Investor Relations

Financial Statements

AUTOBYTEL INC.
 
CONSOLIDATED BALANCE SHEETS
(in thousands, except per-share and share data)
 
   
December 31,
2015
   
December 31,
2014
 
Assets
           
Current assets:
           
Cash and cash equivalents
 
$
23,993
   
$
20,747
 
Accounts receivable, net of allowances for bad debts and customer credits of $1,045 and $770 at December 31, 2015 and 2014, respectively
   
28,091
     
18,311
 
Deferred tax asset
   
3,642
     
5,498
 
Prepaid expenses and other current assets
   
1,276
     
811
 
Total current assets
   
57,002
     
45,367
 
Property and equipment, net
   
4,296
     
1,904
 
Investments
   
680
     
3,880
 
Intangible assets, net
   
29,515
     
4,173
 
Goodwill
   
42,903
     
20,948
 
Long-term deferred tax asset
   
17,820
     
27,396
 
Other assets
   
1,372
     
1,081
 
Total assets
 
$
153,588
   
$
104,749
 
                 
Liabilities and Stockholders’ Equity
               
Current liabilities:
               
Accounts payable
 
$
7,643
   
$
7,685
 
Accrued expenses and other current liabilities
   
10,744
     
9,495
 
Convertible note payable
   
     
5,000
 
Current portion of term loan payable
   
5,250
     
2,250
 
Total current liabilities
   
23,637
     
24,430
 
Convertible note payable
   
1,000
     
1,000
 
Long-term portion of term loan payable
   
12,750
     
4,500
 
Borrowings under revolving credit facility
   
8,000
     
5,250
 
Other non-current liabilities
   
     
311
 
Total liabilities
   
45,387
     
35,491
 
Commitments and contingencies (Note 7)
               
Stockholders’ equity:
               
Series A Preferred stock, $0.001 par value; 11,445,187 shares authorized; none outstanding
   
     
 
Series B Preferred stock, $0.001 par value; 500,000 shares authorized; 168,007 and no shares issued and outstanding at December 31, 2015 and 2014, respectively
   
     
 
Common stock, $0.001 par value; 55,000,000 shares authorized; 10,626,624 and 8,880,377 shares issued and outstanding at December 31, 2015 and 2014, respectively
   
11
     
9
 
Additional paid-in capital
   
342,485
     
308,190
 
Accumulated deficit
   
(234,295
)
   
(238,941
)
Total stockholders’ equity
   
108,201
     
69,258
 
Total liabilities and stockholders’ equity
 
$
153,588
   
$
104,749
 
AUTOBYTEL INC.
 
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in thousands, except per-share data)
 
     
Years Ended December 31,
 
     
2015
   
2014
   
2013
 
Revenues:
                   
Lead fees
 
$
120,678
   
$
100,744
   
$
74,732
 
Advertising
   
10,534
     
4,171
     
3,289
 
Other revenues
   
2,014
     
1,363
     
340
 
Total revenues
   
133,226
     
106,278
     
78,361
 
Cost of revenues
   
81,586
     
64,465
     
47,915
 
Gross profit
   
51,640
     
41,813
     
30,446
 
Operating expenses:
                       
Sales and marketing
   
15,956
     
14,404
     
9,612
 
Technology support
   
11,740
     
8,014
     
7,303
 
General and administrative
   
13,189
     
11,538
     
9,554
 
Depreciation and amortization
   
3,106
     
1,858
     
1,450
 
Litigation settlements
   
(108
)
   
(143
)
   
(316
)
Total operating expenses
   
43,883
     
35,671
     
27,603
 
Operating income
   
7,757
     
6,142
     
2,843
 
                         
Interest and other income (expense), net
   
322
     
(694
)
   
237
 
Income tax provision (benefit)
   
3,433
     
2,037
     
(35,064
)
Net income and comprehensive income
 
$
4,646
   
$
3,411
   
$
38,144
 
                         
Basic earnings  per common share
 
$
0.47
   
$
0.38
   
$
4.29
 
                         
Diluted earnings  per common share
 
$
0.37
   
$
0.32
   
$
3.61
 
AUTOBYTEL INC.
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
     
Years Ended December 31,
 
     
2015
   
2014
   
2013
 
Cash flows from operating activities:
                   
Net income
 
$
4,646
   
$
3,411
   
$
38,144
 
Adjustments to reconcile net income
to net cash provided by operating activities:
                       
Depreciation and amortization
   
4,021
     
2,227
     
1,875
 
Provision for bad debt
   
379
     
354
     
92
 
Provision for customer credits
   
803
     
1,037
     
511
 
Share-based compensation
   
2,557
     
1,421
     
704
 
Gain on long-term strategic investment
   
(636
)
   
     
(108
)
Change in deferred tax assets
   
2,996
     
1,758
     
(35,495
)
Changes in assets and liabilities:
                       
Accounts receivable
   
(381
)
   
(2,590
)
   
(4,610
)
Prepaid expenses and other current assets
   
(121
)
   
(261
)
   
6
 
Other non-current assets
   
147
     
(625
)
   
(246
)
Accounts payable
   
(586
)
   
137
     
1,416
 
Accrued expenses and other current liabilities
   
(1,352
)
   
1,847
     
1,445
 
Non-current liabilities
   
(273
)
   
(826
)
   
598
 
Net cash provided by operating activities
   
12,200
     
7,890
     
4,332
 
Cash flows from investing activities:
                       
Purchase of AutoUSA
   
     
(10,044
)
   
 
Purchase of Advanced Mobile
   
     
     
(1,824
)
Purchase of Dealix/Autotegrity
   
(25,011
)
           
Investment in AutoWeb
   
     
(880
)
   
(2,500
)
Investment in SaleMove
   
     
(400
)
   
(150
)
Purchase of intangible assets
   
     
     
(16
)
Investment in GoMoto
   
(375
)
   
(100
)
   
 
Change in long-term strategic investment
   
     
     
108
 
Purchases of property and equipment
   
(2,719
)
   
(1,124
)
   
(670
)
Net cash used in investing activities
   
(28,105
)
   
(12,548
)
   
(5,052
)
Cash flows from financing activities:
                       
Repurchase of common stock
   
     
(1,779
)
   
 
Borrowings under credit facility
   
2,750
     
1,000
     
4,250
 
Borrowings under term loan
   
15,000
     
9,000
     
 
Payments on term loan borrowings
   
(3,750
)
   
(2,250
)
   
 
Net proceeds from stock option exercises
   
1,197
     
567
     
215
 
Proceeds from exercise of warrants
   
1,860
     
     
 
Proceeds from issuance of preferred shares
   
2,132
     
     
 
Payment of contingent fee arrangement
   
(38
)
   
(63
)
   
(111
)
Net cash provided by financing activities
   
19,151
     
6,475
     
4,354
 
Net increase in cash and cash equivalents
   
3,246
     
1,817
     
3,634
 
Cash and cash equivalents, beginning of period
   
20,747
     
18,930
     
15,296
 
Cash and cash equivalents, end of period
 
$
23,993
   
$
20,747
   
$
18,930
 
Supplemental disclosure of cash flow information:
                       
Cash paid for income taxes
 
$
552
   
$
355
   
$
135
 
Cash paid for interest
 
$
884
   
$
697
   
$
324
 
                         
Supplemental schedule of non-cash
investing and financing activities:
                       
Purchase of AutoWeb
 
$
21,543
   
$
   
$
 
Conversion of Cyber Note
 
$
5,000    
$
   
$