MBIN FY 2019 Earnings Report — Merchants Bancorp Revenue & Financial Results | Market Cap Arena

Merchants BancorpMBIN

FY 2019 Earnings

Reported March 16, 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	$255M	—	$186M	—	37.2%
Op. Income	$102M	—	$84M	—	21.5%
Gross Margin	63.2%	—	70.2%	—	-7.0pp
Net Margin	30.4%	—	33.9%	—	-3.5pp
EPS (Diluted)	$1.58	—	$1.38	—	14.5%
Free Cash Flow	-$1.3B	—	$189M	—	-773.1%

Revenue Flow

Item	Amount
REVENUE	$255M
Cost of Revenue	$94M
GROSS PROFIT	$161M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$41M
SG&A Expenses	$41M
Other Expenses	$18M
Operating Expenses	$59M
Cost & Expenses	$152M
OPERATING INCOME	$102M
Interest Income	$212M
Interest Expense	$90M
Other Income/Expenses	$0
INCOME BEFORE TAX	$102M
Income Tax Expense	$25M
Net Income from Continuing Ops	$77M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$77M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$68M
D&A	$852.0K
EBIT	$102M
EBITDA	$103M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$255M
Cost of Revenue	$94M
GROSS PROFIT	$161M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$41M
SG&A Expenses	$41M
Other Expenses	$18M
Operating Expenses	$59M
Cost & Expenses	$152M
OPERATING INCOME	$102M
Interest Income	$212M
Interest Expense	$90M
Other Income/Expenses	$0
INCOME BEFORE TAX	$102M
Income Tax Expense	$25M
Net Income from Continuing Ops	$77M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$77M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$68M
D&A	$852.0K
EBIT	$102M
EBITDA	$103M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$77M
Depreciation & Amortization	$852.0K
Stock-Based Compensation	$0
Deferred Income Tax	-$978.0K
Other Non-Cash Items	-$1.2B
Change in Working Capital	-$86M
OPERATING CASH FLOW	-$1.3B
Capital Expenditure	-$14M
Acquisitions (Net)	$0
Purchases of Investments	-$649M
Sales/Maturities of Investments	$690M
Other Investing Activities	-$985M
NET CASH FROM INVESTING	-$958M
Net Debt Issuance	-$14M
Common Stock Repurchased	$0
Common Dividends Paid	-$17M
Other Financing Activities	$2.2B
NET CASH FROM FINANCING	$2.4B
FREE CASH FLOW	-$1.3B
Net Change in Cash	$170M

Balance Sheet

Item	Amount
Cash & Equivalents	$507M
Short-Term Investments	$290M
Net Receivables	$18M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$815M
PP&E (Net)	$29M
Goodwill	$16M
Intangible Assets	$78M
Long-Term Investments	$5.1B
Tax Assets	$0
Other Non-Current Assets	$327M
TOTAL NON-CURRENT ASSETS	$5.6B
TOTAL ASSETS	$6.4B
Account Payables	$0
Short-Term Debt	$7M
Deferred Revenue	$0
Other Current Liabilities	$5.5B
TOTAL CURRENT LIABILITIES	$5.5B
Long-Term Debt	$175M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$17M
Other Non-Current Liabilities	$42M
TOTAL NON-CURRENT LIABILITIES	$234M
TOTAL LIABILITIES	$5.7B
Common Stock	$136M
Additional Paid-In Capital	$0
Retained Earnings	$305M
Treasury Stock	$0
Accum. Other Comp. Income	$458.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$654M
Minority Interest	$0
TOTAL EQUITY	$654M
TOTAL LIABILITIES & EQUITY	$6.4B
Total Debt	$181M
Net Debt	-$325M