FBP FY 2019 Earnings Report — First BanCorp. Revenue & Financial Results | Market Cap Arena

First BanCorp.FBP

FY 2019 Earnings

Reported March 2, 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	$731M	—	$669M	—	9.3%
Op. Income	$239M	—	$191M	—	25.6%
Gross Margin	79.7%	—	76.3%	—	3.4pp
Net Margin	22.9%	—	30.2%	—	-7.2pp
EPS (Diluted)	$0.76	—	$0.92	—	-17.4%
Free Cash Flow	$272M	—	$268M	—	1.5%

Revenue Flow

Item	Amount
REVENUE	$731M
Cost of Revenue	$149M
GROSS PROFIT	$582M
R&D Expenses	$0
Selling & Marketing	$16M
General & Administrative	$181M
SG&A Expenses	$197M
Other Expenses	$146M
Operating Expenses	$343M
Cost & Expenses	$491M
OPERATING INCOME	$239M
Interest Income	$676M
Interest Expense	$109M
Other Income/Expenses	$0
INCOME BEFORE TAX	$239M
Income Tax Expense	$72M
Net Income from Continuing Ops	$167M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$167M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$165M
D&A	$21M
EBIT	$239M
EBITDA	$260M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$731M
Cost of Revenue	$149M
GROSS PROFIT	$582M
R&D Expenses	$0
Selling & Marketing	$16M
General & Administrative	$181M
SG&A Expenses	$197M
Other Expenses	$146M
Operating Expenses	$343M
Cost & Expenses	$491M
OPERATING INCOME	$239M
Interest Income	$676M
Interest Expense	$109M
Other Income/Expenses	$0
INCOME BEFORE TAX	$239M
Income Tax Expense	$72M
Net Income from Continuing Ops	$167M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$167M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$165M
D&A	$21M
EBIT	$239M
EBITDA	$260M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$167M
Depreciation & Amortization	$21M
Stock-Based Compensation	$4M
Deferred Income Tax	$55M
Other Non-Cash Items	$20M
Change in Working Capital	$27M
OPERATING CASH FLOW	$294M
Capital Expenditure	-$22M
Acquisitions (Net)	$0
Purchases of Investments	-$765M
Sales/Maturities of Investments	$641M
Other Investing Activities	-$196M
NET CASH FROM INVESTING	-$343M
Net Debt Issuance	-$220M
Common Stock Repurchased	-$2M
Common Dividends Paid	-$30M
Other Financing Activities	$362M
NET CASH FROM FINANCING	$107M
FREE CASH FLOW	$272M
Net Change in Cash	$58M

Balance Sheet

Item	Amount
Cash & Equivalents	$547M
Short-Term Investments	$2.1B
Net Receivables	$50M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.7B
PP&E (Net)	$150M
Goodwill	$28M
Intangible Assets	$8M
Long-Term Investments	$9.1B
Tax Assets	$265M
Other Non-Current Assets	$410M
TOTAL NON-CURRENT ASSETS	$9.9B
TOTAL ASSETS	$12.6B
Account Payables	$181M
Short-Term Debt	$100M
Deferred Revenue	$0
Other Current Liabilities	$9.3B
TOTAL CURRENT LIABILITIES	$9.6B
Long-Term Debt	$754M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$754M
TOTAL LIABILITIES	$10.4B
Common Stock	$22M
Additional Paid-In Capital	$942M
Retained Earnings	$1.2B
Treasury Stock	-$474.0K
Accum. Other Comp. Income	$7M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.2B
Minority Interest	$0
TOTAL EQUITY	$2.2B
TOTAL LIABILITIES & EQUITY	$12.6B
Total Debt	$854M
Net Debt	$307M