INDB FY 2023 Earnings Report — Independent Bank Corp. Revenue & Financial Results | Market Cap Arena

Independent Bank Corp.INDB

FY 2023 Earnings

Reported February 28, 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	$911M	—	$750M	—	21.5%
Op. Income	$315M	—	$348M	—	-9.4%
Gross Margin	76.7%	—	95.2%	—	-18.5pp
Net Margin	26.3%	—	35.2%	—	-8.9pp
EPS (Diluted)	$5.42	—	$5.69	—	-4.7%
Free Cash Flow	$261M	—	$399M	—	-34.6%

Revenue Flow

Item	Amount
REVENUE	$911M
Cost of Revenue	$212M
GROSS PROFIT	$699M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$234M
SG&A Expenses	$234M
Other Expenses	$150M
Operating Expenses	$384M
Cost & Expenses	$596M
OPERATING INCOME	$315M
Interest Income	$796M
Interest Expense	$189M
Other Income/Expenses	$0
INCOME BEFORE TAX	$315M
Income Tax Expense	$76M
Net Income from Continuing Ops	$240M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$240M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$240M
D&A	$36M
EBIT	$315M
EBITDA	$351M
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$911M
Cost of Revenue	$212M
GROSS PROFIT	$699M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$234M
SG&A Expenses	$234M
Other Expenses	$150M
Operating Expenses	$384M
Cost & Expenses	$596M
OPERATING INCOME	$315M
Interest Income	$796M
Interest Expense	$189M
Other Income/Expenses	$0
INCOME BEFORE TAX	$315M
Income Tax Expense	$76M
Net Income from Continuing Ops	$240M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$240M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$240M
D&A	$36M
EBIT	$315M
EBITDA	$351M
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$240M
Depreciation & Amortization	$36M
Stock-Based Compensation	$6M
Deferred Income Tax	$3M
Other Non-Cash Items	-$6M
Change in Working Capital	-$2M
OPERATING CASH FLOW	$277M
Capital Expenditure	-$16M
Acquisitions (Net)	$0
Purchases of Investments	-$32M
Sales/Maturities of Investments	$248M
Other Investing Activities	-$412M
NET CASH FROM INVESTING	-$212M
Net Debt Issuance	$1.1B
Common Stock Repurchased	-$190M
Common Dividends Paid	-$98M
Other Financing Activities	-$1.0B
NET CASH FROM FINANCING	-$194M
FREE CASH FLOW	$261M
Net Change in Cash	-$129M

Balance Sheet

Item	Amount
Cash & Equivalents	$224M
Short-Term Investments	$1.3B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.6B
PP&E (Net)	$193M
Goodwill	$985M
Intangible Assets	$18M
Long-Term Investments	$15.7B
Tax Assets	$0
Other Non-Current Assets	$859M
TOTAL NON-CURRENT ASSETS	$17.8B
TOTAL ASSETS	$19.3B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$14.9B
TOTAL CURRENT LIABILITIES	$14.9B
Long-Term Debt	$1.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$368M
TOTAL NON-CURRENT LIABILITIES	$1.6B
TOTAL LIABILITIES	$16.5B
Common Stock	$427.0K
Additional Paid-In Capital	$1.9B
Retained Earnings	$1.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$112M
Other Equity	-$3M
TOTAL STOCKHOLDERS' EQUITY	$2.9B
Minority Interest	$0
TOTAL EQUITY	$2.9B
TOTAL LIABILITIES & EQUITY	$19.3B
Total Debt	$1.2B
Net Debt	$994M