CINF FY 2014 Earnings Report — Cincinnati Financial Corporation Revenue & Financial Results | Market Cap Arena

Cincinnati Financial CorporationCINF

FY 2014 Earnings

Reported February 27, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$4.9B	—	$4.5B	—	9.1%
Op. Income	$721M	—	$714M	—	1.0%
Gross Margin	42.2%	—	44.7%	—	-2.5pp
Net Margin	10.6%	—	11.4%	—	-0.8pp
EPS (Diluted)	$3.18	—	$3.12	—	1.9%
Free Cash Flow	$864M	—	$789M	—	9.5%

Revenue Flow

Item	Amount
REVENUE	$4.9B
Cost of Revenue	$2.9B
GROSS PROFIT	$2.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.4B
Operating Expenses	$1.4B
Cost & Expenses	$4.2B
OPERATING INCOME	$721M
Interest Income	$0
Interest Expense	$53M
Other Income/Expenses	$0
INCOME BEFORE TAX	$721M
Income Tax Expense	$196M
NET INCOME	$525M
D&A	$51M
EBIT	$774M
EBITDA	$825M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$4.9B
Cost of Revenue	$2.9B
GROSS PROFIT	$2.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.4B
Operating Expenses	$1.4B
Cost & Expenses	$4.2B
OPERATING INCOME	$721M
Interest Income	$0
Interest Expense	$53M
Other Income/Expenses	$0
INCOME BEFORE TAX	$721M
Income Tax Expense	$196M
NET INCOME	$525M
D&A	$51M
EBIT	$774M
EBITDA	$825M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$525M
Depreciation & Amortization	$51M
Stock-Based Compensation	$19M
Deferred Income Tax	$37M
Other Non-Cash Items	-$86M
Change in Working Capital	$327M
OPERATING CASH FLOW	$873M
Capital Expenditure	-$9M
Acquisitions (Net)	$0
Purchases of Investments	-$1.7B
Sales/Maturities of Investments	$1.4B
Other Investing Activities	$13M
NET CASH FROM INVESTING	-$311M
Net Debt Issuance	-$55M
Common Stock Repurchased	-$21M
Common Dividends Paid	-$278M
Other Financing Activities	-$72M
NET CASH FROM FINANCING	-$404M
FREE CASH FLOW	$864M
Net Change in Cash	$158M

Balance Sheet

Item	Amount
Cash & Equivalents	$591M
Short-Term Investments	$0
Net Receivables	$2.1B
Inventory	$0
Other Current Assets	-$12.2B
TOTAL CURRENT ASSETS	$0
PP&E (Net)	$194M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$14.3B
Tax Assets	$840M
Other Non-Current Assets	-$14.5B
TOTAL NON-CURRENT ASSETS	$0
TOTAL ASSETS	$18.7B
Account Payables	$0
Short-Term Debt	$49M
Deferred Revenue	$0
Other Current Liabilities	-$49M
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$786M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$1.7B
TOTAL NON-CURRENT LIABILITIES	$0
TOTAL LIABILITIES	$12.2B
Common Stock	$397M
Additional Paid-In Capital	$1.2B
Retained Earnings	$4.5B
Treasury Stock	-$1.3B
Accum. Other Comp. Income	$1.7B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$6.6B
Minority Interest	$0
TOTAL EQUITY	$6.6B
TOTAL LIABILITIES & EQUITY	$18.7B
Total Debt	$871M
Net Debt	$280M