RACE Q1 2020 Earnings Report — Ferrari N.V. Revenue & Financial Results | Market Cap Arena

Ferrari N.V.RACE

Q1 2020 Earnings

Reported March 31, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q1 2020	Q4 2019	Q1 2019	QoQ Change	YoY Change
Revenue	$1.1B	$1.1B	—	0.5%	—
Op. Income	$259M	$257M	—	0.5%	—
Gross Margin	51.6%	52.8%	—	-1.2pp	—
Net Margin	17.8%	18.1%	—	-0.3pp	—
EPS (Diluted)	$1.05	$1.05	—	0.0%	—
Free Cash Flow	$184M	$257M	—	-28.3%	—

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$527M
GROSS PROFIT	$563M
R&D Expenses	$212M
Selling & Marketing	$45M
General & Administrative	$47M
SG&A Expenses	$92M
Other Expenses	$0
Operating Expenses	$304M
Cost & Expenses	$831M
OPERATING INCOME	$259M
Interest Income	$12M
Interest Expense	$27M
Other Income/Expenses	-$16M
INCOME BEFORE TAX	$242M
Income Tax Expense	$48M
Net Income from Continuing Ops	$194M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$194M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$194M
D&A	$113M
EBIT	$268M
EBITDA	$381M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$527M
GROSS PROFIT	$563M
R&D Expenses	$212M
Selling & Marketing	$45M
General & Administrative	$47M
SG&A Expenses	$92M
Other Expenses	$0
Operating Expenses	$304M
Cost & Expenses	$831M
OPERATING INCOME	$259M
Interest Income	$12M
Interest Expense	$27M
Other Income/Expenses	-$16M
INCOME BEFORE TAX	$242M
Income Tax Expense	$48M
Net Income from Continuing Ops	$194M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$194M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$194M
D&A	$113M
EBIT	$268M
EBITDA	$381M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$194M
Depreciation & Amortization	$113M
Stock-Based Compensation	$5M
Deferred Income Tax	$0
Other Non-Cash Items	-$10M
Change in Working Capital	$6M
OPERATING CASH FLOW	$308M
Capital Expenditure	-$124M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$80M
NET CASH FROM INVESTING	-$203M
Net Debt Issuance	$25M
Common Stock Repurchased	-$152M
Common Dividends Paid	$0
Other Financing Activities	$0
NET CASH FROM FINANCING	-$127M
FREE CASH FLOW	$184M
Net Change in Cash	-$21M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.1B
Short-Term Investments	$29M
Net Receivables	$1.6B
Inventory	$518M
Other Current Assets	$157M
TOTAL CURRENT ASSETS	$3.4B
PP&E (Net)	$1.5B
Goodwill	$1.0B
Intangible Assets	$1.1B
Long-Term Investments	$47M
Tax Assets	$79M
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$3.7B
TOTAL ASSETS	$7.1B
Account Payables	$852M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$172M
TOTAL CURRENT LIABILITIES	$1.1B
Long-Term Debt	$2.7B
Deferred Revenue NC	$487M
Deferred Tax Liabilities	$118M
Other Non-Current Liabilities	$743M
TOTAL NON-CURRENT LIABILITIES	$4.1B
TOTAL LIABILITIES	$5.2B
Common Stock	$3M
Additional Paid-In Capital	$0
Retained Earnings	$1.9B
Treasury Stock	$0
Accum. Other Comp. Income	$44M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.0B
Minority Interest	$7M
TOTAL EQUITY	$2.0B
TOTAL LIABILITIES & EQUITY	$7.1B
Total Debt	$2.7B
Net Debt	$1.6B