U.S. Auto Parts Reports Second Quarter 2017 Results
CARSON, Calif. - August 10, 2017 - U.S. Auto Parts Network, Inc. (NASDAQ: PRTS), one of the largest online providers of aftermarket automotive parts and accessories, reported results for the second quarter ended July 1, 2017. All information and data are from continuing operations, which exclude the AutoMD operating segment unless specifically noted.
Second Quarter 2017 Financial Summary vs. Year-Ago Quarter
| |
• | Net sales increased 3% to $80.2 million compared to $78.0 million. |
| |
• | Gross margin was 29.0% compared to 30.4%. |
| |
• | Net income was $26.9 million, or $0.67 per diluted share, compared to $1.2 million or $0.03 per diluted share. |
| |
• | Adjusted EBITDA (a non-GAAP measure defined below) was $3.8 million compared to $4.0 million. |
| |
• | Ended the quarter with no revolver debt. |
Second Quarter 2017 Operational Highlights vs. Year-Ago Quarter
| |
• | Total online orders increased by 11% to 954,000 orders. |
| |
• | Conversion rate increased 20 basis points to 2.0%. |
| |
• | Customer acquisition cost reduced by 7% to $6.99. |
Management Commentary
“Our second quarter was highlighted by the return to double-digit growth in our private label business, largely driven by a 37% increase in online marketplace sales,” said Aaron Coleman, CEO of U.S. Auto Parts. “Despite lower sales in our e-commerce channel, we still increased overall sales and grew total online orders by 11%, while improving conversion and reducing customer acquisition cost.
“We are continuing to experience a shift in channel mix this year, with our lower-margin online marketplace channel gaining momentum and our e-commerce channel experiencing lower traffic. We are addressing these channel dynamics with various initiatives, including a new e-commerce traffic optimization strategy and prudent cost management across the entire organization, which is further reflected by the 130 basis point reduction of operating expenses.
“Looking ahead to the remainder of 2017, we expect the deployment of these initiatives to help drive improved results as we exit the year. But regardless of the sales channel, we plan to continue capitalizing on industry tailwinds as more and more consumers shop online for auto parts, be it through third-party sites like Amazon and eBay, or our e-commerce sites.”
Second Quarter 2017 Financial Results
Net sales in the second quarter of 2017 increased 3% to $80.2 million compared to $78.0 million in the year-ago quarter. The increase was largely driven by a 37% increase in online marketplace sales to $28.3 million, partially offset by a 13% decrease in e-commerce sales.
Gross profit in the second quarter of 2017 was $23.2 million compared to $23.7 million in the year-ago quarter. As a percentage of net sales, gross profit was 29.0% compared to 30.4% in the year ago quarter. The decrease in gross margin was primarily driven by lower-margin channel mix and higher freight costs. The company continues to expect gross margin to range between 29-30% going forward.
Total operating expenses in the second quarter were reduced to $21.7 million compared to $22.1 million in the second quarter of last year. As a percentage of net sales, operating expenses decreased 130 basis points to 27.1% compared to 28.4% in the year ago quarter as a result of lower call center and marketing expenses.
Net income in the second quarter was $26.9 million, or $0.67 per diluted share, compared to $1.2 million or $0.03 per diluted share in the year-ago period. The significant increase was driven by the release of a valuation allowance from the company's cumulative net operating losses, which resulted in a $25.9 million tax credit.
Adjusted EBITDA in the second quarter of 2017 was $3.8 million compared to $4.0 million in the year-ago quarter.
At July 1, 2017, cash and cash equivalents totaled $9.9 million compared to $2.7 million at December 31, 2016. The company also continued to have no revolver debt at July 1, 2017.
