Commerce Bancshares (CBSH) Q1 FY2022 earnings: revenue $341 million, down 0.4% on the year

Commerce Bancshares Inc. (CBSH) reported revenue of $341 million for Q1 FY2022, the quarter ended 31 March 2022, down 0.4% on the same quarter a year earlier as this quarter's filing gives it. Net income was $118 million, down 9.8% on the year as this quarter's filing gives it, and diluted earnings per share $0.97. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2022.

Revenue$341 milliondown 0.4% on the year

Net income$118 milliondown 9.8% on the year

Diluted EPS$0.97

QuarterQ1 FY2022ended 31 March 2022

The quarter, against the one before and a year earlier

Line	Q1 FY2022	Q4 FY2021	A year earlier	Change on the year
Revenue	341	355	n/a	n/a
Interest expense	3.0	2.8	n/a	n/a
Pre-tax income	152	149	n/a	n/a
Income tax	31.9	33.8	n/a	n/a
Effective tax rate	21.0%	22.6%	n/a
Net income	118	115	n/a	n/a
Net margin	34.7%	32.3%	n/a
Diluted EPS	$0.97	$0.77	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2022	Q4 FY2021	A year earlier	Change on the year
Operating cash flow	125	112	n/a	n/a
Capital expenditure	15.6	19.3	n/a	n/a
Free cash flow	109	92.3	n/a	n/a
Cash from investing	-1,508	-454	n/a	n/a
Cash from financing	-1,308	2,388	n/a	n/a
Depreciation and amortisation	11.8	11.3	n/a	n/a
Share-based compensation	4.2	3.8	n/a	n/a
Buybacks	55.9	49.3	n/a	n/a
Dividends paid	32.1	30.5	n/a	n/a
Dividend per share	$0.27	n/a	n/a	n/a
Shares outstanding at period end	121m	121m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2022	Q4 FY2021	A year earlier	Change on the year
Shareholders' equity	2,961	3,437	n/a	n/a
Non-controlling interest	12.8	11.0	n/a	n/a
Deposits	29,319	29,813	n/a	n/a
Repurchase agreements	2,317	3,023	n/a	n/a
Debt	2,327	3,036	n/a	n/a
Total liabilities and equity	34,987	36,689	n/a	n/a
Fixed assets	394	389	n/a	n/a
Goodwill	139	139	n/a	n/a
Intangible assets	15.9	15.6	n/a	n/a
Securities held for sale or to maturity	14,780	14,450	n/a	n/a
Loans	15,324	15,026	n/a	n/a
Resale agreements	0.0	2.8	n/a	n/a
Trading assets	31.4	46.2	n/a	n/a
Cash and equivalents	1,606	4,297	n/a	n/a
Other assets	2,696	2,324	n/a	n/a
Total assets	34,987	36,689	n/a	n/a

Questions

What was Commerce Bancshares' revenue in Q1 FY2022?

Commerce Bancshares (CBSH) reported revenue of $341 million for Q1 FY2022, the quarter ended 31 March 2022, down 0.4% on the same quarter a year earlier as the company restated it.

How much did Commerce Bancshares earn in Q1 FY2022?

Net income for Q1 FY2022 was $118 million, down 9.8% on the year, and diluted earnings per share $0.97.

When did Commerce Bancshares report Q1 FY2022 results?

Commerce Bancshares filed its 10-Q for the quarter ended 31 March 2022 with the SEC on 5 May 2022.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	352	355	341	372	385	391	389	397	391	393	398	414	421	422	428	446	441	449	476	499
Interest expense	2.9	2.8	3.0	5.8	16.3	31.7	57.2	99.1	113	114	110	107	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	160	149	152	152	160	168	153	166	156	144	147	180	179	174	168	196	185	183	185	206
Tax rate	22%	23%	21%	21%	21%	21%	21%	22%	21%	22%	22%	21%	21%	21%	22%	22%	22%	22%	22%	22%
Net income	123	115	118	116	123	132	119	128	121	109	113	140	138	136	132	152	142	141	142	160
Net margin	35%	32%	35%	31%	32%	34%	31%	32%	31%	28%	28%	34%	33%	32%	31%	34%	32%	31%	30%	32%
Diluted EPS	$1.05	$0.77	$0.97	$0.96	$1.02	$1.04	$0.95	$1.02	$0.96	$0.84	$0.86	$1.07	$1.07	$1.01	$0.98	$1.14	$1.06	$1.01	$0.96	$1.10
Operating cash flow	159	112	125	162	184	89.6	116	105	147	121	135	147	432	-137	139	111	129	266	685	182
Capital expenditure	15.4	19.3	15.6	13.4	17.7	18.6	20.0	31.9	20.7	15.5	11.0	8.5	12.6	14.0	12.6	10.7	15.7	13.7	6.4	12.8
Free cash flow	143	92.3	109	148	166	71.0	96.0	73.0	126	106	124	139	419	-151	126	101	113	253	678	169
Buybacks	40.2	49.3	55.9	57.4	50.1	23.3	36.2	0.3	20.0	19.8	42.0	37.9	43.7	46.9	55.2	11.9	25.2	115	84.3	112
Dividends paid	30.6	30.5	32.1	31.9	31.7	31.6	33.8	33.7	33.7	33.6	35.1	35.0	40.4	34.6	37.9	39.1	37.0	36.2	41.9	40.7
Shares outstanding	116m	121m	121m	120m	119m	125m	125m	125m	124m	130m	130m	129m	128m	134m	133m	133m	132m	147m	146m	143m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2022, filed 5 May 2022: the filing.