CafePress Inc. (NASDAQ:PRSS) today reported financial results for
the three months ended June 30, 2018.
Management Commentary
"The actions we took in the first quarter to
drive business performance and return to profitability are
positively impacting results. During the second quarter, we
experienced higher gross margins, a reduction in net loss and
positive Adjusted EBITDA. In addition, we made significant
progress toward completing the modernization of CafePress.com and
demolishing the old site,” commented Fred Durham, Chief Executive
Officer. “Although we continue to experience lower traffic
and revenue through CafePress.com, we are seeing improved crawling
and indexing rates on our US domain and a slow, sequential rebound
in traffic. We continue to believe the new, modern website
will ultimately result in improved search engine optimization and
the return of revenue lost from lower traffic. Our Board of
Directors and management team consistent with its fiduciary duty
continues to carefully consider all options to enhance shareholder
value,” continued Durham.
"Growth in the Retail Partner Channel continued
within the quarter as we benefited from both domestic and
international expansion and the catalog build out of Walmart.com
and eBay. We anticipate continued growth in retail partner
channels as we build out existing channels and integrate new
marketplaces," concluded Durham.
Second Quarter 2018 Operating
Highlights
CafePress.com Modernization:
- During the quarter, the Company made significant strides toward
finishing work designed to grow revenue through CafePress.com and
mitigate the pressure resulting from the changes in search engine
algorithms in the second quarter of 2017; this technical work
included:
- Released search pages for the new, modern CafePress.com to the
fourth of four web domains
- Released cart and checkout pages for the new, modern
CafePress.com to three of four web domains
Retail Partner Channel:
- Began taking orders through the eBay marketplace and performed
work to build out the initial catalog
- Continued build out of the product catalog with
Walmart.com
Second Quarter 2018 Financial Metrics
All comparisons are on a year over year basis unless
specifically stated otherwise.
| (in
thousands, except for percentages, average order size, and per unit
data) |
Three Months Ended June
30, |
|
Six Months Ended June
30, |
| |
2018 |
|
2017 |
|
% Variance |
|
2018 |
|
2017 |
|
% Variance |
|
CafePress.com revenue |
$9,387 |
|
$13,747 |
|
(32)% |
|
$19,163 |
|
$27,398 |
|
(30)% |
| Retail
Partner Channel revenue |
$5,002 |
|
$4,106 |
|
22% |
|
$9,776 |
|
$8,744 |
|
12% |
| Total revenue |
$14,389 |
|
$17,853 |
|
(19)% |
|
$28,939 |
|
$36,142 |
|
(20)% |
| GAAP net
loss |
$(1,435) |
|
$(3,154) |
|
55% |
|
$(5,038) |
|
$(6,527) |
|
23% |
| Adjusted
EBITDA |
$160 |
|
$(1,542) |
|
F |
|
$(1,533) |
|
$(3,450) |
|
56% |
| Cash
Contribution Margin |
28.4% |
|
21.9% |
|
6.5pts |
|
24.5% |
|
22.8% |
|
1.7pts |
|
CafePress.com orders |
235 |
|
371 |
|
(37)% |
|
473 |
|
723 |
|
(35)% |
| Retail
Partner Channel orders |
239 |
|
196 |
|
22% |
|
462 |
|
423 |
|
9% |
| Total orders |
474 |
|
567 |
|
(16)% |
|
935 |
|
1,146 |
|
(18)% |
|
CafePress.com average order size |
$39.92 |
|
$37.09 |
|
8% |
|
$39.98 |
|
$37.89 |
|
6% |
| Retail
Partner Channel average order size |
$20.92 |
|
$20.91 |
|
—% |
|
$20.92 |
|
$20.67 |
|
1% |
| Total average order size |
$30.34 |
|
$31.49 |
|
(4)% |
|
$30.56 |
|
$31.54 |
|
(3)% |
| Cost of net
revenue per unit |
$10.00 |
|
$10.67 |
|
(6)% |
|
$10.95 |
|
$10.71 |
|
2% |
U:> 100%
unfavorable
F:> 100% favorable
Second Quarter 2018 Financial
Summary
Net Revenue
- Net revenue totaled $14.4 million, down 19% from $17.9 million
driven by lower revenue from CafePress.com, which more than offset
growth from our Retail Partner Channel.
