PB FY 2012 Earnings Report — Prosperity Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Prosperity Bancshares, Inc.PB

FY 2012 Earnings

Reported February 28, 2013

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2012	Prior Q	FY 2011	QoQ Change	YoY Change
Revenue	$486M	—	$421M	—	15.4%
Op. Income	$252M	—	$214M	—	17.7%
Gross Margin	90.7%	—	88.0%	—	2.7pp
Net Margin	34.6%	—	33.7%	—	0.9pp
EPS (Diluted)	$3.23	—	$3.01	—	7.3%
Free Cash Flow	$197M	—	$208M	—	-5.3%

Revenue Flow

Item	Amount
REVENUE	$486M
Cost of Revenue	$45M
GROSS PROFIT	$441M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$116M
SG&A Expenses	$117M
Other Expenses	$72M
Operating Expenses	$189M
Cost & Expenses	$234M
OPERATING INCOME	$252M
Interest Income	$420M
Interest Expense	$39M
Other Income/Expenses	$0
INCOME BEFORE TAX	$252M
Income Tax Expense	$84M
Net Income from Continuing Ops	$168M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$168M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$168M
D&A	$16M
EBIT	$252M
EBITDA	$268M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$486M
Cost of Revenue	$45M
GROSS PROFIT	$441M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$116M
SG&A Expenses	$117M
Other Expenses	$72M
Operating Expenses	$189M
Cost & Expenses	$234M
OPERATING INCOME	$252M
Interest Income	$420M
Interest Expense	$39M
Other Income/Expenses	$0
INCOME BEFORE TAX	$252M
Income Tax Expense	$84M
Net Income from Continuing Ops	$168M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$168M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$168M
D&A	$16M
EBIT	$252M
EBITDA	$268M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$168M
Depreciation & Amortization	$16M
Stock-Based Compensation	$4M
Deferred Income Tax	$10M
Other Non-Cash Items	$50M
Change in Working Capital	-$38M
OPERATING CASH FLOW	$210M
Capital Expenditure	-$12M
Acquisitions (Net)	$190M
Purchases of Investments	-$4.8B
Sales/Maturities of Investments	$3.5B
Other Investing Activities	-$131M
NET CASH FROM INVESTING	-$1.2B
Net Debt Issuance	$244M
Common Stock Repurchased	$0
Common Dividends Paid	-$42M
Other Financing Activities	$902M
NET CASH FROM FINANCING	$1.1B
FREE CASH FLOW	$197M
Net Change in Cash	$113M

Balance Sheet

Item	Amount
Cash & Equivalents	$326M
Short-Term Investments	$227M
Net Receivables	$42M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$595M
PP&E (Net)	$205M
Goodwill	$1.2B
Intangible Assets	$26M
Long-Term Investments	$12.3B
Tax Assets	$0
Other Non-Current Assets	$197M
TOTAL NON-CURRENT ASSETS	$14.0B
TOTAL ASSETS	$14.6B
Account Payables	$2M
Short-Term Debt	$700M
Deferred Revenue	$0
Other Current Liabilities	$11.6B
TOTAL CURRENT LIABILITIES	$12.3B
Long-Term Debt	$97M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$54M
TOTAL NON-CURRENT LIABILITIES	$151M
TOTAL LIABILITIES	$12.5B
Common Stock	$56M
Additional Paid-In Capital	$1.3B
Retained Earnings	$750M
Treasury Stock	-$607.0K
Accum. Other Comp. Income	$9M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$14.6B
Total Debt	$796M
Net Debt	$470M