UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of
Report (Date of earliest event reported) August 2,
2007
U.S.
AUTO PARTS NETWORK, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
001-33264
|
68-0623433
|
||
|
(State or other jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
||
|
17150
South Margay Avenue, Carson, CA
|
90746
|
|||
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|||
Registrant’s
telephone number, including area code (310)
735-0085
N/A
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Item
2.02. Results of Operations and Financial Condition.
On
August
2, 2007, U.S. Auto Parts Network, Inc. issued a press release announcing its
financial results for the quarter ended June 30, 2007. A copy of the press
release is furnished herewith as Exhibit No. 99.1.
The
information contained in Item 2.02 and in Item 9.01 and in Exhibit 99.1 attached
to this report is being furnished to the Securities and Exchange Commission
and
shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to
the liability of that Section, or incorporated by reference in any filing under
the Exchange Act or the Securities Act of 1933, as amended, regardless of any
general incorporation language contained in such filing.
Item
9.01. Financial Statements and Exhibits.
|
|
(d)
|
Exhibits.
|
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Exhibit No.
|
Description
|
|||
|
99.1
|
Press
Release, dated August 2, 2007, of U.S. Auto Parts Network,
Inc.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
Dated:
August 2, 2007
|
|
U.S.
AUTO PARTS NETWORK, INC.
|
||
|
|
|
|
By:
|
/s/ MICHAEL
J. MCCLANE
|
|
|
|
|
|
Michael
J. McClane
Chief
Financial Officer, Executive Vice President of Finance, Treasurer
and
Secretary
|
EXHIBIT
INDEX
|
Exhibit No.
|
Description
|
|
|
99.1
|
Press
Release, dated August 2, 2007, of U.S. Auto Parts Network,
Inc.
|
EXHIBIT
99.1
U.S.
AUTO PARTS NETWORK, INC.
REPORTS
SECOND QUARTER 2007 RESULTS
|
·
|
Net
Sales of $42.1 million for Q2, up 56% over prior
year
|
|
·
|
Earnings of
$0.03 per share
|
|
·
|
Adjusted
EBITDA of $3.8 million
|
CARSON,
California, August 2, 2007 ― U.S. Auto Parts Network, Inc. (NASDAQ: PRTS), a
leading online provider of aftermarket auto parts and accessories, today
reported its financial results for the second quarter ended June 30,
2007.
Net
sales
for the second quarter ended June 30, 2007 were $42.1 million, an increase
of
56% from $27.0 million in the prior year period. Net income on a GAAP
basis for the second quarter of 2007 was $0.8 million, or $0.03 per diluted
share, compared to net income of $0.6 million, or $0.03 per diluted share for
the prior year period. Net income for the first quarter of 2007 was
$0.2 million, or $0.01 per diluted share. Diluted EPS for the
quarters ended June 30, 2007, March 31, 2007 and June 30, 2006, includes
amortization expense related to intangibles of $2.1 million or $0.07 per diluted
share, $2.1 million or $0.08 per diluted share and $0.9 million or $0.05 per
diluted share, respectively.
Adjusted
EBITDA for the second quarter of 2007 was $3.8 million, representing 9% of
net
sales, which excludes share-based compensation expense related to option grants
of $0.6 million, compared to Adjusted EBITDA of $3.1 million in the prior year
period, which excludes share-based compensation expense of $0.2 million.
Adjusted EBITDA for the first quarter of 2007 was $3.4 million which excludes
share-based compensation expense of $0.4 million. For further
information regarding Adjusted EBITDA, including a reconciliation of Adjusted
EBITDA to net income, see Non-GAAP Financial Measures below.
“We
are
pleased with our second quarter results as we achieved solid sales growth year
over year with a sequential improvement in profitability,” said Mehran Nia,
Chief Executive Officer. “We purposefully focused on higher-margin
sales and were pleased to see sequential improvements in gross
margin. We are on track with a number of key initiatives designed to
improve our business over time and will also create an even better
experience for our customers. During the second quarter, we
opened our new distribution center in Tennessee and launched our web
analytics platform. We believe our team is executing well on all
fronts.”
Michael McClane, Chief Financial Officer, added, “We are excited that we are performing at increasing levels of profitability while also investing in our company and our future. In the second quarter, we focused our paid search efforts within our e-commerce channel in order to reduce our customer acquisition cost and began to optimize our pricing strategy, which contributed to our expansion in gross margin. We have realized some early success in driving our key operating metrics and plan to continue to execute on our strategy to improve our return on invested capital.”
