MBINL FY 2022 Earnings Report — Merchants Bancorp Revenue & Financial Results | Market Cap Arena

Merchants BancorpMBINL

FY 2022 Earnings

Reported December 31, 2022

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	$602M	—	$462M	—	30.4%
Op. Income	$291M	—	$305M	—	-4.5%
Gross Margin	70.2%	—	91.6%	—	-21.4pp
Net Margin	36.5%	—	49.2%	—	-12.7pp
EPS (Diluted)	$0.00	—	$0.00	—	NaN%
Free Cash Flow	$967M	—	-$53M	—	1929.2%

Revenue Flow

Item	Amount
REVENUE	$602M
Cost of Revenue	$180M
GROSS PROFIT	$422M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$93M
SG&A Expenses	$93M
Other Expenses	$39M
Operating Expenses	$131M
Cost & Expenses	$311M
OPERATING INCOME	$291M
Interest Income	$481M
Interest Expense	$162M
Other Income/Expenses	$0
INCOME BEFORE TAX	$291M
Income Tax Expense	$71M
Net Income from Continuing Ops	$220M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$220M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$194M
D&A	$2M
EBIT	$291M
EBITDA	$294M
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$602M
Cost of Revenue	$180M
GROSS PROFIT	$422M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$93M
SG&A Expenses	$93M
Other Expenses	$39M
Operating Expenses	$131M
Cost & Expenses	$311M
OPERATING INCOME	$291M
Interest Income	$481M
Interest Expense	$162M
Other Income/Expenses	$0
INCOME BEFORE TAX	$291M
Income Tax Expense	$71M
Net Income from Continuing Ops	$220M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$220M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$194M
D&A	$2M
EBIT	$291M
EBITDA	$294M
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$220M
Depreciation & Amortization	$2M
Stock-Based Compensation	$0
Deferred Income Tax	$5M
Other Non-Cash Items	$350M
Change in Working Capital	$399M
OPERATING CASH FLOW	$976M
Capital Expenditure	-$9M
Acquisitions (Net)	$0
Purchases of Investments	-$1.3B
Sales/Maturities of Investments	$159M
Other Investing Activities	-$1.7B
NET CASH FROM INVESTING	-$2.9B
Net Debt Issuance	-$104M
Common Stock Repurchased	-$4M
Common Dividends Paid	-$38M
Other Financing Activities	$1.1B
NET CASH FROM FINANCING	$1.1B
FREE CASH FLOW	$967M
Net Change in Cash	-$806M

Balance Sheet

Item	Amount
Cash & Equivalents	$226M
Short-Term Investments	$323M
Net Receivables	$56M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$606M
PP&E (Net)	$35M
Goodwill	$16M
Intangible Assets	$147M
Long-Term Investments	$11.6B
Tax Assets	$0
Other Non-Current Assets	$200M
TOTAL NON-CURRENT ASSETS	$12.0B
TOTAL ASSETS	$12.6B
Account Payables	$0
Short-Term Debt	$30M
Deferred Revenue	$0
Other Current Liabilities	$10.1B
TOTAL CURRENT LIABILITIES	$10.1B
Long-Term Debt	$910M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$20M
Other Non-Current Liabilities	$124M
TOTAL NON-CURRENT LIABILITIES	$1.1B
TOTAL LIABILITIES	$11.2B
Common Stock	$138M
Additional Paid-In Capital	$0
Retained Earnings	$833M
Treasury Stock	$0
Accum. Other Comp. Income	-$11M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.5B
Minority Interest	$0
TOTAL EQUITY	$1.5B
TOTAL LIABILITIES & EQUITY	$12.6B
Total Debt	$940M
Net Debt	$714M