Worksheet 1: Summary

Summary

AutoInfo
Summary
1/20/2012
AUTO us equity

Share Price
Shares

2005
$0.58
$0.70
35.5

Market Cap
Cash+Advances
Long Term Debt
Total Ent Value
Total Assets
SH's Equity

$25
$7
$12
$31
$70
$24
$37
121%
CY
2006

Gross Revenue
YoY Growth

3Q11

2007
$0.68
-34%

2008
$0.34
-50%

2009
$0.40
18%

2010
$0.63
58%

YTD
2011
$0.70
11%

2014

2015

$14.9m (12.8 LT + 2.1 ST); $9.9mm advance due 2013

big ? -- net rev and commiss rate--mostly commission rate--in 2012
COMMISSION RATE GOING FORWARD

$0.67
mm generated next 5 years (2011-2015)
of current TEV

2007

84

2006
$1.03
78%

110
31.2%

2008

180
63.3%

2009

2010

2011

2012

2013

184
2.0%

280
52.1%

338
21.0%

307
-9.2%

362
18.0%

428
18.0%

504
18.0%

0.1
1.1
62
18.4%

0.1
1.2
60
19.5%

71
19.5%

83
19.5%

98
19.5%

TEV/Net Sales
TEV/Gross Profit
Gross Profit
Gross Margin

18
21.1%

21
19.3%

32
17.6%

37
20.2%

0.1
1.3
54
19.2%

Operating Income
Operating Margin

3
3.4%

3
2.7%

4
2.3%

3
1.5%

6
2.0%

7
1.9%

8
2.5%

11
2.9%

14
3.3%

18
3.6%

3
2.7%

4
2.3%
42.3%

3
1.7%
-23.6%

6
2.2%
88.2%

7
2.0%
14.4%

8
2.7%
20.1%

11
3.1%
34.1%

15
3.4%
31.0%

19
3.7%
28.8%

EBITDA
Margin
YoY Growth

page 2 of 21

Summary

EV/EBITDA

5.1

4.5

3.7

2.8

Net Income
Margin

4
4.3%

2
1.5%

2
1.2%

1
0.8%

3
1.1%

4
1.1%

5
1.5%

6
1.8%

9
2.0%

11
2.2%

EPS--GAAP
Y/Y growth

$0.10

$0.05
-55.2%

$0.06
42.9%

$0.04
-35.8%

$0.09
114.0%

$0.11
19.4%

$0.13
19.8%

$0.18
38.9%

$0.23
32.2%

$0.30
28.1%

EPS--non GAAP

$0.10

$0.05

$0.06

$0.05

$0.09

$0.11

$0.13

$0.18

$0.24

$0.30

7.9
7.6

6.6
6.6

5.5
5.4

4.0

-16.1%

54.6%

23.1%

37.1%

P/E Multiple
Stock Price
Total Return
IRR

15
$1.33

15
$1.59
227%
127%

15
$1.90
272%
172%

15
$2.64
377%
94%

15
$3.49
499%
71%

EBITDA Multiple
Stock Price
Total Return
IRR

7
$1.36

5
$1.35
193%
93%

5
$1.40
200%
41%

5
$2.31
330%
82%

P/E--GAAP
P/E--non-GAAP
FCF Yield

page 3 of 21

Worksheet 2: Annual

Annual

AutoInfo
Annual Income Statement
1/20/2012

19%

2001

2002

2003

2004

2005

Transportation Services
YoY Growth
Agent Support Services

Dec-06
2006

Dec-07
2007

Dec-08
2008

Dec-09
2009

Dec-10
2010

Dec-11
2011e

Dec-12
2012e

Dec-13
2013e

Dec-14
2014e

Dec-15
2015e

84,110
23.6%

110,332
31.2%

180,211
63.3%

