PB FY 2013 Earnings Report — Prosperity Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Prosperity Bancshares, Inc.PB

FY 2013 Earnings

Reported February 28, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$623M	—	$486M	—	28.2%
Op. Income	$330M	—	$252M	—	31.0%
Gross Margin	90.7%	—	90.7%	—	0.0pp
Net Margin	35.5%	—	34.6%	—	1.0pp
EPS (Diluted)	$3.65	—	$3.23	—	13.0%
Free Cash Flow	$284M	—	$197M	—	43.7%

Revenue Flow

Item	Amount
REVENUE	$623M
Cost of Revenue	$58M
GROSS PROFIT	$565M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$148M
SG&A Expenses	$151M
Other Expenses	$84M
Operating Expenses	$235M
Cost & Expenses	$293M
OPERATING INCOME	$330M
Interest Income	$539M
Interest Expense	$40M
Other Income/Expenses	$0
INCOME BEFORE TAX	$330M
Income Tax Expense	$108M
Net Income from Continuing Ops	$221M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$221M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$221M
D&A	$17M
EBIT	$330M
EBITDA	$347M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$623M
Cost of Revenue	$58M
GROSS PROFIT	$565M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$148M
SG&A Expenses	$151M
Other Expenses	$84M
Operating Expenses	$235M
Cost & Expenses	$293M
OPERATING INCOME	$330M
Interest Income	$539M
Interest Expense	$40M
Other Income/Expenses	$0
INCOME BEFORE TAX	$330M
Income Tax Expense	$108M
Net Income from Continuing Ops	$221M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$221M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$221M
D&A	$17M
EBIT	$330M
EBITDA	$347M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$221M
Depreciation & Amortization	$17M
Stock-Based Compensation	$4M
Deferred Income Tax	$20M
Other Non-Cash Items	$29M
Change in Working Capital	$16M
OPERATING CASH FLOW	$308M
Capital Expenditure	-$24M
Acquisitions (Net)	$577M
Purchases of Investments	-$6.2B
Sales/Maturities of Investments	$5.6B
Other Investing Activities	-$36M
NET CASH FROM INVESTING	$9M
Net Debt Issuance	-$286M
Common Stock Repurchased	$0
Common Dividends Paid	-$54M
Other Financing Activities	$79M
NET CASH FROM FINANCING	-$261M
FREE CASH FLOW	$284M
Net Change in Cash	$55M

Balance Sheet

Item	Amount
Cash & Equivalents	$381M
Short-Term Investments	$157M
Net Receivables	$49M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$588M
PP&E (Net)	$283M
Goodwill	$1.7B
Intangible Assets	$42M
Long-Term Investments	$15.8B
Tax Assets	$0
Other Non-Current Assets	$283M
TOTAL NON-CURRENT ASSETS	$18.1B
TOTAL ASSETS	$18.6B
Account Payables	$3M
Short-Term Debt	$364M
Deferred Revenue	$0
Other Current Liabilities	$15.3B
TOTAL CURRENT LIABILITIES	$15.7B
Long-Term Debt	$135M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$62M
TOTAL NON-CURRENT LIABILITIES	$197M
TOTAL LIABILITIES	$15.9B
Common Stock	$66M
Additional Paid-In Capital	$1.8B
Retained Earnings	$918M
Treasury Stock	-$607.0K
Accum. Other Comp. Income	$5M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.8B
Minority Interest	$0
TOTAL EQUITY	$2.8B
TOTAL LIABILITIES & EQUITY	$18.6B
Total Debt	$499M
Net Debt	$118M