TCBI FY 2013 Earnings Report — Texas Capital Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Texas Capital Bancshares, Inc.TCBI

FY 2013 Earnings

Reported February 20, 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	$489M	—	$441M	—	10.7%
Op. Income	$188M	—	$189M	—	-0.4%
Gross Margin	91.0%	—	92.5%	—	-1.5pp
Net Margin	24.8%	—	27.3%	—	-2.6pp
EPS (Diluted)	$2.72	—	$3.00	—	-9.3%
Free Cash Flow	$187M	—	$86M	—	118.5%

Revenue Flow

Item	Amount
REVENUE	$489M
Cost of Revenue	$44M
GROSS PROFIT	$445M
R&D Expenses	$0
Selling & Marketing	$16M
General & Administrative	$180M
SG&A Expenses	$196M
Other Expenses	$61M
Operating Expenses	$257M
Cost & Expenses	$301M
OPERATING INCOME	$188M
Interest Income	$445M
Interest Expense	$25M
Other Income/Expenses	$0
INCOME BEFORE TAX	$188M
Income Tax Expense	$67M
Net Income from Continuing Ops	$121M
Net Income from Discontinued Ops	$5.0K
Other Adjustments	-$5.0K
NET INCOME	$121M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$114M
D&A	$11M
EBIT	$188M
EBITDA	$199M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$489M
Cost of Revenue	$44M
GROSS PROFIT	$445M
R&D Expenses	$0
Selling & Marketing	$16M
General & Administrative	$180M
SG&A Expenses	$196M
Other Expenses	$61M
Operating Expenses	$257M
Cost & Expenses	$301M
OPERATING INCOME	$188M
Interest Income	$445M
Interest Expense	$25M
Other Income/Expenses	$0
INCOME BEFORE TAX	$188M
Income Tax Expense	$67M
Net Income from Continuing Ops	$121M
Net Income from Discontinued Ops	$5.0K
Other Adjustments	-$5.0K
NET INCOME	$121M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$114M
D&A	$11M
EBIT	$188M
EBITDA	$199M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$121M
Depreciation & Amortization	$11M
Stock-Based Compensation	$21M
Deferred Income Tax	-$12M
Other Non-Cash Items	$15M
Change in Working Capital	$35M
OPERATING CASH FLOW	$191M
Capital Expenditure	-$4M
Acquisitions (Net)	-$2M
Purchases of Investments	-$2.0K
Sales/Maturities of Investments	$34M
Other Investing Activities	-$1.3B
NET CASH FROM INVESTING	-$1.3B
Net Debt Issuance	-$797M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$1.7B
NET CASH FROM FINANCING	$1.0B
FREE CASH FLOW	$187M
Net Change in Cash	-$52M

Balance Sheet

Item	Amount
Cash & Equivalents	$154M
Short-Term Investments	$63M
Net Receivables	$287M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$504M
PP&E (Net)	$11M
Goodwill	$15M
Intangible Assets	$6M
Long-Term Investments	$11.2B
Tax Assets	$0
Other Non-Current Assets	$90.0K
TOTAL NON-CURRENT ASSETS	$11.2B
TOTAL ASSETS	$11.7B
Account Payables	$749.0K
Short-Term Debt	$171M
Deferred Revenue	$0
Other Current Liabilities	$9.3B
TOTAL CURRENT LIABILITIES	$9.4B
Long-Term Debt	$1.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$116M
TOTAL NON-CURRENT LIABILITIES	$1.2B
TOTAL LIABILITIES	$10.6B
Common Stock	$410.0K
Additional Paid-In Capital	$448M
Retained Earnings	$496M
Treasury Stock	-$8.0K
Accum. Other Comp. Income	$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.1B
Minority Interest	$0
TOTAL EQUITY	$1.1B
TOTAL LIABILITIES & EQUITY	$11.7B
Total Debt	$1.3B
Net Debt	$1.1B