MCB Q1 2023 Earnings Report — Metropolitan Bank Holding Corp. Revenue & Financial Results | Market Cap Arena

Metropolitan Bank Holding Corp.MCB

Q1 2023 Earnings

Reported May 4, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q1 2023	Q4 2022	Q1 2022	QoQ Change	YoY Change
Revenue	$90M	$87M	$58M	3.8%	54.5%
Op. Income	$34M	$1M	$26M	2541.5%	29.9%
Gross Margin	71.9%	78.2%	86.7%	-6.3pp	-14.9pp
Net Margin	27.8%	-8.9%	32.5%	36.7pp	-4.7pp
EPS (Diluted)	$2.25	$-0.71	$1.69	416.9%	33.1%
Free Cash Flow	$38M	$12M	$29M	217.6%	31.2%

Revenue Flow

Item	Amount
REVENUE	$90M
Cost of Revenue	$25M
GROSS PROFIT	$65M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$19M
SG&A Expenses	$19M
Other Expenses	$12M
Operating Expenses	$31M
Cost & Expenses	$56M
OPERATING INCOME	$34M
Interest Income	$83M
Interest Expense	$25M
Other Income/Expenses	$0
INCOME BEFORE TAX	$34M
Income Tax Expense	$9M
Net Income from Continuing Ops	$25M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$25M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$25M
D&A	$1M
EBIT	$34M
EBITDA	$35M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$90M
Cost of Revenue	$25M
GROSS PROFIT	$65M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$19M
SG&A Expenses	$19M
Other Expenses	$12M
Operating Expenses	$31M
Cost & Expenses	$56M
OPERATING INCOME	$34M
Interest Income	$83M
Interest Expense	$25M
Other Income/Expenses	$0
INCOME BEFORE TAX	$34M
Income Tax Expense	$9M
Net Income from Continuing Ops	$25M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$25M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$25M
D&A	$1M
EBIT	$34M
EBITDA	$35M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$25M
Depreciation & Amortization	$1M
Stock-Based Compensation	$2M
Deferred Income Tax	$0
Other Non-Cash Items	$607.0K
Change in Working Capital	$10M
OPERATING CASH FLOW	$39M
Capital Expenditure	-$980.0K
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$18M
Other Investing Activities	-$16M
NET CASH FROM INVESTING	$2M
Net Debt Issuance	$145M
Common Stock Repurchased	-$1M
Common Dividends Paid	$0
Other Financing Activities	-$142M
NET CASH FROM FINANCING	$1M
FREE CASH FLOW	$38M
Net Change in Cash	$42M

Balance Sheet

Item	Amount
Cash & Equivalents	$300M
Short-Term Investments	$444M
Net Receivables	$84M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$827M
PP&E (Net)	$0
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$5.3B
Tax Assets	$0
Other Non-Current Assets	$148M
TOTAL NON-CURRENT ASSETS	$5.5B
TOTAL ASSETS	$6.3B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$5.1B
TOTAL CURRENT LIABILITIES	$5.1B
Long-Term Debt	$403M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$168M
TOTAL NON-CURRENT LIABILITIES	$570M
TOTAL LIABILITIES	$5.7B
Common Stock	$112.0K
Additional Paid-In Capital	$394M
Retained Earnings	$264M
Treasury Stock	$0
Accum. Other Comp. Income	-$50M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$608M
Minority Interest	$0
TOTAL EQUITY	$608M
TOTAL LIABILITIES & EQUITY	$6.3B
Total Debt	$403M
Net Debt	$103M