Key Operating Metrics
|
| | | | | | | | | | | |
| Q2 2017 | | Q2 2016 | | Q1 2017 |
Conversion Rate 1 | 2.0 | % | | 1.8 | % | | 1.8 | % |
Customer Acquisition Cost 1 | $ | 6.99 |
| | $ | 7.54 |
| | $ | 7.43 |
|
Unique Visitors (millions) 1 | 24.7 |
| | 30.2 |
| | 28.9 |
|
Number of Orders - E-commerce only (thousands) | 494 |
| | 544 |
| | 518 |
|
Number of Orders - Online Marketplace (thousands) | 460 |
| | 315 |
| | 431 |
|
Total Number of Internet Orders (thousands) | 954 |
| | 859 |
| | 949 |
|
Revenue Capture (% Sales) 2 | 85.3 | % | | 84.0 | % | | 85.2 | % |
Average Order Value - E-commerce only | $ | 103 |
| | $ | 109 |
| | $ | 104 |
|
Average Order Value - Online Marketplace | $ | 67 |
| | $ | 71 |
| | $ | 67 |
|
Average Order Value - Total Internet Orders | $ | 85 |
| | $ | 95 |
| | $ | 87 |
|
| |
1. | Excludes online marketplaces and media properties (e.g. AutoMD). |
| |
2. | Revenue capture is the amount of actual dollars retained after taking into consideration returns, credit card declines and product fulfillment and excludes online marketplaces and media properties (e.g. AutoMD). |
2017 Outlook
U.S. Auto Parts continues to expect net sales to be up low to mid-single digits on a percentage basis compared to 2016.
However, due to the aforementioned tax credit and channel mix issues, the company now expects net income to range between $27.0 million and $29.0 million, which compares to the company’s previously issued guidance of $4.8 million to $7.8 million. U.S. Auto Parts also now expects adjusted EBITDA to range between $13.0 million and $15.0 million, which compares to its previously issued guidance of $15.0 million to $18.0 million. The reduced outlook for adjusted EBIDTA reflects the company’s year-to-date performance, recent channel mix trends and additional projected freight-related expenses, as well as an increase in compliance costs related to its upcoming accelerated filer status.
Conference Call
U.S. Auto Parts will conduct a conference call today at 8:30 a.m. Eastern time (5:30 a.m. Pacific time) to discuss its financial results for the second quarter ended July 1, 2017.
The Company’s CEO Aaron Coleman and CFO Neil Watanabe will host the conference call, followed by a question and answer period.
Date: Thursday, August 10, 2017
Time: 8:30 a.m. Eastern time (5:30 a.m. Pacific time)
Toll-free dial-in number: 877-407-9039
International dial-in number: 201-689-8470
Conference ID: 13664701
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios at 1-949-574-3860.
The conference call will be broadcast live and available for replay via the investor relations section of the Company’s website at www.usautoparts.net.
A telephone replay of the conference call will also be available on the same day through August 24, 2017.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 13664701
About U.S. Auto Parts Network, Inc.
Established in 1995, U.S. Auto Parts is a leading online provider of automotive aftermarket parts, including collision, engine, and performance parts and accessories. Through the Company’s network of websites, U.S. Auto Parts provides consumers with a broad selection of competitively priced products, all mapped by a proprietary database with applications based on vehicle makes, models and years. U.S. Auto Parts’ flagship websites include www.autopartswarehouse.com, www.carparts.com, www.jcwhitney.com, and www.AutoMD.com, as well as the Company’s corporate website at www.usautoparts.net.
U.S. Auto Parts is headquartered in Carson, California.
Non-GAAP Financial Measures
Regulation G, 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) depreciation and amortization expense; (d) amortization of intangible assets; and (e) share-based compensation expense.
The Company believes that this non-GAAP financial measure provides important supplemental information to management and investors. This non-GAAP financial measures reflect 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 one measure of the Company’s operating performance because it assists in comparing the Company’s operating performance on a consistent basis by removing the impact of stock compensation expense, as well as items that are not expected to be recurring. 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; and for evaluating the effectiveness of operational strategies. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate the ongoing operations 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.
Safe Harbor Statement
This press release contains statements 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. These statements are forward looking statements for the purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended and Section 27A of the Securities Act of 1933, as amended. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “potential,” “believes,” “predicts,” “projects,” “seeks,” “estimates,” “may,” “will,” “would,” “will likely continue” 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 and financial condition, impact of changes in our key operating metrics, our potential growth and our liquidity requirements. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. 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, competitive pressures, our dependence on search engines to attract customers, demand for the Company’s products, the online market and channel mix for aftermarket auto parts, the economy in general, increases in commodity and component pricing that would increase the Company’s product costs, the operating restrictions in our credit agreement, the weather, and any 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.
Company Contact:
Neil T. Watanabe, Chief Financial Officer
U.S. Auto Parts Network, Inc.
