Financials

v3.10.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 15,426 $ 5,757
Accounts receivable, net of allowance for doubtful accounts of $5,558 and $2,652, respectively 52,597 25,372
Accounts receivable - stockholders/employees 103 920
Prepaid expenses 11,276 6,290
Inventory, net 2,367 1,142
Other assets 4,483 2,505
Current assets of discontinued operations 0 40,038
Total current assets 86,252 82,024
Long-term assets:    
Property and equipment, net 120,612 106,557
Goodwill 218,151 89,806
Intangible assets, net 176,465 68,834
Other non-current assets 32,518 877
Total long-term assets 547,746 266,074
Total assets 633,998 348,098
Current liabilities:    
Accounts payable 75,500 40,315
Accrued telecommunications costs 4,812 11,048
Deferred customer revenue 16,440 10,226
Other accrued liabilities 41,706 23,948
Current portion of capital leases 2,525 3,003
Current portion of long-term debt 30,779 26,500
Current liabilities from discontinued operations 0 34,864
Total current liabilities 171,762 149,904
Long-term liabilities:    
Non-current portion of long-term debt 589,433 410,736
Non-current portion of capital lease 2,830 3,823
Other non-current liabilities 6,149 12,847
Total non-current liabilities 598,412 427,406
Stockholders' deficit:    
Preferred stock, $0.01 par value, 10,000 shares authorized, 15 and 0 shares issued and outstanding, respectively 0 0
Common stock, $0.01 par value; 150,000 shares authorized, 78,501 and 25,161 shares issued and outstanding 785 252
Additional paid-in capital 145,638 5,824
Accumulated deficit (282,383) (236,477)
Accumulated other comprehensive (loss) income (216) 1,189
Total stockholders' deficit (136,176) (229,212)
Total liabilities and stockholders' deficit $ 633,998 $ 348,098

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenues $ 143,428 $ 112,424 $ 367,142 $ 344,167
Cost of revenue (exclusive of depreciation and amortization, shown below) 72,981 58,552 194,297 184,451
Gross profit 70,447 53,872 172,845 159,716
Operating expenses:        
Selling, general and administrative expenses 46,788 26,830 113,555 88,164
Depreciation and amortization 19,946 16,824 51,387 50,466
Impairment losses on intangible assets 0 0 2,314 0
Foreign currency (gain) loss (248) (295) 263 (461)
Total operating expenses 66,486 43,359 167,519 138,169
Operating income 3,961 10,513 5,326 21,547
Other (expense) income:        
Interest expense, net (21,647) (11,405) (51,017) (32,886)
Loss on debt extinguishment 0 0 (14,414) 0
Other (expense) income 203 1 35 51
Total other expense (21,444) (11,404) (65,396) (32,835)
Loss before income taxes (17,483) (891) (60,070) (11,288)
Income tax (expense) benefit (148) (654) 4,721 (2,008)
Net loss from continuing operations (17,631) (1,545) (55,349) (13,296)
Net income (loss) from discontinued operations 0 (5,160) 6,218 (13,293)
Net loss (17,631) (6,705) (49,131) (26,589)
Other comprehensive income (loss):        
Cumulative translation adjustment 46 1,923 (1,405) 1,667
Comprehensive loss (17,585) (4,782) (50,536) (24,922)
Net loss from continuing operations (17,631) (1,545) (55,349) (13,296)
Preferred stock dividends (Note 5) (467) 0 (1,254) 0
Net loss attributable to common stockholders $ (18,098) $ (1,545) $ (56,603) $ (13,296)
Basic and diluted loss per common share from continuing operations $ (0.23) $ (0.06) $ (1.05) $ (0.53)
Basic and diluted (loss) income per common share from discontinued operations $ 0.00 $ (0.21) $ 0.11 $ (0.53)
Basic and diluted weighted average common shares outstanding 78,435 25,161 54,143 25,161

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss from continuing operations $ (55,349) $ (13,296)
Net loss from discontinued operations 6,218 (13,293)
Net loss (49,131) (26,589)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 51,387 50,466
Deferred financing amortization 3,283 2,953
OID Interest 3,748 1,336
Deferred taxes (2,612) 0
Gain on disposal of fixed assets (76) (26)
Loss on impairment of property, plant and equipment 2,314 0
Loss on extinguishment of debt 14,414 0
Non-cash share-based compensation 257 0
Changes in operating assets and liabilities:    
Accounts receivable (16,284) 4,589
Inventory, net (922) (228)
Prepaid expenses and other current assets 688 (90)
Other assets (3,829) 296
Accounts payable 25,209 14,628
Other liabilities (9,965) (12,170)
Net cash provided by operating activities - continuing operations 12,263 48,458
Net cash used in operating activities - discontinued operations (9,373) (2,485)
Net cash provided by operating activities 2,890 45,973
Cash flows from investing activities:    
Acquisitions (20,565) 0
Purchase of property and equipment (26,235) (27,870)
Proceeds from disposal of fixed assets 168 26
Net cash used in investing activities - continuing operations (46,632) (27,844)
Net cash used in investing activities - discontinued operations (1,571) (7,316)
Net cash used in investing activities (48,203) (35,160)
Cash flows from financing activities:    
Proceeds from notes payable and long-term debt 669,500 15,000
Repayment of debt obligation (558,432) (17,125)
Payment of capital lease obligations (2,830) (2,379)
Deferred financing costs and discounts (50,383) (4,603)
Issuance of Note Receivable (25,000) 0
Issuance of preferred stock 14,500 0
Proceeds from the sale of common stock 7,508 0
Proceeds from stock options 170 0
Net cash provided by (used in) financing activities - continuing operations 55,033 (9,107)
Net cash provided by (used in) financing activities - discontinued operations 0 0
Net cash provided by (used in) financing activities 55,033 (9,107)
Net increase in cash and cash equivalents - continuing operations 20,664 11,507
Net (decrease) in cash and cash equivalents - discontinued operations (10,944) (9,801)
Net increase in cash and cash equivalents 9,720 1,706
Cash and cash equivalents at beginning of period 5,757 8,208
Foreign currency translation effect on cash (51) 155
Cash and cash equivalents at end of period 15,426 10,069
Supplemental Disclosure of Cash Flow Information:    
Interest paid 36,285 18,064
Income tax paid 0 217
Non-cash purchases of property and equipment 1,157 0
Non-cash issuance of stock for acquisition 138,915 0
Non-cash dividend $ 500 $ 0

Source