PFBC FY 2019 Earnings Report — Preferred Bank Revenue & Financial Results | Market Cap Arena

Preferred BankPFBC

FY 2019 Earnings

Reported December 31, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$233M	—	$204M	—	14.2%
Op. Income	$111M	—	$99M	—	12.9%
Gross Margin	71.9%	—	75.0%	—	-3.1pp
Net Margin	33.6%	—	34.8%	—	-1.2pp
EPS (Diluted)	$5.16	—	$4.64	—	11.2%
Free Cash Flow	$81M	—	$96M	—	-16.2%

Revenue Flow

Item	Amount
REVENUE	$233M
Cost of Revenue	$66M
GROSS PROFIT	$167M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$42M
SG&A Expenses	$42M
Other Expenses	$15M
Operating Expenses	$56M
Cost & Expenses	$122M
OPERATING INCOME	$111M
Interest Income	$227M
Interest Expense	$62M
Other Income/Expenses	$0
INCOME BEFORE TAX	$111M
Income Tax Expense	$33M
Net Income from Continuing Ops	$78M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$78M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$78M
D&A	$1M
EBIT	$111M
EBITDA	$113M
EPS	$5
EPS Diluted	$5

Income Statement

Item	Amount
REVENUE	$233M
Cost of Revenue	$66M
GROSS PROFIT	$167M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$42M
SG&A Expenses	$42M
Other Expenses	$15M
Operating Expenses	$56M
Cost & Expenses	$122M
OPERATING INCOME	$111M
Interest Income	$227M
Interest Expense	$62M
Other Income/Expenses	$0
INCOME BEFORE TAX	$111M
Income Tax Expense	$33M
Net Income from Continuing Ops	$78M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$78M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$78M
D&A	$1M
EBIT	$111M
EBITDA	$113M
EPS	$5
EPS Diluted	$5

Cash Flow Statement

Item	Amount
Net Income	$78M
Depreciation & Amortization	$1M
Stock-Based Compensation	$8M
Deferred Income Tax	-$2M
Other Non-Cash Items	$9M
Change in Working Capital	-$7M
OPERATING CASH FLOW	$87M
Capital Expenditure	-$6M
Acquisitions (Net)	-$10M
Purchases of Investments	-$126M
Sales/Maturities of Investments	$66M
Other Investing Activities	-$381M
NET CASH FROM INVESTING	-$457M
Net Debt Issuance	-$1M
Common Stock Repurchased	-$21M
Common Dividends Paid	-$18M
Other Financing Activities	$344M
NET CASH FROM FINANCING	$303M
FREE CASH FLOW	$81M
Net Change in Cash	-$67M

Balance Sheet

Item	Amount
Cash & Equivalents	$499M
Short-Term Investments	$241M
Net Receivables	$18M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$758M
PP&E (Net)	$29M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$3.7B
Tax Assets	$20M
Other Non-Current Assets	$74M
TOTAL NON-CURRENT ASSETS	$3.9B
TOTAL ASSETS	$4.6B
Account Payables	$3M
Short-Term Debt	$0
Deferred Revenue	$438.0K
Other Current Liabilities	$4.0B
TOTAL CURRENT LIABILITIES	$4.0B
Long-Term Debt	$99M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$52M
TOTAL NON-CURRENT LIABILITIES	$172M
TOTAL LIABILITIES	$4.2B
Common Stock	$211M
Additional Paid-In Capital	$55M
Retained Earnings	$255M
Treasury Stock	-$55M
Accum. Other Comp. Income	$4M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$470M
Minority Interest	$0
TOTAL EQUITY	$470M
TOTAL LIABILITIES & EQUITY	$4.6B
Total Debt	$120M
Net Debt	-$379M