Customers Bancorp, Inc. (CUBI) · 10+ Years of Financial statements

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	24	49	99	124	175	223	304	344	315	310	461	749	633	741
+ Sales & Services Revenue	24	49	99	124	175	223	304	344	315	310	461	749	633	741
- Cost of Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cost of Goods & Services	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Profit	24	49	99	124	175	223	304	344	315	310	461	749	633	741
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	24	49	99	124	175	223	304	344	315	310	461	749	633	741
+ Selling, General & Admin	19	22	31	49	67	82	122	151	160	134	108	120	124	171
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	5	27	68	75	108	141	182	193	154	176	353	629	510	570
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Non-Operating (Income) Loss	-28	-6	-36	-50	-66	-88	-125	-124	-91	-108	-190	-441	-291	-331
+ Interest Expense, Net	-42	-84	-116	-152	-229	-303	-396	-478	-578	-650	-683	-877	-1,147	-2,047
+ Interest Expense	-12	-22	-22	-24	-39	-54	-73	-106	-160	-186	-140	-96	-262	-680
- Interest Income	31	61	94	128	190	250	323	373	418	464	543	781	885	1,367
+ Other Non-Op (Income) Loss	14	78	79	102	163	215	271	354	487	542	493	435	856	1,717
Pretax Income	28	6	36	50	66	88	125	124	91	108	190	441	291	331
- Income Tax Expense (Benefit)	5	2	12	18	21	30	46	45	19	26	47	87	63	81
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	24	4	24	33	45	59	79	79	72	81	143	354	228	250
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	1	- -	- -	- -	- -	2	10	40	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	-1	- -	-9	- -	- -	-2	-10	-40	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	3	- -	9	- -	- -	4	21	79	- -	- -
Income (Loss) Incl. MI	24	4	24	33	43	59	79	79	72	79	133	315	228	250
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	24	4	24	33	43	59	79	79	72	79	133	315	228	250
- Preferred Dividends	- -	- -	- -	- -	- -	2	10	14	14	14	14	12	10	15
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	24	4	24	33	43	56	69	64	57	65	119	303	218	235
Basic Weighted Avg Shares	11	11	18	27	27	27	28	31	32	31	32	32	33	31
Basic EPS, GAAP	2.24	0.35	1.29	1.23	1.62	2.09	2.51	2.1	1.81	2.08	3.76	9.38	6.69	7.49
Basic EPS from Cont Ops	2.24	0.36	1.29	1.23	1.67	2.18	2.85	2.57	2.27	2.61	4.54	10.96	6.99	7.96
Diluted Weighted Avg Shares	11	11	18	27	28	29	30	33	32	32	32	34	34	32
Diluted EPS, GAAP	2.2	0.35	1.29	1.23	1.55	1.96	2.31	1.97	1.78	2.05	3.74	8.99	6.51	7.32
Diluted EPS from Cont Ops	2.2	0.36	1.29	1.23	1.59	2.04	2.62	2.42	2.22	2.57	4.51	10.51	6.8	7.78
EBITDA	1	1	2	3	4	4	6	11	14	14	19	22	27	32
EBITDA Margin (%)	3.49	2.82	2.05	2.52	2.04	1.79	1.94	3.14	4.5	4.39	4.02	2.89	4.29	4.29
EBITA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	98.51	8.26	24.12	26.3	24.65	26.28	25.91	22.93	22.78	25.62	28.76	42.02	36	33.76
Sales per Employee	- -	229,207	387,325	320,394	411,603	431,103	411,101	449,525	380,522	357,165	555,340	1,168,178	948,278	1,037,730
Dividend per Share	- -	- -	- -	- -	- -	0.09	0.33	0.47	0.46	0.46	0.45	0.34	0.29	0.47
Depreciation Expense	1	1	2	3	4	4	6	11	14	14	19	22	27	32

