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EX-99.2 - ADDITIONAL EXHIBITS - AutoWeb, Inc. | ex99-2.htm |
8-K - CURRENT REPORT - AutoWeb, Inc. | auto8k_mar082018.htm |
Exhibit
99.1
AutoWeb
Reports Fourth Quarter and Full Year 2017 Results
IRVINE, Calif. – March 8, 2018
– AutoWeb, Inc. (Nasdaq: AUTO), a pioneer and leading
provider of digital automotive services connecting in-market car
buyers with dealers and OEMs, is reporting financial results for
the fourth quarter and full year ended December 31, 2017. For
year-over-year comparisons, certain prior year results are adjusted
to exclude the company’s specialty finance leads product,
which was divested on December 31, 2016.
Fourth
Quarter 2017 Financial Summary vs. Year-Ago Quarter
●
Total revenues were
$33.3 million compared to $40.4 million (adjusted $39.0
million).
●
Advertising
revenues increased 14% to $9.2 million, with click revenues up 23%
to $7.9 million.
●
Net loss was $65.8
million or $(5.22) per share, compared to net income of $1.4
million or $0.10 per share. Net loss included a non-cash charge to
income tax of $25.4 million, as well as a goodwill impairment
charge of $37.7 million.
●
Non-GAAP income was
$0.1 million or $0.01 per share, compared to non-GAAP income of
$4.7 million or $0.35 per share.
Full
Year 2017 Financial Summary vs. 2016
●
Total revenues were
$142.1 million compared to $156.7 million (adjusted $150.4
million).
●
Advertising
revenues increased 39% to $34.1 million, with click revenues up 56%
to $28.3 million.
●
Net loss was $65.0
million or $(5.48) per share, compared to net income of $3.9
million or $0.29 per share (adjusted $3.7 million or $0.28 per
share).
●
Non-GAAP income was
$8.5 million or $0.64 per share, compared to non-GAAP income of
$17.3 million or $1.30 per share (adjusted $16.8 million or $1.27
per share).
Management
Commentary
“The board
and I have been discussing a succession plan for several
months,” said Jeff Coats, president & CEO of AutoWeb.
“After more than a decade of leading AutoWeb and 20 years on
its board of directors, and after the board completes its process
and a new CEO is named during the coming months, I will be stepping
down to begin the next phase of my life.
“In addition,
Kimberly Boren will be stepping down as CFO, effective April 12,
2018, to pursue another opportunity. Following her departure,
Wesley Ozima will be named Interim CFO. The company will initiate a
search for a new permanent CFO, but is in very good hands with Wes,
as he has served in AutoWeb’s finance and accounting
organization for nearly 14 years.
“Despite
recent struggles with our traffic acquisition, we’ve
dramatically increased the company’s addressable market over
the last several years through targeted acquisitions, while
establishing AutoWeb as the largest supplier of online leads to
every major OEM in the country.”
“Turning to
the quarterly commentary,” continued Coats, “demand for
leads and clicks from our customers remained strong in Q4. However,
we were unable to fully meet this demand due to higher traffic
acquisition costs. Though our Q4 results certainly weren’t
acceptable to us, we believe we have been taking the appropriate
actions to address these traffic issues and mitigate the impact to
profitability. Just last month, we realigned our headcount and
expect it to reduce operating expenses by $2 million on an annual
basis.
“Looking
ahead, the company will continue to prudently manage its expenses
as it works through this management transition, while also
remaining diligent in its initiative to improve traffic
acquisition. Despite these recent challenges, we believe AutoWeb
remains in a strong market position, and will remain focused on its
long-established commitment to delivering quality products for
dealers and OEMs.”
Fourth
Quarter 2017 Financial Results
Total
revenues in the fourth quarter of 2017 were $33.3 million compared
to $39.0 million in the adjusted year-ago quarter. The decline was
due to unfulfilled demand for the company’s leads as a result
of higher traffic acquisition costs, as well as lower retail dealer
count, partially offset by continued strong growth of advertising
click revenues, which increased 23% to $7.9 million.
Gross
profit in the fourth quarter was $8.1 million compared to $14.6
million (adjusted $14.2 million) in the year-ago quarter, with the
decrease driven by increased traffic acquisition and optimization
costs. As a percentage of revenue, gross profit was
24.4%.
