[August 04, 2016] |
|
CafePress Reports Results for Second Quarter 2016
CafePress Inc. (NASDAQ: PRSS) today reported financial results for the
three months ended June 30, 2016.
Management Commentary
"Within the second quarter CafePress continued to execute on the
optimization phase of our turnaround strategy. We substantially reduced
our year-over-year revenue decline, maintained strong gross and
contribution margin levels for the fifth consecutive quarter, and
continued to invest in the strategic priorities designed to enhance our
customer experience," commented Fred Durham, Chief Executive Officer.
"Our priorities for the remainder of 2016 continue to be focusing on
profitable growth channels, optimizing the customer experience, and
revitalizing our customer relationships to enhance lifetime value."
Second Quarter 2016 Financial Highlights1
-
Net revenues totaled $19.8 million, compared to $21.8 million in the
second quarter of 2015.
-
Gross profit margin was 41.4% of net revenues, compared to 40.8% in
the second quarter of 2015.
-
GAAP net loss from continuing operations was $(23.0) million, or
$(1.37) per diluted share, inclusive of a $20.9 million one-time
non-cash impairment charge on goodwill, compared to a net loss of
$(1.1) million, or $(0.06) per diluted share, in the second quarter of
2015.
-
Non-GAAP Adjusted EBITDA from continuing operations was $(1.0)
million, compared to Adjusted EBITDA of $0.7 million in the second
quarter of 2015.
-
Non-GAAP Contribution margin was 28.9% of net revenues, compared to
29.4% in the second quarter of 2015.
-
Non-GAAP net loss from continuing operations was $(1.3) million, or
$(0.08) per diluted share, compared to a non-GAAP net loss of $(0.5)
million, or $(0.03) per diluted share in the second quarter of 2015.
Cash and Share Repurchase Activity
-
Within the second quarter, the company repurchased approximately
98,000 shares of common stock totaling $0.3 million.
-
Since authorization of the program in the second quarter of 2015, the
company has repurchased a total of approximately 1,078,000 shares of
common stock totaling $4.7 million.
-
At June 30, 2016, cash, cash equivalents, and short-term investments
totaled $38.4 million, or approximately $2.29 per share.
Second Quarter 2016 Operating Metrics
-
Average Order Value (AOV) was $34, down 5% year-over-year.
-
Orders totaled 0.6 million, a 3% year-over-year decline.
Goodwill Impairment Charge
The company conducted a goodwill impairment test during the second
quarter. The results of that test indicated a full impairment of
goodwill. Accordingly, a non-cash impairment charge of $20.9 million was
recorded during the second quarter. The Company will provide additional
disclosure on this topic in its forthcoming Form 10-Q.
1Continuing operations includes results from CafePress.com
and Retail Partners Channels. The Financial Highlights, Operating
Metrics, and accompanying tables reflect the results of the Company's
divestitures of its Art, Logo, and EZ Prints businesses in discontinued
operations for all periods presented.
Please see "Non-GAAP Financial Information" for definitions of the terms
Non-GAAP Adjusted EBITDA, Non-GAAP Contribution margin, Non-GAAP net
loss and Non-GAAP net loss per diluted share.
Second Quarter 2016 Conference Call
Management will review the second quarter 2016 financial results on a
conference call on Thursday, August 4, 2016 at 5:00 p.m. Eastern Time.
To participate on the live call, analysts and investors should dial
1-888-576-4387 or 719-325-2454 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/.
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, contribution margin, non-GAAP loss, and non-GAAP loss per
diluted share. 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.
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. We assume
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. Examples of
forward looking statements include: our priorities for the remainder of
2016. Important factors that could cause actual results to differ
materially from expectations include, among others, the following: 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 our operations and our 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; our 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 our business and operations; our ability to respond
to rapid technological changes in a timely manner; our ability to
prevent payment related risks, such as fraudulent use of credit or debit
cards; our ability to maintain customer confidence in the integrity of
our business; our ability to operate www.cafepress.com
in an evolving and highly competitive market segment; our ability to
secure new or ongoing content from third party partners; our ability to
provide a high-quality customer experience with minimal programming
errors, flows and/or technical difficulties; our ability to adequately
protect our intellectual property; our ability to maintain or hire
additional personnel; and the volatility of our stock price. For more
information regarding the risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
herein, we refer you to the "Risk Factors" sections of the Company's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 as
filed with the Securities and Exchange Commission, and in other reports
we file with the Securities and Exchange Commission from time to time,
which are available on the Securities and Exchange Commission's Website
at www.sec.gov.
