FRME Q3 2021 Earnings Report — First Merchants Corporation Revenue & Financial Results | Market Cap Arena

First Merchants CorporationFRME

Q3 2021 Earnings

Reported November 3, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2021	Q2 2021	Q3 2020	QoQ Change	YoY Change
Revenue	$142M	$144M	$132M	-1.5%	7.3%
Op. Income	$62M	$66M	$42M	-6.1%	47.8%
Gross Margin	93.8%	93.7%	80.5%	0.0pp	13.3pp
Net Margin	37.1%	38.5%	27.4%	-1.4pp	9.8pp
EPS (Diluted)	$0.98	$1.03	$0.67	-4.9%	46.3%
Free Cash Flow	$66M	$42M	$30M	57.0%	124.1%

Revenue Flow

Item	Amount
REVENUE	$142M
Cost of Revenue	$9M
GROSS PROFIT	$133M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$45M
SG&A Expenses	$47M
Other Expenses	$25M
Operating Expenses	$71M
Cost & Expenses	$80M
OPERATING INCOME	$62M
Interest Income	$114M
Interest Expense	$9M
Other Income/Expenses	$0
INCOME BEFORE TAX	$62M
Income Tax Expense	$9M
Net Income from Continuing Ops	$53M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$53M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$53M
D&A	$3M
EBIT	$62M
EBITDA	$64M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$142M
Cost of Revenue	$9M
GROSS PROFIT	$133M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$45M
SG&A Expenses	$47M
Other Expenses	$25M
Operating Expenses	$71M
Cost & Expenses	$80M
OPERATING INCOME	$62M
Interest Income	$114M
Interest Expense	$9M
Other Income/Expenses	$0
INCOME BEFORE TAX	$62M
Income Tax Expense	$9M
Net Income from Continuing Ops	$53M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$53M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$53M
D&A	$3M
EBIT	$62M
EBITDA	$64M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$53M
Depreciation & Amortization	$3M
Stock-Based Compensation	$1M
Deferred Income Tax	$476.0K
Other Non-Cash Items	$9M
Change in Working Capital	$703.0K
OPERATING CASH FLOW	$66M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$560M
Sales/Maturities of Investments	$198M
Other Investing Activities	$151M
NET CASH FROM INVESTING	-$211M
Net Debt Issuance	$37M
Common Stock Repurchased	-$21M
Common Dividends Paid	-$16M
Other Financing Activities	$146M
NET CASH FROM FINANCING	$146M
FREE CASH FLOW	$66M
Net Change in Cash	$2M

Balance Sheet

Item	Amount
Cash & Equivalents	$539M
Short-Term Investments	$2.4B
Net Receivables	$53M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$3.0B
PP&E (Net)	$105M
Goodwill	$545M
Intangible Assets	$27M
Long-Term Investments	$10.9B
Tax Assets	$40M
Other Non-Current Assets	$459M
TOTAL NON-CURRENT ASSETS	$12.1B
TOTAL ASSETS	$15.1B
Account Payables	$4M
Short-Term Debt	$184M
Deferred Revenue	$0
Other Current Liabilities	$12.3B
TOTAL CURRENT LIABILITIES	$12.5B
Long-Term Debt	$453M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$204M
TOTAL NON-CURRENT LIABILITIES	$657M
TOTAL LIABILITIES	$13.2B
Common Stock	$7M
Additional Paid-In Capital	$989M
Retained Earnings	$833M
Treasury Stock	$0
Accum. Other Comp. Income	$40M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.9B
Minority Interest	$0
TOTAL EQUITY	$1.9B
TOTAL LIABILITIES & EQUITY	$15.1B
Total Debt	$636M
Net Debt	$98M