TRMK FY 2023 Earnings Report — Trustmark Corporation Revenue & Financial Results | Market Cap Arena

Trustmark CorporationTRMK

FY 2023 Earnings

Reported February 15, 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	$916M	—	$583M	—	57.1%
Op. Income	$181M	—	$59M	—	206.3%
Gross Margin	61.7%	—	88.0%	—	-26.3pp
Net Margin	18.1%	—	12.3%	—	5.7pp
EPS (Diluted)	$2.70	—	$1.17	—	130.8%
Free Cash Flow	$148M	—	$263M	—	-43.5%

Revenue Flow

Item	Amount
REVENUE	$916M
Cost of Revenue	$351M
GROSS PROFIT	$566M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$282M
SG&A Expenses	$282M
Other Expenses	$103M
Operating Expenses	$385M
Cost & Expenses	$735M
OPERATING INCOME	$181M
Interest Income	$879M
Interest Expense	$326M
Other Income/Expenses	$0
INCOME BEFORE TAX	$181M
Income Tax Expense	$28M
Net Income from Continuing Ops	$153M
Net Income from Discontinued Ops	$12M
Other Adjustments	$0
NET INCOME	$165M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$165M
D&A	$36M
EBIT	$181M
EBITDA	$217M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$916M
Cost of Revenue	$351M
GROSS PROFIT	$566M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$282M
SG&A Expenses	$282M
Other Expenses	$103M
Operating Expenses	$385M
Cost & Expenses	$735M
OPERATING INCOME	$181M
Interest Income	$879M
Interest Expense	$326M
Other Income/Expenses	$0
INCOME BEFORE TAX	$181M
Income Tax Expense	$28M
Net Income from Continuing Ops	$153M
Net Income from Discontinued Ops	$12M
Other Adjustments	$0
NET INCOME	$165M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$165M
D&A	$36M
EBIT	$181M
EBITDA	$217M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$165M
Depreciation & Amortization	$36M
Stock-Based Compensation	$6M
Deferred Income Tax	-$5M
Other Non-Cash Items	-$29M
Change in Working Capital	$23M
OPERATING CASH FLOW	$197M
Capital Expenditure	-$49M
Acquisitions (Net)	$0
Purchases of Investments	-$36M
Sales/Maturities of Investments	$409M
Other Investing Activities	-$744M
NET CASH FROM INVESTING	-$411M
Net Debt Issuance	-$576M
Common Stock Repurchased	-$1M
Common Dividends Paid	-$57M
Other Financing Activities	$1.1B
NET CASH FROM FINANCING	$455M
FREE CASH FLOW	$148M
Net Change in Cash	$241M

Balance Sheet

Item	Amount
Cash & Equivalents	$975M
Short-Term Investments	$1.8B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.7B
PP&E (Net)	$267M
Goodwill	$335M
Intangible Assets	$132M
Long-Term Investments	$14.5B
Tax Assets	$0
Other Non-Current Assets	$759M
TOTAL NON-CURRENT ASSETS	$16.0B
TOTAL ASSETS	$18.7B
Account Payables	$0
Short-Term Debt	$485M
Deferred Revenue	$0
Other Current Liabilities	$15.6B
TOTAL CURRENT LIABILITIES	$16.1B
Long-Term Debt	$585M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$377M
TOTAL NON-CURRENT LIABILITIES	$1.0B
TOTAL LIABILITIES	$17.1B
Common Stock	$13M
Additional Paid-In Capital	$160M
Retained Earnings	$1.7B
Treasury Stock	$0
Accum. Other Comp. Income	-$220M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.7B
Minority Interest	$0
TOTAL EQUITY	$1.7B
TOTAL LIABILITIES & EQUITY	$18.7B
Total Debt	$1.1B
Net Debt	$138M