CARSON, Calif., March 9, 2020 /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 fourth quarter and full year ended
December 31, 2019.
Fourth Quarter 2019 Summary vs. Year-Ago Quarter
- Private label sales increased 15% Y/Y.
- Gross profit increased 28% to $21.2
million, with gross margin up 800 basis points to
33.7%.
- Net sales declined as expected to $63.0
million compared to $64.7
million due to reduction of unprofitable business
lines.
- Net loss was $(25.1) million or
$(0.70) per share, compared to a net
loss of $(4.5) million or
$(0.13) per share. Q4 2019 includes a
$(21.5) million deferred tax
valuation allowance.
- Adjusted EBITDA increased 137% to $1.7
million.
- Ended the quarter with no revolver debt.
Full Year 2019 Summary vs. 2018
- Private label sales increased 6% Y/Y.
- Gross profit increased 7% to $84.2
million, with gross margin up 280 basis points to
30.0%.
- Net sales declined as expected to $280.7
million compared to $289.5
million due to reduction of unprofitable business
lines.
- Net loss was $(31.5) million or
$(0.89) per share, compared to a net
loss of $(4.9) million or
$(0.14) per share. The change was
driven by the deferred tax valuation allowance and transition cost
and detention related costs.
- Adjusted EBITDA was $4.5 million
vs. $10.4 million.
Management Commentary
"The fourth quarter marked a key inflection point in our
business, as the strategies and initiatives we deployed over the
course of 2019 began to materialize in our results," said
Lev Peker, CEO of U.S. Auto Parts.
"Our elimination of unprofitable revenue and strict focus on
private label sales led to our strongest level of gross margin in
eight years. Further, our implementation of various cost reduction
initiatives has created a leaner and more efficient operating
model, which enabled us to more than double adjusted EBITDA to
$1.7 million during the quarter. We
began our turn-around strategy roughly one year ago, and these
exceptional improvements tell us that our strategy is working.
"While we are very proud of our work last year and the
improvements we have made. We view these recent results as a
guidepost. They are proof we are moving in the right direction, but
we do not for a minute think our work is done. There is still
plenty we want to accomplish and improve upon, and we have taken
concrete steps in 2019 to position U.S. Auto Parts to make further
improvements in 2020. In fact, through the first two months of this
year, we are currently on pace to generate more than 30% growth in
private label sales compared to Q1 2019, resulting in double digit
growth in the overall business, while maintaining our strong level
of gross margin. We are still in the early innings of taking U.S.
Auto Parts to its full potential."
Fourth Quarter 2019 Financial Results
Net sales in the fourth quarter of 2019 were $63.0 million compared to $64.7 million in the year-ago quarter. As
expected, the decline was driven by a proactive reduction of
low-margin and unprofitable branded sales, partially offset by a
15% increase in higher-margin private label sales. Private label
sales accounted for approximately 90% of sales in the fourth
quarter of 2019 compared to 76% in the year ago period.
Gross profit in the fourth quarter increased 28% to $21.2 million compared to $16.6 million last year, with gross margin
up 800 bps to 33.7% compared to 25.6%. These improvements were
driven by strong growth in private label sales, as well as
inventory mix and higher in-stock rates.
Total operating expenses in the fourth quarter were $23.3 million compared to $21.3 million in the fourth quarter last year.
The increase was driven by personnel costs related to the new DC
& marketing spend.
Net loss in the fourth quarter increased to $(25.1) million compared to $(4.5) million in the fourth quarter last year.
This was driven by a valuation allowance of $(21.5) million related to our tax deferred
assets.
Adjusted EBITDA in the fourth quarter increased to $1.7 million compared to $0.7M in the year-ago quarter, with the
improvements driven by the aforementioned increase in higher-margin
private label sales and prudent cost and inventory management.
At fiscal year-end December 28,
2019, the company had no revolver debt and a cash balance of
$2.3 million compared to no debt and
a $2.0 million cash balance at
December 29, 2018.
