ONB FY 2023 Earnings Report — Old National Bancorp Revenue & Financial Results | Market Cap Arena

Old National BancorpONB

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	$2.5B	—	$1.9B	—	37.0%
Op. Income	$751M	—	$545M	—	37.9%
Gross Margin	70.0%	—	85.4%	—	-15.4pp
Net Margin	22.9%	—	23.1%	—	-0.2pp
EPS (Diluted)	$1.94	—	$1.50	—	29.3%
Free Cash Flow	$478M	—	$777M	—	-38.4%

Revenue Flow

Item	Amount
REVENUE	$2.5B
Cost of Revenue	$763M
GROSS PROFIT	$1.8B
R&D Expenses	$0
Selling & Marketing	$40M
General & Administrative	$603M
SG&A Expenses	$643M
Other Expenses	$384M
Operating Expenses	$1.0B
Cost & Expenses	$1.8B
OPERATING INCOME	$751M
Interest Income	$2.2B
Interest Expense	$704M
Other Income/Expenses	$0
INCOME BEFORE TAX	$751M
Income Tax Expense	$169M
Net Income from Continuing Ops	$582M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$582M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$566M
D&A	$62M
EBIT	$751M
EBITDA	$817M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$2.5B
Cost of Revenue	$763M
GROSS PROFIT	$1.8B
R&D Expenses	$0
Selling & Marketing	$40M
General & Administrative	$603M
SG&A Expenses	$643M
Other Expenses	$384M
Operating Expenses	$1.0B
Cost & Expenses	$1.8B
OPERATING INCOME	$751M
Interest Income	$2.2B
Interest Expense	$704M
Other Income/Expenses	$0
INCOME BEFORE TAX	$751M
Income Tax Expense	$169M
Net Income from Continuing Ops	$582M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$582M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$566M
D&A	$62M
EBIT	$751M
EBITDA	$817M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$582M
Depreciation & Amortization	$62M
Stock-Based Compensation	$28M
Deferred Income Tax	$15M
Other Non-Cash Items	$25M
Change in Working Capital	-$196M
OPERATING CASH FLOW	$516M
Capital Expenditure	-$38M
Acquisitions (Net)	$0
Purchases of Investments	-$1.1B
Sales/Maturities of Investments	$1.3B
Other Investing Activities	-$1.9B
NET CASH FROM INVESTING	-$1.8B
Net Debt Issuance	$467M
Common Stock Repurchased	-$44M
Common Dividends Paid	-$180M
Other Financing Activities	$1.5B
NET CASH FROM FINANCING	$1.7B
FREE CASH FLOW	$478M
Net Change in Cash	$447M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.2B
Short-Term Investments	$6.7B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$7.9B
PP&E (Net)	$565M
Goodwill	$2.0B
Intangible Assets	$102M
Long-Term Investments	$35.8B
Tax Assets	$0
Other Non-Current Assets	$2.7B
TOTAL NON-CURRENT ASSETS	$41.2B
TOTAL ASSETS	$49.1B
Account Payables	$0
Short-Term Debt	$286M
Deferred Revenue	$0
Other Current Liabilities	$37.2B
TOTAL CURRENT LIABILITIES	$38.5B
Long-Term Debt	$5.0B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$5.0B
TOTAL LIABILITIES	$43.5B
Common Stock	$293M
Additional Paid-In Capital	$4.2B
Retained Earnings	$1.6B
Treasury Stock	$0
Accum. Other Comp. Income	-$739M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.6B
Minority Interest	$0
TOTAL EQUITY	$5.6B
TOTAL LIABILITIES & EQUITY	$49.1B
Total Debt	$5.3B
Net Debt	$4.2B