FRME Q3 2023 Earnings Report — First Merchants Corporation Revenue & Financial Results | Market Cap Arena

First Merchants CorporationFRME

Q3 2023 Earnings

Reported November 1, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2023	Q2 2023	Q3 2022	QoQ Change	YoY Change
Revenue	$257M	$248M	$193M	3.8%	33.2%
Op. Income	$65M	$72M	$74M	-8.6%	-11.1%
Gross Margin	62.0%	66.3%	88.1%	-4.3pp	-26.1pp
Net Margin	21.9%	24.6%	33.0%	-2.6pp	-11.1pp
EPS (Diluted)	$0.94	$1.02	$1.08	-7.8%	-13.0%
Free Cash Flow	$80M	$25M	$50M	216.4%	61.7%

Revenue Flow

Item	Amount
REVENUE	$257M
Cost of Revenue	$98M
GROSS PROFIT	$159M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$59M
SG&A Expenses	$61M
Other Expenses	$33M
Operating Expenses	$94M
Cost & Expenses	$192M
OPERATING INCOME	$65M
Interest Income	$229M
Interest Expense	$96M
Other Income/Expenses	$0
INCOME BEFORE TAX	$65M
Income Tax Expense	$9M
Net Income from Continuing Ops	$56M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$56M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$56M
D&A	$3M
EBIT	$65M
EBITDA	$68M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$257M
Cost of Revenue	$98M
GROSS PROFIT	$159M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$59M
SG&A Expenses	$61M
Other Expenses	$33M
Operating Expenses	$94M
Cost & Expenses	$192M
OPERATING INCOME	$65M
Interest Income	$229M
Interest Expense	$96M
Other Income/Expenses	$0
INCOME BEFORE TAX	$65M
Income Tax Expense	$9M
Net Income from Continuing Ops	$56M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$56M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$56M
D&A	$3M
EBIT	$65M
EBITDA	$68M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$56M
Depreciation & Amortization	$3M
Stock-Based Compensation	$1M
Deferred Income Tax	$5M
Other Non-Cash Items	$13M
Change in Working Capital	$1M
OPERATING CASH FLOW	$80M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$14M
Sales/Maturities of Investments	$71M
Other Investing Activities	-$164M
NET CASH FROM INVESTING	-$107M
Net Debt Issuance	-$3M
Common Stock Repurchased	$0
Common Dividends Paid	-$20M
Other Financing Activities	$66M
NET CASH FROM FINANCING	$43M
FREE CASH FLOW	$80M
Net Change in Cash	$16M

Balance Sheet

Item	Amount
Cash & Equivalents	$474M
Short-Term Investments	$1.5B
Net Receivables	$90M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.1B
PP&E (Net)	$132M
Goodwill	$712M
Intangible Assets	$29M
Long-Term Investments	$14.3B
Tax Assets	$136M
Other Non-Current Assets	$613M
TOTAL NON-CURRENT ASSETS	$15.9B
TOTAL ASSETS	$18.0B
Account Payables	$16M
Short-Term Debt	$153M
Deferred Revenue	$0
Other Current Liabilities	$14.6B
TOTAL CURRENT LIABILITIES	$14.8B
Long-Term Debt	$872M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$216M
TOTAL NON-CURRENT LIABILITIES	$1.1B
TOTAL LIABILITIES	$15.9B
Common Stock	$7M
Additional Paid-In Capital	$1.2B
Retained Earnings	$1.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$307M
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	$551M