FBP FY 2014 Earnings Report — First BanCorp. Revenue & Financial Results | Market Cap Arena

First BanCorp.FBP

FY 2014 Earnings

Reported March 16, 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	$622M	—	$610M	—	2.0%
Op. Income	$92M	—	-$159M	—	157.5%
Gross Margin	63.9%	—	38.6%	—	25.2pp
Net Margin	63.1%	—	-27.0%	—	90.1pp
EPS (Diluted)	$1.87	—	$-0.80	—	333.8%
Free Cash Flow	$242M	—	$330M	—	-26.6%

Revenue Flow

Item	Amount
REVENUE	$622M
Cost of Revenue	$225M
GROSS PROFIT	$397M
R&D Expenses	$0
Selling & Marketing	$17M
General & Administrative	$145M
SG&A Expenses	$162M
Other Expenses	$144M
Operating Expenses	$305M
Cost & Expenses	$530M
OPERATING INCOME	$92M
Interest Income	$634M
Interest Expense	$116M
Other Income/Expenses	$0
INCOME BEFORE TAX	$92M
Income Tax Expense	-$301M
Net Income from Continuing Ops	$392M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$392M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$394M
D&A	$26M
EBIT	$92M
EBITDA	$118M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$622M
Cost of Revenue	$225M
GROSS PROFIT	$397M
R&D Expenses	$0
Selling & Marketing	$17M
General & Administrative	$145M
SG&A Expenses	$162M
Other Expenses	$144M
Operating Expenses	$305M
Cost & Expenses	$530M
OPERATING INCOME	$92M
Interest Income	$634M
Interest Expense	$116M
Other Income/Expenses	$0
INCOME BEFORE TAX	$92M
Income Tax Expense	-$301M
Net Income from Continuing Ops	$392M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$392M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$394M
D&A	$26M
EBIT	$92M
EBITDA	$118M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$392M
Depreciation & Amortization	$26M
Stock-Based Compensation	$4M
Deferred Income Tax	-$306M
Other Non-Cash Items	$135M
Change in Working Capital	$13M
OPERATING CASH FLOW	$264M
Capital Expenditure	-$22M
Acquisitions (Net)	$0
Purchases of Investments	-$170M
Sales/Maturities of Investments	$243M
Other Investing Activities	$205M
NET CASH FROM INVESTING	$255M
Net Debt Issuance	$25M
Common Stock Repurchased	-$946.0K
Common Dividends Paid	$0
Other Financing Activities	-$403M
NET CASH FROM FINANCING	-$379M
FREE CASH FLOW	$242M
Net Change in Cash	$140M

Balance Sheet

Item	Amount
Cash & Equivalents	$779M
Short-Term Investments	$956M
Net Receivables	$283M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.0B
PP&E (Net)	$167M
Goodwill	$28M
Intangible Assets	$22M
Long-Term Investments	$8.9B
Tax Assets	$0
Other Non-Current Assets	$1.6B
TOTAL NON-CURRENT ASSETS	$10.7B
TOTAL ASSETS	$12.7B
Account Payables	$115M
Short-Term Debt	$900M
Deferred Revenue	$0
Other Current Liabilities	$9.5B
TOTAL CURRENT LIABILITIES	$10.5B
Long-Term Debt	$557M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$557M
TOTAL LIABILITIES	$11.1B
Common Stock	$21M
Additional Paid-In Capital	$916M
Retained Earnings	$717M
Treasury Stock	-$74.0K
Accum. Other Comp. Income	-$18M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.7B
Minority Interest	$0
TOTAL EQUITY	$1.7B
TOTAL LIABILITIES & EQUITY	$12.7B
Total Debt	$1.5B
Net Debt	$678M