AutoWeb, Inc. (Nasdaq: AUTO), a matchmaking platform connecting
in-market vehicle shoppers to their preferred vehicle transactions,
is reporting financial results for the third quarter ended
September 30, 2021.
“During the third quarter, we focused on
integrating our CarZeus acquisition and continued delivery of value
for our dealer and OEM customers, despite significant headwinds
from persistent supply challenges across the automotive industry,”
said Jared Rowe, President and CEO of AutoWeb. “These difficult
supply dynamics offset the seasonal benefits we would typically
expect in Q3, as widespread inventory constraints continue to
curtail new car sales and drive vehicle pricing increases,
resulting in less demand for our lead products as our clients have
fewer vehicles to sell. Against this backdrop, the year-over-year
growth we generated across our click metrics demonstrates to us
that consumer demand has remained robust across our concentrated
audience of intent vehicle shoppers, even with limited vehicle
supply available. As we strengthen and scale our vehicle
acquisition business, we are working to directly serve this demand
among used car sellers and meaningfully enhance our retail-ready
offerings for our customers.”
Third Quarter 2021 Financial
Summary
|
Q3 2021 |
Q2 2021 |
Q3 2020 |
Total Revenues (millions) |
$17.2 |
|
$18.7 |
|
$17.8 |
|
Gross Profit (millions) |
$4.4 |
|
$6.6 |
|
$6.4 |
|
Gross Margin (millions) |
|
25.8 |
% |
|
35.0 |
% |
|
36.1 |
% |
Net Income/(Loss) (millions) |
$(3.1 |
) |
$(0.3 |
) |
$(0.4 |
) |
Net Income/(Loss) per share |
$(0.23 |
) |
$(0.02 |
) |
$(0.03 |
) |
Adjusted EBITDA1 (millions) |
$(1.7 |
) |
$1.0 |
|
$1.0 |
|
Third Quarter 2021 Key Operating Metrics
|
Q3 2021 |
Q2 2021 |
Q3 2020 |
Lead Traffic2 (millions) |
16.2 |
17.8 |
18.7 |
Lead Volume3 (millions) |
1.0 |
1.2 |
1.2 |
Retail Dealer Count4 |
1,617 |
1,665 |
1,707 |
Retail Lead Capacity5 |
105,000 |
108,000 |
105,000 |
Click Traffic6 (millions) |
21.8 |
24.2 |
18.6 |
Click Volume7 (millions) |
4.9 |
4.8 |
4.6 |
1 Refer to the note below about Non-GAAP financial measures and
accompanying reconciliation tables.2 Lead traffic = total visits to
AutoWeb’s owned lead websites.3 Lead volume = total new and used
vehicle leads invoiced to retail and wholesale customers. 4 Retail
dealer count = the number of franchised dealers contracted for
delivery of retail new vehicle leads plus the number of vehicle
dealers (franchised or independent) contracted for delivery of
retail used vehicle leads.5 Retail lead capacity = the number of
new and used vehicle leads contracted for by new or used retail
vehicle dealers that the dealers wish to receive each month (i.e.,
“targets”) at the end of the applicable quarter.6 Click traffic =
total visits to AutoWeb’s owned click referral websites and
AutoWeb's Click Traffic Affiliate Network websites.7 Click volume =
the number of times during the applicable quarter that consumers
clicked on advertisements on AutoWeb’s owned click referral
websites and on AutoWeb's Click Traffic Affiliate Network
websites.
Rowe continued: “Within our legacy digital
marketing business, our continued focus on efficiency and
optimizing the quality of our lead and click mixes has allowed us
to remain a supportive supplier to our OEM and retail dealer
network. Though industry-wide supply constraints hampered our leads
performance during the quarter, our retail lead capacity remained
stable versus prior year, which we believe demonstrates the
sustained value we offer our customers in even the most difficult
market conditions. In our clicks product, a September research
report we commissioned from Brian Pasch Enterprises found that our
traffic generation product facilitated greater quality, value and
shopper interaction among in-market vehicle buyers than more
generalized marketing approaches, such as Google SEM campaigns. We
believe that the steady improvements we have made to our offerings
and owned sites have established our platform as a tailored,
comprehensive funnel for intent vehicle shoppers.
