long-Term Investments	$15.1B
Tax Assets	$0
Other Non-Current Assets	$843M
TOTAL NON-CURRENT ASSETS	$17.1B
TOTAL ASSETS	$32.3B
Account Payables	$172M
Short-Term Debt	$1.4B
Deferred Revenue	$0
Other Current Liabilities	$27.1B
TOTAL CURRENT LIABILITIES	$28.7B
Long-Term Debt	$235M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$235M
TOTAL LIABILITIES	$28.9B
Common Stock	$642.0K
Additional Paid-In Capital	$967M
Retained Earnings	$2.4B
Treasury Stock	-$120M
Accum. Other Comp. Income	-$64M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.4B
Minority Interest	$0
TOTAL EQUITY	$3.4B
TOTAL LIABILITIES & EQUITY	$32.3B
Total Debt	$1.6B
Net Debt	-$1.7B