WAL FY 2023 Earnings Report — Western Alliance Bancorporation Revenue & Financial Results | Market Cap Arena

Western Alliance BancorporationWAL

FY 2023 Earnings

Reported February 27, 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	$4.3B	—	$3.0B	—	43.8%
Op. Income	$934M	—	$1.3B	—	-29.1%
Gross Margin	58.7%	—	81.6%	—	-23.0pp
Net Margin	17.0%	—	35.7%	—	-18.7pp
EPS (Diluted)	$6.54	—	$9.70	—	-32.6%
Free Cash Flow	-$443M	—	$2.1B	—	-121.0%

Revenue Flow

Item	Amount
REVENUE	$4.3B
Cost of Revenue	$1.8B
GROSS PROFIT	$2.5B
R&D Expenses	$0
Selling & Marketing	$22M
General & Administrative	$566M
SG&A Expenses	$588M
Other Expenses	$977M
Operating Expenses	$1.6B
Cost & Expenses	$3.3B
OPERATING INCOME	$934M
Interest Income	$4.0B
Interest Expense	$1.7B
Other Income/Expenses	$0
INCOME BEFORE TAX	$934M
Income Tax Expense	$211M
Net Income from Continuing Ops	$722M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$722M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$710M
D&A	$87M
EBIT	$934M
EBITDA	$1.0B
EPS	$7
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$4.3B
Cost of Revenue	$1.8B
GROSS PROFIT	$2.5B
R&D Expenses	$0
Selling & Marketing	$22M
General & Administrative	$566M
SG&A Expenses	$588M
Other Expenses	$977M
Operating Expenses	$1.6B
Cost & Expenses	$3.3B
OPERATING INCOME	$934M
Interest Income	$4.0B
Interest Expense	$1.7B
Other Income/Expenses	$0
INCOME BEFORE TAX	$934M
Income Tax Expense	$211M
Net Income from Continuing Ops	$722M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$722M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$710M
D&A	$87M
EBIT	$934M
EBITDA	$1.0B
EPS	$7
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$722M
Depreciation & Amortization	$87M
Stock-Based Compensation	$34M
Deferred Income Tax	-$25M
Other Non-Cash Items	-$1.3B
Change in Working Capital	$115M
OPERATING CASH FLOW	-$329M
Capital Expenditure	-$114M
Acquisitions (Net)	$0
Purchases of Investments	-$15.6B
Sales/Maturities of Investments	$11.6B
Other Investing Activities	$1.9B
NET CASH FROM INVESTING	-$2.2B
Net Debt Issuance	$1.5B
Common Stock Repurchased	$0
Common Dividends Paid	-$172M
Other Financing Activities	$1.7B
NET CASH FROM FINANCING	$3.0B
FREE CASH FLOW	-$443M
Net Change in Cash	$533M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.6B
Short-Term Investments	$11.2B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$12.7B
PP&E (Net)	$484M
Goodwill	$527M
Intangible Assets	$1.3B
Long-Term Investments	$53.5B
Tax Assets	$287M
Other Non-Current Assets	$2.1B
TOTAL NON-CURRENT ASSETS	$58.1B
TOTAL ASSETS	$70.9B
Account Payables	$0
Short-Term Debt	$6.8B
Deferred Revenue	$0
Other Current Liabilities	$55.3B
TOTAL CURRENT LIABILITIES	$62.1B
Long-Term Debt	$1.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$1.1B
TOTAL NON-CURRENT LIABILITIES	$2.7B
TOTAL LIABILITIES	$64.8B
Common Stock	$2.2B
Additional Paid-In Capital	$0
Retained Earnings	$4.2B
Treasury Stock	-$116M
Accum. Other Comp. Income	-$513M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$6.1B
Minority Interest	$0
TOTAL EQUITY	$6.1B
TOTAL LIABILITIES & EQUITY	$70.9B
Total Debt	$8.3B
Net Debt	$6.7B