$MBIN
Merchants Bancorp

2024 Q2 Form 10-Q Financial Statement

#000155837024007783 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $328.3M $314.2M
YoY Change 27.2% 48.69%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $1.859M $1.854M
YoY Change 18.33% 17.56%
% of Gross Profit
Depreciation & Amortization $746.0K $725.0K
YoY Change 6.57% 5.69%
% of Gross Profit
Operating Expenses $1.859M $1.854M
YoY Change 18.33% 17.56%
Operating Profit
YoY Change
Interest Expense $187.1M
YoY Change 69.18%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $99.13M $114.3M
YoY Change 44.55% 55.89%
Income Tax $22.73M $27.24M
% Of Pretax Income 22.93% 23.83%
Net Earnings $66.81M $87.05M
YoY Change 2.31% 58.41%
Net Earnings / Revenue 20.35% 27.71%
Basic Earnings Per Share $1.50 $1.81
Diluted Earnings Per Share $1.49 $1.80
COMMON SHARES
Basic Shares Outstanding 43.35M 43.33M
Diluted Shares Outstanding 44.70M 43.47M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $540.9M $508.8M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $46.83M $42.45M
YoY Change 26.76% 18.6%
Goodwill $8.014M $8.014M
YoY Change -49.42% -49.42%
Intangibles $149.0K
YoY Change -86.05%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $18.21B $17.82B
YoY Change 14.72% 25.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $9.386M
YoY Change -19.39%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.386M
YoY Change -97.43%
LONG-TERM LIABILITIES
Long-Term Debt $1.159B $409.7M
YoY Change 2366.4% 1850.89%
Other Long-Term Liabilities $222.9M $181.1M
YoY Change 6.65% 62.0%
Total Long-Term Liabilities $1.382B $590.8M
YoY Change 439.89% 344.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.386M
Total Long-Term Liabilities $1.382B $590.8M
Total Liabilities $16.32B $16.05B
YoY Change 14.04% 26.0%
SHAREHOLDERS EQUITY
Retained Earnings $1.201B $1.138B
YoY Change 29.27% 29.96%
Common Stock $238.5M $140.0M
YoY Change 71.76% 1.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.888B $1.776B
YoY Change
Total Liabilities & Shareholders Equity $18.21B $17.82B
YoY Change 14.72% 25.15%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $66.81M $87.05M
YoY Change 2.31% 58.41%
Depreciation, Depletion And Amortization $746.0K $725.0K
YoY Change 6.57% 5.69%
Cash From Operating Activities $51.12M -$383.8M
YoY Change -121.17% 27.27%
INVESTING ACTIVITIES
Capital Expenditures $5.284M $2.306M
YoY Change 178.11% 121.52%
Acquisitions
YoY Change
Other Investing Activities -$311.9M -$414.0K
YoY Change -74.74% -54.3%
Cash From Investing Activities -$317.2M -$695.0M
YoY Change -74.35% -37.95%
FINANCING ACTIVITIES
Cash Dividend Paid $12.57M
YoY Change 3.66%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 298.2M 1.003B
YoY Change -79.93% -35.91%
NET CHANGE
Cash From Operating Activities 51.12M -383.8M
Cash From Investing Activities -317.2M -695.0M
Cash From Financing Activities 298.2M 1.003B
Net Change In Cash 32.13M -75.67M
YoY Change 311.88% -152.76%
FREE CASH FLOW
Cash From Operating Activities $51.12M -$383.8M
Capital Expenditures $5.284M $2.306M
Free Cash Flow $45.83M -$386.1M
YoY Change -118.83% 27.6%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on loans, servicing rights and fair values of financial instruments. </p>
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