CAFEPRESS INC.

CIK:0001117733|SEC Filings

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Net revenue	$ 13,181	$ 15,349	$ 42,120	$ 51,491
Cost of net revenue	7,824	9,278	24,912	31,470
Gross profit	5,357	6,071	17,208	20,021
Operating expense:
Sales and marketing	3,374	4,301	10,580	13,496
Technology and development	2,290	3,007	7,099	9,067
General and administrative	1,821	2,477	6,199	7,770
Restructuring costs	0	0	637	0
Total operating expense	7,485	9,785	24,515	30,333
Loss from operations	(2,128)	(3,714)	(7,307)	(10,312)
Interest income	108	58	240	137
Interest expense	0	(1)	0	(11)
Other (expense) income, net	(635)	17	(626)	20
Loss before income taxes	(2,655)	(3,640)	(7,693)	(10,166)
Provision for income taxes	0	0	0	1
Net loss	$ (2,655)	$ (3,640)	$ (7,693)	$ (10,167)
Net loss per share of common stock:
Basic (in dollars per share)	$ (0.16)	$ (0.22)	$ (0.45)	$ (0.61)
Diluted (in dollars per share)	$ (0.16)	$ (0.22)	$ (0.45)	$ (0.61)
Shares used in computing net loss per share of common stock:
Basic (in shares)	17,122	16,828	17,037	16,736
Diluted (in shares)	17,122	16,828	17,037	16,736
Other comprehensive income:
Unrealized holding gains on available-for-sale securities, net of tax	$ 7	$ 0	$ 2	$ 0
Other comprehensive income	7	0	2	0
Comprehensive loss	$ (2,648)	$ (3,640)	$ (7,691)	$ (10,167)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash Flows from Operating Activities:
Net loss	$ (7,693)	$ (10,167)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,414	3,498
Loss on disposal of fixed assets	69	11
Stock-based compensation	1,060	1,324
Short-term investments principal accretion	(10)	0
Changes in operating assets and liabilities:
Accounts receivable	809	645
Inventory	628	767
Prepaid expenses and other current assets	382	336
Other assets	128	32
Accounts payable	(1,486)	(711)
Accrued royalties payables	(1,484)	(1,963)
Accrued and other liabilities	(4,524)	(6,995)
Deferred revenue	(413)	1
Net cash used in operating activities	(9,120)	(13,222)
Cash Flows from Investing Activities:
Purchase of short-term investments	(11,085)	(1,984)
Proceeds from maturities of short-term investments	4,713	14,384
Purchase of property and equipment	(408)	(1,858)
Capitalization of software and website development costs	(1,369)	(1,850)
Proceeds from disposal of fixed assets	302	3
Net cash (used in) provided by investing activities	(7,847)	8,695
Cash Flows from Financing Activities:
Principal payments on capital lease obligations	0	(347)
Proceeds from exercise of common stock options	0	13
Repurchases of common stock	0	(58)
Net cash used in financing activities	0	(392)
Net decrease in cash, cash equivalents and restricted cash	(16,967)	(4,919)
Cash, cash equivalents and restricted cash — beginning of period	26,437	19,980
Cash, cash equivalents and restricted cash— end of period	9,470	15,061
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	93	32
Income taxes (refunded) paid during the period	(81)	1
Non-cash Investing and Financing Activities:
Accrued purchases of property and equipment	$ 0	$ 43

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 8,535	$ 24,924
Short-term investments	12,391	6,007
Accounts receivable	687	1,496
Inventory, net	2,500	3,128
Deferred costs	390	781
Prepaid expenses and other current assets	2,421	2,412
Total current assets	26,924	38,748
Property and equipment, net	8,672	10,679
Restricted cash	935	1,513
Other assets	104	232
TOTAL ASSETS	36,635	51,172
CURRENT LIABILITIES:
Accounts payable	865	2,351
Accrued royalties payable	1,388	2,872
Accrued liabilities	4,366	8,693
Deferred revenue	607	1,020
Total current liabilities	7,226	14,936
Other long-term liabilities	109	305
TOTAL LIABILITIES	7,335	15,241
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.0001 par value: 10,000 shares authorized as of September 30, 2018 and December 31, 2017; none issued and outstanding	0	0
Common stock, $0.0001 par value — 500,000 shares authorized and 17,153 and 16,932 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively	2	2
Additional paid-in capital	102,757	101,697
Accumulated other comprehensive loss	(2)	(4)
Accumulated deficit	(73,457)	(65,764)
TOTAL STOCKHOLDERS’ EQUITY	29,300	35,931
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 36,635	$ 51,172