VLY FY 2023 Earnings Report — Valley National Bancorp Revenue & Financial Results | Market Cap Arena

Valley National BancorpVLY

FY 2023 Earnings

Reported February 29, 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	$3.4B	—	$2.2B	—	53.6%
Op. Income	$678M	—	$781M	—	-13.1%
Gross Margin	54.7%	—	82.7%	—	-28.0pp
Net Margin	14.9%	—	26.1%	—	-11.2pp
EPS (Diluted)	$0.95	—	$1.14	—	-16.7%
Free Cash Flow	$378M	—	$1.4B	—	-73.5%

Revenue Flow

Item	Amount
REVENUE	$3.4B
Cost of Revenue	$1.5B
GROSS PROFIT	$1.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$591M
SG&A Expenses	$591M
Other Expenses	$564M
Operating Expenses	$1.2B
Cost & Expenses	$2.7B
OPERATING INCOME	$678M
Interest Income	$3.1B
Interest Expense	$1.5B
Other Income/Expenses	$0
INCOME BEFORE TAX	$678M
Income Tax Expense	$180M
Net Income from Continuing Ops	$499M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$499M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$482M
D&A	$83M
EBIT	$678M
EBITDA	$762M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$3.4B
Cost of Revenue	$1.5B
GROSS PROFIT	$1.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$591M
SG&A Expenses	$591M
Other Expenses	$564M
Operating Expenses	$1.2B
Cost & Expenses	$2.7B
OPERATING INCOME	$678M
Interest Income	$3.1B
Interest Expense	$1.5B
Other Income/Expenses	$0
INCOME BEFORE TAX	$678M
Income Tax Expense	$180M
Net Income from Continuing Ops	$499M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$499M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$482M
D&A	$83M
EBIT	$678M
EBITDA	$762M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$499M
Depreciation & Amortization	$83M
Stock-Based Compensation	$33M
Deferred Income Tax	-$9M
Other Non-Cash Items	$36M
Change in Working Capital	-$263M
OPERATING CASH FLOW	$378M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$429M
Sales/Maturities of Investments	$479M
Other Investing Activities	-$3.4B
NET CASH FROM INVESTING	-$3.3B
Net Debt Issuance	$1.6B
Common Stock Repurchased	-$11M
Common Dividends Paid	-$225M
Other Financing Activities	$1.6B
NET CASH FROM FINANCING	$2.9B
FREE CASH FLOW	$378M
Net Change in Cash	-$57M

Balance Sheet

Item	Amount
Cash & Equivalents	$891M
Short-Term Investments	$1.3B
Net Receivables	$245M
Inventory	$0
Other Current Assets	$4M
TOTAL CURRENT ASSETS	$2.4B
PP&E (Net)	$725M
Goodwill	$1.9B
Intangible Assets	$160M
Long-Term Investments	$53.6B
Tax Assets	$0
Other Non-Current Assets	$2.1B
TOTAL NON-CURRENT ASSETS	$58.5B
TOTAL ASSETS	$60.9B
Account Payables	$0
Short-Term Debt	$918M
Deferred Revenue	$0
Other Current Liabilities	$49.2B
TOTAL CURRENT LIABILITIES	$51.4B
Long-Term Debt	$2.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$2.8B
TOTAL LIABILITIES	$54.2B
Common Stock	$178M
Additional Paid-In Capital	$5.0B
Retained Earnings	$1.5B
Treasury Stock	-$1M
Accum. Other Comp. Income	-$146M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$6.7B
Minority Interest	$0
TOTAL EQUITY	$6.7B
TOTAL LIABILITIES & EQUITY	$60.9B
Total Debt	$3.7B
Net Debt	$2.8B