ALRS FY 2022 Earnings Report — Alerus Financial Corporation Revenue & Financial Results | Market Cap Arena

Alerus Financial CorporationALRS

FY 2022 Earnings

Reported March 10, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$225M	—	$236M	—	-4.8%
Op. Income	$52M	—	$69M	—	-24.5%
Gross Margin	93.0%	—	99.1%	—	-6.2pp
Net Margin	17.8%	—	22.3%	—	-4.5pp
EPS (Diluted)	$2.10	—	$2.97	—	-29.3%
Free Cash Flow	$101M	—	$148M	—	-31.7%

Revenue Flow

Item	Amount
REVENUE	$225M
Cost of Revenue	$16M
GROSS PROFIT	$209M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$81M
SG&A Expenses	$84M
Other Expenses	$73M
Operating Expenses	$157M
Cost & Expenses	$172M
OPERATING INCOME	$52M
Interest Income	$116M
Interest Expense	$16M
Other Income/Expenses	$0
INCOME BEFORE TAX	$52M
Income Tax Expense	$12M
Net Income from Continuing Ops	$40M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$40M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$40M
D&A	$8M
EBIT	$52M
EBITDA	$60M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$225M
Cost of Revenue	$16M
GROSS PROFIT	$209M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$81M
SG&A Expenses	$84M
Other Expenses	$73M
Operating Expenses	$157M
Cost & Expenses	$172M
OPERATING INCOME	$52M
Interest Income	$116M
Interest Expense	$16M
Other Income/Expenses	$0
INCOME BEFORE TAX	$52M
Income Tax Expense	$12M
Net Income from Continuing Ops	$40M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$40M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$40M
D&A	$8M
EBIT	$52M
EBITDA	$60M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$40M
Depreciation & Amortization	$8M
Stock-Based Compensation	$2M
Deferred Income Tax	$913.0K
Other Non-Cash Items	$41M
Change in Working Capital	$11M
OPERATING CASH FLOW	$103M
Capital Expenditure	-$2M
Acquisitions (Net)	$102M
Purchases of Investments	-$96M
Sales/Maturities of Investments	$134M
Other Investing Activities	-$431M
NET CASH FROM INVESTING	-$293M
Net Debt Issuance	$378M
Common Stock Repurchased	-$738.0K
Common Dividends Paid	-$13M
Other Financing Activities	-$359M
NET CASH FROM FINANCING	$6M
FREE CASH FLOW	$101M
Net Change in Cash	-$184M

Balance Sheet

Item	Amount
Cash & Equivalents	$58M
Short-Term Investments	$717M
Net Receivables	$48M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$830M
PP&E (Net)	$23M
Goodwill	$47M
Intangible Assets	$25M
Long-Term Investments	$2.8B
Tax Assets	$42M
Other Non-Current Assets	$61M
TOTAL NON-CURRENT ASSETS	$2.9B
TOTAL ASSETS	$3.8B
Account Payables	$0
Short-Term Debt	$378M
Deferred Revenue	$0
Other Current Liabilities	$2.9B
TOTAL CURRENT LIABILITIES	$3.4B
Long-Term Debt	$59M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$65M
TOTAL LIABILITIES	$3.4B
Common Stock	$20M
Additional Paid-In Capital	$155M
Retained Earnings	$280M
Treasury Stock	$0
Accum. Other Comp. Income	-$99M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$357M
Minority Interest	$0
TOTAL EQUITY	$357M
TOTAL LIABILITIES & EQUITY	$3.8B
Total Debt	$443M
Net Debt	$385M