KEY FY 2023 Earnings Report — KeyCorp Revenue & Financial Results | Market Cap Arena

FY 2023 Earnings

Reported February 22, 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	$10.2B	—	$7.9B	—	29.3%
Op. Income	$1.2B	—	$2.3B	—	-50.3%
Gross Margin	56.0%	—	82.5%	—	-26.5pp
Net Margin	9.5%	—	24.2%	—	-14.8pp
EPS (Diluted)	$0.88	—	$1.93	—	-54.4%
Free Cash Flow	$2.8B	—	$4.4B	—	-36.7%

Revenue Flow

Item	Amount
REVENUE	$10.2B
Cost of Revenue	$4.5B
GROSS PROFIT	$5.7B
R&D Expenses	$0
Selling & Marketing	$109M
General & Administrative	$2.7B
SG&A Expenses	$2.8B
Other Expenses	$1.8B
Operating Expenses	$4.6B
Cost & Expenses	$9.1B
OPERATING INCOME	$1.2B
Interest Income	$7.9B
Interest Expense	$4.0B
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.2B
Income Tax Expense	$196M
Net Income from Continuing Ops	$964M
Net Income from Discontinued Ops	$3M
Other Adjustments	$0
NET INCOME	$967M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$824M
D&A	$154M
EBIT	$1.2B
EBITDA	$1.3B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$10.2B
Cost of Revenue	$4.5B
GROSS PROFIT	$5.7B
R&D Expenses	$0
Selling & Marketing	$109M
General & Administrative	$2.7B
SG&A Expenses	$2.8B
Other Expenses	$1.8B
Operating Expenses	$4.6B
Cost & Expenses	$9.1B
OPERATING INCOME	$1.2B
Interest Income	$7.9B
Interest Expense	$4.0B
Other Income/Expenses	$0
INCOME BEFORE TAX	$1.2B
Income Tax Expense	$196M
Net Income from Continuing Ops	$964M
Net Income from Discontinued Ops	$3M
Other Adjustments	$0
NET INCOME	$967M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$824M
D&A	$154M
EBIT	$1.2B
EBITDA	$1.3B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$967M
Depreciation & Amortization	$154M
Stock-Based Compensation	$121M
Deferred Income Tax	-$108M
Other Non-Cash Items	$1.1B
Change in Working Capital	$691M
OPERATING CASH FLOW	$2.9B
Capital Expenditure	-$142M
Acquisitions (Net)	$0
Purchases of Investments	-$11.7B
Sales/Maturities of Investments	$6.4B
Other Investing Activities	$6.9B
NET CASH FROM INVESTING	$1.4B
Net Debt Issuance	-$6.3B
Common Stock Repurchased	-$38M
Common Dividends Paid	-$911M
Other Financing Activities	$3.0B
NET CASH FROM FINANCING	-$4.3B
FREE CASH FLOW	$2.8B
Net Change in Cash	$54M

Balance Sheet

Item	Amount
Cash & Equivalents	$941M
Short-Term Investments	$48.0B
Net Receivables	$3.5B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$52.4B
PP&E (Net)	$661M
Goodwill	$2.8B
Intangible Assets	$55M
Long-Term Investments	$118.3B
Tax Assets	$0
Other Non-Current Assets	$14.1B
TOTAL NON-CURRENT ASSETS	$135.8B
TOTAL ASSETS	$188.3B
Account Payables	$0
Short-Term Debt	$3.1B
Deferred Revenue	$0
Other Current Liabilities	$145.6B
TOTAL CURRENT LIABILITIES	$148.7B
Long-Term Debt	$19.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$5.4B
TOTAL NON-CURRENT LIABILITIES	$25.0B
TOTAL LIABILITIES	$173.6B
Common Stock	$1.3B
Additional Paid-In Capital	$6.3B
Retained Earnings	$15.7B
Treasury Stock	-$5.8B
Accum. Other Comp. Income	-$5.2B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$14.6B
Minority Interest	$0
TOTAL EQUITY	$14.6B
TOTAL LIABILITIES & EQUITY	$188.3B
Total Debt	$22.6B
Net Debt	$21.7B