CARSON, Calif., Nov. 1, 2019 /PRNewswire/ -- U.S. Auto Parts
Network, Inc. (NASDAQ: PRTS), one of the largest online
providers of aftermarket automotive parts and accessories, is
reporting results for the third quarter ended
September 28, 2019.
Third Quarter 2019 Summary vs. Year-Ago Quarter
- Gross profit increased 15% to $21.1
million compared to $18.4
million. As a percentage of net sales, gross profit
increased 400 basis points to 30.5% compared to 26.5%.
- Net sales were $69.3 million
compared to $69.5 million.
- Online sales increased 2% while offline sales declined
17%.
- Net loss was $1.4 million or
$(0.04) per share, compared to net
loss of $0.2 million or $(0.01) per share.
- Adjusted EBITDA (a non-GAAP measure defined below) was
$1.3 million compared to $2.6 million.
- Ended the quarter with no revolver debt.
- Conversion rate increased 50 basis points to 3.2%.
Management Commentary
"Last quarter, we introduced a new operating plan that is
centered on three key pillars: the right part, the right time, and
the right place. Each of these pillars represents an important
aspect of the customer experience as we need to ensure that our
customers order the right part for their vehicle, deliver it
quickly, and be agnostic to how the customer wants to install their
auto parts.
"We have also renewed our focus on improving gross margins and
profitability, which will be accomplished in-part by increasing the
revenue mix of our highest margin products—private label—and better
utilizing our resources to grow and optimize our three core
websites.
"During the third quarter, we began to realize the early
benefits of executing this new operating plan, highlighted by our
second consecutive quarter of gross margin expansion, as well as
our second consecutive quarter of positive adjusted EBITDA.
This was also our strongest quarter of private label sales growth
in nearly two years, which tells us that our strategy is working.
Further, our new 125,000 square foot distribution center went live
in Las Vegas in early August, and
we have already shipped more than 80,000 auto parts in less than 3
months.
"The momentum in our business is evident. Key metrics are
trending in the right direction, our cash flow cycle is healthy and
we remain debt-free. There is still plenty of work ahead to further
improve our inventory optimization, cost structure and core
websites. But everywhere we look, we see opportunity, and our team
remains committed to delivering positive adjusted EBITDA this year
and carrying this strong momentum into 2020," said Lev Peker, CEO of U.S. Auto Parts.
Third Quarter 2019 Financial Results
Net sales in the third quarter of 2019 were $69.3 million compared to $69.5 million in the year-ago quarter. The
decline was largely driven by a reduction in branded sales and
offline sales mostly offset by a 15% increase in higher margin
private label sales. Our online sales were up 2% and our
offline sales declined 17% due to a change in pricing strategy and
exiting unprofitable businesses.
Gross profit in the third quarter of 2019 increased 15% to
$21.1 million compared to
$18.4 million in the year-ago
quarter. As a percentage of net sales, gross profit increased
400 basis points to 30.5% compared to 26.5%. Excluding detention
and demurrage related costs from both quarters, gross margin for
the quarter would be 31.3% compared to 28.9% last year. The
increase was primarily driven by a greater proportion of higher
margin private label sales and improved pricing strategies.
Total operating expenses in the third quarter were $22.6 million compared to $19.6 million in the third quarter of
last year. As a percentage of net sales, operating
expenses increased to 32.6% compared to 28.3% in the year ago
quarter with the increase primarily driven by increased marketing
spend and investments in marketing platforms and new employees.
Net loss in the third quarter was $1.4
million, or $(0.04) per share,
compared to a net loss of $0.2
million or $(0.01) per share
in the year-ago period.
Adjusted EBITDA in the third quarter of 2019 was $1.3 million compared to $2.6 million in the year-ago quarter.
At September 28, 2019, cash and cash equivalents
totaled $1.1 million compared to
$2.0 million at December 29,
2018. The decrease in cash is primarily a result of employee
transition costs, technology capital expenditures, marketing, and
setup costs for the company's new distribution center in
Las Vegas, Nevada. U.S. Auto Parts
also had no revolver debt at each of September 28, 2019
and December 29, 2018.
