PFS FY 2023 Earnings Report — Provident Financial Services, Inc. Revenue & Financial Results | Market Cap Arena

Provident Financial Services, Inc.PFS

FY 2023 Earnings

Reported February 28, 2024

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	$696M	—	$554M	—	25.6%
Op. Income	$176M	—	$240M	—	-26.8%
Gross Margin	64.8%	—	90.3%	—	-25.5pp
Net Margin	18.5%	—	31.7%	—	-13.2pp
EPS (Diluted)	$1.71	—	$2.35	—	-27.2%
Free Cash Flow	$166M	—	$191M	—	-13.1%

Revenue Flow

Item	Amount
REVENUE	$696M
Cost of Revenue	$245M
GROSS PROFIT	$451M
R&D Expenses	$0
Selling & Marketing	$5M
General & Administrative	$157M
SG&A Expenses	$162M
Other Expenses	$113M
Operating Expenses	$275M
Cost & Expenses	$520M
OPERATING INCOME	$176M
Interest Income	$616M
Interest Expense	$216M
Other Income/Expenses	$0
INCOME BEFORE TAX	$176M
Income Tax Expense	$47M
Net Income from Continuing Ops	$128M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$128M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$128M
D&A	$22M
EBIT	$176M
EBITDA	$198M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$696M
Cost of Revenue	$245M
GROSS PROFIT	$451M
R&D Expenses	$0
Selling & Marketing	$5M
General & Administrative	$157M
SG&A Expenses	$162M
Other Expenses	$113M
Operating Expenses	$275M
Cost & Expenses	$520M
OPERATING INCOME	$176M
Interest Income	$616M
Interest Expense	$216M
Other Income/Expenses	$0
INCOME BEFORE TAX	$176M
Income Tax Expense	$47M
Net Income from Continuing Ops	$128M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$128M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$128M
D&A	$22M
EBIT	$176M
EBITDA	$198M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$128M
Depreciation & Amortization	$22M
Stock-Based Compensation	$11M
Deferred Income Tax	$3M
Other Non-Cash Items	$20M
Change in Working Capital	-$11M
OPERATING CASH FLOW	$173M
Capital Expenditure	-$7M
Acquisitions (Net)	$0
Purchases of Investments	-$57M
Sales/Maturities of Investments	$230M
Other Investing Activities	-$635M
NET CASH FROM INVESTING	-$470M
Net Debt Issuance	$633M
Common Stock Repurchased	$0
Common Dividends Paid	-$72M
Other Financing Activities	-$270M
NET CASH FROM FINANCING	$290M
FREE CASH FLOW	$166M
Net Change in Cash	-$6M

Balance Sheet

Item	Amount
Cash & Equivalents	$180M
Short-Term Investments	$1.7B
Net Receivables	$59M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.9B
PP&E (Net)	$71M
Goodwill	$444M
Intangible Assets	$14M
Long-Term Investments	$11.1B
Tax Assets	$0
Other Non-Current Assets	$622M
TOTAL NON-CURRENT ASSETS	$12.3B
TOTAL ASSETS	$14.2B
Account Payables	$0
Short-Term Debt	$72M
Deferred Revenue	$0
Other Current Liabilities	$10.3B
TOTAL CURRENT LIABILITIES	$10.4B
Long-Term Debt	$1.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$660M
TOTAL NON-CURRENT LIABILITIES	$2.1B
TOTAL LIABILITIES	$12.5B
Common Stock	$832.0K
Additional Paid-In Capital	$989M
Retained Earnings	$975M
Treasury Stock	-$128M
Accum. Other Comp. Income	-$141M
Other Equity	-$5M
TOTAL STOCKHOLDERS' EQUITY	$1.7B
Minority Interest	$0
TOTAL EQUITY	$1.7B
TOTAL LIABILITIES & EQUITY	$14.2B
Total Debt	$1.5B
Net Debt	$1.4B