PFS FY 2022 Earnings Report — Provident Financial Services, Inc. Revenue & Financial Results | Market Cap Arena

Provident Financial Services, Inc.PFS

FY 2022 Earnings

Reported March 1, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$554M	—	$489M	—	13.3%
Op. Income	$240M	—	$227M	—	5.7%
Gross Margin	90.3%	—	97.2%	—	-6.9pp
Net Margin	31.7%	—	34.3%	—	-2.6pp
EPS (Diluted)	$2.35	—	$2.19	—	7.3%
Free Cash Flow	$191M	—	$143M	—	33.5%

Revenue Flow

Item	Amount
REVENUE	$554M
Cost of Revenue	$54M
GROSS PROFIT	$500M
R&D Expenses	$0
Selling & Marketing	$5M
General & Administrative	$152M
SG&A Expenses	$158M
Other Expenses	$103M
Operating Expenses	$260M
Cost & Expenses	$314M
OPERATING INCOME	$240M
Interest Income	$466M
Interest Expense	$49M
Other Income/Expenses	$0
INCOME BEFORE TAX	$240M
Income Tax Expense	$64M
Net Income from Continuing Ops	$176M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$176M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$176M
D&A	$24M
EBIT	$240M
EBITDA	$264M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$554M
Cost of Revenue	$54M
GROSS PROFIT	$500M
R&D Expenses	$0
Selling & Marketing	$5M
General & Administrative	$152M
SG&A Expenses	$158M
Other Expenses	$103M
Operating Expenses	$260M
Cost & Expenses	$314M
OPERATING INCOME	$240M
Interest Income	$466M
Interest Expense	$49M
Other Income/Expenses	$0
INCOME BEFORE TAX	$240M
Income Tax Expense	$64M
Net Income from Continuing Ops	$176M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$176M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$176M
D&A	$24M
EBIT	$240M
EBITDA	$264M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$176M
Depreciation & Amortization	$24M
Stock-Based Compensation	$14M
Deferred Income Tax	$2M
Other Non-Cash Items	-$9M
Change in Working Capital	-$6M
OPERATING CASH FLOW	$200M
Capital Expenditure	-$9M
Acquisitions (Net)	$0
Purchases of Investments	-$317M
Sales/Maturities of Investments	$353M
Other Investing Activities	-$673M
NET CASH FROM INVESTING	-$648M
Net Debt Issuance	$711M
Common Stock Repurchased	-$47M
Common Dividends Paid	-$72M
Other Financing Activities	-$671M
NET CASH FROM FINANCING	-$79M
FREE CASH FLOW	$191M
Net Change in Cash	-$526M

Balance Sheet

Item	Amount
Cash & Equivalents	$186M
Short-Term Investments	$1.8B
Net Receivables	$52M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.0B
PP&E (Net)	$80M
Goodwill	$444M
Intangible Assets	$17M
Long-Term Investments	$10.5B
Tax Assets	$0
Other Non-Current Assets	$651M
TOTAL NON-CURRENT ASSETS	$11.7B
TOTAL ASSETS	$13.8B
Account Payables	$0
Short-Term Debt	$98M
Deferred Revenue	$0
Other Current Liabilities	$10.6B
TOTAL CURRENT LIABILITIES	$10.7B
Long-Term Debt	$1.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$239M
TOTAL NON-CURRENT LIABILITIES	$1.5B
TOTAL LIABILITIES	$12.2B
Common Stock	$832.0K
Additional Paid-In Capital	$981M
Retained Earnings	$918M
Treasury Stock	-$127M
Accum. Other Comp. Income	-$165M
Other Equity	-$10M
TOTAL STOCKHOLDERS' EQUITY	$1.6B
Minority Interest	$0
TOTAL EQUITY	$1.6B
TOTAL LIABILITIES & EQUITY	$13.8B
Total Debt	$1.3B
Net Debt	$1.2B