PNFP FY 2023 Earnings Report — Pinnacle Financial Partners, Inc. Revenue & Financial Results | Market Cap Arena

Pinnacle Financial Partners, Inc.PNFP

FY 2023 Earnings

Reported February 26, 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	$2.5B	—	$1.5B	—	59.7%
Op. Income	$714M	—	$697M	—	2.4%
Gross Margin	52.1%	—	79.8%	—	-27.7pp
Net Margin	22.7%	—	36.2%	—	-13.5pp
EPS (Diluted)	$7.14	—	$7.17	—	-0.4%
Free Cash Flow	$400M	—	$541M	—	-26.0%

Revenue Flow

Item	Amount
REVENUE	$2.5B
Cost of Revenue	$1.2B
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$24M
General & Administrative	$564M
SG&A Expenses	$588M
Other Expenses	-$12M
Operating Expenses	$576M
Cost & Expenses	$1.8B
OPERATING INCOME	$714M
Interest Income	$2.4B
Interest Expense	$1.1B
Other Income/Expenses	$0
INCOME BEFORE TAX	$714M
Income Tax Expense	$152M
Net Income from Continuing Ops	$562M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$562M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$547M
D&A	$79M
EBIT	$714M
EBITDA	$793M
EPS	$7
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$2.5B
Cost of Revenue	$1.2B
GROSS PROFIT	$1.3B
R&D Expenses	$0
Selling & Marketing	$24M
General & Administrative	$564M
SG&A Expenses	$588M
Other Expenses	-$12M
Operating Expenses	$576M
Cost & Expenses	$1.8B
OPERATING INCOME	$714M
Interest Income	$2.4B
Interest Expense	$1.1B
Other Income/Expenses	$0
INCOME BEFORE TAX	$714M
Income Tax Expense	$152M
Net Income from Continuing Ops	$562M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$562M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$547M
D&A	$79M
EBIT	$714M
EBITDA	$793M
EPS	$7
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$562M
Depreciation & Amortization	$79M
Stock-Based Compensation	$42M
Deferred Income Tax	$72M
Other Non-Cash Items	-$22M
Change in Working Capital	-$255M
OPERATING CASH FLOW	$478M
Capital Expenditure	-$78M
Acquisitions (Net)	$0
Purchases of Investments	-$1.2B
Sales/Maturities of Investments	$495M
Other Investing Activities	-$3.8B
NET CASH FROM INVESTING	-$4.6B
Net Debt Issuance	$1.7B
Common Stock Repurchased	-$4M
Common Dividends Paid	-$69M
Other Financing Activities	$3.6B
NET CASH FROM FINANCING	$5.2B
FREE CASH FLOW	$400M
Net Change in Cash	$1.1B

Balance Sheet

Item	Amount
Cash & Equivalents	$2.1B
Short-Term Investments	$4.3B
Net Receivables	$217M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$6.7B
PP&E (Net)	$257M
Goodwill	$1.8B
Intangible Assets	$27M
Long-Term Investments	$35.9B
Tax Assets	$0
Other Non-Current Assets	$3.3B
TOTAL NON-CURRENT ASSETS	$41.3B
TOTAL ASSETS	$48.0B
Account Payables	$67M
Short-Term Debt	$209M
Deferred Revenue	$0
Other Current Liabilities	$38.5B
TOTAL CURRENT LIABILITIES	$38.8B
Long-Term Debt	$2.6B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$545M
TOTAL NON-CURRENT LIABILITIES	$3.1B
TOTAL LIABILITIES	$41.9B
Common Stock	$77M
Additional Paid-In Capital	$3.1B
Retained Earnings	$2.8B
Treasury Stock	$0
Accum. Other Comp. Income	-$153M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$6.0B
Minority Interest	$0
TOTAL EQUITY	$6.0B
TOTAL LIABILITIES & EQUITY	$48.0B
Total Debt	$2.8B
Net Debt	$629M