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	- -	182	333	749	805	845	782	645	760	846	1,984	4,427	3,567	6,367
+ Cash, Cash Equivalents & STI	- -	153	315	731	788	825	758	618	727	808	1,904	4,335	3,443	6,252
+ Cash & Cash Equivalents	- -	74	186	233	371	265	265	146	62	213	693	518	456	3,846
+ ST Investments	- -	79	129	498	417	560	493	471	665	596	1,210	3,817	2,988	2,406
+ Accounts & Notes Receiv	- -	29	18	18	18	20	24	27	33	38	80	92	123	115
+ Accounts Receivable, Net	- -	29	18	18	18	20	24	27	33	38	80	92	123	115
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	1,896	2,868	3,404	6,020	7,553	8,601	9,195	9,073	10,674	16,455	15,148	17,329	14,950
+ Property, Plant & Equip, Net	- -	8	10	12	11	11	13	12	11	9	11	9	9	7
+ Property, Plant & Equip	- -	13	16	20	21	24	27	29	30	31	33	31	29	30
- Accumulated Depreciation	- -	5	6	8	10	12	15	17	19	22	22	22	20	22
+ LT Investments & Receivables	- -	399	129	498	417	560	493	471	665	596	1,210	3,817	3,828	3,509
+ LT Investments	- -	399	129	498	417	560	493	471	665	596	1,210	3,817	3,828	3,509
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	- -	1,489	2,729	2,895	5,593	6,982	8,095	8,712	8,397	10,069	15,234	11,322	13,493	11,433
+ Total Intangible Assets	- -	4	4	4	4	4	18	16	16	15	4	4	4	4
+ Goodwill	- -	2	4	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	2	- -	- -	4	4	18	16	16	15	4	4	4	4
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	1,485	2,726	2,891	5,589	6,978	8,077	8,695	8,381	10,054	15,230	11,318	13,489	11,430
Total Assets	- -	2,078	3,201	4,153	6,825	8,398	9,383	9,840	9,833	11,521	18,439	19,575	20,896	21,316
+ Payables & Accruals	- -	9	13	22	33	44	75	56	66	126	152	251	231	248
+ Accounts Payable	- -	9	13	22	33	44	75	56	66	126	152	251	231	248
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	- -	320	411	612	1,298	1,365	689	- -	- -	850	850	700	300	3
+ ST Borrowings	- -	320	411	612	1,298	1,365	689	- -	- -	850	850	700	300	3
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	-689	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	-689	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	- -	329	424	633	1,331	1,410	75	56	66	976	1,002	951	531	252
+ LT Debt	- -	13	62	160	518	455	1,065	1,907	1,481	305	305	405	806	1,506
+ LT Borrowings	- -	13	62	160	518	455	1,065	1,907	1,481	305	305	405	806	1,506
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	- -	1,588	2,446	2,973	4,533	5,980	7,387	6,955	7,329	9,187	16,015	16,853	18,157	17,920
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	1,588	2,446	2,973	4,533	5,980	7,387	6,955	7,329	9,187	16,015	16,853	18,157	17,920
Total Noncurrent Liabilities	- -	1,601	2,508	3,133	5,051	6,435	8,451	8,862	8,810	9,492	16,320	17,258	18,962	19,426
Total Liabilities	- -	1,930	2,932	3,767	6,382	7,844	8,527	8,919	8,877	10,468	17,322	18,209	19,493	19,678
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	56	217	217	217	217	217	138	138	138
+ Share Capital & APIC	- -	134	231	332	383	390	458	454	467	477	489	577	587	600
+ Common Stock	- -	11	19	25	27	27	31	32	32	33	33	35	35	35
+ Additional Paid in Capital	- -	123	212	307	356	363	427	422	434	444	456	542	552	565
- Treasury Stock	- -	- -	- -	8	8	8	8	8	21	22	22	49	83	122
+ Retained Earnings	- -	14	38	71	68	125	194	258	317	382	439	706	924	1,160
+ Other Equity	- -	- -	1	-8	- -	-8	-5	- -	-23	-1	-6	-5	-163	-137
Equity Before Minority Interest	- -	148	269	387	443	554	856	921	957	1,053	1,117	1,366	1,403	1,638
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	- -	148	269	387	443	554	856	921	957	1,053	1,117	1,366	1,403	1,638
Total Liabilities & Equity	- -	2,078	3,201	4,153	6,825	8,398	9,383	9,840	9,833	11,521	18,439	19,575	20,896	21,316
Shares Outstanding	11	11	18	27	27	27	30	31	31	31	32	33	32	31
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	- -	259	287	539	1,445	1,556	1,489	1,761	1,419	942	462	587	650	-2,337
Net Debt to Equity	- -	175.59	106.5	139.33	326.13	280.89	173.95	191.2	148.28	89.5	41.36	42.95	46.31	-142.64
Tangible Common Equity Ratio	- -	6.95	8.31	9.23	6.44	5.89	6.63	7	7.36	7.13	4.86	6.26	6.04	7.02
Current Ratio	- -	0.55	0.79	1.18	0.6	0.6	10.37	11.47	11.44	0.87	1.98	4.65	6.72	25.31
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Number of Employees	- -	213	255	388	426	517	739	765	827	867	830	641	668	714