About CafePress (PRSS):
CafePress is the world's best online gift shop that has the perfect item
for every passion. Our catalog of more than 1 billion uniquely designed
products - ranging from apparel to drinkware and home décor - allows our
customers to express themselves and connect with others by bringing
passions to life through unique items. In addition, our interactive
design tools allow customers to personalize items or create their own
unique items. CafePress was founded in 1999 and is headquartered in
Louisville, Kentucky. For more information, visit www.cafepress.com
or connect with us on Facebook,
Twitter,
Pinterest
or Instagram.
|
CafePress Inc.
Condensed Consolidated Statement of Operations
(In thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net revenues
|
|
$
|
19,841
|
|
|
$
|
21,764
|
|
|
$
|
37,919
|
|
|
$
|
45,340
|
|
Cost of net revenues
|
|
11,622
|
|
|
12,876
|
|
|
22,265
|
|
|
27,750
|
|
Gross profit
|
|
8,219
|
|
|
8,888
|
|
|
15,654
|
|
|
17,590
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
4,320
|
|
|
4,195
|
|
|
8,932
|
|
|
9,611
|
|
Technology and development
|
|
3,316
|
|
|
2,792
|
|
|
6,500
|
|
|
5,989
|
|
General and administrative
|
|
3,036
|
|
|
3,194
|
|
|
5,672
|
|
|
6,341
|
|
Impairment charges
|
|
20,899
|
|
|
-
|
|
|
20,899
|
|
|
-
|
|
Restructuring costs
|
|
-
|
|
|
526
|
|
|
-
|
|
|
526
|
|
Total operating expenses
|
|
31,571
|
|
|
10,707
|
|
|
42,003
|
|
|
22,467
|
|
Loss from operations
|
|
(23,352
|
)
|
|
(1,819
|
)
|
|
(26,349
|
)
|
|
(4,877
|
)
|
Interest income
|
|
41
|
|
|
17
|
|
|
74
|
|
|
22
|
|
Interest expense
|
|
(12
|
)
|
|
(13
|
)
|
|
(26
|
)
|
|
(27
|
)
|
Other (expense) income, net
|
|
(58
|
)
|
|
23
|
|
|
(63
|
)
|
|
65
|
|
Loss before income taxes
|
|
(23,381
|
)
|
|
(1,792
|
)
|
|
(26,364
|
)
|
|
(4,817
|
)
|
Benefit from income taxes
|
|
(402
|
)
|
|
(718
|
)
|
|
(404
|
)
|
|
(1,413
|
)
|
Net loss from continuing operations
|
|
(22,979
|
)
|
|
(1,074
|
)
|
|
(25,960
|
)
|
|
(3,404
|
)
|
(Loss) income from discontinued operations, net of tax
|
|
-
|
|
|
(7,704
|
)
|
|
-
|
|
|
6,808
|
|
Net (loss) income
|
|
$
|
(22,979
|
)
|
|
$
|
(8,778
|
)
|
|
$
|
(25,960
|
)
|
|
$
|
3,404
|
|
Net (loss) income per share of common stock:
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
(1.37
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(1.55
|
)
|
|
$
|
(0.19
|
)
|
Discontinued operations
|
|
$
|
-
|
|
|
$
|
(0.44
|
)
|
|
$
|
-
|
|
|
$
|
0.39
|
|
Diluted:
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
(1.37
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(1.55
|
)
|
|
$
|
(0.19
|
)
|
Discontinued operations
|
|
$
|
-
|
|
|
$
|
(0.44
|
)
|
|
$
|
-
|
|
|
$
|
0.39
|
|
Shares used in computing net (loss) income per share of common stock:
|
|
|
|
|
|
|
|
|
Basic
|
|
16,742
|
|
|
17,455
|
|
|
16,775
|
|
|
17,468
|
|
Diluted
|
|
16,769
|
|
|
17,455
|
|
|
16,808
|
|
|
17,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CafePress Inc.