(424) 702-1455 x421
nwatanabe@usautoparts.com
Investor Relations:
Cody Slach or Sean Mansouri
Liolios
949-574-3860
PRTS@liolios.com
Summarized information for our continuing operations for the periods presented is as follows (in millions): |
| | | | | | | | | | | | | | | | |
| | Thirteen Weeks Ended | | Twenty-Six Weeks Ended |
| | July 1, 2017 | | July 2, 2016 | | July 1, 2017 | | July 2, 2016 |
Net sales | | $ | 80.21 |
| | $ | 78.00 |
| | $ | 161.04 |
| | $ | 158.75 |
|
Gross profit | | $ | 23.24 |
| | $ | 23.70 |
| | $ | 47.03 |
| | $ | 48.23 |
|
| | 29.0 | % |
| 30.4 | % |
| 29.2 | % |
| 30.4 | % |
Operating expenses | | $ | 21.74 |
| | $ | 22.13 |
| | $ | 44.32 |
| | $ | 44.75 |
|
| | 27.1 | % | | 28.4 | % | | 27.5 | % | | 28.2 | % |
Income from operations | | $ | 1.51 |
| | $ | 1.57 |
| | $ | 2.71 |
| | $ | 3.48 |
|
| | 1.9 | % | | 2.0 | % | | 1.7 | % | | 2.2 | % |
Income from continuing operations | | $ | 26.92 |
| | $ | 1.22 |
| | $ | 27.73 |
| | $ | 2.75 |
|
| | 33.6 | % | | 1.6 | % | | 17.2 | % | | 1.7 | % |
Adjusted EBITDA | | $ | 3.82 |
| | $ | 4.03 |
| | $ | 7.85 |
| | $ | 8.37 |
|
| | 4.8 | % | | 5.2 | % | | 4.9 | % | | 5.3 | % |
The table below reconciles income from continuing operations to Adjusted EBITDA for the periods presented (in thousands): |
| | | | | | | | | | | | | | | |
| Thirteen Weeks Ended | | Fifty-Two Weeks Ended |
| July 1, 2017 | | July 2, 2016 | | July 1, 2017 | | July 2, 2016 |
Income from continuing operations | $ | 26,918 |
| | $ | 1,216 |
| | $ | 27,734 |
| | $ | 2,753 |
|
Depreciation & amortization | 1,637 |
| | 1,556 |
| | 3,270 |
| | 3,100 |
|
Amortization of intangible assets | 112 |
| | 113 |
| | 224 |
| | 225 |
|
Interest expense, net | 466 |
| | 242 |
| | 842 |
| | 588 |
|
Taxes | (25,859 | ) | | 113 |
| | (25,832 | ) | | 146 |
|
EBITDA | $ | 3,274 |
| | $ | 3,240 |
| | $ | 6,238 |
| | $ | 6,812 |
|
Stock comp expense | $ | 544 |
| | $ | 785 |
| | $ | 1,608 |
| | $ | 1,557 |
|
Adjusted EBITDA | $ | 3,818 |
| | $ | 4,025 |
| | $ | 7,846 |
| | $ | 8,369 |
|
The table below reconciles the high and low ends of our projected range of net income to projected Adjusted EBITDA for the period presented (in thousands): |
| | | | | | | |
| Low End 52 Weeks Ending December 30, 2017 | | High End 52 Weeks Ending December 30, 2017 |
| | | |
Income from continuing operations | $ | 27,000 |
| | $ | 29,000 |
|
Depreciation & amortization | 6,500 |
| | 6,500 |
|
Amortization of intangible assets | 400 |
| | 400 |
|
Interest expense, net | 1,900 |
| | 1,900 |
|
Taxes | (25,700 | ) | | (25,700 | ) |
EBITDA | $ | 10,100 |
| | $ | 12,100 |
|
Stock comp expense | $ | 2,900 |
| | $ | 2,900 |
|
Adjusted EBITDA | $ | 13,000 |
| | $ | 15,000 |
|
U.S. AUTO PARTS NETWORK, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS
(Unaudited, in Thousands, Except Per Share Data)
|
| | | | | | | | | | | | | | | |
| Thirteen Weeks Ended | | Twenty-Six Weeks Ended |
| July 1,
2017 | | July 2,
2016 | | July 1,
2017 | | July 2,
2016 |
Net sales | $ | 80,208 |
| | $ | 77,999 |
| | $ | 161,041 |
| | $ | 158,745 |
|
Cost of sales (1) | 56,964 |
| | 54,298 |
| | 114,010 |
| | 110,512 |
|
Gross profit | 23,244 |
| | 23,701 |
| | 47,031 |
| | 48,233 |
|
Operating expenses: | | | | | | | |
Marketing | 10,248 |
| | 10,424 |
| | 20,562 |
| | 21,218 |
|
General and administrative | 4,310 |
| | 4,540 |
| | 9,111 |
| | 8,973 |
|
Fulfillment | 5,929 |
| | 5,658 |
| | 12,011 |
| | 11,696 |
|
Technology | 1,136 |
| | 1,397 |
| | 2,409 |
| | 2,641 |
|
Amortization of intangible assets | 112 |
| | 113 |
| | 224 |
| | 225 |
|
