FCNCA FY 2013 Earnings Report — First Citizens BancShares, Inc. Revenue & Financial Results | Market Cap Arena

First Citizens BancShares, Inc.FCNCA

FY 2013 Earnings

Reported February 26, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$1.1B	—	$1.2B	—	-11.1%
Op. Income	$268M	—	$197M	—	36.2%
Gross Margin	97.7%	—	80.5%	—	17.2pp
Net Margin	15.7%	—	11.1%	—	4.6pp
EPS (Diluted)	$17.43	—	$13.11	—	33.0%
Free Cash Flow	$265M	—	$112M	—	135.7%

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$24M
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$410M
SG&A Expenses	$410M
Other Expenses	$362M
Operating Expenses	$771M
Cost & Expenses	$796M
OPERATING INCOME	$268M
Interest Income	$797M
Interest Expense	$57M
Other Income/Expenses	$0
INCOME BEFORE TAX	$268M
Income Tax Expense	$102M
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	$167M
D&A	$73M
EBIT	$268M
EBITDA	$342M
EPS	$17
EPS Diluted	$17

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$24M
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$410M
SG&A Expenses	$410M
Other Expenses	$362M
Operating Expenses	$771M
Cost & Expenses	$796M
OPERATING INCOME	$268M
Interest Income	$797M
Interest Expense	$57M
Other Income/Expenses	$0
INCOME BEFORE TAX	$268M
Income Tax Expense	$102M
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	$167M
D&A	$73M
EBIT	$268M
EBITDA	$342M
EPS	$17
EPS Diluted	$17

Cash Flow Statement

Item	Amount
Net Income	$167M
Depreciation & Amortization	$73M
Stock-Based Compensation	$0
Deferred Income Tax	$48M
Other Non-Cash Items	-$103M
Change in Working Capital	$147M
OPERATING CASH FLOW	$331M
Capital Expenditure	-$66M
Acquisitions (Net)	$0
Purchases of Investments	-$2.7B
Sales/Maturities of Investments	$2.0B
Other Investing Activities	$490M
NET CASH FROM INVESTING	-$225M
Net Debt Issuance	$9M
Common Stock Repurchased	-$321.0K
Common Dividends Paid	-$9M
Other Financing Activities	-$212M
NET CASH FROM FINANCING	-$212M
FREE CASH FLOW	$265M
Net Change in Cash	-$106M

Balance Sheet

Item	Amount
Cash & Equivalents	$534M
Short-Term Investments	$6.2B
Net Receivables	$48M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$6.8B
PP&E (Net)	$877M
Goodwill	$103M
Intangible Assets	$1M
Long-Term Investments	$12.9B
Tax Assets	$0
Other Non-Current Assets	$436M
TOTAL NON-CURRENT ASSETS	$14.4B
TOTAL ASSETS	$21.2B
Account Payables	$0
Short-Term Debt	$511M
Deferred Revenue	$0
Other Current Liabilities	$17.9B
TOTAL CURRENT LIABILITIES	$18.4B
Long-Term Debt	$504M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$226M
TOTAL NON-CURRENT LIABILITIES	$737M
TOTAL LIABILITIES	$19.1B
Common Stock	$10M
Additional Paid-In Capital	$144M
Retained Earnings	$1.9B
Treasury Stock	$0
Accum. Other Comp. Income	-$25M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$21.2B
Total Debt	$1.0B
Net Debt	$489M