SSB FY 2022 Earnings Report — SouthState Corporation Revenue & Financial Results | Market Cap Arena

SouthState CorporationSSB

FY 2022 Earnings

Reported February 24, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$1.7B	—	$1.4B	—	18.2%
Op. Income	$633M	—	$604M	—	4.8%
Gross Margin	91.4%	—	108.0%	—	-16.6pp
Net Margin	29.6%	—	33.6%	—	-3.9pp
EPS (Diluted)	$6.60	—	$6.71	—	-1.6%
Free Cash Flow	$1.7B	—	$387M	—	342.4%

Revenue Flow

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$143M
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$9M
General & Administrative	$601M
SG&A Expenses	$610M
Other Expenses	$288M
Operating Expenses	$898M
Cost & Expenses	$1.0B
OPERATING INCOME	$633M
Interest Income	$1.4B
Interest Expense	$61M
Other Income/Expenses	$0
INCOME BEFORE TAX	$633M
Income Tax Expense	$137M
Net Income from Continuing Ops	$496M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$496M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$496M
D&A	$65M
EBIT	$633M
EBITDA	$698M
EPS	$7
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$1.7B
Cost of Revenue	$143M
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$9M
General & Administrative	$601M
SG&A Expenses	$610M
Other Expenses	$288M
Operating Expenses	$898M
Cost & Expenses	$1.0B
OPERATING INCOME	$633M
Interest Income	$1.4B
Interest Expense	$61M
Other Income/Expenses	$0
INCOME BEFORE TAX	$633M
Income Tax Expense	$137M
Net Income from Continuing Ops	$496M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$496M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$496M
D&A	$65M
EBIT	$633M
EBITDA	$698M
EPS	$7
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$496M
Depreciation & Amortization	$65M
Stock-Based Compensation	$36M
Deferred Income Tax	$124M
Other Non-Cash Items	$211M
Change in Working Capital	$800M
OPERATING CASH FLOW	$1.7B
Capital Expenditure	-$18M
Acquisitions (Net)	$250M
Purchases of Investments	-$2.5B
Sales/Maturities of Investments	$1.3B
Other Investing Activities	-$3.9B
NET CASH FROM INVESTING	-$4.9B
Net Debt Issuance	-$13M
Common Stock Repurchased	-$119M
Common Dividends Paid	-$147M
Other Financing Activities	-$2.0B
NET CASH FROM FINANCING	-$2.3B
FREE CASH FLOW	$1.7B
Net Change in Cash	-$5.4B

Balance Sheet

Item	Amount
Cash & Equivalents	$732M
Short-Term Investments	$5.3B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$6.1B
PP&E (Net)	$521M
Goodwill	$1.9B
Intangible Assets	$203M
Long-Term Investments	$32.9B
Tax Assets	$178M
Other Non-Current Assets	$2.1B
TOTAL NON-CURRENT ASSETS	$37.9B
TOTAL ASSETS	$43.9B
Account Payables	$0
Short-Term Debt	$556M
Deferred Revenue	$0
Other Current Liabilities	$36.4B
TOTAL CURRENT LIABILITIES	$36.9B
Long-Term Debt	$382M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$1.6B
TOTAL NON-CURRENT LIABILITIES	$1.9B
TOTAL LIABILITIES	$38.8B
Common Stock	$189M
Additional Paid-In Capital	$4.2B
Retained Earnings	$1.3B
Treasury Stock	$0
Accum. Other Comp. Income	-$677M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.1B
Minority Interest	$0
TOTAL EQUITY	$5.1B
TOTAL LIABILITIES & EQUITY	$43.9B
Total Debt	$938M
Net Debt	$206M