PB FY 2011 Earnings Report — Prosperity Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Prosperity Bancshares, Inc.PB

FY 2011 Earnings

Reported February 29, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$421M	—	$438M	—	-3.9%
Op. Income	$214M	—	$192M	—	11.5%
Gross Margin	88.0%	—	81.8%	—	6.3pp
Net Margin	33.7%	—	29.1%	—	4.5pp
EPS (Diluted)	$3.01	—	$2.73	—	10.3%
Free Cash Flow	$208M	—	$164M	—	27.2%

Revenue Flow

Item	Amount
REVENUE	$421M
Cost of Revenue	$50M
GROSS PROFIT	$371M
R&D Expenses	$0
Selling & Marketing	$969.0K
General & Administrative	$92M
SG&A Expenses	$93M
Other Expenses	$64M
Operating Expenses	$157M
Cost & Expenses	$207M
OPERATING INCOME	$214M
Interest Income	$372M
Interest Expense	$45M
Other Income/Expenses	$0
INCOME BEFORE TAX	$214M
Income Tax Expense	$72M
Net Income from Continuing Ops	$142M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$142M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$142M
D&A	$16M
EBIT	$214M
EBITDA	$230M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$421M
Cost of Revenue	$50M
GROSS PROFIT	$371M
R&D Expenses	$0
Selling & Marketing	$969.0K
General & Administrative	$92M
SG&A Expenses	$93M
Other Expenses	$64M
Operating Expenses	$157M
Cost & Expenses	$207M
OPERATING INCOME	$214M
Interest Income	$372M
Interest Expense	$45M
Other Income/Expenses	$0
INCOME BEFORE TAX	$214M
Income Tax Expense	$72M
Net Income from Continuing Ops	$142M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$142M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$142M
D&A	$16M
EBIT	$214M
EBITDA	$230M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$142M
Depreciation & Amortization	$16M
Stock-Based Compensation	$4M
Deferred Income Tax	$2M
Other Non-Cash Items	$35M
Change in Working Capital	$20M
OPERATING CASH FLOW	$218M
Capital Expenditure	-$9M
Acquisitions (Net)	$0
Purchases of Investments	-$2.6B
Sales/Maturities of Investments	$2.6B
Other Investing Activities	-$284M
NET CASH FROM INVESTING	-$365M
Net Debt Issuance	-$369M
Common Stock Repurchased	$0
Common Dividends Paid	-$34M
Other Financing Activities	$604M
NET CASH FROM FINANCING	$202M
FREE CASH FLOW	$208M
Net Change in Cash	$54M

Balance Sheet

Item	Amount
Cash & Equivalents	$213M
Short-Term Investments	$322M
Net Receivables	$29M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$565M
PP&E (Net)	$160M
Goodwill	$925M
Intangible Assets	$21M
Long-Term Investments	$8.1B
Tax Assets	$0
Other Non-Current Assets	$102M
TOTAL NON-CURRENT ASSETS	$9.3B
TOTAL ASSETS	$9.8B
Account Payables	$3M
Short-Term Debt	$55M
Deferred Revenue	$0
Other Current Liabilities	$8.1B
TOTAL CURRENT LIABILITIES	$8.1B
Long-Term Debt	$98M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$40M
TOTAL NON-CURRENT LIABILITIES	$137M
TOTAL LIABILITIES	$8.3B
Common Stock	$47M
Additional Paid-In Capital	$884M
Retained Earnings	$624M
Treasury Stock	-$607.0K
Accum. Other Comp. Income	$13M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.6B
Minority Interest	$0
TOTAL EQUITY	$1.6B
TOTAL LIABILITIES & EQUITY	$9.8B
Total Debt	$153M
Net Debt	-$60M