FCNCA Q3 2022 Earnings Report — First Citizens BancShares, Inc. Revenue & Financial Results | Market Cap Arena

First Citizens BancShares, Inc.FCNCA

Q3 2022 Earnings

Reported November 4, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2022	Q2 2022	Q3 2021	QoQ Change	YoY Change
Revenue	$1.3B	$1.1B	$471M	13.8%	177.9%
Op. Income	$408M	$337M	$158M	21.1%	158.2%
Gross Margin	86.9%	91.4%	96.8%	-4.5pp	-9.9pp
Net Margin	24.1%	22.2%	26.3%	1.9pp	-2.3pp
EPS (Diluted)	$19.25	$14.86	$12.17	29.5%	58.2%
Free Cash Flow	$339M	$517M	$133M	-34.4%	154.9%

Revenue Flow

Item	Amount
REVENUE	$1.3B
Cost of Revenue	$171M
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$15M
General & Administrative	$410M
SG&A Expenses	$425M
Other Expenses	$305M
Operating Expenses	$730M
Cost & Expenses	$901M
OPERATING INCOME	$408M
Interest Income	$906M
Interest Expense	$111M
Other Income/Expenses	$0
INCOME BEFORE TAX	$408M
Income Tax Expense	$93M
Net Income from Continuing Ops	$315M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$315M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$303M
D&A	$136M
EBIT	$408M
EBITDA	$544M
EPS	$19
EPS Diluted	$19

Income Statement

Item	Amount
REVENUE	$1.3B
Cost of Revenue	$171M
GROSS PROFIT	$1.1B
R&D Expenses	$0
Selling & Marketing	$15M
General & Administrative	$410M
SG&A Expenses	$425M
Other Expenses	$305M
Operating Expenses	$730M
Cost & Expenses	$901M
OPERATING INCOME	$408M
Interest Income	$906M
Interest Expense	$111M
Other Income/Expenses	$0
INCOME BEFORE TAX	$408M
Income Tax Expense	$93M
Net Income from Continuing Ops	$315M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$315M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$303M
D&A	$136M
EBIT	$408M
EBITDA	$544M
EPS	$19
EPS Diluted	$19

Cash Flow Statement

Item	Amount
Net Income	$315M
Depreciation & Amortization	$136M
Stock-Based Compensation	$3M
Deferred Income Tax	$66M
Other Non-Cash Items	$58M
Change in Working Capital	-$72M
OPERATING CASH FLOW	$506M
Capital Expenditure	-$167M
Acquisitions (Net)	$0
Purchases of Investments	-$529M
Sales/Maturities of Investments	$449M
Other Investing Activities	-$1.6B
NET CASH FROM INVESTING	-$1.9B
Net Debt Issuance	$3.9B
Common Stock Repurchased	$0
Common Dividends Paid	-$20M
Other Financing Activities	-$2.6B
NET CASH FROM FINANCING	$1.3B
FREE CASH FLOW	$339M
Net Change in Cash	-$102M

Balance Sheet

Item	Amount
Cash & Equivalents	$6.7B
Short-Term Investments	$9.1B
Net Receivables	$2.2B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$17.9B
PP&E (Net)	$9.4B
Goodwill	$346M
Intangible Assets	$145M
Long-Term Investments	$76.5B
Tax Assets	$0
Other Non-Current Assets	$5.0B
TOTAL NON-CURRENT ASSETS	$91.4B
TOTAL ASSETS	$109.3B
Account Payables	$0
Short-Term Debt	$3.1B
Deferred Revenue	$0
Other Current Liabilities	$87.6B
TOTAL CURRENT LIABILITIES	$90.7B
Long-Term Debt	$5.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$3.6B
TOTAL NON-CURRENT LIABILITIES	$8.8B
TOTAL LIABILITIES	$99.5B
Common Stock	$15M
Additional Paid-In Capital	$4.5B
Retained Earnings	$5.2B
Treasury Stock	$0
Accum. Other Comp. Income	-$729M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$9.8B
Minority Interest	$0
TOTAL EQUITY	$9.8B
TOTAL LIABILITIES & EQUITY	$109.3B
Total Debt	$8.3B
Net Debt	$1.7B