$STCN
Steel Connect, Inc.

2021 Q2 Form 10-Q Financial Statement

#000162828021011568 Filed on June 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $49.43M $177.4M $215.5M
YoY Change -72.13% -8.58% 4.48%
Cost Of Revenue $39.53M $143.9M $170.2M
YoY Change -72.53% -8.44% 0.9%
Gross Profit $9.903M $33.47M $45.25M
YoY Change -70.41% -9.2% 20.53%
Gross Profit Margin 20.03% 18.87% 21.0%
Selling, General & Admin $12.42M $25.87M $31.17M
YoY Change -52.01% -5.67% 12.81%
% of Gross Profit 125.39% 77.3% 68.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization -$8.500M $12.40M $12.69M
YoY Change -168.55% -5.78% -0.16%
% of Gross Profit -85.83% 37.05% 28.04%
Operating Expenses $12.42M $32.40M $38.08M
YoY Change -61.68% -6.63% 7.51%
Operating Profit -$2.514M $1.067M $7.173M
YoY Change -335.61% -50.53% 237.39%
Interest Expense $619.0K $8.523M $8.733M
YoY Change -92.74% -17.2% -20.49%
% of Operating Profit 798.78% 121.75%
Other Income/Expense, Net -$465.0K -$5.741M -$9.542M
YoY Change -91.9% -44.72% -23.5%
Pretax Income -$2.979M -$4.674M -$2.369M
YoY Change -36.26% -43.2% -77.11%
Income Tax $6.315M $1.485M $1.188M
% Of Pretax Income
Net Earnings -$27.63M -$6.159M -$3.557M
YoY Change 348.6% -36.02% -69.74%
Net Earnings / Revenue -55.89% -3.47% -1.65%
Basic Earnings Per Share -$0.45 -$0.11 -$0.07
Diluted Earnings Per Share -$0.45 -$0.11 -$0.07
COMMON SHARES
Basic Shares Outstanding 62.26M shares 61.82M shares 61.54M shares
Diluted Shares Outstanding 62.26M shares 61.82M shares 61.54M shares

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.58M $90.20M $30.20M
YoY Change 8.18% 342.16% -67.49%
Cash & Equivalents $61.99M $90.19M $30.20M
Short-Term Investments
Other Short-Term Assets $33.16M $41.50M $50.80M
YoY Change -20.09% -4.6% 19.25%
Inventory $15.67M $19.52M $24.24M
Prepaid Expenses
Receivables $72.05M $83.00M $118.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $218.5M $234.3M $223.5M
YoY Change -6.74% 15.71% -16.68%
LONG-TERM ASSETS
Property, Plant & Equipment $66.62M $85.10M $90.09M
YoY Change -21.72% -12.5% -10.34%
Goodwill $231.5M $257.1M $257.1M
YoY Change -9.98% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.062M $7.900M $8.161M
YoY Change -10.61% -2.77% 0.82%
Total Long-Term Assets $475.4M $550.4M $565.4M
YoY Change -13.63% 3.4% 4.16%
TOTAL ASSETS
Total Short-Term Assets $218.5M $234.3M $223.5M
Total Long-Term Assets $475.4M $550.4M $565.4M
Total Assets $693.9M $784.7M $788.9M
YoY Change -11.57% 6.79% -2.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.76M $74.27M $86.15M
YoY Change -23.58% -10.77% 1.83%
Accrued Expenses $107.6M $107.9M $109.8M
YoY Change -0.31% 38.87% 24.25%
Deferred Revenue $2.748M $3.810M $3.895M
YoY Change -27.87% 31.38%
Short-Term Debt $0.00 $25.00M $6.000M
YoY Change -100.0% 150.0%
Long-Term Debt Due $5.612M $4.016M $5.734M
YoY Change 39.74% -29.9% 0.09%
Total Short-Term Liabilities $219.8M $274.4M $268.1M
YoY Change -19.89% 24.46% -2.93%
LONG-TERM LIABILITIES
Long-Term Debt $368.6M $375.7M $365.6M
YoY Change -1.89% 1.56% -3.84%
Other Long-Term Liabilities $11.20M $9.464M $9.753M
YoY Change 18.37% -2.5% -2.69%
Total Long-Term Liabilities $419.2M $430.9M $431.8M
YoY Change -2.71% 11.44% 6.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $219.8M $274.4M $268.1M
Total Long-Term Liabilities $419.2M $430.9M $431.8M
Total Liabilities $639.1M $705.3M $699.9M
YoY Change -9.39% 16.17% 2.73%
SHAREHOLDERS EQUITY
Retained Earnings -$7.469B -$7.433B -$7.426B
YoY Change 0.48% 0.61% 0.66%
Common Stock $631.0K $624.0K $624.0K
YoY Change 1.12% 0.97% 0.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.58M $44.15M $53.82M
YoY Change
Total Liabilities & Shareholders Equity $693.9M $784.7M $788.9M
YoY Change -11.57% 6.79% -2.73%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$27.63M -$6.159M -$3.557M
YoY Change 348.6% -36.02% -69.74%
Depreciation, Depletion And Amortization -$8.500M $12.40M $12.69M
YoY Change -168.55% -5.78% -0.16%
Cash From Operating Activities -$10.15M $45.18M -$7.540M
YoY Change -122.47% -336.79% -158.31%
INVESTING ACTIVITIES
Capital Expenditures $1.258M -$1.110M -$6.300M
YoY Change -213.33% -61.59% 27.53%
Acquisitions
YoY Change
Other Investing Activities $69.00K -$10.00K $190.0K
YoY Change -790.0% -133.33%
Cash From Investing Activities $1.327M -$1.120M -$6.110M
YoY Change -218.48% -60.84% 23.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.466M 17.93M 1.500M
YoY Change -86.25% -135.92% -176.53%
NET CHANGE
Cash From Operating Activities -10.15M 45.18M -7.540M
Cash From Investing Activities 1.327M -1.120M -6.110M
Cash From Financing Activities 2.466M 17.93M 1.500M
Net Change In Cash -6.360M 61.99M -12.15M
YoY Change -110.26% -186.26% -301.83%
FREE CASH FLOW
Cash From Operating Activities -$10.15M $45.18M -$7.540M
Capital Expenditures $1.258M -$1.110M -$6.300M
Free Cash Flow -$11.41M $46.29M -$1.240M
YoY Change -124.65% -385.92% -106.94%

Facts In Submission

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us-gaap Nature Of Operations
