FRME FY 2022 Earnings Report — First Merchants Corporation Revenue & Financial Results | Market Cap Arena

First Merchants CorporationFRME

FY 2022 Earnings

Reported March 1, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$713M	—	$556M	—	28.2%
Op. Income	$256M	—	$241M	—	6.2%
Gross Margin	85.8%	—	93.5%	—	-7.8pp
Net Margin	31.2%	—	37.0%	—	-5.8pp
EPS (Diluted)	$3.81	—	$3.81	—	0.0%
Free Cash Flow	$284M	—	$215M	—	32.0%

Revenue Flow

Item	Amount
REVENUE	$713M
Cost of Revenue	$102M
GROSS PROFIT	$611M
R&D Expenses	$0
Selling & Marketing	$8M
General & Administrative	$217M
SG&A Expenses	$225M
Other Expenses	$131M
Operating Expenses	$356M
Cost & Expenses	$457M
OPERATING INCOME	$256M
Interest Income	$605M
Interest Expense	$85M
Other Income/Expenses	$0
INCOME BEFORE TAX	$256M
Income Tax Expense	$34M
Net Income from Continuing Ops	$222M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$222M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$221M
D&A	$12M
EBIT	$256M
EBITDA	$267M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$713M
Cost of Revenue	$102M
GROSS PROFIT	$611M
R&D Expenses	$0
Selling & Marketing	$8M
General & Administrative	$217M
SG&A Expenses	$225M
Other Expenses	$131M
Operating Expenses	$356M
Cost & Expenses	$457M
OPERATING INCOME	$256M
Interest Income	$605M
Interest Expense	$85M
Other Income/Expenses	$0
INCOME BEFORE TAX	$256M
Income Tax Expense	$34M
Net Income from Continuing Ops	$222M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$222M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$221M
D&A	$12M
EBIT	$256M
EBITDA	$267M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$222M
Depreciation & Amortization	$12M
Stock-Based Compensation	$5M
Deferred Income Tax	$9M
Other Non-Cash Items	$59M
Change in Working Capital	-$22M
OPERATING CASH FLOW	$284M
Capital Expenditure	$0
Acquisitions (Net)	$138M
Purchases of Investments	-$755M
Sales/Maturities of Investments	$963M
Other Investing Activities	-$809M
NET CASH FROM INVESTING	-$463M
Net Debt Issuance	$486M
Common Stock Repurchased	$0
Common Dividends Paid	-$73M
Other Financing Activities	-$280M
NET CASH FROM FINANCING	$134M
FREE CASH FLOW	$284M
Net Change in Cash	-$45M

Balance Sheet

Item	Amount
Cash & Equivalents	$249M
Short-Term Investments	$2.0B
Net Receivables	$85M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.3B
PP&E (Net)	$117M
Goodwill	$712M
Intangible Assets	$36M
Long-Term Investments	$14.1B
Tax Assets	$111M
Other Non-Current Assets	$639M
TOTAL NON-CURRENT ASSETS	$15.7B
TOTAL ASSETS	$17.9B
Account Payables	$8M
Short-Term Debt	$339M
Deferred Revenue	$0
Other Current Liabilities	$14.4B
TOTAL CURRENT LIABILITIES	$14.7B
Long-Term Debt	$975M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$263M
TOTAL NON-CURRENT LIABILITIES	$1.2B
TOTAL LIABILITIES	$15.9B
Common Stock	$7M
Additional Paid-In Capital	$1.2B
Retained Earnings	$1.0B
Treasury Stock	$0
Accum. Other Comp. Income	-$239M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.0B
Minority Interest	$0
TOTAL EQUITY	$2.0B
TOTAL LIABILITIES & EQUITY	$17.9B
Total Debt	$1.3B
Net Debt	$1.1B