Condensed Consolidated Balance Sheet
(In thousands, except par value amounts)
(Unaudited)
|
|
|
|
|
|
|
|
June 30, 2016
|
|
December 31, 2015
|
ASSETS
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
15,330
|
|
|
$
|
32,663
|
|
Short-term investments
|
|
23,066
|
|
|
17,610
|
|
Accounts receivable
|
|
614
|
|
|
680
|
|
Inventory, net
|
|
2,793
|
|
|
3,850
|
|
Deferred costs
|
|
626
|
|
|
619
|
|
Restricted cash
|
|
-
|
|
|
3,417
|
|
Prepaid expenses and other current assets
|
|
3,360
|
|
|
2,413
|
|
Total current assets
|
|
45,789
|
|
|
61,252
|
|
Property and equipment, net
|
|
10,055
|
|
|
8,624
|
|
Goodwill
|
|
-
|
|
|
20,899
|
|
Other assets
|
|
705
|
|
|
608
|
|
TOTAL ASSETS
|
|
$
|
56,549
|
|
|
$
|
91,383
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
Accounts payable
|
|
$
|
1,387
|
|
|
$
|
3,938
|
|
Accrued royalties payable
|
|
2,290
|
|
|
4,292
|
|
Accrued liabilities
|
|
6,457
|
|
|
10,701
|
|
Deferred revenue
|
|
929
|
|
|
864
|
|
Capital lease obligation, current
|
|
583
|
|
|
565
|
|
Total current liabilities
|
|
11,646
|
|
|
20,360
|
|
Capital lease obligation, non-current
|
|
50
|
|
|
347
|
|
Other long-term liabilities
|
|
218
|
|
|
353
|
|
TOTAL LIABILITIES
|
|
11,914
|
|
|
21,060
|
|
Commitments and Contingencies
|
|
|
|
|
Stockholders' Equity:
|
|
|
|
|
Preferred stock, $0.0001 par value: 10,000 shares authorized as of
June 30, 2016 and December 31, 2015; none issued and outstanding
|
|
-
|
|
|
-
|
|
Common stock, $0.0001 par value: 500,000 shares authorized and
16,707 and 16,766 shares issued and outstanding as of June 30,
2016 and December 31, 2015, respectively
|
|
2
|
|
|
2
|
|
Treasury stock
|
|
-
|
|
|
(203
|
)
|
Additional paid-in capital
|
|
99,413
|
|
|
99,344
|
|
Accumulated deficit
|
|
(54,780
|
)
|
|
(28,820
|
)
|
TOTAL STOCKHOLDERS' EQUITY
|
|
44,635
|
|
|
70,323
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
56,549
|
|
|
$
|
91,383
|
|
|
|
|
|
|
|
|
|
|
CafePress Inc.
Condensed Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)
|
|
|
|
|
|
Six Months Ended June 30,
|
|
|
2016
|
|
2015
|
Cash Flows from Operating Activities:
|
|
|
|
|
Net (loss) income
|
|
$
|
(25,960
|
)
|
|
$
|
3,404
|
|
Adjustments to reconcile net (loss) income to net cash used in
operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
2,140
|
|
|
3,816
|
|
Amortization of intangible assets
|
|
-
|
|
|
1,229
|
|
(Gain) loss on disposal of fixed assets
|
|
(16
|
)
|
|
217
|
|
Stock-based compensation
|
|
746
|
|
|
891
|
|
Goodwill impairment
|
|
20,899
|
|
|
-
|
|
Impairment charges - assets held for sale
|
|
-
|
|
|
7,311
|
|
Gain on sale of businesses
|
|
-
|
|
|
(17,062
|
)
|
Deferred income taxes
|
|
(350
|
)
|
|
(140
|
)
|
Changes in operating assets and liabilities, net of effect of
divestitures:
|
|
|
|
|
Accounts receivable
|
|
66
|
|
|
2,215
|
|
Inventory
|
|
1,057
|
|
|
1,858
|
|
Prepaid expenses and other current assets
|
|
(954
|
)
|
|
957
|
|
Other assets
|
|
7
|
|
|
124
|
|
Accounts payable
|
|
(2,668
|
)
|
|
(6,717
|
)
|
Partner commissions payable
|
|
-
|
|
|
(2,003
|
)
|
Accrued royalties payables
|
|
(2,002
|
)
|
|
(2,404
|
)
|
Accrued and other liabilities
|
|
(4,146
|
)
|
|
(5,757
|
)
|
Assets and liabilities held for sale
|
|
-
|
|
|
(1,849
|
)
|
Deferred revenue
|
|
65
|
|
|
(1,153
|
)
|
Net cash used in operating activities
|
|
(11,116