Key Operating
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
2019
|
|
Q3
2018
|
|
Q2
2019
|
|
Conversion
Rate 1
|
|
|
3.2
|
%
|
|
2.7
|
%
|
|
3.0
|
%
|
Unique Visitors
(millions) 1
|
|
|
13.8
|
|
|
16.4
|
|
|
14.2
|
|
Number of
Orders - E-commerce only (thousands)
|
|
|
441
|
|
|
443
|
|
|
423
|
|
Number of
Orders - Online Marketplace (thousands)
|
|
|
412
|
|
|
372
|
|
|
463
|
|
Total Number of
Internet Orders (thousands)
|
|
|
853
|
|
|
815
|
|
|
886
|
|
Revenue Capture (%
Sales) 2
|
|
|
89.3
|
%
|
|
87.5
|
%
|
|
87.8
|
%
|
Average Order
Value - Total Internet Orders
|
|
$
|
78
|
|
$
|
85
|
|
$
|
80
|
|
_________________________
|
1.
|
Excludes online
marketplaces.
|
2.
|
Revenue capture is
the amount of actual dollars retained after taking into
consideration returns, credit card declines and product fulfillment
and excludes online marketplaces.
|
Conference Call
U.S. Auto Parts CEO Lev Peker and
CFO/COO David Meniane will host the
conference call, followed by a question and answer period.
Date: Friday, November 1, 2019
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: 877‑407‑9039
International dial-in number: 201‑689‑8470
Conference ID: 13694403
Please call the conference telephone number 5‑10 minutes prior
to the start time. 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.
The conference call will be broadcast live and available for
replay via the investor relations section of the Company's website
at www.usautoparts.com.
A telephone replay of the conference call will also be available
on the same day through November 15,
2019.
Toll-free replay number: 844‑512‑2921
International replay number: 412‑317‑6671
Replay ID: 13694403
About U.S. Auto Parts Network, Inc.
Established in 1995, U.S. Auto Parts is a leading online
provider of automotive aftermarket parts, including collision,
engine, and performance parts and accessories. Through the
Company's network of websites, U.S. Auto Parts provides consumers
with a broad selection of competitively priced products, all mapped
by a proprietary database with applications based on vehicle makes,
models and years. U.S. Auto Parts' flagship websites include
www.autopartswarehouse.com, www.carparts.com, and
www.jcwhitney.com, as well as the Company's corporate website at
www.usautoparts.net.
U.S. Auto Parts is headquartered in Carson, California.
Non-GAAP Financial Measures
Regulation G, and other provisions of the Securities Exchange
Act of 1934, as amended, define and prescribe the conditions for
use of certain non-GAAP financial information. We provide "Adjusted
EBITDA," which is a non-GAAP financial measure. Adjusted EBITDA
consists of net income before (a) interest expense, net;
(b) income tax provision; (c) depreciation and
amortization expense; (d) amortization of intangible
assets; (e) share-based compensation expense;
(f) costs associated with our customs issue; and
(g) costs associated with the executive transitions.
The Company believes that this non-GAAP financial measure
provides important supplemental information to management and
investors. This non-GAAP financial measures reflect an additional
way of viewing aspects of the Company's operations that, when
viewed with the GAAP results and the accompanying reconciliation to
corresponding GAAP financial measures, provides a more complete
understanding of factors and trends affecting the Company's
business and results of operations.
Management uses Adjusted EBITDA as one measure of the Company's
operating performance because it assists in comparing the Company's
operating performance on a consistent basis by removing the impact
of stock compensation expense and the costs associated with the
customs issue, as well as items that are not expected to be
recurring. Internally, this non-GAAP measure is also used by
management for planning purposes, including the preparation of
internal budgets; for allocating resources to enhance financial
performance; and for evaluating the effectiveness of operational
strategies. The Company also believes that analysts and investors
use Adjusted EBITDA as a supplemental measure to evaluate the
ongoing operations of companies in our industry.
This non-GAAP financial measure 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. Because non-GAAP
financial measures are not standardized, it may not be possible to
compare these financial measures with other companies' non-GAAP
financial measures having the same or similar names. In addition,
the Company expects to continue to incur expenses similar to the
non-GAAP adjustments described above, and exclusion of these items
from the Company's non-GAAP measures should not be construed as an
inference that these costs are all unusual, infrequent or
non-recurring.
