$MDIA
Mediaco Holding Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020053642 Filed on November 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $9.360M $10.35M $4.302M
YoY Change 117.57% -2.34%
Cost Of Revenue $1.210M $4.300M
YoY Change
Gross Profit $8.150M $6.040M
YoY Change
Gross Profit Margin 87.07% 58.36%
Selling, General & Admin $7.750M $7.670M $8.670M
YoY Change -10.61% 136.89%
% of Gross Profit 95.09% 126.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $900.0K $150.0K $280.0K
YoY Change 221.43% -60.0%
% of Gross Profit 11.04% 2.48%
Operating Expenses $9.965M $8.060M $4.005M
YoY Change 148.81% 5.98%
Operating Profit -$605.0K -$2.020M $297.0K
YoY Change -303.7% -52.56%
Interest Expense $2.411M -$820.0K $0.00
YoY Change
% of Operating Profit 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income -$3.016M -$2.830M $297.0K
YoY Change -1115.49% -52.56%
Income Tax -$22.00K -$480.0K $97.00K
% Of Pretax Income 32.66%
Net Earnings -$2.994M -$2.360M $2.622M
YoY Change -214.19% 108.92%
Net Earnings / Revenue -31.99% -22.8% 60.95%
Basic Earnings Per Share
Diluted Earnings Per Share -$421.1K -$322.8K $862.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.700M $2.100M
YoY Change
Cash & Equivalents $6.702M $2.083M $0.00
Short-Term Investments
Other Short-Term Assets $956.0K $1.798M $216.0K
YoY Change 342.59%
Inventory
Prepaid Expenses $975.0K $1.111M $1.113M
Receivables $7.046M $11.10M $10.03M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.68M $16.09M $11.36M
YoY Change 38.04%
LONG-TERM ASSETS
Property, Plant & Equipment $28.27M $31.56M $1.895M
YoY Change 1391.82%
Goodwill $13.10M $11.42M
YoY Change
Intangibles $79.50M $78.95M $63.85M
YoY Change 24.5%
Long-Term Investments
YoY Change
Other Assets $24.70M $14.22M $17.13M
YoY Change 44.22%
Total Long-Term Assets $132.5M $151.1M $82.88M
YoY Change 59.84%
TOTAL ASSETS
Total Short-Term Assets $15.68M $16.09M $11.36M
Total Long-Term Assets $132.5M $151.1M $82.88M
Total Assets $148.1M $167.2M $94.23M
YoY Change 57.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.200M $11.20M $1.600M
YoY Change 37.5%
Accrued Expenses $3.700M $3.900M $2.900M
YoY Change 27.59%
Deferred Revenue $1.543M $1.688M $936.0K
YoY Change 64.85%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $918.0K $3.672M
YoY Change
Total Short-Term Liabilities $10.50M $20.78M $6.694M
YoY Change 56.87%
LONG-TERM LIABILITIES
Long-Term Debt $93.03M $77.67M $0.00
YoY Change
Other Long-Term Liabilities $310.0K $239.0K $76.00K
YoY Change 307.89%
Total Long-Term Liabilities $93.34M $77.91M $76.00K
YoY Change 122709.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.50M $20.78M $6.694M
Total Long-Term Liabilities $93.34M $77.91M $76.00K
Total Liabilities $131.1M $127.3M $18.04M
YoY Change 626.58%
SHAREHOLDERS EQUITY
Retained Earnings -$27.38M -$2.951M
YoY Change
Common Stock $20.69M $20.64M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.10M $39.90M $76.19M
YoY Change
Total Liabilities & Shareholders Equity $148.1M $167.2M $94.23M
YoY Change 57.21%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$2.994M -$2.360M $2.622M
YoY Change -214.19% 108.92%
Depreciation, Depletion And Amortization $900.0K $150.0K $280.0K
YoY Change 221.43% -60.0%
Cash From Operating Activities -$6.780M -$4.870M $2.490M
YoY Change -372.29% 23.88%
INVESTING ACTIVITIES
Capital Expenditures -$90.00K -$43.02M -$30.00K
YoY Change 200.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$90.00K -$43.02M -$30.00K
YoY Change 200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.000M 49.97M -2.460M
YoY Change -465.85% 22.39%
NET CHANGE
Cash From Operating Activities -6.780M -4.870M 2.490M
Cash From Investing Activities -90.00K -43.02M -30.00K
Cash From Financing Activities 9.000M 49.97M -2.460M
Net Change In Cash 2.130M 2.080M -0.0000000009313
YoY Change -228707008512000100.0%
FREE CASH FLOW
Cash From Operating Activities -$6.780M -$4.870M $2.490M
Capital Expenditures -$90.00K -$43.02M -$30.00K
Free Cash Flow -$6.690M $38.15M $2.520M
YoY Change -365.48% 25.37%

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:4pt;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:4pt;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:4pt;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 9, 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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316000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1189000
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
928000
CY2020Q3 ck0001784254 Percentage Of Fee Based Revenues
PercentageOfFeeBasedRevenues
0.15
CY2019Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2437000
CY2020Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2279000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1836000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
3672000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5152000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5054000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4080000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2668000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
18646000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
66792000
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
20250000
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
96222000
CY2020Q3 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.32
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-1.54
CY2020Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
15600000
us-gaap Operating Lease Cost
OperatingLeaseCost
3740000
us-gaap Operating Lease Payments
OperatingLeasePayments
3754000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y1M6D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.091
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1659000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
37259000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
13148000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
24111000
CY2020Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
1965000
CY2020Q3 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
57000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
45831000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
2567000
CY2020Q3 us-gaap Goodwill
Goodwill
13100000
CY2020Q3 us-gaap Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Amount
BusinessAcquisitionPurchasePriceAllocationGoodwillExpectedTaxDeductibleAmount
10700000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2020Q3 ck0001784254 Corporate Expense
CorporateExpense
1214000
ck0001784254 Corporate Expense
CorporateExpense
3311000
CY2019Q2 ck0001784254 Transaction Agreement Date
TransactionAgreementDate
2019-06-28
CY2020Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
0
CY2020Q3 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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