Q2
2007 Operating Metrics
|
·
|
Conversion
rate - The conversion rate in the second quarter of 2007 remained
constant
at 1.2% compared to 1.1% during the corresponding period of 2006
and 1.2%
in the first quarter of 2007.
|
|
·
|
Customer
acquisition cost - The customer acquisition cost in the second quarter
of
2007 was $6 per customer, compared to $12 during the corresponding
period
of 2006 and $9 in the first quarter of
2007.
|
|
·
|
Unique
visitors - The number of monthly unique visitors in the second quarter
of
2007 rose to 22 million, an increase of 57% compared to the second
quarter
of 2006.
|
|
·
|
Orders
- The number of orders placed through our e-commerce websites rose
to
approximately 257,000 orders in the second quarter of 2007 from 160,000
in
the corresponding period of 2006, representing an increase of
approximately 61%.
|
|
·
|
Average
order value - The average order value of purchases on our websites
was
$125 during the second quarter of 2007, up from $124 during the
corresponding period of 2006.
|
Q2
2007 Financial Highlights
|
·
|
Cash
and cash equivalents was $42.3 million at June 30,
2007.
|
|
·
|
Gross
profit was $13.8 million or 33% of net sales for the second quarter
of
2007 compared to $9.3 million or 34% of net sales for the second
quarter
of 2006. The year-over-year decrease in gross margin was due in
part to the inclusion in the second quarter 2006 results of the
drop-ship business of Partsbin, which was acquired in May 2006. On
a
sequential basis, gross margin increased from 31% of net sales for
the
first quarter of 2007. The sequential increase in gross margin
was primarily the result of strategic pricing improvements
implemented during the second quarter of 2007, partially offset by
the
seasonal product mix shift away from higher margin stock and ship
products
in the current quarter.
|
|
·
|
Marketing
spend was $2.2 million or 5% of net sales for the second quarter
of 2007
compared to $1.9 million or 7% of net sales for the prior year period
and
$3.4 million or 8% of net sales for the first quarter of
2007. We believe the sequential decrease in marketing spend
reflects the Company’s efforts to improve its return on marketing
investment.
|
|
·
|
General
and administrative expense was $3.7 million or 9% of net sales for
the
second quarter of 2007 compared to $2.3 million or 9% of net sales
in the
prior year period and $2.9 million or 7% of net sales for the first
quarter of 2007. The sequential increase in general and administrative
expense as a percentage of net sales was primarily due to recruiting
and
relocation expense of $0.2 million, legal expense of $0.4 million,
and
share-based compensation expense of $0.5
million.
|
|
·
|
Operating
expense as a percentage of net sales was 31% in the second quarter
of 2007
compared to 30% in the prior year period and 30% in the first quarter
of
2007. Operating expense for the quarters ended June 30, 2007,
March 31, 2007 and June 30, 2006 includes amortization expense related
to
intangibles of $2.1 million, $2.1 million and $0.9 million,
respectively.
|
|
·
|
Capital
expenditures for the second quarter of 2007 totaled $2.1 million,
including $1.0 million of internally developed software and website
development costs.
|
Outlook
for 2007
The
Company is maintaining its guidance for the fiscal year ending December 31,
2007
as follows:
|
·
|
Net
sales are expected to be in the range of $170 million to $185
million.
|
|
·
|
Operating
expenses (including depreciation and amortization of software and
intangibles) as a percentage of net sales is expected to be in the
range
of 30% to 33%.
|
|
·
|
Diluted
net income per share is expected to be in the range of $0.05 to $0.17
assuming approximately 29.3 million shares
outstanding.
|
|
-
|
This
includes the estimated impact of share-based compensation expense
of $0.09
per diluted share.
|
|
-
|
This
includes the estimated impact of depreciation and amortization of
software
and intangibles of approximately $0.31 per diluted
share.
|
|
·
|
Adjusted
EBITDA is expected to be in the range of $14 million to $18
million.
|
Non-GAAP
Financial Measures
Regulation
G, "Conditions for Use of Non-GAAP Financial Measures," 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) amortization of intangibles; (d) depreciation and
amortization; and (e) share-based compensation expense related to stock
option grants and other equity instruments.
The
Company believes 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 a measurement of the Company's operating performance
because it assists in comparisons of the Company's operating performance on
a
consistent basis by removing the impact of items not directly resulting from
core operations. 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; for evaluating the
effectiveness of operational strategies; and for evaluating the Company's
capacity to fund capital expenditures and expand its business. The Company
also
believes that analysts and investors use Adjusted EBITDA as a supplemental
measure to evaluate the overall operating performance 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 unusual, infrequent or non-recurring.
