FBNC FY 2018 Earnings Report — First Bancorp Revenue & Financial Results | Market Cap Arena

First BancorpFBNC

FY 2018 Earnings

Reported March 1, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2018	Prior Q	FY 2017	QoQ Change	YoY Change
Revenue	$290M	—	$226M	—	28.1%
Op. Income	$113M	—	$68M	—	67.5%
Gross Margin	93.0%	—	94.1%	—	-1.0pp
Net Margin	30.8%	—	20.3%	—	10.5pp
EPS (Diluted)	$3.01	—	$1.82	—	65.4%
Free Cash Flow	$36M	—	$22M	—	60.9%

Revenue Flow

Item	Amount
REVENUE	$290M
Cost of Revenue	$20M
GROSS PROFIT	$269M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$92M
SG&A Expenses	$92M
Other Expenses	$64M
Operating Expenses	$156M
Cost & Expenses	$176M
OPERATING INCOME	$113M
Interest Income	$231M
Interest Expense	$24M
Other Income/Expenses	$0
INCOME BEFORE TAX	$113M
Income Tax Expense	$24M
Net Income from Continuing Ops	$89M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$89M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$89M
D&A	$13M
EBIT	$113M
EBITDA	$126M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$290M
Cost of Revenue	$20M
GROSS PROFIT	$269M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$92M
SG&A Expenses	$92M
Other Expenses	$64M
Operating Expenses	$156M
Cost & Expenses	$176M
OPERATING INCOME	$113M
Interest Income	$231M
Interest Expense	$24M
Other Income/Expenses	$0
INCOME BEFORE TAX	$113M
Income Tax Expense	$24M
Net Income from Continuing Ops	$89M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$89M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$89M
D&A	$13M
EBIT	$113M
EBITDA	$126M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$89M
Depreciation & Amortization	$13M
Stock-Based Compensation	$2M
Deferred Income Tax	$0
Other Non-Cash Items	-$56M
Change in Working Capital	-$2M
OPERATING CASH FLOW	$46M
Capital Expenditure	-$11M
Acquisitions (Net)	$0
Purchases of Investments	-$231M
Sales/Maturities of Investments	$77M
Other Investing Activities	-$149M
NET CASH FROM INVESTING	-$313M
Net Debt Issuance	-$1M
Common Stock Repurchased	$0
Common Dividends Paid	-$11M
Other Financing Activities	$253M
NET CASH FROM FINANCING	$240M
FREE CASH FLOW	$36M
Net Change in Cash	-$27M

Balance Sheet

Item	Amount
Cash & Equivalents	$463M
Short-Term Investments	$501M
Net Receivables	$16M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$980M
PP&E (Net)	$119M
Goodwill	$234M
Intangible Assets	$21M
Long-Term Investments	$4.3B
Tax Assets	$0
Other Non-Current Assets	$176M
TOTAL NON-CURRENT ASSETS	$4.9B
TOTAL ASSETS	$5.9B
Account Payables	$2M
Short-Term Debt	$343M
Deferred Revenue	$0
Other Current Liabilities	$4.7B
TOTAL CURRENT LIABILITIES	$5.0B
Long-Term Debt	$350M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$254M
TOTAL NON-CURRENT LIABILITIES	$96M
TOTAL LIABILITIES	$5.1B
Common Stock	$434M
Additional Paid-In Capital	$0
Retained Earnings	$342M
Treasury Stock	-$3M
Accum. Other Comp. Income	-$12M
Other Equity	$3M
TOTAL STOCKHOLDERS' EQUITY	$764M
Minority Interest	$0
TOTAL EQUITY	$764M
TOTAL LIABILITIES & EQUITY	$5.9B
Total Debt	$693M
Net Debt	$230M