- Revenue from CafePress.com declined $4.4 million and accounted
for 65% of second quarter revenue. We continue to be
negatively impacted by search engine algorithm changes that went
into effect during the second quarter of 2017. Additionally,
late in April, we released our new search pages to our primary, US
domain. The release of new search pages reset the search
engine hierarchy, which we believe caused a temporary reduction in
traffic and revenue. As of late June, we are seeing improved
crawl and indexing rates on our US domain and a slow, sequential
rebound in traffic. Average order size on CafePress.com
increased 8% compared to the prior year, which primarily reflects
lower, promotional shipping pricing that was in place in the prior
year.
- Revenue from the Retail Partner Channel increased $0.9 million
and accounted for 35% of second quarter revenue.
Revenue increased from the Amazon marketplace due to improved
sales in both domestic and international markets.
Additionally, approximately 13% of the growth in the Retail Partner
Channel is driven by the contribution of the Walmart and eBay
marketplaces.
Gross Profit
- Gross profit was $6.5 million, a $0.5 million decline, and
gross margin was 45.0% versus 39.1% in the prior year. The
new printing platform that was put into service late last year
drove more efficient material and labor usage.
Operating Expense
- Total operating expense was $8.0 million, a $2.2 million
improvement compared to the prior year.
- Fixed costs declined by $1.6 million compared to a year ago
primarily driven by personnel-related reductions from the
restructuring initiative completed during the first quarter of
2018.
- Variable costs declined by $0.7 million compared to a year ago
due to lower paid search advertising costs and customer service
related expenses consistent with lower revenue.
Earnings and Cash Flow Information
- GAAP net loss was $(1.4) million, or $(0.08) per diluted share,
compared to a net loss of $(3.2) million, or $(0.19) per diluted
share. Actions taken in the first quarter to reduce costs
mitigated the decline in revenue.
- Net cash used in operating activities was $9.0 million during
the six months ended June 30, 2018. However, $8.0 million of
the cash usage occurred during the first quarter of 2018 due to the
seasonality of the business. The $2.0 million
decrease in cash used in operating activities during the six months
ended June 30, 2018 primarily reflects benefits related to the
restructuring initiative completed during the first quarter of 2018
as well as improved management of inventory levels and decreases in
software license renewals.
- For the six months ended June 30, 2018, capital spending of
$1.1 million was primarily related to capitalization of software
and website development costs, which compares to $2.1 million in
the prior year. Prior year spending included investment in
the new printing platform.
- At June 30, 2018, cash, cash equivalents, short-term
investments and restricted cash totaled $22.7 million, or
approximately $1.33 per share.
Non-GAAP Information
- Non-GAAP Cash Contribution margin was 28.4% of net revenue
versus 21.9% in 2017, which reflects the improved efficiency of our
new printing platform.
- Non-GAAP Adjusted EBITDA was $0.2 million, an improvement of
$1.7 million. Actions taken in the first quarter to reduce
costs as well as the improved efficiency of our new printing
platform more than offset the decline in revenue.
Non-GAAP Financial
Information
This press release contains certain non-GAAP
financial measures. Tables are provided at the end of this press
release that reconcile the non-GAAP financial measures to the most
directly comparable financial measures prepared in accordance with
Generally Accepted Accounting Principles (GAAP). These non-GAAP
financial measures include Adjusted EBITDA, cash contribution
margin, and free cash flow. For a reconciliation of these non-GAAP
financial measures to the most directly comparable GAAP measures,
please see the information provided at the end of this press
release.
To supplement the Company's consolidated
financial statements presented on a GAAP basis, we believe that
these non-GAAP measures provide useful information about the
Company's core operating results and thus are appropriate to
enhance the overall understanding of the Company's past financial
performance and its prospects for the future. These adjustments to
the Company's GAAP results are made with the intent of providing
both management and investors a more complete understanding of the
Company's underlying operational results and trends and
performance. Management uses these non-GAAP measures to evaluate
the Company's financial results, develop budgets, manage
expenditures, and determine employee compensation. The presentation
of additional information is not meant to be considered in
isolation or as a substitute for or superior to net income (loss)
or net income (loss) per share determined in accordance with
GAAP.
