Financials

v3.10.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 13,535 $ 5,757
Accounts receivable, net of allowance for doubtful accounts of $6,077 and $2,652, respectively 52,384 25,372
Accounts receivable - stockholders/employees 0 920
Prepaid expenses 10,443 6,290
Inventory, net 1,618 1,142
Other assets 4,504 2,505
Current assets of discontinued operations 0 40,038
Total current assets 82,484 82,024
Long-term assets:    
Property and equipment, net 121,294 106,557
Goodwill 217,814 89,806
Intangible assets, net 183,826 68,834
Other non-current assets 33,462 877
Total long-term assets 556,396 266,074
Total assets 638,880 348,098
Current liabilities:    
Accounts payable 76,075 40,315
Accrued telecommunications costs 5,277 11,048
Deferred customer revenue 16,030 10,226
Other accrued liabilities 41,831 23,948
Current portion of capital leases 3,027 3,003
Current portion of long-term debt 24,500 26,500
Current liabilities from discontinued operations 0 34,864
Total current liabilities 166,740 149,904
Long-term liabilities:    
Non-current portion of long-term debt 580,020 410,736
Non-current portion of capital lease 3,316 3,823
Other non-current liabilities 7,657 12,847
Total non-current liabilities 590,993 427,406
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, 78,415 and 25,161 shares issued and outstanding, respectively 784 252
Additional paid-in capital 145,377 5,824
Accumulated deficit (264,752) (236,477)
Accumulated other comprehensive (loss) income (262) 1,189
Total stockholders’ deficit (118,853) (229,212)
Total liabilities and stockholders’ deficit $ 638,880 $ 348,098

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Revenues $ 120,803 $ 116,677 $ 223,714 $ 231,743
Cost of revenue (exclusive of depreciation and amortization, shown below) 66,189 63,039 121,316 125,899
Gross profit 54,614 53,638 102,398 105,844
Operating expenses:        
Selling, general and administrative expenses 43,001 29,009 66,767 61,334
Depreciation and amortization 16,712 17,625 31,441 33,642
Impairment losses on intangible assets 0 0 2,314 0
Foreign currency loss (gain) 241 (131) 511 (166)
Total operating expenses 59,954 46,503 101,033 94,810
Operating (loss) income (5,340) 7,135 1,365 11,034
Other (expense) income:        
Interest expense, net (17,608) (11,852) (29,370) (21,481)
Loss on debt extinguishment (14,414) 0 (14,414) 0
Other (expense) income (211) (28) (168) 50
Total other expense (32,233) (11,880) (43,952) (21,431)
Loss before income taxes (37,573) (4,745) (42,587) (10,397)
Provision for income taxes 3,872 44 4,869 (1,354)
Net loss from continuing operations (33,701) (4,701) (37,718) (11,751)
Net income (loss) from discontinued operations 15,179 (4,743) 6,218 (8,133)
Net loss (18,522) (9,444) (31,500) (19,884)
Other comprehensive income (loss):        
Cumulative translation adjustment (655) 44 (1,451) (256)
Comprehensive loss (19,177) (9,400) (32,951) (20,140)
Net loss from continuing operations (33,701) (4,701) (37,718) (11,751)
Preferred stock dividends (Note 5) (787) 0 (787) 0
Net loss attributable to common stockholders $ (34,488) $ (4,701) $ (38,505) $ (11,751)
Basic and diluted loss per common share from continuing operations $ (0.59) $ (0.19) $ (0.92) $ (0.47)
Basic and diluted loss per common share from discontinued operations $ 0.26 $ (0.19) $ 0.15 $ (0.32)
Basic and diluted weighted average common shares outstanding 58,248 25,161 41,796 25,161

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss from continuing operations $ (37,718) $ (11,751)
Net loss from discontinued operations 6,218 (8,133)
Net loss (31,500) (19,884)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 31,441 33,642
Deferred financing amortization 2,142 1,882
OID Interest 1,688 850
Deferred taxes (2,453) 0
Gain on disposal of fixed assets 211 (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 92 30
Changes in operating assets and liabilities:    
Accounts receivable (16,062) 3,403
Inventory, net (188) (298)
Prepaid expenses and other current assets 945 (547)
Other assets (4,786) 301
Accounts payable 25,935 10,129
Other liabilities (7,446) (10,358)
Net cash provided by operating activities - continuing operations 10,529 27,257
Net cash used in operating activities - discontinued operations (8,614) (1,202)
Net cash provided by operating activities 1,915 26,055
Cash flows from investing activities:    
Acquisitions (20,565) 0
Purchase of property and equipment (15,369) (17,927)
Proceeds from disposal of fixed assets 22 26
Net cash used in investing activities - continuing operations (35,912) (17,901)
Net cash used in investing activities - discontinued operations (1,498) (4,713)
Net cash used in investing activities (37,410) (22,614)
Cash flows from financing activities:    
Proceeds from notes payable and long-term debt 650,000 15,000
Repayment of debt obligation (551,494) (11,375)
Payment of capital lease obligations (1,840) (2,210)
Deferred financing costs and discounts (50,383) (4,325)
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 73 0
Net cash provided by (used in) financing activities - continuing operations 43,364 (2,910)
Net increase in cash and cash equivalents - continuing operations 17,981 6,446
Net (decrease) in cash and cash equivalents - discontinued operations (10,112) (5,915)
Net increase in cash and cash equivalents 7,869 531
Cash and cash equivalents at beginning of period 5,757 8,208
Foreign currency translation effect on cash (91) 27
Cash and cash equivalents at end of period 13,535 8,766
Supplemental Disclosure of Cash Flow Information:    
Interest paid 19,096 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