AutoWeb, Inc. (Nasdaq: AUTO), an automotive matchmaking platform
connecting in-market car shoppers to their preferred vehicle
transactions, is reporting financial results for the fourth quarter
and full year ended December 31, 2021.
“2021 marked another year of progress for our
transformation strategy, despite operating against unfavorable
macro-economic conditions throughout the year,” said Jared Rowe,
president and CEO of AutoWeb. “Although headwinds from supply
challenges across the automotive industry persisted as we closed
out the year, we continued to make meaningful strides towards
transforming our organization from a digital media company to a
transaction-enabled matchmaker. It’s our goal to provide
valuable solutions to both our dealer partners and our
consumer audience, and I firmly believe we remain on-track to
deliver on that expectation.”
Fourth Quarter 2021 Financial
Summary
|
Q4 2021 |
Q3 2021 |
Q4 2020 |
Total Revenues (millions) |
$17.8 |
|
$17.2 |
|
$17.3 |
|
Gross Profit (millions) |
$3.5 |
|
$4.4 |
|
$5.9 |
|
Gross Margin |
|
19.8 |
% |
|
25.8 |
% |
|
34.0 |
% |
Net Loss (millions) |
$(2.6 |
) |
$(3.1 |
) |
$(0.9 |
) |
Net Loss per share |
$(0.20 |
) |
$(0.23 |
) |
$(0.07 |
) |
Adjusted EBITDA1 (millions) |
$(1.3 |
) |
$(1.7 |
) |
$0.5 |
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2021 Key Operating
Metrics
|
Q4 2021 |
Q3 2021 |
Q4 2020 |
Lead Traffic2 (millions) |
14.0 |
|
16.2 |
|
17.6 |
|
Lead Volume3 (millions) |
0.9 |
|
1.0 |
|
1.1 |
|
Retail Dealer Count4 |
1,581 |
|
1,617 |
|
1,785 |
|
Retail Lead Capacity5 |
103,000 |
|
105,000 |
|
112,000 |
|
Click Traffic6 (millions) |
23.7 |
|
21.8 |
|
17.0 |
|
Click Volume7 (millions) |
4.3 |
|
4.9 |
|
4.8 |
|
________________________1 Refer to the note
below about Non-GAAP financial measures.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.
CarZeus Quarterly Operating
Metrics
|
Q4 2021 |
Q3 2021 |
Vehicles Purchased |
|
237 |
|
|
126 |
|
Vehicles Sold |
|
195 |
|
|
115 |
|
Average Sales Price Per Unit Sold |
$19,081 |
|
$13,949 |
|
Average Gross Profit Per Unit Sold |
$1,020 |
|
$1,380 |
|
|
|
|
|
|
|
|
Rowe continued: “During the fourth quarter,
inventory challenges and the resulting pricing constraints across
the industry continued to worsen. As a result, our internal
research showed that the average consumer’s time to purchase a
vehicle took almost twice as long to do so in the second half of
the year compared to the first half. This is further demonstrated
by the sequential and year-over-year uptick in click traffic as we
are seeing vehicle purchasers scouring the internet for favorable
pricing. While we remain committed to providing sustained value to
our customers through our core digital marketing business, we’ve
been making steady progress on scaling our position as a direct
participant in the matchmaking process through our used vehicle
acquisition business.
“Since we acquired the CarZeus assets,
effective as of July 31, 2021, we have materially improved the
unit-level economics in San Antonio, including revenue and gross
margin per marketing dollar spent, with further room for
optimization on lead-to-close rates and gross margin per unit sold.
This continues to show that we can use our existing audience and
audience acquisition capabilities to support vehicle acquisitions.
We are now working on replicating this playbook across the state of
Texas, having expanded into Austin in the fourth quarter of 2021
and Houston in the first quarter of 2022. While we are initially
serving these two markets remotely from our San Antonio location,
we plan to be fully operational with physical storefronts in each
of these markets.
