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Raymond James Financial, Inc. [RJF-PA] has reported $1,739 million profit for 2023
The St Petersburg, Florida-based company recorded a total revenue of $12,992 million with an operating income of $2,280 million. The company's Earnings Per Share rose to $7.97.
In the current reporting period, the total assets of the company decreased from $80,951 million to $78,360 million year over year. This decline can be attributed to decreases in cash and cash equivalents, assets segregated for regulatory purposes and restricted cash, collateralized agreements, and other investments. On the other hand, the total liabilities also decreased from $71,519 million to $68,173 million, indicating a reduction in bank deposits, collateralized financings, trading liabilities, and other payables. As a result, the total stockholders' equity increased from $9,432 million to $10,187 million, primarily driven by an increase in retained earnings and additional paid-in capital.
In the 12 months ended September 30, 2023, the company's total revenues were $12,992 million, a decrease from the previous year's $11,308 million and the year before that's $9,910 million. The net revenues for the current reporting period were $11,619 million, compared to $11,003 million in the previous year and $9,760 million in the year before. The company's non-interest expenses increased to $9,339 million in the current year, up from $8,981 million in the previous year and $7,969 million in the year before. The company's net income for the current reporting period was $1,739 million, compared to $1,509 million in the previous year and $1,403 million in the year before. The earnings per common share, both basic and diluted, increased from the previous year, with $8.16 and $7.97 respectively, compared to $7.16 and $6.98 in the previous year.
In the Cash Flow Statement table, comparing the data from the current reporting period to the year-over-year values, we can observe the following trends:
1. Net cash from operating activities: In the 12 months ended September 30, 2023, there was a net cash outflow of $3,514 million from operating activities. This is a significant decrease compared to the net cash inflow of $72 million in the previous year (September 30, 2022). This indicates that the company's operating cash flows have deteriorated over the period.
2. Net cash from investing activities: The net cash used in investing activities decreased from $7,151 million in the previous year (September 30, 2022) to $274 million in the current reporting period. This suggests that the company has reduced its investment in assets such as bank loans, available-for-sale securities, and property and equipment.
3. Net cash from financing activities: The net cash provided by financing activities increased from $5,879 million in the previous year (September 30, 2022) to $1,438 million in the current reporting period. This indicates that the company has been able to raise more funds through activities such as bank deposits, senior notes issuances, and Federal Home Loan Bank advances.
Overall, the company has experienced a net decrease in cash and cash equivalents, including those segregated for regulatory purposes and restricted cash, of $2,111 million in the current reporting period. This is a higher decrease compared to the net decrease of $1,790 million in the previous year. It suggests that the company's cash position has weakened over time.
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