Western Alliance Bancorporation (WAL) Q1 FY2024 earnings: revenue $729 million, up 9.1% on the year

Western Alliance Bancorporation (WAL) reported revenue of $729 million for Q1 FY2024, the quarter ended 31 March 2024, up 9.1% on the same quarter a year earlier. Net income was $177 million, up 24.8% on the year, and diluted earnings per share $1.60. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$729 millionup 9.1%

Net income$177 millionup 24.8%

Diluted EPS$1.60

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	729	804	n/a	n/a
Interest expense	456	447	n/a	n/a
Pre-tax income	232	211	n/a	n/a
Income tax	54.4	63.1	n/a	n/a
Effective tax rate	23.5%	29.9%	n/a
Net income	177	148	n/a	n/a
Net margin	24.3%	18.4%	n/a
Diluted EPS	$1.60	$1.33	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-306	341	n/a	n/a
Capital expenditure	18.8	27.3	n/a	n/a
Free cash flow	-325	314	n/a	n/a
Cash from investing	-3,648	-1,880	n/a	n/a
Cash from financing	5,928	-382	n/a	n/a
Depreciation and amortisation	20.8	19.1	n/a	n/a
Share-based compensation	13.1	8.9	n/a	n/a
Dividends paid	43.9	43.7	n/a	n/a
Dividend per share	$0.37	$0.37	n/a	n/a
Diluted shares, weighted	109m	108m	n/a	n/a
Shares outstanding at period end	110m	110m	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	6,172	6,078	n/a	n/a
Deposits	62,228	55,333	n/a	n/a
Short-term borrowings	5,780	6,784	n/a	n/a
Debt	441	446	n/a	n/a
Other liabilities	2,368	2,221	n/a	n/a
Total liabilities and equity	76,989	70,862	n/a	n/a
Fixed assets	344	339	n/a	n/a
Goodwill	n/a	527	n/a	n/a
Intangible assets	n/a	142	n/a	n/a
Securities held for sale or to maturity	15,962	12,586	n/a	n/a
Loans	50,360	49,960	n/a	n/a
Cash and equivalents	3,550	1,576	n/a	n/a
Other assets	6,773	5,732	n/a	n/a
Total assets	76,989	70,862	n/a	n/a

Quarterly results, the last 12 quarters

	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	716	804	729	772	823	838	778	846	938	981	1,019	996
Interest expense	440	447	456	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	278	211	232	248	252	259	246	291	314	356	231	332
Tax rate	22%	30%	23%	22%	21%	16%	19%	18%	17%	18%	18%	19%
Net income	217	148	177	194	200	217	199	230	253	286	182	262
Net margin	30%	18%	24%	25%	24%	26%	26%	27%	27%	29%	18%	26%
Diluted EPS	$1.97	$1.33	$1.60	$1.75	$1.80	$1.94	$1.79	$2.07	$2.28	$2.59	$1.65	$2.36
Operating cash flow	-770	341	-306	-746	-1,068	-622	-1,654	-358	-597	-69.8	-507	-356
Capital expenditure	26.2	27.3	18.8	16.2	22.1	26.7	16.6	21.1	28.2	48.4	24.2	19.3
Free cash flow	-796	314	-325	-762	-1,090	-648	-1,671	-379	-626	-118	-531	-375
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	10.6	57.5	50.3	2.3
Dividends paid	42.6	43.7	43.9	44.0	43.9	45.0	45.0	n/a	n/a	n/a	n/a	n/a
Shares outstanding	109m	110m	110m	110m	110m	110m	110m	110m	110m	110m	109m	109m
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

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. 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 March 2024, filed 2 May 2024, accession 0001212545-24-000145: the filing on EDGAR. All of Western Alliance Bancorporation's filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install