The
table
below reconciles net income to EBITDA and Adjusted EBITDA for the periods
presented:
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||
|
(in
thousands)
|
||||||||||||||||
|
Net
income
|
$ |
773
|
$ |
611
|
$ |
1,008
|
$ |
3,331
|
||||||||
|
Interest
(income) expense, net
|
(545 | ) |
317
|
(265 | ) |
357
|
||||||||||
|
Income
tax provision
|
515
|
472
|
675
|
316
|
||||||||||||
|
Amortization
of intangibles
|
2,100
|
947
|
4,154
|
951
|
||||||||||||
|
Depreciation
and amortization
|
299
|
551
|
542
|
1,082
|
||||||||||||
|
EBITDA
|
3,142
|
2,898
|
6,114
|
6,037
|
||||||||||||
|
Share-based
compensation
|
623
|
189
|
1,030
|
193
|
||||||||||||
|
Adjusted
EBITDA
|
$ |
3,765
|
$ |
3,087
|
$ |
7,144
|
$ |
6,230
|
||||||||
Conference Call
The
Company will conduct a conference call with analysts and investors to discuss
the results today, Thursday, August 2, 2007, at 2:00 pm Pacific Time (5:00
pm
Eastern Time). The conference call will be conducted by Mehran
Nia, Chief Executive Officer, Michael McClane, Chief Financial Officer, and
Howard Tong, Chief Operating Officer, and will be broadcast live over the
Internet and accessible through the Investor Relations section of the Company’s
website at www.usautoparts.net where the call
will be archived until August 16, 2007. To view this press release or
the financial or other statistical information required by SEC Regulation G,
please visit the Investor Relations section of the U.S. Auto Parts website
at www.investor.usautoparts.net.
About
U.S. Auto Parts Network, Inc.
Established
in 1995, U.S. Auto Parts is a leading online provider of aftermarket auto parts,
including body parts, engine parts, performance parts and
accessories. Through the Company's network of websites, U.S. Auto
Parts provides individual consumers with a broad selection of competitively
priced products that are mapped by a proprietary product database to product
applications based on vehicle makes, models and years. U.S. Auto
Parts’ flagship websites are located at www.partstrain.com and www.autopartswarehouse.com and
the Company’s corporate website is located at www.usautoparts.net.
U.S.
Auto
Parts is headquartered in Carson, California.
Safe
Harbor Statement
This
press release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, 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. Words such as
''anticipates,'' ''expects,'' ''intends,'' ''plans,'' ''believes,'' ''seeks,''
"estimates," "may,'' ''will'' and variations of these words or similar
expressions are intended to identify forward-looking
statements. These statements include, but are not limited to, the
Company's expectations regarding its future operating results, financial
condition, and potential growth. 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, the
demand for the Company's products; the Company's ability to expand and price
its
product offerings and control costs and expenses; the mix of products sold
by
the Company; the competitive and volatile environment in the Company's industry;
the ability to achieve broader market acceptance for Internet auto parts sales;
the effect and timing of technological changes and the Company's ability to
integrate such changes and maintain, update and expand its
infrastructure; the transition of certain call center operations in-house
and the Company's ability to expand and maintain such operations; the Company's
ability to retain, recruit and hire key executives, technical personnel and
other employees in the positions and numbers, with the experience and
capabilities, and at the compensation levels needed to implement the Company's
business plans both domestically and internationally; the Company's cash needs;
changes in general economic or market conditions; the Company’s ability to
comply with Section 404 of the Sarbanes-Oxley Act, and, maintain an adequate
system of internal controls, any remediation costs and 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.
U.S.
Auto
Parts™, U.S. Auto Parts Network™, PartsTrain™, Partsbin™, Kool-Vue™ and
Auto-Vend™ are our United States common law trademarks. All other
trademarks and trade names mentioned are the property of their respective
owners.
U.S.
