First Business Financial Services (FBIZ) Q2 FY2022 earnings: revenue $31 million, up 9.1% on the year

First Business Financial Services, Inc. (FBIZ) reported revenue of $31 million for Q2 FY2022, the quarter ended 30 June 2022, up 9.1% on the same quarter a year earlier as this quarter's filing gives it. Net income was $11 million, up 36.1% on the year as this quarter's filing gives it, and diluted earnings per share $1.29. The figures are the company's own, from the 10-Q it filed with the SEC on 29 July 2022.

Revenue$31 millionup 9.1% on the year

Net income$11 millionup 36.1% on the year

Diluted EPS$1.29

QuarterQ2 FY2022ended 30 June 2022

The quarter, against the one before and a year earlier

Line	Q2 FY2022	Q1 FY2022	A year earlier	Change on the year
Revenue	30.5	28.8	n/a	n/a
Interest expense	3.4	2.8	n/a	n/a
Pre-tax income	14.8	10.8	n/a	n/a
Income tax	3.6	2.2	n/a	n/a
Effective tax rate	24.3%	20.0%	n/a
Net income	11.2	8.7	n/a	n/a
Net margin	36.7%	30.1%	n/a
Diluted EPS	$1.29	$1.02	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.

Cash flow and capital returned

Line	Q2 FY2022	Q1 FY2022	A year earlier	Change on the year
Operating cash flow	14.7	2.1	n/a	n/a
Capital expenditure	0.4	0.1	n/a	n/a
Free cash flow	14.3	2.0	n/a	n/a
Cash from investing	-39.3	-40.1	n/a	n/a
Cash from financing	24.5	76.5	n/a	n/a
Depreciation and amortisation	1.0	1.1	n/a	n/a
Share-based compensation	0.6	0.6	n/a	n/a
Buybacks	1.4	0.6	n/a	n/a
Dividends paid	1.7	1.7	n/a	n/a
Dividend per share	$0.20	$0.20	n/a	n/a
Diluted shares, weighted	8m	8m	n/a	n/a
Shares outstanding at period end	8m	8m	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	Q2 FY2022	Q1 FY2022	A year earlier	Change on the year
Shareholders' equity	250	245	n/a	n/a
Deposits	1,869	2,024	n/a	n/a
Debt	597	414	n/a	n/a
Other liabilities	61.1	40.9	n/a	n/a
Total liabilities and equity	2,777	2,724	n/a	n/a
Fixed assets	1.9	1.6	n/a	n/a
Securities held for sale or to maturity	223	241	n/a	n/a
Loans	2,266	2,228	n/a	n/a
Cash and equivalents	95.5	95.6	n/a	n/a
Other assets	191	158	n/a	n/a
Total assets	2,777	2,724	n/a	n/a

Questions

What was First Business Financial Services' revenue in Q2 FY2022?

First Business Financial Services (FBIZ) reported revenue of $31 million for Q2 FY2022, the quarter ended 30 June 2022, up 9.1% on the same quarter a year earlier as the company restated it.

How much did First Business Financial Services earn in Q2 FY2022?

Net income for Q2 FY2022 was $11 million, up 36.1% on the year, and diluted earnings per share $1.29.

When did First Business Financial Services report Q2 FY2022 results?

First Business Financial Services filed its 10-Q for the quarter ended 30 June 2022 with the SEC on 29 July 2022.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	28.2	28.5	28.8	30.5	34.1	34.4	35.1	35.1	37.0	36.6	36.3	38.0	38.1	41.2	40.8	41.0	44.5	42.2	44.3	46.7
Interest expense	2.8	2.7	2.8	3.4	5.9	10.9	15.4	19.4	22.3	25.2	26.3	27.4	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	12.0	11.5	10.8	14.8	14.0	12.6	11.8	10.9	12.0	12.5	10.6	12.4	12.9	15.3	13.5	13.4	17.4	16.2	14.4	16.8
Tax rate	23%	25%	20%	24%	23%	19%	24%	23%	17%	22%	17%	15%	18%	6%	17%	15%	17%	18%	15%	7%
Net income	9.2	8.6	8.7	11.2	10.8	10.2	9.0	8.3	9.9	9.8	8.8	10.5	10.5	14.4	11.2	11.4	14.4	13.3	12.2	15.6
Net margin	33%	30%	30%	37%	32%	30%	26%	24%	27%	27%	24%	28%	28%	35%	27%	28%	32%	32%	28%	33%
Diluted EPS	$1.07	$1.01	$1.02	$1.29	$1.25	$1.18	$1.05	$0.98	$1.17	$1.15	$1.04	$1.23	$1.24	$1.71	$1.32	$1.35	$1.70	$1.58	$1.44	$1.84
Operating cash flow	9.8	11.2	2.1	14.7	14.6	7.3	9.9	12.6	16.5	13.3	8.7	13.1	13.8	22.0	11.3	15.8	18.4	16.1	3.1	43.8
Capital expenditure	0.1	0.2	0.1	0.4	1.4	1.4	0.8	0.5	1.3	0.3	0.4	0.4	n/a	0.0	0.1	0.3	0.1	0.0	0.1	0.2
Free cash flow	9.7	11.1	2.0	14.3	13.2	5.9	9.1	12.1	15.2	13.0	8.3	12.7	n/a	21.9	11.2	15.5	18.3	16.1	2.9	43.6
Buybacks	3.7	0.8	0.6	1.4	1.5	2.6	1.9	1.1	0.0	0.0	0.6	0.7	0.0	0.0	0.8	0.6	0.0	0.0	0.8	0.9
Dividends paid	1.5	1.5	1.7	1.7	1.7	1.7	1.9	1.9	1.9	1.9	2.1	2.1	2.1	2.1	2.4	2.4	2.4	2.4	2.9	3.0
Shares outstanding	8m	8m	8m	8m	8m	8m	8m	8m	8m	8m	8m	8m	8m	8m	8m	8m	8m	8m	8m	8m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

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.

10-Q for the period ended 30 June 2022, filed 29 July 2022: the filing.