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NATURE OF OPERATIONS<div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Steel Connect, Inc., together with its consolidated subsidiaries (the "Company"), operates through its wholly-owned subsidiaries, IWCO Direct Holdings, Inc. ("IWCO Direct," "IWCO" or "Direct Marketing") and ModusLink Corporation ("ModusLink" or "Supply Chain").</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">IWCO Direct delivers data-driven marketing solutions for its customers. Its full range of services includes strategy, creative and execution for omnichannel marketing campaigns, along with postal logistics programs for direct mail. Through its Mail-Gard® division, IWCO Direct also offers business continuity and disaster recovery services to protect against unexpected business interruptions, along with providing print and mail outsourcing services.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ModusLink is a supply chain business process management company serving clients in markets such as consumer electronics, communications, computing, medical devices, software and retail. ModusLink designs and executes elements in its clients' global supply chains to improve speed to market, product customization, flexibility, cost, quality and service. The Company also produces and licenses an entitlement management solution for activation, provisioning, entitlement subscription and data collection from physical goods (connected products) and digital products.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Historically, the Company has financed its operations and met its capital requirements primarily through funds generated from operations, the sale of its securities, borrowings from lending institutions and sale of facilities that were not fully utilized. The Company believes it has access to adequate resources to meet its needs for normal operating costs, capital expenditures, mandatory debt redemptions and working capital for its existing business for at least twelve months from the date of this filing. These resources include current cash and cash equivalents, ModusLink's credit agreement with MidCap Financial Trust ("MidCap"), IWCO's revolving credit facility with Cerberus Business Finance, LLC ("Cerberus"), and cash, if any, provided by operating activities. The Company's expectations regarding its ability to use its existing cash and available credit facilities to continue funding its operations are based on assumptions that may prove to be inaccurate, and the Company may require capital resources sooner than currently expected. While the Company believes it will be able to access this additional liquidity based on existing information, the assumptions underlying this belief may also later prove to be inaccurate.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of April 30, 2021 and July 31, 2020, the Company had cash and cash equivalents of $97.6 million and $75.9 million, respectively. As of April 30, 2021, the Company had a working capital deficit of $1.4 million, which includes accrued pricing liabilities and certain tax related liabilities which the Company believes will not require a cash outlay in the next twelve months. As of April 30, 2021, IWCO Direct had $25.0 million available borrowing capacity under its revolving facility. As of April 30, 2021, ModusLink had a readily available borrowing capacity under its revolving credit facility of $5.2 million. The Company believes it will generate sufficient cash to meet its debt covenants under its credit facilities to which certain of its subsidiaries are a party and that it will be able to obtain cash through its current and future credit facilities, if needed.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Impact of COVID-19</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In March 2020, the World Health Organization categorized the novel Coronavirus ("COVID-19") as a pandemic. The spread of the outbreak caused significant disruptions in certain sectors of the U.S. and global economies during 2020 and 2021, and many economists expect the impact will be significant during at least the remainder of calendar 2021. The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The Company continues to evaluate the global risks and the slowdown in business activity related to COVID-19, including the potential impacts on its employees, customers, suppliers and financial results. The effects of COVID-19 required temporary closures of certain of ModusLink's facilities for short periods of time during the fiscal year ended July 31, 2020. Additionally, although IWCO operated and continues to operate as an essential business, it has reduced operating levels and labor shifts due to lower sales volume during the current and prior fiscal year. As of the filing of this quarterly report on Form 10-Q, all of the Company's facilities were open and able to operate at normal capacities.</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">To help mitigate the financial impact of the COVID-19 pandemic, during the prior fiscal year ended July 31, 2020, the Company initiated cost reduction actions, including waiver of board fees, hiring freezes, staffing and force reductions, Company-wide salary reductions, bonus payment deferrals and temporary 401(k) match suspension. The temporary waiver of board fees and Company-wide salary reduction actions taken in the prior fiscal year were fully restored prior to the beginning of the current fiscal year, and the majority of salary reductions were repaid prior to the quarter ended January 31, 2021. The Company continues to focus on cash management and liquidity, which includes reduction of discretionary spending, aggressive working capital management, strict approvals for capital expenditures and other actions. The Company will evaluate further actions if circumstances warrant.