FRME FY 2013 Earnings Report — First Merchants Corporation Revenue & Financial Results | Market Cap Arena

First Merchants CorporationFRME

FY 2013 Earnings

Reported March 14, 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	$227M	—	$240M	—	-5.6%
Op. Income	$60M	—	$61M	—	-0.9%
Gross Margin	89.8%	—	82.5%	—	7.3pp
Net Margin	19.6%	—	18.8%	—	0.8pp
EPS (Diluted)	$1.41	—	$1.41	—	0.0%
Free Cash Flow	$183M	—	$70M	—	160.6%

Revenue Flow

Item	Amount
REVENUE	$227M
Cost of Revenue	$23M
GROSS PROFIT	$204M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$88M
SG&A Expenses	$91M
Other Expenses	$53M
Operating Expenses	$143M
Cost & Expenses	$166M
OPERATING INCOME	$60M
Interest Income	$171M
Interest Expense	$17M
Other Income/Expenses	$0
INCOME BEFORE TAX	$60M
Income Tax Expense	$16M
Net Income from Continuing Ops	$45M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$45M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$42M
D&A	$5M
EBIT	$60M
EBITDA	$65M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$227M
Cost of Revenue	$23M
GROSS PROFIT	$204M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$88M
SG&A Expenses	$91M
Other Expenses	$53M
Operating Expenses	$143M
Cost & Expenses	$166M
OPERATING INCOME	$60M
Interest Income	$171M
Interest Expense	$17M
Other Income/Expenses	$0
INCOME BEFORE TAX	$60M
Income Tax Expense	$16M
Net Income from Continuing Ops	$45M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$45M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$42M
D&A	$5M
EBIT	$60M
EBITDA	$65M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$45M
Depreciation & Amortization	$5M
Stock-Based Compensation	$2M
Deferred Income Tax	$2M
Other Non-Cash Items	$21M
Change in Working Capital	$109M
OPERATING CASH FLOW	$183M
Capital Expenditure	$0
Acquisitions (Net)	$11M
Purchases of Investments	-$410M
Sales/Maturities of Investments	$197M
Other Investing Activities	$63M
NET CASH FROM INVESTING	-$138M
Net Debt Issuance	$132M
Common Stock Repurchased	-$91M
Common Dividends Paid	-$6M
Other Financing Activities	-$70M
NET CASH FROM FINANCING	-$37M
FREE CASH FLOW	$183M
Net Change in Cash	$8M

Balance Sheet

Item	Amount
Cash & Equivalents	$165M
Short-Term Investments	$536M
Net Receivables	$20M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$721M
PP&E (Net)	$74M
Goodwill	$189M
Intangible Assets	$14M
Long-Term Investments	$4.1B
Tax Assets	$57M
Other Non-Current Assets	$255M
TOTAL NON-CURRENT ASSETS	$4.7B
TOTAL ASSETS	$5.4B
Account Payables	$2M
Short-Term Debt	$274M
Deferred Revenue	$0
Other Current Liabilities	$4.2B
TOTAL CURRENT LIABILITIES	$4.5B
Long-Term Debt	$249M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$46M
TOTAL NON-CURRENT LIABILITIES	$295M
TOTAL LIABILITIES	$4.8B
Common Stock	$4M
Additional Paid-In Capital	$394M
Retained Earnings	$243M
Treasury Stock	$0
Accum. Other Comp. Income	-$6M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$635M
Minority Interest	$0
TOTAL EQUITY	$635M
TOTAL LIABILITIES & EQUITY	$5.4B
Total Debt	$523M
Net Debt	$359M