MaxPoint Interactive, Inc.

CIK:0001611231|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenue	$ 32,847	$ 35,939	$ 60,700	$ 65,389
Traffic acquisition costs	9,444	12,775	18,243	22,863
Other cost of revenue	5,398	4,932	10,074	9,575
Gross profit	18,005	18,232	32,383	32,951
Operating expenses:
Sales and marketing	12,483	13,205	24,866	26,554
Research and development	6,367	7,081	12,791	13,588
General and administrative	3,982	4,383	8,594	9,701
Total operating expenses	22,832	24,669	46,251	49,843
Loss from operations	(4,827)	(6,437)	(13,868)	(16,892)
Other expense (income):
Interest expense	186	236	358	500
Interest income	0	0	0	(3)
Amortization of deferred financing costs	21	10	39	28
Total other expense	207	246	397	525
Loss before income taxes	(5,034)	(6,683)	(14,265)	(17,417)
Provision for income taxes	0	0	0	0
Net loss	$ (5,034)	$ (6,683)	$ (14,265)	$ (17,417)
Net loss per basic and diluted share of common stock (in usd per share)	$ (0.75)	$ (1.02)	$ (2.13)	$ (2.65)
Weighted-average shares used to compute net loss per basic and diluted share of common stock	6,734,408	6,581,722	6,689,192	6,573,467

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (14,265)	$ (17,417)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	5,410	4,612
Stock-based compensation expense	2,400	1,778
Bad debt expense	(3)	328
Loss on disposal of asset	0	4
Amortization of deferred financing costs	39	28
Changes in operating assets and liabilities:
Accounts receivable	12,702	6,175
Prepaid expenses and other current assets	(897)	(1,312)
Security deposits	0	(20)
Accounts payable	(2,480)	(3,704)
Accrued expenses and other current liabilities	(2,371)	1,559
Other long-term liabilities	(133)	382
Net cash (used in) provided by operating activities	402	(7,587)
Cash flows from investing activities:
Purchases of property, equipment and software	(1,168)	(1,251)
Capitalized internal-use software costs	(3,043)	(3,581)
Changes to restricted cash	0	1,861
Net cash used in investing activities	(4,211)	(2,971)
Cash flows from financing activities:
Proceeds from debt	68,700	3,400
Repayment of debt	(72,718)	(7,000)
Proceeds from stock option exercises	48	73
Proceeds from issuance of common stock under employee stock purchase plan	154	202
Tax withholdings related to net share settlements of restricted stock units	(458)	0
Payments for repurchases of common stock	(325)	(125)
Payments of issuance costs related to debt	(132)	(54)
Net cash used in financing activities	(4,731)	(3,504)
Effect of exchange rate changes on cash and cash equivalents	15	(28)
Net decrease in cash and cash equivalents	(8,525)	(14,090)
Cash and cash equivalents at beginning of period	24,221	41,143
Cash and cash equivalents at end of period	15,696	27,053
Supplemental disclosures of other cash flow information:
Cash paid for interest	407	529
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property, equipment and software included in accounts payable and accruals	530	336
Additions to property, equipment and software from other long-term assets	0	213
Stock-based compensation capitalized in internal-use software costs	$ 393	$ 216

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 15,696	$ 24,221
Accounts receivable, net	30,746	43,432
Prepaid expenses and other current assets	2,394	1,477
Total current assets	48,836	69,130
Property, equipment and software, net	19,338	20,125
Other long-term assets	140	60
Total assets	68,314	89,315
Current liabilities:
Accounts payable	10,192	12,660
Accrued expenses and other current liabilities	7,040	9,400
Revolving line of credit	23,471	27,489
Total current liabilities	40,703	49,549
Other long-term liabilities	1,085	1,218
Total liabilities	41,788	50,767
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.00005 par value; 500,000,000 shares authorized, 6,632,889 and 6,764,021 shares issued and outstanding as of December 31, 2016 and June 30, 2017, respectively	1	1
Additional paid-in capital	110,110	107,898
Accumulated other comprehensive loss	(169)	(200)
Accumulated deficit	(83,416)	(69,151)
Total stockholders’ equity	26,526	38,548
Total liabilities and stockholders’ equity	$ 68,314	$ 89,315