BWFG FY 2022 Earnings Report — Bankwell Financial Group, Inc. Revenue & Financial Results | Market Cap Arena

Bankwell Financial Group, Inc.BWFG

FY 2022 Earnings

Reported March 8, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$121M	—	$87M	—	39.0%
Op. Income	$48M	—	$34M	—	41.7%
Gross Margin	76.3%	—	84.6%	—	-8.2pp
Net Margin	30.9%	—	30.5%	—	0.4pp
EPS (Diluted)	$4.79	—	$3.36	—	42.6%
Free Cash Flow	$78M	—	$39M	—	100.2%

Revenue Flow

Item	Amount
REVENUE	$121M
Cost of Revenue	$29M
GROSS PROFIT	$92M
R&D Expenses	$0
Selling & Marketing	$366.0K
General & Administrative	$25M
SG&A Expenses	$26M
Other Expenses	$19M
Operating Expenses	$44M
Cost & Expenses	$73M
OPERATING INCOME	$48M
Interest Income	$118M
Interest Expense	$23M
Other Income/Expenses	$0
INCOME BEFORE TAX	$48M
Income Tax Expense	$11M
Net Income from Continuing Ops	$37M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$37M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$37M
D&A	$3M
EBIT	$48M
EBITDA	$51M
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$121M
Cost of Revenue	$29M
GROSS PROFIT	$92M
R&D Expenses	$0
Selling & Marketing	$366.0K
General & Administrative	$25M
SG&A Expenses	$26M
Other Expenses	$19M
Operating Expenses	$44M
Cost & Expenses	$73M
OPERATING INCOME	$48M
Interest Income	$118M
Interest Expense	$23M
Other Income/Expenses	$0
INCOME BEFORE TAX	$48M
Income Tax Expense	$11M
Net Income from Continuing Ops	$37M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$37M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$37M
D&A	$3M
EBIT	$48M
EBITDA	$51M
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$37M
Depreciation & Amortization	$3M
Stock-Based Compensation	$2M
Deferred Income Tax	-$2M
Other Non-Cash Items	$4M
Change in Working Capital	$38M
OPERATING CASH FLOW	$83M
Capital Expenditure	-$5M
Acquisitions (Net)	$0
Purchases of Investments	-$37M
Sales/Maturities of Investments	$13M
Other Investing Activities	-$782M
NET CASH FROM INVESTING	-$811M
Net Debt Issuance	$74M
Common Stock Repurchased	-$6M
Common Dividends Paid	-$6M
Other Financing Activities	$677M
NET CASH FROM FINANCING	$739M
FREE CASH FLOW	$78M
Net Change in Cash	$11M

Balance Sheet

Item	Amount
Cash & Equivalents	$345M
Short-Term Investments	$104M
Net Receivables	$13M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$462M
PP&E (Net)	$27M
Goodwill	$3M
Intangible Assets	$0
Long-Term Investments	$2.7B
Tax Assets	$7M
Other Non-Current Assets	$79M
TOTAL NON-CURRENT ASSETS	$2.8B
TOTAL ASSETS	$3.3B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$7M
Other Current Liabilities	$2.8B
TOTAL CURRENT LIABILITIES	$2.9B
Long-Term Debt	$159M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$159M
TOTAL LIABILITIES	$3.0B
Common Stock	$115M
Additional Paid-In Capital	$0
Retained Earnings	$124M
Treasury Stock	$0
Accum. Other Comp. Income	-$189.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$238M
Minority Interest	$0
TOTAL EQUITY	$238M
TOTAL LIABILITIES & EQUITY	$3.3B
Total Debt	$159M
Net Debt	-$186M