Revenue growth (FY, 2016 - FY, 2017), %11%

Gross profit (FY, 2017)89.5 M

Gross profit margin (FY, 2017), %80.6%

Net income (FY, 2017)9.9 M

EBIT (FY, 2017)26.5 M

Closing share price, 2017-10-3121

Cash, 31-Dec-201719.8 M

USD | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|

## Revenue | 87.6 m | 100.6 m | 111.1 m |

| 35% | 15% | 11% |

## Cost of goods sold | 22.7 m | 23.1 m | 21.6 m |

## Gross profit | 64.9 m | 77.5 m | 89.5 m |

| 74% | 77% | 81% |

## Sales and marketing expense | 11.3 m | 11.3 m | 8.6 m |

## R&D expense | 16.3 m | 19.2 m | 25.6 m |

## General and administrative expense | 44.3 m | 30.3 m | 28.9 m |

## Operating expense total | 71.9 m | 60.8 m | 63.1 m |

## EBIT | (6.9 m) | 16.7 m | 26.5 m |

| (8%) | 17% | 24% |

## Interest expense | 707 k | 738 k | |

## Interest income | 600 k | 273 k | 6 k |

## Pre tax profit | (6.3 m) | 16.3 m | 25.7 m |

## Income tax expense | (1.9 m) | 7.2 m | 15.9 m |

## Net Income | (4.5 m) | 9.1 m | 9.9 m |

- Source: SEC Filings

USD | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 |
---|---|---|---|---|---|---|

## Revenue | 22.1 m | 23.1 m | 22.5 m | 24.6 m | 25.2 m | 24.6 m |

## Cost of goods sold | 6.1 m | 5.3 m | 5.7 m | 5.5 m | 5.6 m | 5 m |

## Gross profit | 16 m | 17.8 m | 16.7 m | 19.1 m | 19.6 m | 19.6 m |

| 72% | 77% | 74% | 78% | 78% | 80% |

## Sales and marketing expense | 3.6 m | 2.4 m | 3 m | 1.9 m | 2.4 m | 2.4 m |

## R&D expense | 4.9 m | 3.4 m | 5.1 m | 5.9 m | 6.4 m | 6.4 m |

## General and administrative expense | 10.5 m | 4.7 m | 8 m | 6.9 m | 6.9 m | 7.4 m |

## Operating expense total | 19 m | 10.5 m | 16.1 m | 14.8 m | 15.7 m | 16.3 m |

## EBIT | (3 m) | 7.3 m | 633 k | 4.3 m | 3.8 m | 3.3 m |

| (14%) | 32% | 3% | 17% | 15% | 13% |

## Interest expense | 44 k | 361 k | 227 k | 229 k | 148 k | |

## Interest income | 166 k | 107 k | ||||

## Pre tax profit | (2.9 m) | 7.3 m | 272 k | 4 m | 3.6 m | 3.2 m |

## Income tax expense | (870 k) | 2.9 m | (438 k) | 1.6 m | 1.4 m | 1.2 m |

## Net Income | (2 m) | 4.4 m | 710 k | 2.5 m | 2.2 m | 2 m |

- Source: SEC Filings

USD | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|

## Cash | 19.3 m | 6.5 m | 19.8 m |

## Accounts Receivable | 16.5 m | 18.1 m | 21.3 m |

## Prepaid Expenses | 1 m | 1.5 m | 1.7 m |

## Current Assets | 36.9 m | 30.4 m | 42.8 m |

## PP&E | 6.7 m | 7.6 m | 6.1 m |

## Goodwill | 21.4 m | 21.4 m | 21.4 m |

## Total Assets | 153.8 m | 80 m | 85.1 m |

## Accounts Payable | 4 m | 2.1 m | 3.4 m |

## Current Liabilities | 117.5 m | 14.7 m | 19.1 m |

## Long-term debt | 26 m | ||

## Non-Current Liabilities | 9.3 m | 34.7 m | 11.5 m |

## Total Debt | 26 m | ||

## Total Liabilities | 126.9 m | 49.4 m | 30.6 m |

## Common Stock | 135 k | 136 k | |

## Additional Paid-in Capital | 16.9 m | 31 m | |

## Retained Earnings | 4.1 m | 13.2 m | 23.1 m |

## Total Equity | 26.9 m | 30.6 m | 54.5 m |

## EPS | (0.1 ) | 0.2 | 0.2 |

## Debt to Equity Ratio | 0.9 x | ||

## Debt to Assets Ratio | 0.3 x | ||

## Financial Leverage | 5.7 x | 2.6 x | 1.6 x |

USD | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 |
---|---|---|---|---|---|