Safe Harbor Statement
This press release contains statements which are based on
management's current expectations, estimates and projections about
the Company's business and its industry, as well as certain
assumptions made by the Company. These statements are forward
looking statements for the purposes of the safe harbor provided by
Section 21E of the Securities Exchange Act of 1934, as amended
and Section 27A of the Securities Act of 1933, as amended.
Words such as "anticipates," "could," "expects," "intends,"
"plans," "potential," "believes," "predicts," "projects," "seeks,"
"estimates," "may," "will," "would," "will likely continue" and
variations of these words or similar expressions are intended to
identify forward-looking statements. These statements include,
but are not limited to, its future operating results and
financial condition, the impact of changes in our key operating
metrics, and our potential growth and our liquidity requirements.
We undertake no obligation to revise or update publicly any
forward-looking statements for any reason. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to
predict. Therefore, our actual results could differ materially
and adversely from those expressed in any forward-looking
statements as a result of various factors.
Important factors that may cause such a difference include,
but are not limited to, competitive pressures, our dependence on
search engines to attract customers, demand for the Company's
products, the online market and channel mix for aftermarket auto
parts, the economy in general, increases in commodity and component
pricing that would increase the Company's product costs, the
operating restrictions in its credit agreement, the weather, the
impact of the customs issues and any other factors discussed in the
Company's filings with the Securities and Exchange Commission (the
"SEC"), including the Risk Factors contained in the Company's
Annual Report on Form 10‑K and Quarterly Reports on
Form 10‑Q, which are available
at www.usautoparts.net and the SEC's website
at www.sec.gov. You are urged to consider these factors
carefully in evaluating the forward-looking statements in this
release and are cautioned not to place undue reliance on such
forward-looking statements, which are qualified in their entirety
by this cautionary statement. Unless otherwise required by
law, the Company expressly disclaims any obligation to update
publicly any forward-looking statements, whether as result of new
information, future events or otherwise.
Investor Relations:
Sean Mansouri, CFA or
Cody Slach
Gateway Investor Relations
949‑574‑3860
PRTS@gatewayir.com
Summarized information for our continuing operations for the
periods presented is as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
Thirty-nine Weeks
Ended
|
|
|
|
September 28, 2019
|
|
September 29, 2018
|
|
September 28, 2019
|
|
September 29, 2018
|
|
|
|
|
|
|
(As
Restated)
|
|
|
|
|
|
(As
Restated)
|
|
Net sales
|
|
$
|
69.27
|
|
$
|
69.46
|
|
$
|
217.70
|
|
$
|
224.82
|
|
Gross
profit
|
|
$
|
21.14
|
|
|
18.41
|
|
$
|
63.04
|
|
$
|
62.16
|
|
|
|
|
30.5
|
%
|
|
26.5
|
%
|
|
29.0
|
%
|
|
27.6
|
%
|
Operating
expenses
|
|
$
|
22.60
|
|
$
|
19.62
|
|
$
|
69.14
|
|
$
|
62.47
|
|
|
|
|
32.6
|
%
|
|
28.3
|
%
|
|
31.8
|
%
|
|
27.8
|
%
|
Net (loss)
income
|
|
$
|
(1.42)
|
|
$
|
(0.18)
|
|
$
|
(6.46)
|
|
$
|
(0.41)
|
|
|
|
|
(2.1)
|
%
|
|
(0.3)
|
%
|
|
(3.0)
|
%
|
|
(0.2)
|
%
|
Adjusted
EBITDA
|
|
$
|
1.32
|
|
$
|
2.59
|
|
|
2.65
|
|
$
|
9.66
|
|
|
|
|
1.9
|
%
|
|
3.7
|
%
|
|
1.2
|
%
|
|
4.3
|
%
|
The table below reconciles income from continuing operations to
