SEATTLE, Feb. 23, 2012 /PRNewswire/ -- Onvia, Inc.
(NASDAQ: ONVI), a leading provider of comprehensive
government-business market intelligence, reported financial results
for the fourth quarter and year ended December 31, 2011.
2011 Highlights
- Revenue down 14% to $23.2 million
vs. $27.0 million in 2010
- Gross margin at 84% vs. 85% in 2010
- Adjusted EBITDA increased to $3.8
million vs. $1.8 million in
2010
- Income from operations of $900,000 vs. loss from operations of $894,000 in 2010
- Annual Contract Value per Client up 16% to $4,114 vs. $3,558
in 2010
Q4 2011 Highlights
- Revenue down 14% to $5.5 million
vs. Q4 2010
- Gross margin at 83% vs. 87% in Q4 2010
- Adjusted EBITDA increased to $754,000 vs. $695,000 in Q4 2010
- Income from operations of $52,000
vs. $143,000 in Q4 2010
Q4 2011 Operational Performance Summary
|
Q4
11
|
|
Q3
11
|
|
Change
%
|
|
Q4
10
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual Contract Value (ACV) (in
millions)
|
$ 18.5
|
|
$ 19.0
|
|
-3%
|
|
$ 22.0
|
|
-16%
|
|
Content Licenses (in
millions)
|
2.1
|
|
2.2
|
|
-5%
|
|
2.1
|
|
0%
|
|
Total Contract Value (in
millions)
|
$ 20.6
|
|
$ 21.2
|
|
-3%
|
|
$ 24.1
|
|
-15%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Clients
|
4,500
|
|
4,700
|
|
-4%
|
|
6,200
|
|
-27%
|
|
Annual Contract Value per Client
(ACVC)
|
$ 4,114
|
|
$ 4,027
|
|
2%
|
|
$ 3,558
|
|
16%
|
|
Quarterly Contract Value per
Client (QCVC)
|
$ 4,813
|
|
$ 4,371
|
|
10%
|
|
$ 4,279
|
|
12%
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter and Annual 2011 Results
In 2011, Onvia delivered record profitability despite declining
revenue growth. For the full year, Onvia delivered record
Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation and
Amortization, including non-cash stock-based compensation) of
$3.8 million up 105% over 2010 and
exceeded our target of $3.6 million
set at the beginning of 2011.
Annual net income was $1.6 million
or $0.18 per diluted share for the
year ended December 31, 2011 compared
to net loss of $806,000, or
$0.10 cents per diluted share in
2010. Due to our improving profitability we have released
$616,000 of the valuation allowance
against our deferred tax assets which resulted in the same amount
being recognized as a tax benefit in our fourth quarter net income.
We will continue to evaluate the appropriateness of the
valuation allowance annually at a minimum, but more frequently
based on consideration of our operating results. Excluding
the effects of the valuation allowance, we had $25 million of deferred tax assets related to
$73 million in net operating loss
carryforwards available to offset future taxable net income at
December 31, 2011.
Consistent with our expectations, fourth quarter revenue
declined by 14% to $5.5 million from
$6.5 million in the same period last
year and represents an improvement over the third quarter negative
growth rate of 16%. In sequential quarters, our declining
revenue growth slowed to 2% in the fourth quarter of 2011 compared
to a 4% decline in the third quarter. We expect sequential
quarterly revenues to stabilize in the first quarter of 2012, but
we expect year over year growth rates will remain negative through
the first half of 2012 compared to 2011.
Annual Contract Value, or ACV, represents the aggregate annual
value of our subscription contracts. ACV declined by 16% to
$18.5 million from $22.0 million a year ago, but the rate of decline
slowed compared to sequential quarters. In the fourth
quarter, ACV declined by 3% compared to a sequential quarter
decline of 5% in the third quarter of 2011. Stabilization of
ACV indicates that client retention rates are improving and new
client acquisitions are beginning to scale. ACV is expected
to stabilize in early 2012. For more information about ACV,
see "About Annual Contract Value (ACV) and Quarterly Contract Value
per Client (QCVC)," below.
