BMO Q3 2023 Earnings Report — Bank of Montreal Revenue & Financial Results | Market Cap Arena

Bank of MontrealBMO

Q3 2023 Earnings

Reported August 29, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2023	Q2 2023	Q3 2022	QoQ Change	YoY Change
Revenue	$13.1B	$12.2B	$7.2B	7.6%	83.5%
Op. Income	$1.5B	$924M	$1.2B	57.2%	17.6%
Gross Margin	42.1%	44.4%	69.5%	-2.3pp	-27.4pp
Net Margin	8.7%	6.1%	13.9%	2.6pp	-5.2pp
EPS (Diluted)	$1.55	$0.92	$1.43	68.3%	8.7%
Free Cash Flow	$7.5B	-$18.2B	-$1.7B	141.4%	542.7%

Revenue Flow

Item	Amount
REVENUE	$13.1B
Cost of Revenue	$7.6B
GROSS PROFIT	$5.5B
R&D Expenses	$0
Selling & Marketing	$159M
General & Administrative	$2.2B
SG&A Expenses	$2.4B
Other Expenses	$1.7B
Operating Expenses	$4.1B
Cost & Expenses	$11.7B
OPERATING INCOME	$1.5B
Interest Income	$10.8B
Interest Expense	$7.2B
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.5B
Income Tax Expense	$309M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$402M
EBIT	$1.5B
EBITDA	$1.9B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$13.1B
Cost of Revenue	$7.6B
GROSS PROFIT	$5.5B
R&D Expenses	$0
Selling & Marketing	$159M
General & Administrative	$2.2B
SG&A Expenses	$2.4B
Other Expenses	$1.7B
Operating Expenses	$4.1B
Cost & Expenses	$11.7B
OPERATING INCOME	$1.5B
Interest Income	$10.8B
Interest Expense	$7.2B
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.5B
Income Tax Expense	$309M
Net Income from Continuing Ops	$1.1B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$402M
EBIT	$1.5B
EBITDA	$1.9B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.1B
Depreciation & Amortization	$402M
Stock-Based Compensation	$0
Deferred Income Tax	-$400M
Other Non-Cash Items	$333M
Change in Working Capital	$6.3B
OPERATING CASH FLOW	$7.8B
Capital Expenditure	-$269M
Acquisitions (Net)	-$113M
Purchases of Investments	-$5.6B
Sales/Maturities of Investments	$8.5B
Other Investing Activities	$227M
NET CASH FROM INVESTING	$2.8B
Net Debt Issuance	$2.1B
Common Stock Repurchased	-$730.8K
Common Dividends Paid	-$542M
Other Financing Activities	-$1.7B
NET CASH FROM FINANCING	-$190M
FREE CASH FLOW	$7.5B
Net Change in Cash	$9.3B

Balance Sheet

Item	Amount
Cash & Equivalents	$62.8B
Short-Term Investments	$39.3B
Net Receivables	$1.4B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$103.5B
PP&E (Net)	$4.4B
Goodwill	$11.6B
Intangible Assets	$3.7B
Long-Term Investments	$582.9B
Tax Assets	$2.1B
Other Non-Current Assets	$204.1B
TOTAL NON-CURRENT ASSETS	$808.9B
TOTAL ASSETS	$912.4B
Account Payables	$0
Short-Term Debt	$145.1B
Deferred Revenue	$0
Other Current Liabilities	$530.7B
TOTAL CURRENT LIABILITIES	$675.8B
Long-Term Debt	$99.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$82.9B
TOTAL NON-CURRENT LIABILITIES	$182.4B
TOTAL LIABILITIES	$858.2B
Common Stock	$16.4B
Additional Paid-In Capital	$241M
Retained Earnings	$32.5B
Treasury Stock	$0
Accum. Other Comp. Income	-$65M
Other Equity	$2.7B
TOTAL STOCKHOLDERS' EQUITY	$54.2B
Minority Interest	$15M
TOTAL EQUITY	$54.2B
TOTAL LIABILITIES & EQUITY	$912.4B
Total Debt	$244.6B
Net Debt	$181.8B