Summary - Funding Rounds

Founding Date

1980
CoBiz Financial is a subsidiary of BOK Financial

CoBiz Financial Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

106.1 m114.3 m121.3 m127.8 m

Revenue growth, %

8%6%5%

Cost of goods sold

9.6 m11.7 m

Gross profit

111.7 m116.1 m

Gross profit Margin, %

92%91%

Sales and marketing expense

71.5 m

Operating expense total

71.5 m

EBIT

40.8 m44.2 m35.7 m118.2 m

EBIT margin, %

38%39%29%92%

Pre tax profit

35.7 m47.1 m

Income tax expense

9.6 m12.2 m

Net Income

27.6 m29 m26.1 m34.9 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

34.7 m32.7 m37.5 m38.9 m37.3 m38 m37.6 m38.9 m39.3 m41.6 m41.4 m43.7 m45.9 m46.7 m94.1 m

Cost of goods sold

2.6 m2.1 m2.2 m2.1 m2 m2 m2.8 m3 m3 m2.9 m3 m3.4 m3.2 m3.2 m7.2 m

Gross profit

32.1 m30.6 m35.4 m36.8 m35.3 m36 m34.8 m35.9 m36.3 m38.7 m38.4 m40.3 m42.8 m43.6 m86.9 m

Gross profit Margin, %

93%94%94%94%95%95%93%92%92%93%93%92%93%93%92%

Sales and marketing expense

17.1 m16.9 m16.7 m17.7 m18.1 m17 m16.6 m17.6 m18 m17.5 m19.1 m18.3 m18.4 m

Operating expense total

23.8 m24.1 m23.2 m25 m25.4 m24.4 m24.7 m25.8 m26.3 m26 m27.1 m26.7 m26.4 m28.6 m58.9 m

Depreciation and amortization

56 k105 k

EBIT

25.9 m26.8 m27.3 m27.5 m28.8 m27 m26.6 m27.9 m30.2 m30.6 m29.5 m31.3 m32.7 m34.9 m71 m

EBIT margin, %

75%82%73%71%77%71%71%72%77%73%71%72%71%75%75%

Pre tax profit

9.9 m8.3 m13.1 m12.2 m10.7 m10.6 m9.3 m9.7 m11.7 m13.8 m10.7 m13 m15.3 m15.3 m29.2 m

Income tax expense

2.8 m2.8 m42 k3.2 m2.3 m42 k3.2 m3.5 m2.1 m3.5 m4.1 m2.3 m4.9 m

Net Income

7 m5.5 m8.6 m7.9 m7.3 m7.4 m7 m7.4 m8.5 m10.3 m8.6 m9.5 m11.2 m13 m24.4 m

CoBiz Financial Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Cash

76 m91.6 m67.3 m96.1 m

Accounts Receivable

8.8 m9.6 m10.4 m12.2 m

Inventories

510.4 m

Total Assets

2.8 b3.1 b3.4 b3.6 b

Accounts Payable

3 b

Total Liabilities

3.3 b

Additional Paid-in Capital

240.7 m245 m192.8 m197.8 m

Retained Earnings

103.6 m

Total Equity

281.1 m308.8 m273.5 m302.3 m

Financial Leverage

10 x9.9 x12.3 x12 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018Q2, 2018

Cash

99.7 m77.1 m130.6 m93.7 m63.4 m85.1 m86.1 m87.5 m67.7 mwdxefcqufszuzezftuxetqsqxt84.9 m

Inventories

582.9 m547.2 m526.8 m500.5 m495 m477.6 m455.1 m572.1 m582.3 m646.6 m

Total Assets

2.8 b2.9 b3 b3 b3.4 b3.5 b3.5 b3.7 b3.8 b3.9 b

Accounts Payable

2.3 b2.3 b2.3 b2.4 b2.8 b2.8 b2.9 b3.1 b3.2 b3.1 b

Total Liabilities

2.5 b2.6 b2.7 b2.7 b3.1 b3.2 b3.2 b3.4 b3.5 b3.5 b

Additional Paid-in Capital

239.5 m241.9 m242.6 m243.6 m193.9 m195.2 m196.3 m199 m203.1 m204.3 m

Retained Earnings

109.3 m136.9 m144 m

Total Equity

272.9 m287.5 m296.1 m302.7 m277.8 m286.1 m295.8 m310.2 m338.6 m346.1 m

Financial Leverage

10.3 x9.9 x10.2 x10 x12.1 x12.1 x11.7 x12 x11.3 x11.2 x

CoBiz Financial Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

27.6 m29 m26.1 m34.9 m

Depreciation and Amortization

3.7 m600 k600 k

Accounts Receivable

(416 k)9.6 m

Cash From Operating Activities

26.8 m15.5 m34.1 m

Cash From Investing Activities

(151.7 m)(320.3 m)

Dividends Paid

(1.5 m)(463 k)

Cash From Financing Activities

135 m261.9 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

7 m5.5 m8.6 m7.9 m7.3 m7.4 m7 m7.4 m8.5 m10.3 m8.6 m11.2 m13 m24.4 m

Depreciation and Amortization

149 k147 k150 k150 k150 k150 k150 k150 k150 k884 k1.4 m

Accounts Receivable

9 m9.8 m10.8 m11.1 m11 m

Cash From Operating Activities

41.8 m12.2 m26.9 m

Purchases of PP&E

(25.2 m)(89.5 m)

Cash From Investing Activities

(228 m)14.1 m(33.2 m)

Cash From Financing Activities

169.4 m(38.8 m)11 m
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CoBiz Financial Operating Metrics

FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

Non-accrual Loans

$8.99 m$6.09 m$4.08 m$4.88 m$15.72 m$8.24 m$5.99 m$5.05 m$2.64 m$3.05 m$3.83 m

Total Loans

$2.41 b$2.45 b$2.50 b$2.62 b$2.70 b$2.72 b$2.81 b$2.83 b$2.93 b$2.99 b$3.06 b
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