Second Quarter 2018 Conference Call
Management will review the second quarter 2018
financial results on a conference call on Wednesday, August 1, 2018
at 9:00 a.m. Eastern Standard Time. To participate on the
live call, analysts and investors should dial 1-888-204-4368 at
least ten minutes prior to the call. CafePress will also
offer a live and archived webcast of the conference call,
accessible from the “Investors” section of the Company's Web site
at http://investor.cafepress.com.
Notice Regarding Forward Looking
Statements
Information set forth in this news release
contains various "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. The Private Securities Litigation
Reform Act of 1995 (the "Act") provides certain "safe harbor"
provisions for forward-looking statements. All forward-looking
statements are made pursuant to the Act.
The reader is cautioned that such
forward-looking statements are based on information available at
the time and/or management's good faith belief with respect to
future events, and are subject to risks and uncertainties that
could cause actual performance or results to differ materially from
those expressed in the statements. Forward-looking statements
speak only as of the date the statement was made. The Company
assumes no obligation to update forward-looking information to
reflect actual results, changes in assumptions or changes in other
factors affecting forward-looking information. Forward-looking
statements are typically identified by the use of terms such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "might," "plan," "predict," "project," "seek," "should,"
"will," and similar words, although some forward-looking statements
are expressed differently. Important factors that could cause
actual results to differ materially from those discussed in the
forward-looking statements include, among others, the following:
whether the Company will be able to realize the full amount of
estimated savings, the Company's ability to execute on its
strategy, the effect of global economic conditions, including any
disruptions in the credit markets; a decrease in consumers'
discretionary income; additional taxes and fees; the loss of key
personnel; the effect (including possible increases in the cost of
doing business) resulting from catastrophic events, including
future war and terrorist activities or political uncertainties, or
the impact of natural or other disasters on the Company's
operations and the Company's ability to obtain insurance recoveries
in respect of such losses (including losses related to business
interruption); the impact of work stoppages and other labor
problems on current and future operations; the Company's ability to
comply with governmental regulation and/or other legal obligations
related to the privacy of personal information and other data,
including the improper disclosure thereof; the impact of system
failures or damage from natural disasters, power loss,
telecommunications failures, cyber-attacks, or other unforeseen
events; the impact of security breaches, computer viruses and
hacking attacks on the Company's business and operations; the
Company's ability to respond to rapid technological changes in a
timely manner; the Company's ability to prevent payment related
risks, such as fraudulent use of credit or debit cards; the
Company's ability to maintain customer confidence in the integrity
of our business; the Company's ability to operate
www.cafepress.com in an evolving and highly competitive market
segment; the Company's ability to secure new or ongoing content
from third party partners; the Company's ability to provide a
high-quality customer experience with minimal programming errors,
flows and/or technical difficulties; the Company's ability to
adequately protect the Company's intellectual property; the
Company's ability to maintain or hire additional personnel; and the
volatility of the Company's stock price. For further
information regarding the risks and uncertainties associated with
our business, and important factors that could cause our actual
results to vary materially from those expressed or implied in its
forward-looking statements, please refer to the factors listed and
described under the "Risk Factors" sections of the Company's
documents filed from time to time with the U.S. Securities and
Exchange Commission, including, but not limited to, the Company's
quarterly reports on Form 10-Q, and our Annual Report on Form 10-K,
copies of which may be obtained at www.sec.gov.
About CafePress (PRSS):At CafePress, our
mission is to create human connection by inspiring people to
express themselves. We believe a coffee mug can start a
conversation and a t-shirt can ignite a movement.
Founded in 1999 and based in Louisville, Kentucky, CafePress is
the recognized pioneer of customizable products. Our global
online platform enables people to express themselves through
engaging community generated designs and licensed and personalized
one-of-a-kind products.