Total
operating expenses in the fourth quarter of 2017 were $48.4 million
compared to $12.8 million (adjusted $12.4 million) in the year-ago
quarter, with the increase largely driven by a goodwill impairment
charge of $37.7 million.
Net
loss in the fourth quarter of 2017 was $65.8 million or $(5.22) per
share, compared to net income of $1.4 million or $0.10 per share in
the year-ago quarter. The decrease was primarily driven by the
aforementioned non-cash charge to income tax and goodwill
impairment charge.
Non-GAAP income was
$0.1 million or $0.01 per share, compared to non-GAAP income of
$4.7 million or $0.35 per share in the fourth quarter of 2016 (see
"Note about Non-GAAP Financial Measures" below for further
discussion). The decline was primarily driven by the aforementioned
lower revenue and gross margins resulting from traffic
constraints.
At
December 31, 2017, cash and cash equivalents totaled $25.0 million
compared to $38.5 million (unadjusted) at December 31, 2016, with
the reduction driven by the repayment of term loans and licensing
technology from DealerX. Total debt was reduced to $9.0 million
compared to $23.1 million (unadjusted) at December 31,
2016.
Full
Year 2017 Financial Results
Total
revenues in 2017 were $142.1 million compared to an adjusted $150.4
million in 2016.
Advertising
revenues increased 39% to $34.1 million compared to $24.5 million
in 2016, with click revenues up 56% to $28.3 million compared to
$18.2 million in 2016.
Gross
profit in 2017 was $42.8 million compared to $57.9 million
(adjusted $56.3 million) in 2016. As a percentage of revenues,
gross profit was 30.1% compared to 37.0% (adjusted
37.4%).
Total
operating expenses in 2017 were $81.4 million compared to $51.8
million (adjusted $50.5 million) in 2016.
Net
loss in 2017 was $65.0 million or $(5.48) per share, compared to an
adjusted net income of $3.7 million or $0.28 per share in
2016.
Non-GAAP income was
$8.5 million or $0.64 per share, compared to an adjusted $16.8
million or $1.27 per share in 2016.
Conference
Call
AutoWeb
will hold a conference call today at 5:00 p.m. Eastern time to
discuss its fourth quarter and full year 2017 results, followed by
a question-and-answer session.
Date:
Thursday, March 8, 2018
Time:
5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in
number: 1-877-852-2929
International
dial-in number: 1-404-991-3925
Conference ID:
1396037
During
the call, AutoWeb management will refer to a supplementary slide
presentation, which will be available for download in the Investors
section of the company's website.
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 Liolios 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 17, 2018. The call will
also be archived in the Investors section of AutoWeb’s
website for one year.
Toll-free replay
number: 1-855-859-2056
International
replay number: 1-404-537-3406
Replay
ID: 1396037
Tax Benefit Preservation Plan
At
December 31, 2016, the company had approximately $75.8 million in
available net operating loss carryforwards (NOLs) for U.S. federal
income tax purposes. In light of the company's recent stock
repurchases, the company reminds stockholders about AutoWeb's Tax
Benefit Preservation Plan dated May 26, 2010, as amended on April
14, 2014 and April 13, 2017 (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
February 28, 2018, there were 13,074,558 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/tax.cfm.
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
investor.autoweb.com/alerts.cfm.
Note
about Non-GAAP Financial Measures
AutoWeb
has disclosed non-GAAP income and non-GAAP EPS in this press
release, which are non-GAAP financial measures as defined by SEC
Regulation G, for the 2017 and 2016 fourth quarters and full
years-ended December 31, 2017 and 2016. The company defines (i)
non-GAAP income as GAAP net income before amortization of acquired
intangibles, non-cash stock-based compensation, acquisition costs,
severance costs, gain or loss on investment or sale, litigation
settlements, goodwill impairment and income taxes; and (ii)
non-GAAP EPS as non-GAAP income divided by weighted average diluted
shares outstanding. In addition to the foregoing non-GAAP financial
measures, for year-over-year comparisons, prior year results for
all periods presented are adjusted to exclude the company’s
specialty finance leads product, which was divested on December 31,
2016, which comparisons and prior year results are also non-GAAP
financial measures as defined by SEC Regulation G. The company's
management believes that presenting non-GAAP income and non-GAAP
EPS and the adjusted year-over-year comparisons and prior year
results provides useful information to investors regarding the
underlying business trends and performance of the company's ongoing
operations and are better metrics for monitoring the company's
performance given the company's net operating loss (NOL) tax
credits and recent acquisitions and divestitures. These non-GAAP
financial measures are 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. Tables providing reconciliations of
non-GAAP income and non-GAAP EPS and the adjusted year-over-year
comparisons and prior year results are included at the end of this
press release.
