ALRS FY 2023 Earnings Report — Alerus Financial Corporation Revenue & Financial Results | Market Cap Arena

Alerus Financial CorporationALRS

FY 2023 Earnings

Reported March 8, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$243M	—	$225M	—	8.3%
Op. Income	$16M	—	$52M	—	-69.6%
Gross Margin	67.5%	—	93.0%	—	-25.5pp
Net Margin	4.8%	—	17.8%	—	-13.0pp
EPS (Diluted)	$0.58	—	$2.10	—	-72.4%
Free Cash Flow	$26M	—	$101M	—	-74.6%

Revenue Flow

Item	Amount
REVENUE	$243M
Cost of Revenue	$79M
GROSS PROFIT	$164M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$76M
SG&A Expenses	$79M
Other Expenses	$69M
Operating Expenses	$148M
Cost & Expenses	$227M
OPERATING INCOME	$16M
Interest Income	$165M
Interest Expense	$77M
Other Income/Expenses	$0
INCOME BEFORE TAX	$16M
Income Tax Expense	$4M
Net Income from Continuing Ops	$12M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$12M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$12M
D&A	$9M
EBIT	$16M
EBITDA	$24M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$243M
Cost of Revenue	$79M
GROSS PROFIT	$164M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$76M
SG&A Expenses	$79M
Other Expenses	$69M
Operating Expenses	$148M
Cost & Expenses	$227M
OPERATING INCOME	$16M
Interest Income	$165M
Interest Expense	$77M
Other Income/Expenses	$0
INCOME BEFORE TAX	$16M
Income Tax Expense	$4M
Net Income from Continuing Ops	$12M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$12M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$12M
D&A	$9M
EBIT	$16M
EBITDA	$24M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$12M
Depreciation & Amortization	$9M
Stock-Based Compensation	-$1M
Deferred Income Tax	$893.0K
Other Non-Cash Items	$25M
Change in Working Capital	-$16M
OPERATING CASH FLOW	$29M
Capital Expenditure	-$3M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$260M
Other Investing Activities	-$309M
NET CASH FROM INVESTING	-$52M
Net Debt Issuance	-$64M
Common Stock Repurchased	-$7M
Common Dividends Paid	-$15M
Other Financing Activities	$180M
NET CASH FROM FINANCING	$95M
FREE CASH FLOW	$26M
Net Change in Cash	$72M

Balance Sheet

Item	Amount
Cash & Equivalents	$130M
Short-Term Investments	$487M
Net Receivables	$57M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$680M
PP&E (Net)	$23M
Goodwill	$47M
Intangible Assets	$19M
Long-Term Investments	$3.0B
Tax Assets	$35M
Other Non-Current Assets	$60M
TOTAL NON-CURRENT ASSETS	$3.2B
TOTAL ASSETS	$3.9B
Account Payables	$0
Short-Term Debt	$314M
Deferred Revenue	$0
Other Current Liabilities	$3.1B
TOTAL CURRENT LIABILITIES	$3.4B
Long-Term Debt	$59M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$64M
TOTAL NON-CURRENT LIABILITIES	$129M
TOTAL LIABILITIES	$3.5B
Common Stock	$20M
Additional Paid-In Capital	$150M
Retained Earnings	$273M
Treasury Stock	$0
Accum. Other Comp. Income	-$74M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$369M
Minority Interest	$0
TOTAL EQUITY	$369M
TOTAL LIABILITIES & EQUITY	$3.9B
Total Debt	$379M
Net Debt	$249M