FFBC Q2 2023 Earnings Report — First Financial Bancorp. Revenue & Financial Results | Market Cap Arena

First Financial Bancorp.FFBC

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	$277M	$264M	$176M	4.9%	57.5%
Op. Income	$81M	$88M	$65M	-7.5%	25.7%
Gross Margin	72.8%	77.4%	95.3%	-4.6pp	-22.5pp
Net Margin	23.7%	26.7%	29.3%	-3.0pp	-5.6pp
EPS (Diluted)	$0.69	$0.74	$0.55	-6.8%	25.5%
Free Cash Flow	$99M	$168M	$118M	-40.8%	-15.7%

Revenue Flow

Item	Amount
REVENUE	$277M
Cost of Revenue	$75M
GROSS PROFIT	$202M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$84M
SG&A Expenses	$87M
Other Expenses	$34M
Operating Expenses	$121M
Cost & Expenses	$196M
OPERATING INCOME	$81M
Interest Income	$224M
Interest Expense	$65M
Other Income/Expenses	$0
INCOME BEFORE TAX	$81M
Income Tax Expense	$15M
Net Income from Continuing Ops	$66M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$66M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$66M
D&A	$8M
EBIT	$81M
EBITDA	$89M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$277M
Cost of Revenue	$75M
GROSS PROFIT	$202M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$84M
SG&A Expenses	$87M
Other Expenses	$34M
Operating Expenses	$121M
Cost & Expenses	$196M
OPERATING INCOME	$81M
Interest Income	$224M
Interest Expense	$65M
Other Income/Expenses	$0
INCOME BEFORE TAX	$81M
Income Tax Expense	$15M
Net Income from Continuing Ops	$66M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$66M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$66M
D&A	$8M
EBIT	$81M
EBITDA	$89M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$66M
Depreciation & Amortization	$8M
Stock-Based Compensation	$4M
Deferred Income Tax	$18M
Other Non-Cash Items	$8M
Change in Working Capital	$4M
OPERATING CASH FLOW	$107M
Capital Expenditure	-$8M
Acquisitions (Net)	-$95.0K
Purchases of Investments	-$9M
Sales/Maturities of Investments	$113M
Other Investing Activities	-$280M
NET CASH FROM INVESTING	-$184M
Net Debt Issuance	-$4M
Common Stock Repurchased	$0
Common Dividends Paid	-$22M
Other Financing Activities	$120M
NET CASH FROM FINANCING	$94M
FREE CASH FLOW	$99M
Net Change in Cash	$18M

Balance Sheet

Item	Amount
Cash & Equivalents	$703M
Short-Term Investments	$3.2B
Net Receivables	$361M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$4.3B
PP&E (Net)	$324M
Goodwill	$1.0B
Intangible Assets	$89M
Long-Term Investments	$10.3B
Tax Assets	$0
Other Non-Current Assets	$1.1B
TOTAL NON-CURRENT ASSETS	$12.8B
TOTAL ASSETS	$17.1B
Account Payables	$596M
Short-Term Debt	$1.2B
Deferred Revenue	$0
Other Current Liabilities	$12.8B
TOTAL CURRENT LIABILITIES	$14.6B
Long-Term Debt	$338M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$340M
TOTAL LIABILITIES	$14.9B
Common Stock	$1.6B
Additional Paid-In Capital	$0
Retained Earnings	$1.1B
Treasury Stock	-$197M
Accum. Other Comp. Income	-$353M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$17.1B
Total Debt	$1.6B
Net Debt	$854M