CARE FY 2021 Earnings Report — Carter Bankshares, Inc. Revenue & Financial Results | Market Cap Arena

Carter Bankshares, Inc.CARE

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	$156M	—	$164M	—	-4.5%
Op. Income	$36M	—	-$45M	—	179.2%
Gross Margin	84.1%	—	67.1%	—	17.0pp
Net Margin	20.2%	—	-28.0%	—	48.2pp
EPS (Diluted)	$1.20	—	$-1.74	—	169.0%
Free Cash Flow	$69M	—	-$2M	—	2958.2%

Revenue Flow

Item	Amount
REVENUE	$156M
Cost of Revenue	$25M
GROSS PROFIT	$132M
R&D Expenses	$0
Selling & Marketing	$952.0K
General & Administrative	$56M
SG&A Expenses	$57M
Other Expenses	$39M
Operating Expenses	$96M
Cost & Expenses	$121M
OPERATING INCOME	$36M
Interest Income	$134M
Interest Expense	$23M
Other Income/Expenses	$0
INCOME BEFORE TAX	$36M
Income Tax Expense	$4M
Net Income from Continuing Ops	$32M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$32M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$31M
D&A	$6M
EBIT	$36M
EBITDA	$42M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$156M
Cost of Revenue	$25M
GROSS PROFIT	$132M
R&D Expenses	$0
Selling & Marketing	$952.0K
General & Administrative	$56M
SG&A Expenses	$57M
Other Expenses	$39M
Operating Expenses	$96M
Cost & Expenses	$121M
OPERATING INCOME	$36M
Interest Income	$134M
Interest Expense	$23M
Other Income/Expenses	$0
INCOME BEFORE TAX	$36M
Income Tax Expense	$4M
Net Income from Continuing Ops	$32M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$32M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$31M
D&A	$6M
EBIT	$36M
EBITDA	$42M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$32M
Depreciation & Amortization	$6M
Stock-Based Compensation	$1M
Deferred Income Tax	$5M
Other Non-Cash Items	$28M
Change in Working Capital	$6M
OPERATING CASH FLOW	$78M
Capital Expenditure	-$8M
Acquisitions (Net)	-$74M
Purchases of Investments	-$467M
Sales/Maturities of Investments	$307M
Other Investing Activities	$135M
NET CASH FROM INVESTING	-$106M
Net Debt Issuance	-$28M
Common Stock Repurchased	-$157.0K
Common Dividends Paid	$0
Other Financing Activities	$93M
NET CASH FROM FINANCING	$65M
FREE CASH FLOW	$69M
Net Change in Cash	$36M

Balance Sheet

Item	Amount
Cash & Equivalents	$278M
Short-Term Investments	$922M
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.2B
PP&E (Net)	$75M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$2.7B
Tax Assets	$0
Other Non-Current Assets	$142M
TOTAL NON-CURRENT ASSETS	$2.9B
TOTAL ASSETS	$4.1B
Account Payables	$0
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$3.7B
TOTAL CURRENT LIABILITIES	$3.7B
Long-Term Debt	$7M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$21M
TOTAL NON-CURRENT LIABILITIES	$28M
TOTAL LIABILITIES	$3.7B
Common Stock	$26M
Additional Paid-In Capital	$144M
Retained Earnings	$235M
Treasury Stock	$0
Accum. Other Comp. Income	$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$408M
Minority Interest	$0
TOTAL EQUITY	$408M
TOTAL LIABILITIES & EQUITY	$4.1B
Total Debt	$7M
Net Debt	-$271M