Global Eagle recently completed funding of
Searchlight Capital Partners investmentService revenue growth
across Connectivity segmentMedia & Content segment gross
margins improve versus Third Quarter 2017
Global Eagle Entertainment Inc. (Nasdaq: ENT) (“Global Eagle,” the
“Company” or “we”), a leading provider of media, content,
connectivity and data analytics to markets across air, sea and
land, today announced financial results for the fourth quarter and
full year ended December 31, 2017. For the fourth quarter
2017, Global Eagle recorded revenue of $160 million; incurred a net
loss of $134.4 million, primarily due to non-cash impairment
charges described below; and generated Adjusted EBITDA* of $19.7
million. For the 2017 fiscal year, Global Eagle recorded
revenue of $619 million; incurred a net loss of $357.1 million,
primarily due to non-cash impairment charges described below; and
generated Adjusted EBITDA of $68.0 million. The Company also
announced last week that Searchlight Capital Partners completed the
funding of its previously announced investment in Global
Eagle.
“Global Eagle had an improved finish to the year,” said Jeff
Leddy, Global Eagle’s Executive Chairman. “Revenue and
Adjusted EBITDA both grew on a year over year basis in the fourth
quarter of 2017. The foundation we have built over the past
year is beginning to drive measurable improvements in
results. Our new world-class leadership team, improved
operational execution and continued innovation, along with
Searchlight’s investment in our company, position us well for
future success.” Mr. Leddy continued, “I am proud of the
steady progress we made in 2017, and am confident in our path
ahead.”
During 2017, Global Eagle built positive momentum across the
organization. The Company integrated its air, sea and land
Connectivity businesses, generating network and technology
synergies. Global Eagle also initiated the integration,
optimization and enhancement of its operations and technical teams.
Key accounts became reference customers across all
businesses. In the fourth quarter, the Company benefitted
from a sequential improvement (versus the third quarter of 2017) in
the Media & Content segment’s gross margins and broad growth
across the Connectivity segment’s service revenue.
“We have executed well on our objectives to integrate our
Connectivity businesses and enhance operational delivery and
improve our internal processes,” commented Paul Rainey, CFO of
Global Eagle, “We see compelling opportunities to further integrate
prior acquisitions, which we believe will continue to lower our
cost structure. In 2018, we expect these improvements to lead
to accelerating organic revenue growth and strong Adjusted EBITDA
growth, along with an improvement in cash-flow generation.”
Fourth Quarter Summary
- Total revenue for the fourth quarter of 2017 was $160 million,
a 1.8% increase over the prior-year period. This increase was
primarily driven by growth in service revenue in our Connectivity
segment due to new aircraft, vessel and site additions.
- Net loss for the fourth quarter of 2017 was $134.4 million.
During the fourth quarter of 2017, the Company recorded
non-cash impairment charges of $106 million related to our
Connectivity business units, including one of our joint ventures.
The decline in the Company’s market capitalization during the
quarter triggered a reassessment of our impairment analysis.
This resulted in, among other things, an increased discount rate in
our impairment model, which in turn negatively impacted the fair
value of two of our Connectivity businesses.
- Adjusted EBITDA for the fourth quarter of 2017 was $19.7
million, which was a slight increase over the prior year period.
Adjusted EBITDA benefitted from growth in our Connectivity
segment’s service revenue as mentioned above.
Fiscal Year 2017 Summary
- Total revenue for the fiscal year ended December 31, 2017 was
$619 million, a 16.9% increase over the prior year. The
increase over the prior-year period was driven by the acquisition
of Emerging Markets Communications (“EMC”) in
late July 2016, which generated revenue for the entire 2017
year (versus only a partial 2016 year), and growth in service
revenue in our Connectivity segment due to aircraft, vessel and
site additions, which was partially offset by a revenue decline in
our Media & Content segment.
- Net loss for the fiscal year ended December 31, 2017 was $357.1
million. During the year, the Company recorded non-cash
impairment charges of $184 million related to our Connectivity
business units, including one of our joint ventures. Net loss
in 2017 also increased versus 2016 due to higher full-year interest
expense in 2017 and higher audit-related and professional fees
incurred in 2017 related to our delayed 2016 audit.
- Adjusted EBITDA for the fiscal year ended December 31, 2017 was
$68.0 million, a $10.5 million increase over the prior year.
