FUNC FY 2021 Earnings Report — First United Corporation Revenue & Financial Results | Market Cap Arena

First United CorporationFUNC

FY 2021 Earnings

Reported March 25, 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	$79M	—	$77M	—	2.2%
Op. Income	$26M	—	$18M	—	47.9%
Gross Margin	93.8%	—	80.4%	—	13.3pp
Net Margin	25.1%	—	18.0%	—	7.2pp
EPS (Diluted)	$2.94	—	$2.04	—	44.1%
Free Cash Flow	$19M	—	$15M	—	29.7%

Revenue Flow

Item	Amount
REVENUE	$79M
Cost of Revenue	$5M
GROSS PROFIT	$74M
R&D Expenses	$0
Selling & Marketing	$535.0K
General & Administrative	$26M
SG&A Expenses	$26M
Other Expenses	$21M
Operating Expenses	$47M
Cost & Expenses	$52M
OPERATING INCOME	$26M
Interest Income	$58M
Interest Expense	$6M
Other Income/Expenses	$0
INCOME BEFORE TAX	$26M
Income Tax Expense	$7M
Net Income from Continuing Ops	$20M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$20M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$20M
D&A	$3M
EBIT	$26M
EBITDA	$30M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$79M
Cost of Revenue	$5M
GROSS PROFIT	$74M
R&D Expenses	$0
Selling & Marketing	$535.0K
General & Administrative	$26M
SG&A Expenses	$26M
Other Expenses	$21M
Operating Expenses	$47M
Cost & Expenses	$52M
OPERATING INCOME	$26M
Interest Income	$58M
Interest Expense	$6M
Other Income/Expenses	$0
INCOME BEFORE TAX	$26M
Income Tax Expense	$7M
Net Income from Continuing Ops	$20M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$20M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$20M
D&A	$3M
EBIT	$26M
EBITDA	$30M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$20M
Depreciation & Amortization	$3M
Stock-Based Compensation	$472.0K
Deferred Income Tax	$550.0K
Other Non-Cash Items	-$3M
Change in Working Capital	-$1M
OPERATING CASH FLOW	$20M
Capital Expenditure	-$1M
Acquisitions (Net)	$0
Purchases of Investments	-$134M
Sales/Maturities of Investments	$80M
Other Investing Activities	$27M
NET CASH FROM INVESTING	-$28M
Net Debt Issuance	-$61M
Common Stock Repurchased	-$7M
Common Dividends Paid	-$4M
Other Financing Activities	$47M
NET CASH FROM FINANCING	-$25M
FREE CASH FLOW	$19M
Net Change in Cash	-$34M

Balance Sheet

Item	Amount
Cash & Equivalents	$116M
Short-Term Investments	$287M
Net Receivables	$13M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$416M
PP&E (Net)	$37M
Goodwill	$12M
Intangible Assets	$0
Long-Term Investments	$1.2B
Tax Assets	$7M
Other Non-Current Assets	$64M
TOTAL NON-CURRENT ASSETS	$1.3B
TOTAL ASSETS	$1.7B
Account Payables	$16M
Short-Term Debt	$58M
Deferred Revenue	$0
Other Current Liabilities	$1.5B
TOTAL CURRENT LIABILITIES	$1.5B
Long-Term Debt	$31M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$11M
TOTAL NON-CURRENT LIABILITIES	$45M
TOTAL LIABILITIES	$1.6B
Common Stock	$66.0K
Additional Paid-In Capital	$24M
Retained Earnings	$145M
Treasury Stock	$0
Accum. Other Comp. Income	-$27M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$142M
Minority Interest	$0
TOTAL EQUITY	$142M
TOTAL LIABILITIES & EQUITY	$1.7B
Total Debt	$91M
Net Debt	-$24M