SSB FY 2019 Earnings Report — SouthState Corporation Revenue & Financial Results | Market Cap Arena

SouthState CorporationSSB

FY 2019 Earnings

Reported February 21, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$728M	—	$709M	—	2.7%
Op. Income	$230M	—	$224M	—	2.8%
Gross Margin	86.4%	—	90.4%	—	-4.1pp
Net Margin	25.6%	—	25.2%	—	0.4pp
EPS (Diluted)	$5.36	—	$4.86	—	10.3%
Free Cash Flow	$165M	—	$269M	—	-38.6%

Revenue Flow

Item	Amount
REVENUE	$728M
Cost of Revenue	$99M
GROSS PROFIT	$629M
R&D Expenses	$0
Selling & Marketing	$4M
General & Administrative	$303M
SG&A Expenses	$307M
Other Expenses	$91M
Operating Expenses	$398M
Cost & Expenses	$498M
OPERATING INCOME	$230M
Interest Income	$591M
Interest Expense	$87M
Other Income/Expenses	$0
INCOME BEFORE TAX	$230M
Income Tax Expense	$44M
Net Income from Continuing Ops	$186M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$186M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$186M
D&A	$33M
EBIT	$230M
EBITDA	$264M
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$728M
Cost of Revenue	$99M
GROSS PROFIT	$629M
R&D Expenses	$0
Selling & Marketing	$4M
General & Administrative	$303M
SG&A Expenses	$307M
Other Expenses	$91M
Operating Expenses	$398M
Cost & Expenses	$498M
OPERATING INCOME	$230M
Interest Income	$591M
Interest Expense	$87M
Other Income/Expenses	$0
INCOME BEFORE TAX	$230M
Income Tax Expense	$44M
Net Income from Continuing Ops	$186M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$186M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$186M
D&A	$33M
EBIT	$230M
EBITDA	$264M
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$186M
Depreciation & Amortization	$33M
Stock-Based Compensation	$9M
Deferred Income Tax	-$1M
Other Non-Cash Items	-$33M
Change in Working Capital	-$13M
OPERATING CASH FLOW	$181M
Capital Expenditure	-$16M
Acquisitions (Net)	$0
Purchases of Investments	-$979M
Sales/Maturities of Investments	$551M
Other Investing Activities	-$351M
NET CASH FROM INVESTING	-$795M
Net Debt Issuance	$550M
Common Stock Repurchased	-$159M
Common Dividends Paid	-$58M
Other Financing Activities	$559M
NET CASH FROM FINANCING	$894M
FREE CASH FLOW	$165M
Net Change in Cash	$280M

Balance Sheet

Item	Amount
Cash & Equivalents	$311M
Short-Term Investments	$2.0B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.3B
PP&E (Net)	$317M
Goodwill	$1.0B
Intangible Assets	$80M
Long-Term Investments	$11.4B
Tax Assets	$31M
Other Non-Current Assets	$780M
TOTAL NON-CURRENT ASSETS	$13.7B
TOTAL ASSETS	$15.9B
Account Payables	$0
Short-Term Debt	$999M
Deferred Revenue	$0
Other Current Liabilities	$12.2B
TOTAL CURRENT LIABILITIES	$13.2B
Long-Term Debt	$106M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$267M
TOTAL NON-CURRENT LIABILITIES	$373M
TOTAL LIABILITIES	$13.5B
Common Stock	$84M
Additional Paid-In Capital	$1.6B
Retained Earnings	$680M
Treasury Stock	$0
Accum. Other Comp. Income	$1M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.4B
Minority Interest	$0
TOTAL EQUITY	$2.4B
TOTAL LIABILITIES & EQUITY	$15.9B
Total Debt	$1.1B
Net Debt	$793M