AUTO PARTS NETWORK, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
thousands, except share amounts)
|
|
June
30,
2007
|
December 31,
2006
|
||||||
|
|
(unaudited)
|
|
||||||
|
ASSETS
|
|
|
||||||
|
Current
assets:
|
|
|
||||||
|
Cash
and cash equivalents
|
$ |
42,324
|
$ |
2,381
|
||||
|
Accounts
receivable, net
|
2,779
|
2,789
|
||||||
|
Inventory,
net
|
11,519
|
8,796
|
||||||
|
Deferred
income taxes
|
934
|
934
|
||||||
|
Other
current assets
|
1,912
|
1,149
|
||||||
|
Total
current assets
|
59,468
|
16,049
|
||||||
|
Property
and equipment, net
|
4,516
|
2,716
|
||||||
|
Intangible
assets, net
|
30,493
|
33,362
|
||||||
|
Goodwill
|
14,201
|
14,179
|
||||||
|
Deferred
income taxes
|
1,703
|
1,703
|
||||||
|
Other
non-current assets
|
152
|
1,901
|
||||||
|
Total
assets
|
$ |
110,533
|
$ |
69,910
|
||||
|
|
|
|||||||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|||||||
|
Current
liabilities:
|
|
|||||||
|
Accounts
payable
|
$ |
10,045
|
$ |
9,091
|
||||
|
Accrued
expenses
|
3,465
|
2,912
|
||||||
|
Line
of credit
|
—
|
2,000
|
||||||
|
Notes
payable
|
1,000
|
10,805
|
||||||
|
Capital
leases payable, current portion
|
65
|
62
|
||||||
|
Other
current liabilities
|
1,442
|
2,392
|
||||||
|
Total
current liabilities
|
16,017
|
27,262
|
||||||
|
Notes
payable, less current portion, net
|
—
|
21,922
|
||||||
|
Capital
leases payable, less current portion
|
76
|
114
|
||||||
|
Total
liabilities
|
16,093
|
49,298
|
||||||
|
Commitments
and contingencies
|
|
|||||||
|
Stockholders’
equity:
|
|
|||||||
|
Preferred
stock, $0.001 par value; 10,000,000 and 11,100,000 shares authorized
at
June 30, 2007 and December 31, 2006, respectively; none and
11,055,425 shares issued and outstanding at June 30, 2007 and
December 31, 2006, respectively
|
—
|
11
|
||||||
|
Common
stock, $0.001 par value; 100,000,000 and 50,000,000 shares authorized
at
June 30, 2007 and December 31, 2006, respectively; 29,832,927 and
15,199,672 shares issued and outstanding at June 30, 2007 and
December 31, 2006, respectively
|
30
|
15
|
||||||
|
Additional
paid-in capital
|
141,692
|
68,906
|
||||||
|
Accumulated
other comprehensive income
|
35
|
5
|
||||||
|
Accumulated
deficit
|
(47,317 | ) | (48,325 | ) | ||||
|
Total
stockholders’ equity
|
94,440
|
20,612
|
||||||
|
Total
liabilities and stockholders’ equity
|
$ |
110,533
|
$ |
69,910
|
||||
U.S.
AUTO PARTS NETWORK, INC.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in
thousands, except share and per share amounts)
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||
|
Net
sales
|
$ |
42,112
|
$ |
26,966
|
$ |
85,855
|
$ |
44,971
|
||||||||
|
Cost
of sales
|
28,327
|
17,617
|
58,401
|
27,876
|
||||||||||||
|
Gross
profit
|
13,785
|
9,349
|
27,454
|
17,095
|
||||||||||||
| Operating expenses: | ||||||||||||||||
|
General
and administrative
|
3,655
|
2,290
|
6,531
|
4,255
|
||||||||||||
|
Marketing
|
4,921
|
3,179
|
10,821
|
5,155
|
||||||||||||
|
Fulfillment
|
1,862
|
1,213
|
3,579
|
2,365
|
||||||||||||
|
Technology
|
507
|
323
|
956
|
517
|
||||||||||||
|
Amortization
of intangibles
|
2,100
|
947
|
4,154
|
951
|
||||||||||||
|
Total
operating expenses
|
13,045
|
7,952
|
26,041
|
13,243
|
||||||||||||
|
Income
from operations
|
740
|
1,397
|
1,413
|
3,852
|
||||||||||||
|
Other
income (expense):
|
||||||||||||||||
|
Loss
from disposition of assets
|
—
|
—
|
—
|
(5 | ) | |||||||||||
|
Other
income
|
3
|
3
|
5
|
157
|
||||||||||||
|
Interest
expense, net
|
545
|
(317 | ) |
265
|
(357 | ) | ||||||||||
|
Total
other income (expense)
|
548
|
(314 | ) |
270
|
(205 | ) | ||||||||||
|
Income
before income taxes
|
1,288
|
1,083
|
1,683
|
3,647
|
||||||||||||
|
Income
tax provision
|
515
|
472
|
675
|
316
|
||||||||||||
|
Net
income
|
$ |
773
|
$ |
611
|
$ |
1,008
|
$ |
3,331
|
||||||||
|
|
||||||||||||||||
|
Basic
net income per share
|
$ |
0.03
|
$ |
0.04
|
$ |
0.04
|
$ |
0.24
|
||||||||
|
Diluted
net income per share
|
$ |
0.03
|
$ |
0.03
|
$ |
0.04
|
$ |
0.18
|
||||||||
|
Shares
used in computation of basic net income per share
|
29,832,927
|
14,120,952
|
26,679,905
|
13,663,020
|
||||||||||||
|
Shares
used in computation of diluted net income per share
|
29,853,346
|
20,772,428
|
28,142,830
|
18,099,520
|
||||||||||||
U.S.
