PFBC FY 2023 Earnings Report — Preferred Bank Revenue & Financial Results | Market Cap Arena

Preferred BankPFBC

FY 2023 Earnings

Reported December 29, 2023

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	$482M	—	$301M	—	59.8%
Op. Income	$211M	—	$179M	—	17.5%
Gross Margin	58.8%	—	82.0%	—	-23.2pp
Net Margin	31.1%	—	42.7%	—	-11.6pp
EPS (Diluted)	$10.52	—	$8.70	—	20.9%
Free Cash Flow	$173M	—	$143M	—	20.6%

Revenue Flow

Item	Amount
REVENUE	$482M
Cost of Revenue	$199M
GROSS PROFIT	$283M
R&D Expenses	$0
Selling & Marketing	$737.0K
General & Administrative	$51M
SG&A Expenses	$52M
Other Expenses	$21M
Operating Expenses	$73M
Cost & Expenses	$272M
OPERATING INCOME	$211M
Interest Income	$478M
Interest Expense	$189M
Other Income/Expenses	-$778.0K
INCOME BEFORE TAX	$210M
Income Tax Expense	$60M
Net Income from Continuing Ops	$150M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$150M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$150M
D&A	$2M
EBIT	$210M
EBITDA	$212M
EPS	$11
EPS Diluted	$11

Income Statement

Item	Amount
REVENUE	$482M
Cost of Revenue	$199M
GROSS PROFIT	$283M
R&D Expenses	$0
Selling & Marketing	$737.0K
General & Administrative	$51M
SG&A Expenses	$52M
Other Expenses	$21M
Operating Expenses	$73M
Cost & Expenses	$272M
OPERATING INCOME	$211M
Interest Income	$478M
Interest Expense	$189M
Other Income/Expenses	-$778.0K
INCOME BEFORE TAX	$210M
Income Tax Expense	$60M
Net Income from Continuing Ops	$150M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$150M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$150M
D&A	$2M
EBIT	$210M
EBITDA	$212M
EPS	$11
EPS Diluted	$11

Cash Flow Statement

Item	Amount
Net Income	$150M
Depreciation & Amortization	$2M
Stock-Based Compensation	$6M
Deferred Income Tax	-$5M
Other Non-Cash Items	$23M
Change in Working Capital	-$1M
OPERATING CASH FLOW	$175M
Capital Expenditure	-$2M
Acquisitions (Net)	$0
Purchases of Investments	-$73M
Sales/Maturities of Investments	$167M
Other Investing Activities	-$190M
NET CASH FROM INVESTING	-$98M
Net Debt Issuance	$0
Common Stock Repurchased	-$55M
Common Dividends Paid	-$31M
Other Financing Activities	$152M
NET CASH FROM FINANCING	$66M
FREE CASH FLOW	$173M
Net Change in Cash	$143M

Balance Sheet

Item	Amount
Cash & Equivalents	$891M
Short-Term Investments	$314M
Net Receivables	$36M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.2B
PP&E (Net)	$32M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$5.3B
Tax Assets	$49M
Other Non-Current Assets	$67M
TOTAL NON-CURRENT ASSETS	$5.4B
TOTAL ASSETS	$6.7B
Account Payables	$16M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$5.7B
TOTAL CURRENT LIABILITIES	$5.7B
Long-Term Debt	$148M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$71M
TOTAL NON-CURRENT LIABILITIES	$239M
TOTAL LIABILITIES	$6.0B
Common Stock	$211M
Additional Paid-In Capital	$87M
Retained Earnings	$592M
Treasury Stock	-$163M
Accum. Other Comp. Income	-$32M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$695M
Minority Interest	$0
TOTAL EQUITY	$695M
TOTAL LIABILITIES & EQUITY	$6.7B
Total Debt	$168M
Net Debt	-$723M