MRBK FY 2023 Earnings Report — Meridian Corporation Revenue & Financial Results | Market Cap Arena

Meridian CorporationMRBK

FY 2023 Earnings

Reported March 15, 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	$169M	—	$130M	—	29.2%
Op. Income	$17M	—	$28M	—	-39.2%
Gross Margin	55.8%	—	83.8%	—	-28.0pp
Net Margin	7.9%	—	16.7%	—	-8.9pp
EPS (Diluted)	$1.16	—	$1.79	—	-35.2%
Free Cash Flow	$17M	—	$82M	—	-79.2%

Revenue Flow

Item	Amount
REVENUE	$169M
Cost of Revenue	$74M
GROSS PROFIT	$94M
R&D Expenses	$0
Selling & Marketing	$4M
General & Administrative	$47M
SG&A Expenses	$51M
Other Expenses	$26M
Operating Expenses	$77M
Cost & Expenses	$152M
OPERATING INCOME	$17M
Interest Income	$137M
Interest Expense	$68M
Other Income/Expenses	$0
INCOME BEFORE TAX	$17M
Income Tax Expense	$4M
Net Income from Continuing Ops	$13M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$13M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$13M
D&A	$2M
EBIT	$17M
EBITDA	$19M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$169M
Cost of Revenue	$74M
GROSS PROFIT	$94M
R&D Expenses	$0
Selling & Marketing	$4M
General & Administrative	$47M
SG&A Expenses	$51M
Other Expenses	$26M
Operating Expenses	$77M
Cost & Expenses	$152M
OPERATING INCOME	$17M
Interest Income	$137M
Interest Expense	$68M
Other Income/Expenses	$0
INCOME BEFORE TAX	$17M
Income Tax Expense	$4M
Net Income from Continuing Ops	$13M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$13M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$13M
D&A	$2M
EBIT	$17M
EBITDA	$19M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$13M
Depreciation & Amortization	$2M
Stock-Based Compensation	$1M
Deferred Income Tax	-$234.0K
Other Non-Cash Items	-$479.0K
Change in Working Capital	$3M
OPERATING CASH FLOW	$19M
Capital Expenditure	-$2M
Acquisitions (Net)	$0
Purchases of Investments	-$33M
Sales/Maturities of Investments	$25M
Other Investing Activities	-$154M
NET CASH FROM INVESTING	-$164M
Net Debt Issuance	$62M
Common Stock Repurchased	-$4M
Common Dividends Paid	-$6M
Other Financing Activities	$111M
NET CASH FROM FINANCING	$164M
FREE CASH FLOW	$17M
Net Change in Cash	$18M

Balance Sheet

Item	Amount
Cash & Equivalents	$57M
Short-Term Investments	$146M
Net Receivables	$127M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$330M
PP&E (Net)	$14M
Goodwill	$899.0K
Intangible Assets	$3M
Long-Term Investments	$1.8B
Tax Assets	$4M
Other Non-Current Assets	$76M
TOTAL NON-CURRENT ASSETS	$1.9B
TOTAL ASSETS	$2.2B
Account Payables	$10M
Short-Term Debt	$142M
Deferred Revenue	$0
Other Current Liabilities	$1.8B
TOTAL CURRENT LIABILITIES	$2.0B
Long-Term Debt	$50M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$63M
TOTAL NON-CURRENT LIABILITIES	$112M
TOTAL LIABILITIES	$2.1B
Common Stock	$13M
Additional Paid-In Capital	$80M
Retained Earnings	$101M
Treasury Stock	-$26M
Accum. Other Comp. Income	-$9M
Other Equity	-$1M
TOTAL STOCKHOLDERS' EQUITY	$158M
Minority Interest	$0
TOTAL EQUITY	$158M
TOTAL LIABILITIES & EQUITY	$2.2B
Total Debt	$192M
Net Debt	$135M