FFWM FY 2022 Earnings Report — First Foundation Inc. Revenue & Financial Results | Market Cap Arena

First Foundation Inc.FFWM

FY 2022 Earnings

Reported February 28, 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	$414M	—	$309M	—	34.0%
Op. Income	$150M	—	$152M	—	-1.3%
Gross Margin	79.3%	—	94.2%	—	-14.9pp
Net Margin	26.7%	—	35.5%	—	-8.8pp
EPS (Diluted)	$1.96	—	$2.41	—	-18.7%
Free Cash Flow	$97M	—	$94M	—	3.4%

Revenue Flow

Item	Amount
REVENUE	$414M
Cost of Revenue	$86M
GROSS PROFIT	$328M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$110M
SG&A Expenses	$110M
Other Expenses	$68M
Operating Expenses	$178M
Cost & Expenses	$264M
OPERATING INCOME	$150M
Interest Income	$404M
Interest Expense	$85M
Other Income/Expenses	$0
INCOME BEFORE TAX	$150M
Income Tax Expense	$39M
Net Income from Continuing Ops	$111M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$111M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$111M
D&A	$9M
EBIT	$150M
EBITDA	$159M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$414M
Cost of Revenue	$86M
GROSS PROFIT	$328M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$110M
SG&A Expenses	$110M
Other Expenses	$68M
Operating Expenses	$178M
Cost & Expenses	$264M
OPERATING INCOME	$150M
Interest Income	$404M
Interest Expense	$85M
Other Income/Expenses	$0
INCOME BEFORE TAX	$150M
Income Tax Expense	$39M
Net Income from Continuing Ops	$111M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$111M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$111M
D&A	$9M
EBIT	$150M
EBITDA	$159M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$111M
Depreciation & Amortization	$9M
Stock-Based Compensation	$3M
Deferred Income Tax	$487.0K
Other Non-Cash Items	$1M
Change in Working Capital	-$23M
OPERATING CASH FLOW	$101M
Capital Expenditure	-$5M
Acquisitions (Net)	$0
Purchases of Investments	-$173M
Sales/Maturities of Investments	$253M
Other Investing Activities	-$3.3B
NET CASH FROM INVESTING	-$3.2B
Net Debt Issuance	$1.2B
Common Stock Repurchased	-$5M
Common Dividends Paid	-$25M
Other Financing Activities	$1.6B
NET CASH FROM FINANCING	$2.7B
FREE CASH FLOW	$97M
Net Change in Cash	-$465M

Balance Sheet

Item	Amount
Cash & Equivalents	$656M
Short-Term Investments	$226M
Net Receivables	$51M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$934M
PP&E (Net)	$36M
Goodwill	$215M
Intangible Assets	$7M
Long-Term Investments	$11.6B
Tax Assets	$24M
Other Non-Current Assets	$243M
TOTAL NON-CURRENT ASSETS	$12.1B
TOTAL ASSETS	$13.0B
Account Payables	$147M
Short-Term Debt	$1.2B
Deferred Revenue	$0
Other Current Liabilities	$9.2B
TOTAL CURRENT LIABILITIES	$10.5B
Long-Term Debt	$1.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$1.4B
TOTAL LIABILITIES	$11.9B
Common Stock	$56.0K
Additional Paid-In Capital	$720M
Retained Earnings	$427M
Treasury Stock	$0
Accum. Other Comp. Income	-$12M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.1B
Minority Interest	$0
TOTAL EQUITY	$1.1B
TOTAL LIABILITIES & EQUITY	$13.0B
Total Debt	$1.4B
Net Debt	$713M