“Overall, our objectives heading into 2022 are
simple. We intend to curate a high-quality, low-cost audience of
consumers looking to acquire and dispose of vehicles; grow leads
and clicks when inventory levels begin to recover; aggressively
manage expenses; and geographically expand our vehicle acquisition
services. As an organization, we aim to be highly focused on
efficiently and effectively executing on the initiatives within our
control given the unpredictable macro-environment continuing to
affect inventory and pricing across the industry. Though we remain
in the early stages of our transformation to become a transactional
matchmaker at scale, I have the utmost confidence in our leadership
team and organizational capabilities to continue executing upon our
strategy.”
Fourth Quarter 2021 Financial
ResultsTotal revenues in the fourth quarter of 2021
increased slightly to $17.8 million compared to $17.3 million in
the year-ago quarter. The increase was primarily from the
incremental revenue generated through the company’s vehicle
acquisition business, which was acquired on July 31,
2021.
Gross profit in the fourth quarter of 2021 was
$3.5 million compared to $5.9 million in the year-ago quarter. As a
percentage of revenue, gross profit was 19.8% compared to 34.0%.
The decrease in gross profit was primarily driven by the company
having a higher percentage of revenue generated from the used
vehicle acquisition business, which produces a lower gross profit
margin compared to the core leads business, along with the
continued industry-wide supply constraints.
Total operating expenses in the fourth quarter
of 2021 decreased to $5.9 million compared to $6.6 million in the
year-ago quarter. The improvement was primarily driven by a
continued focus on expense management throughout the
organization.
Net loss in the fourth quarter of 2021 was $2.6
million or $(0.20) per share, compared to a net loss of $0.9
million or $(0.07) per share in the year-ago quarter.
Adjusted EBITDA in the fourth quarter of 2021
was $(1.3) million compared to $0.5 million in the year-ago quarter
of 2020 (See “Note about Non-GAAP Financial Measures” below for
further discussion).
At December 31, 2021, cash, cash equivalents and
restricted cash totaled $11.6 million compared to $15.1 million at
December 31, 2020.
At December 31, 2021, AutoWeb had an outstanding
balance of $10.0 million on its revolving credit facility with CIT
Northridge Credit compared to $10.2 million at December 31,
2020.
Full Year 2021 Financial
ResultsTotal revenues in 2021 were $71.6 million compared
to $76.6 million in 2020. The decrease was primarily attributable
to the impact of supply constraints across the automotive industry
reducing demand for the company’s leads product throughout the
year. This was partially offset by the incremental revenue
generated through the company’s used vehicle acquisition business,
which it did not operate in the prior year.
Gross profit in 2021 was $20.3 million compared
to $23.7 million in 2020. The decrease in gross profit was driven
by the aforementioned industry-wide supply constraints throughout
the year coupled with the company having a higher percentage of
revenue generated from the used vehicle acquisition business, which
produces a lower gross profit margin compared to the core leads
business.
Total operating expenses in 2021 decreased to
$26.8 million compared to $29.2 million in 2020. The improvement
was primarily driven by the aforementioned continued focus on
expense management throughout the year.
Net loss in 2021 was $5.7 million or $(0.43) per
share, compared to a net loss of $6.8 million or $(0.52) per share
in 2020.
Adjusted EBITDA in 2021 was $(1.8) million
compared to $0.2 million in 2020.
Conference CallAutoWeb will
hold a conference call today at 5:00 p.m. Eastern time to discuss
its fourth quarter and full year results, followed by a
question-and-answer session.
