WAL Q4 2022 Earnings Report — Western Alliance Bancorporation Revenue & Financial Results | Market Cap Arena

Western Alliance BancorporationWAL

Q4 2022 Earnings

Reported February 23, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2022	Q3 2022	Q4 2021	QoQ Change	YoY Change
Revenue	$932M	$786M	$580M	18.7%	60.7%
Op. Income	$365M	$330M	$310M	10.6%	17.6%
Gross Margin	73.3%	78.9%	93.3%	-5.6pp	-20.0pp
Net Margin	31.4%	33.6%	42.4%	-2.2pp	-11.0pp
EPS (Diluted)	$2.67	$2.42	$2.32	10.3%	15.1%
Free Cash Flow	$738M	$454M	$577M	62.4%	27.7%

Revenue Flow

Item	Amount
REVENUE	$932M
Cost of Revenue	$249M
GROSS PROFIT	$684M
R&D Expenses	$0
Selling & Marketing	$7M
General & Administrative	$126M
SG&A Expenses	$133M
Other Expenses	$186M
Operating Expenses	$319M
Cost & Expenses	$568M
OPERATING INCOME	$365M
Interest Income	$888M
Interest Expense	$249M
Other Income/Expenses	$0
INCOME BEFORE TAX	$365M
Income Tax Expense	$72M
Net Income from Continuing Ops	$293M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$293M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$290M
D&A	$22M
EBIT	$365M
EBITDA	$387M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$932M
Cost of Revenue	$249M
GROSS PROFIT	$684M
R&D Expenses	$0
Selling & Marketing	$7M
General & Administrative	$126M
SG&A Expenses	$133M
Other Expenses	$186M
Operating Expenses	$319M
Cost & Expenses	$568M
OPERATING INCOME	$365M
Interest Income	$888M
Interest Expense	$249M
Other Income/Expenses	$0
INCOME BEFORE TAX	$365M
Income Tax Expense	$72M
Net Income from Continuing Ops	$293M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$293M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$290M
D&A	$22M
EBIT	$365M
EBITDA	$387M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$293M
Depreciation & Amortization	$22M
Stock-Based Compensation	$10M
Deferred Income Tax	-$116M
Other Non-Cash Items	$581M
Change in Working Capital	$5M
OPERATING CASH FLOW	$794M
Capital Expenditure	-$57M
Acquisitions (Net)	$0
Purchases of Investments	$11.5B
Sales/Maturities of Investments	$183M
Other Investing Activities	-$11.2B
NET CASH FROM INVESTING	$491M
Net Debt Issuance	$136M
Common Stock Repurchased	$0
Common Dividends Paid	-$42M
Other Financing Activities	-$1.9B
NET CASH FROM FINANCING	-$1.9B
FREE CASH FLOW	$738M
Net Change in Cash	-$566M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.0B
Short-Term Investments	$7.1B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$8.1B
PP&E (Net)	$439M
Goodwill	$527M
Intangible Assets	$1.3B
Long-Term Investments	$54.8B
Tax Assets	$311M
Other Non-Current Assets	$2.2B
TOTAL NON-CURRENT ASSETS	$59.6B
TOTAL ASSETS	$67.7B
Account Payables	$0
Short-Term Debt	$5.0B
Deferred Revenue	$0
Other Current Liabilities	$53.6B
TOTAL CURRENT LIABILITIES	$58.6B
Long-Term Debt	$2.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$1.4B
TOTAL NON-CURRENT LIABILITIES	$3.7B
TOTAL LIABILITIES	$62.4B
Common Stock	$2.2B
Additional Paid-In Capital	$0
Retained Earnings	$3.7B
Treasury Stock	-$105M
Accum. Other Comp. Income	-$661M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.4B
Minority Interest	$0
TOTAL EQUITY	$5.4B
TOTAL LIABILITIES & EQUITY	$67.7B
Total Debt	$7.4B
Net Debt	$6.3B