WABC FY 2023 Earnings Report — Westamerica Bancorporation Revenue & Financial Results | Market Cap Arena

Westamerica BancorporationWABC

FY 2023 Earnings

Reported February 28, 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	$328M	—	$267M	—	22.7%
Op. Income	$222M	—	$166M	—	33.8%
Gross Margin	99.2%	—	99.3%	—	-0.1pp
Net Margin	49.4%	—	45.7%	—	3.7pp
EPS (Diluted)	$6.06	—	$4.54	—	33.5%
Free Cash Flow	$157M	—	$113M	—	39.1%

Revenue Flow

Item	Amount
REVENUE	$328M
Cost of Revenue	$3M
GROSS PROFIT	$325M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$48M
SG&A Expenses	$48M
Other Expenses	$55M
Operating Expenses	$103M
Cost & Expenses	$106M
OPERATING INCOME	$222M
Interest Income	$284M
Interest Expense	$4M
Other Income/Expenses	$0
INCOME BEFORE TAX	$222M
Income Tax Expense	$60M
Net Income from Continuing Ops	$162M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$162M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$162M
D&A	$12M
EBIT	$222M
EBITDA	$233M
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$328M
Cost of Revenue	$3M
GROSS PROFIT	$325M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$48M
SG&A Expenses	$48M
Other Expenses	$55M
Operating Expenses	$103M
Cost & Expenses	$106M
OPERATING INCOME	$222M
Interest Income	$284M
Interest Expense	$4M
Other Income/Expenses	$0
INCOME BEFORE TAX	$222M
Income Tax Expense	$60M
Net Income from Continuing Ops	$162M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$162M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$162M
D&A	$12M
EBIT	$222M
EBITDA	$233M
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$162M
Depreciation & Amortization	$12M
Stock-Based Compensation	$1M
Deferred Income Tax	-$869.0K
Other Non-Cash Items	-$2M
Change in Working Capital	-$14M
OPERATING CASH FLOW	$158M
Capital Expenditure	-$1M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$460M
Other Investing Activities	$88M
NET CASH FROM INVESTING	$547M
Net Debt Issuance	$370.0K
Common Stock Repurchased	-$14M
Common Dividends Paid	-$46M
Other Financing Activities	-$750M
NET CASH FROM FINANCING	-$809M
FREE CASH FLOW	$157M
Net Change in Cash	-$104M

Balance Sheet

Item	Amount
Cash & Equivalents	$190M
Short-Term Investments	$4.0B
Net Receivables	$55M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$4.2B
PP&E (Net)	$46M
Goodwill	$122M
Intangible Assets	$347.0K
Long-Term Investments	$1.8B
Tax Assets	$100M
Other Non-Current Assets	$90M
TOTAL NON-CURRENT ASSETS	$2.1B
TOTAL ASSETS	$6.4B
Account Payables	$0
Short-Term Debt	$58M
Deferred Revenue	$0
Other Current Liabilities	$5.5B
TOTAL CURRENT LIABILITIES	$5.5B
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$40M
TOTAL NON-CURRENT LIABILITIES	$59M
TOTAL LIABILITIES	$5.6B
Common Stock	$473M
Additional Paid-In Capital	$0
Retained Earnings	$490M
Treasury Stock	$0
Accum. Other Comp. Income	-$190M
Other Equity	$35.0K
TOTAL STOCKHOLDERS' EQUITY	$773M
Minority Interest	$0
TOTAL EQUITY	$773M
TOTAL LIABILITIES & EQUITY	$6.4B
Total Debt	$77M
Net Debt	-$113M