HFWA FY 2022 Earnings Report — Heritage Financial Corporation Revenue & Financial Results | Market Cap Arena

Heritage Financial CorporationHFWA

FY 2022 Earnings

Reported February 24, 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	$257M	—	$247M	—	3.9%
Op. Income	$99M	—	$121M	—	-17.5%
Gross Margin	97.4%	—	109.0%	—	-11.6pp
Net Margin	31.9%	—	39.6%	—	-7.8pp
EPS (Diluted)	$2.31	—	$2.73	—	-15.4%
Free Cash Flow	$90M	—	$67M	—	36.0%

Revenue Flow

Item	Amount
REVENUE	$257M
Cost of Revenue	$7M
GROSS PROFIT	$250M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$94M
SG&A Expenses	$96M
Other Expenses	$55M
Operating Expenses	$151M
Cost & Expenses	$158M
OPERATING INCOME	$99M
Interest Income	$227M
Interest Expense	$8M
Other Income/Expenses	$0
INCOME BEFORE TAX	$99M
Income Tax Expense	$18M
Net Income from Continuing Ops	$82M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$82M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$82M
D&A	$3M
EBIT	$99M
EBITDA	$103M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$257M
Cost of Revenue	$7M
GROSS PROFIT	$250M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$94M
SG&A Expenses	$96M
Other Expenses	$55M
Operating Expenses	$151M
Cost & Expenses	$158M
OPERATING INCOME	$99M
Interest Income	$227M
Interest Expense	$8M
Other Income/Expenses	$0
INCOME BEFORE TAX	$99M
Income Tax Expense	$18M
Net Income from Continuing Ops	$82M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$82M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$82M
D&A	$3M
EBIT	$99M
EBITDA	$103M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$82M
Depreciation & Amortization	$3M
Stock-Based Compensation	$4M
Deferred Income Tax	$871.0K
Other Non-Cash Items	$5M
Change in Working Capital	$0
OPERATING CASH FLOW	$94M
Capital Expenditure	-$4M
Acquisitions (Net)	$0
Purchases of Investments	-$1.2B
Sales/Maturities of Investments	$240M
Other Investing Activities	-$240M
NET CASH FROM INVESTING	-$1.2B
Net Debt Issuance	$0
Common Stock Repurchased	-$3M
Common Dividends Paid	-$29M
Other Financing Activities	-$474M
NET CASH FROM FINANCING	-$506M
FREE CASH FLOW	$90M
Net Change in Cash	-$1.6B

Balance Sheet

Item	Amount
Cash & Equivalents	$104M
Short-Term Investments	$1.3B
Net Receivables	$19M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.7B
PP&E (Net)	$77M
Goodwill	$241M
Intangible Assets	$7M
Long-Term Investments	$4.8B
Tax Assets	$0
Other Non-Current Assets	$131M
TOTAL NON-CURRENT ASSETS	$5.2B
TOTAL ASSETS	$7.0B
Account Payables	$0
Short-Term Debt	$47M
Deferred Revenue	$0
Other Current Liabilities	$5.9B
TOTAL CURRENT LIABILITIES	$6.2B
Long-Term Debt	$21M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$21M
TOTAL LIABILITIES	$6.2B
Common Stock	$552M
Additional Paid-In Capital	$0
Retained Earnings	$345M
Treasury Stock	$0
Accum. Other Comp. Income	-$100M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$798M
Minority Interest	$0
TOTAL EQUITY	$798M
TOTAL LIABILITIES & EQUITY	$7.0B
Total Debt	$68M
Net Debt	-$36M