182,444
1.2%
1,455

277,622
52.2%
2,079

337,088
21.4%
1,256

306,750
-9.0%
400

361,965
18.0%
400

427,119
18.0%
400

504,000
18.0%
400

Gross Revenue
YoY Growth
QoQ Growth

8,029

18,863

27,171

49,492

68,040

84,110
23.6%

110,332
31.2%

180,211
63.3%

183,899
2.0%

279,701
52.1%

338,344
21.0%

307,150
-9.2%

362,365
18.0%

427,519
18.0%

504,400
18.0%

Purchased Transportation
% of Net Sales

6,462

15,495

22,095

40,758

54,486

66,368
78.9%

89,023
80.7%

148,513
82.4%

146,721
79.8%

226,093
80.8%

276,058
81.6%

247,256
80.5%

291,704
80.5%

344,153
80.5%

406,042
80.5%

17,742

21,309

31,698

35,723
19.6%

51,529
18.6%

61,030
18.1%

59,494
19.4%

70,261
19.4%

82,966
19.4%

97,958
19.4%

1,455

2,079

1,256

400

400

400

400

Transportation GP

Agent Support Services GP

Net Revenue
% of Rev
Incremental GP%

1,567
19.5%

3,368
17.9%

5,076
18.7%

8,734
17.6%

13,554
19.9%

17,742
21.1%

21,309
19.3%
13.60%

31,698
17.6%
14.87%

37,178
20.2%
148.59%

53,608
19.2%
17.15%

62,286
18.4%
14.80%

59,894
19.5%
7.67%

70,661
19.5%
19.50%

83,366
19.5%
19.50%

98,358
19.5%
19.50%

Commissions
722
% of Transportation Net Revenue
46.1%
% of Revenue
Incremental % of GP

1,825
54.2%

2,954
58.2%

5,179
59.3%

8,349
61.6%

11,044
62.2%

13,492
63.3%

20,373
64.3%

68.6%

66.2%

26,816
75.1%
14.6%
117.6%

39,463
76.6%
14.1%
77.0%

43,772
70.3%
12.9%
49.7%

37,733
63.0%
12.3%
252.5%

44,517
63.0%
12.3%
63.0%

52,521
63.0%
12.3%
63.0%

61,966
63.0%
12.3%
63.0%

3,840

4,870
4.4%

7,130
4.0%
46.4%

7,534
4.1%
5.7%

8,469
3.0%
12.4%
15.8%

11,950
3.5%
41.1%

14,460
4.7%
21.0%

15,616
4.3%
8.0%

16,866
3.9%
8.0%

18,215
3.6%
8.0%

2,858
3.4%
16.1%
29.9%

2,947
2.7%
13.8%
3.1%

4,195
2.3%
13.2%
42.3%

2,828
1.5%
7.6%
-32.6%

5,676
2.0%
10.6%
100.7%

6,564
1.9%
10.5%
15.6%

7,701
2.5%
12.9%
17.3%

10,528
2.9%
14.9%
36.7%

13,980
3.3%
16.8%
32.8%

18,178
3.6%
18.5%
30.0%

2,858

2,947
2.7%

4,195
2.3%
42.3%

3,205
1.7%
-23.6%

6,033
2.2%
88.2%

6,903
2.0%
14.4%

8,291
2.7%
20.1%

11,118
3.1%
34.1%

14,570
3.4%
31.0%

18,768
3.7%
28.8%

113

277

500

478

701

492

311

111

Operating expenses
% of Net Sales
YoY Growth

Asset Impairment
Operating Income
Operating Margin
% of Net revenue
YoY Growth
EBITDA
EBITDA Margin
YoY Growth
Interest expense