|
)
|
|
(15,063
|
)
|
Cash Flows from Investing Activities:
|
|
|
|
|
Purchase of short-term investments
|
|
(9,920
|
)
|
|
(14,424
|
)
|
Proceeds from maturities of short-term investments
|
|
4,464
|
|
|
-
|
|
Purchase of property and equipment
|
|
(2,263
|
)
|
|
(377
|
)
|
Capitalization of software and website development costs
|
|
(1,172
|
)
|
|
(1,349
|
)
|
Proceeds from disposal of fixed assets
|
|
29
|
|
|
-
|
|
Change in restricted cash
|
|
3,417
|
|
|
(3,417
|
)
|
Proceeds from sale of businesses, net of expenses paid
|
|
-
|
|
|
37,653
|
|
Net cash (used in) provided by investing activities
|
|
(5,445
|
)
|
|
18,086
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
Principal payments on capital lease obligations
|
|
(279
|
)
|
|
(223
|
)
|
Proceeds from exercise of common stock options
|
|
5
|
|
|
390
|
|
Repurchases of common stock
|
|
(498
|
)
|
|
(2,287
|
)
|
Net cash used in financing activities
|
|
(772
|
)
|
|
(2,120
|
)
|
Change in cash of discontinued operations
|
|
-
|
|
|
424
|
|
Net (decrease) increase in cash and cash equivalents
|
|
(17,333
|
)
|
|
1,327
|
|
Cash and cash equivalents - beginning of period
|
|
32,663
|
|
|
26,971
|
|
Cash and cash equivalents - end of period
|
|
$
|
15,330
|
|
|
$
|
28,298
|
|
Supplemental Disclosures of Cash Flow Information:
|
|
|
|
|
Cash paid for interest
|
|
$
|
26
|
|
|
$
|
43
|
|
Income taxes paid during the period
|
|
17
|
|
|
81
|
|
Non-cash Investing and Financing Activities:
|
|
|
|
|
Accrued purchases of property and equipment
|
|
160
|
|
|
2
|
|
|
|
|
|
|
|
|
Stock-based compensation included in continuing operations is
allocated as follows (unaudited):
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Cost of net revenues
|
|
$
|
12
|
|
|
$
|
42
|
|
|
$
|
36
|
|
|
$
|
82
|
Sales and marketing
|
|
78
|
|
|
100
|
|
|
137
|
|
|
194
|
Technology and development
|
|
29
|
|
|
32
|
|
|
58
|
|
|
103
|
General and administrative
|
|
349
|
|
|
249
|
|
|
515
|
|
|
473
|
Total stock-based compensation expense
|
|
$
|
468
|
|
|
$
|
423
|
|
|
$
|
746
|
|
|
$
|
852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CafePress Inc.
Reconciliation of GAAP Net Loss from Continuing Operations to
Non-GAAP Adjusted EBITDA from Continuing Operations
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net loss from continuing operations
|
|
$
|
(22,979
|
)
|
|
$
|
(1,074
|
)
|
|
$
|
(25,960
|
)
|
|
$
|
(3,404
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
Interest and other (income) expense
|
|
29
|
|
|
(27
|
)
|
|
15
|
|
|
(60
|
)
|
Benefit from income taxes
|
|
(402
|
)
|
|
(718
|
)
|
|
(404
|
)
|
|
(1,413
|
)
|
Depreciation and amortization
|
|
1,032
|
|
|
1,593
|
|
|
2,140
|
|
|
3,259
|
|
Stock-based compensation
|
|
468
|
|
|
423
|
|
|
746
|
|
|
852
|
|
Impairment charges
|
|
20,899
|
|
|
-
|
|
|
20,899
|
|
|
-
|
|
Restructuring costs
|
|
-
|
|
|
526
|
|
|
-
|
|
|
526
|
|
Adjusted EBITDA*
|
|
$
|
(953
|
)
|
|
$
|
723
|
|
|
$
|
(2,564
|
)
|
|
$
|
(240
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Adjusted EBITDA is a non-GAAP financial measure which we define as
net income (loss) from continuing operations less interest and other
income (expense), provision for (benefit from) income taxes,
depreciation and amortization, stock-based compensation, impairment
charges, and restructuring costs.
|
|
|
|
CafePress Inc.
