$CARS
Cars.com Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018020460 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $168.5M $156.6M
YoY Change 7.59% -0.02%
Cost Of Revenue $22.50M $15.54M
YoY Change 44.79% 14.03%
Gross Profit $146.0M $141.1M
YoY Change 3.49% -1.36%
Gross Profit Margin 86.65% 90.08%
Selling, General & Admin $73.24M $67.96M
YoY Change 7.77% 10.86%
% of Gross Profit 50.16% 48.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.60M $22.40M
YoY Change 18.75% 10.34%
% of Gross Profit 18.22% 15.88%
Operating Expenses $144.0M $127.8M
YoY Change 12.68% 60.69%
Operating Profit $24.56M $28.87M
YoY Change -14.95% -31.05%
Interest Expense -$11.10M -$4.200M
YoY Change 164.29% 100.0%
% of Operating Profit -45.2% -14.55%
Other Income/Expense, Net -$7.316M -$1.719M
YoY Change 325.6% -1819.0%
Pretax Income $17.24M $27.15M
YoY Change -36.51% -35.35%
Income Tax $4.515M $2.345M
% Of Pretax Income 26.19% 8.64%
Net Earnings $12.73M $24.81M
YoY Change -48.7% -40.96%
Net Earnings / Revenue 7.55% 15.84%
Basic Earnings Per Share $0.18 $0.35
Diluted Earnings Per Share $0.18 $0.35
COMMON SHARES
Basic Shares Outstanding 71.12M 71.60M
Diluted Shares Outstanding 71.33M 71.78M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.40M $36.60M
YoY Change -49.73% 18200.0%
Cash & Equivalents $18.39M $36.60M
Short-Term Investments
Other Short-Term Assets $10.57M $25.00M
YoY Change -57.73% 100.0%
Inventory
Prepaid Expenses $13.77M
Receivables $105.2M $90.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $147.9M $151.6M
YoY Change -2.43% 40.37%
LONG-TERM ASSETS
Property, Plant & Equipment $40.91M $40.60M
YoY Change 0.76% 119.46%
Goodwill $884.5M
YoY Change
Intangibles $1.557B
YoY Change
Long-Term Investments $10.40M $11.10M
YoY Change -6.31% -5.13%
Other Assets
YoY Change
Total Long-Term Assets $2.492B $2.408B
YoY Change 3.5% 2.9%
TOTAL ASSETS
Total Short-Term Assets $147.9M $151.6M
Total Long-Term Assets $2.492B $2.408B
Total Assets $2.640B $2.560B
YoY Change 3.14% 4.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.505M $5.800M
YoY Change 29.4% -19.44%
Accrued Expenses $50.50M $73.70M
YoY Change -31.48% 13.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $21.21M $21.20M
YoY Change 0.05%
Total Short-Term Liabilities $104.4M $100.6M
YoY Change 3.81% 38.38%
LONG-TERM LIABILITIES
Long-Term Debt $701.5M $647.8M
YoY Change 8.29%
Other Long-Term Liabilities $19.68M $51.20M
YoY Change -61.57% -15.79%
Total Long-Term Liabilities $891.9M $699.0M
YoY Change 27.59% 1049.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.4M $100.6M
Total Long-Term Liabilities $891.9M $699.0M
Total Liabilities $996.3M $1.076B
YoY Change -7.44% 706.29%
SHAREHOLDERS EQUITY
Retained Earnings $140.3M
YoY Change
Common Stock $699.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.644B $1.484B
YoY Change
Total Liabilities & Shareholders Equity $2.640B $2.560B
YoY Change 3.14% 4.55%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $12.73M $24.81M
YoY Change -48.7% -40.96%
Depreciation, Depletion And Amortization $26.60M $22.40M
YoY Change 18.75% 10.34%
Cash From Operating Activities $43.90M $53.00M
YoY Change -17.17% 14.22%
INVESTING ACTIVITIES
Capital Expenditures -$3.900M -$13.30M
YoY Change -70.68% 392.59%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$3.900M -$13.30M
YoY Change -70.68% 171.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.20M -5.000M
YoY Change 564.0% -87.95%
NET CHANGE
Cash From Operating Activities 43.90M 53.00M
Cash From Investing Activities -3.900M -13.30M
Cash From Financing Activities -33.20M -5.000M
Net Change In Cash 6.800M 34.70M
YoY Change -80.4%
FREE CASH FLOW
Cash From Operating Activities $43.90M $53.00M
Capital Expenditures -$3.900M -$13.30M
Free Cash Flow $47.80M $66.30M
YoY Change -27.9% 35.03%

Facts In Submission

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us-gaap Use Of Estimates
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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates.<font style="font-weight:normal;font-style:normal;"> The preparation of the accompanying unaudited interim Consolidated and Combined Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Consolidated and Combined Financial Statements and accompanying disclosures. Although these estimates are based on management&#8217;s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. </font></p></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Reclassifications<font style="font-weight:normal;font-style:normal;">. Certain prior year balances have been reclassified to conform to the current year presentation. Cost of revenues and operations have been reclassified from the product support, technology and operations line item into a separate line item. Depreciation expense amounts have also been reclassified from the General and administrative line item into the amortization of intangible assets line item, which has been renamed Depreciation and amortization. There are no changes to total Operating expenses, Operating income or Net income.</font></p></div>
us-gaap Subsidiary Or Equity Method Investee Cumulative Percentage Ownership After All Transactions
SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions
1.00
CY2018Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
71900000
cars Share Based Compensation Arrangement By Share Based Payment Award Performance Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformancePeriod
P3Y
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
96373000
cars Percentage Of Retail Rate Charges To Affiliates
PercentageOfRetailRateChargesToAffiliates
0.60
CY2017 cars Amortization Of Unfavorable Contracts Liability Into Wholesale Revenue
AmortizationOfUnfavorableContractsLiabilityIntoWholesaleRevenue
25200000
CY2018Q2 cars Unfavorable Contracts Liability
UnfavorableContractsLiability
31485000
CY2017Q4 cars Unfavorable Contracts Liability
UnfavorableContractsLiability
44085000
CY2018Q2 cars Amortization Of Unfavorable Contracts Liability Into Affiliate Revenue Share
AmortizationOfUnfavorableContractsLiabilityIntoAffiliateRevenueShare
4400000
cars Amortization Of Unfavorable Contracts Liability Into Affiliate Revenue Share
AmortizationOfUnfavorableContractsLiabilityIntoAffiliateRevenueShare
7522000
cars Amortization Of Unfavorable Contracts Liability Into Wholesale Revenue
AmortizationOfUnfavorableContractsLiabilityIntoWholesaleRevenue
5078000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.262
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.086
cars Revenue Recognition Base Subscription Contract Term
RevenueRecognitionBaseSubscriptionContractTerm
P1Y
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
211000
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
64000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
190000
CY2017Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
1300000
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
3400000

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