FRME Q2 2023 Earnings Report — First Merchants Corporation Revenue & Financial Results | Market Cap Arena

First Merchants CorporationFRME

Q2 2023 Earnings

Reported August 2, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2023	Q1 2023	Q2 2022	QoQ Change	YoY Change
Revenue	$248M	$231M	$169M	7.0%	46.2%
Op. Income	$72M	$75M	$43M	-5.1%	66.9%
Gross Margin	66.3%	73.1%	82.7%	-6.8pp	-16.5pp
Net Margin	24.6%	27.7%	23.0%	-3.1pp	1.6pp
EPS (Diluted)	$1.02	$1.07	$0.63	-4.7%	61.9%
Free Cash Flow	$25M	$88M	$45M	-71.0%	-43.4%

Revenue Flow

Item	Amount
REVENUE	$248M
Cost of Revenue	$84M
GROSS PROFIT	$164M
R&D Expenses	$0
Selling & Marketing	$1M
General & Administrative	$57M
SG&A Expenses	$59M
Other Expenses	$34M
Operating Expenses	$93M
Cost & Expenses	$176M
OPERATING INCOME	$72M
Interest Income	$221M
Interest Expense	$84M
Other Income/Expenses	$0
INCOME BEFORE TAX	$72M
Income Tax Expense	$11M
Net Income from Continuing Ops	$61M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$61M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$60M
D&A	$3M
EBIT	$72M
EBITDA	$74M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$248M
Cost of Revenue	$84M
GROSS PROFIT	$164M
R&D Expenses	$0
Selling & Marketing	$1M
General & Administrative	$57M
SG&A Expenses	$59M
Other Expenses	$34M
Operating Expenses	$93M
Cost & Expenses	$176M
OPERATING INCOME	$72M
Interest Income	$221M
Interest Expense	$84M
Other Income/Expenses	$0
INCOME BEFORE TAX	$72M
Income Tax Expense	$11M
Net Income from Continuing Ops	$61M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$61M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$60M
D&A	$3M
EBIT	$72M
EBITDA	$74M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$61M
Depreciation & Amortization	$3M
Stock-Based Compensation	$1M
Deferred Income Tax	$2M
Other Non-Cash Items	-$38M
Change in Working Capital	-$4M
OPERATING CASH FLOW	$25M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$6M
Sales/Maturities of Investments	$143M
Other Investing Activities	$90M
NET CASH FROM INVESTING	$227M
Net Debt Issuance	-$127M
Common Stock Repurchased	$0
Common Dividends Paid	-$20M
Other Financing Activities	-$122M
NET CASH FROM FINANCING	-$269M
FREE CASH FLOW	$25M
Net Change in Cash	-$17M

Balance Sheet

Item	Amount
Cash & Equivalents	$328M
Short-Term Investments	$1.7B
Net Receivables	$90M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.1B
PP&E (Net)	$114M
Goodwill	$712M
Intangible Assets	$31M
Long-Term Investments	$14.3B
Tax Assets	$114M
Other Non-Current Assets	$611M
TOTAL NON-CURRENT ASSETS	$15.9B
TOTAL ASSETS	$18.0B
Account Payables	$14M
Short-Term Debt	$152M
Deferred Revenue	$0
Other Current Liabilities	$14.6B
TOTAL CURRENT LIABILITIES	$14.7B
Long-Term Debt	$875M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$201M
TOTAL NON-CURRENT LIABILITIES	$1.1B
TOTAL LIABILITIES	$15.8B
Common Stock	$7M
Additional Paid-In Capital	$1.2B
Retained Earnings	$1.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$218M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$18.0B
Total Debt	$1.0B
Net Debt	$699M