page 5 of 21

Annual

AutoInfo
Annual Income Statement
1/20/2012

19%
Dec-06
2006
2,745

Dec-07
2007
2,670
2.4%

Dec-08
2008
3,695
2.1%

Dec-09
2009
2,350
1.3%

Dec-10
2010
4,975
1.8%

Dec-11
2011e
6,072
1.8%

Dec-12
2012e
7,391
2.4%

Dec-13
2013e
10,418
2.9%

Dec-14
2014e
13,980
3.3%

Dec-15
2015e
18,178
3.6%

(882)
-32.1%

1,066
39.9%

1,471
39.8%

932
39.7%

1,920
38.6%

2,336
38.5%

2,845
38.5%

4,011
38.5%

5,382
38.5%

6,998
38.5%

Net Income
% of Net Sales
YoY Growth

3,627

1,604
1.5%
-55.8%

2,224
1.2%
38.7%

1,418
0.8%
-36.2%

3,055
1.1%
115.4%

3,736
1.1%
22.3%

4,545
1.5%
21.6%

6,407
1.8%
41.0%

8,598
2.0%
34.2%

11,179
2.2%
30.0%

EPS--GAAP
YoY Growth

$0.10

$0.05
-55.2%

$0.06
42.9%

$0.04
-35.8%

$0.09
114.0%

$0.11
19.4%

$0.13
19.8%

$0.18
38.9%

$0.23
32.2%

$0.30
28.1%

EPS--non GAAP

$0.10

$0.05

$0.06

$0.05

$0.09

$0.11

$0.13

$0.18

$0.24

$0.30

36,005

35,560

34,501

34,263

34,490

35,331

35,861
1.5%

36,399
1.5%

36,945
1.5%

37,499
1.5%

126
251

128
229

131
208

130
460

130
460

130
460

130
460

2,175
14.5%
2,175
100.0%
0

52,000
29%
247%
7,540
14.5%
7,540
100.0%
0

83,000
45%
60%
12,035
14.5%
12,035
100.0%
0

118,000
42%
42%
17,110
14.5%
17,110
100.0%
0

84,586
25%
-28%
12,265
14.5%
12,265
100.0%
0

60,000
20%
-29%
8,700
14.5%
3,915
45.0%
4,785

60,000
17%
0%
8,700
14.5%
3,915
45.0%
4,785

60,000
14%
0%
8,700
14.5%
3,915
45.0%
4,785

60,000
12%
0%
8,700
14.5%
3,915
45.0%
4,785

Regular Commission rate

Agent Commission
Money to AUTO

59.1%
1,286
889

53.1%
4,005
3,535

62.4%
7,510
4,525

64.9%
11,112
5,998

64.6%
7,924
4,341

66.6%
5,792
(1,877)

66.0%
5,738
(1,823)

65.4%
5,694
(1,779)

65.0%
5,658
(1,743)

Rest of Biz Transportation Revenue

Growth
Rest of Biz Net Revenue
% of Gross Revenue
Rest of Business Commission
% Net Revenue
% Rev
RoBiz Operating Income
Operating margin

95,332

128,211
34.5%
24,158
18.8%
12,833
53.1%
10.0%
4,195
3.3%

99,444
-22.4%
23,688
23.8%
14,781
62.4%
14.9%
1,373
1.4%

159,622
60.5%
34,419
21.6%
22,353
64.9%
14.0%
3,597
2.3%

252,502
58.2%
48,765
19.3%
31,507
64.6%
12.5%
5,308
2.1%

246,750
-2.3%
50,794
20.6%
33,818
66.6%
13.7%
2,516
1.0%

301,965
22.4%
61,561
20.4%
40,602
66.0%
13.4%
5,343
1.8%

367,119
21.6%
74,266
20.2%
48,606
65.4%
13.2%
8,795
2.4%

444,000
20.9%
89,258
20.1%
58,051
65.0%
13.1%
12,993
2.9%

1,255

1,811
30.0%
6,037

2001
Income Before Income Taxes
% of Net Sales
Income Tax Expense
Tax Rate

Weighted Avg. Diluted Shares Out.

2002

2003

2004

2005

SBC
D&A
Big Ass Agent
% total
Growth
Net Revenue
Net Revenue Margin (from Jeff)
Commission
% Net Revenue
Operating Income

15,000
14%

19,134
20.1%
11,317
59.1%
11.9%
2,947
3.1%

agent interest income

% of net revenue kept by AUTO
net revenue

page 6 of 21

5.0%
3,000

Annual

AutoInfo
Annual Income Statement
1/20/2012

19%

2001

2002

2003

2004

2005

Dec-06
2006

Dec-07
2007

Dec-08
2008

Dec-09
2009

Dec-10
2010

net revenue margin

gross revenue

14%
43,119

interest income as percent of net revenue from way above

10.6%

Dec-11
2011e

Notes:
LSTR: purchased transportation 75-76% of revenue; commisions 7.5%-8% of revenue, 31.5% of GP
CHRW: PT 85%