</span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">As the situation surrounding COVID-19 continues to remain fluid, it is difficult to predict the duration of the pandemic and the impact on the Company's business, operations, financial condition and cash flows. The severity of the impact on the Company's business for the remainder of calendar 2021 and beyond will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic, the extent and severity of the impact on the Company's customers and suppliers, the continued disruption to demand for our businesses' products and services, and the impact of the global business and economic environment on liquidity and the availability of capital, all of which are uncertain and cannot be predicted. The Company's future results of operations and liquidity could also be adversely impacted by delays in payments of outstanding receivables beyond normal payment terms, supply chain disruptions and uncertain demand, and the effect of any initiatives or programs that the Company may undertake to address financial and operational challenges faced by its customers. There is also no certainty that federal, state or local regulations regarding safety measures to address the spread of COVID-19 will not adversely impact the Company's operations.</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Steel Holdings Expression of Interest</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On November 19, 2020, the Company's Board of Directors (the "Board") received a preliminary, non-binding expression of interest (the "Expression of Interest") from Steel Partners Holdings L.P. ("Steel Holdings") to acquire all of the outstanding shares of common stock not already owned by Steel Holdings or its affiliates for a combination of cash and Steel Holdings 6% Series A Preferred Units, which would imply a value per share of common stock in the range of $0.65 to $0.72 per share. The Board has established a special committee comprised solely of independent directors (the "Acquisition Proposal Special Committee") authorized to retain independent legal and financial advisors and to review, evaluate, negotiate and approve or disapprove the Expression of Interest, and to explore alternative strategies or transactions. The Acquisition Proposal Special Committee announced on January 11, 2021 that it had retained financial advisors and legal counsel. As set forth in the Expression of Interest, the proposed transaction will be subject to the approval of the Acquisition Proposal Special Committee, as well as a non-waivable condition requiring approval of a majority of the shares outstanding of the Company not owned by Steel Holdings and its affiliates and related parties. The Board resolutions establishing the Acquisition Proposal Special Committee expressly provide that the Board will not approve the proposed transaction contemplated by the Expression of Interest or any alternative thereto without a prior favorable recommendation by the Acquisition Proposal Special Committee.</span></div><div style="text-indent:27pt"><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">No decision has yet been made with respect to the Company's response to the Expression of Interest or any alternatives thereto. The Board has only received a proposal, which does not constitute an offer or proposal capable of acceptance and may be withdrawn at any time and in any manner. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that the transaction proposed in the Expression of Interest or any other transaction will be approved or completed. The Company is not obligated to disclose any further developments or updates on the progress of the proposed transaction until either the Company enters into a definitive agreement or the Acquisition Proposal Special Committee determines no such transaction will be approved.</span></div>
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BASIS OF PRESENTATION<div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The accompanying condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of a normal recurring nature) considered necessary for fair presentation have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and related notes for the year ended July 31, 2020 (Fiscal Year 2020), which are contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 30, 2020. The results for the nine months ended April 30, 2021 are not necessarily indicative of the results to be expected for the full fiscal year. The year-end condensed consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All significant intercompany transactions and balances have been eliminated in consolidation.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company considers events or transactions that occur after the balance sheet date but before the issuance of financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. For the nine months ended April 30, 2021, the Company evaluated subsequent events for potential recognition and disclosure through the date these financial statements were filed.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three months ended October 31, 2019, the Company recorded an adjustment to correct an out-of-period misstatement related to the Company's estimate for certain tax related liabilities, resulting in a $6.4 million reduction in selling, general and administrative expenses.</span></div>
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FiniteLivedIntangibleAssetsGross
213250000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
94063000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
119187000 USD
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FiniteLivedIntangibleAssetsGross
213250000 USD
CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsNet
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CY2021Q2 mlnk Customer Postage Deposits Current
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9744000 USD
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CustomerPostageDepositsCurrent