Adjusted EBITDA for the periods presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
Thirty-nine Weeks
Ended
|
|
|
September 28, 2019
|
|
September 29, 2018
|
|
September 28, 2019
|
|
September 29, 2018
|
|
|
|
|
|
(As
Restated)
|
|
|
|
|
|
(As
Restated)
|
(Loss) income from
continuing operations
|
|
|
(1,424)
|
|
|
(180)
|
|
|
(6,461)
|
|
|
(409)
|
Depreciation & amortization
|
|
|
1,531
|
|
|
1,419
|
|
|
4,572
|
|
|
4,412
|
Amortization of
intangible assets
|
|
|
25
|
|
|
46
|
|
|
75
|
|
|
140
|
Interest expense,
net
|
|
|
516
|
|
|
363
|
|
|
1,410
|
|
|
1,215
|
Taxes
|
|
|
(552)
|
|
|
8
|
|
|
(1,018)
|
|
|
270
|
EBITDA
|
|
$
|
96
|
|
$
|
1,656
|
|
$
|
(1,422)
|
|
$
|
5,628
|
Stock comp
expense
|
|
|
792
|
|
|
567
|
|
$
|
1,955
|
|
|
1,704
|
Employee transition
costs(1)
|
|
|
425
|
|
|
—
|
|
|
1,695
|
|
|
—
|
Customs
costs(2)
|
|
|
3
|
|
|
1,764
|
|
|
418
|
|
|
3,730
|
Proceeds from AutoMD
sale
|
|
|
—
|
|
|
(1,400)
|
|
|
—
|
|
|
(1,400)
|
Adjusted
EBITDA
|
|
$
|
1,316
|
|
$
|
2,587
|
|
$
|
2,646
|
|
$
|
9,662
|
__________________________
|
(1)
|
We incurred costs
related to the transition of executive management related to
severance, recruiting, hiring bonuses, and relocation
costs.
|
(2)
|
We incurred port and
carrier fees and legal costs associated with our customs related
issues.
|
U.S. AUTO PARTS
NETWORK, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE OPERATIONS
|
(Unaudited, in
Thousands, Except Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
Thirty-Nine Weeks
Ended
|
|
|
September 28,
|
|
September 29,
|
|
September 28,
|
|
September 29,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
(As
Restated)
|
|
|
|
|
(As
Restated)
|
Net sales
|
|
$
|
69,273
|
|
$
|
69,463
|
|
$
|
217,698
|
|
$
|
224,821
|
Cost of sales
(1)
|
|
|
48,130
|
|
|
51,049
|
|
|
154,663
|
|
|
162,666
|
Gross
profit
|
|
|
21,143
|
|
|
18,414
|
|
|
63,035
|
|
|
62,155
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
|
11,034
|
|
|
9,212
|
|
|
34,023
|
|
|
29,012
|
General and
administrative
|
|
|
4,068
|
|
|
4,297
|
|
|
13,658
|
|
|
13,923
|
Fulfillment
|
|
|
6,268
|
|
|
5,034
|
|
|
17,664
|
|
|
16,276
|
Technology
|
|
|
1,206
|
|
|
1,035
|
|
|
3,724
|
|
|
3,121
|
Amortization of
intangible assets
|
|
|
25
|
|
|
46
|
|
|
75
|
|
|
140
|
Total operating
expenses
|
|
|
22,601
|
|
|
19,624
|
|
|
69,144
|
|
|
62,472
|
(Loss) income from
operations
|
|
|
(1,458)
|
|
|
(1,210)
|
|
|
(6,109)
|
|
|
(317)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Other, net
|
|
|
(1)
|
|
|
1,402
|
|
|
41
|
|
|
1,396
|
Interest
expense
|
|
|
(517)
|
|
|
(364)
|
|
|
(1,411)
|
|
|
(1,218)
|
Total other expense,
net
|
|
|
(518)
|
|
|
1,038
|
|
|
(1,370)
|
|
|
178
|
(Loss) income before
income taxes
|
|
|
(1,976)
|
|
|
(172)
|
|
|
(7,479)
|
|
|
(139)
|
Income tax (benefit)
provision
|
|
|
(552)
|
|
|
8
|
|
|
(1,018)
|
|
|
270
|
Net loss
|
|
|
(1,424)
|
|
|
(180)
|
|
|
(6,461)
|
|
|
(409)
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
19
|
|
|
9
|
|
|
(19)
|
|
|
51
|
Total other
comprehensive income
|
|
|
19
|
|
|
9
|
|
|
(19)
|
|
|
51
|
Comprehensive
loss
|
|
$
|
(1,405)
|
|
$
|
(171)
|
|
$
|
(6,480)
|
|
$
|
(358)
|
Loss from continuing
operations per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
|
$
|
(0.04)
|
|
$
|
(0.01)
|
|
$
|
(0.18)
|
|
$
|
(0.02)
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computation of basic and diluted net loss per share
|
|
|
35,856
|
|
|
34,983
|
|
|
35,623
|
|
|
34,925
|
__________________________
|
(1)
|
Excludes depreciation
and amortization expense which is included in marketing, general
and administrative and fulfillment expense.
