FRME Q3 2019 Earnings Report — First Merchants Corporation Revenue & Financial Results | Market Cap Arena

First Merchants CorporationFRME

Q3 2019 Earnings

Reported November 8, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2019	Q2 2019	Q3 2018	QoQ Change	YoY Change
Revenue	$140M	$134M	$124M	4.5%	12.8%
Op. Income	$43M	$49M	$50M	-11.7%	-13.1%
Gross Margin	78.8%	79.2%	84.1%	-0.5pp	-5.4pp
Net Margin	26.2%	30.6%	33.1%	-4.4pp	-6.9pp
EPS (Diluted)	$0.71	$0.83	$0.83	-14.5%	-14.5%
Free Cash Flow	$54M	$31M	$54M	72.3%	-1.7%

Revenue Flow

Item	Amount
REVENUE	$140M
Cost of Revenue	$30M
GROSS PROFIT	$110M
R&D Expenses	$0
Selling & Marketing	$1M
General & Administrative	$38M
SG&A Expenses	$40M
Other Expenses	$28M
Operating Expenses	$67M
Cost & Expenses	$97M
OPERATING INCOME	$43M
Interest Income	$118M
Interest Expense	$29M
Other Income/Expenses	$0
INCOME BEFORE TAX	$43M
Income Tax Expense	$6M
Net Income from Continuing Ops	$37M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$37M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$37M
D&A	$2M
EBIT	$43M
EBITDA	$45M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$140M
Cost of Revenue	$30M
GROSS PROFIT	$110M
R&D Expenses	$0
Selling & Marketing	$1M
General & Administrative	$38M
SG&A Expenses	$40M
Other Expenses	$28M
Operating Expenses	$67M
Cost & Expenses	$97M
OPERATING INCOME	$43M
Interest Income	$118M
Interest Expense	$29M
Other Income/Expenses	$0
INCOME BEFORE TAX	$43M
Income Tax Expense	$6M
Net Income from Continuing Ops	$37M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$37M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$37M
D&A	$2M
EBIT	$43M
EBITDA	$45M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$37M
Depreciation & Amortization	$2M
Stock-Based Compensation	$1M
Deferred Income Tax	-$699.0K
Other Non-Cash Items	$12M
Change in Working Capital	$3M
OPERATING CASH FLOW	$54M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$288M
Sales/Maturities of Investments	$89M
Other Investing Activities	$125M
NET CASH FROM INVESTING	-$74M
Net Debt Issuance	-$214M
Common Stock Repurchased	-$19M
Common Dividends Paid	-$13M
Other Financing Activities	$341M
NET CASH FROM FINANCING	$95M
FREE CASH FLOW	$54M
Net Change in Cash	$74M

Balance Sheet

Item	Amount
Cash & Equivalents	$432M
Short-Term Investments	$1.6B
Net Receivables	$46M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.1B
PP&E (Net)	$113M
Goodwill	$543M
Intangible Assets	$37M
Long-Term Investments	$9.1B
Tax Assets	$15M
Other Non-Current Assets	$422M
TOTAL NON-CURRENT ASSETS	$10.2B
TOTAL ASSETS	$12.3B
Account Payables	$8M
Short-Term Debt	$192M
Deferred Revenue	$0
Other Current Liabilities	$9.8B
TOTAL CURRENT LIABILITIES	$10.0B
Long-Term Debt	$493M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$118M
TOTAL NON-CURRENT LIABILITIES	$611M
TOTAL LIABILITIES	$10.6B
Common Stock	$7M
Additional Paid-In Capital	$1.1B
Retained Earnings	$663M
Treasury Stock	$0
Accum. Other Comp. Income	$26M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.7B
Minority Interest	$0
TOTAL EQUITY	$1.7B
TOTAL LIABILITIES & EQUITY	$12.3B
Total Debt	$685M
Net Debt	$252M