LNC FY 2013 Earnings Report — Lincoln National Corporation Revenue & Financial Results | Market Cap Arena

Lincoln National CorporationLNC

FY 2013 Earnings

Reported February 25, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$12.0B	—	$11.5B	—	3.7%
Op. Income	$1.6B	—	$1.6B	—	4.0%
Gross Margin	32.5%	—	32.9%	—	-0.4pp
Net Margin	10.4%	—	11.4%	—	-1.0pp
EPS (Diluted)	$4.52	—	$4.56	—	-0.9%
Free Cash Flow	$799M	—	$1.3B	—	-37.0%

Revenue Flow

Item	Amount
REVENUE	$12.0B
Cost of Revenue	$8.1B
GROSS PROFIT	$3.9B
R&D Expenses	$0
Selling & Marketing	$62M
General & Administrative	$1.6B
SG&A Expenses	$1.7B
Other Expenses	$559M
Operating Expenses	$2.3B
Cost & Expenses	$10.3B
OPERATING INCOME	$1.6B
Interest Income	$0
Interest Expense	$265M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.6B
Income Tax Expense	$387M
Net Income from Continuing Ops	$1.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.2B
D&A	$4M
EBIT	$1.9B
EBITDA	$1.9B
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$12.0B
Cost of Revenue	$8.1B
GROSS PROFIT	$3.9B
R&D Expenses	$0
Selling & Marketing	$62M
General & Administrative	$1.6B
SG&A Expenses	$1.7B
Other Expenses	$559M
Operating Expenses	$2.3B
Cost & Expenses	$10.3B
OPERATING INCOME	$1.6B
Interest Income	$0
Interest Expense	$265M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.6B
Income Tax Expense	$387M
Net Income from Continuing Ops	$1.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.2B
D&A	$4M
EBIT	$1.9B
EBITDA	$1.9B
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$1.2B
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$95M
Change in Working Capital	-$540M
OPERATING CASH FLOW	$799M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$13.4B
Sales/Maturities of Investments	$9.8B
Other Investing Activities	-$1.0B
NET CASH FROM INVESTING	-$4.7B
Net Debt Issuance	$393M
Common Stock Repurchased	-$450M
Common Dividends Paid	-$128M
Other Financing Activities	$2.2B
NET CASH FROM FINANCING	$2.0B
FREE CASH FLOW	$799M
Net Change in Cash	-$1.9B

Balance Sheet

Item	Amount
Cash & Equivalents	$2.4B
Short-Term Investments	$81.0B
Net Receivables	$6.5B
Inventory	$0
Other Current Assets	$8.9B
TOTAL CURRENT ASSETS	$98.7B
PP&E (Net)	$0
Goodwill	$2.3B
Intangible Assets	$274M
Long-Term Investments	$83.3B
Tax Assets	$0
Other Non-Current Assets	$52.7B
TOTAL NON-CURRENT ASSETS	$138.3B
TOTAL ASSETS	$236.9B
Account Payables	$0
Short-Term Debt	$501M
Deferred Revenue	$0
Other Current Liabilities	-$3.7B
TOTAL CURRENT LIABILITIES	$219.4B
Long-Term Debt	$5.3B
Deferred Revenue NC	$245M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$217.4B
TOTAL NON-CURRENT LIABILITIES	$4.1B
TOTAL LIABILITIES	$223.5B
Common Stock	$6.9B
Additional Paid-In Capital	$0
Retained Earnings	$5.0B
Treasury Stock	$0
Accum. Other Comp. Income	$1.6B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$13.5B
Minority Interest	$0
TOTAL EQUITY	$13.5B
TOTAL LIABILITIES & EQUITY	$236.9B
Total Debt	$5.8B
Net Debt	$3.5B