“Through leveraging our enhanced platform and
highly targeted customer acquisition capabilities, we believe we
are optimally positioned to scale our used vehicle acquisition
business and play an even more active role in the automotive
matchmaking process. In just the first few months of having CarZeus
on our platform, we have already commenced our efforts to expand
the business beyond its initial base in San Antonio, Texas and into
the Austin, Texas used vehicle market. We maintained our focus on
cost efficiency by keeping the initial Austin launch all-virtual,
with an in-person location to follow as we further establish our
foothold in the market. Over time, we anticipate that this playbook
will continue guiding our planned expansion into additional
markets. We look forward to further deploying the digital retailing
best practices we have developed to connect in-market consumers
with their desired vehicles—both on and offline.
“The operational and platform improvements we
have made to date have prepared us for the next phase of our
business transformation. We are no longer merely facilitating
matches between vehicle buyers and retailers. Now, we have become a
direct participant in the matchmaking process. We are leveraging
our core digital marketing strengths to drive used vehicle
transactions from start to finish. While these are still early
days, I am proud of our progress in expanding our transactional
matchmaking capabilities.”
Third Quarter 2021 Financial
ResultsTotal revenues in the third quarter of 2021 were
$17.2 million compared to $17.8 million in the year-ago quarter.
The decrease was primarily attributable to the impact of supply
constraints across the automotive industry reducing demand for our
leads product.
Gross profit in the third quarter of 2021 was
$4.4 million compared to $6.4 million in the year-ago quarter. As a
percentage of revenue, gross margin was 25.8% compared to 36.1% in
the year-ago quarter. The decrease in gross profit was driven by
the aforementioned industry-wide supply constraints.
Total operating expenses in the third quarter of
2021 were $7.3 million compared to $6.7 million in the year-ago
quarter. The increase was primarily driven by higher sales and
marketing expenses associated with integrating CarZeus and scaling
the company’s vehicle acquisition capabilities.
Net loss in the third quarter of 2021 was $(3.1)
million or $(0.23) per share, compared to a net loss of $(0.4)
million or $(0.03) per share in the year-ago quarter.
Adjusted EBITDA in the third quarter of 2021 was
$(1.7) million compared to $1.0 million in the year-ago quarter
(See “Note about Non-GAAP Financial Measures” below for further
discussion and the accompanying reconciliation tables). The
decrease was primarily driven by lower gross profit levels as a
result of broader industry supply challenges.
At September 30, 2021, cash, cash equivalents
and restricted cash totaled $14.2 million compared to $15.1 million
at December 31, 2020.
At September 30, 2021, AutoWeb’s outstanding
balance on its revolving credit facility with CIT Northridge Credit
was $10.0 million compared to $10.2 million at December 31,
2020.
CarZeus Operating MetricsOn
August 2, 2021, AutoWeb announced the completion of its acquisition
of specified assets of CarZeus, a San Antonio, Texas based used
vehicle acquisition platform that buys cars directly from consumers
and sells them through wholesale auctions or directly to dealers.
As of September 30, 2021, AutoWeb has purchased 126 vehicles from
consumers since the acquisition, with a total of 115 vehicles sold.
The vehicles sold by the end of the third quarter carried an
average selling price of $13,949 per unit and an average per-unit
gross profit of $1,380.
Conference CallAutoWeb will
hold a conference call today at 5:00 p.m. Eastern time to discuss
its third quarter results, followed by a question-and-answer
session.
Date: Thursday, November 4, 2021Time: 5:00 p.m.
