FRME FY 2014 Earnings Report — First Merchants Corporation Revenue & Financial Results | Market Cap Arena

First Merchants CorporationFRME

FY 2014 Earnings

Reported February 27, 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	$271M	—	$227M	—	19.3%
Op. Income	$82M	—	$60M	—	36.2%
Gross Margin	91.0%	—	89.8%	—	1.2pp
Net Margin	22.2%	—	19.6%	—	2.6pp
EPS (Diluted)	$1.65	—	$1.41	—	17.0%
Free Cash Flow	$76M	—	$183M	—	-58.6%

Revenue Flow

Item	Amount
REVENUE	$271M
Cost of Revenue	$24M
GROSS PROFIT	$246M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$100M
SG&A Expenses	$104M
Other Expenses	$60M
Operating Expenses	$164M
Cost & Expenses	$188M
OPERATING INCOME	$82M
Interest Income	$209M
Interest Expense	$22M
Other Income/Expenses	$0
INCOME BEFORE TAX	$82M
Income Tax Expense	$22M
Net Income from Continuing Ops	$60M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$60M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$60M
D&A	$6M
EBIT	$82M
EBITDA	$88M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$271M
Cost of Revenue	$24M
GROSS PROFIT	$246M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$100M
SG&A Expenses	$104M
Other Expenses	$60M
Operating Expenses	$164M
Cost & Expenses	$188M
OPERATING INCOME	$82M
Interest Income	$209M
Interest Expense	$22M
Other Income/Expenses	$0
INCOME BEFORE TAX	$82M
Income Tax Expense	$22M
Net Income from Continuing Ops	$60M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$60M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$60M
D&A	$6M
EBIT	$82M
EBITDA	$88M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$60M
Depreciation & Amortization	$6M
Stock-Based Compensation	$2M
Deferred Income Tax	$15M
Other Non-Cash Items	-$8M
Change in Working Capital	$787.0K
OPERATING CASH FLOW	$76M
Capital Expenditure	$0
Acquisitions (Net)	-$10M
Purchases of Investments	-$254M
Sales/Maturities of Investments	$264M
Other Investing Activities	-$126M
NET CASH FROM INVESTING	-$126M
Net Debt Issuance	-$111M
Common Stock Repurchased	-$1M
Common Dividends Paid	-$11M
Other Financing Activities	$182M
NET CASH FROM FINANCING	$59M
FREE CASH FLOW	$76M
Net Change in Cash	$9M

Balance Sheet

Item	Amount
Cash & Equivalents	$166M
Short-Term Investments	$550M
Net Receivables	$21M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$737M
PP&E (Net)	$78M
Goodwill	$203M
Intangible Assets	$16M
Long-Term Investments	$4.5B
Tax Assets	$42M
Other Non-Current Assets	$251M
TOTAL NON-CURRENT ASSETS	$5.1B
TOTAL ASSETS	$5.8B
Account Payables	$3M
Short-Term Debt	$140M
Deferred Revenue	$0
Other Current Liabilities	$4.6B
TOTAL CURRENT LIABILITIES	$4.8B
Long-Term Debt	$272M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$41M
TOTAL NON-CURRENT LIABILITIES	$313M
TOTAL LIABILITIES	$5.1B
Common Stock	$5M
Additional Paid-In Capital	$431M
Retained Earnings	$292M
Treasury Stock	$0
Accum. Other Comp. Income	-$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$727M
Minority Interest	$0
TOTAL EQUITY	$727M
TOTAL LIABILITIES & EQUITY	$5.8B
Total Debt	$412M
Net Debt	$246M