ZION Q1 2023 Earnings Report — Zions Bancorporation, National Association Revenue & Financial Results | Market Cap Arena

Zions Bancorporation, National AssociationZION

Q1 2023 Earnings

Reported May 5, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q1 2023	Q4 2022	Q1 2022	QoQ Change	YoY Change
Revenue	$1.1B	$988M	$697M	9.3%	54.9%
Op. Income	$282M	$359M	$255M	-21.4%	10.6%
Gross Margin	73.5%	84.0%	103.2%	-10.5pp	-29.6pp
Net Margin	18.9%	28.7%	29.1%	-9.9pp	-10.2pp
EPS (Diluted)	$1.33	$1.84	$1.27	-27.7%	4.7%
Free Cash Flow	$190M	$458M	$235M	-58.5%	-19.1%

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$286M
GROSS PROFIT	$794M
R&D Expenses	$0
Selling & Marketing	$12M
General & Administrative	$357M
SG&A Expenses	$369M
Other Expenses	$143M
Operating Expenses	$512M
Cost & Expenses	$798M
OPERATING INCOME	$282M
Interest Income	$920M
Interest Expense	$241M
Other Income/Expenses	$0
INCOME BEFORE TAX	$282M
Income Tax Expense	$78M
Net Income from Continuing Ops	$204M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$204M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$197M
D&A	$36M
EBIT	$282M
EBITDA	$318M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$286M
GROSS PROFIT	$794M
R&D Expenses	$0
Selling & Marketing	$12M
General & Administrative	$357M
SG&A Expenses	$369M
Other Expenses	$143M
Operating Expenses	$512M
Cost & Expenses	$798M
OPERATING INCOME	$282M
Interest Income	$920M
Interest Expense	$241M
Other Income/Expenses	$0
INCOME BEFORE TAX	$282M
Income Tax Expense	$78M
Net Income from Continuing Ops	$204M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$204M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$197M
D&A	$36M
EBIT	$282M
EBITDA	$318M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$204M
Depreciation & Amortization	$36M
Stock-Based Compensation	$17M
Deferred Income Tax	$6M
Other Non-Cash Items	$41M
Change in Working Capital	-$83M
OPERATING CASH FLOW	$221M
Capital Expenditure	-$31M
Acquisitions (Net)	$0
Purchases of Investments	-$185M
Sales/Maturities of Investments	$1.5B
Other Investing Activities	-$740M
NET CASH FROM INVESTING	$591M
Net Debt Issuance	$1.7B
Common Stock Repurchased	-$50M
Common Dividends Paid	-$69M
Other Financing Activities	-$2.5B
NET CASH FROM FINANCING	-$862M
FREE CASH FLOW	$190M
Net Change in Cash	-$50M

Balance Sheet

Item	Amount
Cash & Equivalents	$3.3B
Short-Term Investments	$11.6B
Net Receivables	$385M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$15.3B
PP&E (Net)	$1.4B
Goodwill	$0
Intangible Assets	$1.1B
Long-Term Investments	$66.6B
Tax Assets	$0
Other Non-Current Assets	$4.2B
TOTAL NON-CURRENT ASSETS	$73.2B
TOTAL ASSETS	$88.6B
Account Payables	$0
Short-Term Debt	$12.1B
Deferred Revenue	$0
Other Current Liabilities	$69.2B
TOTAL CURRENT LIABILITIES	$81.3B
Long-Term Debt	$659M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$1.4B
TOTAL NON-CURRENT LIABILITIES	$2.1B
TOTAL LIABILITIES	$83.4B
Common Stock	$1.7B
Additional Paid-In Capital	$0
Retained Earnings	$5.9B
Treasury Stock	$0
Accum. Other Comp. Income	-$2.9B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.2B
Minority Interest	$0
TOTAL EQUITY	$5.2B
TOTAL LIABILITIES & EQUITY	$88.6B
Total Debt	$12.8B
Net Debt	$9.5B