FRME Q4 2019 Earnings Report — First Merchants Corporation Revenue & Financial Results | Market Cap Arena

First Merchants CorporationFRME

Q4 2019 Earnings

Reported February 28, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2019	Q3 2019	Q4 2018	QoQ Change	YoY Change
Revenue	$150M	$140M	$128M	7.0%	17.4%
Op. Income	$56M	$43M	$48M	30.2%	17.8%
Gross Margin	80.9%	78.8%	82.5%	2.1pp	-1.6pp
Net Margin	31.9%	26.2%	32.6%	5.7pp	-0.8pp
EPS (Diluted)	$0.87	$0.71	$0.85	22.5%	2.4%
Free Cash Flow	$42M	$54M	$44M	-21.8%	-5.0%

Revenue Flow

Item	Amount
REVENUE	$150M
Cost of Revenue	$29M
GROSS PROFIT	$121M
R&D Expenses	$0
Selling & Marketing	$1M
General & Administrative	$39M
SG&A Expenses	$41M
Other Expenses	$24M
Operating Expenses	$65M
Cost & Expenses	$94M
OPERATING INCOME	$56M
Interest Income	$126M
Interest Expense	$28M
Other Income/Expenses	$0
INCOME BEFORE TAX	$56M
Income Tax Expense	$8M
Net Income from Continuing Ops	$48M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$48M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$48M
D&A	$3M
EBIT	$56M
EBITDA	$59M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$150M
Cost of Revenue	$29M
GROSS PROFIT	$121M
R&D Expenses	$0
Selling & Marketing	$1M
General & Administrative	$39M
SG&A Expenses	$41M
Other Expenses	$24M
Operating Expenses	$65M
Cost & Expenses	$94M
OPERATING INCOME	$56M
Interest Income	$126M
Interest Expense	$28M
Other Income/Expenses	$0
INCOME BEFORE TAX	$56M
Income Tax Expense	$8M
Net Income from Continuing Ops	$48M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$48M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$48M
D&A	$3M
EBIT	$56M
EBITDA	$59M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$48M
Depreciation & Amortization	$3M
Stock-Based Compensation	$1M
Deferred Income Tax	$6M
Other Non-Cash Items	-$10M
Change in Working Capital	-$6M
OPERATING CASH FLOW	$42M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$267M
Sales/Maturities of Investments	$141M
Other Investing Activities	-$50M
NET CASH FROM INVESTING	-$176M
Net Debt Issuance	$48M
Common Stock Repurchased	-$5.0K
Common Dividends Paid	-$14M
Other Financing Activities	$75M
NET CASH FROM FINANCING	$109M
FREE CASH FLOW	$42M
Net Change in Cash	-$25M

Balance Sheet

Item	Amount
Cash & Equivalents	$295M
Short-Term Investments	$1.8B
Net Receivables	$49M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.1B
PP&E (Net)	$113M
Goodwill	$544M
Intangible Assets	$35M
Long-Term Investments	$9.2B
Tax Assets	$12M
Other Non-Current Assets	$425M
TOTAL NON-CURRENT ASSETS	$10.3B
TOTAL ASSETS	$12.5B
Account Payables	$7M
Short-Term Debt	$243M
Deferred Revenue	$0
Other Current Liabilities	$9.8B
TOTAL CURRENT LIABILITIES	$10.1B
Long-Term Debt	$490M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$91M
TOTAL NON-CURRENT LIABILITIES	$581M
TOTAL LIABILITIES	$10.7B
Common Stock	$7M
Additional Paid-In Capital	$1.1B
Retained Earnings	$697M
Treasury Stock	$0
Accum. Other Comp. Income	$28M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.8B
Minority Interest	$0
TOTAL EQUITY	$1.8B
TOTAL LIABILITIES & EQUITY	$12.5B
Total Debt	$733M
Net Debt	$437M