Investor Relations

Financial Statements

 
AUTOBYTEL INC.
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
(Amounts in thousands, except share and per-share data)
 
 
 
March 31,
2017
 
December 31,
2016
 
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
  $ 39,643  
  $ 38,512  
Short-term investment
    251  
    251  
Accounts receivable, net of allowances for bad debts and customer credits of $968 and $1,015 at March 31, 2017 and December 31, 2016, respectively
    28,517  
    33,634  
Deferred tax asset
     
    4,669  
Prepaid expenses and other current assets
    885  
    901  
Total current assets
    69,296  
    77,967  
Property and equipment, net
    4,140  
    4,430  
Investments
    680  
    680  
Intangible assets, net
    22,395  
    23,783  
Goodwill
    42,821  
    42,821  
Long-term deferred tax asset
    25,622  
    14,799  
Other assets
    757  
    801  
Total assets
  $ 165,711  
  $ 165,281  
Liabilities and Stockholders’ Equity
       
       
Current liabilities:
       
       
Accounts payable
  $ 7,237  
  $ 9,764  
Accrued employee-related benefits
    2,246  
    4,530  
Other accrued expenses and other current liabilities
    7,741  
    8,315  
Current portion of term loan payable
    4,688  
    6,563  
Total current liabilities
    21,912  
    29,172  
Convertible note payable
    1,000  
    1,000  
Long-term portion of term loan payable
    6,750  
    7,500  
Borrowings under revolving credit facility
    8,000  
    8,000  
Total liabilities
    37,662  
    45,672  
Commitments and contingencies (Note 10)
     
     
Stockholders’ equity:
       
       
Preferred stock, $0.001 par value, 11,445,187 shares authorized
       
       
Series A Preferred stock, none issued and outstanding
     
     
Series B Preferred stock, 168,007 shares issued and outstanding
     
     
Common stock, $0.001 par value; 55,000,000 shares authorized and 11,062,688 and 11,012,625 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively
    11  
    11  
Additional paid-in capital
    351,490  
    350,022  
Accumulated deficit
    (223,452)
    (230,424)
Total stockholders’ equity
    128,049  
    119,609  
Total liabilities and stockholders’ equity
  $ 165,711  
  $ 165,281  
 
AUTOBYTEL INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands, except per-share data)
 
 
 
Three Months Ended
March 31,
 
 
 
2017
 
 
2016
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
Lead fees
  $ 29,092  
  $ 31,996  
Advertising
    7,969  
    3,766  
Other revenues
    280  
    485  
Total revenues
    37,341  
    36,247  
Cost of revenues
    24,430  
    22,612  
Gross profit
    12,911  
    13,635  
Operating expenses:
       
       
Sales and marketing
    3,763  
    5,677  
Technology support
    3,253  
    4,188  
General and administrative
    3,482  
    3,373  
Depreciation and amortization
    1,229  
    1,286  
Litigation settlements
    (25)
    (5)
Total operating expenses
    11,702  
    14,519  
 
       
       
Operating income (loss)
    1,209  
    (884)  
Interest and other income (expense), net
    (100)
    (224)
Income (loss) before income tax provision (benefit)
    1,109  
    (1,108)  
Income tax provision (benefit)
    625  
    (432)  
Net income (loss) and comprehensive income (loss)
  $ 484  
  $ (676)  
 
       
       
Basic earnings (loss) per common share
  $ 0.04  
  $ (0.06)  
 
       
       
Diluted earnings (loss) per common share
  $ 0.04  
  $ (0.06)  
AUTOBYTEL INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
 
 
 
Three Months Ended
March 31,
 
 
 
2017
 
 
2016
 
 
 
 
 
 
 
 
Cash flows from operating activities:
 
 
 
 
 
 
Net income (loss)
  $ 484
  $ (676)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
       
       
Depreciation and amortization
    1,841  
    1,813  
Provision for bad debts
    43  
    54  
Provision for customer credits
    94  
    181  
Share-based compensation
    1,011  
    1,364  
Change in deferred tax asset
    334  
    (595)  
Changes in assets and liabilities:
       
       
Accounts receivable
    4,980  
    206  
Prepaid expenses and other current assets
    16  
    426  
Other assets
    44  
    76  
Accounts payable
    (2,527)  
    1,667  
Accrued expenses and other current liabilities
    (2,858)
    (2,969)
Non-current liabilities
     
    13  
Net cash provided by operating activities
    3,462  
    1,560  
Cash flows from investing activities:
       
       
Purchases of property and equipment
    (163)
    (899)
Net cash used in investing activities
    (163)
    (899)
Cash flows from financing activities:
       
       
Payments on term loan borrowings
    (2,625)
    (1,313)
Proceeds from exercise of stock options
    457  
    699  
Payment of contingent fee arrangement
     
    (13)  
Net cash used in financing activities
    (2,168)
    (627)
Net increase in cash and cash equivalents
    1,131  
    34  
Cash and cash equivalents, beginning of period
    38,512  
    23,993  
Cash and cash equivalents, end of period
  $ 39,643  
  $ 24,027  
 
       
       
Supplemental disclosure of cash flow information:
       
       
Cash paid for income taxes
  $  
  $  
Cash paid for interest
  $ 356  
  $ 230