| Schedule of Quarterly Financial Information |
The following quarterly Consolidated Statements of Operations for the years December 31, 2019 and 2018 are unaudited, and have been prepared on a basis consistent with the Company’s audited consolidated annual financial statements, and include, in the opinion of management, all normal recurring adjustments necessary for the fair statement of the financial information contained in those statements. The results of operations of any quarter are not necessarily indicative of the results that may be expected for any future period (in thousands, except per share amounts).
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Quarter Ended |
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Mar. 31, 2018 |
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June 30, 2018 |
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Sept. 30, 2018 |
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Dec. 31, 2018 |
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Mar. 31, 2019 |
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June 30, 2019 |
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Sept. 30, 2019 |
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Dec. 31, 2019 |
Revenue |
$ |
156,497 |
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$ |
165,962 |
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$ |
164,027 |
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$ |
160,608 |
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$ |
166,619 |
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$ |
157,467 |
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$ |
169,889 |
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$ |
162,902 |
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Cost of sales |
118,496 |
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|
126,731 |
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128,569 |
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138,597 |
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134,194 |
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124,217 |
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131,873 |
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133,441 |
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Gross margin |
38,001 |
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39,231 |
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35,458 |
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22,011 |
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32,425 |
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33,250 |
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38,016 |
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29,461 |
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Operating expenses: |
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Sales and marketing |
9,654 |
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10,877 |
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8,989 |
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8,104 |
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8,249 |
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7,365 |
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6,675 |
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6,470 |
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Product development |
8,358 |
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9,872 |
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7,477 |
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7,033 |
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6,979 |
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6,125 |
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6,740 |
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6,808 |
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General and administrative |
38,285 |
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29,799 |
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31,620 |
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34,959 |
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27,980 |
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27,161 |
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28,275 |
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26,008 |
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Provision for (gain from) legal settlements |
516 |
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(141 |
) |
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(509 |
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1,451 |
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508 |
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25 |
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5,555 |
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(1,669 |
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Amortization of intangible assets |
10,747 |
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10,357 |
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9,447 |
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7,889 |
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7,799 |
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7,800 |
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6,778 |
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6,269 |
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Total operating expenses |
67,560 |
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60,764 |
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57,024 |
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59,436 |
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51,515 |
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48,476 |
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54,023 |
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43,886 |
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Income (loss) from operations |
(29,559 |
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(21,533 |
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(21,566 |
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(37,425 |
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(19,090 |
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(15,226 |
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(16,007 |
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(14,425 |
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Interest expense, net |
(15,597 |
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(19,755 |
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(20,048 |
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(20,818 |
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(21,277 |
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(22,329 |
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(23,881 |
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(22,224 |
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Income from equity method investments(1)
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1,161 |
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428 |
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2,022 |
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(49,921 |
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2,129 |
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2,517 |
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3,130 |
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2,204 |
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Change in fair value of derivatives |
564 |
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(655 |
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(196 |
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384 |
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938 |
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— |
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(6 |
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134 |
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Other income (expense), net |
438 |
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(673 |
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(588 |
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(194 |
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(179 |
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(105 |
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(202 |
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(18 |
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Income (loss) before income taxes |
(42,993 |
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(42,188 |
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(40,376 |
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(107,974 |
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(37,479 |
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(35,143 |
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(36,966 |
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(34,329 |
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Income tax expense (benefit) |
(4,709 |
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3,722 |
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2,852 |
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1,203 |
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130 |
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3,317 |
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4,308 |
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1,771 |
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Net income (loss) |
$ |
(38,284 |
) |
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$ |
(45,910 |
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$ |
(43,228 |
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$ |
(109,177 |
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$ |
(37,609 |
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$ |
(38,460 |
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$ |
(41,274 |
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$ |
(36,100 |
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Net income (loss) per share(2):
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Basic |
$ |
(10.50 |
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$ |
(12.50 |
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$ |
(11.75 |
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$ |
(29.75 |
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$ |
(10.25 |
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$ |
(10.50 |
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$ |
(11.25 |
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$ |
(9.75 |
) |
Diluted |
$ |
(10.50 |
) |
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$ |
(12.50 |
) |
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$ |
(11.75 |
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$ |
(29.75 |
) |
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$ |
(10.25 |
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$ |
(10.50 |
) |
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$ |
(11.25 |
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$ |
(9.75 |
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Weighted average shares outstanding: |
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Basic |
3,632 |
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3,642 |
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3,656 |
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3,674 |
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3,673 |
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3,690 |
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3,709 |
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3,715 |
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Diluted |
3,632 |
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3,642 |
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3,656 |
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3,674 |
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3,673 |
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3,690 |
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3,709 |
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3,715 |
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(1) |
During the fourth quarter of 2018, the Company completed an assessment of the recoverability of its equity method investments and determined that the carrying value of its interest in WMS exceeded the estimated fair value of its interest and accordingly, recorded an impairment loss of $51.0 million. See Note 8. Equity Method Investments.
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(2) |
Quarterly and year-to-date computations of net income (loss) per common share amounts are calculated independently. Therefore, the sum of the per share amounts for the quarters may not agree with the per share amounts for the year. |
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