Agent
% total
Growth
Net Revenue
Net Revenue Margin (from Jeff)
Commission
% Net Revenue
Operating Income
interest on 10MM
misc opex
pre-tax

52,000

15%

page 7 of 21

10,000.0

7,800
15%
5,070
65.0%
2,730
1,500
1,230
0

Dec-12
2012e

Dec-13
2013e

Dec-14
2014e

Dec-15
2015e

Worksheet 3: PF

PF

AutoInfo
Annual Income Statement
1/20/2012

2001

2002

2003

2004

2005

Transportation Services
YoY Growth
Agent Support Services

Dec-06
2006

Dec-07
2007

Dec-08
2008

Dec-09
2009

Dec-10
2010

Dec-11
2011e

Dec-12
2012e

Dec-13
2013e

Dec-14
2014e

Dec-15
2015e

84,110
23.6%

110,332
31.2%

-100.0%

127,947
#DIV/0!
161

209,265
63.6%
236

253,211
21.0%
150

303,853
20.0%
150

358,546
18.0%
150

423,085
18.0%
150

499,240
18.0%
150

Gross Revenue
YoY Growth
QoQ Growth

8,029

18,863

27,171

49,492

68,040

84,110
23.6%

110,332
31.2%

180,211
63.3%

128,108
-28.9%

209,501
63.5%

253,361
20.9%

304,003
20.0%

358,696
18.0%

423,235
18.0%

499,390
18.0%

Purchased Transportation
% of Net Sales

6,462

15,495

22,095

40,758

54,486

66,368
78.9%

89,023
80.7%

148,513
82.4%

146,721
114.5%

167,231
79.8%

202,689
80.0%

246,242
81.0%

294,131
82.0%

347,052
82.0%

409,500
82.0%

17,742

21,309

31,698

(18,774)
-14.7%

42,034
20.1%

50,522
20.0%

57,611
19.0%

64,415
18.0%

76,032
18.0%

89,740
18.0%

161

236

150

150

150

150

150

Transportation GP

Agent Support Services GP

Net Revenue
% of Rev
Incremental GP%

1,567
19.5%

3,368
17.9%

5,076
18.7%

8,734
17.6%

13,554
19.9%

17,742
21.1%

21,309
19.3%
13.60%

31,698
17.6%
14.87%

(18,613)
-14.5%
96.56%

42,270
20.2%
74.80%

50,672
20.0%
19.16%

57,761
19.0%
14.00%

64,565
18.0%
12.44%

76,182
18.0%
18.00%

89,890
18.0%
18.00%

Commissions
722
% of Transportation Net Revenue
46.1%
% of Revenue
Incremental % of GP

1,825
54.2%

2,954
58.2%

5,179
59.3%

8,349
61.6%

11,044
62.2%

13,492
63.3%

20,373
64.3%

68.6%

66.2%

26,816
-142.8%
20.9%
-12.8%

27,063
64.4%
12.9%
0.4%

32,633
64.4%
12.9%
66.3%

36,967
64.0%
12.2%
61.1%

40,676
63.0%
11.3%
54.5%

48,757
64.0%
11.5%
69.6%

57,530
64.0%
11.5%
64.0%

3,840

4,870
4.4%

7,130
4.0%
46.4%

7,534
5.9%
5.7%

9,418
4.5%
25.0%

10,831
4.3%
15.0%

11,914
3.9%
10.0%

12,867
3.6%
8.0%

13,896
3.3%
8.0%

15,008
3.0%
8.0%

2,858
3.4%
29.9%

2,947
2.7%
3.1%

4,195
2.3%
42.3%

(52,963)
-41.3%
-1362.5%

5,789
2.8%
-110.9%

7,209
2.8%
24.5%

8,880
2.9%
23.2%

11,022
3.1%
24.1%

13,529
3.2%
22.7%

17,353
3.5%
28.3%

2,858

2,947
2.7%

4,195
2.3%
42.3%

(52,586)
-41.0%
-1353.5%

6,146
2.9%
-111.7%

7,548
3.0%
22.8%

9,240
3.0%
22.4%

11,382
3.2%
23.2%

13,889
3.3%
22.0%

17,713
3.5%
27.5%

113

277

500

478

701

543

311

111

2,745

2,670

3,695

(53,441)

