SSB FY 2023 Earnings Report — SouthState Corporation Revenue & Financial Results | Market Cap Arena

SouthState CorporationSSB

FY 2023 Earnings

Reported March 4, 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	$2.2B	—	$1.7B	—	30.9%
Op. Income	$631M	—	$633M	—	-0.4%
Gross Margin	72.4%	—	91.4%	—	-19.1pp
Net Margin	22.5%	—	29.6%	—	-7.1pp
EPS (Diluted)	$6.46	—	$6.60	—	-2.1%
Free Cash Flow	$508M	—	$1.7B	—	-70.4%

Revenue Flow

Item	Amount
REVENUE	$2.2B
Cost of Revenue	$606M
GROSS PROFIT	$1.6B
R&D Expenses	$0
Selling & Marketing	$9M
General & Administrative	$672M
SG&A Expenses	$681M
Other Expenses	$274M
Operating Expenses	$956M
Cost & Expenses	$1.6B
OPERATING INCOME	$631M
Interest Income	$1.9B
Interest Expense	$492M
Other Income/Expenses	$0
INCOME BEFORE TAX	$631M
Income Tax Expense	$137M
Net Income from Continuing Ops	$494M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$494M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$494M
D&A	$59M
EBIT	$631M
EBITDA	$690M
EPS	$7
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$2.2B
Cost of Revenue	$606M
GROSS PROFIT	$1.6B
R&D Expenses	$0
Selling & Marketing	$9M
General & Administrative	$672M
SG&A Expenses	$681M
Other Expenses	$274M
Operating Expenses	$956M
Cost & Expenses	$1.6B
OPERATING INCOME	$631M
Interest Income	$1.9B
Interest Expense	$492M
Other Income/Expenses	$0
INCOME BEFORE TAX	$631M
Income Tax Expense	$137M
Net Income from Continuing Ops	$494M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$494M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$494M
D&A	$59M
EBIT	$631M
EBITDA	$690M
EPS	$7
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$494M
Depreciation & Amortization	$59M
Stock-Based Compensation	$36M
Deferred Income Tax	$2M
Other Non-Cash Items	$66M
Change in Working Capital	-$110M
OPERATING CASH FLOW	$547M
Capital Expenditure	-$39M
Acquisitions (Net)	$0
Purchases of Investments	-$307M
Sales/Maturities of Investments	$1.1B
Other Investing Activities	-$2.2B
NET CASH FROM INVESTING	-$1.4B
Net Debt Issuance	$100M
Common Stock Repurchased	-$16M
Common Dividends Paid	-$156M
Other Financing Activities	$635M
NET CASH FROM FINANCING	$566M
FREE CASH FLOW	$508M
Net Change in Cash	-$314M

Balance Sheet

Item	Amount
Cash & Equivalents	$762M
Short-Term Investments	$4.8B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$5.5B
PP&E (Net)	$519M
Goodwill	$1.9B
Intangible Assets	$174M
Long-Term Investments	$34.8B
Tax Assets	$164M
Other Non-Current Assets	$1.7B
TOTAL NON-CURRENT ASSETS	$39.4B
TOTAL ASSETS	$44.9B
Account Payables	$0
Short-Term Debt	$589M
Deferred Revenue	$0
Other Current Liabilities	$37.0B
TOTAL CURRENT LIABILITIES	$37.6B
Long-Term Debt	$382M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$1.3B
TOTAL NON-CURRENT LIABILITIES	$1.7B
TOTAL LIABILITIES	$39.4B
Common Stock	$190M
Additional Paid-In Capital	$4.2B
Retained Earnings	$1.7B
Treasury Stock	$0
Accum. Other Comp. Income	-$583M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.5B
Minority Interest	$0
TOTAL EQUITY	$5.5B
TOTAL LIABILITIES & EQUITY	$44.9B
Total Debt	$971M
Net Debt	$208M