Forward-Looking
Statements Disclaimer
The
statements contained in this press release 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, and our
outlook regarding our performance and growth are forward-looking
statements. These forward-looking statements, including, that (i)
the company will continue to prudently manage its expenses as it
works through its management transition, while also remaining
diligent in its initiative to improve traffic acquisition; (ii) the
company believes that it remains in a strong market position, and
will remain focused on its long-established commitment to
delivering quality products for dealers and OEMs; and (iii) the
company expects that recent realignment of its headcount will
reduce operating expenses by $2 million on an annual basis, 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, 2017 (which is anticipated to be filed on or before March 15,
2018) 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
Wesley
Ozima
Senior
Vice President, Controller
949-225-4543
weso@autobytel.com
Investor
Relations Contact
Sean
Mansouri or Cody Slach
Liolios
Investor Relations
949-574-3860
AUTO@liolios.com
AUTOWEB,
INC.
|
||
UNAUDITED
CONSOLIDATED CONDENSED BALANCE SHEETS
|
||
(Amounts
in thousands, except share and per-share data)
|
||
|
|
|
|
December
31,
|
December
31,
|
|
2017
|
2016
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$24,993
|
$38,512
|
Short-term
investment
|
254
|
251
|
Accounts receivable
(net of allowances for bad debts and customer credits of $892 and
$1,015 at December 31, 2017 and December 31, 2016,
respectively)
|
25,911
|
33,634
|
Deferred tax
asset
|
-
|
4,669
|
Prepaid expenses
and other current assets
|
1,805
|
901
|
Total
current assets
|
52,963
|
77,967
|
Property and
equipment, net
|
4,311
|
4,430
|
Investments
|
100
|
680
|
Intangible assets,
net
|
29,113
|
23,783
|
Goodwill
|
5,133
|
42,821
|
Long-term deferred
tax asset
|
692
|
14,799
|
Other
assets
|
601
|
801
|
Total
assets
|
$92,913
|
$165,281
|
|
|
|
Liabilities
and Stockholders' Equity
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$7,083
|
$9,764
|
Accrued
employee-related benefits
|
2,411
|
4,530
|
Other accrued
expenses and other current liabilities
|
7,252
|
8,315
|
Current portion of
term loan payable
|
-
|
6,563
|
Total
current liabilities
|
16,746
|
29,172
|
Convertible note
payable
|
1,000
|
1,000
|
Long-term portion
of term loan payable
|
-
|
7,500
|
Borrowings under
revolving credit facility
|
8,000
|
8,000
|
Total
liabilities
|
25,746
|
45,672
|
|
|
|
Commitments and
contingencies
|
-
|
-
|
|
|
|
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; shares issued and outstanding as of December 31, 2017 and
December 31, 2016 was 0 and 168,007, respectively
|
-
|
-
|
Common stock,
$0.001 par value; 55,000,000 shares authorized; 13,059,341 and
11,012,625 shares issued and outstanding, as of December 31, 2017
and December 31, 2016, respectively
|
13
|
11
|
Additional paid-in
capital
|
356,054
|
350,022
|
Accumulated
deficit
|
(288,900)
|
(230,424)
|
Total
stockholders' equity
|
67,167
|
119,609
|
Total liabilities
and stockholders' equity
|
$92,913
|
$165,281
|
AUTOWEB,
INC.