## Cash | 6.9 m | 17.6 m | 4 m | 6.8 m | 8.4 m |

## Accounts Receivable | 10.4 m | 10.3 m | 12.5 m | 11.7 m | 12.5 m |

## Prepaid Expenses | 1.5 m | 2 m | 1.4 m | 1.5 m | 1.8 m |

## Current Assets | 26.9 m | 30.8 m | 18.6 m | 23 m | 25.9 m |

## PP&E | 8.4 m | 7.9 m | 7.9 m | 7.3 m | 6.7 m |

## Goodwill | 21.4 m | 21.4 m | 21.4 m | 21.4 m | 21.4 m |

## Total Assets | 91.9 m | 85.5 m | 68.6 m | 71.8 m | 73.6 m |

## Accounts Payable | 3.6 m | 3.6 m | 2.5 m | 2.2 m | 2.8 m |

## Current Liabilities | 25.9 m | 16.4 m | 12.7 m | 14 m | 15.8 m |

## Long-term debt | 41 m | 10 m | 6 m | ||

## Non-Current Liabilities | 36.6 m | 48.5 m | 19.2 m | 16 m | 10.6 m |

## Total Debt | 41 m | 10 m | 6 m | ||

## Total Liabilities | 62.4 m | 64.9 m | 31.8 m | 29.9 m | 26.4 m |

## Common Stock | 135 k | 136 k | 136 k | 136 k | |

## Additional Paid-in Capital | 12.8 m | 20.6 m | 23.5 m | 26.8 m | |

## Retained Earnings | 6.6 m | 7.3 m | 15.7 m | 17.9 m | 19.9 m |

## Total Equity | 29.5 m | 20.5 m | 36.7 m | 41.8 m | 47.2 m |

## EPS | 0.1 | 0 | 0.1 | 0.1 | 0 |

## Debt to Equity Ratio | 2 x | 0.3 x | 0.1 x | ||

## Debt to Assets Ratio | 0.5 x | 0.1 x | 0.1 x | ||

## Financial Leverage | 3.1 x | 4.2 x | 1.9 x | 1.7 x | 1.6 x |

USD | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|

## Net Income | (4.5 m) | 9.1 m | 9.9 m |

## Depreciation and Amortization | 7.8 m | 9.8 m | 8 m |

## Accounts Receivable | (816 k) | (2.3 m) | (4.5 m) |

## Accounts Payable | (2.7 m) | 166 k | 2.2 m |

## Cash From Operating Activities | 24.5 m | (48.1 m) | 38.1 m |

## Purchases of PP&E | (4.2 m) | (5 m) | (1.3 m) |

## Cash From Investing Activities | (30.9 m) | 26.8 m | (2.6 m) |

## Short-term Borrowings | (24 m) | (26 m) | |

## Cash From Financing Activities | (715 k) | 8.4 m | (22.2 m) |

## Net Change in Cash | (7 m) | (12.9 m) | 13.4 m |

## Interest Paid | 531 k | 462 k | |

## Income Taxes Paid | 11.7 m | 7.8 m | 8.5 m |

USD | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 |
---|---|---|---|---|---|---|

## Net Income | (2 m) | 2.4 m | 3.1 m | 2.5 m | 4.7 m | 6.7 m |

## Depreciation and Amortization | 2.3 m | 4.9 m | 7.3 m | 2.1 m | 4.3 m | 6.3 m |

## Accounts Receivable | 4.6 m | 5.9 m | 5.7 m | 5.2 m | 5.8 m | 4.7 m |

## Accounts Payable | 2.1 m | 231 k | 479 k | 337 k | 593 k | 1.4 m |

## Cash From Operating Activities | 8.1 m | (65.3 m) | (52.5 m) | 13.6 m | 20.7 m | 27.4 m |

## Purchases of PP&E | (2.3 m) | (4.1 m) | (4.5 m) | (692 k) | (949 k) | (1.2 m) |

## Cash From Investing Activities | (4.5 m) | 28.7 m | 27.9 m | (1.3 m) | (1.9 m) | (2.3 m) |

## Short-term Borrowings | (9 m) | (16 m) | (20 m) | (26 m) | ||

## Cash From Financing Activities | (52 k) | 24.1 m | 22.8 m | (14.7 m) | (18.4 m) | (23.1 m) |

## Net Change in Cash | 3.7 m | (12.4 m) | (1.7 m) | (2.4 m) | 306 k | 2 m |

USD | Y, 2017 |
---|---|

## Revenue/Employee | 326.5 k |

## Financial Leverage | 1.6 x |

## P/E Ratio | 95.3 |

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CommerceHub's Customers was reported to be 11.6 k in FY, 2017.

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