Summary - Funding Rounds

Founding Date

1993

City Bank Income Statement

Annual

USDFY, 2017FY, 2018FY, 2019FY, 2020

Revenue

151.8m170.2m56.6m101.6m

Revenue growth, %

12%

Cost of goods sold

16.0m22.5m

Gross profit

135.9m147.7m

Gross profit Margin, %

89%87%

Sales and marketing expense

3.0m3.1m

R&D expense

2.8m3.6m

Operating expense total

108.1m115.4m20.4m24.5m

Interest expense

28.4m15.9m

Pre tax profit

23.7m25.4m36.7m56.6m

Income tax expense

1.1m(3.9m)7.5m11.3m

Net Income

23.6m29.3m29.2m45.4m

Quarterly

USDQ1, 2019Q2, 2019Q3, 2019Q1, 2020Q2, 2020Q3, 2020

Revenue

12.1m13.7m14.1m18.9m24.9m31.7m

Sales and marketing expense

717.0k796.0k762.0k768.0k806.0k615.0k

R&D expense

693.0k689.0k722.0k847.0k1.1m843.0k

Operating expense total

4.8m4.9m5.2m6.5m6.4m5.6m

Interest expense

7.5m7.7m7.1m5.5m3.6m3.2m

Pre tax profit

6.0m7.7m10.2m8.8m7.0m20.9m

Income tax expense

1.2m1.7m2.0m1.7m1.4m4.1m

Net Income

4.8m6.1m8.3m7.1m5.6m16.7m

City Bank Balance Sheet

Annual

USDFY, 2017FY, 2018FY, 2019FY, 2020

Cash

294.6m246.0m158.1m300.3m

Accounts Receivable

1.8b2.0b

PP&E

61.9m59.8m61.9m60.3m

Goodwill

18.8m19.5m

Total Assets

2.6b2.7b3.2b3.6b

Accounts Payable

2.2b2.3b

Short-term debt

15.6m17.7m37.2m26.6m

Long-term debt

115.9m129.0m

Total Debt

131.4m146.7m37.2m26.6m

Total Liabilities

2.4b2.5b2.9b3.2b

Common Stock

15.2m14.8m18.0m18.1m

Additional Paid-in Capital

85.9m80.4m140.5m141.1m

Retained Earnings

120.6m119.8m146.7m189.5m

Total Equity

15.8m154.6m306.2m370.0m

Financial Leverage

162.6 x17.5 x10.6 x9.7 x

Quarterly

City Bank Cash Flow

Annual

USDFY, 2017FY, 2018FY, 2019FY, 2020

Net Income

23.6m29.3m29.2m45.4m

Depreciation and Amortization

5.3m6.5m5.2m6.6m

Cash From Operating Activities

35.3m26.9m30.5m5.6m

Purchases of PP&E

9.0m3.1m(4.0m)(3.3m)

Cash From Investing Activities

(148.1m)(184.1m)(213.5m)(156.2m)

Long-term Borrowings

(95.0m)

Dividends Paid

(7.9m)(30.0m)(1.1m)(2.5m)

Cash From Financing Activities

43.9m108.6m95.1m292.8m

Net Change in Cash

(68.8m)(48.6m)(87.9m)142.2m

Interest Paid

15.9m22.0m28.1m16.1m

Income Taxes Paid

107.0k2.7m6.5m13.5m

Quarterly

USDQ1, 2019Q2, 2019Q3, 2019Q1, 2020Q2, 2020Q3, 2020

Net Income

4.8m10.9m19.1m7.1m12.7m29.4m

Depreciation and Amortization

1.3m2.5m3.7m1.6m3.3m4.9m

Cash From Operating Activities

29.3m21.7m22.5m4.3m(8.6m)33.8m

Purchases of PP&E

(1.0m)(2.4m)(3.3m)(1.2m)(2.4m)(3.2m)

Cash From Investing Activities

42.9m101.1m(67.6m)25.0m(190.5m)(145.9m)

Long-term Borrowings

(95.0m)

Dividends Paid

(539.0k)(541.0k)(1.1m)(1.6m)

Cash From Financing Activities

21.2m39.4m43.8m(51.4m)297.1m244.8m

Net Change in Cash

93.4m162.1m(1.3m)(22.0m)98.0m132.8m

Interest Paid

7.1m14.9m21.9m5.8m9.6m13.0m

Income Taxes Paid

2.9m4.4m8.7m

City Bank Ratios

USDFY, 2017

Financial Leverage

162.6 x

City Bank Operating Metrics

FY, 2018

Bank Branches

21

Total Deposits

$2.3 b

Total Loans

$2 b