Eastern time (2:00 p.m. Pacific time)Toll-free dial-in number:
1-877-852-2929International dial-in number:
1-404-991-3925Conference ID: 6577532
The conference call will also be broadcast live
here and at www.autoweb.com (click on “Investors” and then click on
“Events & Presentations”). Please visit the website at least 15
minutes prior to the start of the call to register and download any
necessary software. For those who will be joining the call by
phone, please call the conference telephone number 5-10 minutes
prior to the start time, and an operator will register your name
and organization. If you have any difficulty connecting with the
conference call, please contact Gateway Investor Relations at
1-949-574-3860.
A replay of the conference call will be
available after 8:00 p.m. Eastern time on the same day through
November 11, 2021. The call will also be archived in the Investors
section of the company’s website for one year.
Toll-free replay number:
1-855-859-2056International replay number: 1-404-537-3406Replay ID:
6577532
Tax Benefit Preservation PlanAt
December 31, 2020, the company had approximately $104.1 million in
available net operating loss carryforwards (NOLs) for U.S. federal
income tax purposes. AutoWeb reminds stockholders about its Tax
Benefit Preservation Plan dated May 26, 2010, as amended (the
“Plan”) between the company and Computershare Trust Company, N.A.,
as rights agent.
The Plan was adopted by the company’s board of
directors to preserve the company’s NOLs and other tax attributes,
and thus reduce the risk of a possible change of ownership under
Section 382 of the Internal Revenue Code. Any such change of
ownership under Section 382 would limit or eliminate the ability of
the company to use its existing NOLs for federal income tax
purposes. In general, an ownership change will occur if the
company’s 5% shareholders, for purposes of Section 382,
collectively increase their ownership in the company by an
aggregate of more than 50 percentage points over a rolling
three-year period. The Plan is designed to reduce the likelihood
that the company experiences such an ownership change by
discouraging any person or group from becoming a new 5% shareholder
under Section 382. Rights issued under the Plan could be triggered
upon the acquisition by any person or group of 4.9% or more of the
company’s outstanding common stock and could result in substantial
dilution of the acquirer’s percentage ownership in the company.
There is no guarantee that the Plan will achieve the objective of
preserving the value of the company’s NOLs.
As of September 30, 2021, there were 13,465,871
shares of the company’s common stock, $0.001 par value,
outstanding. Persons or groups considering the acquisition of
shares of beneficial ownership of the company’s common stock should
first evaluate their percentage ownership based on this revised
outstanding share number to ensure that the acquisition of shares
does not result in beneficial ownership of 4.9% or more of
outstanding shares. For more information about the Plan, please
visit investor.autoweb.com/financial-information/tax.
About AutoWeb, Inc.AutoWeb,
Inc. provides high-quality consumer leads, clicks and associated
marketing services to automotive dealers and manufacturers
throughout the United States. The company also provides consumers
with robust and original online automotive content to help them
make informed car-buying decisions. The company pioneered the
automotive Internet in 1995 and has since helped tens of millions
of automotive consumers research vehicles; connected thousands of
dealers nationwide with motivated car buyers; and has helped every
major automaker market its brand online.
Investors and other interested parties can
receive AutoWeb news alerts and special event invitations by
accessing the online registration form at
http://investor.autoweb.com/alerts.cfm.
Note about Non-GAAP Financial
MeasuresAutoWeb has disclosed Adjusted EBITDA in this
press release, which is a non-GAAP financial measure as defined by
SEC Regulation G. The company defines Adjusted EBITDA as net loss
before interest, taxes, depreciation, amortization, non-cash
stock-based compensation, non-cash gains or losses, and other
extraordinary items. A table providing a reconciliation of Adjusted
EBITDA is included at the end of this press release.
