WAL Q4 2023 Earnings Report — Western Alliance Bancorporation Revenue & Financial Results | Market Cap Arena

Western Alliance BancorporationWAL

Q4 2023 Earnings

Reported February 27, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2023	Q3 2023	Q4 2022	QoQ Change	YoY Change
Revenue	$1.1B	$1.1B	$932M	-2.6%	19.9%
Op. Income	$211M	$278M	$365M	-24.1%	-42.1%
Gross Margin	58.9%	60.3%	73.3%	-1.4pp	-14.4pp
Net Margin	13.2%	18.9%	31.4%	-5.6pp	-18.2pp
EPS (Diluted)	$1.33	$1.97	$2.67	-32.5%	-50.2%
Free Cash Flow	$314M	-$596M	$738M	152.7%	-57.4%

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$459M
GROSS PROFIT	$658M
R&D Expenses	$0
Selling & Marketing	$7M
General & Administrative	$135M
SG&A Expenses	$141M
Other Expenses	$306M
Operating Expenses	$447M
Cost & Expenses	$907M
OPERATING INCOME	$211M
Interest Income	$1.0B
Interest Expense	$447M
Other Income/Expenses	$0
INCOME BEFORE TAX	$211M
Income Tax Expense	$63M
Net Income from Continuing Ops	$148M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$148M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$145M
D&A	$25M
EBIT	$211M
EBITDA	$236M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$459M
GROSS PROFIT	$658M
R&D Expenses	$0
Selling & Marketing	$7M
General & Administrative	$135M
SG&A Expenses	$141M
Other Expenses	$306M
Operating Expenses	$447M
Cost & Expenses	$907M
OPERATING INCOME	$211M
Interest Income	$1.0B
Interest Expense	$447M
Other Income/Expenses	$0
INCOME BEFORE TAX	$211M
Income Tax Expense	$63M
Net Income from Continuing Ops	$148M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$148M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$145M
D&A	$25M
EBIT	$211M
EBITDA	$236M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$148M
Depreciation & Amortization	$25M
Stock-Based Compensation	$9M
Deferred Income Tax	$7M
Other Non-Cash Items	$133M
Change in Working Capital	$20M
OPERATING CASH FLOW	$341M
Capital Expenditure	-$27M
Acquisitions (Net)	$0
Purchases of Investments	-$8.5B
Sales/Maturities of Investments	$7.2B
Other Investing Activities	-$637M
NET CASH FROM INVESTING	-$1.9B
Net Debt Issuance	-$901M
Common Stock Repurchased	$0
Common Dividends Paid	-$44M
Other Financing Activities	$563M
NET CASH FROM FINANCING	-$382M
FREE CASH FLOW	$314M
Net Change in Cash	-$1.9B

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