MBIN FY 2018 Earnings Report — Merchants Bancorp Revenue & Financial Results | Market Cap Arena

Merchants BancorpMBIN

FY 2018 Earnings

Reported March 15, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2018	Prior Q	FY 2017	QoQ Change	YoY Change
Revenue	$186M	—	$138M	—	34.5%
Op. Income	$84M	—	$77M	—	8.9%
Gross Margin	70.2%	—	78.1%	—	-7.8pp
Net Margin	33.9%	—	39.6%	—	-5.7pp
EPS (Diluted)	$1.38	—	$1.52	—	-9.2%
Free Cash Flow	$189M	—	-$178M	—	206.2%

Revenue Flow

Item	Amount
REVENUE	$186M
Cost of Revenue	$55M
GROSS PROFIT	$130M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$33M
SG&A Expenses	$33M
Other Expenses	$13M
Operating Expenses	$46M
Cost & Expenses	$102M
OPERATING INCOME	$84M
Interest Income	$141M
Interest Expense	$51M
Other Income/Expenses	$0
INCOME BEFORE TAX	$84M
Income Tax Expense	$21M
Net Income from Continuing Ops	$63M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$63M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$60M
D&A	$461.0K
EBIT	$84M
EBITDA	$84M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$186M
Cost of Revenue	$55M
GROSS PROFIT	$130M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$33M
SG&A Expenses	$33M
Other Expenses	$13M
Operating Expenses	$46M
Cost & Expenses	$102M
OPERATING INCOME	$84M
Interest Income	$141M
Interest Expense	$51M
Other Income/Expenses	$0
INCOME BEFORE TAX	$84M
Income Tax Expense	$21M
Net Income from Continuing Ops	$63M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$63M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$60M
D&A	$461.0K
EBIT	$84M
EBITDA	$84M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$63M
Depreciation & Amortization	$461.0K
Stock-Based Compensation	$0
Deferred Income Tax	$2M
Other Non-Cash Items	$167M
Change in Working Capital	-$28M
OPERATING CASH FLOW	$204M
Capital Expenditure	-$16M
Acquisitions (Net)	-$14M
Purchases of Investments	-$51M
Sales/Maturities of Investments	$195M
Other Investing Activities	-$629M
NET CASH FROM INVESTING	-$509M
Net Debt Issuance	$138M
Common Stock Repurchased	-$700.0K
Common Dividends Paid	-$10M
Other Financing Activities	$155M
NET CASH FROM FINANCING	$282M
FREE CASH FLOW	$189M
Net Change in Cash	-$23M

Balance Sheet

Item	Amount
Cash & Equivalents	$337M
Short-Term Investments	$331M
Net Receivables	$14M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$681M
PP&E (Net)	$15M
Goodwill	$17M
Intangible Assets	$81M
Long-Term Investments	$2.9B
Tax Assets	$0
Other Non-Current Assets	$211M
TOTAL NON-CURRENT ASSETS	$3.2B
TOTAL ASSETS	$3.9B
Account Payables	$0
Short-Term Debt	$33M
Deferred Revenue	$0
Other Current Liabilities	$3.2B
TOTAL CURRENT LIABILITIES	$3.3B
Long-Term Debt	$162M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$15M
Other Non-Current Liabilities	$21M
TOTAL NON-CURRENT LIABILITIES	$199M
TOTAL LIABILITIES	$3.5B
Common Stock	$135M
Additional Paid-In Capital	$0
Retained Earnings	$245M
Treasury Stock	$0
Accum. Other Comp. Income	-$310.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$421M
Minority Interest	$0
TOTAL EQUITY	$421M
TOTAL LIABILITIES & EQUITY	$3.9B
Total Debt	$195M
Net Debt	-$141M