PFS FY 2021 Earnings Report — Provident Financial Services, Inc. Revenue & Financial Results | Market Cap Arena

Provident Financial Services, Inc.PFS

FY 2021 Earnings

Reported March 1, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$489M	—	$436M	—	12.3%
Op. Income	$227M	—	$128M	—	78.1%
Gross Margin	97.2%	—	81.1%	—	16.1pp
Net Margin	34.3%	—	22.2%	—	12.1pp
EPS (Diluted)	$2.19	—	$1.39	—	57.6%
Free Cash Flow	$143M	—	$90M	—	58.1%

Revenue Flow

Item	Amount
REVENUE	$489M
Cost of Revenue	$13M
GROSS PROFIT	$476M
R&D Expenses	$0
Selling & Marketing	$4M
General & Administrative	$150M
SG&A Expenses	$154M
Other Expenses	$95M
Operating Expenses	$249M
Cost & Expenses	$262M
OPERATING INCOME	$227M
Interest Income	$402M
Interest Expense	$36M
Other Income/Expenses	$0
INCOME BEFORE TAX	$227M
Income Tax Expense	$59M
Net Income from Continuing Ops	$168M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$168M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$168M
D&A	$23M
EBIT	$227M
EBITDA	$250M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$489M
Cost of Revenue	$13M
GROSS PROFIT	$476M
R&D Expenses	$0
Selling & Marketing	$4M
General & Administrative	$150M
SG&A Expenses	$154M
Other Expenses	$95M
Operating Expenses	$249M
Cost & Expenses	$262M
OPERATING INCOME	$227M
Interest Income	$402M
Interest Expense	$36M
Other Income/Expenses	$0
INCOME BEFORE TAX	$227M
Income Tax Expense	$59M
Net Income from Continuing Ops	$168M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$168M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$168M
D&A	$23M
EBIT	$227M
EBITDA	$250M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$168M
Depreciation & Amortization	$23M
Stock-Based Compensation	$10M
Deferred Income Tax	$12M
Other Non-Cash Items	-$23M
Change in Working Capital	-$33M
OPERATING CASH FLOW	$157M
Capital Expenditure	-$14M
Acquisitions (Net)	$0
Purchases of Investments	-$1.4B
Sales/Maturities of Investments	$450M
Other Investing Activities	$283M
NET CASH FROM INVESTING	-$717M
Net Debt Issuance	-$564M
Common Stock Repurchased	-$21M
Common Dividends Paid	-$71M
Other Financing Activities	$1.4B
NET CASH FROM FINANCING	$740M
FREE CASH FLOW	$143M
Net Change in Cash	$180M

Balance Sheet

Item	Amount
Cash & Equivalents	$712M
Short-Term Investments	$2.1B
Net Receivables	$42M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.8B
PP&E (Net)	$81M
Goodwill	$444M
Intangible Assets	$21M
Long-Term Investments	$9.9B
Tax Assets	$0
Other Non-Current Assets	$486M
TOTAL NON-CURRENT ASSETS	$11.0B
TOTAL ASSETS	$13.8B
Account Payables	$0
Short-Term Debt	$117M
Deferred Revenue	$0
Other Current Liabilities	$11.3B
TOTAL CURRENT LIABILITIES	$11.4B
Long-Term Debt	$520M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$179M
TOTAL NON-CURRENT LIABILITIES	$699M
TOTAL LIABILITIES	$12.1B
Common Stock	$832.0K
Additional Paid-In Capital	$970M
Retained Earnings	$815M
Treasury Stock	-$80M
Accum. Other Comp. Income	$7M
Other Equity	-$15M
TOTAL STOCKHOLDERS' EQUITY	$1.7B
Minority Interest	$0
TOTAL EQUITY	$1.7B
TOTAL LIABILITIES & EQUITY	$13.8B
Total Debt	$637M
Net Debt	-$75M