Investor Relations

Financial Statements

AUTOBYTEL INC.
 
(in thousands, except per-share and share data)
 
   
December 31,
2014
   
December 31,
2013
 
Assets
           
Current assets:
           
Cash and cash equivalents
  $ 20,747     $ 18,930  
Accounts receivable, net of allowances for bad debts and customer credits of $770 and $405 at December 31, 2014 and 2013, respectively
    18,311       14,178  
Deferred tax asset
    5,498       3,517  
Prepaid expenses and other current assets
    811       506  
Total current assets
    45,367       37,131  
Property and equipment, net
    1,904       1,548  
Investments
    3,880       2,650  
Intangible assets, net
    4,173       1,821  
Goodwill
    20,948       13,602  
Long-term deferred tax asset
    27,396       31,135  
Other assets
    1,081       306  
Total assets
  $ 104,749     $ 88,193  
                 
Liabilities and Stockholders’ Equity
               
Current liabilities:
               
Accounts payable
  $ 7,685     $ 5,267  
Accrued expenses and other current liabilities
    9,495       7,648  
Convertible note payable
    5,000        
Total current liabilities
    22,180       12,915  
Convertible note payable
    1,000       5,000  
Term loan payable
    6,750        
Borrowings under revolving credit facility
    5,250       4,250  
Other non-current liabilities
    311       1,200  
Total liabilities
    35,491       23,365  
Commitments and contingencies (Note 5)
               
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; 8,880,377 and 8,909,737 shares issued and outstanding at December 31, 2014 and 2013, respectively
    9       9  
Additional paid-in capital
    308,190       307,171  
Accumulated deficit
    (238,941 )     (242,352 )
Total Stockholders’ equity
    69,258       64,828  
Total liabilities and Stockholders’ equity
  $ 104,749     $ 88,193  
AUTOBYTEL INC.
 
(in thousands, except per-share data)
 
   
Years Ended December 31,
 
   
2014
   
2013
 
Revenues:
           
Lead fees
  $ 100,744     $ 74,732  
Advertising
    4,171       3,289  
Other revenues
    1,363       340  
Total revenues
    106,278       78,361  
Cost of revenues (excludes depreciation of $28 in 2014 and $76 in 2013)
    64,465       47,915  
Gross profit
    41,813       30,446  
Operating expenses:
               
Sales and marketing
    14,404       9,612  
Technology support
    8,014       7,303  
General and administrative
    11,538       9,554  
Depreciation and amortization
    1,858       1,450  
Litigation settlements
    (143 )     (316 )
Total operating expenses
    35,671       27,603  
Operating income
    6,142       2,843  
                 
Interest and other income (expense), net
    (694 )     237  
Income tax provision (benefit)
    2,037       (35,064 )
Net income and comprehensive income
  $ 3,411     $ 38,144  
                 
Basic earnings  per common share
  $ 0.38     $ 4.29  
                 
Diluted earnings  per common share
  $ 0.32     $ 3.61  
AUTOBYTEL INC.
 
(in thousands)
 
   
Years Ended December 31,
 
   
2014
   
2013
 
Cash flows from operating activities:
           
Net income
  $ 3,411     $ 38,144  
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation and amortization
    2,227       1,875  
Provision for bad debt
    354       92  
Provision for customer credits
    1,037       511  
Share-based compensation
    1,421       704  
Gain on long-term strategic investment
          (108 )
Change in deferred tax assets
    1,758       (35,495 )
Changes in assets and liabilities:
               
Accounts receivable
    (2,590 )     (4,610 )
Prepaid expenses and other current assets
    (261 )     6  
Other non-current assets
    (625 )     (246 )
Accounts payable
    137       1,416  
Accrued expenses and other current liabilities
    1,847       1,445  
Non-current liabilities
    (826 )     598  
Net cash provided by operating activities
    7,890       4,332  
Cash flows from investing activities:
               
Purchase of AutoUSA
    (10,044 )      
Purchase of Advanced Mobile
          (1,824 )
Investment in AutoWeb
    (880 )     (2,500 )
Investment in SaleMove
    (400 )     (150 )
Purchase of intangible assets
          (16 )
Investment in GoMoto
    (100 )      
Change in long-term strategic investment
          108  
Purchases of property and equipment
    (1,124 )     (670 )
Net cash used in investing activities
    (12,548 )     (5,052 )
Cash flows from financing activities:
               
Repurchase of common stock
    (1,779 )      
Borrowings under credit facility
    1,000       4,250  
Borrowings under term loan
    9,000        
Payments on term loan borrowings
    (2,250 )      
Net proceeds from stock option exercises
    567       215  
Payment of contingent fee arrangement
    (63 )     (111 )
Net cash provided by financing activities
    6,475       4,354  
Net increase in cash and cash equivalents
    1,817       3,634  
Cash and cash equivalents, beginning of period
    18,930       15,296  
Cash and cash equivalents, end of period
  $ 20,747     $ 18,930  
Supplemental disclosure of cash flow information:
               
Cash paid for income taxes
  $ 355     $ 135  
Cash paid for interest
  $ 697     $ 324