2020 Q2 Form 10-Q Financial Statement

#000140089120000043 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $487.6M $277.7M
YoY Change 75.62% -68.86%
Cost Of Revenue $249.9M $276.9M
YoY Change -9.75% 4.97%
Gross Profit $237.8M $636.4M
YoY Change -62.63% 1.34%
Gross Profit Margin 48.76% 229.19%
Selling, General & Admin $293.4M $220.2M
YoY Change 33.21% -32.9%
% of Gross Profit 123.37% 34.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $103.3M $59.38M
YoY Change 74.03% -8.47%
% of Gross Profit 43.46% 9.33%
Operating Expenses $516.9M $220.2M
YoY Change 134.72% -32.9%
Operating Profit -$159.1M $133.7M
YoY Change -219.0% -26.24%
Interest Expense -$81.96M -$69.71M
YoY Change 17.58% -756.85%
% of Operating Profit -52.14%
Other Income/Expense, Net -$1.258M -$9.157M
YoY Change -86.26% 344.95%
Pretax Income -$241.1M $54.80M
YoY Change -539.92% -49.72%
Income Tax -$43.74M $16.00M
% Of Pretax Income 29.2%
Net Earnings -$197.3M $38.79M
YoY Change -608.64% -155.5%
Net Earnings / Revenue -40.46% 13.97%
Basic Earnings Per Share -$1.35 $0.27
Diluted Earnings Per Share -$1.35 $0.27
COMMON SHARES
Basic Shares Outstanding 146.0M shares 145.3M shares
Diluted Shares Outstanding 146.0M shares 145.3M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $518.0M $127.0M
YoY Change 307.87% -51.53%
Cash & Equivalents $517.7M $63.14M
Short-Term Investments
Other Short-Term Assets $35.75M $29.17M
YoY Change 22.56% -69.97%
Inventory
Prepaid Expenses $86.00M $102.5M
Receivables $570.1M $843.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.210B $932.3M
YoY Change 29.74% -53.92%
LONG-TERM ASSETS
Property, Plant & Equipment $1.660B $834.2M
YoY Change 98.99% -52.47%
Goodwill $2.102B $3.323B
YoY Change -36.76% -17.82%
Intangibles
YoY Change
Long-Term Investments $54.24M
YoY Change
Other Assets $110.9M $84.34M
YoY Change 31.51% -69.68%
Total Long-Term Assets $7.696B $9.778B
YoY Change -21.29% -1.86%
TOTAL ASSETS
Total Short-Term Assets $1.210B $932.3M
Total Long-Term Assets $7.696B $9.778B
Total Assets $8.906B $10.71B
YoY Change -16.85% -10.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $114.4M $44.91M
YoY Change 154.74% -70.06%
Accrued Expenses $138.8M $179.0M
YoY Change -22.43% -75.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $30.06M $53.19M
YoY Change -43.48% -57.6%
Total Short-Term Liabilities $593.1M $480.1M
YoY Change 23.52% -61.39%
LONG-TERM LIABILITIES
Long-Term Debt $5.807B $5.757B
YoY Change 0.87% 9.2%
Other Long-Term Liabilities $69.77M $54.39M
YoY Change 28.27% -89.02%
Total Long-Term Liabilities $5.877B $5.811B
YoY Change 1.13% 0.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $593.1M $480.1M
Total Long-Term Liabilities $5.877B $5.811B
Total Liabilities $6.470B $6.291B
YoY Change 2.84% -10.26%
SHAREHOLDERS EQUITY
Retained Earnings -$1.775B $0.00
YoY Change -100.0%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.018M $0.00
YoY Change -100.0%
Treasury Stock Shares
Shareholders Equity $1.057B $2.812B
YoY Change
Total Liabilities & Shareholders Equity $8.906B $10.71B
YoY Change -16.85% -10.65%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$197.3M $38.79M
YoY Change -608.64% -155.5%
Depreciation, Depletion And Amortization $103.3M $59.38M
YoY Change 74.03% -8.47%
Cash From Operating Activities $11.40M $83.20M
YoY Change -86.3% -69.06%
INVESTING ACTIVITIES
Capital Expenditures $17.88M $13.24M
YoY Change 35.02% -23.33%
Acquisitions
YoY Change
Other Investing Activities -$1.000M -$148.0K
YoY Change 575.68% -99.72%
Cash From Investing Activities -$18.90M -$17.79M
YoY Change 6.26% -56.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -121.8M -$684.0K
YoY Change 17707.02% -99.75%
NET CHANGE
Cash From Operating Activities 11.40M $83.20M
Cash From Investing Activities -18.90M -$17.79M
Cash From Financing Activities -121.8M -$684.0K
Net Change In Cash -129.3M $64.74M
YoY Change -299.72% -259.46%
FREE CASH FLOW
Cash From Operating Activities $11.40M $83.20M
Capital Expenditures $17.88M $13.24M
Free Cash Flow -$6.482M $69.96M
YoY Change -109.27% -72.2%

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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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102909000 USD
CY2019Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
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CY2019Q2 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
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us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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us-gaap Net Cash Provided By Used In Operating Activities
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102909000 USD
CY2019Q2 us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Investments
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us-gaap Payments To Acquire Investments
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226000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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CY2019Q2 us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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36197000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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2355000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-50681000 USD
CY2019Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
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CY2019Q2 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
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us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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us-gaap Net Cash Provided By Used In Investing Activities
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CY2019Q2 us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
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CY2019Q2 us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
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us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
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60000000 USD
cik0001400891 Payments For Settlements Of Intercompany Notes Discontinued Operations
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0 USD
CY2019Q2 cik0001400891 Payments For Settlements Of Intercompany Notes Discontinued Operations
PaymentsForSettlementsOfIntercompanyNotesDiscontinuedOperations
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cik0001400891 Payments For Settlements Of Intercompany Notes Discontinued Operations
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159196000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2019Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
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CY2019Q2 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
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us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid
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cik0001400891 Cash Paid For Reorganization Items Net
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443000 USD
CY2019Q2 cik0001400891 Cash Paid For Reorganization Items Net