The increase was driven by the acquisition of EMC in
late July 2016, which generated Adjusted EBITDA for the
entire 2017 year, and growth in service revenue in our Connectivity
segment due to aircraft, vessel and site additions, which was
partially offset by a revenue decline in our Media & Content
segment.
Webcast
Global Eagle will host a live webcast later today Monday,
April 2, 2018 at 5:00 p.m. ET (2:00 p.m. PT). The Company will
make the webcast available on the Investor Relations section of its
website at http://investors.geemedia.com/events.cfm. An archive of
the webcast replay will be on its website for 30 days following the
event.
About Global Eagle
Global Eagle is a leading provider of media, content,
connectivity and data analytics to markets across air, sea and
land. Global Eagle offers a fully integrated suite of rich media
content and seamless connectivity solutions to airlines, cruise
lines, commercial ships, high-end yachts, ferries and land
locations worldwide. With approximately 1,500 employees and 50
offices on six continents, the Company delivers exceptional service
and rapid support to a diverse customer base. Find out more at:
www.GlobalEagle.com.
Contact:
Peter A. LopezVice President, Investor
Relations+1
310-740-8624investor.relations@geemedia.compr@geemedia.com
* About Non-GAAP Financial MeasuresTo
supplement our consolidated financial statements, which are
prepared and presented in accordance with accounting principles
generally accepted in the United States, or GAAP, we present
Adjusted EBITDA, which is a non-GAAP financial measure, as a
measure of our performance. The presentation of Adjusted EBITDA is
not intended to be considered in isolation from, or as a substitute
for, or superior to, net income (loss) or any other performance
measures derived in accordance with GAAP or as an alternative to
net cash provided by operating activities or any other measures of
our cash flows or liquidity. Further, we note that Adjusted EBITDA
as presented herein is defined and calculated differently than the
“Consolidated EBITDA” definition in our senior secured credit
agreement, which Consolidated EBITDA definition we use for
financial-covenant-compliance purposes thereunder and as a measure
of our liquidity. For a reconciliation of Adjusted EBITDA to
its most comparable measure under GAAP, please see the table
entitled “Reconciliation of GAAP to Non-GAAP Measure” at the end of
this release.
Adjusted EBITDA is one of the primary measures used by our
management and Board of Directors to understand and evaluate our
financial performance and operating trends, including period to
period comparisons, to prepare and approve our annual budget and to
develop short and long term operational plans. Additionally,
Adjusted EBITDA is one of the primary measures used by the
Compensation Committee of our Board of Directors to establish the
funding targets for (and subsequent funding of) our Annual
Incentive Plan bonuses for our employees and executives. We believe
our presentation of Adjusted EBITDA is useful to investors both
because it allows for greater transparency with respect to key
metrics used by management in its financial and operational
decision-making and because our management frequently uses it in
discussions with investors, commercial bankers, securities analysts
and other users of our financial statements.
We define Adjusted EBITDA as net income (loss) before (a)
interest expense (income), (b) income tax expense (benefit) and (c)
depreciation and amortization (including relating to equity-method
investments) and loss on disposal and impairment of fixed assets,
and we then further adjust that result to exclude (1) change in
fair value of financial instruments, (2) other (income) expense,
including primarily, when applicable, (gains) losses from
investments and foreign-currency-transaction (gains) losses, (3)
goodwill impairment expense, (4) stock-based compensation expense,
(5) strategic-transaction, integration and realignment expenses (as
described below), (6) auditor and related third-party professional
fees and expenses related to our internal-control deficiencies (and
the remediation thereof) and delays in our 2016 audit process, (7)
excess content expenses (as described below), (8) securities
class-action expenses (as described below), (9) losses on
significant customer bankruptcies (as described below) and (10)
restructuring expenses pursuant to our September 2014 integration
plan (when applicable in the period). Management does not
consider these items to be indicative of our core operating
results.
“Excess content expenses” includes the additional purchasing
costs that we incurred in 2017 to procure movie content for our
customers, notwithstanding that we could have procured equivalent
content under our (preferential-pricing) output arrangements with
major studios. We incurred these additional costs because we
could not timely identify and measure our movie-content
expenditures and procurement during the period due to weaknesses in
our control environment.
“Losses on significant customer bankruptcies” includes (1) our
provision for bad debt associated with the bankruptcies of Air
Berlin and Alitalia (two of our Media & Content customers) in
2017, together with (2) the costs (e.g., content acquisition fees)
that we incurred to maintain service to those customers during
their bankruptcy proceedings in order to preserve the customer
relationship.