|
||||
UNAUDITED
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME (LOSS)
|
||||
(Amounts
in thousands, except per-share data)
|
||||
|
|
|
|
|
|
Three
Months Ended
|
Twelve
Months Ended
|
||
|
December
31,
|
December
31,
|
||
|
|
|
|
|
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
Revenues:
|
|
|
|
|
Lead
fees
|
$23,896
|
$31,978
|
$107,045
|
$130,684
|
Advertising
|
9,228
|
8,095
|
34,142
|
24,508
|
Other
revenues
|
197
|
305
|
938
|
1,492
|
Total
revenues
|
33,321
|
40,378
|
142,125
|
156,684
|
Cost
of revenues
|
25,182
|
25,777
|
99,352
|
98,771
|
Gross
profit
|
8,139
|
14,601
|
42,773
|
57,913
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Sales and
marketing
|
3,630
|
4,092
|
14,315
|
18,118
|
Technology
support
|
2,986
|
3,211
|
12,567
|
13,986
|
General and
administrative
|
2,994
|
4,257
|
12,110
|
14,663
|
Depreciation and
amortization
|
1,158
|
1,259
|
4,781
|
5,068
|
Litigation
settlements
|
(33)
|
(25)
|
(109)
|
(50)
|
Goodwill
impairment
|
37,688
|
-
|
37,688
|
-
|
Total
operating expenses
|
48,423
|
12,794
|
81,352
|
51,785
|
Operating income
(loss)
|
(40,284)
|
1,807
|
(38,579)
|
6,128
|
Interest and other
income (expense), net
|
(656)
|
1,202
|
(946)
|
558
|
Income (loss)
before income tax provision
|
(40,940)
|
3,009
|
(39,525)
|
6,686
|
Income tax
provision
|
24,900
|
1,631
|
25,439
|
2,815
|
Net income (loss)
and comprehensive income (loss)
|
$(65,840)
|
$1,378
|
$(64,964)
|
$3,871
|
|
|
|
|
|
|
|
|
|
|
Basic earnings
(loss) per common share
|
$(5.22)
|
$0.13
|
$(5.48)
|
$0.36
|
Diluted earnings
(loss) per common share
|
$(5.22)
|
$0.10
|
$(5.48)
|
$0.29
|
|
|
|
|
|
|
|
|
|
|
Shares
used in computing earnings (loss) per common share (in
thousands):
|
|
|
|
|
Basic
|
12,622
|
10,862
|
11,853
|
10,673
|
Diluted
|
12,622
|
13,369
|
11,853
|
13,303
|
AUTOWEB,
INC.
|
|||||
RECONCILIATION
OF NON-GAAP INCOME / EPS
|
|||||
(Amounts
in thousands, except per-share data)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
Twelve
Months Ended
|
|||
|
March
31, 2017
|
June
30, 2017
|
September
30, 2017
|
December
31, 2017
|
December
31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$484
|
$322
|
$69
|
$(65,840)
|
$(64,964)
|
Amortization of
acquired intangibles
|
1,387
|
1,359
|
1,343
|
1,646
|
5,736
|
Non-cash stock
based compensation
|
|
|
|
|
|
Cost of
revenues
|
20
|
19
|
19
|
19
|
78
|
Sales and
marketing
|
412
|
402
|
409
|
481
|
1,703
|
Technology
support
|
127
|
134
|
138
|
184
|
583
|
General and
administrative
|
452
|
389
|
397
|
501
|
1,739
|
Total non-cash
stock-based compensation
|
1,011
|
944
|
963
|
1,185
|
4,103
|
Severance
costs
|
-
|
57
|
-
|
-
|
57
|
Litigation
settlements
|
(25)
|
(25)
|
(26)
|
(33)
|
(109)
|
Gain (loss) on
investment
|
-
|
-
|
-
|
580
|
580
|
Goodwill
impairment
|
-
|
-
|
-
|
37,688
|
37,688
|
Income
taxes
|
625
|
(166)
|
81
|
24,900
|
25,439
|
|
|
|
|
|
|
Non-GAAP
income
|
$3,482
|
$2,491
|
$2,430
|
$126
|
$8,530
|
|
|
|
|
|
|
Weighted average
diluted shares
|
13,309
|
13,344
|
13,201
|
13,452
|
13,366
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted GAAP
EPS
|
$0.04
|
$0.01
|
$0.01
|
$(5.22)
|
$(5.48)
|
EPS impact of
adjustments
|
0.23
|
0.16
|
0.18
|
4.90
|
5.50
|
Non-GAAP
EPS
|
$0.26
|
$0.19
|
$0.18
|
$0.01
|
$0.64
|
AUTOWEB, INC.
