FBNC FY 2019 Earnings Report — First Bancorp Revenue & Financial Results | Market Cap Arena

First BancorpFBNC

FY 2019 Earnings

Reported February 28, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$309M	—	$290M	—	6.6%
Op. Income	$116M	—	$113M	—	2.5%
Gross Margin	88.3%	—	93.0%	—	-4.7pp
Net Margin	29.8%	—	30.8%	—	-1.0pp
EPS (Diluted)	$3.10	—	$3.01	—	3.0%
Free Cash Flow	$48M	—	$36M	—	33.7%

Revenue Flow

Item	Amount
REVENUE	$309M
Cost of Revenue	$36M
GROSS PROFIT	$273M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$96M
SG&A Expenses	$96M
Other Expenses	$60M
Operating Expenses	$156M
Cost & Expenses	$192M
OPERATING INCOME	$116M
Interest Income	$250M
Interest Expense	$34M
Other Income/Expenses	$0
INCOME BEFORE TAX	$116M
Income Tax Expense	$24M
Net Income from Continuing Ops	$92M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$92M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$92M
D&A	$14M
EBIT	$116M
EBITDA	$130M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$309M
Cost of Revenue	$36M
GROSS PROFIT	$273M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$96M
SG&A Expenses	$96M
Other Expenses	$60M
Operating Expenses	$156M
Cost & Expenses	$192M
OPERATING INCOME	$116M
Interest Income	$250M
Interest Expense	$34M
Other Income/Expenses	$0
INCOME BEFORE TAX	$116M
Income Tax Expense	$24M
Net Income from Continuing Ops	$92M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$92M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$92M
D&A	$14M
EBIT	$116M
EBITDA	$130M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$92M
Depreciation & Amortization	$14M
Stock-Based Compensation	$2M
Deferred Income Tax	$2M
Other Non-Cash Items	-$55M
Change in Working Capital	-$4M
OPERATING CASH FLOW	$51M
Capital Expenditure	-$4M
Acquisitions (Net)	$0
Purchases of Investments	-$499M
Sales/Maturities of Investments	$231M
Other Investing Activities	-$153M
NET CASH FROM INVESTING	-$425M
Net Debt Issuance	-$106M
Common Stock Repurchased	-$10M
Common Dividends Paid	-$14M
Other Financing Activities	$272M
NET CASH FROM FINANCING	$142M
FREE CASH FLOW	$48M
Net Change in Cash	-$232M

Balance Sheet

Item	Amount
Cash & Equivalents	$231M
Short-Term Investments	$822M
Net Receivables	$17M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.1B
PP&E (Net)	$135M
Goodwill	$234M
Intangible Assets	$17M
Long-Term Investments	$4.5B
Tax Assets	$0
Other Non-Current Assets	$168M
TOTAL NON-CURRENT ASSETS	$5.1B
TOTAL ASSETS	$6.1B
Account Payables	$2M
Short-Term Debt	$238M
Deferred Revenue	$0
Other Current Liabilities	$4.9B
TOTAL CURRENT LIABILITIES	$5.2B
Long-Term Debt	$244M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$144M
TOTAL NON-CURRENT LIABILITIES	$120M
TOTAL LIABILITIES	$5.3B
Common Stock	$430M
Additional Paid-In Capital	$0
Retained Earnings	$418M
Treasury Stock	-$3M
Accum. Other Comp. Income	$5M
Other Equity	$3M
TOTAL STOCKHOLDERS' EQUITY	$852M
Minority Interest	$0
TOTAL EQUITY	$852M
TOTAL LIABILITIES & EQUITY	$6.1B
Total Debt	$502M
Net Debt	$271M