The company’s management believes that
presenting Adjusted EBITDA provides useful information to investors
regarding the underlying business trends and performance of the
company’s ongoing operations, as well as providing for more
consistent period-over-period comparisons. This non-GAAP measure
assists management in its operational and financial decision-making
and monitoring the company’s performance. In addition, we use
Adjusted EBITDA as a measure for determining incentive compensation
targets. Adjusted EBITDA is used in addition to and in conjunction
with results presented in accordance with GAAP and should not be
relied upon to the exclusion of GAAP financial measures. Management
strongly encourages investors to review the company’s consolidated
financial statements in their entirety and to not rely on any
single financial measure.
Forward-Looking Statements
DisclaimerThe statements contained in this press release
or that may be made during the conference call described above that
are not historical facts are forward-looking statements under the
federal securities laws. Words such as “anticipates,” “could,”
“may,” “estimates,” “expects,” “projects,” “intends,” “pending,”
“plans,” “believes,” “will” and words of similar substance, or the
negative of those words, used in connection with any discussion of
future operations or financial performance identify forward-looking
statements. In particular, statements regarding expectations and
opportunities, new product expectations and capabilities,
projections, statements regarding future events, and our outlook
regarding our performance and growth are forward-looking
statements. These forward-looking statements, including, that
(i)_the company’s retail lead capacity remained stable versus prior
year, which the company believes demonstrates the sustained value
the company offers its customers in even the most difficult market
conditions; (ii) the company believes that the steady improvements
it has made to its offerings and owned sites have established the
company’s platform as a tailored, comprehensive funnel for intent
vehicle shoppers; (iii) through leveraging its enhanced platform
and highly targeted customer acquisition capabilities, the company
believes that it is optimally positioned to scale its used vehicle
acquisition business and play an even more active role in the
automotive matchmaking process; and (iv) over time, the company
anticipates that the virtual launch playbook for its used vehicle
acquisition and resale locations swill continue guiding the
company’s planned expansion into additional markets, are not
guarantees of future performance and involve assumptions and risks
and uncertainties that are difficult to predict. Actual outcomes
and results may differ materially from what is expressed in, or
implied by, these forward-looking statements. AutoWeb undertakes no
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those expressed in, or implied by, the
forward-looking statements are changes in general economic
conditions; the financial condition of automobile manufacturers and
dealers; disruptions in automobile production; changes in fuel
prices; the economic impact of terrorist attacks, political
revolutions or military actions; failure of our internet security
measures; dealer attrition; pressure on dealer fees; increased or
unexpected competition; the failure of new products and services to
meet expectations; failure to retain key employees or attract and
integrate new employees; actual costs and expenses exceeding
charges taken by AutoWeb; changes in laws and regulations; costs of
legal matters, including, defending lawsuits and undertaking
investigations and related matters; and other matters disclosed in
AutoWeb’s filings with the Securities and Exchange Commission.
Investors are strongly encouraged to review the company’s Annual
Report on Form 10-K for the year ended December 31, 2020 and other
filings with the Securities and Exchange Commission for a
discussion of risks and uncertainties that could affect the
business, operating results or financial condition of AutoWeb and
the market price of the company’s stock.
