FFIN FY 2014 Earnings Report — First Financial Bankshares, Inc. Revenue & Financial Results | Market Cap Arena

First Financial Bankshares, Inc.FFIN

FY 2014 Earnings

Reported February 20, 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	$257M	—	$232M	—	11.0%
Op. Income	$119M	—	$105M	—	13.4%
Gross Margin	96.6%	—	96.6%	—	0.0pp
Net Margin	34.8%	—	34.0%	—	0.8pp
EPS (Diluted)	$0.70	—	$0.62	—	12.9%
Free Cash Flow	$114M	—	$99M	—	15.7%

Revenue Flow

Item	Amount
REVENUE	$257M
Cost of Revenue	$9M
GROSS PROFIT	$249M
R&D Expenses	$0
Selling & Marketing	$4M
General & Administrative	$77M
SG&A Expenses	$81M
Other Expenses	$50M
Operating Expenses	$130M
Cost & Expenses	$139M
OPERATING INCOME	$119M
Interest Income	$199M
Interest Expense	$4M
Other Income/Expenses	$0
INCOME BEFORE TAX	$119M
Income Tax Expense	$29M
Net Income from Continuing Ops	$90M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$90M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$90M
D&A	$9M
EBIT	$119M
EBITDA	$128M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$257M
Cost of Revenue	$9M
GROSS PROFIT	$249M
R&D Expenses	$0
Selling & Marketing	$4M
General & Administrative	$77M
SG&A Expenses	$81M
Other Expenses	$50M
Operating Expenses	$130M
Cost & Expenses	$139M
OPERATING INCOME	$119M
Interest Income	$199M
Interest Expense	$4M
Other Income/Expenses	$0
INCOME BEFORE TAX	$119M
Income Tax Expense	$29M
Net Income from Continuing Ops	$90M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$90M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$90M
D&A	$9M
EBIT	$119M
EBITDA	$128M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$90M
Depreciation & Amortization	$9M
Stock-Based Compensation	$0
Deferred Income Tax	-$893.0K
Other Non-Cash Items	$24M
Change in Working Capital	$10M
OPERATING CASH FLOW	$131M
Capital Expenditure	-$17M
Acquisitions (Net)	$0
Purchases of Investments	-$3.2B
Sales/Maturities of Investments	$2.9B
Other Investing Activities	-$228M
NET CASH FROM INVESTING	-$575M
Net Debt Issuance	-$97M
Common Stock Repurchased	$0
Common Dividends Paid	-$35M
Other Financing Activities	$615M
NET CASH FROM FINANCING	$485M
FREE CASH FLOW	$114M
Net Change in Cash	$41M

Balance Sheet

Item	Amount
Cash & Equivalents	$262M
Short-Term Investments	$2.4B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.7B
PP&E (Net)	$103M
Goodwill	$0
Intangible Assets	$97M
Long-Term Investments	$2.9B
Tax Assets	$0
Other Non-Current Assets	$69M
TOTAL NON-CURRENT ASSETS	$3.2B
TOTAL ASSETS	$5.8B
Account Payables	$0
Short-Term Debt	$733M
Deferred Revenue	$0
Other Current Liabilities	$4.8B
TOTAL CURRENT LIABILITIES	$5.5B
Long-Term Debt	$1M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$318M
TOTAL NON-CURRENT LIABILITIES	-$317M
TOTAL LIABILITIES	$5.2B
Common Stock	$641.0K
Additional Paid-In Capital	$305M
Retained Earnings	$328M
Treasury Stock	-$6M
Accum. Other Comp. Income	$47M
Other Equity	$6M
TOTAL STOCKHOLDERS' EQUITY	$682M
Minority Interest	$0
TOTAL EQUITY	$682M
TOTAL LIABILITIES & EQUITY	$5.8B
Total Debt	$734M
Net Debt	$473M