Media Relations:CafePress Inc.pr@cafepress.com
Investor Relations:CafePress Inc.Phil
Milliner502-822-7503pmilliner@cafepress.com
| CafePress Inc.Condensed Consolidated
Statement of Comprehensive Loss(In thousands, except per
share amounts)(Unaudited) |
| |
| |
Three Months Ended June
30, |
|
Six Months Ended June
30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| Net
revenue |
$ |
14,389 |
|
|
$ |
17,853 |
|
|
$ |
28,939 |
|
|
$ |
36,142 |
|
| Cost of net
revenue |
7,907 |
|
|
10,864 |
|
|
17,088 |
|
|
22,192 |
|
| Gross profit |
6,482 |
|
|
6,989 |
|
|
11,851 |
|
|
13,950 |
|
| Operating
expense: |
|
|
|
|
|
|
|
| Sales and marketing |
3,626 |
|
|
4,785 |
|
|
7,206 |
|
|
9,195 |
|
| Technology and development |
2,331 |
|
|
3,084 |
|
|
4,809 |
|
|
6,060 |
|
| General and administrative |
1,976 |
|
|
2,336 |
|
|
4,378 |
|
|
5,293 |
|
| Restructuring costs |
32 |
|
|
— |
|
|
637 |
|
|
— |
|
| Total operating expense |
7,965 |
|
|
10,205 |
|
|
17,030 |
|
|
20,548 |
|
| Loss from
operations |
(1,483 |
) |
|
(3,216 |
) |
|
(5,179 |
) |
|
(6,598 |
) |
| Interest
income |
85 |
|
|
37 |
|
|
132 |
|
|
79 |
|
| Interest
expense |
— |
|
|
(4 |
) |
|
— |
|
|
(10 |
) |
| Other
(expense) income, net |
(37 |
) |
|
29 |
|
|
9 |
|
|
3 |
|
| Loss before
income taxes |
(1,435 |
) |
|
(3,154 |
) |
|
(5,038 |
) |
|
(6,526 |
) |
| Provision
for income taxes |
— |
|
|
— |
|
|
— |
|
|
1 |
|
| Net
loss |
$ |
(1,435 |
) |
|
$ |
(3,154 |
) |
|
$ |
(5,038 |
) |
|
$ |
(6,527 |
) |
| Net loss
per share of common stock: |
|
|
|
|
|
|
|
| Basic |
$ |
(0.08 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.39 |
) |
| Diluted |
$ |
(0.08 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.39 |
) |
| Shares used
in computing net loss per share of common stock: |
|
|
|
|
|
|
|
| Basic |
17,042 |
|
|
16,739 |
|
|
16,994 |
|
|
16,689 |
|
| Diluted |
17,042 |
|
|
16,739 |
|
|
16,994 |
|
|
16,689 |
|
| Other
comprehensive loss: |
|
|
|
|
|
|
|
| Unrealized
holding losses on available-for-sale securities, net of tax |
(10 |
) |
|
— |
|
|
(5 |
) |
|
— |
|
| Other
comprehensive loss |
(10 |
) |
|
— |
|
|
(5 |
) |
|
— |
|
|
Comprehensive loss |
$ |
(1,445 |
) |
|
$ |
(3,154 |
) |
|
$ |
(5,043 |
) |
|
$ |
(6,527 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CafePress Inc.Condensed Consolidated Balance
Sheet(In thousands, except par value
amounts)(Unaudited) |
| |
| |
June 30, 2018 |
|
December 31,
2017 |
|
ASSETS |
|
|
|
| CURRENT
ASSETS: |
|
|
|
| Cash and cash equivalents |
$ |
13,766 |
|
|
$ |
24,924 |
|
| Short-term investments |
7,413 |
|
|
6,007 |
|
| Accounts receivable |
746 |
|
|
1,496 |
|
| Inventory, net |
2,180 |
|
|
3,128 |
|
| Deferred costs |
410 |
|
|
781 |
|
| Prepaid expenses and other current assets |
2,694 |
|
|
2,412 |
|
| Total current assets |
27,209 |
|
|
38,748 |
|
| Property
and equipment, net |
9,052 |
|
|
10,679 |
|
| Restricted
cash |
1,513 |
|
|
1,513 |
|
| Other
assets |
136 |
|
|
232 |
|
| TOTAL
ASSETS |
$ |
37,910 |
|
|
$ |
51,172 |
|
| |
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
| CURRENT
LIABILITIES: |
|
|
|
| Accounts payable |
$ |
1,013 |
|
|
$ |
2,351 |
|
| Accrued royalties payable |
1,464 |
|
|
2,872 |
|
| Accrued liabilities |
3,003 |
|
|
8,693 |
|
| Deferred revenue |
573 |
|
|
1,020 |
|
| Total current liabilities |
6,053 |
|
|
14,936 |
|
| Other
long-term liabilities |
272 |
|
|
305 |
|
| TOTAL
LIABILITIES |
6,325 |
