PB FY 2023 Earnings Report — Prosperity Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Prosperity Bancshares, Inc.PB

FY 2023 Earnings

Reported February 28, 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	$1.6B	—	$1.2B	—	29.4%
Op. Income	$534M	—	$666M	—	-19.8%
Gross Margin	67.4%	—	92.5%	—	-25.1pp
Net Margin	26.9%	—	43.6%	—	-16.7pp
EPS (Diluted)	$4.51	—	$5.73	—	-21.3%
Free Cash Flow	$612M	—	$464M	—	31.9%

Revenue Flow

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$507M
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$372M
SG&A Expenses	$376M
Other Expenses	$140M
Operating Expenses	$515M
Cost & Expenses	$1.0B
OPERATING INCOME	$534M
Interest Income	$1.4B
Interest Expense	$488M
Other Income/Expenses	$0
INCOME BEFORE TAX	$534M
Income Tax Expense	$115M
Net Income from Continuing Ops	$419M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$419M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$419M
D&A	$31M
EBIT	$534M
EBITDA	$565M
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$1.6B
Cost of Revenue	$507M
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$372M
SG&A Expenses	$376M
Other Expenses	$140M
Operating Expenses	$515M
Cost & Expenses	$1.0B
OPERATING INCOME	$534M
Interest Income	$1.4B
Interest Expense	$488M
Other Income/Expenses	$0
INCOME BEFORE TAX	$534M
Income Tax Expense	$115M
Net Income from Continuing Ops	$419M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$419M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$419M
D&A	$31M
EBIT	$534M
EBITDA	$565M
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$419M
Depreciation & Amortization	$31M
Stock-Based Compensation	$12M
Deferred Income Tax	$7M
Other Non-Cash Items	$29M
Change in Working Capital	$148M
OPERATING CASH FLOW	$646M
Capital Expenditure	-$34M
Acquisitions (Net)	-$24M
Purchases of Investments	-$15.6B
Sales/Maturities of Investments	$17.4B
Other Investing Activities	-$730M
NET CASH FROM INVESTING	$1.1B
Net Debt Issuance	$1.7B
Common Stock Repurchased	-$72M
Common Dividends Paid	-$206M
Other Financing Activities	-$3.1B
NET CASH FROM FINANCING	-$1.7B
FREE CASH FLOW	$612M
Net Change in Cash	$34M

Balance Sheet

Item	Amount
Cash & Equivalents	$458M
Short-Term Investments	$439M
Net Receivables	$96M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$993M
PP&E (Net)	$370M
Goodwill	$3.4B
Intangible Assets	$64M
Long-Term Investments	$33.2B
Tax Assets	$0
Other Non-Current Assets	$511M
TOTAL NON-CURRENT ASSETS	$37.6B
TOTAL ASSETS	$38.5B
Account Payables	$35M
Short-Term Debt	$309M
Deferred Revenue	$0
Other Current Liabilities	$27.2B
TOTAL CURRENT LIABILITIES	$27.5B
Long-Term Debt	$3.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$220M
TOTAL NON-CURRENT LIABILITIES	$3.9B
TOTAL LIABILITIES	$31.5B
Common Stock	$94M
Additional Paid-In Capital	$3.7B
Retained Earnings	$3.3B
Treasury Stock	$0
Accum. Other Comp. Income	-$1M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$7.1B
Minority Interest	$0
TOTAL EQUITY	$7.1B
TOTAL LIABILITIES & EQUITY	$38.5B
Total Debt	$4.0B
Net Debt	$3.6B