Source: Autobytel Inc.
Attached files
| file | filename |
|---|---|
| EX-99.2 - TRANSCRIPT OF AUTOBYTEL INC.'S CONFERENCE CALL - AutoWeb, Inc. | ex99-2.htm |
| 8-K - FORM 8-K - AutoWeb, Inc. | abtl8k_may42017.htm |
Exhibit
99.1
Autobytel
Reports Record First Quarter 2017 Results
Click Revenues up 152% to $6.5 Million
IRVINE, Calif. – May 4, 2017 (GLOBE
NEWSWIRE) – Autobytel Inc. (NASDAQ:ABTL), a pioneer
and leading provider of digital automotive services connecting
in-market car buyers with dealers and OEMs, is reporting financial
results for the first quarter ended March 31, 2017. 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.
First
Quarter 2017 Financial Highlights vs. Year-Ago Quarter
●
Total revenues
increased to a record $37.3 million, up 8% vs. the prior year
adjusted quarter.
●
Advertising
revenues increased 112% to a record $8.0 million, with click
revenues up 152% to $6.5 million.
●
Net income
increased to $0.5 million or $0.04 per diluted share vs. an
adjusted net loss of $0.7 million or $(0.07) per share in the prior
year quarter.
●
Non-GAAP income
increased to $3.5 million or $0.26 per diluted share, a 24%
increase over the prior year quarter adjusted Non-GAAP income and
Non-GAAP income per diluted share.
Management
Commentary
“The momentum
from our record 2016 has carried into the first quarter,”
said Jeff Coats, president and CEO of Autobytel. “Our results
were highlighted by another quarter of triple-digit growth in our
clicks business, which is becoming a meaningful contributor to our
overall financial performance. As expected, our lead revenues were
down due to the effect of last year’s initiative to
systematically reduce lower-quality leads supply.
“Looking
ahead, we expect to continue reinvesting in our business to drive
sustainable, long-term organic growth and further solidify
Autobytel’s position as a leader in the digital automotive
marketplace. We also expect to continue to enhance our internal
lead generation capabilities and invest in new traffic sources to
maximize the growth potential of our clicks and used car
businesses. In fact, we expect our used car business to make
significant headway this year as we seek to position our revamped
usedcars.com site to become the premier used vehicle destination
for consumers. But most importantly, in 2017 we will remain
committed to providing our dealer and OEM customers with
high-quality, high-intent car buyers.”
First
Quarter 2017 Financial Results
Total
revenues in the first quarter of 2017 increased 8% to $37.3 million
compared to an adjusted $34.6 million in the year-ago quarter. The
increase was primarily driven by the continued strong growth of
advertising click revenues, which increased 152% to $6.5 million.
The increase in revenue was partially offset by the effect of the
systematic reduction of lower quality leads supply over the course
of 2016.
Gross
profit in the first quarter was $12.9 million compared to an
adjusted $13.2 million in the year-ago quarter, with the decrease
driven by increased traffic acquisition and optimization costs.
In-line with expectations, gross margin was 34.6%. The company
continues to expect gross margin to remain in the mid-30% range
over the coming quarters as it focuses on increased traffic and
technology development and the optimization of traffic acquisition
costs.
Total
operating expenses in the first quarter of 2017 decreased 18% to
$11.7 million compared to an adjusted $14.2 million in the year-ago
quarter. The decrease was driven by non-recurring expenses in the
year-ago quarter, including $1.3 million of severance expense, as
well as business optimization initiatives and lower headcount. As a
percentage of revenues, total operating expenses were 31.3%
compared to an adjusted 41.1% in the prior year quarter. The
company expects operating expenses as a percentage of revenues to
continue in the low 30% range as it increases investments in
technology, and sales and marketing resources in 2017.
Net
income in the first quarter of 2017 was $0.5 million or $0.04 per
diluted share, compared to an adjusted net loss of $0.7 million or
$(0.07) per share in the year-ago quarter. The increase was driven
by the aforementioned growth of advertising click revenues and
reduced operating expenses in the year-ago quarter.
Non-GAAP income
increased 24% to $3.5 million or $0.26 per diluted share, compared
to an adjusted $2.8 million or $0.21 per diluted share in the first
quarter of 2016 (see "Note about Non-GAAP Financial Measures" below
for further discussion).
At
March 31, 2017, cash and cash equivalents totaled $39.6 million
compared to $38.5 million (unadjusted) at December 31, 2016. Total
debt was reduced to $20.4 million compared to $23.1 million
(unadjusted) at December 31, 2016.
-1-
2017
Business Outlook
Autobytel continues
to expect 2017 revenue to range between $156.0 million and $160.0
million, representing an increase of approximately 4% to 7% from
2016. The company also expects non-GAAP income to range between
$16.8 million and $17.3 million, representing an increase of up to
approximately 3% from 2016, with non-GAAP diluted EPS ranging
between $1.24 and $1.28 on 13.5 million shares.