|
U.S. AUTO PARTS
NETWORK, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
(Unaudited, In
Thousands, Except Par and Liquidation Value)
|
|
|
|
|
|
|
|
|
|
|
September 28,
|
|
December 29,
|
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,108
|
|
$
|
2,031
|
Short-term
investments
|
|
|
3
|
|
|
1
|
Accounts receivable,
net
|
|
|
4,349
|
|
|
3,727
|
Inventory
|
|
|
47,699
|
|
|
49,626
|
Other current
assets
|
|
|
4,224
|
|
|
3,400
|
Total current
assets
|
|
|
57,383
|
|
|
58,785
|
Deferred income
taxes
|
|
|
22,463
|
|
|
21,833
|
Property and
equipment, net
|
|
|
9,806
|
|
|
15,184
|
Right-of-use - assets
- operating leases, net
|
|
|
5,047
|
|
|
—
|
Right-of-use - assets
- financing leases, net
|
|
|
9,089
|
|
|
—
|
Other non-current
assets
|
|
|
1,782
|
|
|
2,163
|
Total
assets
|
|
$
|
105,570
|
|
$
|
97,965
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
35,777
|
|
$
|
34,039
|
Accrued
expenses
|
|
|
12,566
|
|
|
10,247
|
Current portion of
capital leases payable
|
|
|
—
|
|
|
594
|
Customer
deposits
|
|
|
—
|
|
|
521
|
Notes payable, current
portion
|
|
|
606
|
|
|
—
|
Right-of-use -
obligation - operating, current
|
|
|
1,573
|
|
|
—
|
Right-of-use -
obligation - finance, current
|
|
|
686
|
|
|
—
|
Other current
liabilities
|
|
|
3,078
|
|
|
2,918
|
Total current
liabilities
|
|
|
54,286
|
|
|
48,319
|
Capital leases
payable, net of current portion
|
|
|
—
|
|
|
8,559
|
Notes payable,
non-current portion
|
|
|
1,078
|
|
|
|
Right-of-use -
obligation - operating, non-current
|
|
|
3,714
|
|
|
—
|
Right-of-use -
obligation - finance, non-current
|
|
|
8,599
|
|
|
—
|
Other non-current
liabilities
|
|
|
2,155
|
|
|
2,265
|
Total
liabilities
|
|
|
69,832
|
|
|
59,143
|
Commitments and
contingencies
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Series A
convertible preferred stock, $0.001 par value; $1.45 per share
liquidation value or aggregate of $6,017; 4,150 shares authorized;
2,771 shares issued and outstanding at both
September 28, 2019 and December 29, 2018
|
|
|
3
|
|
|
3
|
Common stock, $0.001
par value; 100,000 shares authorized; 35,924 and 34,992 shares
issued and outstanding at September 28, 2019 and
December 29, 2018 (of which 2,525 are treasury
stock)
|
|
|
38
|
|
|
38
|
Common stock
dividend
|
|
|
41
|
|
|
—
|
Treasury
stock
|
|
|
(7,146)
|
|
|
(7,146)
|
Additional paid-in
capital
|
|
|
184,992
|
|
|
183,139
|
Accumulated other
comprehensive income
|
|
|
560
|
|
|
579
|
Accumulated
deficit
|
|
|
(142,750)
|
|
|
(137,791)
|
Total stockholders'
equity
|
|
|
35,738
|
|
|
38,822
|
Total liabilities and
stockholders' equity
|
|
$
|
105,570
|
|
$
|
97,965
|
U.S. AUTO PARTS
NETWORK, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited, In
Thousands)
|
|
|
|
|
|
|
|
|
|
|
Thirty-Nine Weeks
Ended
|
|
|
|
September 28,
|
|
September 29,
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