In 2011 Onvia's total client base decreased 27% to 4,500 clients
compared to 6,200 clients in the same year-ago period. In
the fourth quarter, however, we lost clients at a much slower rate
than in previous quarters, losing 4% of our base, compared to 9%
and 8% of the base in the second and third quarters of 2011,
respectively.
Annual Contract Value per Client, however, increased 16% from Q4
2010 to an average of nearly $4,114
per client. ACVC improved, in part by targeting more
strategic clients and because renewals were weighted toward
strategic clients with higher contract values.
In 2011, operating expenses decreased 19% to $18.7 million compared to $23.0 million in 2010, excluding the prior year
impairment of capitalized software in the amount of $967,000. We realized a full year of
expense savings from programs initiated in mid-2010, and we
continued to manage expenses and reallocate resources to high
margin initiatives over the course of 2011.
At December 31, 2011, cash, cash
equivalents and investments increased by $600,000 despite declining revenues, compared to
the end of 2010. As of December 31,
2011 we held cash and investments of $11.5 million compared to $10.9 million at the end of last year. Our
cash balance increased due to lower operating expenses and capital
expenditures, and improving ACV.
2011 in Review
"Fifteen months ago, I reported that Onvia was a broken
company," stated Hank Riner, Onvia's
Chief Executive Officer. "There was a lack of strategy,
clarity and focus on the customer. The business model was
transactional; distributing public sector sales leads to a poorly
defined market. In early 2011 we began to transition the
business away from the generic value proposition of sales leads
toward the high, differentiated value of a rich public sector
procurement database. The future Onvia database will leverage
proprietary content and analytical tools that deliver essential
insight and intelligence required to maximize our customers
business with state and local governments."
"2011 was the first year of our transformation and three of our
five initiatives were successful," Mr. Riner continued. "First, we
developed a three year product roadmap based upon customer feedback
and placed additional focus on content coverage, accuracy and
timeliness. We improved the usability and findability features of
our database with the launch of Onvia 5 in February 2012.
"Our Small and Medium Business or 'SMB' sales organization was
transformed from a telemarketing transactional model to a
professional consultative selling organization. While this
team is still a work in process, average contract value for new
clients was approximately $6,800 in
2011, compared to approximately $3,900 in 2010, an increase of 73%. On the
account management side, client retention rates increased over 12
percentage points since the first quarter of 2011. The full
impact of these changes will begin to be realized in 2012 and
beyond as our clients progress through the term of their annual
subscription.
"Finally our leadership team improved our management of
expenses. We made difficult decisions to more efficiently
allocate capital to achieve a higher rate of return and provide
greater focus and clarity. Overall expenses were reduced by 19%,
excluding the software write-off of $967,000 in 2010.
"Two of our initiatives were not as successful as we had
planned," continued Mr. Riner. "First, new client
acquisitions by the Enterprise sales team did not scale as quickly
as planned. Second, our Content License initiative did not
realize some of the opportunities we expected. We continue to
test different partnership models to identify those markets with
the greatest potential. We believe this will be a profitable
sales channel for Onvia in 2012 and beyond."
2012 Initiatives
As we turn to 2012 we will continue our transformation to a
database and analytics driven business. The second year of
our transition has four initiatives:
First, we plan to continue to drive improvement in our SMB sales
organization to scale results. In 2012, we will emphasize
domain knowledge expertise with the vertical alignment of both
acquisition and retention teams, and focus on consultative selling
to align Onvia's solutions to customer needs, objectives and
challenges.
In 2012, we plan to add more structure to our Enterprise sales
organization. We will roll out the successful methods
that were executed in SMB to the Enterprise team, such as vertical
industry specialization, consultative selling and a rigorous
customer care program. Since the SMB and Enterprise selling
processes are very similar, we will measure the success of new
customer acquisition efforts by reporting a blended ACVC for both
SMB and Enterprise sales in 2012.