Note
that for comparative purposes, the foregoing percentage growth
calculations, and the 2016 non-GAAP diluted EPS, exclude 2016
revenues, non-GAAP income and non-GAAP EPS related to the
company’s specialty finance leads product that was divested
on December 31, 2016.
The
company has not provided a reconciliation of its 2017 non-GAAP
income or non-GAAP diluted EPS guidance to the most directly
comparable GAAP financial measures because the effect, timing and
potential significance of the effects of tax considerations,
primarily related to the company’s net operating loss
carryforwards, are out of the company's control and/or cannot be
reasonably predicted. Consequently, reconciliations to the
corresponding GAAP financial measures are not available without
unreasonable effort.
Conference
Call
Autobytel will hold
a conference call today at 5:00 p.m. Eastern time to discuss its
first quarter 2017 results, followed by a question-and-answer
session.
Date:
Thursday, May 4, 2017
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:
9332168
During
the call, Autobytel management will refer to a supplementary slide
presentation, which will be available for download in the Investor
Relations section of the company's website.
The
conference call will also be broadcast live at www.autobytel.com (click
on "Investor Relations" 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 Group 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 May 12, 2017. The call will also be archived in the
Investor Relations section of Autobytel's website for one
year.
Toll-free
replay number: 1-855-859-2056
International
replay number: 1-404-537-3406
Replay ID: 9332168
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. The company's Tax Benefit Preservation
Plan ("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. 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. As of May 1, 2017,
there were 11,071,584 shares of the company’s common stock,
$0.001 par value, outstanding. There is no guarantee that the Plan
will achieve the objective of preserving the value of the company's
NOLs. For more information, please visit http://investor.autobytel.com/tax.cfm.
About
Autobytel Inc.
Autobytel 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 with its flagship website www.autobytel.com 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 Autobytel news alerts and special
event invitations by accessing the online registration form at
investor.autobytel.com/alerts.cfm.
-2-
Note
about Non-GAAP Financial Measures
Autobytel 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 first quarters. 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, litigation settlements
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 expects
to continue reinvesting in its business to drive sustainable,
long-term organic growth and further solidify the company’s
position as a leader in the digital automotive marketplace; (ii)
the company expects to continue to enhance its internal lead
generation capabilities and invest in new traffic sources to
maximize the growth potential of its clicks and used car
businesses; (iii) the company expects its used car business to make
significant headway in 2017 as the company seeks to position its
revamped usedcars.com site to become the premier used vehicle
destination for consumers; (iv) the company expects operating
expenses as a percentage of revenue to continue in the low 30%
range; (v) the company continues to expect gross margin to remain
in the mid-30% range over the coming quarters as it focuses on
increased traffic and technology development and the optimization
of traffic acquisition costs; (vi) the company expects its 2017
revenue to range between $156.0 million and $160.0 million,
representing an increase of approximately 4% to 7% from 2016; (vii)
the company expects its 2017 non-GAAP income to range between $16.8
million and $17.3 million, representing an increase of up to
approximately 3% from 2016; and (viii) the company expects its 2017
non-GAAP diluted EPS to range between $1.24 and $1.28 on 13.5
million shares (noting that for comparative purposes, the foregoing
percentage growth calculations, and the 2016 non-GAAP diluted EPS,
exclude 2016 revenues, non-GAAP income and non-GAAP EPS related to
the company’s specialty finance leads product that was
divested on December 31, 2016), 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. Autobytel 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 Autobytel;
changes in laws and regulations; costs of legal matters, including,
defending lawsuits and undertaking investigations and related
matters; and other matters disclosed in Autobytel'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, 2016 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 Autobytel and the market price of the
company’s stock.
-3-
AUTOBYTEL INC.
