Quarterly report pursuant to Section 13 or 15(d)

Net Loss Per Share (Tables)

v3.10.0.1
Net Loss Per Share (Tables)
6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Schedule of basic and diluted net loss per share of common stock
The following table sets forth the computation of basic and diluted net loss per share of common stock (in thousands, except per share amounts):

 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2018
 
2017
 
2018
 
2017
Net loss (numerator):
 
 
 
 
 
 
 
Net loss – basic and diluted
$
(45,910
)
 
$
(44,130
)
 
$
(84,193
)
 
$
(169,741
)
 
 
 
 
 
 
 
 
Shares (denominator):
 
 
 
 
 
 
 
Weighted-average shares – basic and diluted
91,057

 
85,496

 
90,925

 
85,468

 
 
 
 
 
 
 
 
Loss per share - basic and diluted
$
(0.50
)
 
$
(0.52
)
 
$
(0.93
)
 
$
(1.99
)
Schedule of antidilutive securities
The following weighted average common equivalent shares are excluded from the calculation of the Company’s net loss per share as their inclusion would have been anti-dilutive (in thousands):
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2018
 
2017
 
2018
 
2017
Employee stock options
5,436

 
5,525

 
5,880

 
6,060

Restricted stock units (including performance stock units)
2,379

 
1,474

 
2,304

 
1,625

Equity warrants (1)

 
351

 

 
711

Public SPAC Warrants (2)

 
6,173

 
1,066

 
6,173

2.75% convertible senior notes due 2035
4,447

 
4,447

 
4,447

 
4,447

EMC deferred consideration (3)

 
5,536

 

 
5,536

Contingently issuable shares (4)
900

 
900

 
900

 
900

Searchlight Penny Warrants (5)
18,066

 

 
9,482

 

Searchlight Market Warrants (5)
13,000

 

 
6,823

 


(1)
These are Legacy Row 44 warrants originally issuable for Row 44 common stock and Row 44 Series C preferred stock, which later became issuable for our Common Stock. During the six months ended June 30, 2017, these Legacy Row 44 warrants expired.

(2)
These were 6,173,228 Public SPAC Warrants which expired on January 31, 2018 and are no longer exercisable. See Note 11. Common Stock, Share-Based Awards and Warrants.

(3)
In connection with the EMC Acquisition on July 27, 2016 (the “EMC Acquisition Date”), we were obligated to pay $25.0 million in cash or stock, at our option, on July 27, 2017, which we elected to settle in 5,080,049 newly issued shares of our common stock on that date. No remaining obligation remains outstanding as of June 30, 2018.

(4)
In connection with the Sound Recording Settlement, we are obligated to issue 500,000 shares of our common stock to UMG when and if the closing price of our common stock exceeds $10.00 per share, and 400,000 shares of our common stock to UMG when and if the closing price of our common stock exceeds $12.00 per share. See Note 9. Commitments and Contingencies.

(5)
On March 27, 2018 we sold to Searchlight (and associated entities) $150.0 million in aggregate principal amount of our Second Lien Notes as well as warrants to acquire an aggregate of 18,065,775 shares of the Company’s common stock at an exercise price of $0.01 per share (the “Penny Warrants”) and warrants to acquire an aggregate of 13,000,000 shares of Common Stock at an exercise price of $1.57 per share (the “Market Warrants”). See Note 11. Common Stock, Share-Based Awards and Warrants.