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13049000 USD
cik0001400891 Cash Paid For Reorganization Items Net
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183291000 USD
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us-gaap Prior Period Reclassification Adjustment Description
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ReclassificationsCertain prior period amounts have been reclassified to conform to the 2020 presentation. In the first quarter of 2020, in connection with a reorganization of the Company’s management structure after the Separation and emergence from the Chapter 11 cases, the Company reevaluated the classification of certain expenses to determine whether such expenses should be included within Direct operating expenses, Selling, general & administrative (“SG&A”) expenses or Corporate expenses. As a result, certain expenses were reclassified from Corporate expenses to Direct operating or SG&A expenses. In addition, certain expenses were reclassified from SG&A expenses to Direct operating expenses. The reclassifications had no impact on the Company's Operating Income (Loss) or Net Income (Loss). Accordingly, the Company recast the corresponding amounts in the prior period to conform to the current expense classifications. The corresponding current and prior period segment disclosures were recast to reflect the current expense classifications.
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenues
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Operating Lease Lease Income
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us-gaap Revenues
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175321000 USD
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151475000 USD
CY2019Q1 cik0001400891 Contract With Customer Liability Excluding Leases
ContractWithCustomerLiabilityExcludingLeases
155114000 USD
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ContractWithCustomerLiabilityImpactOfFreshStartAccounting
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CY2019Q2 cik0001400891 Contract With Customer Liability Impact Of Fresh Start Accounting
ContractWithCustomerLiabilityImpactOfFreshStartAccounting
298000 USD
CY2019Q2 cik0001400891 Contract With Customer Liability Impact Of Fresh Start Accounting
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39533000 USD
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ContractWithCustomerLiabilityExcludingLeases
178030000 USD
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159752000 USD
CY2019Q2 cik0001400891 Contract With Customer Liability Excluding Leases
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151475000 USD
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162068000 USD
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151475000 USD
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ContractWithCustomerLiabilityExcludingLeases
148720000 USD
cik0001400891 Contract With Customer Liability Impact Of Fresh Start Accounting
ContractWithCustomerLiabilityImpactOfFreshStartAccounting
0 USD
CY2019Q2 cik0001400891 Contract With Customer Liability Impact Of Fresh Start Accounting
ContractWithCustomerLiabilityImpactOfFreshStartAccounting
298000 USD
cik0001400891 Contract With Customer Liability Impact Of Fresh Start Accounting
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us-gaap Contract With Customer Liability Revenue Recognized
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ContractWithCustomerLiabilityAdditionsDuringPeriod
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cik0001400891 Contract With Customer Liability Additions During Period
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178030000 USD
CY2019Q2 cik0001400891 Contract With Customer Liability Excluding Leases
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CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P5Y
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CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
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CY2020Q2 cik0001400891 Lessor Operating Lease Payment To Be Received After Year Four
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10021000 USD
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5400000 USD
us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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42500000 USD
us-gaap Amortization Of Intangible Assets
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128600000 USD
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12700000 USD
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CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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255870000 USD
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247517000 USD
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246827000 USD
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209042000 USD
CY2018Q4 us-gaap Goodwill
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2767000 USD
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CY2019Q2 us-gaap Goodwill
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3415492000 USD
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CY2019Q2 us-gaap Goodwill
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us-gaap Goodwill Written Off Related To Sale Of Business Unit
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CY2019Q4 us-gaap Goodwill
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404000 USD
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5000 USD
CY2020Q2 us-gaap Goodwill
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2101657000 USD
CY2020Q1 us-gaap Goodwill Impairment Loss
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1200000000 USD
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5500000000 USD
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6100000000 USD
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CY2019Q2 us-gaap Deferred Income Tax Expense Benefit
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13056000 USD
cik0001400891 Effective Income Tax Rate Reconciliation Nondeductible Expense Impairment Losses Deferred Tax Expense Benefit Amount
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us-gaap Deferred Income Tax Expense Benefit
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CY2019Q2 us-gaap Deferred Income Tax Expense Benefit
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13056000 USD
CY2019Q2 us-gaap Deferred Income Tax Expense Benefit
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107239000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
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CY2019Q2 us-gaap Income Tax Expense Benefit
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16003000 USD
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100289000 USD
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3436000 USD
CY2019Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2947000 USD
us-gaap Deferred Income Tax Expense Benefit
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