$CARS
Cars.com Inc

2020 Q1 Form 10-Q Financial Statement

#000156459020021913 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $148.1M $154.2M
YoY Change -3.96% -3.6%
Cost Of Revenue $40.90M $25.58M
YoY Change 59.9% 42.22%
Gross Profit $107.2M $128.6M
YoY Change -16.65% -9.41%
Gross Profit Margin 72.39% 83.41%
Selling, General & Admin $67.50M $84.23M
YoY Change -19.86% -6.07%
% of Gross Profit 62.97% 65.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.683M $4.033M
YoY Change 40.91% 46.07%
% of Gross Profit 5.3% 3.14%
Operating Expenses $98.50M $158.3M
YoY Change -37.76% 3.57%
Operating Profit -$905.1M -$4.054M
YoY Change 22225.19% -156.57%
Interest Expense -$13.90M -$10.10M
YoY Change 37.62% 8.6%
% of Operating Profit
Other Income/Expense, Net -$100.0K -$7.447M
YoY Change -98.66% 24.68%
Pretax Income -$922.1M -$11.50M
YoY Change 7917.48% -1064.04%
Income Tax -$134.7M -$2.470M
% Of Pretax Income
Net Earnings -$787.4M -$9.031M
YoY Change 8619.23% -1072.12%
Net Earnings / Revenue -531.71% -5.86%
Basic Earnings Per Share -$11.76 -$0.13
Diluted Earnings Per Share -$11.76 -$0.13
COMMON SHARES
Basic Shares Outstanding 66.94M 67.58M
Diluted Shares Outstanding 66.94M 67.58M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $187.3M $28.30M
YoY Change 561.84% 146.09%
Cash & Equivalents $187.3M $28.34M
Short-Term Investments
Other Short-Term Assets $8.900M $9.523M
YoY Change -6.54% -66.23%
Inventory
Prepaid Expenses $7.417M
Receivables $95.10M $95.59M
Other Receivables $0.00 $0.00
Total Short-Term Assets $291.3M $140.9M
YoY Change 106.78% -4.82%
LONG-TERM ASSETS
Property, Plant & Equipment $60.30M $58.40M
YoY Change 3.25% 44.2%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $100.0K $9.600M
YoY Change -98.96% -7.69%
Other Assets
YoY Change
Total Long-Term Assets $964.6M $2.439B
YoY Change -60.46% -3.05%
TOTAL ASSETS
Total Short-Term Assets $291.3M $140.9M
Total Long-Term Assets $964.6M $2.439B
Total Assets $1.256B $2.580B
YoY Change -51.33% -3.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.60M $12.10M
YoY Change 45.45% -0.82%
Accrued Expenses $49.30M $65.60M
YoY Change -24.85% 29.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $31.43M $29.67M
YoY Change 5.93% 39.94%
Total Short-Term Liabilities $98.31M $120.0M
YoY Change -18.04% 9.95%
LONG-TERM LIABILITIES
Long-Term Debt $763.4M $652.2M
YoY Change 17.04% -4.34%
Other Long-Term Liabilities $46.36M $40.10M
YoY Change 15.62% 23.38%
Total Long-Term Liabilities $809.7M $692.3M
YoY Change 16.96% -3.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.31M $120.0M
Total Long-Term Liabilities $809.7M $692.3M
Total Liabilities $908.0M $987.6M
YoY Change -8.06% 0.19%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $347.9M $1.593B
YoY Change
Total Liabilities & Shareholders Equity $1.256B $2.580B
YoY Change -51.33% -3.15%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$787.4M -$9.031M
YoY Change 8619.23% -1072.12%
Depreciation, Depletion And Amortization $5.683M $4.033M
YoY Change 40.91% 46.07%
Cash From Operating Activities $28.89M $38.39M
YoY Change -24.74% 43.99%
INVESTING ACTIVITIES
Capital Expenditures $5.755M $3.363M
YoY Change 71.13% 33.82%
Acquisitions
YoY Change
Other Investing Activities $0.00 $600.0K
YoY Change -100.0%
Cash From Investing Activities -$5.755M -$3.963M
YoY Change 45.22% -97.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $20.00M
YoY Change -100.0%
Debt Paid & Issued, Net $13.44M $10.63M
YoY Change 26.48% -73.85%
Cash From Financing Activities 150.7M -31.55M
YoY Change -577.54% -125.49%
NET CHANGE
Cash From Operating Activities 28.89M 38.39M
Cash From Investing Activities -5.755M -3.963M
Cash From Financing Activities 150.7M -31.55M
Net Change In Cash 173.8M 2.877M
YoY Change 5940.84% -131.75%
FREE CASH FLOW
Cash From Operating Activities $28.89M $38.39M
Capital Expenditures $5.755M $3.363M
Free Cash Flow $23.14M $35.03M
YoY Change -33.94% 45.05%

Facts In Submission

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<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.<span style="font-weight:normal;font-style:normal;"> The preparation of the accompanying Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. </span></p>
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CY2019Q1 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-300000
CY2020Q1 cars Percentage Of Retail Rate Charges To Affiliates
PercentageOfRetailRateChargesToAffiliates
0.60
CY2019 cars Amortization Of Unfavorable Contracts Liability Into Wholesale Revenue
AmortizationOfUnfavorableContractsLiabilityIntoWholesaleRevenue
25200000
CY2020Q1 cars Amortization Of Unfavorable Contracts Liability Into Affiliate Revenue Share Expense
AmortizationOfUnfavorableContractsLiabilityIntoAffiliateRevenueShareExpense
0
CY2019Q1 cars Amortization Of Unfavorable Contracts Liability Into Affiliate Revenue Share Expense
AmortizationOfUnfavorableContractsLiabilityIntoAffiliateRevenueShareExpense
5800000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
513000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.80
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
0
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
513000
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
2.80
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0101
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.5308
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-787434000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-9031000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66938000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67584000
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66938000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67584000
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-11.76
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.074
CY2020Q1 us-gaap Impairment Of Investments
ImpairmentOfInvestments
9400000
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-11.76
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4516000000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
266000000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
16500000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
32900000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
986000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
958000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
229000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
381000
CY2020Q1 cars Variable Lease Income Expense
VariableLeaseIncomeExpense
-839000
CY2019Q1 cars Variable Lease Income Expense
VariableLeaseIncomeExpense
-994000
CY2020Q1 us-gaap Lease Cost
LeaseCost
2054000
CY2019Q1 us-gaap Lease Cost
LeaseCost
2333000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1259000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1224000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.074
CY2020Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
96500000
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.15
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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