8551000 USD
CY2021Q2 us-gaap Amortization Of Intangible Assets
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4182000 USD
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6531000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
16076000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
20719000 USD
CY2021Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
25700000 USD
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58409000 USD
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60744000 USD
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25439000 USD
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1464000 USD
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2539000 USD
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3949000 USD
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4426000 USD
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3399000 USD
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985000 USD
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190000 USD
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476000 USD
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17259000 USD
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16392000 USD
CY2021Q2 us-gaap Accrued Liabilities Current
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107581000 USD
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111380000 USD
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13499000 USD
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13499000 USD
CY2021Q2 us-gaap Other Sundry Liabilities Current
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5076000 USD
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7900000 USD
CY2021Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
28319000 USD
CY2020Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
29950000 USD
CY2021Q2 mlnk Accrued Taxes
AccruedTaxes
58400000 USD
CY2020Q3 mlnk Accrued Taxes
AccruedTaxes
60700000 USD
CY2020Q3 mlnk Accrued Pricing Liabilities Current
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13500000 USD
CY2021Q2 mlnk Accrued Pricing Liabilities Current
AccruedPricingLiabilitiesCurrent
13500000 USD
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
4093000 USD
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2837000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
12452000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
12469000 USD
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
524000 USD
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1802000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
2254000 USD
CY2021Q2 mlnk Variable Lease Cost Recovery
VariableLeaseCostRecovery
-9000 USD
CY2020Q2 mlnk Variable Lease Cost Recovery
VariableLeaseCostRecovery
4000 USD
mlnk Variable Lease Cost Recovery
VariableLeaseCostRecovery
10000 USD
mlnk Variable Lease Cost Recovery
VariableLeaseCostRecovery
50000 USD
CY2021Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
0 USD
CY2020Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
2000 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
0 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
38000 USD
CY2021Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000 USD
CY2020Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000 USD
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
4000 USD
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
9000 USD
CY2021Q2 us-gaap Lease Cost
LeaseCost
4609000 USD
CY2020Q2 us-gaap Lease Cost
LeaseCost
4646000 USD
us-gaap Lease Cost
LeaseCost
13930000 USD
us-gaap Lease Cost
LeaseCost
14820000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
12328000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
11677000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
4000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
7000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
52000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
83000 USD
CY2021Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
6569000 USD
CY2020Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
7863000 USD
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
374200000 USD
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
379049000 USD
CY2021Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
5612000 USD
CY2020Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
5527000 USD
CY2021Q2 us-gaap Long Term Debt Noncurrent
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368588000 USD
CY2020Q3 us-gaap Long Term Debt Noncurrent
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373522000 USD
CY2021Q2 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.278
CY2021Q2 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent
8200000 USD
CY2020Q3 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent
8200000 USD
CY2021Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
602000 USD
CY2020Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
690000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
1780000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
2080000 USD
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
151785000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
177351000 USD
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
151785000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
177351000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
477766000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
617956000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
477766000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
617956000 USD
