HFWA FY 2023 Earnings Report — Heritage Financial Corporation Revenue & Financial Results | Market Cap Arena

Heritage Financial CorporationHFWA

FY 2023 Earnings

Reported February 27, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$303M	—	$257M	—	17.9%
Op. Income	$73M	—	$99M	—	-26.7%
Gross Margin	79.0%	—	97.4%	—	-18.4pp
Net Margin	20.4%	—	31.9%	—	-11.5pp
EPS (Diluted)	$1.75	—	$2.31	—	-24.2%
Free Cash Flow	$99M	—	$90M	—	9.6%

Revenue Flow

Item	Amount
REVENUE	$303M
Cost of Revenue	$64M
GROSS PROFIT	$240M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$103M
SG&A Expenses	$105M
Other Expenses	$61M
Operating Expenses	$167M
Cost & Expenses	$230M
OPERATING INCOME	$73M
Interest Income	$284M
Interest Expense	$59M
Other Income/Expenses	$0
INCOME BEFORE TAX	$73M
Income Tax Expense	$11M
Net Income from Continuing Ops	$62M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$62M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$62M
D&A	$6M
EBIT	$73M
EBITDA	$79M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$303M
Cost of Revenue	$64M
GROSS PROFIT	$240M
R&D Expenses	$0
Selling & Marketing	$2M
General & Administrative	$103M
SG&A Expenses	$105M
Other Expenses	$61M
Operating Expenses	$167M
Cost & Expenses	$230M
OPERATING INCOME	$73M
Interest Income	$284M
Interest Expense	$59M
Other Income/Expenses	$0
INCOME BEFORE TAX	$73M
Income Tax Expense	$11M
Net Income from Continuing Ops	$62M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$62M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$62M
D&A	$6M
EBIT	$73M
EBITDA	$79M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$62M
Depreciation & Amortization	$6M
Stock-Based Compensation	$4M
Deferred Income Tax	-$13M
Other Non-Cash Items	$51M
Change in Working Capital	$0
OPERATING CASH FLOW	$110M
Capital Expenditure	-$10M
Acquisitions (Net)	-$14M
Purchases of Investments	-$178M
Sales/Maturities of Investments	$425M
Other Investing Activities	-$315M
NET CASH FROM INVESTING	-$93M
Net Debt Issuance	$500M
Common Stock Repurchased	-$7M
Common Dividends Paid	-$31M
Other Financing Activities	-$357M
NET CASH FROM FINANCING	$105M
FREE CASH FLOW	$99M
Net Change in Cash	$121M

Balance Sheet

Item	Amount
Cash & Equivalents	$225M
Short-Term Investments	$1.1B
Net Receivables	$20M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.4B
PP&E (Net)	$75M
Goodwill	$241M
Intangible Assets	$5M
Long-Term Investments	$5.0B
Tax Assets	$0
Other Non-Current Assets	$448M
TOTAL NON-CURRENT ASSETS	$5.8B
TOTAL ASSETS	$7.2B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$5.6B
TOTAL CURRENT LIABILITIES	$5.6B
Long-Term Debt	$522M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$200M
TOTAL NON-CURRENT LIABILITIES	$722M
TOTAL LIABILITIES	$6.3B
Common Stock	$550M
Additional Paid-In Capital	$0
Retained Earnings	$376M
Treasury Stock	$0
Accum. Other Comp. Income	-$72M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$853M
Minority Interest	$0
TOTAL EQUITY	$853M
TOTAL LIABILITIES & EQUITY	$7.2B
Total Debt	$522M
Net Debt	$297M