Total operating expenses | 21,735 |
| | 22,132 |
| | 44,317 |
| | 44,753 |
|
Income from operations | 1,509 |
| | 1,569 |
| | 2,714 |
| | 3,480 |
|
Other income (expense): | | | | | | | |
Other income, net | 19 |
| | 11 |
| | 35 |
| | 17 |
|
Interest expense | (469 | ) | | (251 | ) | | (847 | ) | | (598 | ) |
Total other expense, net | (450 | ) | | (240 | ) | | (812 | ) | | (581 | ) |
Income from continuing operations before income taxes | 1,059 |
| | 1,329 |
| | 1,902 |
| | 2,899 |
|
Income tax (benefit) provision | (25,859 | ) | | 113 |
| | (25,832 | ) | | 146 |
|
Income from continuing operations | 26,918 |
| | 1,216 |
| | 27,734 |
| | 2,753 |
|
Discontinued operations (2) | | | | | | | |
Loss from operations and disposal of discontinued AutoMD operations | — |
| | (704 | ) | | (558 | ) | | (1,433 | ) |
Income tax (benefit) provision | — |
| | (169 | ) | | 1 |
| | (351 | ) |
Loss on discontinued operations | — |
| | (535 | ) | | (559 | ) | | (1,082 | ) |
Net income | 26,918 |
| | 681 |
| | 27,175 |
| | 1,671 |
|
Other comprehensive income (loss): | | | | | | |
Foreign currency translation adjustments | (1 | ) | | (8 | ) | | (3 | ) | | (13 | ) |
Total other comprehensive loss | (1 | ) | | (8 | ) | | (3 | ) | | (13 | ) |
Comprehensive income | $ | 26,917 |
| | $ | 673 |
| | $ | 27,172 |
| | $ | 1,658 |
|
Income from continuing operations per share: | | | | | | | |
Basic income from continuing operations per share | $ | 0.76 |
| | $ | 0.03 |
| | $ | 0.79 |
| | $ | 0.08 |
|
Diluted income from continuing operations per share | $ | 0.67 |
| | $ | 0.03 |
| | $ | 0.69 |
| | $ | 0.07 |
|
Weighted average common shares outstanding: | | | | | | | |
Shares used in computation of basic income from continuing operations per share | 35,332 |
| | 34,753 |
| | 34,921 |
| | 34,625 |
|
Shares used in computation of diluted income from continuing operations per share | 39,933 |
| | 40,007 |
| | 40,079 |
| | 39,655 |
|
| |
(1) | Excludes depreciation and amortization expense which is included in marketing, general and administrative and fulfillment expense. |
| |
(2) | During March, 2017 our AutoMD operations filed for dissolution and have been classified as discontinued operations. |
U.S. AUTO PARTS NETWORK, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited, In Thousands, Except Par and Liquidation Value)
|
| | | | | | | |
| July 1, 2017 | | December 31, 2016 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 9,928 |
| | $ | 6,643 |
|
Short-term investments | 8 |
| | 30 |
|
Accounts receivable, net of allowances of $46 and $36 at July 1, 2017 and December 31, 2016, respectively | 2,698 |
| | 3,266 |
|
Inventory | 52,195 |
| | 50,904 |
|
Other current assets | 2,743 |
| | 2,815 |
|
Total current assets | 67,572 |
| | 63,658 |
|
Deferred income taxes | 25,881 |
| | — |
|
Property and equipment, net | 15,667 |
| | 16,478 |
|
Intangible assets, net | 745 |
| | 969 |
|
Other non-current assets | 853 |
| | 1,029 |
|
Total assets | $ | 110,718 |
| | $ | 82,134 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Accounts payable | $ | 39,771 |
| | $ | 33,697 |
|
Accrued expenses | 7,999 |
| | 6,860 |
|
Current portion of capital leases payable | 557 |
| | 542 |
|
Customer deposits | 2,765 |
| | 3,718 |
|
Other current liabilities | 2,100 |
| | 1,972 |
|
Total current liabilities | 53,192 |
| | 46,789 |
|
Capital leases payable, net of current portion | 9,477 |
| | 9,770 |
|
Deferred income taxes | — |
| | 156 |
|
Other non-current liabilities | 2,154 |
| | 2,097 |
|
Total liabilities | 64,823 |
| | 58,812 |
|
Commitments and contingencies | | | |