“Securities class-action expenses” includes third-party
professional fees and expenses associated with the securities
class-action lawsuits filed against us in 2017.
“Strategic-transaction, integration and realignment expenses”
includes (1) transaction-related expenses and costs (including
third-party professional fees) attributable to acquisition,
financing, investment and other strategic-transaction activities,
(2) integration and realignment expenses and allowances, (3)
employee-severance, retention and relocation expenses, (4)
purchase-accounting adjustments for deferred revenue, costs and
credits associated with companies and businesses that we have
acquired through our M&A activities, (5)
service-level-agreement penalties incurred during our Eagle-1
migration and setup in its new orbital slot in 2017, and (6) claims
at companies or businesses that we acquired through our M&A
activities for underlying liabilities that pre-dated our
acquisition of those companies or businesses. In respect of
clause (6) in this definition, we include (i.e., exclude from net
income (loss)) any estimated loss contingencies and provisions for
legal settlements relating to those liabilities.
Cautionary Note Concerning Forward-Looking
StatementsCertain statements in this press release may
constitute “forward-looking” statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, without limitation, statements
with respect to our cash-flow generation, revenue and Adjusted
EBITDA growth and margin expansion in future periods, business
outlook, industry, business strategy, plans, business integration
activities, cost-structure improvements, future operations,
margins, profitability, future efficiencies and other financial and
operating information. When used in this discussion, the words
“anticipate,” “assume,” “believe,” “budget,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“predict,” “project,” “should,” “will,” “future” and the negative
of these or similar terms and phrases are intended to identify
forward-looking statements in this press release.
Forward-looking statements reflect our current expectations
regarding future events, results or outcomes. These expectations
may or may not be realized. Although we believe the expectations
reflected in the forward-looking statements are reasonable, we can
give you no assurance these expectations will prove to have been
correct. Some of these expectations may be based upon assumptions,
data or judgments that prove to be incorrect. Actual events,
results and outcomes may differ materially from our expectations
due to a variety of known and unknown risks, uncertainties and
other factors. Although it is not possible to identify all of these
risks and factors, they include, among others, the following:
- our ability to remediate material weaknesses in our internal
control over financial reporting and to complete such remediation
in a timely manner, and the effect of those weaknesses on our
ability to forecast our operations and financial performance;
- our ability to maintain effective disclosure controls and
internal control over financial reporting;our efforts to remediate
our material weaknesses in our internal control over financial
reporting may divert management’s attention from our business,
reduce our liquidity and have an adverse effect on our financial
performance;
- any future restructuring activities may prove detrimental to
our operations and sales;
- our ability to implement new revenue recognition standards in a
timely manner;
- our dependence on the travel industry;
- future acts or threats of terrorism;
- our ability to obtain new customers and renew agreements with
existing customers, and particularly our dependence on our existing
relationship with Southwest Airlines;
- our customers may be unable to pay us for our services;
- our ability to retain and effectively integrate and train key
members of senior management;
- our ability to recruit, train and retain highly skilled
technical employees, particularly in our finance and IT
functions;
- our ability to receive the anticipated cash distributions or
other benefits from our investment in the Wireless Maritime
Services joint venture;
- the effect of a variety of complex U.S. and foreign tax laws
and regimes due to the global nature of our business;
- our ability to continue to be able to make claims for
investment tax credits in Canada;
- our exposure to foreign currency risks and a lack of a
formalized hedging strategy;
- our need to invest in and develop new broadband technologies
and advanced communications and secure networking systems, products
and services and antenna technologies, as well as their market
acceptance;
- increased demand by customers for greater bandwidth, speed and
performance and increased competition from new technologies and
market entrants;
- customer attrition due to direct arrangements between satellite
providers and customers;
- our reliance on “sole source” service providers and other third
parties for key components and services that are integral to our
product and service offerings;
- the potential need to materially increase our investments in
product development and equipment;
- our ability to expand our international operations and the
risks inherent in our international operations;
- service interruptions or delays, technology failures, damage to
equipment or software defects or errors and the resulting impact on
our reputation and ability to attract, retain and serve our
customers;