5,088

6,666

8,569

10,912

13,529

17,353

Operating expenses
% of Net Sales
YoY Growth

Asset Impairment
Operating Income
Operating Margin
YoY Growth
EBITDA
EBITDA Margin
YoY Growth
Interest expense
Income Before Income Taxes

page 9 of 21

PF

AutoInfo
Annual Income Statement
1/20/2012
Dec-06
2006

Dec-07
2007
2.4%

Dec-08
2008
2.1%

Dec-09
2009
-41.7%

Dec-10
2010
2.4%

Dec-11
2011e
2.6%

Dec-12
2012e
2.8%

Dec-13
2013e
3.0%

Dec-14
2014e
3.2%

Dec-15
2015e
3.5%

(882)
-32.1%

1,066
39.9%

1,471
39.8%

932
-1.7%

1,963
38.6%

2,400
36.0%

3,085
36.0%

3,928
36.0%

4,871
36.0%

6,247
36.0%

Net Income
% of Net Sales
YoY Growth

3,627

1,604
1.5%
-55.8%

2,224
1.2%
38.7%

(54,373)
-42.4%
-2544.8%

3,125
1.5%
-105.7%

4,266
1.7%
36.5%

5,484
1.8%
28.6%

6,983
1.9%
27.3%

8,659
2.0%
24.0%

11,106
2.2%
28.3%

EPS--GAAP
YoY Growth

$0.10

$0.05
-55.2%

$0.06
42.9%

($1.59)
-2561.8%

$0.09
-105.7%

$0.12
32.3%

$0.15
26.0%

$0.19
24.8%

$0.23
21.6%

$0.29
25.7%

EPS--non GAAP

$0.10

$0.05

$0.06

($1.58)

$0.09

$0.12

$0.15

$0.19

$0.23

$0.29

36,005

35,560

34,501

34,263

34,490

35,600

36,312
2.0%

37,038
2.0%

37,779
2.0%

38,535
2.0%

126
251

128
229

131
208

130
230

130
230

130
230

130
230

2,175
14.5%
2,175
100.0%
0

52,000
29%
247%
7,540
14.5%
7,540
100.0%
0

83,000
65%
60%
12,035
14.5%
12,035
100.0%
0

118,000
56%
42%
17,110
14.5%
17,110
100.0%
0

118,000
47%
0%
16,520
14.0%
16,520
100.0%
0

60,000
20%
-49%
8,700
14.5%
3,915
45.0%
4,785

60,000
17%
0%
8,700
14.5%
3,915
45.0%
4,785

60,000
14%
0%
8,700
14.5%
3,915
45.0%
4,785

60,000
12%
0%
8,700
14.5%
3,915
45.0%
4,785

Regular Commission rate

Agent Commission
Money to AUTO

59.1%
1,286
889

53.1%
4,005
3,535

-48.0%
(5,774)
17,809

39.9%
6,833
10,277

47.4%
7,828
8,692

67.6%
5,879
(1,964)

66.0%
5,740
(1,825)

66.6%
5,794
(1,879)

66.2%
5,756
(1,841)

Rest of Biz Transportation Revenue

Growth
Rest of Biz Net Revenue
% of Gross Revenue
Rest of Business Commission
% Net Revenue
% Rev
RoBiz Operating Income
Operating margin

95,332

(52,000)
-154.5%
24,158
-46.5%
12,833
53.1%
-24.7%
4,195
-8.1%

44,947
-186.4%
(30,809)
-68.5%
14,781
-48.0%
32.9%
(53,124)
-118.2%

91,265
103.1%
24,924
27.3%
9,953
39.9%
10.9%
5,553
6.1%

135,211
48.2%
34,002
25.1%
16,113
47.4%
11.9%
7,059
5.2%

243,853
80.4%
48,911
20.1%
33,052
67.6%
13.6%
3,945
1.6%

298,546
22.4%
55,715
18.7%
36,761
66.0%
12.3%
6,087
2.0%

363,085
21.6%
67,332
18.5%
44,842
66.6%
12.4%
8,594
2.4%

439,240
21.0%
81,040
18.5%
53,615
66.2%
12.2%
12,418
2.8%

1,255

1,811
30.0%
6,037
14%

2001

2002

2003

2004

2005

% of Net Sales
Income Tax Expense
Tax Rate

Weighted Avg. Diluted Shares Out.

