ALRS FY 2021 Earnings Report — Alerus Financial Corporation Revenue & Financial Results | Market Cap Arena

Alerus Financial CorporationALRS

FY 2021 Earnings

Reported March 11, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$236M	—	$240M	—	-1.7%
Op. Income	$69M	—	$59M	—	18.0%
Gross Margin	99.1%	—	90.3%	—	8.8pp
Net Margin	22.3%	—	18.6%	—	3.7pp
EPS (Diluted)	$2.97	—	$2.52	—	17.9%
Free Cash Flow	$148M	—	-$26M	—	668.3%

Revenue Flow

Item	Amount
REVENUE	$236M
Cost of Revenue	$2M
GROSS PROFIT	$234M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$93M
SG&A Expenses	$97M
Other Expenses	$68M
Operating Expenses	$165M
Cost & Expenses	$167M
OPERATING INCOME	$69M
Interest Income	$93M
Interest Expense	$6M
Other Income/Expenses	$0
INCOME BEFORE TAX	$69M
Income Tax Expense	$16M
Net Income from Continuing Ops	$53M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$53M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$52M
D&A	$9M
EBIT	$69M
EBITDA	$78M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$236M
Cost of Revenue	$2M
GROSS PROFIT	$234M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$93M
SG&A Expenses	$97M
Other Expenses	$68M
Operating Expenses	$165M
Cost & Expenses	$167M
OPERATING INCOME	$69M
Interest Income	$93M
Interest Expense	$6M
Other Income/Expenses	$0
INCOME BEFORE TAX	$69M
Income Tax Expense	$16M
Net Income from Continuing Ops	$53M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$53M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$52M
D&A	$9M
EBIT	$69M
EBITDA	$78M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$53M
Depreciation & Amortization	$9M
Stock-Based Compensation	$3M
Deferred Income Tax	$3M
Other Non-Cash Items	$83M
Change in Working Capital	-$319.0K
OPERATING CASH FLOW	$150M
Capital Expenditure	-$2M
Acquisitions (Net)	$0
Purchases of Investments	-$790M
Sales/Maturities of Investments	$153M
Other Investing Activities	$221M
NET CASH FROM INVESTING	-$418M
Net Debt Issuance	$80.0K
Common Stock Repurchased	-$712.0K
Common Dividends Paid	-$11M
Other Financing Activities	$349M
NET CASH FROM FINANCING	$337M
FREE CASH FLOW	$148M
Net Change in Cash	$69M

Balance Sheet

Item	Amount
Cash & Equivalents	$242M
Short-Term Investments	$854M
Net Receivables	$32M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.1B
PP&E (Net)	$22M
Goodwill	$31M
Intangible Assets	$22M
Long-Term Investments	$2.1B
Tax Assets	$12M
Other Non-Current Assets	$43M
TOTAL NON-CURRENT ASSETS	$2.3B
TOTAL ASSETS	$3.4B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$2.9B
TOTAL CURRENT LIABILITIES	$3.0B
Long-Term Debt	$59M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$63M
TOTAL LIABILITIES	$3.0B
Common Stock	$17M
Additional Paid-In Capital	$93M
Retained Earnings	$254M
Treasury Stock	$0
Accum. Other Comp. Income	-$4M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$359M
Minority Interest	$0
TOTAL EQUITY	$359M
TOTAL LIABILITIES & EQUITY	$3.4B
Total Debt	$63M
Net Debt	-$179M