AUTO PARTS NETWORK, INC.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in
thousands)
|
Six
Months Ended
June 30,
|
||||||||
|
|
2007
|
2006
|
||||||
|
Operating
activities
|
|
|
||||||
|
Net
income
|
$ |
1,008
|
$ |
3,331
|
||||
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
|
Depreciation
and amortization
|
542
|
1,082
|
||||||
|
Amortization
of intangibles
|
4,154
|
951
|
||||||
|
Non-cash
interest expense
|
273
|
19
|
||||||
|
Loss
from disposition of assets
|
—
|
5
|
||||||
|
Share-based
compensation and other
|
1,030
|
292
|
||||||
|
Deferred
income taxes
|
—
|
(982 | ) | |||||
|
Changes
in operating assets and liabilities:
|
||||||||
|
Accounts
receivable, net
|
10
|
(2 | ) | |||||
|
Inventory,
net
|
(2,723 | ) |
1,538
|
|||||
|
Other
current assets
|
(763 | ) |
2
|
|||||
|
Other
non-current assets
|
1,749
|
(139 | ) | |||||
|
Accounts
payable and accrued expenses
|
1,469
|
703
|
||||||
|
Other
current liabilities
|
(950 | ) | (620 | ) | ||||
|
Net
cash provided by operating activities
|
5,799
|
6,180
|
||||||
|
Investing
activities
|
||||||||
|
Additions
to property, equipment and intangibles
|
(2,080 | ) | (633 | ) | ||||
|
Acquisition
of assembled workforce
|
(1,286 | ) |
—
|
|||||
|
Acquisition
of business, net of cash acquired
|
(22 | ) | (24,453 | ) | ||||
|
Net
cash used in investing activities
|
(3,388 | ) | (25,086 | ) | ||||
|
Financing
activities
|
||||||||
|
Payments
on line of credit
|
(2,000 | ) |
—
|
|||||
|
Proceeds
from notes payable, net of discount
|
—
|
31,705
|
||||||
|
Payments
on notes payable
|
(32,000 | ) | (96 | ) | ||||
|
Proceeds
from initial public offering, net of offering costs
|
71,537
|
—
|
||||||
|
Proceeds
on issuance of Series A convertible preferred stock, net of offering
costs
|
—
|
42,246
|
||||||
|
Payments
of short-term financing
|
(35 | ) | (223 | ) | ||||
|
Proceeds
from sale of common stock
|
—
|
150
|
||||||
|
Stockholder
distributions
|
—
|
(1,700 | ) | |||||
|
Recapitalization
distribution
|
—
|
(50,000 | ) | |||||
|
Net
cash provided by financing activities
|
37,502
|
22,082
|
||||||
|
Effect
of changes in foreign currencies
|
30
|
8
|
||||||
|
Net
increase in cash and cash equivalents
|
39,943
|
3,184
|
||||||
|
Cash
and cash equivalents at beginning of period
|
2,381
|
1,353
|
||||||
|
Cash
and cash equivalents at end of period
|
$ |
42,324
|
$ |
4,537
|
||||
Investor
Contacts:
Michael
McClane, Chief Financial Officer
U.S.
Auto
Parts Network, Inc.
michael@usautoparts.com
(310)
735-0085
Anne
Rakunas / Laura Foster
ICR,
Inc.
(310)
954-1100
anne.rakunas@icrinc.com
laura.foster@icrinc.com
Media
Contacts:
Stephanie
Sampiere / Matt Lindberg
ICR,
Inc.
(203)
682-8200
stephanie.sampiere@icrinc.com
matthew.lindberg@icrinc.com