INBK FY 2023 Earnings Report — First Internet Bancorp Revenue & Financial Results | Market Cap Arena

First Internet BancorpINBK

FY 2023 Earnings

Reported March 13, 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	$260M	—	$174M	—	49.6%
Op. Income	$5M	—	$40M	—	-87.7%
Gross Margin	30.3%	—	62.7%	—	-32.4pp
Net Margin	3.2%	—	20.5%	—	-17.2pp
EPS (Diluted)	$0.95	—	$3.70	—	-74.3%
Free Cash Flow	$6M	—	$65M	—	-90.3%

Revenue Flow

Item	Amount
REVENUE	$260M
Cost of Revenue	$181M
GROSS PROFIT	$79M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$49M
SG&A Expenses	$52M
Other Expenses	$22M
Operating Expenses	$74M
Cost & Expenses	$255M
OPERATING INCOME	$5M
Interest Income	$239M
Interest Expense	$165M
Other Income/Expenses	$0
INCOME BEFORE TAX	$5M
Income Tax Expense	-$3M
Net Income from Continuing Ops	$8M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$8M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$8M
D&A	$6M
EBIT	$5M
EBITDA	$11M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$260M
Cost of Revenue	$181M
GROSS PROFIT	$79M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$49M
SG&A Expenses	$52M
Other Expenses	$22M
Operating Expenses	$74M
Cost & Expenses	$255M
OPERATING INCOME	$5M
Interest Income	$239M
Interest Expense	$165M
Other Income/Expenses	$0
INCOME BEFORE TAX	$5M
Income Tax Expense	-$3M
Net Income from Continuing Ops	$8M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$8M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$8M
D&A	$6M
EBIT	$5M
EBITDA	$11M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$8M
Depreciation & Amortization	$6M
Stock-Based Compensation	$1M
Deferred Income Tax	-$4M
Other Non-Cash Items	$10M
Change in Working Capital	-$9M
OPERATING CASH FLOW	$12M
Capital Expenditure	-$5M
Acquisitions (Net)	$0
Purchases of Investments	-$189M
Sales/Maturities of Investments	$72M
Other Investing Activities	-$353M
NET CASH FROM INVESTING	-$475M
Net Debt Issuance	$0
Common Stock Repurchased	-$9M
Common Dividends Paid	-$2M
Other Financing Activities	$624M
NET CASH FROM FINANCING	$612M
FREE CASH FLOW	$6M
Net Change in Cash	$149M

Balance Sheet

Item	Amount
Cash & Equivalents	$406M
Short-Term Investments	$475M
Net Receivables	$955M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.8B
PP&E (Net)	$73M
Goodwill	$5M
Intangible Assets	$0
Long-Term Investments	$3.1B
Tax Assets	$0
Other Non-Current Assets	$131M
TOTAL NON-CURRENT ASSETS	$3.3B
TOTAL ASSETS	$5.2B
Account Payables	$4M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$4.1B
TOTAL CURRENT LIABILITIES	$4.1B
Long-Term Debt	$720M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$14M
TOTAL NON-CURRENT LIABILITIES	$734M
TOTAL LIABILITIES	$4.8B
Common Stock	$185M
Additional Paid-In Capital	$0
Retained Earnings	$207M
Treasury Stock	$0
Accum. Other Comp. Income	-$29M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$363M
Minority Interest	$0
TOTAL EQUITY	$363M
TOTAL LIABILITIES & EQUITY	$5.2B
Total Debt	$720M
Net Debt	$314M