(As
Restated)
|
|
Operating
activities
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(6,461)
|
|
$
|
(409)
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization expense
|
|
|
4,572
|
|
|
4,412
|
|
Amortization of
intangible assets
|
|
|
75
|
|
|
140
|
|
Deferred income
taxes
|
|
|
(1,176)
|
|
|
189
|
|
Share-based
compensation expense
|
|
|
1,955
|
|
|
1,704
|
|
Stock awards issued for
non-employee director service
|
|
|
13
|
|
|
11
|
|
Amortization of
deferred financing costs
|
|
|
2
|
|
|
3
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(622)
|
|
|
(562)
|
|
Inventory
|
|
|
1,927
|
|
|
2,702
|
|
Other current
assets
|
|
|
(731)
|
|
|
(1,833)
|
|
Other non-current
assets
|
|
|
775
|
|
|
(24)
|
|
Accounts payable and
accrued expenses
|
|
|
3,874
|
|
|
5,492
|
|
Other current
liabilities
|
|
|
(280)
|
|
|
(1,197)
|
|
Right-of-Use Obligation
- Operating Leases - Current
|
|
|
1,573
|
|
|
—
|
|
Right-of-Use Obligation
- Operating Leases - Long-term
|
|
|
(1,332)
|
|
|
—
|
|
Other non-current
liabilities
|
|
|
163
|
|
|
275
|
|
Net cash provided by
operating activities
|
|
|
4,327
|
|
|
10,903
|
|
Investing
activities
|
|
|
|
|
|
|
|
Additions to property
and equipment
|
|
|
(4,686)
|
|
|
(4,328)
|
|
Proceeds from sale of
property and equipment
|
|
|
—
|
|
|
1
|
|
Net cash used in
investing activities
|
|
|
(4,686)
|
|
|
(4,327)
|
|
Financing
activities
|
|
|
|
|
|
|
|
Borrowings from
revolving loan payable
|
|
|
11,514
|
|
|
3,246
|
|
Payments made on
revolving loan payable
|
|
|
(11,514)
|
|
|
(3,246)
|
|
Proceeds from notes
payable
|
|
|
162
|
|
|
—
|
|
Payments on capital
leases
|
|
|
(453)
|
|
|
(445)
|
|
Statutory tax
withholding payment for share-based compensation
|
|
|
(290)
|
|
|
(430)
|
|
Proceeds from
exercise of stock options
|
|
|
99
|
|
|
—
|
|
Payment of
liabilities related to financing activities
|
|
|
—
|
|
|
(100)
|
|
Preferred stock
dividends paid
|
|
|
(80)
|
|
|
(120)
|
|
Net cash used in
financing activities
|
|
|
(562)
|
|
|
(1,095)
|
|
Effect of exchange
rate changes on cash
|
|
|
(2)
|
|
|
(31)
|
|
Net change in cash
and cash equivalents
|
|
|
(923)
|
|
|
5,450
|
|
Cash and cash
equivalents, beginning of period
|
|
|
2,031
|
|
|
2,850
|
|
Cash and cash
equivalents, end of period
|
|
$
|
1,108
|
|
$
|
8,300
|
|
Supplemental
disclosure of non-cash investing and financing
activities:
|
|
|
|
|
|
|
|
Right-of-use financed
asset acquired
|
|
$
|
749
|
|
$
|
—
|
|
Accrued asset
purchases
|
|
$
|
1,200
|
|
$
|
744
|
|
Fixed asset purchased
through note payable
|
|
|
1,684
|
|
|
—
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
Cash paid during the
period for income taxes
|
|
$
|
85
|
|
$
|
63
|
|
Cash paid during the
period for interest
|
|
$
|
1,385
|
|
$
|
1,229
|
|
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SOURCE U.S. Auto Parts Network, Inc.