LNC Q4 2019 Earnings Report — Lincoln National Corporation Revenue & Financial Results | Market Cap Arena

Lincoln National CorporationLNC

Q4 2019 Earnings

Reported February 20, 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	$4.3B	—	$4.5B	—	-4.1%
Op. Income	$481M	—	$467M	—	3.0%
Gross Margin	65.1%	—	57.5%	—	7.6pp
Net Margin	10.0%	—	8.8%	—	1.1pp
EPS (Diluted)	$2.15	—	$1.80	—	19.4%
Free Cash Flow	$171M	—	$909M	—	-81.2%

Revenue Flow

Item	Amount
REVENUE	$4.3B
Cost of Revenue	$1.5B
GROSS PROFIT	$2.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$2.3B
Operating Expenses	$2.3B
Cost & Expenses	$3.9B
OPERATING INCOME	$481M
Interest Income	$0
Interest Expense	$72M
Other Income/Expenses	$0
INCOME BEFORE TAX	$481M
Income Tax Expense	$49M
Net Income from Continuing Ops	$432M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$432M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$432M
D&A	$0
EBIT	$553M
EBITDA	$553M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$4.3B
Cost of Revenue	$1.5B
GROSS PROFIT	$2.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$2.3B
Operating Expenses	$2.3B
Cost & Expenses	$3.9B
OPERATING INCOME	$481M
Interest Income	$0
Interest Expense	$72M
Other Income/Expenses	$0
INCOME BEFORE TAX	$481M
Income Tax Expense	$49M
Net Income from Continuing Ops	$432M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$432M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$432M
D&A	$0
EBIT	$553M
EBITDA	$553M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$432M
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	$297M
Change in Working Capital	-$558M
OPERATING CASH FLOW	$171M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$4.1B
Sales/Maturities of Investments	$1.9B
Other Investing Activities	-$1.0B
NET CASH FROM INVESTING	-$3.2B
Net Debt Issuance	$23M
Common Stock Repurchased	-$100M
Common Dividends Paid	-$76M
Other Financing Activities	$2.8B
NET CASH FROM FINANCING	$2.7B
FREE CASH FLOW	$171M
Net Change in Cash	-$376M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.6B
Short-Term Investments	$105.2B
Net Receivables	$17.6B
Inventory	$0
Other Current Assets	-$125.4B
TOTAL CURRENT ASSETS	$0
PP&E (Net)	$0
Goodwill	$1.8B
Intangible Assets	$0
Long-Term Investments	$110.0B
Tax Assets	$0
Other Non-Current Assets	-$111.8B
TOTAL NON-CURRENT ASSETS	$0
TOTAL ASSETS	$334.8B
Account Payables	$0
Short-Term Debt	$550M
Deferred Revenue	$0
Other Current Liabilities	-$5.6B
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$5.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	-$5.7B
TOTAL NON-CURRENT LIABILITIES	$0
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	$6.2B
Net Debt	$3.6B