HBNC FY 2019 Earnings Report — Horizon Bancorp, Inc. Revenue & Financial Results | Market Cap Arena

Horizon Bancorp, Inc.HBNC

FY 2019 Earnings

Reported February 28, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$243M	—	$194M	—	25.0%
Op. Income	$80M	—	$64M	—	25.6%
Gross Margin	79.6%	—	82.2%	—	-2.6pp
Net Margin	27.4%	—	27.3%	—	0.1pp
EPS (Diluted)	$1.53	—	$1.38	—	10.9%
Free Cash Flow	$170M	—	$69M	—	146.6%

Revenue Flow

Item	Amount
REVENUE	$243M
Cost of Revenue	$50M
GROSS PROFIT	$193M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$65M
SG&A Expenses	$65M
Other Expenses	$48M
Operating Expenses	$113M
Cost & Expenses	$163M
OPERATING INCOME	$80M
Interest Income	$208M
Interest Expense	$48M
Other Income/Expenses	$0
INCOME BEFORE TAX	$80M
Income Tax Expense	$13M
Net Income from Continuing Ops	$67M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$67M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$67M
D&A	$10M
EBIT	$80M
EBITDA	$90M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$243M
Cost of Revenue	$50M
GROSS PROFIT	$193M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$65M
SG&A Expenses	$65M
Other Expenses	$48M
Operating Expenses	$113M
Cost & Expenses	$163M
OPERATING INCOME	$80M
Interest Income	$208M
Interest Expense	$48M
Other Income/Expenses	$0
INCOME BEFORE TAX	$80M
Income Tax Expense	$13M
Net Income from Continuing Ops	$67M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$67M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$67M
D&A	$10M
EBIT	$80M
EBITDA	$90M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$67M
Depreciation & Amortization	$10M
Stock-Based Compensation	$215.0K
Deferred Income Tax	$0
Other Non-Cash Items	$700.0K
Change in Working Capital	$97M
OPERATING CASH FLOW	$174M
Capital Expenditure	-$5M
Acquisitions (Net)	$129M
Purchases of Investments	-$426M
Sales/Maturities of Investments	$257M
Other Investing Activities	-$49M
NET CASH FROM INVESTING	-$94M
Net Debt Issuance	-$71M
Common Stock Repurchased	$0
Common Dividends Paid	-$21M
Other Financing Activities	$50M
NET CASH FROM FINANCING	-$40M
FREE CASH FLOW	$170M
Net Change in Cash	$40M

Balance Sheet

Item	Amount
Cash & Equivalents	$107M
Short-Term Investments	$841M
Net Receivables	$19M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$967M
PP&E (Net)	$92M
Goodwill	$151M
Intangible Assets	$27M
Long-Term Investments	$3.8B
Tax Assets	$0
Other Non-Current Assets	$185M
TOTAL NON-CURRENT ASSETS	$4.3B
TOTAL ASSETS	$5.2B
Account Payables	$3M
Short-Term Debt	$159M
Deferred Revenue	$0
Other Current Liabilities	$3.9B
TOTAL CURRENT LIABILITIES	$4.1B
Long-Term Debt	$447M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$51M
TOTAL NON-CURRENT LIABILITIES	$498M
TOTAL LIABILITIES	$4.6B
Common Stock	$0
Additional Paid-In Capital	$380M
Retained Earnings	$270M
Treasury Stock	$0
Accum. Other Comp. Income	$6M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$656M
Minority Interest	$0
TOTAL EQUITY	$656M
TOTAL LIABILITIES & EQUITY	$5.2B
Total Debt	$606M
Net Debt	$499M