VEL FY 2020 Earnings Report — Velocity Financial, Inc. Revenue & Financial Results | Market Cap Arena

Velocity Financial, Inc.VEL

FY 2020 Earnings

Reported March 16, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2020	Prior Q	FY 2019	QoQ Change	YoY Change
Revenue	$166M	—	$153M	—	8.5%
Op. Income	$23M	—	$25M	—	-8.9%
Gross Margin	36.7%	—	34.8%	—	1.9pp
Net Margin	10.7%	—	11.3%	—	-0.6pp
EPS (Diluted)	$-1.55	—	$0.86	—	-280.2%
Free Cash Flow	$53M	—	-$107M	—	149.7%

Revenue Flow

Item	Amount
REVENUE	$166M
Cost of Revenue	$105M
GROSS PROFIT	$61M
R&D Expenses	$0
Selling & Marketing	$578.0K
General & Administrative	$25M
SG&A Expenses	$25M
Other Expenses	$13M
Operating Expenses	$38M
Cost & Expenses	$143M
OPERATING INCOME	$23M
Interest Income	$167M
Interest Expense	$100M
Other Income/Expenses	$0
INCOME BEFORE TAX	$23M
Income Tax Expense	$5M
Net Income from Continuing Ops	$18M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$18M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	-$31M
D&A	$2M
EBIT	$23M
EBITDA	$26M
EPS	-$2
EPS Diluted	-$2

Income Statement

Item	Amount
REVENUE	$166M
Cost of Revenue	$105M
GROSS PROFIT	$61M
R&D Expenses	$0
Selling & Marketing	$578.0K
General & Administrative	$25M
SG&A Expenses	$25M
Other Expenses	$13M
Operating Expenses	$38M
Cost & Expenses	$143M
OPERATING INCOME	$23M
Interest Income	$167M
Interest Expense	$100M
Other Income/Expenses	$0
INCOME BEFORE TAX	$23M
Income Tax Expense	$5M
Net Income from Continuing Ops	$18M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$18M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	-$31M
D&A	$2M
EBIT	$23M
EBITDA	$26M
EPS	-$2
EPS Diluted	-$2

Cash Flow Statement

Item	Amount
Net Income	$18M
Depreciation & Amortization	$2M
Stock-Based Compensation	$965.0K
Deferred Income Tax	$2M
Other Non-Cash Items	$22M
Change in Working Capital	$10M
OPERATING CASH FLOW	$55M
Capital Expenditure	-$2M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$88M
NET CASH FROM INVESTING	$88M
Net Debt Issuance	-$283M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$9M
NET CASH FROM FINANCING	-$150M
FREE CASH FLOW	$53M
Net Change in Cash	-$7M

Balance Sheet

Item	Amount
Cash & Equivalents	$14M
Short-Term Investments	$0
Net Receivables	$87M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$102M
PP&E (Net)	$9M
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$2.0B
Tax Assets	$7M
Other Non-Current Assets	$23M
TOTAL NON-CURRENT ASSETS	$2.0B
TOTAL ASSETS	$2.1B
Account Payables	$63M
Short-Term Debt	$76M
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$139M
Long-Term Debt	$1.7B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$90M
TOTAL NON-CURRENT LIABILITIES	$1.7B
TOTAL LIABILITIES	$1.9B
Common Stock	$201.0K
Additional Paid-In Capital	$204M
Retained Earnings	$15M
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$220M
Minority Interest	$0
TOTAL EQUITY	$220M
TOTAL LIABILITIES & EQUITY	$2.1B
Total Debt	$1.7B
Net Debt	$1.7B