Investor Relations

Financial Statements

AUTOBYTEL INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per-share and share data)

 
 
December 31,
2013
   
December 31,
2012
 
Assets
 
   
 
Current assets:
 
   
 
Cash and cash equivalents
 
$
18,930
   
$
15,296
 
Accounts receivable, net of allowances for bad debts and customer credits of $405 and $426 at December 31, 2013 and 2012, respectively
   
14,178
     
10,081
 
Deferred tax asset
   
3,517
     
-
 
Prepaid expenses and other current assets
   
506
     
504
 
Total current assets
   
37,131
     
25,881
 
Property and equipment, net
   
1,548
     
1,593
 
Long-term strategic investment
   
2,500
     
-
 
Intangible assets, net
   
1,821
     
1,539
 
Goodwill
   
13,602
     
11,677
 
Long-term deferred tax asset
   
31,135
     
-
 
Other assets
   
456
     
77
 
Total assets
 
$
88,193
   
$
40,767
 
Liabilities and Stockholders' Equity
               
Current liabilities:
               
Accounts payable
 
$
5,267
   
$
3,837
 
Accrued expenses and other current liabilities
   
7,649
     
5,377
 
Deferred revenues
   
(1
)
   
168
 
Total current liabilities
   
12,915
     
9,382
 
Convertible note payable
   
5,000
     
5,000
 
Borrowings under credit facility
   
4,250
     
-
 
Other non-current liabilities
   
1,200
     
620
 
Total liabilities
   
23,365
     
15,002
 
Commitments and contingencies (Note 4)
               
Stockholders' equity:
               
Preferred stock, $0.001 par value; 11,445,187 shares authorized; none outstanding
   
-
     
-
 
Common stock, $0.001 par value; 55,000,000 shares authorized; 8,909,737 and 8,855,400 shares issued and outstanding at December 31, 2013 and 2012, respectively
   
9
     
9
 
Additional paid-in capital
   
307,171
     
306,252
 
Accumulated deficit
   
(242,352
)
   
(280,496
)
Total stockholders' equity
   
64,828
     
25,765
 
Total liabilities and stockholders' equity
 
$
88,193
   
$
40,767
 
AUTOBYTEL INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in thousands, except per-share data)

 
 
Years Ended December 31,
 
 
 
2013
   
2012
 
Revenues:
 
   
 
Lead fees
 
$
74,732
   
$
63,109
 
Advertising
   
3,289
     
3,524
 
Other revenues
   
340
     
169
 
Total revenues
   
78,361
     
66,802
 
Cost of revenues (excludes depreciation of $76 in 2013 and $118 in 2012)
   
47,915
     
40,530
 
Gross profit
   
30,446
     
26,272
 
Operating expenses:
               
Sales and marketing
   
9,612
     
8,536
 
Technology support
   
7,303
     
6,848
 
General and administrative
   
9,554
     
7,852
 
Depreciation and amortization
   
1,450
     
1,717
 
Litigation settlements
   
(316
)
   
(273
)
Total operating expenses
   
27,603
     
24,680
 
Operating income
   
2,843
     
1,592
 
 
               
Interest and other income, net
   
237
     
139
 
Income tax provision (benefit)
   
(35,064
)
   
344
 
Net income and comprehensive income
 
$
38,144
   
$
1,387
 
 
               
Basic earnings  per common share
 
$
4.29
   
$
0.15
 
Diluted earnings  per common share
 
$
3.61
   
$
0.15
 
AUTOBYTEL INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

 
 
Years Ended December 31,
 
 
 
2013
     
2,012
 
Cash flows from operating activities:
 
         
Net income
 
$
38,144
   
$
1,387
 
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation and amortization
   
1,875
     
2,162
 
Provision for bad debt
   
92
     
164
 
Provision for customer credits
   
511
     
391
 
Share-based compensation
   
704
     
910
 
Gain on long-term strategic investment
   
(108
)
   
(132
)
Change in deferred tax assets
   
(35,495
)
   
-
 
Changes in assets and liabilities:
               
Accounts receivable
   
(4,610
)
   
(492
)
Prepaid expenses and other current assets
   
6
     
67
 
Other non-current assets
   
(246)
     
-
 
Accounts payable
   
1,416
     
756
 
Accrued expenses and other current liabilities
   
1,620
     
628
 
Deferred revenues
   
(175
)
   
(48
)
Non-current liabilities
   
598
     
13
 
Net cash provided by operating activities
   
4,332
     
5,806
 
Cash flows from investing activities:
               
Purchase of Advanced Mobile
   
(1,824
)
   
-
 
Investment in AutoWeb
   
(2,500
)
   
-
 
Investment in SaleMove
   
(150
)
   
-
 
Purchase of intangible assets
   
(16
)
   
-
 
Change in short-term investment
   
-
     
400
 
Change in long-term strategic investment
   
108
     
326
 
Purchases of property and equipment
   
(670
)
   
(772
)
Net cash used in investing activities
   
(5,052
)
   
(46
)
Cash flows from financing activities:
               
Repurchase of common stock
   
-
     
(1,455
)
Borrowings under credit facility
   
4,250
     
-
 
Net proceeds from stock option exercises
   
215
     
27
 
Payment of contingent fee arrangement
   
(111
)
   
(245
)
Net cash provided by (used in) financing activities
   
4,354
     
(1,673
)
Net increase in cash and cash equivalents
   
3,634
     
4,087
 
Cash and cash equivalents, beginning of period
   
15,296
     
11,209
 
Cash and cash equivalents, end of period
 
$
18,930
   
$
15,296
 
Supplemental disclosure of cash flow information:
               
Cash paid for income taxes
 
$
135
   
$
24
 
Cash paid for interest
 
$
324
   
$
300