SBC
D&A
Big Ass Agent
% total
Growth
Net Revenue
Net Revenue Margin (from Jeff)
Commission
% Net Revenue
Operating Income

15,000
14%

19,134
20.1%
11,317
59.1%
11.9%
2,947
3.1%

agent interest income

% of net revenue kept by AUTO
net revenue
net revenue margin

page 10 of 21

5.0%
3,000

PF

AutoInfo
Annual Income Statement
1/20/2012

2001

2002

2003

2004

2005

Dec-06
2006

Dec-07
2007

Dec-08
2008

Dec-09
2009

Dec-10
2010

gross revenue

43,119

interest income as percent of net revenue from way above

10.6%

Dec-11
2011e

Notes:
LSTR: purchased transportation 75-76% of revenue; commisions 7.5%-8% of revenue, 31.5% of GP
CHRW: PT 85%

Agent
% total
Growth
Net Revenue
Net Revenue Margin (from Jeff)
Commission
% Net Revenue
Operating Income
interest on 10MM
misc opex
pre-tax

52,000

15%

page 11 of 21

10,000.0

7,800
15%
5,070
65.0%
2,730
1,500
1,230
0

Dec-12
2012e

Dec-13
2013e

Dec-14
2014e

Dec-15
2015e

Worksheet 4: Qtly

Qtly

AutoInfo
Quarterly Income Statement
1/20/2012
Mar-10
1Q10

Jun-10
2Q10

Sep-10
3Q10

Dec-10
4Q10

Dec-10
2010

Mar-11
1Q11

Jun-11
2Q11

Sep-11
3Q11

Dec-11
4Q11e

Dec-11
2011e

Transportation Services
YoY Growth
Agent Support Services

56,430
61.3%
485

69,070
57.7%

78,647
43.5%
615

277,622

74,944
32.8%

86,438
25.1%

85,262
16.0%

90,444
15.0%

337,088
21.4%

491

73,475
50.4%
488

2,079

535

527

97

97

1,256

Gross Revenue
YoY Growth
QoQ Growth

56,915

69,561

73,963

79,262

279,701

75,479
32.6%

86,965
25.0%

85,359
15.4%

90,541
14.2%

338,344
21.0%

Purchased Transportation
% of Net Sales

46,023
80.9%

56,503
81.2%

0.0%

0.0%

102,526
36.7%

61,787
81.9%

71,001
81.6%

69,389
81.3%

73,881
81.6%

276,058
81.6%

10,892
19.1%

13,058
18.8%

73,963
100.0%

79,262
100.0%

177,175
63.3%

13,692
18.1%

15,964
18.4%

15,970
18.7%

16,660
18.4%

62,286
18.4%

25.71%

22.25%

-78.41%

-78.98%

-64.85%

10,076
73.6%
76.6%

11,711
73.4%
75.9%

10,906
68.3%
68.7%

11,079
66.5%
66.9%

43,772
70.3%
71.7%

2,376
3.1%

2,661
3.1%

3,413
4.0%

3,500
3.9%

11,950
3.5%

Transportation GP
Agent Support Services GP
Net Revenue
% of Net Sales
Y/Y gross profit change

8,053
Commissions
73.9%
% of GP
% of GP fom transportation services 77.4%

9,662
13.9%

1,978
3.5%

2,016
2.9%

Operating expenses
% of Net Sales
YoY Growth

0.0%

0.0%

0.0%

0.0%

page 13 of 21

0.0%

0.0%

Qtly

AutoInfo
Quarterly Income Statement
1/20/2012
Mar-10
1Q10

Jun-10
2Q10

Sep-10
3Q10

Dec-10
4Q10

Dec-10
2010

Mar-11
1Q11

Jun-11
2Q11

Sep-11
3Q11

Dec-11
4Q11e

Dec-11
2011e

861
1.5%

1,380
2.0%

73,963
100.0%

79,262
100.0%

0.0%

1,240
1.6%
44.0%

1,592
1.8%
15.4%

1,651
1.9%
-97.8%

2,081
2.3%
-97.4%

6,564
1.9%
#DIV/0!