We plan to execute our product roadmap. Throughout the
year we plan to capture additional content and normalize and
enhance our data to be in a position to deliver several compelling
strategic analytical applications to our customers in 2013.
Finally, we need to improve our marketing. We plan to
create a strong strategic message that conveys not who we are today
but who we will be 2-3 years from now. We will deliver this
message consistently and clearly across all of our communication
channels to drive revenue growth, improve sales effectiveness and
build our brand.
Conference Call
Onvia will hold a conference call later today (February 23, 2012) to discuss our fourth quarter
and annual results. CEO Hank Riner
and CFO Cameron Way will host the
call starting at 4:30 p.m. Eastern
time. A question and answer session will follow management's
presentation.
To participate in the call, dial the appropriate number 5-10
minutes prior to the start time, request the Onvia conference call
and provide the conference ID:
Date: Thursday, February 23,
2012
Time: 4:30 p.m. Eastern time
(1:30 p.m. Pacific time)
Dial-In Number: 1-800-895-4790
International: 1-785-424-1071
Conference ID#: ONVIA
The conference call will be broadcast simultaneously and
available for replay via the investor section of Onvia's website at
www.onvia.com. If you have any difficulty connecting with the
conference call, please contact Cameron
Way at 206-373-9034.
A replay of the call will be available after 7:30 p.m. Eastern time on the same day and until
March 23, 2012:
Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay pass-code: 11636
Use of Non-GAAP Financial Information
Adjusted EBITDA is not a financial measure calculated and
presented in accordance with U.S. generally accepted accounting
principles ("GAAP") and should not be considered as an alternative
to net income, operating income or any other financial measures so
calculated and presented, nor as an alternative to cash flow from
operating activities as a measure of the company's liquidity.
Onvia defines Adjusted EBITDA as net income / (loss) before
interest expense and other non-cash financing costs; taxes;
depreciation; amortization; and non-cash stock-based compensation.
Other companies (including Onvia's competitors) may define
Adjusted EBITDA differently. Onvia presents Adjusted EBITDA
because it believes Adjusted EBITDA to be an important supplemental
measure of performance that is commonly used by securities
analysts, investors and other interested parties in the evaluation
of companies in similar industries and size. Management also uses
this information internally for forecasting and budgeting. It
may not be indicative of the historical operating results of Onvia
nor is it intended to be predictive of potential future results.
Investors should not consider Adjusted EBITDA in isolation or
as a substitute for analysis of results as reported under GAAP.
See "Reconciliation of GAAP Net Income / (Loss) to Adjusted
EBITDA" below for further information on this non-GAAP measure and
for a reconciliation of GAAP Net Income / (Loss) to Adjusted EBITDA
for the periods indicated.
Onvia,
Inc.
|
|
Reconciliation of GAAP Net
Income / (Loss) to Adjusted EBITDA
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2011
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income /
(loss)
|
$
677
|
|
$
248
|
|
$
150
|
|
$
1,553
|
|
$
(806)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling items from GAAP to
adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income,
net
|
(9)
|
|
(8)
|
|
(7)
|
|
(37)
|
|
(88)
|
|
|
Depreciation and
amortization
|
625
|
|
680
|
|
652
|
|
2,557
|
|
2,724
|
|
|
Amortization of stock-based
compensation
|
77
|
|
90
|
|
(100)
|
|
312
|
|
12
|
|
|
Income tax /
(benefit)
|
(616)
|
|
-
|
|
-
|
|
(616)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$
754
|
|
$
1,010
|
|
$
695
|
|
$
3,769
|
|
$
1,842
|
|
|
|
|
|
|
|
|
|
|
|
|
About Annual Contract Value (ACV) and Quarterly Contract
Value per Client (QCVC)
Onvia also supplements its financial statements in this release
and in its annual report on Form 10-K and quarterly reports on Form
10-Q with a calculation of Annual Contract Value (ACV), which
represents the annualized aggregate revenue value of all
subscription contracts as of the end of the quarter. ACV is
driven by Annual Contract Value per Client (ACVC) and the number of
clients. Most of Onvia's revenues are generated from subscription
contracts, which are typically prepaid and have a minimum term of
one year, with revenues recognized ratably over the term of the
subscription. Onvia also receives revenues from multi-year
content distribution partnerships, stand-alone management reports,
document download services, and list rental services, which are not
included in the calculation of ACV. ACV is not a financial
measure calculated and presented in accordance with U.S. generally
accepted accounting principles ("GAAP") and should not be
considered as an alternative to revenue or any other financial
measures so calculated. Management uses this information as a basis
for planning and forecasting core business activity for future
periods and believes it is useful in understanding the results of
its operations. Quarterly Contract Value per Client (QCVC) is
similar to ACVC, but represents the average annual contract value
of all new and renewing client transactions signed during the
quarter only. We will eliminate this metric in 2012, because
we believe that blended acquisition ACVC better represents the
trend in current period ACVC because it is not affected by the mix
of accounts renewing in the period.