RECONCILIATION OF NON-GAAP INCOME /
EPS
(Amounts in thousands, except per-share data)
|
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|
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|
|
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|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
Three Months Ended
June 30, 2016
|
Three Months Ended
September 30, 2016
|
Three Months Ended
December 31, 2016
|
Twelve Months Ended
December 31, 2016
|
||||||||||
|
As Reported
|
Specialty Finance
|
Adjusted
|
As Reported
|
Specialty Finance
|
Adjusted
|
As Reported
|
Specialty Finance
|
Adjusted
|
As Reported
|
Specialty Finance
|
Adjusted
|
As Reported
|
Specialty Finance
|
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
$(676)
|
$73
|
$(749)
|
$430
|
$70
|
$360
|
$2,738
|
$98
|
$2,640
|
$1,378
|
$(21)
|
$1,399
|
$3,871
|
$196
|
$3,675
|
Amortization
of acquired intangibles
|
1,426
|
-
|
1,426
|
1,403
|
-
|
1,403
|
1,509
|
-
|
1,509
|
1,387
|
-
|
1,387
|
5,726
|
-
|
5,726
|
Non-cash
stock based compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of revenues
|
14
|
-
|
14
|
15
|
-
|
15
|
19
|
-
|
19
|
20
|
-
|
20
|
67
|
-
|
67
|
Sales
and marketing
|
633
|
20
|
613
|
341
|
20
|
321
|
384
|
20
|
364
|
419
|
58
|
361
|
1,777
|
118
|
1,659
|
Technology
support
|
329
|
-
|
329
|
92
|
-
|
92
|
77
|
-
|
77
|
86
|
-
|
86
|
586
|
-
|
586
|
General
and administrative
|
388
|
-
|
388
|
418
|
-
|
418
|
460
|
-
|
460
|
716
|
-
|
716
|
1,982
|
-
|
1,982
|
Total
non-cash stock-based compensation
|
1,364
|
20
|
1,344
|
866
|
20
|
846
|
940
|
20
|
920
|
1,241
|
58
|
1,183
|
4,412
|
118
|
4,294
|
Acquisition
costs
|
429
|
-
|
429
|
148
|
-
|
148
|
-
|
-
|
-
|
5
|
-
|
5
|
582
|
-
|
582
|
Severance
costs
|
839
|
-
|
839
|
-
|
-
|
-
|
-
|
-
|
-
|
518
|
-
|
518
|
1,357
|
-
|
1,357
|
Litigation
settlements
|
(5)
|
-
|
(5)
|
4
|
-
|
4
|
(24)
|
-
|
(24)
|
(25)
|
-
|
(25)
|
(50)
|
-
|
(50)
|
Gain(loss)
on investment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
777
|
-
|
777
|
777
|
-
|
777
|
Gain
on disposal
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,184)
|
-
|
(2,184)
|
(2,184)
|
-
|
(2,184)
|
Income
taxes
|
(432)
|
46
|
(478)
|
305
|
50
|
255
|
1,312
|
47
|
1,265
|
1,631
|
(24)
|
1,655
|
2,815
|
143
|
2,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
income
|
$2,945
|
$139
|
$2,806
|
$3,156
|
$140
|
$3,016
|
$6,475
|
$165
|
$6,310
|
$4,728
|
$13
|
$4,715
|
$17,306
|
$457
|
$16,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares
|
13,346
|
13,346
|
13,346
|
13,295
|
13,295
|
13,295
|
13,337
|
13,337
|
13,337
|
13,369
|
13,369
|
13,369
|
13,303
|
13,303
|
13,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
GAAP EPS
|
$(0.06)
|
$0.01
|
$(0.07)
|
$0.03
|
$0.01
|
$0.03
|
$0.21
|
$0.01
|
$0.20
|
$0.10
|
$(0.00)
|
$0.10
|
$0.29
|
$0.01
|
$0.28
|
EPS
impact of adjustments
|
$0.27
|
$0.00
|
$0.27
|
$0.21
|
$0.01
|
$0.20
|
$0.28
|
$0.01
|
$0.28
|
$0.25
|
$0.00
|
$0.25
|
$1.01
|
$0.02
|
$0.99
|
Non-GAAP
EPS
|
$0.22
|
$0.01
|
$0.21
|
$0.24
|
$0.01
|
$0.23
|
$0.49
|
$0.01
|
$0.47
|
$0.35
|
$0.00
|
$0.35
|
$1.30
|
$0.03
|
$1.27
|
AUTOWEB, INC.
