FBNC FY 2022 Earnings Report — First Bancorp Revenue & Financial Results | Market Cap Arena

First BancorpFBNC

FY 2022 Earnings

Reported February 28, 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	$408M	—	$325M	—	25.5%
Op. Income	$185M	—	$120M	—	53.9%
Gross Margin	93.0%	—	92.4%	—	0.6pp
Net Margin	36.0%	—	29.4%	—	6.6pp
EPS (Diluted)	$4.12	—	$2.68	—	53.7%
Free Cash Flow	$225M	—	$133M	—	69.5%

Revenue Flow

Item	Amount
REVENUE	$408M
Cost of Revenue	$29M
GROSS PROFIT	$379M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$123M
SG&A Expenses	$126M
Other Expenses	$68M
Operating Expenses	$194M
Cost & Expenses	$222M
OPERATING INCOME	$185M
Interest Income	$341M
Interest Expense	$16M
Other Income/Expenses	$0
INCOME BEFORE TAX	$185M
Income Tax Expense	$38M
Net Income from Continuing Ops	$147M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$147M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$146M
D&A	$15M
EBIT	$185M
EBITDA	$201M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$408M
Cost of Revenue	$29M
GROSS PROFIT	$379M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$123M
SG&A Expenses	$126M
Other Expenses	$68M
Operating Expenses	$194M
Cost & Expenses	$222M
OPERATING INCOME	$185M
Interest Income	$341M
Interest Expense	$16M
Other Income/Expenses	$0
INCOME BEFORE TAX	$185M
Income Tax Expense	$38M
Net Income from Continuing Ops	$147M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$147M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$146M
D&A	$15M
EBIT	$185M
EBITDA	$201M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$147M
Depreciation & Amortization	$15M
Stock-Based Compensation	$3M
Deferred Income Tax	-$2M
Other Non-Cash Items	$66M
Change in Working Capital	$2M
OPERATING CASH FLOW	$231M
Capital Expenditure	-$5M
Acquisitions (Net)	$0
Purchases of Investments	-$402M
Sales/Maturities of Investments	$258M
Other Investing Activities	-$564M
NET CASH FROM INVESTING	-$713M
Net Debt Issuance	$220M
Common Stock Repurchased	$0
Common Dividends Paid	-$31M
Other Financing Activities	$103M
NET CASH FROM FINANCING	$292M
FREE CASH FLOW	$225M
Net Change in Cash	-$191M

Balance Sheet

Item	Amount
Cash & Equivalents	$270M
Short-Term Investments	$2.3B
Net Receivables	$30M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.6B
PP&E (Net)	$153M
Goodwill	$364M
Intangible Assets	$13M
Long-Term Investments	$7.1B
Tax Assets	$0
Other Non-Current Assets	$364M
TOTAL NON-CURRENT ASSETS	$8.0B
TOTAL ASSETS	$10.6B
Account Payables	$3M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$9.2B
TOTAL CURRENT LIABILITIES	$9.2B
Long-Term Debt	$218M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$125M
TOTAL NON-CURRENT LIABILITIES	$363M
TOTAL LIABILITIES	$9.6B
Common Stock	$725M
Additional Paid-In Capital	$0
Retained Earnings	$648M
Treasury Stock	-$2M
Accum. Other Comp. Income	-$342M
Other Equity	$2M
TOTAL STOCKHOLDERS' EQUITY	$1.0B
Minority Interest	$0
TOTAL EQUITY	$1.0B
TOTAL LIABILITIES & EQUITY	$10.6B
Total Debt	$238M
Net Debt	-$32M