- equipment failures or software defects or errors that may
damage our reputation or result in claims in excess of our
insurance coverage;
- satellite failures or degradations in satellite
performance;
- our ability to integrate businesses or technologies we have
acquired or may acquire in the future;
- our use of fixed-price contracts for satellite bandwidth and
potential cost differentials that may lead to losses if the market
price for that service declines relative to our committed
cost;
- increased on-board use of personal electronic devices
and content accessed and downloaded prior to travel and our ability
to compete as a content provider against “over the top” download
services and other companies that
offer in-flight entertainment systems;
- pricing pressure from suppliers and customers in our
Media & Content segment and a reduction in the industry’s
use of intermediary content service providers (such as us);
- a reduction in the volume or quality of content produced by
studios, distributors or other content providers;
- a reduction or elimination of the time between our receipt of
content and it being made available to the rental or home viewing
market (i.e., the “early release window”);
- increased competition in the IFE and IFC system supply
chain;
- our ability to plan expenses and forecast revenue due to the
long sales cycle of many of our Media & Content segment’s
products;
- our use of fixed-price contracts in our Media & Content
segment that may lead to losses in the future if the market price
for that service declines relative to our committed cost;
- our ability to develop new products or enhance those we
currently provide in our Media & Content segment;
- our ability to successfully implement a new enterprise resource
planning system;
- our ability to protect our intellectual property;
- the effect of any cybersecurity attacks, data or privacy
breaches, data or privacy theft, unauthorized access to our
internal systems of Connectivity or Media & Content
systems or phishing or hacking;
- the costs to defend and/or settle current and potential future
civil intellectual property lawsuits (including relating to music
and other content infringement) and related claims for
indemnification; changes in regulations and our ability to obtain
regulatory approvals to provide our services or to operate our
business in particular countries or territorial waters;
- compliance with U.S. and foreign regulatory agencies, including
the Federal Aviation Administration and Federal Communications
Commission and their foreign equivalents in the jurisdictions in
which we and our customers operate;
- changes in government regulation of the Internet,
including e-commerce or online video distribution;
- our ability to comply with trade, export, anti-money laundering
and foreign corrupt practices and data protection laws, especially
the Foreign Corrupt Practices Act;
- costs associated with stockholder litigation and our
indemnification obligations with respect to current and former
executive officers and directors;
- limitations on our cash flow available to make investments due
to our substantial indebtedness and our ability to generate
sufficient cash flow to make payments thereon;
- our ability to repay the principal amount of our bank debt,
second lien notes and/or convertible notes at maturity, to raise
the funds necessary to settle conversions of our convertible notes
or to repurchase our convertible notes upon a fundamental change or
on specified repurchase dates or due to future indebtedness;
- the conditional conversion of our convertible notes;
- the effect on our reported financial results of the accounting
method for our convertible notes;
- the impact of the fundamental change repurchase feature of the
indenture governing our convertible notes on our price or potential
as a takeover target;
- the dilution or price depression of our common stock that may
occur as a result of the conversion of our Searchlight warrants
and/or convertible notes;
- our ability to meet the continued listing requirements of
Nasdaq, in particular given our recent history of delinquent
periodic filings with the U.S. Securities and Exchange
Commission;
- our eligibility to use Form S-3 to register the offer and sale
of securities;
- conflicts between our interests and the interests of our
largest stockholders;
- volatility of the market price of our securities;
- the dilution of our common stock that may occur as a result of
the exercise of outstanding warrants;
- anti-takeover provisions contained in our charter and
bylaws;
- the dilution of our common stock if we issue additional equity
or convertible debt securities; and
- other risks and factors listed under “Risk Factors” in our most
recently filed Annual Report on Form 10-K and in any
subsequently filed Quarterly Reports on Form 10-Q.
The forward-looking statements herein speak only as of the date
the statements are made (which is the date of this press
release). You should not put undue reliance on any
forward-looking statements. We assume no obligation to update
forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information, except to the extent required by applicable securities
laws. If we do update one or more forward-looking statements, no
inference should be drawn that we will make additional updates with
respect to those or other forward-looking statements.
Financial Information
The table below presents financial results for
the three months and fiscal years ended December 31, 2017 and
2016.