Company Contact
Mike SadowskiChief Financial
Officer949-862-3031michael.sadowski@autoweb.com
Investor Relations Contact:
Cody Cree or Jackie KeshnerGateway Investor
Relations949-574-3860AUTO@gatewayir.com
AUTOWEB,
INC. |
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Amounts in
thousands, except share and per share data) |
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
|
|
2021 |
|
|
|
2020 |
|
ASSETS |
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
$ |
9,868 |
|
|
$ |
10,803 |
|
|
Restricted
cash |
|
4,312 |
|
|
|
4,304 |
|
|
Accounts
receivable, net of allowances for bad debts and customer
credits |
|
|
|
|
of $374 and $406 at September 30, 2021 and December 31, 2020 ,
respectively |
|
12,796 |
|
|
|
13,955 |
|
|
Vehicle
inventory |
|
189 |
|
|
|
- |
|
|
Prepaid
expenses and other current assets |
|
1,287 |
|
|
|
847 |
|
|
Total current assets |
|
28,452 |
|
|
|
29,909 |
|
|
Property and
equipment, net |
|
3,769 |
|
|
|
2,953 |
|
|
Right-of-use
assets |
|
2,232 |
|
|
|
2,892 |
|
|
Intangibles
assets, net |
|
3,927 |
|
|
|
4,733 |
|
|
Other
assets |
|
518 |
|
|
|
642 |
|
|
Total assets |
$ |
38,898 |
|
|
$ |
41,129 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
|
Accounts
payable |
$ |
7,955 |
|
|
$ |
7,233 |
|
|
Borrowings
under revolving credit facility |
|
10,005 |
|
|
|
10,185 |
|
|
Accrued
employee-related benefits |
|
2,691 |
|
|
|
2,123 |
|
|
Other
accrued expenses and other current liabilities |
|
845 |
|
|
|
538 |
|
|
Current
portion of the PPP Loan |
|
- |
|
|
|
1,384 |
|
|
Current
portion of lease liabilities |
|
882 |
|
|
|
1,015 |
|
|
Current
portion of financing debt |
|
67 |
|
|
|
65 |
|
|
Total current liabilities |
|
22,445 |
|
|
|
22,543 |
|
|
|
|
|
|
Lease liabilities, net of current portion |
|
1,598 |
|
|
|
2,191 |
|
Financing debt, net of current portion |
|
12 |
|
|
|
60 |
|
|
Total liabilities |
|
24,055 |
|
|
|
24,794 |
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
Preferred
stock, $0.001 par value; 11,445,187 shares authorized |
|
|
|
|
Series A Preferred stock, 2,000,000 shares authorized, none issued
and outstanding at June 30, 2021 and December 31, 2020,
respectively |
|
- |
|
|
|
- |
|
|
Common
stock, $0.001 par value; 55,000,000 shares authorized; |
|
|
|
|
13,465,871 and 13,169,204 shares issued and outstanding at
September 30, 2021 and December 31, 2020, respectively |
|
13 |
|
|
|
13 |
|
|
Additional
paid-in capital |
|
367,645 |
|
|
|
366,087 |
|
|
Accumulated
deficit |
|
(352,815 |
) |
|
|
(349,765 |
) |
|
Total stockholders' equity |
|
14,843 |
|
|
|
16,335 |
|
|
Total liabilities, minority interest and stockholders' equity |
$ |
38,898 |
|
|
$ |
41,129 |
|
|
|
|
|
|
AUTOWEB,
INC. |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(Amounts in
thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
|
Lead
generation |
$ |
12,030 |
|
|
$ |
14,759 |
|
|
$ |
41,444 |
|
|
$ |
47,496 |
|
|
Digital
advertising |
|
3,525 |
|
|
|
3,054 |
|
|
|
10,727 |
|
|
|
11,822 |
|
|
Used vehicle
sales |
|
1,604 |
|
|
|
- |
|
|
|
1,604 |
|
|
|
- |
|
|
