Corporate Financial Reports 2-6-23

The following are recent financial reports as posted by selected Utah corporations:

Zions

Zions Bancorporation NA, based in Salt Lake City, reported net earnings applicable to common shareholders of $277 million, or $1.84 per share, for the fourth quarter of 2022. That compares with $207 million, or $1.34 per share, for the same quarter a year earlier.

Net interest income increased $167 million during the{mprestriction ids="1,3"} quarter to $720 million, up from $553 million in the year-earlier quarter. Customer-related noninterest income grew to $153 million. Average total deposits decreased $7.2 billion to $74.3 billion, compared with $81.4 billion during the prior-year period.

For the full year 2022, the company reported net earnings applicable to common shareholders of $878 million, or $5.79 per share. That compares with $1.1 billion, or $6.79 per share, in the prior year.

Zions operates banks in 11 western states.

“We’re pleased with the quarterly and annual financial results, which were characterized by solid loan growth, exceptional credit quality, and a stronger net interest margin, reflecting a normalization of interest rate levels,” Harris H. Simmons, chairman and CEO, said in announcing the results.

“Although total deposits continued to decline from recent ‘surge’ levels that resulted from considerable fiscal and monetary stimulus, adjusted pre-provision net revenue for the quarter increased 46 percent to $420 million, despite a $42 million reduction in net interest income from PPP loans, which now constitute a de minimis portion of our loan portfolio.

“Though our quarterly operating results were strong, we continued to build our loss reserves due to both continued loan growth and the prospect of a slowing or recessionary economic environment in coming months. Nevertheless, we remain optimistic that we’re well-prepared for a more challenging economy, and we expect the coming year to reflect strong results.”

FinWise

FinWise Bancorp, based in Murray, reported net income of $6.5 million, or 49 cents per share, for the quarter ended Dec. 31. That compares with $10.1 million, or 90 cents per share, for the same quarter a year earlier.

The company said loan originations were $1.2 billion in the quarter, compared with $2.3 billion for the fourth quarter of the prior year. Net interest income was $12.6 million, compared with $15.3 million for the fourth quarter of the prior year.

For the full fiscal year, the company reported net income of $25.1 million, or $1.87 per share, which compares with $31.6 million, or $3.27 per share, for the prior fiscal year.

FinWise Bancorp is the parent company of FinWise Bank.

“The FinWise team executed well in substantially all facets of the business during 2022, culminating the year with solid results in the fourth quarter, an outstanding accomplishment given more challenging economic conditions throughout the year,” Kent Landvatter, CEO and president, said in announcing the results.

“This performance is further validation of our differentiated and diverse business model coupled with our steadfast focus on working with our strategic relationships and serving our clients. As we progress into 2023, we will continue to build on our strengths and plan to reinvest in the company so that we remain well-positioned to maximize shareholder value by continuing to generate sustainable and profitable long-term growth.”

Qualtrics

Qualtrics, with main offices in Provo and Seattle, reported a net loss of $256.4 million, or 43 cents per share, for the quarter ended Dec. 31. That compares with a net loss of $309.8 million, or 56 cents per share, for the same quarter a year earlier.

Revenue in the most recent quarter totaled $389.1 million, up from $316 million.

For the full fiscal year, the company reported a net loss of $1 billion, or $1.82 per share. That compares with a loss of $1 billion, or $2.05 per share, for the prior fiscal year.
Revenue in the most recent fiscal year totaled $1.5 billion, up from $1 billion in the prior year.

Qualtrics is focused on the experience management category.

“Qualtrics delivered solid results in Q4, capping off a very strong year of growth and significant operating margin expansion,” Zig Serafin, CEO, said in announcing the results. “Qualtrics continues to be critical to helping companies build deeper relationships with their employees and customers to increase revenue and operate more efficiently in a challenging market.”

Franklin Covey

Franklin Covey Co., based in Salt Lake City, reported net income of $4.7 million, or 32 cents per share, for the fiscal first quarter ended Nov. 30. That compares with $3.8 million, or 27 cents per share, for the same quarter a year earlier.

Sales in the most recent quarter totaled $69.4 million, up from $61.3 million in the prior-year quarter.

“We are very pleased with our strong start to fiscal 2023, which was driven by continued strong revenue growth, gross margins and operational efficiency, which contributed to increased net income and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization),” Paul Walker, president and CEO, said in announcing the results.

The company creates and, on a subscription basis, distributes content, training, processes and tools that organizations and individuals use to improve.

“Our first-quarter results featured a 13 percent increase in sales, a 76.0 percent gross margin, a 22 percent increase in net income, and a 16 percent increase in adjusted EBITDA to $11.5 million. We achieved these outstanding results despite continued international operating issues, including the impact of $2.0 million of unfavorable foreign exchange on our first-quarter sales and continued operating challenges in China and Japan.”{/mprestriction}