Date: Thursday, March 24, 2022Time: 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: 2128197
The conference call will also be broadcast live
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
March 31, 2022. 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:
2128197
Tax Benefit Preservation PlanAt
December 31, 2021, the company had approximately $110.7 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 December 31, 2021, there were 13,489,482
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)
it’s the company’s goal to provide valuable cross-platform
synergies to both its dealer partners and consumer audience, and
that the company’s president and chief executive officer firmly
believes that the company remains on-track to deliver on that
expectation; (ii) the company plans to be fully operational with
physical storefronts in the Austin and Houston markets; (iii) the
company intends to curate a high-quality, low-cost audience of
consumers looking to acquire and dispose of vehicles; grow leads
and clicks when inventory levels begin to recover; and
geographically expand its vehicle acquisition services; (iv) as an
organization, the company aims to be highly focused on efficiently
and effectively executing on the initiatives within the company’s
control given the unpredictable macro-environment continuing to
affect inventory and pricing across the industry; and (v) though
the company remains in the early stages of its transformation to
become a transactional matchmaker at scale, the company’s president
and chief executive officer has the utmost confidence in the
company’s leadership team and organizational capabilities to
continue executing upon the company’s strategy, 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, 2021 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 ContactBeth P.
QuezadaCommunications & Culture ManagerAutoWeb,
Inc.949-862-1391beth.quezada@autoweb.com
Investor Relations Contact:Cody
CreeGateway Group, Inc.949-574-3860AUTO@gatewayir.com
AUTOWEB, INC. |
AUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
(Amounts in thousands, except share data) |
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
ASSETS |
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
7,315 |
|
|
$ |
10,803 |
|
|
Restricted cash |
|
4,314 |
|
|
|
4,304 |
|
|
Accounts receivable, net of allowances for bad debts and customer
credits |
|
|
|
|
of $101 and $406 at December 31, 2021 and 2020 , respectively |
|
11,433 |
|
|
|
13,955 |
|
|
Vehicle inventory |
|
1,076 |
|
|
|
- |
|
|
Prepaid expenses and other current assets |
|
998 |
|
|
|
847 |
|
|
Assets held for sale |
|
|
|
- |
|
|
Total current assets |
|
25,136 |
|
|
|
29,909 |
|
|
Property and equipment, net |
|
3,853 |
|
|
|
2,953 |
|
|
Right-of-use assets |
|
1,993 |
|
|
|
2,892 |
|
|
Intangibles assets, net |
|
3,634 |
|
|
|
4,733 |
|
|
Other assets |
|
516 |
|
|
|
642 |
|
|
Total assets |
$ |
35,132 |
|
|
$ |
41,129 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
7,705 |
|
|
$ |
7,233 |
|
|
Borrowings under revolving credit facility |
|
10,001 |
|
|
|
10,185 |
|
|
Accrued employee-related benefits |
|
1,782 |
|
|
|
2,123 |
|
|
Other accrued expenses and other current liabilities |
|
610 |
|
|
|
538 |
|
|
PPP Loan |
|
- |
|
|
|
1,384 |
|
|
Current portion of lease liabilities |
