$MDIA
Mediaco Holding Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021044150 Filed on August 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $14.38M $6.996M $11.79M
YoY Change 105.49% -57.17% 44.66%
Cost Of Revenue $1.845M $930.0K $1.170M
YoY Change 98.39%
Gross Profit $12.53M $6.060M $10.62M
YoY Change 106.78% 30.31%
Gross Profit Margin 87.17% 86.62% 90.08%
Selling, General & Admin $7.818M $6.490M $9.460M
YoY Change 20.46% -47.15% 37.3%
% of Gross Profit 62.39% 107.1% 89.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $979.0K $1.160M $1.030M
YoY Change -15.6% 274.19% -386.11%
% of Gross Profit 7.81% 19.14% 9.7%
Operating Expenses $10.57M $8.583M $10.48M
YoY Change 23.14% -31.83% 44.97%
Operating Profit $3.807M -$1.587M $136.0K
YoY Change -339.89% -142.35% -85.17%
Interest Expense $2.701M $2.279M $2.238M
YoY Change 18.52%
% of Operating Profit 70.95% 1645.59%
Other Income/Expense, Net
YoY Change
Pretax Income $1.025M -$3.866M -$2.102M
YoY Change -126.51% -203.18% -329.23%
Income Tax $82.00K $14.49M -$617.0K
% Of Pretax Income 8.0%
Net Earnings $943.0K -$18.36M -$1.485M
YoY Change -105.14% -828.53% -336.46%
Net Earnings / Revenue 6.56% -262.42% -12.6%
Basic Earnings Per Share $0.02 -$2.66
Diluted Earnings Per Share $0.02 -$2.66 -$210.5K
COMMON SHARES
Basic Shares Outstanding 7.187M shares 7.096K
Diluted Shares Outstanding 7.366M shares 7.096K

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.270M $4.600M $4.400M
YoY Change -7.17%
Cash & Equivalents $4.270M $4.570M $4.405M
Short-Term Investments
Other Short-Term Assets $1.664M $607.0K $2.000M
YoY Change 174.14% 809.09%
Inventory
Prepaid Expenses $1.553M $1.289M
Receivables $11.14M $6.810M $10.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.63M $13.28M $16.80M
YoY Change 40.31% 71.67%
LONG-TERM ASSETS
Property, Plant & Equipment $27.48M $52.90M $56.70M
YoY Change -48.05% 2242.01%
Goodwill $13.10M $12.70M $11.50M
YoY Change 3.17%
Intangibles $78.59M $80.78M
YoY Change -2.72%
Long-Term Investments
YoY Change
Other Assets $23.36M $25.11M $14.80M
YoY Change -6.97% 114.62%
Total Long-Term Assets $129.4M $133.8M $150.2M
YoY Change -3.29% 104.79%
TOTAL ASSETS
Total Short-Term Assets $18.63M $13.28M $16.80M
Total Long-Term Assets $129.4M $133.8M $150.2M
Total Assets $148.1M $147.1M $167.0M
YoY Change 0.64% 100.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.641M $7.200M $8.600M
YoY Change -63.32%
Accrued Expenses $5.120M $4.300M $3.600M
YoY Change 19.07%
Deferred Revenue $1.644M $1.505M $1.506M
YoY Change 9.24% 15.94%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $918.0K $3.672M $3.672M
YoY Change -75.0%
Total Short-Term Liabilities $12.88M $18.33M $18.47M
YoY Change -29.71% 377.16%
LONG-TERM LIABILITIES
Long-Term Debt $95.89M $81.12M $81.89M
YoY Change 18.2%
Other Long-Term Liabilities $93.00K $311.0K $256.0K
YoY Change -70.1% -85.61%
Total Long-Term Liabilities $95.98M $81.43M $82.15M
YoY Change 17.87% 4517.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.88M $18.33M $18.47M
Total Long-Term Liabilities $95.98M $81.43M $82.15M
Total Liabilities $136.0M $127.1M $128.6M
YoY Change 7.06% 2176.18%
SHAREHOLDERS EQUITY
Retained Earnings -$35.47M -$23.85M -$4.965M
YoY Change 48.69%
Common Stock $21.83M $20.64M $20.64M
YoY Change 5.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.01M $20.00M $38.40M
YoY Change
Total Liabilities & Shareholders Equity $148.1M $147.1M $167.0M
YoY Change 0.64% 100.89%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income $943.0K -$18.36M -$1.485M
YoY Change -105.14% -828.53% -336.46%
Depreciation, Depletion And Amortization $979.0K $1.160M $1.030M
YoY Change -15.6% 274.19% -386.11%
Cash From Operating Activities -$9.000K $1.130M -$1.563M
YoY Change -100.8% -52.92% -143.56%
INVESTING ACTIVITIES
Capital Expenditures -$890.0K -$50.00K $197.0K
YoY Change 1680.0% -28.57% 146.25%
Acquisitions
YoY Change
Other Investing Activities $36.00K
YoY Change
Cash From Investing Activities -$854.0K -$50.00K -$197.0K
YoY Change 1608.0% -28.57% 146.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $918.0K
YoY Change
Cash From Financing Activities 642.0K -920.0K 4.082M
YoY Change -169.78% -60.52% -216.36%
NET CHANGE
Cash From Operating Activities -9.000K 1.130M -1.563M
Cash From Investing Activities -854.0K -50.00K -197.0K
Cash From Financing Activities 642.0K -920.0K 4.082M
Net Change In Cash -221.0K 160.0K 2.322M
YoY Change -238.12%
FREE CASH FLOW
Cash From Operating Activities -$9.000K $1.130M -$1.563M
Capital Expenditures -$890.0K -$50.00K $197.0K
Free Cash Flow $881.0K $1.180M -$1.760M
YoY Change -25.34% -52.23% -150.17%

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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:4.4%;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 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 as a variant strain, 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:4.4%;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 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 </p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:4pt;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. </span><span 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</span><span style="color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span><span style="color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> The extent to which the COVID-19 pandemic and related economic disruptions impact the Company’s business and financial results will depend on future developments including, but not limited to: (</span><span style="color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">i</span><span style="color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">) 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.</span></p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.4%;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 7, during the three-month period ended June 30, 2020, as a result of a sharp deterioration of business activity related to the COVID-19 pandemic, the Company determined that it was more likely than not that it would be unable to realize its deferred tax assets and recorded a $15.6 million valuation allowance against these assets through an increase to our provision for income taxes. The Company’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’s condensed consolidated financial statements in future reporting periods.</p>
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