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	24	4	24	33	45	59	79	79	72	81	143	354	228	250
+ Depreciation & Amortization	1	1	2	3	4	4	6	11	14	14	19	22	27	32
+ Non-Cash Items	-227	28	-1,259	696	-580	10	40	21	36	37	30	-230	-251	-199
+ Stock-Based Compensation	2	1	2	3	5	6	7	7	10	10	13	14	14	13
+ Deferred Income Taxes	2	-3	-4	2	-6	-10	-3	15	9	10	-16	18	7	22
+ Asset Impairment Charge	1	1	- -	1	- -	- -	7	13	- -	- -	- -	- -	1	- -
+ Other Non-Cash Adj	-232	29	-1,257	690	-579	14	28	-13	17	17	33	-262	-274	-234
+ Chg in Non-Cash Work Cap	-19	-3	-9	-10	-8	-6	-5	-49	-25	-91	-58	150	-25	42
+ (Inc) Dec in Accts Receiv	-12	- -	-13	-17	-18	-14	-11	-32	-35	-63	-108	47	-4	24
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-7	-2	4	7	10	9	6	-17	10	-28	50	103	-21	19
+ Inc (Dec) in Other	- -	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	-3	- -	-27	- -	- -	37	19	-24	- -	- -
Cash from Operating Activities	-222	30	-1,242	722	-542	67	91	62	97	78	152	271	-21	125
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10	7	3
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10	7	3
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-3	-3	-3	-4	-1	-3	-5	-24	-40	-50	-29	-33	-113	-41
+ Acq of Fixed Prod Assets	-3	-3	-3	-4	-1	-3	-5	-24	-39	-50	-29	-33	-113	-41
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	-2	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-143	-187	278	-382	98	-155	63	21	-243	136	-578	-2,619	150	799
+ Dec in LT Investment	162	283	392	160	262	77	68	817	520	136	624	1,007	1,507	873
+ Inc in LT Investment	-306	-470	-114	-542	-165	-232	-5	-797	-763	- -	-1,202	-3,626	-1,357	-74
+ Net Cash From Acq & Div	- -	19	- -	- -	- -	- -	-17	- -	-2	- -	- -	4	- -	- -
+ Cash from Divestitures	- -	19	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	-17	- -	-2	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-202	-589	-13	-1,202	-2,018	-1,524	-1,002	-562	181	-1,531	-5,818	1,437	-1,342	2,398
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	-29	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-349	-760	262	-1,588	-1,922	-1,681	-962	-565	-104	-1,444	-6,425	-1,201	-1,298	3,158
+ Dividends Paid	- -	- -	- -	- -	- -	-2	-9	-14	-14	-14	-14	-11	-9	-15
+ Net Cash From Debt	- -	- -	49	95	396	25	75	99	-63	422	4,415	-4,316	400	700
+ Cash From Debt	- -	- -	49	95	398	25	75	99	- -	447	4,415	99	500	2,565
+ Repayments of Debt	- -	- -	- -	- -	-2	- -	- -	- -	-63	-25	- -	-4,415	-100	-1,865
+ Cash (Repurchase) of Equity	60	28	95	90	- -	1	71	3	-9	2	1	- -	-33	-37
+ Increase in Capital Stock	60	29	95	98	- -	1	71	3	4	2	1	28	1	3
+ Decrease in Capital Stock	- -	- -	- -	-8	- -	- -	- -	- -	-13	-1	- -	-28	-33	-40
+ Other Financing Activities	681	537	949	728	2,206	1,485	733	298	10	1,108	2,352	5,082	899	-541
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	740	565	1,092	913	2,602	1,508	870	385	-78	1,517	6,754	755	1,257	108
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	170	-165	112	47	138	-106	- -	-118	-84	150	481	-175	-62	3,391
Capital Expenditures	-3	-3	-3	-4	-1	-3	-5	-24	-40	-50	-29	-33	-113	-41
EBITDA	1	1	2	3	4	4	6	11	14	14	19	22	27	32
EBITDA Margin (%)	3.49	2.82	2.05	2.52	2.04	1.79	1.94	3.14	4.5	4.39	4.02	2.89	4.29	4.29
Net Cash Paid for Acquisitions	- -	-19	- -	- -	- -	- -	17	- -	2	- -	- -	-4	- -	- -
Free Cash Flow	-225	27	-1,245	718	-544	64	86	38	57	28	123	238	-134	83
Free Cash Flow to Firm	-234	12	-1,259	702	-570	28	40	-29	-69	-113	18	161	-339	-431
Free Cash Flow to Equity	- -	27	-1,196	813	-148	142	313	122	-19	435	4,524	-4,159	264	771
Free Cash Flow per Basic Share	-21.24	2.4	-67.43	26.95	-20.35	2.37	3.12	1.23	1.81	0.9	3.91	7.37	-4.11	2.65
Price/Free Cash Flow	- -	- -	-0.19	0.68	-1.04	11.53	10.93	9.94	4.28	5.84	3.17	7.15	10.28	11.49
Cash Flow to Net Income	-9.33	7.41	-52.15	22.08	-12.55	1.14	1.16	0.79	1.36	0.99	1.15	0.86	-0.09	0.5

Customers Bancorp, Inc.

CUBI US

45.71