|
781 |
|
|
|
1,015 |
|
|
Current portion of financing debt |
|
64 |
|
|
|
65 |
|
|
Total current liabilities |
|
20,943 |
|
|
|
22,543 |
|
Lease liabilities, net of current portion |
|
1,432 |
|
|
|
2,191 |
|
Financing debt, net of current portion |
|
- |
|
|
|
60 |
|
|
Total liabilities |
|
22,375 |
|
|
|
24,794 |
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
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 December 31, 2021 and 2020, respectively |
|
- |
|
|
|
- |
|
|
Common stock, $0.001 par value; 55,000,000 shares authorized; |
|
|
|
|
13,489,482 and 13,169,204 shares issued and outstanding at December
31, 2021 and December 31, 2020, respectively |
|
13 |
|
|
|
13 |
|
|
Additional paid-in capital |
|
368,168 |
|
|
|
366,087 |
|
|
Accumulated deficit |
|
(355,424 |
) |
|
|
(349,765 |
) |
|
Total stockholders' equity |
|
12,757 |
|
|
|
16,335 |
|
|
Total liabilities, minority interest and stockholders' equity |
$ |
35,132 |
|
|
$ |
41,129 |
|
|
|
|
|
|
AUTOWEB, INC. |
AUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Amounts in thousands, except share and per share
data) |
|
|
|
|
|
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
Revenues: |
|
|
|
|
Lead generation |
$ |
52,117 |
|
|
$ |
61,129 |
|
|
Digital advertising |
|
14,142 |
|
|
|
15,441 |
|
|
Used vehicle sales |
|
5,326 |
|
|
|
- |
|
|
Total revenues |
|
71,585 |
|
|
|
76,570 |
|
Cost of revenues: |
|
|
|
|
Cost of revenues - lead generation and digital advertising |
|
46,300 |
|
|
|
52,890 |
|
|
Cost of revenues - used vehicles |
|
4,954 |
|
|
|
- |
|
Total cost of revenues |
|
51,254 |
|
|
|
52,890 |
|
Gross profit |
|
20,331 |
|
|
|
23,680 |
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
Sales and marketing |
|
9,170 |
|
|
|
8,201 |
|
|
Technology support |
|
5,649 |
|
|
|
6,574 |
|
|
General and administrative |
|
11,324 |
|
|
|
12,718 |
|
|
Depreciation and amortization |
|
653 |
|
|
|
1,711 |
|
|
Total operating expenses |
|
26,796 |
|
|
|
29,204 |
|
|
Operating loss |
|
(6,465 |
) |
|
|
(5,524 |
) |
Interest and other (expense) income: |
|
|
|
|
Interest (expense) income, net |
|
(1,011 |
) |
|
|
(1,524 |
) |
|
Other income |
|
1,817 |
|
|
|
238 |
|
Loss before income tax provision |
|
(5,659 |
) |
|
|
(6,810 |
) |
Income tax provision |
|
- |
|
|
|
10 |
|
|
Net loss |
$ |
(5,659 |
) |
|
$ |
(6,820 |
) |
|
|
|
|
|
Basic and diluted loss per share: |
|
|
|
|
Basic loss per common share |
$ |
(0.43 |
) |
|
$ |
(0.52 |
) |
|
Diluted loss per common share |
$ |
(0.43 |
) |
|
$ |
(0.52 |
) |
|
|
|
|
|
Shares used in computing net loss per share: |
|
|
|
|
Basic |
|
13,230 |
|
|
|
13,144 |
|
|
Diluted |
|
13,230 |
|
|
|
13,144 |
|
|
|
|
|
|
AUTOWEB, INC. |
CONSOLIDATED CONDENSED STATEMENTS OF CASH
FLOWS |
(amounts in thousands) |
|
Twelve Months EndedDecember 31, |
|
|
2021 |
|
|
|
2020 |
|
Cash flows from operating activities: |
|
|
|
Net loss |
$ |
(5,659 |
) |
|
$ |
(6,820 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
2,484 |
|
|
|
3,624 |
|
Provision for bad debt |
|
(227 |
) |
|
|
291 |
|
Provision for customer credits |
|
52 |
|
|
|
83 |
|
Forgiveness of PPP Loan |
|
(1,384 |
) |
|
|
- |
|
Share-based compensation |
|
1,854 |
|
|
|
1,984 |
|
Amortization of Right-of-use assets |
|
899 |
|
|
|
1,426 |
|
Loss on disposal of assets |
|
- |
|
