FCNCA FY 2022 Earnings Report — First Citizens BancShares, Inc. Revenue & Financial Results | Market Cap Arena

First Citizens BancShares, Inc.FCNCA

FY 2022 Earnings

Reported February 24, 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	$5.1B	—	$1.9B	—	168.4%
Op. Income	$1.4B	—	$701M	—	94.3%
Gross Margin	78.2%	—	98.7%	—	-20.6pp
Net Margin	21.5%	—	28.8%	—	-7.3pp
EPS (Diluted)	$67.40	—	$53.88	—	25.1%
Free Cash Flow	$1.9B	—	-$391M	—	577.0%

Revenue Flow

Item	Amount
REVENUE	$5.1B
Cost of Revenue	$1.1B
GROSS PROFIT	$4.0B
R&D Expenses	$0
Selling & Marketing	$53M
General & Administrative	$1.6B
SG&A Expenses	$1.7B
Other Expenses	$941M
Operating Expenses	$2.6B
Cost & Expenses	$3.7B
OPERATING INCOME	$1.4B
Interest Income	$3.4B
Interest Expense	$467M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.4B
Income Tax Expense	$264M
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	$1.0B
D&A	$533M
EBIT	$1.4B
EBITDA	$1.9B
EPS	$67
EPS Diluted	$67

Income Statement

Item	Amount
REVENUE	$5.1B
Cost of Revenue	$1.1B
GROSS PROFIT	$4.0B
R&D Expenses	$0
Selling & Marketing	$53M
General & Administrative	$1.6B
SG&A Expenses	$1.7B
Other Expenses	$941M
Operating Expenses	$2.6B
Cost & Expenses	$3.7B
OPERATING INCOME	$1.4B
Interest Income	$3.4B
Interest Expense	$467M
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.4B
Income Tax Expense	$264M
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	$1.0B
D&A	$533M
EBIT	$1.4B
EBITDA	$1.9B
EPS	$67
EPS Diluted	$67

Cash Flow Statement

Item	Amount
Net Income	$1.1B
Depreciation & Amortization	$533M
Stock-Based Compensation	$19M
Deferred Income Tax	$206M
Other Non-Cash Items	$191M
Change in Working Capital	$744M
OPERATING CASH FLOW	$2.8B
Capital Expenditure	-$926M
Acquisitions (Net)	$134M
Purchases of Investments	-$2.7B
Sales/Maturities of Investments	$2.1B
Other Investing Activities	$1.5B
NET CASH FROM INVESTING	$75M
Net Debt Issuance	$505M
Common Stock Repurchased	-$1.2B
Common Dividends Paid	-$83M
Other Financing Activities	-$1.9B
NET CASH FROM FINANCING	-$2.7B
FREE CASH FLOW	$1.9B
Net Change in Cash	$180M

Balance Sheet

Item	Amount
Cash & Equivalents	$5.5B
Short-Term Investments	$9.0B
Net Receivables	$2.9B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$17.4B
PP&E (Net)	$10.0B
Goodwill	$346M
Intangible Assets	$165M
Long-Term Investments	$79.1B
Tax Assets	$0
Other Non-Current Assets	$2.3B
TOTAL NON-CURRENT ASSETS	$91.9B
TOTAL ASSETS	$109.3B
Account Payables	$57M
Short-Term Debt	$2.2B
Deferred Revenue	$0
Other Current Liabilities	$89.4B
TOTAL CURRENT LIABILITIES	$91.9B
Long-Term Debt	$4.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$286M
Other Non-Current Liabilities	$2.6B
TOTAL NON-CURRENT LIABILITIES	$7.7B
TOTAL LIABILITIES	$99.6B
Common Stock	$15M
Additional Paid-In Capital	$4.1B
Retained Earnings	$5.4B
Treasury Stock	$0
Accum. Other Comp. Income	-$735M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$9.7B
Minority Interest	$0
TOTAL EQUITY	$9.7B
TOTAL LIABILITIES & EQUITY	$109.3B
Total Debt	$7.0B
Net Debt	$1.5B