Stockholders’ equity: | | | |
Series A convertible preferred stock, $0.001 par value; $1.45 per share liquidation value or aggregate of $6,017; 4,150 shares authorized; 2,771 and 4,150 shares issued and outstanding at July 1, 2017 and December 31, 2016, respectively | 3 |
| | 4 |
|
Common stock, $0.001 par value; 100,000 shares authorized; 36,056 and 34,623 shares issued and outstanding at July 1, 2017 and December 31, 2016 | 37 |
| | 35 |
|
Treasury stock | (3,630 | ) | | (1,376 | ) |
Additional paid-in capital | 178,651 |
| | 180,153 |
|
Accumulated other comprehensive income | 554 |
| | 557 |
|
Accumulated deficit | (129,720 | ) | | (156,520 | ) |
Total stockholders’ equity | 45,895 |
| | 22,853 |
|
Noncontrolling interest | — |
| | 469 |
|
Total equity | 45,895 |
| | 23,322 |
|
Total liabilities and stockholders’ equity | $ | 110,718 |
| | $ | 82,134 |
|
U.S. AUTO PARTS NETWORK, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, In Thousands)
|
| | | | | | | |
| Twenty-Six Weeks Ended |
| July 1,
2017 | | July 2,
2016 |
Operating activities | | | |
Net income | $ | 27,175 |
| | $ | 1,671 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization expense | 3,270 |
| | 3,704 |
|
Amortization of intangible assets | 224 |
| | 241 |
|
Deferred income taxes | (25,881 | ) | | (257 | ) |
Share-based compensation expense | 1,633 |
| | 1,668 |
|
Stock awards issued for non-employee director service | 5 |
| | 4 |
|
Amortization of deferred financing costs | 30 |
| | 41 |
|
Gain from disposition of assets | (8 | ) | | — |
|
Changes in operating assets and liabilities: | | | |
Accounts receivable | 568 |
| | 265 |
|
Inventory | (1,291 | ) | | 6,795 |
|
Other current assets | (86 | ) | | (1,038 | ) |
Other non-current assets | 166 |
| | 81 |
|
Accounts payable and accrued expenses | 7,261 |
| | 1,308 |
|
Other current liabilities | (764 | ) | | 319 |
|
Other non-current liabilities | 168 |
| | 204 |
|
Net cash provided by operating activities | 12,470 |
| | 15,006 |
|
Investing activities | | | |
Additions to property and equipment | (2,494 | ) | | (2,887 | ) |
Proceeds from sale of property and equipment | 39 |
| | — |
|
Cash paid for intangible assets | — |
| | (125 | ) |
Net cash used in investing activities | (2,455 | ) | | (3,012 | ) |
Financing activities | | | |
Borrowings from revolving loan payable | 3,645 |
| | 9,297 |
|
Payments made on revolving loan payable | (3,645 | ) | | (21,056 | ) |
Proceeds from stock options | 238 |
| | 536 |
|
Minority shareholder redemption | (2,485 | ) | | — |
|
Payments on capital leases | (278 | ) | | (313 | ) |
Treasury stock repurchase | (2,272 | ) | | — |
|
Statutory tax withholding payment for share-based compensation | (1,644 | ) | | (969 | ) |
Payment of liabilities related to financing activities | (100 | ) | | (100 | ) |
Preferred stock dividends paid | (169 | ) | | — |
|
Net cash used in financing activities | (6,710 | ) | | (12,605 | ) |
Effect of exchange rate changes on cash | (20 | ) | | (13 | ) |
Net change in cash and cash equivalents | 3,285 |
| | (624 | ) |
Cash and cash equivalents, beginning of period | 6,643 |
| | 5,537 |
|
Cash and cash equivalents, end of period | $ | 9,928 |
| | $ | 4,913 |
|
Supplemental disclosure of non-cash investing and financing activities: | | | |
Accrued asset purchases | $ | 712 |
| | $ | 735 |
|
Property acquired under capital lease | $ | — |
| | $ | 211 |
|
Supplemental disclosure of cash flow information: | | | |
Cash paid during the period for income taxes | $ | 42 |
| | $ | 49 |
|
Cash paid during the period for interest | 711 |
| | 564 |
|
