COFS FY 2021 Earnings Report — ChoiceOne Financial Services, Inc. Revenue & Financial Results | Market Cap Arena

ChoiceOne Financial Services, Inc.COFS

FY 2021 Earnings

Reported March 18, 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	$84M	—	$78M	—	6.9%
Op. Income	$26M	—	$19M	—	40.3%
Gross Margin	94.8%	—	89.0%	—	5.8pp
Net Margin	26.3%	—	19.9%	—	6.4pp
EPS (Diluted)	$2.86	—	$2.07	—	38.2%
Free Cash Flow	$35M	—	$7M	—	427.3%

Revenue Flow

Item	Amount
REVENUE	$84M
Cost of Revenue	$4M
GROSS PROFIT	$79M
R&D Expenses	$0
Selling & Marketing	$848.0K
General & Administrative	$30M
SG&A Expenses	$31M
Other Expenses	$22M
Operating Expenses	$53M
Cost & Expenses	$57M
OPERATING INCOME	$26M
Interest Income	$65M
Interest Expense	$4M
Other Income/Expenses	$0
INCOME BEFORE TAX	$26M
Income Tax Expense	$4M
Net Income from Continuing Ops	$22M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$22M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$22M
D&A	$12M
EBIT	$26M
EBITDA	$39M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$84M
Cost of Revenue	$4M
GROSS PROFIT	$79M
R&D Expenses	$0
Selling & Marketing	$848.0K
General & Administrative	$30M
SG&A Expenses	$31M
Other Expenses	$22M
Operating Expenses	$53M
Cost & Expenses	$57M
OPERATING INCOME	$26M
Interest Income	$65M
Interest Expense	$4M
Other Income/Expenses	$0
INCOME BEFORE TAX	$26M
Income Tax Expense	$4M
Net Income from Continuing Ops	$22M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$22M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$22M
D&A	$12M
EBIT	$26M
EBITDA	$39M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$22M
Depreciation & Amortization	$12M
Stock-Based Compensation	$812.0K
Deferred Income Tax	$924.0K
Other Non-Cash Items	$1M
Change in Working Capital	$297.0K
OPERATING CASH FLOW	$38M
Capital Expenditure	-$3M
Acquisitions (Net)	$0
Purchases of Investments	-$638M
Sales/Maturities of Investments	$84M
Other Investing Activities	$35M
NET CASH FROM INVESTING	-$521M
Net Debt Issuance	$73M
Common Stock Repurchased	-$8M
Common Dividends Paid	-$7M
Other Financing Activities	$378M
NET CASH FROM FINANCING	$436M
FREE CASH FLOW	$35M
Net Change in Cash	-$48M

Balance Sheet

Item	Amount
Cash & Equivalents	$32M
Short-Term Investments	$1.1B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$1.1B
PP&E (Net)	$30M
Goodwill	$60M
Intangible Assets	$4M
Long-Term Investments	$1.1B
Tax Assets	$0
Other Non-Current Assets	$72M
TOTAL NON-CURRENT ASSETS	$1.2B
TOTAL ASSETS	$2.4B
Account Payables	$0
Short-Term Debt	$50M
Deferred Revenue	$0
Other Current Liabilities	$2.1B
TOTAL CURRENT LIABILITIES	$2.1B
Long-Term Debt	$35M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$8M
TOTAL NON-CURRENT LIABILITIES	$43M
TOTAL LIABILITIES	$2.1B
Common Stock	$172M
Additional Paid-In Capital	$0
Retained Earnings	$52M
Treasury Stock	$0
Accum. Other Comp. Income	-$3M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$222M
Minority Interest	$0
TOTAL EQUITY	$222M
TOTAL LIABILITIES & EQUITY	$2.4B
Total Debt	$85M
Net Debt	$53M