Pathward Financial (CASH) Q1 FY2024 earnings: revenue $172 million, up 11.3% on the year

Pathward Financial, Inc. (CASH) reported revenue of $172 million for Q1 FY2024, the quarter ended 31 December 2023, up 11.3% on the same quarter a year earlier. Net income was $35 million, up 25.3% on the year, and diluted earnings per share $1.06. The figures are the company's own, from the 10-Q it filed with the SEC on 8 February 2024.

Revenue$172 millionup 11.3%

Net income$35 millionup 25.3%

Diluted EPS$1.06

QuarterQ1 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	172	170	n/a	n/a
Interest expense	5.9	4.7	n/a	n/a
Pre-tax income	42.9	21.0	n/a	n/a
Income tax	7.7	-4.8	n/a	n/a
Effective tax rate	18.0%	-23.0%	n/a
Net income	34.9	25.3	n/a	n/a
Net margin	20.3%	14.9%	n/a
Diluted EPS	$1.06	$1.36	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	29.5	114	n/a	n/a
Capital expenditure	1.9	3.6	n/a	n/a
Free cash flow	27.6	111	n/a	n/a
Cash from investing	-50.7	-300	n/a	n/a
Cash from financing	317	46.2	n/a	n/a
Depreciation and amortisation	14.7	15.4	n/a	n/a
Share-based compensation	1.2	2.7	n/a	n/a
Dividends paid	1.3	1.3	n/a	n/a
Dividend per share	$0.05	$0.05	n/a	n/a
Diluted shares, weighted	26m	n/a	n/a	n/a
Shares outstanding at period end	25m	0	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	730	652	n/a	n/a
Non-controlling interest	-0.5	-1.0	n/a	n/a
Deposits	6,936	6,589	n/a	n/a
Short-term borrowings	0.0	13.0	n/a	n/a
Debt	33.6	33.9	n/a	n/a
Other liabilities	228	249	n/a	n/a
Total liabilities and equity	7,927	7,536	n/a	n/a
Fixed assets	38.3	39.2	n/a	n/a
Goodwill	310	310	n/a	n/a
Intangible assets	19.7	20.7	n/a	n/a
Securities held for sale or to maturity	1,886	1,841	n/a	n/a
Loans	4,372	4,316	n/a	n/a
Cash and equivalents	672	376	n/a	n/a
Other assets	630	633	n/a	n/a
Total assets	7,927	7,536	n/a	n/a

Questions

What was Pathward Financial's revenue in Q1 FY2024?

Pathward Financial (CASH) reported revenue of $172 million for Q1 FY2024, the quarter ended 31 December 2023, up 11.3% on the same quarter a year earlier.

How much did Pathward Financial earn in Q1 FY2024?

Net income for Q1 FY2024 was $35 million, up 25.3% on the year, and diluted earnings per share $1.06.

When did Pathward Financial report Q1 FY2024 results?

Pathward Financial filed its 10-Q for the quarter ended 31 December 2023 with the SEC on 8 February 2024.

Quarterly results, the last 12 quarters

	Q4 FY2023 †	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 †	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	170	172	258	189	180	183	275	196	187	173	276	190
SG&A	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest expense	4.7	5.9	8.5	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	21.0	42.9	87.1	51.2	37.5	36.2	91.4	47.2	48.4	42.7	87.2	32.2
Tax rate	-23%	18%	19%	12%	9%	17%	18%	10%	19%	17%	16%	10%
Net income	25.3	34.9	69.9	44.9	33.6	30.0	75.0	42.1	38.8	35.2	72.9	29.0
Net margin	15%	20%	27%	24%	19%	16%	27%	22%	21%	20%	26%	15%
Diluted EPS	$1.36	$1.06	$2.56	$1.66	$1.35	$1.29	$3.14	$1.81	$1.69	$1.57	$3.35	$1.37
Operating cash flow	114	29.5	193	103	135	-71.7	193	30.4	n/a	108	233	52.0
Capital expenditure	3.6	1.9	1.7	2.2	4.4	2.1	3.6	2.7	3.3	4.2	2.3	3.4
Free cash flow	111	27.6	191	101	131	-73.8	190	27.7	n/a	104	231	48.6
Dividends paid	1.3	1.3	1.3	1.3	1.2	1.2	1.2	1.1	1.1	1.1	1.1	1.1
Shares outstanding	0	25m	25m	25m	24m	24m	23m	23m	22m	22m	21m	21m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 8 February 2024, accession 0000907471-24-000009: the filing on EDGAR. All of Pathward Financial, Inc.'s filings: EDGAR company page.

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