LNC FY 2019 Earnings Report — Lincoln National Corporation Revenue & Financial Results | Market Cap Arena

Lincoln National CorporationLNC

FY 2019 Earnings

Reported February 20, 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	$17.3B	—	$16.4B	—	5.1%
Op. Income	$919M	—	$1.9B	—	-51.2%
Gross Margin	23.8%	—	28.6%	—	-4.8pp
Net Margin	5.1%	—	10.0%	—	-4.9pp
EPS (Diluted)	$4.38	—	$7.47	—	-41.4%
Free Cash Flow	-$2.7B	—	$1.9B	—	-238.2%

Revenue Flow

Item	Amount
REVENUE	$17.3B
Cost of Revenue	$13.2B
GROSS PROFIT	$4.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$2.2B
SG&A Expenses	$2.2B
Other Expenses	$976M
Operating Expenses	$3.2B
Cost & Expenses	$16.3B
OPERATING INCOME	$919M
Interest Income	$0
Interest Expense	$326M
Other Income/Expenses	$0
INCOME BEFORE TAX	$919M
Income Tax Expense	$33M
Net Income from Continuing Ops	$886M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$886M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$886M
D&A	$26M
EBIT	$1.2B
EBITDA	$1.3B
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$17.3B
Cost of Revenue	$13.2B
GROSS PROFIT	$4.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$2.2B
SG&A Expenses	$2.2B
Other Expenses	$976M
Operating Expenses	$3.2B
Cost & Expenses	$16.3B
OPERATING INCOME	$919M
Interest Income	$0
Interest Expense	$326M
Other Income/Expenses	$0
INCOME BEFORE TAX	$919M
Income Tax Expense	$33M
Net Income from Continuing Ops	$886M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$886M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$886M
D&A	$26M
EBIT	$1.2B
EBITDA	$1.3B
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$886M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$1.5B
Change in Working Capital	-$2.1B
OPERATING CASH FLOW	-$2.7B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$15.8B
Sales/Maturities of Investments	$13.5B
Other Investing Activities	-$3.2B
NET CASH FROM INVESTING	-$5.5B
Net Debt Issuance	$460M
Common Stock Repurchased	-$550M
Common Dividends Paid	-$303M
Other Financing Activities	$8.8B
NET CASH FROM FINANCING	$8.4B
FREE CASH FLOW	-$2.7B
Net Change in Cash	$218M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.6B
Short-Term Investments	$105.2B
Net Receivables	$17.6B
Inventory	-$7.0B
Other Current Assets	$7.0B
TOTAL CURRENT ASSETS	$125.4B
PP&E (Net)	$233M
Goodwill	$1.8B
Intangible Assets	$633M
Long-Term Investments	$110.0B
Tax Assets	-$361M
Other Non-Current Assets	-$505M
TOTAL NON-CURRENT ASSETS	$111.8B
TOTAL ASSETS	$334.8B
Account Payables	$0
Short-Term Debt	$300M
Deferred Revenue	$0
Other Current Liabilities	-$5.1B
TOTAL CURRENT LIABILITIES	$300M
Long-Term Debt	$6.1B
Deferred Revenue NC	$9.7B
Deferred Tax Liabilities	-$3.6B
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$6.1B
TOTAL LIABILITIES	$315.1B
Common Stock	$5.2B
Additional Paid-In Capital	$0
Retained Earnings	$8.9B
Treasury Stock	$0
Accum. Other Comp. Income	$5.7B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$19.7B
Minority Interest	$0
TOTAL EQUITY	$19.7B
TOTAL LIABILITIES & EQUITY	$334.8B
Total Debt	$6.4B
Net Debt	$3.8B