RACE Q2 2023 Earnings Report — Ferrari N.V. Revenue & Financial Results | Market Cap Arena

Ferrari N.V.RACE

Q2 2023 Earnings

Reported June 29, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2023	Q1 2023	Q2 2022	QoQ Change	YoY Change
Revenue	$1.7B	$1.7B	$1.5B	3.1%	14.1%
Op. Income	$515M	$456M	$380M	12.9%	35.2%
Gross Margin	50.7%	50.2%	47.4%	0.5pp	3.3pp
Net Margin	22.6%	20.7%	19.3%	1.9pp	3.3pp
EPS (Diluted)	$2.15	$1.89	$1.59	13.6%	35.3%
Free Cash Flow	$112M	$285M	$121M	-60.6%	-7.2%

Revenue Flow

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$849M
GROSS PROFIT	$874M
R&D Expenses	$227M
Selling & Marketing	$70M
General & Administrative	$63M
SG&A Expenses	$133M
Other Expenses	$0
Operating Expenses	$359M
Cost & Expenses	$1.2B
OPERATING INCOME	$515M
Interest Income	$53M
Interest Expense	$62M
Other Income/Expenses	-$13M
INCOME BEFORE TAX	$501M
Income Tax Expense	$110M
Net Income from Continuing Ops	$391M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$390M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$390M
D&A	$177M
EBIT	$562M
EBITDA	$739M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$849M
GROSS PROFIT	$874M
R&D Expenses	$227M
Selling & Marketing	$70M
General & Administrative	$63M
SG&A Expenses	$133M
Other Expenses	$0
Operating Expenses	$359M
Cost & Expenses	$1.2B
OPERATING INCOME	$515M
Interest Income	$53M
Interest Expense	$62M
Other Income/Expenses	-$13M
INCOME BEFORE TAX	$501M
Income Tax Expense	$110M
Net Income from Continuing Ops	$391M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$390M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$390M
D&A	$177M
EBIT	$562M
EBITDA	$739M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$391M
Depreciation & Amortization	$177M
Stock-Based Compensation	$0
Deferred Income Tax	$110M
Other Non-Cash Items	-$138M
Change in Working Capital	-$196M
OPERATING CASH FLOW	$344M
Capital Expenditure	-$232M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$145M
NET CASH FROM INVESTING	-$232M
Net Debt Issuance	-$33M
Common Stock Repurchased	-$97M
Common Dividends Paid	$0
Other Financing Activities	-$365M
NET CASH FROM FINANCING	-$495M
FREE CASH FLOW	$112M
Net Change in Cash	-$387M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.4B
Short-Term Investments	$119M
Net Receivables	$2.2B
Inventory	$1.1B
Other Current Assets	$244M
TOTAL CURRENT ASSETS	$5.2B
PP&E (Net)	$1.9B
Goodwill	$1.0B
Intangible Assets	$1.7B
Long-Term Investments	$84M
Tax Assets	$288M
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$5.0B
TOTAL ASSETS	$10.1B
Account Payables	$1.2B
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$142M
TOTAL CURRENT LIABILITIES	$1.5B
Long-Term Debt	$3.3B
Deferred Revenue NC	$538M
Deferred Tax Liabilities	$168M
Other Non-Current Liabilities	$996M
TOTAL NON-CURRENT LIABILITIES	$5.1B
TOTAL LIABILITIES	$6.7B
Common Stock	$3M
Additional Paid-In Capital	$0
Retained Earnings	$3.4B
Treasury Stock	$0
Accum. Other Comp. Income	$116M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.5B
Minority Interest	$9M
TOTAL EQUITY	$3.5B
TOTAL LIABILITIES & EQUITY	$10.1B
Total Debt	$3.4B
Net Debt	$2.0B