#REF!
#REF!

#REF!
#REF!

#REF!
#REF!

#REF!
#REF!

1,325
1.8%
#DIV/0!

1,676
1.9%
#REF!

1,736
2.0%
#REF!

2,166
2.4%
#REF!

6,903
2.0%
#REF!

161

122

119

90

492

Asset Impairment
Operating Income
Operating Margin
YoY Growth
EBITDA
EBITDA Margin
YoY Growth

193

Interest expense
861
#DIV/0!

1,187
#DIV/0!

73,963
100.0%

79,262
100.0%

0.0%

1,079
1.4%

1,470
1.7%

1,532
1.8%

1,991
2.2%

7055.950322
2.1%

459
38.7%

0.0%

0.0%

#DIV/0!

418
38.7%

565
38.4%

588
38.4%

765
38.4%

2335.524924
33.1%

#DIV/0!

728
158.6%

73,963.0
100.0%

79,262.0
100.0%

0.0%

661
0.9%
#DIV/0!

905
1.0%
24.3%

944
1.1%
-98.7%

1,226
1.4%
-98.5%

4,720
1.4%
#DIV/0!

EPS--GAAP
YoY Growth

#DIV/0!

0.02

#DIV/0!

#DIV/0!

#DIV/0!

0.02

0.03

0.03

0.03

0.11

#DIV/0!

$0.21

#DIV/0!

#DIV/0!

#DIV/0!

EPS--non GAAP

#DIV/0!

#DIV/0!

0.02

0.03

0.03

0.03

0.11

34,711.0

35,315

35,515

35,194

35,300

35,331

Income Before Income Taxes

% of Net Sales
Income Tax Expense
Tax Rate
Net Income
% of Net Sales
YoY Growth

Weighted Avg. Diluted Shares Out.

0.02
34,711

#DIV/0!

#DIV/0!

page 14 of 21

Qtly

AutoInfo
Quarterly Income Statement
1/20/2012
Mar-10
1Q10

Jun-10
2Q10

Sep-10
3Q10

Dec-10
4Q10

Dec-10
2010

SBC
D&A

page 15 of 21

Mar-11
1Q11
33
52

Jun-11
2Q11
32
52

Sep-11
3Q11
33
52

Dec-11
4Q11e
33
52

Dec-11
2011e
131
208

Worksheet 5: CF

CF

AutoInfo
Cash Flow Statement
1/20/2012

Net Income
A/R
A/P
Depreciation
SBC
Other
Operating Cash Flow
Cap Ex

Dec-06
2006

Dec-07
2007

Dec-08
2008

Dec-09
2009

Dec-10
2010

Dec-11
2011e

Dec-12
2012e

Dec-13
2013e

Dec-14
2014e

Dec-15
2015e

Dec-16
2016e

3,627
(4,279)
1,140
104
134
(1,099)
(373)

1,604
(7,335)
2,209
142
163
871
(2,346)

2,224
(5,863)
1,719
201
215
1,230
(274)

1,418
(6,255)
5,328
126
251
223
1,091

3,055
(13,640)
5,557
128
229
865
(3,806)

3,736
9,736
(498)
131
208
500
13,813

4,545
(2,075)
2,375
130
460
500
5,934

6,407
(2,600)
4,506
130
460
500
9,403

8,598
(13,889)
5,317
130
460
500
1,115

11,179
(10,532)
6,274
130
460
500
8,011

14,309
(12,427)
7,403
130
460
500
10,374

(137)

(294)

(313)

(185)

(185)

(250)

(185)

(185)

(185)

(185)

(185)

(510)

(2,640)

(587)

906

(3,991)

13,563
-440%

5,749
-58%

9,218
60%

930
-90%

7,826
741%

10,189
30%

146

270
8,790
8,520

390
14,164
13,774

67
18,650
18,583

316
22,432
22,116

3,879
12,432
8,553

1,629
4,432
2,803

6,414
(6,414)

7,345
(7,345)