Key Operating
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4
2019
|
|
Q4
2018
|
|
Q3
2019
|
|
Conversion
Rate 1
|
|
|
2.8
|
%
|
|
2.5
|
%
|
|
3.2
|
%
|
Unique Visitors
(millions) 1
|
|
|
13.3
|
|
|
16.5
|
|
|
13.8
|
|
Number of
Orders - E-commerce only (thousands)
|
|
|
375
|
|
|
415
|
|
|
441
|
|
Number of
Orders - Online Marketplace (thousands)
|
|
|
432
|
|
|
346
|
|
|
412
|
|
Total Number of
Internet Orders (thousands)
|
|
|
807
|
|
|
761
|
|
|
853
|
|
Revenue Capture (%
Sales) 2
|
|
|
90.7
|
%
|
|
86.7
|
%
|
|
89.3
|
%
|
Average Order
Value - Total Internet Orders
|
|
$
|
77
|
|
$
|
85
|
|
$
|
78
|
|
_________________________
|
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: Monday, March 9, 2020
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: 13698758
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. A telephone replay
of the conference call will also be available on the same day
through March 23, 2020.
Toll-free replay number: 844‑512‑2921
International replay number: 412‑317‑6671
Replay ID: 13698758
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.carparts.com, www.jcwhitney.com, and
www.autopartswarehouse.com as well as the Company's corporate
website at www.usautoparts.com.
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 measure reflects 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 other items that we do not believe are
representative of our ongoing operating performance. 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
|
|
Fifty-two Weeks
Ended
|
|
|
|
December 28, 2019
|
|
December 29, 2018
|
|
December 28, 2019
|
|
December 29, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
62.96
|
|
$
|
64.65
|
|
$
|
280.66
|
|
$
|
289.47
|
|
Gross
profit
|
|
$
|
21.19
|
|
$
|
16.57
|
|
$
|
84.22
|
|
$
|
78.72
|
|
|
|
|
33.7
|
%
|
|
25.6
|
%
|
|
30.0
|
%
|
|
27.2
|
%
|
Operating
expenses
|
|
$
|
23.33
|
|
$
|
21.26
|
|
$
|
92.47
|
|
$
|
83.73
|
|
|
|
|
37.1
|
%
|
|
32.9
|
%
|
|
32.9
|
%
|
|
28.9
|
%
|
(Loss) income from
operations
|
|
$
|
(2.14)
|
|
$
|
(4.69)
|
|
$
|
(8.25)
|
|
$
|
(5.01)
|
|
|
|
|
(3.4)
|
%
|
|
(7.3)
|
%
|
|
(2.9)
|
%
|
|
(1.7)
|
%
|
Net loss
|
|
$
|
(25.09)
|
|
$
|
(4.48)
|
|
$
|
(31.55)
|
|
$
|
(4.89)
|
|
|
|
|
(39.8)
|
%
|
|
(6.9)
|
%
|
|
(11.2)
|
%
|
|
(1.7)
|
%
|
Adjusted
EBITDA
|
|
$
|
1.69
|
|
$
|
0.71
|
|
$
|
4.53
|
|
$
|
10.38
|
|
|
|
|
2.7
|
%
|
|
1.1
|
%
|
|
1.6
|
%
|
|
3.6
|
%
|
|
The table below
reconciles net loss to Adjusted EBITDA for the periods presented
(in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks
Ended
|
|
Fifty-two Weeks
Ended
|
|
|
December 28, 2019
|
|
December 29, 2018
|
|
December 28, 2019
|
|
December 29, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(25,087)
|
|
|
(4,480)
|
|
|
(31,548)
|
|
|
(4,889)
|
Depreciation & amortization
|
|
|
1,680
|
|
|
1,390
|
|
|
6,247
|
|
|
5,802
|
Amortization of
intangible assets
|
|
|
25
|
|
|
45
|
|
|
100
|
|
|
185
|
Interest expense,
net
|
|
|
486
|
|
|
380
|
|
|
1,897
|
|
|
1,595
|
Taxes
|
|
|
22,455
|
|
|
(600)
|
|
|
21,437
|
|
|
(329)
|
EBITDA
|
|
$
|
(441)
|
|
$
|
(3,265)
|
|
$
|
(1,867)
|
|
$
|
2,364
|
Stock comp
expense
|
|
|
1,701
|
|
|
1,891
|
|
|
3,656
|
|
|
3,595
|
Employee transition
costs(1)
|
|
|
387
|
|
|
1,315
|
|
|
2,274
|
|
|
774
|
Customs
costs(2)
|
|
|
46
|
|
|
774
|
|
|
464
|
|
|
5,046
|
Proceeds from AutoMD
sale
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,400)
|
Adjusted
EBITDA
|
|
$
|
1,693
|
|
$
|
715
|
|
$
|