|
|||||||||||||||||||
RECONCILIATION TO REFLECT DIVESTITURE OF
|
|||||||||||||||||||
SPECIALTY FINANCE LEADS PRODUCT
|
|||||||||||||||||||
(Amounts in millions, except per-share data)
|
|
2016
|
||||||||||||||
|
QTD 3/31/16
|
QTD 6/30/16
|
QTD 9/30/16
|
QTD 12/31/16
|
YTD 12/31/16
|
||||||||||
|
As Reported
|
Specialty Finance
|
Adjusted
|
As Reported
|
Specialty Finance
|
Adjusted
|
As Reported
|
Specialty Finance
|
Adjusted
|
As Reported
|
Specialty Finance
|
Adjusted
|
As Reported
|
Specialty Finance
|
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
$36.2
|
$1.6
|
$34.6
|
$36.1
|
$1.6
|
$34.6
|
$43.9
|
$1.7
|
$42.2
|
$40.4
|
$1.4
|
$39.0
|
$156.7
|
$6.3
|
$150.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of revenues
|
22.6
|
1.2
|
21.4
|
22.2
|
1.2
|
21.0
|
28.2
|
1.2
|
26.9
|
25.8
|
1.0
|
24.7
|
98.8
|
4.7
|
94.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
13.6
|
0.4
|
13.2
|
13.9
|
0.4
|
13.5
|
15.8
|
0.4
|
15.3
|
14.6
|
0.4
|
14.2
|
57.9
|
1.7
|
56.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
14.5
|
0.3
|
14.2
|
13.0
|
0.3
|
12.7
|
11.5
|
0.3
|
11.2
|
12.8
|
0.4
|
12.4
|
51.8
|
1.3
|
50.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
(0.9)
|
0.1
|
(1.0)
|
0.9
|
0.1
|
0.8
|
4.3
|
0.1
|
4.1
|
1.8
|
(0.0)
|
1.9
|
6.1
|
0.3
|
5.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and other income (expense), net
|
(0.2)
|
-
|
(0.2)
|
(0.2)
|
-
|
(0.2)
|
(0.2)
|
-
|
(0.2)
|
1.2
|
-
|
1.2
|
0.6
|
-
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income tax provision (benefit)
|
(1.1)
|
0.1
|
(1.2)
|
0.7
|
0.1
|
0.6
|
4.1
|
0.1
|
3.9
|
3.0
|
(0.0)
|
3.1
|
6.7
|
0.3
|
6.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision (benefit)
(1)
|
(0.4)
|
0.0
|
(0.5)
|
0.3
|
0.0
|
0.3
|
1.3
|
0.0
|
1.3
|
1.6
|
(0.0)
|
1.7
|
2.8
|
0.1
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) and comprehensive income (loss)
|
$(0.7)
|
$0.1
|
$(0.7)
|
$0.4
|
$0.1
|
$0.4
|
$2.7
|
$0.1
|
$2.6
|
$1.4
|
$(0.0)
|
$1.4
|
$3.9
|
$0.2
|
$3.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Income
|
$2.9
|
$0.1
|
$2.8
|
$3.2
|
$0.1
|
$3.0
|
$6.5
|
$0.2
|
$6.3
|
$4.7
|
$0.0
|
$4.7
|
$17.3
|
$0.5
|
$16.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
EPS
|
$0.22
|
$0.01
|
$0.21
|
$0.24
|
$0.01
|
$0.23
|
$0.49
|
$0.01
|
$0.47
|
$0.35
|
$0.00
|
$0.35
|
$1.30
|
$0.03
|
$1.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax provision for specialty finance leads standalone is
computed using consolidated effective tax rate multiplied by
finance leads income before income tax.
|