FCNCA Q2 2023 Earnings Report — First Citizens BancShares, Inc. Revenue & Financial Results | Market Cap Arena

First Citizens BancShares, Inc.FCNCA

Q2 2023 Earnings

Reported August 4, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2023	Q1 2023	Q2 2022	QoQ Change	YoY Change
Revenue	$3.5B	$1.6B	$1.1B	116.9%	204.1%
Op. Income	$896M	$9.5B	$337M	-90.5%	165.9%
Gross Margin	67.3%	29.0%	91.4%	38.3pp	-24.1pp
Net Margin	19.5%	590.4%	22.2%	-570.9pp	-2.7pp
EPS (Diluted)	$45.88	$653.66	$14.86	-93.0%	208.7%
Free Cash Flow	$534M	-$694M	$517M	176.9%	3.3%

Revenue Flow

Item	Amount
REVENUE	$3.5B
Cost of Revenue	$1.1B
GROSS PROFIT	$2.4B
R&D Expenses	$0
Selling & Marketing	$41M
General & Administrative	$853M
SG&A Expenses	$894M
Other Expenses	$564M
Operating Expenses	$1.5B
Cost & Expenses	$2.6B
OPERATING INCOME	$896M
Interest Income	$3.0B
Interest Expense	$992M
Other Income/Expenses	$0
INCOME BEFORE TAX	$896M
Income Tax Expense	$214M
Net Income from Continuing Ops	$682M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$682M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$667M
D&A	-$34M
EBIT	$896M
EBITDA	$862M
EPS	$46
EPS Diluted	$46

Income Statement

Item	Amount
REVENUE	$3.5B
Cost of Revenue	$1.1B
GROSS PROFIT	$2.4B
R&D Expenses	$0
Selling & Marketing	$41M
General & Administrative	$853M
SG&A Expenses	$894M
Other Expenses	$564M
Operating Expenses	$1.5B
Cost & Expenses	$2.6B
OPERATING INCOME	$896M
Interest Income	$3.0B
Interest Expense	$992M
Other Income/Expenses	$0
INCOME BEFORE TAX	$896M
Income Tax Expense	$214M
Net Income from Continuing Ops	$682M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$682M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$667M
D&A	-$34M
EBIT	$896M
EBITDA	$862M
EPS	$46
EPS Diluted	$46

Cash Flow Statement

Item	Amount
Net Income	$682M
Depreciation & Amortization	-$34M
Stock-Based Compensation	$2M
Deferred Income Tax	-$335M
Other Non-Cash Items	$112M
Change in Working Capital	$489M
OPERATING CASH FLOW	$916M
Capital Expenditure	-$382M
Acquisitions (Net)	-$468M
Purchases of Investments	-$3.0B
Sales/Maturities of Investments	$449M
Other Investing Activities	$7.3B
NET CASH FROM INVESTING	$3.9B
Net Debt Issuance	-$6.6B
Common Stock Repurchased	$0
Common Dividends Paid	-$26M
Other Financing Activities	$1.1B
NET CASH FROM FINANCING	-$5.5B
FREE CASH FLOW	$534M
Net Change in Cash	-$681M

Balance Sheet

Item	Amount
Cash & Equivalents	$38.8B
Short-Term Investments	$11.9B
Net Receivables	$3.2B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$53.8B
PP&E (Net)	$10.7B
Goodwill	$346M
Intangible Assets	$372M
Long-Term Investments	$142.5B
Tax Assets	$0
Other Non-Current Assets	$1.8B
TOTAL NON-CURRENT ASSETS	$155.4B
TOTAL ASSETS	$209.5B
Account Payables	$121M
Short-Term Debt	$469M
Deferred Revenue	$0
Other Current Liabilities	$141.2B
TOTAL CURRENT LIABILITIES	$142.1B
Long-Term Debt	$39.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$3.1B
Other Non-Current Liabilities	$4.4B
TOTAL NON-CURRENT LIABILITIES	$47.6B
TOTAL LIABILITIES	$189.7B
Common Stock	$15M
Additional Paid-In Capital	$4.1B
Retained Earnings	$15.5B
Treasury Stock	$0
Accum. Other Comp. Income	-$772M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$19.8B
Minority Interest	$0
TOTAL EQUITY	$19.8B
TOTAL LIABILITIES & EQUITY	$209.5B
Total Debt	$40.5B
Net Debt	$1.7B