4,527
|
|
$
|
10,379
|
___________________________
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year
Ended
|
|
|
|
December 28,
|
|
December 29,
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
280,657
|
|
$
|
289,467
|
Cost of sales
(1)
|
|
|
|
196,434
|
|
|
210,746
|
Gross
profit
|
|
|
|
84,223
|
|
|
78,721
|
Operating
expenses:
|
|
|
|
|
|
|
|
Marketing
|
|
|
|
44,341
|
|
|
38,081
|
General and
administrative
|
|
|
|
17,744
|
|
|
19,964
|
Fulfillment
|
|
|
|
24,946
|
|
|
21,310
|
Technology
|
|
|
|
5,342
|
|
|
4,188
|
Amortization of
intangible assets
|
|
|
|
100
|
|
|
185
|
Total operating
expenses
|
|
|
|
92,473
|
|
|
83,728
|
Loss from
operations
|
|
|
|
(8,250)
|
|
|
(5,007)
|
Other income
(expense):
|
|
|
|
|
|
|
|
Other, net
|
|
|
|
36
|
|
|
1,387
|
Interest
expense
|
|
|
|
(1,897)
|
|
|
(1,598)
|
Total other expense,
net
|
|
|
|
(1,861)
|
|
|
(211)
|
Loss before income
taxes
|
|
|
|
(10,111)
|
|
|
(5,218)
|
Income tax (benefit)
provision
|
|
|
|
21,437
|
|
|
(329)
|
Net loss
|
|
|
|
(31,548)
|
|
|
(4,889)
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
|
|
(52)
|
|
|
22
|
Actuarial loss on
defined benefit plan
|
|
|
|
(313)
|
|
|
—
|
Total other
comprehensive income
|
|
|
|
(365)
|
|
|
22
|
Comprehensive
loss
|
|
|
$
|
(31,913)
|
|
$
|
(4,867)
|
Loss per
share:
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
|
|
$
|
(0.89)
|
|
$
|
(0.14)
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Shares used in
computation of basic and diluted net loss per share
|
|
|
|
35,720
|
|
|
34,941
|
___________________________
|
(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)
|
|
|
|
|
|
|
|
|
|
December 28,
|
|
December 29,
|
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
2,273
|
|
$
|
2,031
|
Accounts receivable,
net
|
|
|
2,669
|
|
|
3,727
|
Inventory
|
|
|
52,500
|
|
|
49,626
|
Other current
assets
|
|
|
4,931
|
|
|
3,401
|
Total current
assets
|
|
|
62,373
|
|
|
58,785
|
Deferred income
taxes
|
|
|
—
|
|
|
21,833
|
Property and
equipment, net
|
|
|
9,650
|
|
|
15,184
|
Right-of-use - assets
- operating leases, net
|
|
|
4,544
|
|
|
—
|
Right-of-use - assets
- financing leases, net
|
|
|
9,011
|
|
|
—
|
Other non-current
assets
|
|
|
2,368
|
|
|
2,163
|
Total
assets
|
|
$
|
87,946
|
|
$
|
97,965
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
44,433
|
|
$
|
34,039
|
Accrued
expenses
|
|
|
9,519
|
|
|
10,247
|
Current portion of
capital leases payable
|
|
|
—
|
|
|
594
|
Customer
deposits
|
|
|
652
|
|
|
521
|
Notes payable,
current
|
|
|
729
|
|
|
—
|
Right-of-use -
obligation - operating, current
|
|
|
1,368
|
|
|
—
|
Right-of-use -
obligation - finance, current
|
|
|
640
|
|
|
—
|
Other current
liabilities
|
|
|
2,605
|
|
|
2,918
|
Total current
liabilities
|
|
|
59,946
|
|
|
48,319
|
Capital leases
payable, net of current
|
|
|
0
|
|
|
8,559
|
Notes payable,
non-current
|
|
|
1,060
|
|
|
—
|
Right-of-use -
obligation - operating, non-current
|
|
|
3,419
|
|
|
—
|
Right-of-use -
obligation - finance, non-current
|
|
|
8,627
|
|
|
—
|
Other non-current
liabilities
|
|
|
2,514
|
|
|
2,265
|
Total
liabilities
|
|
|
75,566
|
|
|
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
December 28, 2019 and December 29, 2018
|
|
|
3
|
|
|
3
|
Common stock, $0.001
par value; 100,000 shares authorized; 36,167 and 34,992 shares
issued and outstanding at December 28, 2019 and
December 29, 2018 (of which 2,525 are treasury
stock)
|
|
|
38
|
|
|
38
|
Treasury
stock
