FUNC FY 2023 Earnings Report — First United Corporation Revenue & Financial Results | Market Cap Arena

First United CorporationFUNC

FY 2023 Earnings

Reported March 15, 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	$96M	—	$80M	—	18.9%
Op. Income	$19M	—	$33M	—	-41.3%
Gross Margin	73.0%	—	94.8%	—	-21.9pp
Net Margin	15.8%	—	31.1%	—	-15.4pp
EPS (Diluted)	$2.25	—	$3.76	—	-40.2%
Free Cash Flow	$22M	—	$23M	—	-3.7%

Revenue Flow

Item	Amount
REVENUE	$96M
Cost of Revenue	$26M
GROSS PROFIT	$70M
R&D Expenses	$0
Selling & Marketing	$833.0K
General & Administrative	$30M
SG&A Expenses	$30M
Other Expenses	$20M
Operating Expenses	$50M
Cost & Expenses	$76M
OPERATING INCOME	$19M
Interest Income	$81M
Interest Expense	$24M
Other Income/Expenses	$0
INCOME BEFORE TAX	$19M
Income Tax Expense	$4M
Net Income from Continuing Ops	$15M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$15M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$15M
D&A	$5M
EBIT	$20M
EBITDA	$24M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$96M
Cost of Revenue	$26M
GROSS PROFIT	$70M
R&D Expenses	$0
Selling & Marketing	$833.0K
General & Administrative	$30M
SG&A Expenses	$30M
Other Expenses	$20M
Operating Expenses	$50M
Cost & Expenses	$76M
OPERATING INCOME	$19M
Interest Income	$81M
Interest Expense	$24M
Other Income/Expenses	$0
INCOME BEFORE TAX	$19M
Income Tax Expense	$4M
Net Income from Continuing Ops	$15M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$15M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$15M
D&A	$5M
EBIT	$20M
EBITDA	$24M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$15M
Depreciation & Amortization	$5M
Stock-Based Compensation	$527.0K
Deferred Income Tax	-$889.0K
Other Non-Cash Items	$2M
Change in Working Capital	$1M
OPERATING CASH FLOW	$22M
Capital Expenditure	-$353.0K
Acquisitions (Net)	$0
Purchases of Investments	-$4M
Sales/Maturities of Investments	$54M
Other Investing Activities	-$131M
NET CASH FROM INVESTING	-$82M
Net Debt Issuance	$61M
Common Stock Repurchased	-$1M
Common Dividends Paid	-$5M
Other Financing Activities	-$20M
NET CASH FROM FINANCING	$35M
FREE CASH FLOW	$22M
Net Change in Cash	-$25M

Balance Sheet

Item	Amount
Cash & Equivalents	$50M
Short-Term Investments	$97M
Net Receivables	$7M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$154M
PP&E (Net)	$33M
Goodwill	$11M
Intangible Assets	$1M
Long-Term Investments	$1.6B
Tax Assets	$11M
Other Non-Current Assets	$92M
TOTAL NON-CURRENT ASSETS	$1.8B
TOTAL ASSETS	$1.9B
Account Payables	$612.0K
Short-Term Debt	$45M
Deferred Revenue	$0
Other Current Liabilities	$1.6B
TOTAL CURRENT LIABILITIES	$1.6B
Long-Term Debt	$111M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$34M
TOTAL NON-CURRENT LIABILITIES	$146M
TOTAL LIABILITIES	$1.7B
Common Stock	$66.0K
Additional Paid-In Capital	$24M
Retained Earnings	$174M
Treasury Stock	$0
Accum. Other Comp. Income	-$36M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$162M
Minority Interest	$0
TOTAL EQUITY	$162M
TOTAL LIABILITIES & EQUITY	$1.9B
Total Debt	$158M
Net Debt	$108M