$MDIA
Mediaco Holding Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020040180 Filed on August 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $6.996M $16.33M
YoY Change -57.17%
Cost Of Revenue $930.0K
YoY Change
Gross Profit $6.060M
YoY Change
Gross Profit Margin 86.62%
Selling, General & Admin $6.490M $12.28M
YoY Change -47.15%
% of Gross Profit 107.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.160M $310.0K
YoY Change 274.19%
% of Gross Profit 19.14%
Operating Expenses $8.583M $12.59M
YoY Change -31.83%
Operating Profit -$1.587M $3.747M
YoY Change -142.35%
Interest Expense $2.279M
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.866M $3.747M
YoY Change -203.18%
Income Tax $14.49M $1.227M
% Of Pretax Income 32.75%
Net Earnings -$18.36M $2.520M
YoY Change -828.53% 55.36%
Net Earnings / Revenue -262.42% 15.43%
Basic Earnings Per Share -$2.66
Diluted Earnings Per Share -$2.66 $1.509M
COMMON SHARES
Basic Shares Outstanding 7.096K
Diluted Shares Outstanding 7.096K

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.600M
YoY Change
Cash & Equivalents $4.570M $0.00
Short-Term Investments
Other Short-Term Assets $607.0K
YoY Change
Inventory
Prepaid Expenses $1.289M
Receivables $6.810M
Other Receivables $0.00
Total Short-Term Assets $13.28M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $52.90M
YoY Change
Goodwill $12.70M
YoY Change
Intangibles $80.78M
YoY Change
Long-Term Investments
YoY Change
Other Assets $25.11M
YoY Change
Total Long-Term Assets $133.8M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $13.28M
Total Long-Term Assets $133.8M
Total Assets $147.1M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.200M
YoY Change
Accrued Expenses $4.300M
YoY Change
Deferred Revenue $1.505M
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $3.672M
YoY Change
Total Short-Term Liabilities $18.33M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $81.12M
YoY Change
Other Long-Term Liabilities $311.0K
YoY Change
Total Long-Term Liabilities $81.43M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $18.33M
Total Long-Term Liabilities $81.43M
Total Liabilities $127.1M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$23.85M
YoY Change
Common Stock $20.64M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.00M $76.71M
YoY Change
Total Liabilities & Shareholders Equity $147.1M
YoY Change

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$18.36M $2.520M
YoY Change -828.53% 55.36%
Depreciation, Depletion And Amortization $1.160M $310.0K
YoY Change 274.19%
Cash From Operating Activities $1.130M $2.400M
YoY Change -52.92%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$70.00K
YoY Change -28.57%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$50.00K -$70.00K
YoY Change -28.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -920.0K -2.330M
YoY Change -60.52%
NET CHANGE
Cash From Operating Activities 1.130M 2.400M
Cash From Investing Activities -50.00K -70.00K
Cash From Financing Activities -920.0K -2.330M
Net Change In Cash 160.0K 0.000
YoY Change
FREE CASH FLOW
Cash From Operating Activities $1.130M $2.400M
Capital Expenditures -$50.00K -$70.00K
Free Cash Flow $1.180M $2.470M
YoY Change -52.23%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has been actively monitoring the COVID-19 situation and its impact globally, as well as domestically and in the markets we serve. Our priority has been the safety of our employees, as well as the informational needs of the communities that we serve. Through the first few months of calendar 2020, the disease became widespread around the world, and on March 11, 2020, the World Health Organization declared a pandemic. In an effort to mitigate the continued spread of COVID-19, many federal, state and local governments have mandated various restrictions, including travel restrictions, restrictions on non-essential businesses and services, restrictions on public gatherings and quarantining of people who may have been exposed to the virus. These restrictions, in turn, caused the United States economy to decline and businesses to cancel or reduce amounts spent on advertising, negatively impacting our advertising-based businesses. Furthermore, some of our advertisers have seen a material decline in their businesses and may not be able to pay amounts owed to us when they come due. If the spread of COVID-19 continues, or is suppressed but later reemerges, and public and private entities continue to implement restrictive measures, we expect that our results of operations, financial condition and cash flows will continue to be negatively affected, the extent to which is difficult to estimate at this time.</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated and combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. <font style="color:#000000;">Due to the uncertain future impacts of the COVID-19 pandemic and the related economic disruptions, actual results could differ from those estimates particularly as it relates to estimates reliant on forecasts and other assumptions reasonably available to the Company</font>. The extent to which the COVID-19 pandemic and related economic disruptions impact the Company&#8217;s business and financial results will depend on future developments including, but not limited to: (i) the continued spread, duration and severity of the COVID-19 pandemic, (ii) the occurrence, spread, duration and severity of any subsequent wave or waves of outbreaks after the initial outbreak has subsided, (iii) the actions taken by the U.S. and foreign governments to contain the COVID-19 pandemic, address its impact or respond to the reduction in global and local economic activity, (iv) the occurrence, duration and severity of a global, regional or national recession, depression or other sustained adverse market event, and (v) how quickly and to what extent normal economic and operating conditions can resume. The accounting matters assessed included, but were not limited to, allowance for doubtful accounts, our ability to realize our deferred tax assets, and the carrying value of goodwill, FCC licenses and other long-lived assets.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#212529;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As discussed in Note 8, as a result of a sharp deterioration of business activity related to the COVID-19 pandemic and the significant operating losses expected in 2020, we were unable to conclude that it was more likely than not that we would be able to realize our deferred tax assets as of June 30, 2020; accordingly, we recorded a $15.6 million valuation allowance against these assets.&nbsp;&nbsp;The Company&#8217;s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material changes to the estimates and material impacts to the Company&#8217;s condensed consolidated and combined financial statements in future reporting periods.</p>
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
900000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
918000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1734000
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.090
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2690000
CY2020Q2 ck0001784254 Number Of Radio Stations
NumberOfRadioStations
2
CY2020Q2 ck0001784254 Number Of Outdoor Advertising Displays
NumberOfOutdoorAdvertisingDisplays
3300
ck0001784254 Percentage Of Operating Costs
PercentageOfOperatingCosts
1.00
CY2020Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
15600000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9757000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2437000
CY2020Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2327000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1836000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3672000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
3672000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
3672000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
63019000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
11250000
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
87121000
CY2020Q2 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.33
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
2.33
us-gaap Operating Lease Cost
OperatingLeaseCost
2493000
us-gaap Operating Lease Payments
OperatingLeasePayments
2572000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2678000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
18701000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
38385000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
13602000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
24783000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
4708000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
2325000
ck0001784254 Asset Retirement Obligation Purchase Price Allocation Adjustment
AssetRetirementObligationPurchasePriceAllocationAdjustment
44000
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
44000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
31291000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
1811000
CY2020Q2 us-gaap Goodwill
Goodwill
12700000
CY2020Q2 us-gaap Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Amount
BusinessAcquisitionPurchasePriceAllocationGoodwillExpectedTaxDeductibleAmount
10300000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2020Q2 ck0001784254 Corporate Expense
CorporateExpense
932000
ck0001784254 Corporate Expense
CorporateExpense
2097000
CY2019Q2 ck0001784254 Transaction Agreement Date
TransactionAgreementDate
2019-06-28
CY2020Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
0
CY2020Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.06
ck0001784254 Debt Instrument Increasing Interest Rate Of Each Successive Anniversary
DebtInstrumentIncreasingInterestRateOfEachSuccessiveAnniversary
0.01

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ck0001784254-10q_20200630.htm Edgar Link pending
ck0001784254-20200630.xml Edgar Link completed
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