|
|
6 |
|
Changes in assets and liabilities |
|
|
|
Accounts receivable |
|
2,697 |
|
|
|
9,722 |
|
Prepaid expenses and other current assets |
|
(151 |
) |
|
|
418 |
|
Vehicle inventory |
|
(1,076 |
) |
|
|
- |
|
Other non-current assets |
|
126 |
|
|
|
19 |
|
Accounts payable |
|
306 |
|
|
|
(7,279 |
) |
Accrued expenses and other current liabilities |
|
(344 |
) |
|
|
(325 |
) |
Lease Liabilities |
|
(993 |
) |
|
|
(1,248 |
) |
Net cash (used in) provided by operating activities |
|
(1,416 |
) |
|
|
1,901 |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
Purchases of property and equipment |
|
(1,719 |
) |
|
|
(596 |
) |
Purchase of intangible asset |
|
(325 |
) |
|
|
- |
|
Net cash used in investing activities |
|
(2,044 |
) |
|
|
(596 |
) |
Cash flows from financing activities: |
|
|
|
Borrowings under PNC credit facility |
|
- |
|
|
|
28,564 |
|
Borrowings under CNC credit facility |
|
73,719 |
|
|
|
71,072 |
|
Payments under PNC credit facility |
|
- |
|
|
|
(32,308 |
) |
Payments under CNC credit facility |
|
(73,903 |
) |
|
|
(60,887 |
) |
Borrowings under PPP Note |
|
- |
|
|
|
1,384 |
|
Proceeds from exercise of stock options |
|
227 |
|
|
|
75 |
|
Payments under financing agreement |
|
(61 |
) |
|
|
(44 |
) |
Net cash provided by (used in) financing activities |
|
(18 |
) |
|
|
7,856 |
|
Net (decrease) increase in cash and cash equivalents and restricted
cash |
|
(3,478 |
) |
|
|
9,161 |
|
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 |
$ |
11,629 |
|
|
$ |
15,107 |
|
|
|
|
|
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 |
$ |
7,315 |
|
|
$ |
10,803 |
|
Restricted cash at end of period |
|
4,314 |
|
|
|
4,304 |
|
Cash and cash equivalents and restricted cash at end of period |
$ |
11,629 |
|
|
$ |
15,107 |
|
|
|
|
|
Supplemental disclosures of cash flow information: |
|
|
|
Cash paid for income taxes |
$ |
- |
|
|
$ |
1 |
|
Cash refunds for income taxes |
$ |
1 |
|
|
$ |
849 |
|
Cash paid for interest |
$ |
872 |
|
|
$ |
845 |
|
Supplemental disclosure of non-cash investing and financing
activities: |
|
|
|
Right-of-use assets obtained in exchange for operating lease
liabilities |
$ |
- |
|
|
$ |
1,790 |
|
Purchases on account related to capitalized software |
$ |
166 |
|
|
$ |
99 |
|
Financing for the purchase of fixed assets |
$ |
- |
|
|
$ |
170 |
|
Intangible asset holdback |
$ |
75 |
|
|
$ |
- |
|
|
|
|
|
AUTOWEB,
INC. |
RECONCILIATION OF ADJUSTED EBITDA |
(Amounts in
thousands) |
|
|
|
|
|
Three Months Ended |
|
December 31,2021 |
September 30,2021 |
December 31,2020 |
|
|
|
|
Net loss (income) |
$ |
(2,609 |
) |
$ |
(3,056 |
) |
$ |
(937 |
) |
|
|
|
|
Depreciation
and amortization |
|
564 |
|
|
654 |
|
|
649 |
|
Interest
income |
|
(3 |
) |
|
(3 |
) |
|
(3 |
) |
Interest
expense |
|
264 |
|
|
256 |
|
|
257 |
|
Other income
(expense) |
|
2 |
|
|
- |
|
|
13 |
|
Federal,
state and local taxes |
|
19 |
|
|
20 |
|
|
34 |
|
Non-cash
stock compensation expense |
|
472 |
|
|
458 |
|
|
459 |
|
Gain/loss on
sale of asset |
|
- |
|
|
- |
|
|
(5 |
) |
Gain/loss on
disposal of assets |
|
- |
|
|
- |
|
|
6 |
|
|
|
|
|
Adjusted EBITDA |
$ |
(1,291 |
) |
$ |
(1,671 |
) |
$ |
473 |
|
|
|
|
|
Grafico Azioni AutoWeb (NASDAQ:AUTO)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni AutoWeb (NASDAQ:AUTO)
Storico
Da Giu 2023 a Giu 2024