15,171
(15,171)

25,360
(25,360)

10,000

8,000

4,432

Acquisitions
Other
Actual Free Cash Flow
Growth

Cash + ST + LT Inv
LT Debt
Net Debt

(146)

Equity/Debt Issuance (Paydown)

Beginning Cash
Interest Rate
Interest Income

146
1.0%
1

270
1.0%
3

390
1.0%
4

67
1.0%
1

316
1.0%
3

3,879
1.0%
39

1,629
1.0%
16

6,414
1.0%
64

7,345
1.0%
73

15,171
1.0%
152

Beginning Debt
Interest Rate
Interest Expense

6.0%
-

8,790
6.0%
527

14,164
6.0%
850

18,650
4.0%
746

22,432
2.5%
561

12,432
2.5%
311

4,432
2.5%
111

4.0%
-

4.0%
-

4.0%
-

(525)

(846)

(745)

(558)

(272)

(95)

64

73

152

Net Interest Income (Expense)

page 17 of 21

CF

AutoInfo
Cash Flow Statement
1/20/2012

Dec-06
2006
SE
SE ex-cash
ROE
ROE ex-cash

Dec-07
2007

Dec-08
2008

Dec-09
2009

Dec-10
2010

Dec-11
2011e

Dec-12
2012e

Dec-13
2013e

Dec-14
2014e

Dec-15
2015e

Dec-16
2016e

1,604
1,334

3,828
3,438

5,246
5,179

8,301
7,985

12,037
8,158

16,583
14,954

22,989
16,575

31,587
24,243

42,766
27,595

57,075
31,715

138.7%
64.6%

37.0%
27.3%

58.2%
38.3%

45.0%
45.8%

37.8%
30.1%

38.6%
38.6%

37.4%
35.2%

35.4%
40.2%

33.5%
44.6%

page 18 of 21

Worksheet 6: Notes

Notes

AutoInfo
Notes
1/20/2012

InFebruary2011,Messrs.Wachtel,WunderlichandWilliamsenteredintonewemploymentagreements.TheagreementswithMessrs.WachtelandWunderlich,whichexpireonDecember31,2015,provide

InFebruary2009,theCompanyenteredintoa$30.0millionlineofcreditwithRegionsBank,securedbysubstantiallyallassetsoftheCompany.AtDecember31,2010,wehadabalanceoutstandingof$22

AsofMarch10,2011,ourpresident,HarryWachtel,beneficiallyownedapproximately18.6%oftheissuedandoutstandingsharesofourcommonstock.Further,JamesT.Martin,KinderhookPartners,LP
bill wunderlich 561-988-9456x201
?
agent splits -- commission payout
LT plan
ability to recruit agents
net revenue margin

In2009,wemodifiedourcontractualarrangementswithoneofoursignificantindependentagentswhichadverselyimpactedourcommissionrates.Thenewarrangementprovidesfortheagentsretentionof

call with bill.

561-988-9456x201

average commission for agents 60-07%. Corporate wide 65-66%

big agent was 100%
the truck and carrier business acquisition -- lower commission because higher back office. 40-45% commission.

questions-1) what is net revenue margin of acquired business and, more importantly, of the business that will leave. And overall. Comps are higher. Why?
2) if I look at 2010 commission. Part corporate/part big agent. If overall at 77%, big agent at 100% and big agent $118mm gross rev with lower net rev margin (why lower?), then rest of co
3) for 2012 -- overall commission rate should be a mix of 65-66% and 40-45%, based on size of acquired biz?
3.5) seems like acquisition should add quite a bit to ebit. How much opex needed for it?
4) selling shareholder
5) growth -- organic and recruiting agents? Do you talk about same agent growth?
6) CFO-- a/r decline because of big agent financing of receivables?
7) 85% of agent support services will go away

page 20 of 21

Notes

call with bill july 20

working on what the net rev is for the acquired biz.
AUTO net rev margin > public comps because of commission payout -- their agents try harder.
their acq is their first ownership of an agency. Its basically a trucking company of all owner operators. Not a brokerage. These firms get a lower commission payout because
there is more admin associated, particularly insurance. Acquired company has 300 owner-operators.

page 21 of 21