|
|
15,241 |
|
| Commitments
and Contingencies |
|
|
|
| Stockholders’ Equity: |
|
|
|
| Preferred stock, $0.0001 par value: 10,000 shares authorized
as of June 30, 2018 and December 31, 2017; none issued and
outstanding |
— |
|
|
— |
|
| Common stock, $0.0001 par value: 500,000 shares authorized
and 17,104 and 16,932 shares issued and outstanding as of June 30,
2018 and December 31, 2017, respectively |
2 |
|
|
2 |
|
| Additional paid-in capital |
102,394 |
|
|
101,697 |
|
| Accumulated other comprehensive loss |
(9 |
) |
|
(4 |
) |
| Accumulated deficit |
(70,802 |
) |
|
(65,764 |
) |
| TOTAL
STOCKHOLDERS’ EQUITY |
31,585 |
|
|
35,931 |
|
| TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
37,910 |
|
|
$ |
51,172 |
|
| |
|
|
|
|
|
|
|
| CafePress Inc.Condensed Consolidated
Statement of Cash Flows(In
thousands)(Unaudited) |
| |
| |
Six Months Ended June
30, |
| |
2018 |
|
2017 |
|
Cash Flows from Operating Activities: |
|
|
|
| Net
loss |
$ |
(5,038 |
) |
|
$ |
(6,527 |
) |
| Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
|
|
| Depreciation and amortization |
2,312 |
|
|
2,269 |
|
| Loss on disposal of fixed assets |
86 |
|
|
11 |
|
| Stock-based compensation |
697 |
|
|
879 |
|
| Bond (accretion) amortization |
(20 |
) |
|
— |
|
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
750 |
|
|
760 |
|
| Inventory |
948 |
|
|
827 |
|
| Prepaid expenses and other current assets |
89 |
|
|
191 |
|
| Other assets |
96 |
|
|
43 |
|
| Accounts payable |
(1,338 |
) |
|
(634 |
) |
| Accrued royalties payables |
(1,408 |
) |
|
(1,831 |
) |
| Accrued and other liabilities |
(5,723 |
) |
|
(6,851 |
) |
| Deferred revenue |
(447 |
) |
|
(89 |
) |
| Net cash used in operating activities |
(8,996 |
) |
|
(10,952 |
) |
|
Cash Flows from Investing Activities: |
|
|
|
| Purchase of short-term investments |
(5,504 |
) |
|
(1,984 |
) |
| Proceeds from maturities of short-term investments |
4,113 |
|
|
10,168 |
|
| Purchase of property and equipment |
(83 |
) |
|
(896 |
) |
| Capitalization of software and website development costs |
(973 |
) |
|
(1,222 |
) |
| Proceeds from disposal of fixed assets |
285 |
|
|
3 |
|
| Net cash (used in) provided by investing activities |
(2,162 |
) |
|
6,069 |
|
|
Cash Flows from Financing Activities: |
|
|
|
| Principal payments on capital lease obligations |
— |
|
|
(297 |
) |
| Proceeds from exercise of common stock options |
— |
|
|
6 |
|
| Repurchases of common stock |
— |
|
|
(58 |
) |
| Net cash used in financing activities |
— |
|
|
(349 |
) |
| Net
decrease in cash, cash equivalents and restricted cash |
(11,158 |
) |
|
(5,232 |
) |
| Cash, cash
equivalents and restricted cash — beginning of period |
26,437 |
|
|
19,980 |
|
| Cash, cash
equivalents and restricted cash — end of period |
$ |
15,279 |
|
|
$ |
14,748 |
|
|
Supplemental Disclosures of Cash Flow
Information: |
|
|
|
| Cash paid for interest |
$ |
93 |
|
|
$ |
30 |
|
| Income taxes paid during the period |
4 |
|
|
1 |
|
| Stock-based compensation is allocated as
follows:(In thousands)(Unaudited) |
| |
| |
Three Months Ended June
30, |
|
Six Months Ended June
30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| Cost of net
revenue |
$ |
3 |
|
|
$ |
4 |
|
|
$ |
7 |
|
|
$ |
8 |
|
| Sales and
marketing |
13 |
|
|
23 |
|
|
24 |
|
|
48 |
|
| Technology
and development |
6 |
|
|
10 |
|
|
11 |
|
|
19 |
|
| General and
administrative |
378 |
|
|
423 |
