RACE Q1 2024 Earnings Report — Ferrari N.V. Revenue & Financial Results | Market Cap Arena

Ferrari N.V.RACE

Q1 2024 Earnings

Reported March 30, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q1 2024	Q4 2023	Q1 2023	QoQ Change	YoY Change
Revenue	$1.9B	—	$1.7B	—	10.9%
Op. Income	$524M	—	$456M	—	14.9%
Gross Margin	50.7%	—	50.2%	—	0.4pp
Net Margin	22.2%	—	20.7%	—	1.5pp
EPS (Diluted)	$2.28	—	$1.89	—	20.4%
Free Cash Flow	$363M	—	$285M	—	27.3%

Revenue Flow

Item	Amount
REVENUE	$1.9B
Cost of Revenue	$914M
GROSS PROFIT	$939M
R&D Expenses	$270M
Selling & Marketing	$76M
General & Administrative	$68M
SG&A Expenses	$145M
Other Expenses	$0
Operating Expenses	$415M
Cost & Expenses	$1.3B
OPERATING INCOME	$524M
Interest Income	$8M
Interest Expense	$10M
Other Income/Expenses	-$9M
INCOME BEFORE TAX	$515M
Income Tax Expense	$103M
Net Income from Continuing Ops	$412M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$411M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$411M
D&A	$190M
EBIT	$523M
EBITDA	$714M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$1.9B
Cost of Revenue	$914M
GROSS PROFIT	$939M
R&D Expenses	$270M
Selling & Marketing	$76M
General & Administrative	$68M
SG&A Expenses	$145M
Other Expenses	$0
Operating Expenses	$415M
Cost & Expenses	$1.3B
OPERATING INCOME	$524M
Interest Income	$8M
Interest Expense	$10M
Other Income/Expenses	-$9M
INCOME BEFORE TAX	$515M
Income Tax Expense	$103M
Net Income from Continuing Ops	$412M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$411M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$411M
D&A	$190M
EBIT	$523M
EBITDA	$714M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$412M
Depreciation & Amortization	$190M
Stock-Based Compensation	$0
Deferred Income Tax	$103M
Other Non-Cash Items	$31M
Change in Working Capital	-$146M
OPERATING CASH FLOW	$590M
Capital Expenditure	-$227M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$541.3K
Other Investing Activities	-$132M
NET CASH FROM INVESTING	-$227M
Net Debt Issuance	$81M
Common Stock Repurchased	-$159M
Common Dividends Paid	$0
Other Financing Activities	$0
NET CASH FROM FINANCING	-$79M
FREE CASH FLOW	$363M
Net Change in Cash	$286M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.6B
Short-Term Investments	$13M
Net Receivables	$2.2B
Inventory	$1.2B
Other Current Assets	$296M
TOTAL CURRENT ASSETS	$5.3B
PP&E (Net)	$1.9B
Goodwill	$918M
Intangible Assets	$1.7B
Long-Term Investments	$81M
Tax Assets	$259M
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$4.8B
TOTAL ASSETS	$10.1B
Account Payables	$1.1B
Short-Term Debt	$922M
Deferred Revenue	$515M
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$2.9B
Long-Term Debt	$2.0B
Deferred Revenue NC	$515M
Deferred Tax Liabilities	$148M
Other Non-Current Liabilities	$574M
TOTAL NON-CURRENT LIABILITIES	$3.4B
TOTAL LIABILITIES	$6.3B
Common Stock	$3M
Additional Paid-In Capital	$0
Retained Earnings	$3.8B
Treasury Stock	$0
Accum. Other Comp. Income	$67M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.8B
Minority Interest	$7M
TOTAL EQUITY	$3.8B
TOTAL LIABILITIES & EQUITY	$10.1B
Total Debt	$3.1B
Net Debt	$1.5B