SBCF FY 2023 Earnings Report — Seacoast Banking Corporation of Florida Revenue & Financial Results | Market Cap Arena

Seacoast Banking Corporation of FloridaSBCF

FY 2023 Earnings

Reported February 27, 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	$768M	—	$447M	—	72.0%
Op. Income	$134M	—	$138M	—	-2.8%
Gross Margin	68.8%	—	90.7%	—	-21.8pp
Net Margin	13.5%	—	23.8%	—	-10.3pp
EPS (Diluted)	$1.23	—	$1.66	—	-25.9%
Free Cash Flow	$140M	—	$183M	—	-23.4%

Revenue Flow

Item	Amount
REVENUE	$768M
Cost of Revenue	$239M
GROSS PROFIT	$529M
R&D Expenses	$0
Selling & Marketing	$9M
General & Administrative	$216M
SG&A Expenses	$225M
Other Expenses	$169M
Operating Expenses	$394M
Cost & Expenses	$634M
OPERATING INCOME	$134M
Interest Income	$689M
Interest Expense	$201M
Other Income/Expenses	$0
INCOME BEFORE TAX	$134M
Income Tax Expense	$30M
Net Income from Continuing Ops	$104M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$104M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$104M
D&A	$423.0K
EBIT	$134M
EBITDA	$135M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$768M
Cost of Revenue	$239M
GROSS PROFIT	$529M
R&D Expenses	$0
Selling & Marketing	$9M
General & Administrative	$216M
SG&A Expenses	$225M
Other Expenses	$169M
Operating Expenses	$394M
Cost & Expenses	$634M
OPERATING INCOME	$134M
Interest Income	$689M
Interest Expense	$201M
Other Income/Expenses	$0
INCOME BEFORE TAX	$134M
Income Tax Expense	$30M
Net Income from Continuing Ops	$104M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$104M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$104M
D&A	$423.0K
EBIT	$134M
EBITDA	$135M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$104M
Depreciation & Amortization	$423.0K
Stock-Based Compensation	$13M
Deferred Income Tax	$9M
Other Non-Cash Items	$41M
Change in Working Capital	-$18M
OPERATING CASH FLOW	$151M
Capital Expenditure	-$10M
Acquisitions (Net)	$142M
Purchases of Investments	-$101M
Sales/Maturities of Investments	$403M
Other Investing Activities	$94M
NET CASH FROM INVESTING	$527M
Net Debt Issuance	-$245M
Common Stock Repurchased	-$11M
Common Dividends Paid	-$61M
Other Financing Activities	-$116M
NET CASH FROM FINANCING	-$433M
FREE CASH FLOW	$140M
Net Change in Cash	$245M

Balance Sheet

Item	Amount
Cash & Equivalents	$453M
Short-Term Investments	$1.8B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.3B
PP&E (Net)	$113M
Goodwill	$732M
Intangible Assets	$96M
Long-Term Investments	$10.6B
Tax Assets	$113M
Other Non-Current Assets	$642M
TOTAL NON-CURRENT ASSETS	$12.3B
TOTAL ASSETS	$14.6B
Account Payables	$0
Short-Term Debt	$375M
Deferred Revenue	$0
Other Current Liabilities	$11.8B
TOTAL CURRENT LIABILITIES	$12.2B
Long-Term Debt	$156M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$164M
TOTAL NON-CURRENT LIABILITIES	$321M
TOTAL LIABILITIES	$12.5B
Common Stock	$8M
Additional Paid-In Capital	$1.8B
Retained Earnings	$467M
Treasury Stock	-$17M
Accum. Other Comp. Income	-$160M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$14.6B
Total Debt	$531M
Net Debt	$78M