FCNCA FY 2023 Earnings Report — First Citizens BancShares, Inc. Revenue & Financial Results | Market Cap Arena

First Citizens BancShares, Inc.FCNCA

FY 2023 Earnings

Reported February 23, 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	$12.6B	—	$5.1B	—	148.0%
Op. Income	$12.1B	—	$1.4B	—	786.7%
Gross Margin	60.0%	—	78.2%	—	-18.2pp
Net Margin	90.7%	—	21.5%	—	69.2pp
EPS (Diluted)	$784.55	—	$67.40	—	1064.0%
Free Cash Flow	$1.2B	—	$1.9B	—	-33.9%

Revenue Flow

Item	Amount
REVENUE	$12.6B
Cost of Revenue	$5.1B
GROSS PROFIT	$7.6B
R&D Expenses	$0
Selling & Marketing	$102M
General & Administrative	$3.0B
SG&A Expenses	$3.1B
Other Expenses	-$7.6B
Operating Expenses	-$4.5B
Cost & Expenses	$561M
OPERATING INCOME	$12.1B
Interest Income	$10.4B
Interest Expense	$3.7B
Other Income/Expenses	$0
INCOME BEFORE TAX	$12.1B
Income Tax Expense	$611M
Net Income from Continuing Ops	$11.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$11.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$11.4B
D&A	-$57M
EBIT	$12.1B
EBITDA	$12.0B
EPS	$785
EPS Diluted	$785

Income Statement

Item	Amount
REVENUE	$12.6B
Cost of Revenue	$5.1B
GROSS PROFIT	$7.6B
R&D Expenses	$0
Selling & Marketing	$102M
General & Administrative	$3.0B
SG&A Expenses	$3.1B
Other Expenses	-$7.6B
Operating Expenses	-$4.5B
Cost & Expenses	$561M
OPERATING INCOME	$12.1B
Interest Income	$10.4B
Interest Expense	$3.7B
Other Income/Expenses	$0
INCOME BEFORE TAX	$12.1B
Income Tax Expense	$611M
Net Income from Continuing Ops	$11.5B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$11.5B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$11.4B
D&A	-$57M
EBIT	$12.1B
EBITDA	$12.0B
EPS	$785
EPS Diluted	$785

Cash Flow Statement

Item	Amount
Net Income	$11.5B
Depreciation & Amortization	-$57M
Stock-Based Compensation	$5M
Deferred Income Tax	-$165M
Other Non-Cash Items	-$8.4B
Change in Working Capital	-$173M
OPERATING CASH FLOW	$2.7B
Capital Expenditure	-$1.4B
Acquisitions (Net)	$810M
Purchases of Investments	-$13.1B
Sales/Maturities of Investments	$3.1B
Other Investing Activities	$13.0B
NET CASH FROM INVESTING	$2.4B
Net Debt Issuance	-$4.9B
Common Stock Repurchased	$0
Common Dividends Paid	-$117M
Other Financing Activities	$297M
NET CASH FROM FINANCING	-$4.7B
FREE CASH FLOW	$1.2B
Net Change in Cash	$390M

Balance Sheet

Item	Amount
Cash & Equivalents	$34.5B
Short-Term Investments	$19.9B
Net Receivables	$3.2B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$57.7B
PP&E (Net)	$11.0B
Goodwill	$346M
Intangible Assets	$337M
Long-Term Investments	$142.4B
Tax Assets	$0
Other Non-Current Assets	$1.5B
TOTAL NON-CURRENT ASSETS	$155.6B
TOTAL ASSETS	$213.8B
Account Payables	$137M
Short-Term Debt	$485M
Deferred Revenue	$0
Other Current Liabilities	$145.9B
TOTAL CURRENT LIABILITIES	$146.9B
Long-Term Debt	$37.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$3.6B
Other Non-Current Liabilities	$4.5B
TOTAL NON-CURRENT LIABILITIES	$45.6B
TOTAL LIABILITIES	$192.5B
Common Stock	$15M
Additional Paid-In Capital	$4.1B
Retained Earnings	$16.7B
Treasury Stock	$0
Accum. Other Comp. Income	-$491M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$21.3B
Minority Interest	$0
TOTAL EQUITY	$21.3B
TOTAL LIABILITIES & EQUITY	$213.8B
Total Debt	$38.0B
Net Debt	$3.5B