Total revenues |
|
17,159 |
|
|
|
17,813 |
|
|
|
53,775 |
|
|
|
59,318 |
|
Cost of revenues: |
|
|
|
|
|
|
|
|
Cost of
revenues - lead generation and digital advertising |
|
11,280 |
|
|
|
11,390 |
|
|
|
35,530 |
|
|
|
41,498 |
|
|
Cost of
revenues - used vehicles |
|
1,446 |
|
|
|
- |
|
|
|
1,446 |
|
|
|
- |
|
Total cost of revenues |
|
12,726 |
|
|
|
11,390 |
|
|
|
36,976 |
|
|
|
41,498 |
|
Gross profit |
|
4,433 |
|
|
|
6,423 |
|
|
|
16,799 |
|
|
|
17,820 |
|
Operating Expenses |
|
|
|
|
|
|
|
|
Sales and
marketing |
|
2,465 |
|
|
|
1,904 |
|
|
|
6,768 |
|
|
|
6,062 |
|
|
Technology
support |
|
1,395 |
|
|
|
1,451 |
|
|
|
4,034 |
|
|
|
5,094 |
|
|
General and
administrative |
|
3,260 |
|
|
|
3,110 |
|
|
|
9,479 |
|
|
|
9,954 |
|
|
Depreciation
and amortization |
|
179 |
|
|
|
225 |
|
|
|
579 |
|
|
|
1,506 |
|
|
Total operating expenses |
|
7,299 |
|
|
|
6,690 |
|
|
|
20,860 |
|
|
|
22,616 |
|
|
Operating
loss |
|
(2,866 |
) |
|
|
(267 |
) |
|
|
(4,061 |
) |
|
|
(4,796 |
) |
Interest and other (expense) income: |
|
|
|
|
|
|
|
|
Interest
(expense) income, net |
|
(253 |
) |
|
|
(233 |
) |
|
|
(751 |
) |
|
|
(1,270 |
) |
|
Other
income |
|
63 |
|
|
|
52 |
|
|
|
1,763 |
|
|
|
183 |
|
Gain (loss) before income tax provision |
|
(3,056 |
) |
|
|
(448 |
) |
|
|
(3,050 |
) |
|
|
(5,883 |
) |
Income taxes provision |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net income (loss) |
$ |
(3,056 |
) |
|
$ |
(448 |
) |
|
$ |
(3,050 |
) |
|
$ |
(5,883 |
) |
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share: |
|
|
|
|
|
|
|
|
Basic loss
per common share |
$ |
(0.23 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.45 |
) |
|
Diluted loss
per common share |
$ |
(0.23 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|
|
|
Shares used in computing net loss per share: |
|
|
|
|
|
|
|
|
Basic |
|
13,246 |
|
|
|
13,141 |
|
|
|
13,222 |
|
|
|
13,136 |
|
|
Diluted |
|
13,246 |
|
|
|
13,141 |
|
|
|
13,222 |
|
|
|
13,136 |
|
|
|
|
|
|
|
|
|
|
AUTOWEB,
INC. |
CONSOLIDATED
CONDENSED STATEMENTS OF CASH FLOWS |
(Amounts in
thousands) |
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
|
|
2020 |
|
Cash flows
from operating activities: |
|
|
|
Net (loss) income |
|
(3,050 |
) |
|
|
(5,883 |
) |
Adjustments to reconcile net income (loss) to net cash used in
operating activities: |
|
|
|
Depreciation and amortization |
|
1,920 |
|
|
|
2,975 |
|
Provision for bad debt |
|
(242 |
) |
|
|
321 |
|
Provision for customer credits |
|
321 |
|
|
|
75 |
|
Forgiveness of PPP Loan |
|
(1,384 |
) |
|
|
- |
|
Share-based compensation |
|
1,382 |
|
|
|
1,525 |
|
Amortization of Right-of-use assets |
|
660 |
|
|
|
1,107 |
|
Changes in assets and liabilities |
|
|
|
Accounts receivable |
|
1,080 |
|
|
|
9,072 |
|
Prepaid expenses and other current assets |
|
(440 |
) |
|
|
120 |
|
Vehicle inventory |
|
(189 |
) |
|
|
- |
|
Other non-current assets |
|
124 |
|
|
|
(36 |
) |
Accounts payable |
|
446 |
|
|
|
(6,642 |
) |
Accrued expenses and other current liabilities |
|
800 |
|
|
|
(320 |
) |
Lease Liabilities |
|
(726 |
) |
|
|
(1,001 |