Forward-Looking Statements
This release contains "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995, including
statements regarding future Adjusted EBITDA, profitability, ACV and
revenue and client growth. Forward-looking statements can be
identified by words such as "believe," "intend," "plan," "expect,"
"should," "indicate" and similar references to future periods.
These statements are based on management's current
expectations and beliefs and, because such statements relate to the
future, are subject to risks and uncertainties that are difficult
to predict. Onvia's actual results may differ materially from
those contemplated by the forward-looking statements in this
release and we caution you against unduly relying on any of these
forward-looking statements.
The following factors, among others, could cause actual results
to differ materially from those described in the forward-looking
statements: Onvia's "targeted accounts" strategy may fail to
increase contract value of new customers; identifying partners to
distribute Onvia's content may be slower than expected; client
adoption of Onvia's enterprise solutions may be slower than
expected; Onvia's market driven product development process may
fail to improve sales penetration and client retention rates; and
Onvia's technology may fail to handle the increased demands on its
infrastructure caused by increasing network traffic and the volume
of aggregated data. Additional information on factors that
may impact these forward-looking statements can be found in the
"Business," "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and "Risk Factors" sections,
as applicable, in Onvia's Annual Report on Form 10-K for the year
December 31, 2010 and Quarterly
Report on Form 10-Q for the quarter ended September 30, 2011.
Any forward-looking statement made by Onvia in this presentation
is as of the date indicated. Factors or events that could
cause Onvia's actual results to differ may emerge from time to
time, and it is not possible for Onvia to predict all of them.
Onvia assumes no obligation to update any forward-looking
statements contained in this presentation as a result of new
information or future events or developments, except as may be
required by law.
About Onvia, Inc.
For more than 12 years Onvia (NASDAQ: ONVI) has been delivering
the research, analytics and tools companies rely on to succeed in
the $5.5 trillion government
market. Onvia tracks, analyzes and reports the spending of
tens of thousands of federal, state and local government agencies,
giving companies a single source for conducting open, intelligent
and efficient business with government. Along with providing
an exclusive suite of integrated business tools for a wide variety
of industries, Onvia offers DemandStar, the automated system that
streamlines agency procurement processes. For information
about Onvia visit www.onvia.com.
Onvia,
Inc.