|
|
655 |
|
|
804 |
|
| Total
stock-based compensation expense |
$ |
400 |
|
|
$ |
460 |
|
|
$ |
697 |
|
|
$ |
879 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CafePress Inc.Reconciliation of GAAP Net
Loss to Non-GAAP Adjusted EBITDA(In
thousands)(Unaudited) |
| |
| |
Three Months Ended June
30, |
|
Six Months Ended June
30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| Net
loss |
$ |
(1,435 |
) |
|
$ |
(3,154 |
) |
|
$ |
(5,038 |
) |
|
$ |
(6,527 |
) |
| Non-GAAP
adjustments: |
|
|
|
|
|
|
|
| Interest
and other (income) expense |
(48 |
) |
|
(62 |
) |
|
(141 |
) |
|
(72 |
) |
| Provision
from income taxes |
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
Depreciation and amortization |
1,211 |
|
|
1,214 |
|
|
2,312 |
|
|
2,269 |
|
| Stock-based
compensation |
400 |
|
|
460 |
|
|
697 |
|
|
879 |
|
|
Restructuring costs |
32 |
|
|
— |
|
|
637 |
|
|
— |
|
| Adjusted EBITDA* |
$ |
160 |
|
|
$ |
(1,542 |
) |
|
$ |
(1,533 |
) |
|
$ |
(3,450 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * Adjusted EBITDA is a non-GAAP financial measure which we
define as net income (loss) less interest and other (income)
expense, provision for (benefit from) income taxes, depreciation
and amortization, stock-based compensation, acquisition-related
costs, restructuring costs and impairment charges. |
|
CafePress Inc.Definition of Non-GAAP
Cash Contribution Margin(In
thousands)(Unaudited)
Cash contribution margin (a non-GAAP financial measure that we
reconcile to “Gross profit” in our consolidated statements of
operations) consists of gross profit plus stock-based compensation
and depreciation and amortization included in cost of net revenue
less variable sales and marketing expense.
| |
Three Months Ended June
30, |
|
Six Months Ended June
30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| Net
revenue |
$ |
14,389 |
|
|
100.0 |
% |
|
$ |
17,853 |
|
|
100.0 |
% |
|
$ |
28,939 |
|
|
100.0 |
% |
|
$ |
36,142 |
|
|
100.0 |
% |
| Cost of net
revenue |
7,907 |
|
|
55.0 |
|
|
10,864 |
|
|
60.9 |
|
|
17,088 |
|
|
59.0 |
|
|
22,192 |
|
|
61.4 |
|
| Gross
profit |
6,482 |
|
|
45.0 |
|
|
6,989 |
|
|
39.1 |
|
|
11,851 |
|
|
41.0 |
|
|
13,950 |
|
|
38.6 |
|
| Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Add:
Stock-based compensation |
3 |
|
|
— |
|
|
4 |
|
|
— |
|
|
7 |
|
|
— |
|
|
8 |
|
|
— |
|
| Add:
Depreciation and amortization |
445 |
|
|
3.1 |
|
|
434 |
|
|
2.4 |
|
|
852 |
|
|
2.9 |
|
|
856 |
|
|
2.4 |
|
| Less:
Variable sales and marketing costs |
(2,838 |
) |
|
(19.7 |
) |
|
(3,500 |
) |
|
(19.6 |
) |
|
(5,618 |
) |
|
(19.4 |
) |
|
(6,584 |
) |
|
(18.2 |
) |
| Cash
contribution margin |
$ |
4,092 |
|
|
28.4 |
% |
|
$ |
3,927 |
|
|
21.9 |
% |
|
$ |
7,092 |
|
|
24.5 |
% |
|
$ |
8,230 |
|
|
22.8 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CafePress Inc.Reconciliation of GAAP Net
Cash Used in Operating Activities to Non-GAAP Free Cash
Flow(In
thousands)(Unaudited) |
| |
| |
Six Months Ended June
30, |
| |
2018 |
|
2017 |
| Net cash
used in operating activities |
$ |
(8,996 |
) |
|
$ |
(10,952 |
) |
| Capital
expenditures |
(1,056 |
) |
|
(2,118 |
) |
| Free cash flow* |
$ |
(10,052 |
) |
|
$ |
(13,070 |
) |
| |
|
|
|
|
|
|
|
| * Free cash flow is a non-GAAP financial measure which
we define as cash provided by (used in) operating activities less
total capital expenditures. |
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