PB FY 2014 Earnings Report — Prosperity Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Prosperity Bancshares, Inc.PB

FY 2014 Earnings

Reported March 2, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$820M	—	$623M	—	31.6%
Op. Income	$446M	—	$330M	—	35.2%
Gross Margin	92.4%	—	90.7%	—	1.7pp
Net Margin	36.3%	—	35.5%	—	0.7pp
EPS (Diluted)	$4.32	—	$3.65	—	18.4%
Free Cash Flow	$336M	—	$284M	—	18.5%

Revenue Flow

Item	Amount
REVENUE	$820M
Cost of Revenue	$62M
GROSS PROFIT	$758M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$199M
SG&A Expenses	$202M
Other Expenses	$110M
Operating Expenses	$312M
Cost & Expenses	$374M
OPERATING INCOME	$446M
Interest Income	$715M
Interest Expense	$44M
Other Income/Expenses	$0
INCOME BEFORE TAX	$446M
Income Tax Expense	$148M
Net Income from Continuing Ops	$297M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$297M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$297M
D&A	$24M
EBIT	$446M
EBITDA	$469M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$820M
Cost of Revenue	$62M
GROSS PROFIT	$758M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$199M
SG&A Expenses	$202M
Other Expenses	$110M
Operating Expenses	$312M
Cost & Expenses	$374M
OPERATING INCOME	$446M
Interest Income	$715M
Interest Expense	$44M
Other Income/Expenses	$0
INCOME BEFORE TAX	$446M
Income Tax Expense	$148M
Net Income from Continuing Ops	$297M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$297M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$297M
D&A	$24M
EBIT	$446M
EBITDA	$469M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$297M
Depreciation & Amortization	$24M
Stock-Based Compensation	$8M
Deferred Income Tax	$46M
Other Non-Cash Items	-$39M
Change in Working Capital	$12M
OPERATING CASH FLOW	$348M
Capital Expenditure	-$12M
Acquisitions (Net)	$494M
Purchases of Investments	-$9.2B
Sales/Maturities of Investments	$8.4B
Other Investing Activities	$249M
NET CASH FROM INVESTING	-$72M
Net Debt Issuance	-$2M
Common Stock Repurchased	$0
Common Dividends Paid	-$68M
Other Financing Activities	$91M
NET CASH FROM FINANCING	$20M
FREE CASH FLOW	$336M
Net Change in Cash	$296M

Balance Sheet

Item	Amount
Cash & Equivalents	$677M
Short-Term Investments	$145M
Net Receivables	$52M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$875M
PP&E (Net)	$282M
Goodwill	$1.9B
Intangible Assets	$59M
Long-Term Investments	$18.1B
Tax Assets	$0
Other Non-Current Assets	$355M
TOTAL NON-CURRENT ASSETS	$20.6B
TOTAL ASSETS	$21.5B
Account Payables	$3M
Short-Term Debt	$316M
Deferred Revenue	$0
Other Current Liabilities	$17.7B
TOTAL CURRENT LIABILITIES	$18.0B
Long-Term Debt	$176M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$75M
TOTAL NON-CURRENT LIABILITIES	$251M
TOTAL LIABILITIES	$18.3B
Common Stock	$70M
Additional Paid-In Capital	$2.0B
Retained Earnings	$1.1B
Treasury Stock	-$607.0K
Accum. Other Comp. Income	$4M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.2B
Minority Interest	$0
TOTAL EQUITY	$3.2B
TOTAL LIABILITIES & EQUITY	$21.5B
Total Debt	$492M
Net Debt	-$186M