|
|
Condensed
Consolidated Statements of Operations
|
|
Three and
Twelve Months Ended December 31, 2011 and December 31,
2010
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
Twelve
Months Ended December 31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(In
thousands, except per share data)
|
|
(In
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
Subscription
|
$ 4,752
|
|
$ 5,654
|
|
$ 19,927
|
|
$ 23,270
|
|
Content license
|
548
|
|
522
|
|
2,217
|
|
2,481
|
|
Management information
reports
|
165
|
|
198
|
|
628
|
|
897
|
|
Other
|
79
|
|
85
|
|
391
|
|
344
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
5,544
|
|
6,459
|
|
23,163
|
|
26,992
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
917
|
|
820
|
|
3,602
|
|
3,946
|
|
|
|
|
|
|
|
|
|
|
Gross margin
|
4,627
|
|
5,639
|
|
19,561
|
|
23,046
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
2,743
|
|
3,134
|
|
10,634
|
|
13,994
|
|
Technology and
development
|
885
|
|
1,016
|
|
3,914
|
|
3,769
|
|
General and
administrative
|
947
|
|
1,346
|
|
4,113
|
|
6,177
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
4,575
|
|
5,496
|
|
18,661
|
|
23,940
|
|
|
|
|
|
|
|
|
|
|
Income / (loss) from
operations
|
52
|
|
143
|
|
900
|
|
(894)
|
|
|
|
|
|
|
|
|
|
|
Interest and other income,
net
|
9
|
|
7
|
|
37
|
|
88
|
|
|
|
|
|
|
|
|
|
|
Income / (loss) before income
tax
|
61
|
|
150
|
|
937
|
|
(806)
|
|
|
|
|
|
|
|
|
|
|
Benefit for income
taxes
|
616
|
|
-
|
|
616
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net income / (loss)
|
$ 677
|
|
$ 150
|
|
$ 1,553
|
|
$ (806)
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain / (loss)
on available-for-sale securities
|
1
|
|
(2)
|
|
2
|
|
2
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income /
(loss)
|
$ 678
|
|
$ 148
|
|
$ 1,555
|
|
$ (804)
|
|
|
|
|
|
|
|
|
|
|
Basic net income / (loss) per
common share
|
$ 0.08
|
|
$ 0.02
|
|
$ 0.18
|
|
$ (0.10)
|
|
|
|
|
|
|
|
|
|
|
Diluted net income / (loss) per
common share
|
$ 0.08
|
|
$ 0.02
|
|
$ 0.18
|
|
$ (0.10)
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares
outstanding
|
8,493
|
|
8,429
|
|
8,468
|
|
8,378
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares
outstanding
|
8,511
|
|
8,391
|
|
8,509
|
|
8,378
|
|
|
|
|
|
|
|
|
|
ONVIA,
INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
December
31,
2011
|
|
December 31,
2010
|
|
|
(Unaudited)
|
|
|
(In
thousands, except share data)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
$
3,378
|
|
$
7,522
|
|
Short-term investments,
available-for-sale
|
8,149
|
|
3,362
|
|
Accounts receivable, net
of allowance for doubtful accounts of $37 and $73
|
1,124
|
|
1,750
|
|
Prepaid expenses and other
current assets, current portion
|
478
|
|
594
|
|
Security deposits, current
portion
|
45
|
|
135
|
|
Deferred tax assets,
current portion
|
28
|
|
-
|
|
|
|
|
|
|
Total current
assets
|
13,202
|
|
13,363
|
|
|
|
|
|
|
LONG TERM ASSETS:
|
|
|
|
|
Property and equipment,
net of accumulated depreciation
|
1,275
|
|
1,419
|
|
Internal use software, net
of accumulated amortization
|
6,175
|
|
6,587
|
|
Reimbursable tenant
improvements
|
-
|
|
147
|
|
Prepaid expenses and other
assets, net of current portion
|
2
|
|
3
|
|
Security deposits, net of
current portion
|
90
|
|
135
|
|
Deferred tax assets, net
of valuation allowance
|
588
|
|
|
|
|
|
|
|
|
Total long term
assets
|
8,130
|
|
8,291
|
|
|
|
|
|
|
TOTAL ASSETS
|
$
21,332
|
|
$
21,654
