FRME Q1 2023 Earnings Report — First Merchants Corporation Revenue & Financial Results | Market Cap Arena

First Merchants CorporationFRME

Q1 2023 Earnings

Reported May 3, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q1 2023	Q4 2022	Q1 2022	QoQ Change	YoY Change
Revenue	$231M	$215M	$135M	7.6%	70.9%
Op. Income	$75M	$83M	$56M	-9.6%	35.0%
Gross Margin	73.1%	80.5%	94.6%	-7.4pp	-21.6pp
Net Margin	27.7%	32.9%	35.9%	-5.2pp	-8.2pp
EPS (Diluted)	$1.07	$1.18	$0.91	-9.3%	17.6%
Free Cash Flow	$88M	$123M	$50M	-29.0%	74.4%

Revenue Flow

Item	Amount
REVENUE	$231M
Cost of Revenue	$62M
GROSS PROFIT	$169M
R&D Expenses	$0
Selling & Marketing	$1M
General & Administrative	$59M
SG&A Expenses	$60M
Other Expenses	$34M
Operating Expenses	$94M
Cost & Expenses	$156M
OPERATING INCOME	$75M
Interest Income	$206M
Interest Expense	$62M
Other Income/Expenses	$0
INCOME BEFORE TAX	$75M
Income Tax Expense	$11M
Net Income from Continuing Ops	$64M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$64M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$64M
D&A	$3M
EBIT	$75M
EBITDA	$78M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$231M
Cost of Revenue	$62M
GROSS PROFIT	$169M
R&D Expenses	$0
Selling & Marketing	$1M
General & Administrative	$59M
SG&A Expenses	$60M
Other Expenses	$34M
Operating Expenses	$94M
Cost & Expenses	$156M
OPERATING INCOME	$75M
Interest Income	$206M
Interest Expense	$62M
Other Income/Expenses	$0
INCOME BEFORE TAX	$75M
Income Tax Expense	$11M
Net Income from Continuing Ops	$64M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$64M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$64M
D&A	$3M
EBIT	$75M
EBITDA	$78M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$64M
Depreciation & Amortization	$3M
Stock-Based Compensation	$1M
Deferred Income Tax	-$3M
Other Non-Cash Items	$20M
Change in Working Capital	$3M
OPERATING CASH FLOW	$88M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$6M
Sales/Maturities of Investments	$254M
Other Investing Activities	-$476M
NET CASH FROM INVESTING	-$227M
Net Debt Issuance	-$160M
Common Stock Repurchased	$0
Common Dividends Paid	-$19M
Other Financing Activities	$322M
NET CASH FROM FINANCING	$143M
FREE CASH FLOW	$88M
Net Change in Cash	$3M

Balance Sheet

Item	Amount
Cash & Equivalents	$479M
Short-Term Investments	$1.8B
Net Receivables	$86M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.4B
PP&E (Net)	$116M
Goodwill	$712M
Intangible Assets	$34M
Long-Term Investments	$14.3B
Tax Assets	$103M
Other Non-Current Assets	$565M
TOTAL NON-CURRENT ASSETS	$15.8B
TOTAL ASSETS	$18.2B
Account Payables	$12M
Short-Term Debt	$179M
Deferred Revenue	$0
Other Current Liabilities	$14.7B
TOTAL CURRENT LIABILITIES	$14.9B
Long-Term Debt	$975M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$187M
TOTAL NON-CURRENT LIABILITIES	$1.2B
TOTAL LIABILITIES	$16.1B
Common Stock	$7M
Additional Paid-In Capital	$1.2B
Retained Earnings	$1.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$199M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$18.2B
Total Debt	$1.2B
Net Debt	$675M