PFS FY 2013 Earnings Report — Provident Financial Services, Inc. Revenue & Financial Results | Market Cap Arena

Provident Financial Services, Inc.PFS

FY 2013 Earnings

Reported March 3, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$297M	—	$306M	—	-2.9%
Op. Income	$106M	—	$96M	—	10.2%
Gross Margin	85.8%	—	80.1%	—	5.7pp
Net Margin	23.8%	—	22.0%	—	1.8pp
EPS (Diluted)	$1.23	—	$1.18	—	4.2%
Free Cash Flow	$112M	—	$101M	—	11.5%

Revenue Flow

Item	Amount
REVENUE	$297M
Cost of Revenue	$42M
GROSS PROFIT	$255M
R&D Expenses	$0
Selling & Marketing	$4M
General & Administrative	$88M
SG&A Expenses	$92M
Other Expenses	$57M
Operating Expenses	$149M
Cost & Expenses	$191M
OPERATING INCOME	$106M
Interest Income	$253M
Interest Expense	$37M
Other Income/Expenses	$0
INCOME BEFORE TAX	$106M
Income Tax Expense	$35M
Net Income from Continuing Ops	$71M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$71M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$71M
D&A	$9M
EBIT	$106M
EBITDA	$115M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$297M
Cost of Revenue	$42M
GROSS PROFIT	$255M
R&D Expenses	$0
Selling & Marketing	$4M
General & Administrative	$88M
SG&A Expenses	$92M
Other Expenses	$57M
Operating Expenses	$149M
Cost & Expenses	$191M
OPERATING INCOME	$106M
Interest Income	$253M
Interest Expense	$37M
Other Income/Expenses	$0
INCOME BEFORE TAX	$106M
Income Tax Expense	$35M
Net Income from Continuing Ops	$71M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$71M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$71M
D&A	$9M
EBIT	$106M
EBITDA	$115M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$71M
Depreciation & Amortization	$9M
Stock-Based Compensation	$8M
Deferred Income Tax	$6M
Other Non-Cash Items	$22M
Change in Working Capital	$5M
OPERATING CASH FLOW	$120M
Capital Expenditure	-$8M
Acquisitions (Net)	$0
Purchases of Investments	-$401M
Sales/Maturities of Investments	$464M
Other Investing Activities	-$315M
NET CASH FROM INVESTING	-$259M
Net Debt Issuance	$401M
Common Stock Repurchased	-$6M
Common Dividends Paid	-$32M
Other Financing Activities	-$227M
NET CASH FROM FINANCING	$137M
FREE CASH FLOW	$112M
Net Change in Cash	-$3M

Balance Sheet

Item	Amount
Cash & Equivalents	$101M
Short-Term Investments	$1.2B
Net Receivables	$23M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.3B
PP&E (Net)	$66M
Goodwill	$353M
Intangible Assets	$4M
Long-Term Investments	$5.5B
Tax Assets	$0
Other Non-Current Assets	$295M
TOTAL NON-CURRENT ASSETS	$6.2B
TOTAL ASSETS	$7.5B
Account Payables	$0
Short-Term Debt	$246M
Deferred Revenue	$0
Other Current Liabilities	$5.2B
TOTAL CURRENT LIABILITIES	$5.5B
Long-Term Debt	$958M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$50M
TOTAL NON-CURRENT LIABILITIES	$1.0B
TOTAL LIABILITIES	$6.5B
Common Stock	$832.0K
Additional Paid-In Capital	$1.0B
Retained Earnings	$428M
Treasury Stock	-$390M
Accum. Other Comp. Income	-$5M
Other Equity	-$49M
TOTAL STOCKHOLDERS' EQUITY	$1.0B
Minority Interest	$0
TOTAL EQUITY	$1.0B
TOTAL LIABILITIES & EQUITY	$7.5B
Total Debt	$1.2B
Net Debt	$1.1B