CY2021Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
17176000 USD
CY2020Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
13016000 USD
CY2021Q2 us-gaap Contract With Customer Liability Current
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2748000 USD
CY2020Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2860000 USD
CY2021Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
168000 USD
CY2020Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
85000 USD
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2916000 USD
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2945000 USD
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2945000 USD
CY2019Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3029000 USD
mlnk Contract With Customer Liability Increase From Cash Receipts
ContractWithCustomerLiabilityIncreaseFromCashReceipts
4839000 USD
mlnk Contract With Customer Liability Increase From Cash Receipts
ContractWithCustomerLiabilityIncreaseFromCashReceipts
3804000 USD
mlnk Contract With Customer Liability Including New Contract Revenue Recognized
ContractWithCustomerLiabilityIncludingNewContractRevenueRecognized
4868000 USD
mlnk Contract With Customer Liability Including New Contract Revenue Recognized
ContractWithCustomerLiabilityIncludingNewContractRevenueRecognized
2954000 USD
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2916000 USD
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3879000 USD
CY2021Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2700000 USD
CY2021Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2021Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
200000 USD
CY2021Q2 mlnk Unrecognized Tax Benefits Including Interest
UnrecognizedTaxBenefitsIncludingInterest
2600000 USD
CY2020Q3 mlnk Unrecognized Tax Benefits Including Interest
UnrecognizedTaxBenefitsIncludingInterest
2800000 USD
CY2021Q2 mlnk Deferred Employer Paid Portion Of Social Security Taxes
DeferredEmployerPaidPortionOfSocialSecurityTaxes
5300000 USD
CY2021Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
300000 USD
CY2020Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
300000 USD
CY2021Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
400000 USD
CY2021Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
600000 USD
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-27629000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-6159000 USD
us-gaap Net Income Loss
NetIncomeLoss
-33376000 USD
us-gaap Net Income Loss
NetIncomeLoss
-4924000 USD
CY2021Q2 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
519000 USD
CY2020Q2 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
525000 USD
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
1586000 USD
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
1592000 USD
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-28148000 USD
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6684000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-34962000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6516000 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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62263000 shares
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.45
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61583000 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61815000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61898000 shares
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.56
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.45
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.11
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.56
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.11
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24200000 shares
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25000000.0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24300000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24500000 shares
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
151785000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
177351000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
477766000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
617956000 USD
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-18998000 USD
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1067000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-3242000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
22982000 USD
CY2021Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7611000 USD
CY2020Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5741000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-27419000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-23878000 USD
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-26609000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-4674000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-30661000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-896000 USD
CY2021Q2 us-gaap Assets
Assets
693855000 USD
CY2020Q3 us-gaap Assets
Assets
759172000 USD
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
151785000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
177351000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
477766000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
617956000 USD
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
151785000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
177351000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
477766000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
617956000 USD

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