ZION FY 2023 Earnings Report — Zions Bancorporation, National Association Revenue & Financial Results | Market Cap Arena

Zions Bancorporation, National AssociationZION

FY 2023 Earnings

Reported February 23, 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	$4.6B	—	$3.3B	—	38.6%
Op. Income	$886M	—	$1.2B	—	-23.1%
Gross Margin	64.5%	—	90.8%	—	-26.3pp
Net Margin	14.7%	—	27.2%	—	-12.5pp
EPS (Diluted)	$4.35	—	$5.79	—	-24.9%
Free Cash Flow	$772M	—	$1.3B	—	-39.7%

Revenue Flow

Item	Amount
REVENUE	$4.6B
Cost of Revenue	$1.6B
GROSS PROFIT	$3.0B
R&D Expenses	$0
Selling & Marketing	$46M
General & Administrative	$1.4B
SG&A Expenses	$1.4B
Other Expenses	$697M
Operating Expenses	$2.1B
Cost & Expenses	$3.7B
OPERATING INCOME	$886M
Interest Income	$3.9B
Interest Expense	$1.5B
Other Income/Expenses	$0
INCOME BEFORE TAX	$886M
Income Tax Expense	$206M
Net Income from Continuing Ops	$680M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$680M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$642M
D&A	$140M
EBIT	$886M
EBITDA	$1.0B
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$4.6B
Cost of Revenue	$1.6B
GROSS PROFIT	$3.0B
R&D Expenses	$0
Selling & Marketing	$46M
General & Administrative	$1.4B
SG&A Expenses	$1.4B
Other Expenses	$697M
Operating Expenses	$2.1B
Cost & Expenses	$3.7B
OPERATING INCOME	$886M
Interest Income	$3.9B
Interest Expense	$1.5B
Other Income/Expenses	$0
INCOME BEFORE TAX	$886M
Income Tax Expense	$206M
Net Income from Continuing Ops	$680M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$680M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$642M
D&A	$140M
EBIT	$886M
EBITDA	$1.0B
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$680M
Depreciation & Amortization	$140M
Stock-Based Compensation	$33M
Deferred Income Tax	-$9M
Other Non-Cash Items	$189M
Change in Working Capital	-$148M
OPERATING CASH FLOW	$885M
Capital Expenditure	-$113M
Acquisitions (Net)	$0
Purchases of Investments	-$707M
Sales/Maturities of Investments	$5.3B
Other Investing Activities	-$2.1B
NET CASH FROM INVESTING	$2.4B
Net Debt Issuance	-$6.2B
Common Stock Repurchased	-$51M
Common Dividends Paid	-$282M
Other Financing Activities	$3.3B
NET CASH FROM FINANCING	-$3.2B
FREE CASH FLOW	$772M
Net Change in Cash	$59M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.2B
Short-Term Investments	$10.3B
Net Receivables	$383M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$12.9B
PP&E (Net)	$1.4B
Goodwill	$1.0B
Intangible Assets	$32M
Long-Term Investments	$67.5B
Tax Assets	$0
Other Non-Current Assets	$4.4B
TOTAL NON-CURRENT ASSETS	$74.3B
TOTAL ASSETS	$87.2B
Account Payables	$0
Short-Term Debt	$4.0B
Deferred Revenue	$0
Other Current Liabilities	$75.0B
TOTAL CURRENT LIABILITIES	$79.0B
Long-Term Debt	$538M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$2.0B
TOTAL NON-CURRENT LIABILITIES	$2.5B
TOTAL LIABILITIES	$81.5B
Common Stock	$1.7B
Additional Paid-In Capital	$0
Retained Earnings	$6.2B
Treasury Stock	$0
Accum. Other Comp. Income	-$2.7B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.7B
Minority Interest	$0
TOTAL EQUITY	$5.7B
TOTAL LIABILITIES & EQUITY	$87.2B
Total Debt	$4.5B
Net Debt	$2.3B