<PAGE>
Exhibit 99.2
ONVIA.COM, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA BALANCE SHEET
JUNE 30, 2000
(in thousands)
<TABLE>
<CAPTION>
Pro Forma
Onvia.com, Inc. Globe-1 Adjustments Pro Forma
----------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
Assets
Current assets
Cash and cash equivalents $ 139,419 $ 3,324 $ 142,743
Short-term investments 69,800 69,800
Accounts receivable, net 3,704 139 3,961
Inventory 3,607 3,607
Prepaid expenses and other current assets 7,906 118 7,906
--------------- ------------ -------------
Total current assets 224,436 3,581 228,017
Property and equipment, net 13,522 653 14,175
Goodwill $ 21,382 21,382
Other assets, net 8,700 7 8,707
--------------- ------------ ------------ -------------
Total assets $ 246,658 $ 4,241 $ 21,382 $ 272,281
=============== ============ ============ =============
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 14,121 $ 63 $ 14,184
Accrued expenses and other 20,133 166 20,299
Current portion of long-term debt 3,794 3,794
--------------- ------------ -------------
Total current liabilities 38,048 229 38,277
Long-term debt 3,502 3,502
--------------- ------------ -------------
Total liabilities 41,550 229 41,779
Stockholders' equity
Common stock and additional paid in capital 338,914 1,890 $ 23,504 364,308
Unearned stock compensation (15,177) (15,177)
Preferred stock 3,742 (3,742)
Accumulated deficit (118,629) (1,620) 1,620 (118,629)
--------------- ------------ ------------ -------------
Total stockholders' equity 205,108 4,012 21,382 230,502
--------------- ------------ ------------ -------------
Total liabilities and equity $ 246,658 $ 4,241 $ 21,382 $ 272,281
=============== ============ ============ =============
</TABLE>
See notes to the pro forma financial statements.
<PAGE>
ONVIA.COM, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR SIX MONTHS ENDED JUNE 30, 2000
(in thousands, except per share data)
<TABLE>
<CAPTION>
Pro Forma
Onvia.com, Inc. Globe-1 Adjustments Pro Forma
------------------ -------------- --------------- ---------------
<S> <C> <C> <C> <C>
Revenue $ 50,762 $ 339 $ 51,101
Cost of goods sold 56,532 90 56,622
---------------- ------------- --------------
Gross margin (5,770) 249 (5,521)
Operating Expenses
Sales and marketing 37,967 314 38,281
Technology and development 10,639 38 10,677
General and administrative 5,962 149 6,111
Goodwill amortization $ 3,564 3,564
Noncash stock-based compensation 4,740 814 5,554
---------------- -------------- -------------- --------------
Total operating expenses 59,308 1,315 3,564 64,187
---------------- -------------- -------------- --------------
Loss from operations (65,078) (1,066) (3,564) (69,708)
Interest income, net 4,235 41 4,276
---------------- ------------- -------------- --------------
Net loss (60,843) (1,025) (3,564) (65,432)
Reduction of beneficial conversion feature 287 287
---------------- ------------- -------------- --------------
Net loss attributable to common shareholders $ (60,556) $ (1,025) $ (3,564) $ (65,145)
================ ============= ============== ==============
Basic and diluted net loss per common shareholders $ (1.11) $ (1.14)
================ ==============
Basic and diluted weighted average shares outstanding 54,608 2,352 56,960
================ ============== ==============
</TABLE>
See notes to the pro forma financial statements.
<PAGE>
ONVIA.COM, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR YEAR ENDED DECEMBER 31, 1999
(in thousands, except per share data)
<TABLE>
<CAPTION>
Pro Forma
Onvia.com, Inc. Globe-1 Adjustments Pro Forma
------------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Revenue $ 27,177 $ 360 $ 27,537
Cost of goods sold 31,574 77 31,651
----------------- -------------- --------------
Gross margin (4,397) 283 (4,114)
Operating expenses
Sales and marketing 16,286 155 16,441
Technology and development 7,444 7,444
General and administrative 4,235 106 4,341
Goodwill amortization $ 7,127 7,127
Noncash stock-based compensation 10,463 134 10,597
----------------- -------------- -------------- --------------
Total operating expenses 38,428 395 7,127 45,950
----------------- -------------- -------------- --------------
Loss from operations (42,825) (112) (7,127) (50,064)
Interest expense, net (541) (3) (544)
----------------- -------------- -------------- --------------
Net loss (43,366) (115) (7,127) (50,608)
Beneficial conversion feature (14,008) (14,008)
----------------- -------------- -------------- --------------
Net loss attributable to common shareholders $ (57,374) $ (115) $ (7,127) $ (64,616)
================= ============== ============== ==============
Basic and diluted net loss per common shareholders $ (4.59) $ (4.35)
================= ==============
Basic and diluted weighted average shares outstanding 12,508 2,352 14,860
================= ============== ==============
</TABLE>
See notes to the pro forma financial statements.
<PAGE>
ONVIA.COM, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED PRO FORMA FINANCIAL STATEMENTS
1. General
The unaudited pro forma statements of operations for the year ended December
31, 1999 and the six month period ended June 30, 2000 have been prepared as if
the merger between Onvia.com, Inc. (the Company) and Globe-1, Inc. had occurred
as of the beginning of the periods presented. The unaudited pro forma balance
sheet has been prepared to reflect the merger on June 30, 2000.
2. Basis of Presentation
These unaudited pro forma financial statements are based on estimates and
assumptions. The pro forma adjustments made in connection with the development
of the pro forma information are preliminary and have been made solely for
purposes of developing such pro forma information as necessary to comply with
the disclosure requirements of the Securities and Exchange Commission. The
unaudited pro forma financial statements do not purport to be indicative of the
financial position or results of operations of the combined entity or indicative
of future periods' results of operations that actually would have been realized
had the entities been a single entity during these periods.
3. Pro Forma Loss Per Share
The pro forma basic net loss per share is based on the combined weighted
average number of shares of the Company's common stock outstanding during the
period and the number of shares of the Company's common stock issued in the
exchange. Historical basic and diluted earnings per share are calculated using
the weighted average shares of common stock outstanding, reduced for shares
subject to repurchase by the Company. For the year ended December 31, 1999 and
the six months ended June 30, 2000, the effects of stock options, warrants and
nonvested common stock are excluded from the calculation of diluted net loss per
share, as they would be anti-dilutive.
4. Pro Forma Adjustments
The purchase price was calculated based upon the average common stock value
at the announcement of the merger. To consummate the transaction, the Company
issued 2,351,705 shares of the Company's common stock, assumed all of the
outstanding options and warrants of Globe-1, and incurred approximately $200,000
of transaction costs; this consideration has an aggregate value of $24.8
million.
The $21.4 million excess of the purchase price over the estimated fair value
of assets and liabilities acquired in connection with the merger was recorded as
goodwill. The purchase price allocation is based on management's estimates of
the fair value of the net tangible and intangible assets. The book value of the
tangible assets acquired and liabilities approximate fair value. The estimated
useful life of the goodwill is 3 years.