Global Eagle Entertainment
Inc.Condensed Consolidated Statements of
Operations(In thousands, except per share
amounts)(Unaudited)
|
Quarters Ended December 31, |
|
Years Ended December 31, |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
Revenue |
$ |
159,598 |
|
|
$ |
156,764 |
|
|
|
$ |
619,469 |
|
|
$ |
529,755 |
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
120,539 |
|
|
|
110,268 |
|
|
|
|
462,120 |
|
|
|
365,470 |
|
|
Sales and
marketing |
|
10,565 |
|
|
|
11,388 |
|
|
|
|
40,938 |
|
|
|
30,941 |
|
|
Product
development |
|
8,689 |
|
|
|
12,640 |
|
|
|
|
35,608 |
|
|
|
37,718 |
|
|
General and
administrative |
|
38,842 |
|
|
|
32,800 |
|
|
|
|
148,221 |
|
|
|
115,195 |
|
|
Legal Settlement |
|
650 |
|
|
|
1,758 |
|
|
|
|
1,435 |
|
|
|
43,446 |
|
|
Restructuring
charges |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
Amortization of
intangible assets |
|
11,106 |
|
|
|
11,593 |
|
|
|
|
43,955 |
|
|
|
35,648 |
|
|
Goodwill
impairment |
|
89,000 |
|
|
|
64,000 |
|
|
|
|
167,000 |
|
|
|
64,000 |
|
|
Total operating
expenses |
|
279,391 |
|
|
|
244,447 |
|
|
|
|
899,277 |
|
|
|
692,418 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(119,793 |
) |
|
|
(87,683 |
) |
|
|
|
(279,808 |
) |
|
|
(162,663 |
) |
|
Other income (expense),
net: |
|
|
|
|
|
|
|
|
|
Interest income
(expense), net |
|
(14,519 |
) |
|
|
(10,369 |
) |
|
|
|
(58,454 |
) |
|
|
(18,198 |
) |
|
Loss on Extinguishment
of Debt |
|
- |
|
|
|
- |
|
|
|
|
(14,389 |
) |
|
|
- |
|
|
Income (loss) from
equity method investments, including impairment losses |
|
(16,334 |
) |
|
|
1,764 |
|
|
|
|
(12,424 |
) |
|
|
3,829 |
|
|
Change in fair value of
financial instruments |
|
839 |
|
|
|
7,533 |
|
|
|
|
3,510 |
|
|
|
25,515 |
|
|
Other income (expense),
net |
|
(478 |
) |
|
|
(1,703 |
) |
|
|
|
(436 |
) |
|
|
(6,326 |
) |
|
Loss before income
taxes |
|
(150,285 |
) |
|
|
(90,458 |
) |
|
|
|
(362,001 |
) |
|
|
(157,843 |
) |
|
Provision (benefit) for
income taxes |
|
(15,880 |
) |
|
|
1,256 |
|
|
|
|
(4,887 |
) |
|
|
(44,911 |
) |
|
Net loss |
|
(134,405 |
) |
|
|
(91,714 |
) |
|
|
|
(357,114 |
) |
|
|
(112,932 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share |
|
|
|
|
|
|
|
|
|
Basic |
$ |
(1.51 |
) |
|
$ |
(1.07 |
) |
|
|
$ |
(4.07 |
) |
|
$ |
(1.39 |
) |
|
Diluted |
$ |
(1.51 |
) |
|
$ |
(1.07 |
) |
|
|
$ |
(4.07 |
) |
|
$ |
(1.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
– basic and diluted |
|
|
|
|
|
|
|
|
|
Basic |
|
89,222 |
|
|
|
85,369 |
|
|
|
|
87,733 |
|
|
|
81,269 |
|
|
Diluted |
|
89,222 |
|
|
|
85,369 |
|
|
|
|
87,733 |
|
|
|
81,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Eagle Entertainment
Inc.Condensed Consolidated Balance
Sheets(In
thousands)(Unaudited)
|
December 31, |
|
|
2017 |
|
|
|
2016 |
|
CURRENT ASSETS: |
|
|
|
Cash and
cash equivalents |
$ |
48,260 |
|
|
$ |
50,686 |
|
Restricted cash |
|
3,608 |
|
|
|
17,992 |
|
Accounts
receivable, net |
|
113,545 |
|
|
|
120,492 |
|
Loan
receivable from related party |
|
— |
|
|
|
— |
|
Inventories |
|
28,352 |
|
|
|
25,986 |
|
Prepaid
expenses |
|
13,486 |
|
|
|
17,658 |
|
Other
current assets |
|
20,923 |
|
|
|
20,786 |
|
TOTAL CURRENT
ASSETS: |
|
228,174 |
|
|
|
253,600 |
|
Content
library |
|
8,686 |
|
|
|
21,470 |
|
Property,
plant and equipment, net |