|
|
|
(7,146)
|
|
|
(7,146)
|
Additional paid-in
capital
|
|
|
187,147
|
|
|
183,139
|
Accumulated other
comprehensive income
|
|
|
214
|
|
|
579
|
Accumulated
deficit
|
|
|
(167,876)
|
|
|
(137,791)
|
Total stockholders'
equity
|
|
|
12,380
|
|
|
38,822
|
Total liabilities and
stockholders' equity
|
|
$
|
87,946
|
|
$
|
97,965
|
U.S. AUTO PARTS
NETWORK, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited, In
Thousands)
|
|
|
|
|
|
|
|
|
|
Fiscal Year
Ended
|
|
|
December 28,
|
|
December 29,
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
Operating
activities
|
|
|
|
|
|
|
Net loss
|
|
$
|
(31,548)
|
|
$
|
(4,889)
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization expense
|
|
|
6,252
|
|
|
5,802
|
Amortization of
intangible assets
|
|
|
100
|
|
|
185
|
Deferred income
taxes
|
|
|
21,287
|
|
|
(446)
|
Share-based
compensation expense
|
|
|
3,656
|
|
|
3,595
|
Stock awards issued for
non-employee director service
|
|
|
19
|
|
|
14
|
Amortization of
deferred financing costs
|
|
|
1
|
|
|
4
|
Loss from disposition
of assets
|
|
|
—
|
|
|
1
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
1,058
|
|
|
(1,257)
|
Inventory
|
|
|
(2,874)
|
|
|
4,605
|
Other current
assets
|
|
|
(1,527)
|
|
|
(1,326)
|
Other non-current
assets
|
|
|
166
|
|
|
150
|
Accounts payable and
accrued expenses
|
|
|
9,953
|
|
|
742
|
Other current
liabilities
|
|
|
(99)
|
|
|
(1,135)
|
Right-of-Use Obligation
- Operating Leases - Current
|
|
|
1,364
|
|
|
—
|
Right-of-Use Obligation
- Operating Leases - Long-term
|
|
|
(1,121)
|
|
|
—
|
Other non-current
liabilities
|
|
|
190
|
|
|
136
|
Net cash provided by
operating activities
|
|
|
6,877
|
|
|
6,181
|
Investing
activities
|
|
|
|
|
|
|
Additions to property
and equipment
|
|
|
(6,160)
|
|
|
(5,689)
|
Proceeds from sale of
property and equipment
|
|
|
—
|
|
|
1
|
Net cash used in
investing activities
|
|
|
(6,160)
|
|
|
(5,688)
|
Financing
activities
|
|
|
|
|
|
|
Borrowings from
revolving loan payable
|
|
|
14,626
|
|
|
3,316
|
Payments made on
revolving loan payable
|
|
|
(14,626)
|
|
|
(3,316)
|
Proceeds from notes
payable
|
|
|
257
|
|
|
—
|
Payment of notes
payable
|
|
|
(130)
|
|
|
—
|
Payments on capital
leases
|
|
|
(670)
|
|
|
(598)
|
Statutory tax
withholding payment for share-based compensation
|
|
|
(302)
|
|
|
(430)
|
Proceeds from
exercise of stock options
|
|
|
460
|
|
|
6
|
Payment of
liabilities related to financing activities
|
|
|
—
|
|
|
(100)
|
Preferred stock
dividends paid
|
|
|
(80)
|
|
|
(161)
|
Net cash used in
financing activities
|
|
|
(465)
|
|
|
(1,283)
|
Effect of exchange
rate changes on cash
|
|
|
(10)
|
|
|
(29)
|
Net change in cash
and cash equivalents
|
|
|
242
|
|
|
(819)
|
Cash and cash
equivalents, beginning of period
|
|
|
2,031
|
|
|
2,850
|
Cash and cash
equivalents, end of period
|
|
$
|
2,273
|
|
$
|
2,031
|
Supplemental
disclosure of non-cash investing and financing
activities:
|
|
|
|
|
|
|
Right-of-use operating
asset acquired
|
|
$
|
1,098
|
|
$
|
—
|
Right-of-use financed
asset acquired
|
|
$
|
947
|
|
$
|
—
|
Accrued asset
purchases
|
|
$
|
720
|
|
$
|
1,008
|
Fixed asset purchased
through note payable
|
|
$
|
1,919
|
|
$
|
—
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
Cash paid during the
period for income taxes
|
|
$
|
95
|
|
$
|
81
|
Cash paid during the
period for interest
|
|
$
|
1,896
|
|
$
|
1,606
|
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SOURCE U.S. Auto Parts Network, Inc.