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
Accounts
payable
|
$
609
|
|
$
1,172
|
|
Accrued
expenses
|
709
|
|
992
|
|
Idle lease accrual,
current portion
|
69
|
|
-
|
|
Unearned revenue, current
portion
|
7,999
|
|
9,782
|
|
Deferred rent, current
portion
|
146
|
|
115
|
|
|
|
|
|
|
Total current
liabilities
|
9,532
|
|
12,061
|
|
|
|
|
|
|
LONG TERM
LIABILITIES:
|
|
|
|
|
Idle lease accrual, net of
current portion
|
74
|
|
-
|
|
Unearned revenue, net of
current portion
|
489
|
|
228
|
|
Deferred rent, net of
current portion
|
568
|
|
716
|
|
|
|
|
|
|
Total long term
liabilities
|
1,131
|
|
944
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
10,663
|
|
13,005
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY:
|
|
|
|
|
Preferred stock; $.0001
par value: 2,000,000 shares authorized; no shares issued or
outstanding
|
-
|
|
-
|
|
Common stock; $.0001 par
value: 11,000,000 shares authorized; 8,494,290 and 8,430,605 shares
issued; and 8,494,264 and 8,430,579 shares outstanding
|
1
|
|
1
|
|
Treasury stock, at cost:
26 and 26 shares
|
-
|
|
-
|
|
Additional paid in
capital
|
352,762
|
|
352,298
|
|
Accumulated other
comprehensive loss
|
1
|
|
(1)
|
|
Accumulated
deficit
|
(342,095)
|
|
(343,649)
|
|
|
|
|
|
|
Total stockholders’
equity
|
10,669
|
|
8,649
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
21,332
|
|
$
21,654
|
|
|
|
|
|
Onvia,
Inc.
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
Twelve
Months Ended December 31, 2011 and December 31, 2010
|
|
|
|
|
|
|
|
Twelve
Months Ended December 31,
|
|
|
2011
|
|
2010
|
|
|
(Unaudited)
|
|
|
(In
thousands)
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES:
|
|
|
|
|
Net income /
(loss)
|
$ 1,553
|
|
$ (806)
|
|
Adjustments to reconcile
net income / (loss) to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
2,557
|
|
2,724
|
|
Loss on abandonment of
assets
|
-
|
|
969
|
|
Idle lease
accrual
|
143
|
|
-
|
|
Stock-based
compensation
|
312
|
|
12
|
|
Deferred taxes
|
(616)
|
|
-
|
|
Change in operating assets
and liabilities:
|
|
|
|
|
Accounts
receivable
|
627
|
|
(63)
|
|
Prepaid expenses and other
assets
|
116
|
|
140
|
|
Accounts
payable
|
(473)
|
|
(80)
|
|
Accrued
expenses
|
(283)
|
|
(251)
|
|
Unearned
revenue
|
(1,522)
|
|
(1,536)
|
|
Deferred rent
|
(117)
|
|
(88)
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
2,297
|
|
1,021
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES:
|
|
|
|
|
Additions to property and
equipment
|
(517)
|
|
(944)
|
|
Additions to internal use
software
|
(1,426)
|
|
(3,238)
|
|
Purchases of
investments
|
(13,443)
|
|
(8,220)
|
|
Sales of
investments
|
1,350
|
|
2,292
|
|
Maturities of
investments
|
7,308
|
|
15,200
|
|
Return of security
deposits
|
135
|
|
135
|
|
|
|
|
|
|
Net cash (used in) /
provided by investing activities
|
(6,593)
|
|
5,225
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES:
|
|
|
|
|
Principal payments on
capital lease obligations
|
-
|
|
(6)
|
|
Proceeds from exercise of
stock options
|
152
|
|
62
|
|
Repurchase of common stock
for minimum tax obligations on options exercise
|
-
|
|
(427)
|
|
|
|
|
|
|
Net cash provided by /
(used in) financing activities
|
152
|
|
(371)
|
|
|
|
|
|
|
Net (decrease) / increase in
cash and cash equivalents
|
(4,144)
|
|
5,875
|
|
|
|
|
|
|
Cash and cash equivalents,
beginning of period
|
7,522
|
|
1,647
|
|
|
|
|
|
|
Cash and cash equivalents, end
of period
|
$ 3,378
|
|
$ 7,522
|
|
|
|
|
|
SOURCE Onvia, Inc.