FRME FY 2021 Earnings Report — First Merchants Corporation Revenue & Financial Results | Market Cap Arena

First Merchants CorporationFRME

FY 2021 Earnings

Reported March 1, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$556M	—	$558M	—	-0.4%
Op. Income	$241M	—	$170M	—	41.7%
Gross Margin	93.5%	—	77.6%	—	15.9pp
Net Margin	37.0%	—	26.6%	—	10.4pp
EPS (Diluted)	$3.81	—	$2.74	—	39.1%
Free Cash Flow	$215M	—	$205M	—	5.1%

Revenue Flow

Item	Amount
REVENUE	$556M
Cost of Revenue	$36M
GROSS PROFIT	$520M
R&D Expenses	$0
Selling & Marketing	$6M
General & Administrative	$173M
SG&A Expenses	$179M
Other Expenses	$100M
Operating Expenses	$279M
Cost & Expenses	$315M
OPERATING INCOME	$241M
Interest Income	$447M
Interest Expense	$36M
Other Income/Expenses	$0
INCOME BEFORE TAX	$241M
Income Tax Expense	$35M
Net Income from Continuing Ops	$206M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$206M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$206M
D&A	$11M
EBIT	$241M
EBITDA	$251M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$556M
Cost of Revenue	$36M
GROSS PROFIT	$520M
R&D Expenses	$0
Selling & Marketing	$6M
General & Administrative	$173M
SG&A Expenses	$179M
Other Expenses	$100M
Operating Expenses	$279M
Cost & Expenses	$315M
OPERATING INCOME	$241M
Interest Income	$447M
Interest Expense	$36M
Other Income/Expenses	$0
INCOME BEFORE TAX	$241M
Income Tax Expense	$35M
Net Income from Continuing Ops	$206M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$206M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$206M
D&A	$11M
EBIT	$241M
EBITDA	$251M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$206M
Depreciation & Amortization	$11M
Stock-Based Compensation	$5M
Deferred Income Tax	$7M
Other Non-Cash Items	-$4M
Change in Working Capital	-$9M
OPERATING CASH FLOW	$215M
Capital Expenditure	$0
Acquisitions (Net)	-$3M
Purchases of Investments	-$2.1B
Sales/Maturities of Investments	$688M
Other Investing Activities	-$72M
NET CASH FROM INVESTING	-$1.5B
Net Debt Issuance	-$51M
Common Stock Repurchased	-$25M
Common Dividends Paid	-$61M
Other Financing Activities	$1.4B
NET CASH FROM FINANCING	$1.2B
FREE CASH FLOW	$215M
Net Change in Cash	-$26M

Balance Sheet

Item	Amount
Cash & Equivalents	$641M
Short-Term Investments	$2.3B
Net Receivables	$57M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$3.0B
PP&E (Net)	$106M
Goodwill	$545M
Intangible Assets	$25M
Long-Term Investments	$11.2B
Tax Assets	$36M
Other Non-Current Assets	$461M
TOTAL NON-CURRENT ASSETS	$12.4B
TOTAL ASSETS	$15.5B
Account Payables	$3M
Short-Term Debt	$182M
Deferred Revenue	$0
Other Current Liabilities	$12.7B
TOTAL CURRENT LIABILITIES	$12.9B
Long-Term Debt	$453M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$171M
TOTAL NON-CURRENT LIABILITIES	$624M
TOTAL LIABILITIES	$13.5B
Common Stock	$7M
Additional Paid-In Capital	$986M
Retained Earnings	$865M
Treasury Stock	$0
Accum. Other Comp. Income	$55M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.9B
Minority Interest	$0
TOTAL EQUITY	$1.9B
TOTAL LIABILITIES & EQUITY	$15.5B
Total Debt	$634M
Net Debt	-$7M