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
(Amounts in thousands, except share and per-share
data)
|
|
March 31,
|
December 31,
|
|
|
2017
|
2016
|
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash
and cash equivalents
|
$39,643
|
$38,512
|
|
Short-term
investment
|
251
|
251
|
|
Accounts
receivable (net of allowances for bad debts and customer credits of
$968 and $1,015 at March 31, 2017 and December 31, 2016,
respectively)
|
28,517
|
33,634
|
|
Deferred
tax asset
|
-
|
4,669
|
|
Prepaid
expenses and other current assets
|
885
|
901
|
|
Total current assets
|
69,296
|
77,967
|
|
Property
and equipment, net
|
4,140
|
4,430
|
|
Investments
|
680
|
680
|
|
Intangible
assets, net
|
22,395
|
23,783
|
|
Goodwill
|
42,821
|
42,821
|
|
Long-term
deferred tax asset
|
25,622
|
14,799
|
|
Other
assets
|
757
|
801
|
|
Total assets
|
$165,711
|
$165,281
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$7,237
|
$9,764
|
|
Accrued
employee-related benefits
|
2,246
|
4,530
|
|
Other
accrued expenses and other current liabilities
|
7,741
|
8,315
|
|
Current
portion of term loan payable
|
4,688
|
6,563
|
|
Total current liabilities
|
21,912
|
29,172
|
|
Convertible
note payable
|
1,000
|
1,000
|
|
Long-term
portion of term loan payable
|
6,750
|
7,500
|
|
Borrowings
under revolving credit facility
|
8,000
|
8,000
|
|
Total liabilities
|
37,662
|
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, 168,007 shares issued and
outstanding
|
-
|
-
|
|
Common
stock, $0.001 par value; 55,000,000 shares authorized; 11,062,688
and 11,012,625 shares issued and outstanding, as of March 31, 2017
and December 31, 2016, respectively
|
11
|
11
|
|
Additional
paid-in capital
|
351,490
|
350,022
|
|
Accumulated
deficit
|
(223,452)
|
(230,424)
|
|
Total stockholders' equity
|
128,049
|
119,609
|
|
Total
liabilities and stockholders' equity
|
$165,711
|
$165,281
|
-4-
AUTOBYTEL INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands, except per-share data)
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2017
|
2016
|
|
|
|
|
|
Revenues:
|
|
|
|
Lead
fees
|
$29,092
|
$31,996
|
|
Advertising
|
7,969
|
3,766
|
|
Other
revenues
|
280
|
485
|
|
Total
revenues
|
37,341
|
36,247
|
|
Cost
of revenues
|
24,430
|
22,612
|
|
Gross
profit
|
12,911
|
13,635
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
Sales
and marketing
|
3,763
|
5,677
|
|
Technology
support
|
3,253
|
4,188
|
|
General
and administrative
|
3,482
|
3,373
|
|
Depreciation
and amortization
|
1,229
|
1,286
|
|
Litigation
settlements
|
(25)
|
(5)
|
|
Total
operating expenses
|
11,702
|
14,519
|
|
Operating
income (loss)
|
1,209
|
(884)
|
|
Interest
and other income (expense), net
|
(100)
|
(224)
|
|
Income
(loss) before income tax provision (benefit)
|
1,109
|
(1,108)
|
|
Income
tax provision (benefit)
|
625
|
(432)
|
|
Net
income (loss) and comprehensive income (loss)
|
$484
|
$(676)
|
|
|
|
|
|
Basic
earnings (loss) per common share
|
$0.04
|
$(0.06)
|
|
Diluted
earnings (loss) per common share
|
$0.04
|
$(0.06)
|
|
|
|
|
|
Shares
used in computing earnings (loss) per common share (in
thousands):
|
|
|
|
Basic
|
10,909
|
10,509
|
|
Diluted
|
13,309
|
10,509
|
-5-
AUTOBYTEL INC.
RECONCILIATION OF NON-GAAP INCOME/EPS
(Amounts in thousands, except per-share data)
|
|
|
Three Months Ended March 31, 2016
|
||
|
|
Three Months Ended March 31, 2017
|
As Reported
|
Specialty Finance
|
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss)
|
$484
|
$(676)
|
$73
|
$(749)
|
|
Amortization
of acquired intangibles
|
1,387
|
1,426
|
-
|
1,426
|
|
Non-cash
stock based compensation
|
|
|
|
|
|
Cost
of revenues
|
20
|
14
|
-
|
14
|
|
Sales
and marketing
|
412
|
633
|
20
|
613
|
|
Technology
support
|
127
|
329
|
-
|
329
|
|
General
and administrative
|
452
|
388
|
-
|
388
|
|
Total
non-cash stock-based compensation
|
1,011
|
1,364
|
20
|
1,344
|
|
Acquisition
costs
|
-
|
429
|
-
|
429
|
|
Severance
costs
|
-
|
839
|
-
|
839
|
|
Litigation
settlements
|
(25)
|
(5)
|
-
|
(5)
|
|
Income
taxes
|
625
|
(432)
|
46
|
(478)
|
|
|
|
|
|
|
|
Non-GAAP
income
|
$3,482
|
$2,945
|
$139
|
$2,806
|
|
|
|
|
|
|
|
Weighted
average diluted shares
|
13,309
|
13,346
|
13,346
|
13,346
|
|
|
|
|
|
|
|
Diluted
GAAP EPS
|
$0.04
|
$(0.06)
|
$0.01
|
$(0.7)
|
|
EPS
impact of adjustments
|
0.23
|
0.27
|
0.00
|
0.27
|
|
Non-GAAP
EPS
|
$0.26
|
$0.22
|
$0.01
|
$0.21
|
-6-
AUTOBYTEL 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.
-7-
Company
Contact
Kimberly
Boren
Chief
Financial Officer
949-862-1396
kimb@autobytel.com
Investor
Relations
Cody
Slach or Sean Mansouri
Liolios
949-574-3860
ABTL@liolios.com
News Provided by
Acquire Media
-8-