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Financial Statements

AutoWeb, Inc.
 
CONSOLIDATED BALANCE SHEETS
(in thousands, except per-share and share data)
 
 
 
 
December 31,
2016
 
December 31,  
2015
 
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
  $ 38,512  
  $ 23,993  
Short-term investment
    251  
     
Accounts receivable, net of allowances for bad debts and customer credits of $1,015 and $1,045 at December 31, 2016 and 2015, respectively
    33,634  
    28,091  
Deferred tax asset
    4,669  
    3,642  
Prepaid expenses and other current assets
    901  
    1,276  
Total current assets
    77,967  
    57,002  
Property and equipment, net
    4,430  
    4,296  
Investments
    680  
    680  
Intangible assets, net
    23,783  
    29,515  
Goodwill
    42,821  
    42,903  
Long-term deferred tax asset
    14,799  
    17,820  
Other assets
    801  
    1,372  
Total assets
  $ 165,281  
  $ 153,588  
 
       
       
Liabilities and Stockholders’ Equity
       
       
Current liabilities:
       
       
Accounts payable
  $ 9,764  
  $ 7,643  
Accrued employee-related benefits
    4,530  
    3,945  
Other accrued expenses and other current liabilities
    8,315  
    6,799  
Current portion of term loan payable
    6,563  
    5,250  
Total current liabilities
    29,172  
    23,637  
Convertible note payable
    1,000  
    1,000  
Long-term portion of term loan payable
    7,500  
    12,750  
Borrowings under revolving credit facility
    8,000  
    8,000  
Total liabilities
    45,672  
    45,387  
Commitments and contingencies (Note 7)
       
       
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; 11,012,625 and 10,626,624 shares issued and outstanding at December 31, 2016 and 2015, respectively
    11  
    11  
Additional paid-in capital
    350,022  
    342,485  
Accumulated deficit
    (230,424)
    (234,295)
Total stockholders’ equity
    119,609  
    108,201  
Total liabilities and stockholders’ equity
  $ 165,281  
  $ 153,588  
  AutoWeb, Inc.
 
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in thousands, except per-share data)
 
 
 
Years Ended December 31,
 
 
 
2016
 
 
2015
 
 
2014
 
Revenues:
 
 
 
 
 
 
 
 
 
Lead fees
  $ 130,684  
  $ 120,678  
  $ 100,744  
Advertising
    24,508  
    10,534  
    4,171  
Other revenues
    1,492  
    2,014  
    1,363  
Total revenues
    156,684  
    133,226  
    106,278  
Cost of revenues
    98,771  
    81,586  
    64,465  
Gross profit
    57,913  
    51,640  
    41,813  
Operating expenses:
       
       
       
Sales and marketing
    18,118  
    15,956  
    14,404  
Technology support
    13,986  
    11,740  
    8,014  
General and administrative
    14,663  
    13,189  
    11,538  
Depreciation and amortization
    5,068  
    3,106  
    1,858  
Litigation settlements
    (50)
    (108)
    (143)
Total operating expenses
    51,785  
    43,883  
    35,671  
Operating income
    6,128  
    7,757  
    6,142  
Interest and other income (expense), net
    558  
    322  
    (694)
Income before income tax provision
    6,686  
    8,079  
    5,448  
Income tax provision
    2,815  
    3,433  
    2,037  
Net income and comprehensive income
  $ 3,871  
  $ 4,646  
  $ 3,411  
 
       
       
       
Basic earnings  per common share
  $ 0.36  
  $ 0.47  
  $ 0.38  
Diluted earnings  per common share
  $ 0.29  
  $ 0.37  
  $ 0.32  
AutoWeb, Inc.
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
 
 
Years Ended December 31,
 
 
 
2016
 
 
2015
 
 
2014
 
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income
  $ 3,871  
  $ 4,646  
  $ 3,411  
Adjustments to reconcile net income to net cash provided by operating activities:
       
       
       
Depreciation and amortization
    7,303  
    4,021  
    2,227  
Provision for bad debt
    344  
    379  
    354  
Provision for customer credits
    592  
    803  
    1,037  
Share-based compensation
    4,412  
    2,557  
    1,421  
Write-down of assets
    115  
     
     
Gain on sale of business
    (2,183 )
     
     
(Gain)/loss on long-term strategic investment
    777  
    (636 )
     
Change in deferred tax assets
    1,994  
    2,996  
    1,758  
Changes in assets and liabilities:
       
       
       
Accounts receivable
    (3,229 )
    (381 )
    (2,590 )
Prepaid expenses and other current assets
    (402 )
    (121 )
    (261 )
Other non-current assets
    946  
    147  
    (625 )
Accounts payable
    2,121  
    (586 )
    137  
Accrued expenses and other current liabilities
    1,581  
    (1,352 )
    1,847  
Non-current liabilities
     
    (273 )
    (826 )
Net cash provided by operating activities
    18,242  
    12,200  
    7,890  
Cash flows from investing activities:
       
       
       
Purchase of AutoUSA
     
     
    (10,044 )
Purchase of Dealix/Autotegrity
     
    (25,011 )
     
Investment in AutoWeb
     
     
    (880 )
Investment in SaleMove
     
     
    (400 )
Investment in GoMoto
    (375 )
    (375 )
    (100 )
Investment in short-term investment
    (251 )
     
     
Purchases of property and equipment
    (2,148 )
    (2,719 )
    (1,124 )
Net cash used in investing activities
    (2,774 )
    (28,105 )
    (12,548 )
Cash flows from financing activities:
       
       
       
Repurchase of common stock
     
     
    (1,779 )
Borrowings under credit facility
     
    2,750  
    1,000  
Borrowings under term loan
     
    15,000  
    9,000  
Payments on term loan borrowings
    (3,937 )
    (3,750 )
    (2,250 )
Net proceeds from stock option exercises
    3,051  
    1,197  
    567  
Proceeds from exercise of warrants
     
    1,860  
     
Proceeds from issuance of preferred shares
     
    2,132  
     
Payment of contingent fee arrangement
    (63 )
    (38 )
    (63 )
Net cash (used in) provided by financing activities
    (949 )
    19,151  
    6,475  
Net increase in cash and cash equivalents
    14,519  
    3,246  
    1,817  
Cash and cash equivalents, beginning of period
    23,993  
    20,747  
    18,930  
Cash and cash equivalents, end of period
  $ 38,512  
  $ 23,993  
  $ 20,747  
Supplemental disclosure of cash flow information:
       
       
       
Cash paid for income taxes
  $ 760  
  $ 552  
  $ 355  
Cash paid for interest
  $ 717  
  $ 884  
  $ 697  
 
       
       
       
Supplemental schedule of non-cash investing and financing activities:
       
       
       
Purchase of AutoWeb
  $  
  $ 21,543  
  $  
Conversion of Cyber Note
  $  
  $ 5,000  
  $  
Sale of specialty finance leads product
  $ 3,168  
  $  
  $