) |
Net cash provided by operating activities |
|
702 |
|
|
|
1,313 |
|
Cash flows
from investing activities: |
|
|
|
Purchases of property and equipment |
|
(1,254 |
) |
|
|
(396 |
) |
Purchase of intangible asset |
|
(325 |
) |
|
|
- |
|
Net cash used in provided by investing activities |
|
(1,579 |
) |
|
|
(396 |
) |
Cash flows
from financing activities: |
|
|
|
Borrowings under PNC credit facility |
|
- |
|
|
|
28,564 |
|
Borrowings under CNC credit facility |
|
54,561 |
|
|
|
53,612 |
|
Payments under PNC credit facility |
|
- |
|
|
|
(32,308 |
) |
Payments under CNC credit facility |
|
(54,741 |
) |
|
|
(43,588 |
) |
Borrowings under PPP Note |
|
- |
|
|
|
1,384 |
|
Proceeds from exercise of stock options |
|
176 |
|
|
|
74.00 |
|
Payments under financing agreement |
|
(46 |
) |
|
|
(29.00 |
) |
Net cash (used in) provided by financing activities |
|
(50 |
) |
|
|
7,709 |
|
Net increase
in cash and cash equivalents and restricted cash |
|
(927 |
) |
|
|
8,626 |
|
Cash and
cash equivalents and restricted cash at beginning of period |
|
15,107 |
|
|
|
5,946 |
|
Cash and
cash equivalents and restricted cash at end of period |
|
14,180 |
|
|
|
14,572 |
|
|
|
|
|
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH |
|
|
Cash and
cash equivalents at beginning of period |
$ |
10,803 |
|
|
$ |
892 |
|
Restricted
cash at beginning of period |
|
4,304 |
|
|
|
5,054 |
|
Cash and
cash equivalents and restricted cash at beginning of period |
$ |
15,107 |
|
|
$ |
5,946 |
|
|
|
|
|
Cash and
cash equivalents at end of period |
$ |
9,868 |
|
|
$ |
11,270 |
|
Restricted
cash at end of period |
|
4,312 |
|
|
|
3,302 |
|
Cash and
cash equivalents and restricted cash at end of period |
$ |
14,180 |
|
|
$ |
14,572 |
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
Cash paid for income taxes |
$ |
- |
|
|
$ |
1 |
|
Cash refunds for income taxes |
$ |
1 |
|
|
$ |
814 |
|
Cash paid for interest |
$ |
656 |
|
|
$ |
640 |
|
Supplemental
disclosure of non-cash investing and financing activities: |
|
|
|
Right-of-use assets obtained in exchange for operating lease
liabilities |
$ |
- |
|
|
$ |
1,535 |
|
Purchases on account related to capitalized software |
$ |
276 |
|
|
$ |
142 |
|
Financing for the purchase of fixed assets |
$ |
- |
|
|
$ |
140 |
|
Intangible asset holdback |
$ |
75 |
|
|
$ |
- |
|
|
|
|
|
AUTOWEB,
INC. |
RECONCILIATION OF ADJUSTED EBITDA |
(Amounts in
thousands) |
|
|
|
|
|
Three Months Ended |
|
September 30, 2021 |
June 30, 2021 |
September 30, 2020 |
|
|
|
|
Net loss (income) |
$ |
(3,056 |
) |
$ |
(304 |
) |
$ |
(448 |
) |
|
|
|
|
Depreciation
and amortization |
|
654 |
|
|
625 |
|
|
698 |
|
Interest
income |
|
(3 |
) |
|
(3 |
) |
|
(23 |
) |
Interest
expense |
|
256 |
|
|
250 |
|
|
256 |
|
Other income
(expense) |
|
- |
|
|
17 |
|
|
10.00 |
|
Federal,
state and local taxes |
|
20 |
|
|
30 |
|
|
33 |
|
Non-cash
stock compensation expense |
|
458 |
|
|
425 |
|
|
497 |
|
|
|
|
|
Adjusted EBITDA |
$ |
(1,671 |
) |
$ |
1,040 |
|
$ |
1,023 |
|
|
|
|
|
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