|
195,029 |
|
|
|
166,049 |
|
Goodwill |
|
159,696 |
|
|
|
327,836 |
|
Intangible assets, net |
|
122,582 |
|
|
|
166,720 |
|
Equity
method investments |
|
137,299 |
|
|
|
156,527 |
|
Other
non-current assets |
|
9,118 |
|
|
|
7,233 |
|
Total Assets |
$ |
860,584 |
|
|
$ |
1,099,435 |
|
Liabilities and
Stockholders' Equity |
|
|
|
CURRENT
LIABILITIES: |
|
|
|
Accounts
payable and accrued liabilities |
|
205,036 |
|
|
|
240,344 |
|
Deferred
revenue |
|
6,508 |
|
|
|
6,970 |
|
Current
portion of long-term debt |
|
20,106 |
|
|
|
2,069 |
|
Other
current liabilities |
|
7,785 |
|
|
|
11,754 |
|
TOTAL CURRENT
LIABILITIES: |
|
239,435 |
|
|
|
261,137 |
|
Deferred
revenue, non-current |
|
1,079 |
|
|
|
1,536 |
|
Long-term
debt |
|
598,958 |
|
|
|
468,231 |
|
Deferred
tax liabilities |
|
16,247 |
|
|
|
33,205 |
|
Other
non-current liabilities |
|
30,340 |
|
|
|
36,329 |
|
Total Liabilities |
|
886,059 |
|
|
|
800,438 |
|
Stockholders'
Equity |
|
|
|
Common
stock |
|
10 |
|
|
|
9 |
|
Treasury
stock, 3,053,634 shares at September 30, 2017 and December 31,
2016 |
|
(30,659 |
) |
|
|
(30,659 |
) |
Additional paid-in capital |
|
779,565 |
|
|
|
747,005 |
|
Subscriptions receivable |
|
(578 |
) |
|
|
(553 |
) |
Accumulated deficit |
|
(773,791 |
) |
|
|
(416,389 |
) |
Accumulated other comprehensive loss |
|
(22 |
) |
|
|
(416 |
) |
Total Stockholder's
Equity |
|
(25,475 |
) |
|
|
298,997 |
|
Total Liabilties and
Stockholders' Equity |
$ |
860,584 |
|
|
$ |
1,099,435 |
|
|
|
|
|
|
|
|
|
Global Eagle Entertainment
Inc.Reconciliation of GAAP to Non-GAAP
Measure(In
thousands)(Unaudited)
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
Adjusted
EBITDA reconciliation: |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Net income
(loss) |
|
(134,405 |
) |
|
(91,714 |
) |
|
(357,114 |
) |
|
(112,932 |
) |
Interest expense (income) |
|
14,519 |
|
|
10,369 |
|
|
72,843 |
|
|
18,198 |
|
Income tax expense (benefit) |
|
(15,880 |
) |
|
1,256 |
|
|
(4,887 |
) |
|
(44,911 |
) |
Depreciation and amortization and loss on disposal and
impairment of fixed assets |
|
26,607 |
|
|
27,046 |
|
|
99,950 |
|
|
65,215 |
|
Change in fair value of financial instruments |
|
(839 |
) |
|
(7,533 |
) |
|
(3,510 |
) |
|
(25,515 |
) |
Other (income) expense |
|
17,189 |
|
|
783 |
|
|
17,147 |
|
|
5,406 |
|
Goodwill impairment expense |
|
89,000 |
|
|
64,000 |
|
|
167,000 |
|
|
64,000 |
|
Stock-based compensation expense |
|
3,584 |
|
|
2,685 |
|
|
7,586 |
|
|
10,747 |
|
Strategic-transaction, integration and realignment
expenses |
|
7,742 |
|
|
12,466 |
|
|
27,951 |
|
|
77,335 |
|
Internal-control and delayed audit expenses |
|
11,411 |
|
|
- |
|
|
34,869 |
|
|
- |
|
Excess content expenses |
|
661 |
|
|
- |
|
|
2,648 |
|
|
- |
|
Securities class action expenses |
|
131 |
|
|
- |
|
|
1,000 |
|
|
- |
|
Losses on significant customer bankruptcies |
|
- |
|
|
- |
|
|
2,537 |
|
|
- |
|
Restructuring expenses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Adjusted
EBITDA |
|
19,720 |
|
|
19,358 |
|
|
68,020 |
|
|
57,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See “About Non-GAAP Financial Measures” in the accompanying
press release, including our definition of Adjusted EBITDA
described therein.
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