LNC FY 2011 Earnings Report — Lincoln National Corporation Revenue & Financial Results | Market Cap Arena

Lincoln National CorporationLNC

FY 2011 Earnings

Reported February 23, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$10.6B	—	$10.4B	—	2.2%
Op. Income	$503M	—	$1.1B	—	-55.7%
Gross Margin	31.3%	—	30.1%	—	1.2pp
Net Margin	2.1%	—	8.7%	—	-6.6pp
EPS (Diluted)	$0.93	—	$3.07	—	-69.7%
Free Cash Flow	$1.3B	—	$1.7B	—	-25.8%

Revenue Flow

Item	Amount
REVENUE	$10.6B
Cost of Revenue	$7.3B
GROSS PROFIT	$3.3B
R&D Expenses	$0
Selling & Marketing	$69M
General & Administrative	$1.4B
SG&A Expenses	$1.5B
Other Expenses	$1.3B
Operating Expenses	$2.8B
Cost & Expenses	$10.1B
OPERATING INCOME	$503M
Interest Income	$0
Interest Expense	$294M
Other Income/Expenses	$0
INCOME BEFORE TAX	$503M
Income Tax Expense	$274M
Net Income from Continuing Ops	$229M
Net Income from Discontinued Ops	-$8M
Other Adjustments	$0
NET INCOME	$221M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$221M
D&A	$4M
EBIT	$797M
EBITDA	$801M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$10.6B
Cost of Revenue	$7.3B
GROSS PROFIT	$3.3B
R&D Expenses	$0
Selling & Marketing	$69M
General & Administrative	$1.4B
SG&A Expenses	$1.5B
Other Expenses	$1.3B
Operating Expenses	$2.8B
Cost & Expenses	$10.1B
OPERATING INCOME	$503M
Interest Income	$0
Interest Expense	$294M
Other Income/Expenses	$0
INCOME BEFORE TAX	$503M
Income Tax Expense	$274M
Net Income from Continuing Ops	$229M
Net Income from Discontinued Ops	-$8M
Other Adjustments	$0
NET INCOME	$221M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$221M
D&A	$4M
EBIT	$797M
EBITDA	$801M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$221M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$951M
Change in Working Capital	$104M
OPERATING CASH FLOW	$1.3B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$14.0B
Sales/Maturities of Investments	$9.9B
Other Investing Activities	$1.9B
NET CASH FROM INVESTING	-$2.1B
Net Debt Issuance	-$327M
Common Stock Repurchased	-$575M
Common Dividends Paid	-$61M
Other Financing Activities	$3.6B
NET CASH FROM FINANCING	$2.6B
FREE CASH FLOW	$1.3B
Net Change in Cash	$1.8B

Balance Sheet

Item	Amount
Cash & Equivalents	$4.5B
Short-Term Investments	$1.1B
Net Receivables	$408M
Inventory	$700.0K
Other Current Assets	$74.0B
TOTAL CURRENT ASSETS	$79.9B
PP&E (Net)	$0
Goodwill	$2.3B
Intangible Assets	$0
Long-Term Investments	$80.0B
Tax Assets	$0
Other Non-Current Assets	$40.7B
TOTAL NON-CURRENT ASSETS	$123.0B
TOTAL ASSETS	$202.9B
Account Payables	$1.0B
Short-Term Debt	$300M
Deferred Revenue	$100.0K
Other Current Liabilities	$179.3B
TOTAL CURRENT LIABILITIES	$183.4B
Long-Term Debt	$5.4B
Deferred Revenue NC	$394M
Deferred Tax Liabilities	$1.1B
Other Non-Current Liabilities	-$5.8B
TOTAL NON-CURRENT LIABILITIES	$5.4B
TOTAL LIABILITIES	$188.7B
Common Stock	$7.6B
Additional Paid-In Capital	$7.6B
Retained Earnings	$4.1B
Treasury Stock	$0
Accum. Other Comp. Income	$2.4B
Other Equity	-$7.4B
TOTAL STOCKHOLDERS' EQUITY	$14.2B
Minority Interest	$0
TOTAL EQUITY	$14.2B
TOTAL LIABILITIES & EQUITY	$202.9B
Total Debt	$4.6B
Net Debt	$59M