Definition of Non-GAAP Contribution Margin from Continuing
Operations
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net revenues
|
|
$
|
19,841
|
|
|
100
|
%
|
|
$
|
21,764
|
|
|
100
|
%
|
|
$
|
37,919
|
|
|
100
|
%
|
|
$
|
45,340
|
|
|
100
|
%
|
Cost of net revenues
|
|
11,622
|
|
|
59
|
|
|
12,876
|
|
|
59
|
|
|
22,265
|
|
|
59
|
|
|
27,750
|
|
|
61
|
|
Gross profit
|
|
8,219
|
|
|
41
|
|
|
8,888
|
|
|
41
|
|
|
15,654
|
|
|
41
|
|
|
17,590
|
|
|
39
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Stock-based compensation
|
|
12
|
|
|
-
|
|
|
42
|
|
|
-
|
|
|
36
|
|
|
-
|
|
|
82
|
|
|
-
|
|
Less: Variable sales and marketing costs
|
|
(2,506
|
)
|
|
(13
|
)
|
|
(2,521
|
)
|
|
(12
|
)
|
|
(5,086
|
)
|
|
(13
|
)
|
|
(5,995
|
)
|
|
(13
|
)
|
Contribution margin (from continuing operations)
|
|
$
|
5,725
|
|
|
29
|
%
|
|
$
|
6,409
|
|
|
29
|
%
|
|
$
|
10,604
|
|
|
28
|
%
|
|
$
|
11,677
|
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Contribution margin is a non-GAAP financial measure which we define
as gross profit from continuing operations plus stock-based
compensation included in cost of net revenues less variable sales
and marketing costs.
|
|
|
|
CafePress Inc.
Reconciliation of GAAP Operating Loss from Continuing
Operations to Non-GAAP Operating Loss from Continuing Operations
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Operating loss from continuing operations
|
|
$
|
(23,352
|
)
|
|
$
|
(1,819
|
)
|
|
$
|
(26,349
|
)
|
|
$
|
(4,877
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
468
|
|
|
423
|
|
|
746
|
|
|
852
|
|
Impairment charges
|
|
20,899
|
|
|
-
|
|
|
20,899
|
|
|
-
|
|
Restructuring costs
|
|
-
|
|
|
526
|
|
|
-
|
|
|
526
|
|
Non-GAAP operating loss from continuing operations
|
|
$
|
(1,985
|
)
|
|
$
|
(870
|
)
|
|
$
|
(4,704
|
)
|
|
$
|
(3,499
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CafePress Inc.
Reconciliation of GAAP Net Loss from Continuing Operations to
Non-GAAP Net Loss from Continuing Operations and Non-GAAP Loss
from Continuing Operations per Basic and Diluted Share
(In thousands, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Loss from continuing operations before tax
|
|
$
|
(23,381
|
)
|
|
$
|
(1,792
|
)
|
|
$
|
(26,364
|
)
|
|
$
|
(4,817
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
468
|
|
|
423
|
|
|
746
|
|
|
852
|
|
Impairment charges
|
|
20,899
|
|
|
-
|
|
|
20,899
|
|
|
-
|
|
Restructuring costs
|
|
-
|
|
|
526
|
|
|
-
|
|
|
526
|
|
Non-GAAP loss before tax
|
|
(2,014
|
)
|
|
(843
|
)
|
|
(4,719
|
)
|
|
(3,439
|
)
|
Benefit from income taxes *
|
|
(711
|
)
|
|
(299
|
)
|
|
(1,666
|
)
|
|
(1,221
|
)
|
Non-GAAP net loss from continuing operations
|
|
$
|
(1,303
|
)
|
|
$
|
(544
|
)
|
|
$
|
(3,053
|
)
|
|
$
|
(2,218
|
)
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss from continuing operations per share:
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
(0.08
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(0.13
|
)
|
Shares used in computing Non-GAAP net loss from continuing
operations per share:
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
16,742
|
|
|
17,455
|
|
|
16,775
|
|
|
17,468
|
|
*
|
|
Benefit from income tax is calculated by multiplying the Non-GAAP
loss before tax by the statutory federal and state income tax rates.
|
|
|
|
CafePress Inc.
User Metrics Disclosure
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
User Metrics
|
|
|
|
|
|
|
|
|
Orders
|
|
589,046
|
|
|
608,956
|
|
|
1,124,216
|
|
|
1,225,894
|
|
year-over-year change
|
|
-3
|
%
|
|
-17
|
%
|
|
-8
|
%
|
|
-11
|
%
|
Average Order Value
|
|
$
|
34
|
|
|
$
|
36
|
|
|
$
|
34
|
|
|
$
|
36
|
|
year-over-year change
|
|
-5
|
%
|
|
-9
|
%
|
|
-6
|
%
|
|
-11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160804006404/en/
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