CPF FY 2023 Earnings Report — Central Pacific Financial Corp. Revenue & Financial Results | Market Cap Arena

Central Pacific Financial Corp.CPF

FY 2023 Earnings

Reported February 21, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$320M	—	$277M	—	15.4%
Op. Income	$77M	—	$99M	—	-22.2%
Gross Margin	72.5%	—	94.4%	—	-21.9pp
Net Margin	18.4%	—	26.7%	—	-8.3pp
EPS (Diluted)	$2.17	—	$2.68	—	-19.0%
Free Cash Flow	$92M	—	$96M	—	-3.4%

Revenue Flow

Item	Amount
REVENUE	$320M
Cost of Revenue	$88M
GROSS PROFIT	$232M
R&D Expenses	$0
Selling & Marketing	$6M
General & Administrative	$88M
SG&A Expenses	$94M
Other Expenses	$61M
Operating Expenses	$155M
Cost & Expenses	$243M
OPERATING INCOME	$77M
Interest Income	$282M
Interest Expense	$73M
Other Income/Expenses	$0
INCOME BEFORE TAX	$77M
Income Tax Expense	$18M
Net Income from Continuing Ops	$59M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$59M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$59M
D&A	$8M
EBIT	$77M
EBITDA	$84M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$320M
Cost of Revenue	$88M
GROSS PROFIT	$232M
R&D Expenses	$0
Selling & Marketing	$6M
General & Administrative	$88M
SG&A Expenses	$94M
Other Expenses	$61M
Operating Expenses	$155M
Cost & Expenses	$243M
OPERATING INCOME	$77M
Interest Income	$282M
Interest Expense	$73M
Other Income/Expenses	$0
INCOME BEFORE TAX	$77M
Income Tax Expense	$18M
Net Income from Continuing Ops	$59M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$59M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$59M
D&A	$8M
EBIT	$77M
EBITDA	$84M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$59M
Depreciation & Amortization	$8M
Stock-Based Compensation	$2M
Deferred Income Tax	$11M
Other Non-Cash Items	$10M
Change in Working Capital	$16M
OPERATING CASH FLOW	$105M
Capital Expenditure	-$13M
Acquisitions (Net)	$0
Purchases of Investments	-$49M
Sales/Maturities of Investments	$129M
Other Investing Activities	$112M
NET CASH FROM INVESTING	$180M
Net Debt Issuance	$45M
Common Stock Repurchased	-$3M
Common Dividends Paid	-$28M
Other Financing Activities	$111M
NET CASH FROM FINANCING	$126M
FREE CASH FLOW	$92M
Net Change in Cash	$410M

Balance Sheet

Item	Amount
Cash & Equivalents	$522M
Short-Term Investments	$647M
Net Receivables	$22M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.2B
PP&E (Net)	$126M
Goodwill	$0
Intangible Assets	$9M
Long-Term Investments	$6.1B
Tax Assets	$0
Other Non-Current Assets	$266M
TOTAL NON-CURRENT ASSETS	$6.5B
TOTAL ASSETS	$7.6B
Account Payables	$19M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$6.8B
TOTAL CURRENT LIABILITIES	$6.9B
Long-Term Debt	$156M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$86M
TOTAL NON-CURRENT LIABILITIES	$272M
TOTAL LIABILITIES	$7.1B
Common Stock	$405M
Additional Paid-In Capital	$103M
Retained Earnings	$118M
Treasury Stock	$0
Accum. Other Comp. Income	-$123M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$504M
Minority Interest	$0
TOTAL EQUITY	$504M
TOTAL LIABILITIES & EQUITY	$7.6B
Total Debt	$187M
Net Debt	-$336M