0001437749-21-011523.txt : 20210510 0001437749-21-011523.hdr.sgml : 20210510 20210510160331 ACCESSION NUMBER: 0001437749-21-011523 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20210510 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210510 DATE AS OF CHANGE: 20210510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Startek, Inc. CENTRAL INDEX KEY: 0001031029 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 841370538 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12793 FILM NUMBER: 21907021 BUSINESS ADDRESS: STREET 1: 6200 SOUTH SYRACUSE WAY STREET 2: SUITE 485 CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80111 BUSINESS PHONE: 303-262-4500 MAIL ADDRESS: STREET 1: 6200 SOUTH SYRACUSE WAY STREET 2: SUITE 485 CITY: GREENWOOD VILLAGE STATE: CO ZIP: 80111 FORMER COMPANY: FORMER CONFORMED NAME: StarTek, Inc. DATE OF NAME CHANGE: 20130305 FORMER COMPANY: FORMER CONFORMED NAME: STARTEK, INC. DATE OF NAME CHANGE: 20130201 FORMER COMPANY: FORMER CONFORMED NAME: STARTEK INC DATE OF NAME CHANGE: 19970121 8-K 1 srt20210416_8k.htm FORM 8-K srt20190724_8k.htm
false 0001031029 0001031029 2021-05-10 2021-05-10
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): May 10, 2021
 
STARTEK, INC.
(Exact name of Registrant as specified in its charter)
 
Delaware
1-12793
84-1370538
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
 
6200 South Syracuse Way, Suite 485, Greenwood Village CO 80111
(Address of principal executive offices; zip code)
 
Registrant’s telephone number, including area code: (303) 262-4500
 
(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
SRT
New York Stock Exchange, Inc.
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act . ☐
 
 

 
 
Item 2.02 Results of Operations and Financial Condition.
 
On May 10, 2021, Startek, Inc. (the “Company”) issued a press release reporting its earnings for its First quarter ended March 31, 2021. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. This press release shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933.
 
 
Item 9.01 Financial Statements and Exhibits.
 
Exhibit Number  Exhibit Description
 
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

 
 
SIGNATURES
 
Pursuant to the requirements of the Securities and Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
STARTEK, INC.
     
     
     
May 10, 2021
By: 
/s/ Vikash Sureka
 
 
Vikash Sureka
Chief Financial Officer
 
 
EX-99.1 2 ex_241496.htm EXHIBIT 99.1 ex_151272.htm

 

Exhibit 99.1

 

image1.jpg

 

Startek Reports First Quarter 2021 Financial Results

-  Demand Strength and Operational Momentum Drive Continued Growth Across Net Revenue, Adjusted EBITDA and Adjusted Net Income -

 

 

GREENWOOD VILLAGE, CO May 10, 2021 - Startek, Inc. (NYSE:SRT) ("Startek" or the "Company"), a global provider of customer experience management solutions, is reporting financial results for the first quarter ended March 31, 2021.

 

First Quarter 2021 Financial Highlights ($ in millions, excl. margin items)

 

 

Q1 2021

Q4 2020

Q1 2020

Net Revenue

$163.1

$174.5

$160.9

Gross Profit

$24.7

$30.9

$20.1

Gross Margin

15.1%

17.7%

12.5%

SG&A Expenses

$14.2

$15.3

$17.3

Net Loss[1]

$(12.2)

$(7.6)

$(26.6)

     Adjusted Net Income/(Loss)[2], [3]

$1.7

$8.8

$(1.0)

Adjusted EBITDA[3]

$18.0

$23.3

$10.5

 

[1] Reflects net loss attributable to Startek shareholders.

[2] Reflects Adjusted net income (loss) attributable to Startek shareholders.

[3] Refer to the note below about Non-GAAP financial measures.                             


 

Management Commentary  

 

“Our first quarter results demonstrate the continued benefits of the operational improvements and efficiencies we implemented throughout last year,” said Aparup Sengupta, Executive Chairman and Global CEO of Startek. “Even though Q1 typically represents a seasonally soft period for our business, we generated year-over-year growth across all financial metrics. In addition to an increase in net revenue, we generated strong expansion across gross profit, gross margin and adjusted EBITDA, which also benefitted from continued grants from some governments during the quarter. We expect our commitment to prudent cost management and flexibly supporting our global client base to propel our progress through the remainder of the year.

 

“With certain geographies still heavily impacted by the pandemic, as well as the uneven pace of recovery and vaccine access around the world, we have focused on keeping our agents safe while flexibly addressing our clients’ evolving needs. About 65% of our global team is currently working remotely, and we have diligently ensured that they have the resources they need to complete their work. We have continued to optimize the Startek Cloud platform through integrating additional cloud computing, IT service management and automation services, further enhancing the seamlessness of our operations. With these enhanced capabilities, we have improved the flexibility and resilience of our platform, with greater elasticity in how we manage our workforce across our geographies.

 

“While e-commerce tailwinds are not as heightened as they were during last quarter’s holiday season, they still served as a source of strength for us throughout the first quarter. This is in conjunction with the growth we generated across our healthcare, cable and media verticals, including our recent work to support COVID-19 assistance programs in the United States. The strong start to the year has positioned us to deliver robust growth in the current fiscal year.

 

“As we look to the rest of 2021, we will keep working to advance our operational momentum through driving additional efficiencies and innovation throughout our organization. We also plan on being at the forefront in supporting government efforts to quell the effects people around the globe are experiencing from COVID-19, which we take lot of pride in. Our thoughts remain with everyone in India and around the world who is contending with the ongoing economic and health impacts of the global pandemic.”  

 

First Quarter 2021 Financial Results

 

Net revenue in the first quarter increased to $163.1 million compared to $160.9 million in the year-ago quarter. The increase was driven by continued client demand strength, particularly within the Company’s e-commerce, healthcare, cable and media verticals. On a constant currency basis, net revenue increased 2.3% compared to the year-ago quarter.

 

Gross profit in the first quarter increased 23% to $24.7 million compared to $20.1 million in the year-ago quarter. Gross margin increased 260 basis points to 15.1% compared to 12.5% in the year-ago quarter. The increase was primarily driven by the aforementioned strength within Startek’s client base, including a greater revenue mix from high-margin verticals. The margin expansion was also aided by grants received in the first quarter.

 

Selling, general and administrative (SG&A) expenses in the first quarter decreased to $14.2 million compared to $17.3 million in the year-ago quarter. As a percentage of revenue, SG&A improved 200 basis points to 8.7% compared to 10.7% in the year-ago quarter as a result of the ongoing cost reductions the Company has implemented over the past several quarters and in response to COVID-19.

 

Net loss attributable to Startek shareholders in the first quarter improved to $12.2 million or $(0.30) per share, compared to a net loss of $26.6 million or $(0.69) per share in the year-ago quarter. Net loss in the first quarter of 2021 reflects a one-time charge related to expenses associated with the debt refinancing the Company completed in February 2021.

 

Adjusted net income* in the first quarter improved to $1.7 million or $0.04 per diluted share, compared to an adjusted net loss* of $1.0 million or $(0.02) per share in the year-ago quarter.

 

Adjusted EBITDA* in the first quarter increased 72% to $18.0 million compared to $10.5 million in the year-ago quarter. The increase was primarily driven by the aforementioned revenue growth and margin expansion and cost reductions.

 

On March 31, 2021, cash and restricted cash increased to $64.6 million[1] compared to $50.6 million  at December 31, 2020. The increase was largely driven by improved working capital this quarter relative to previous quarters. Total debt at March 31, 2021 was $172.8 million compared to $136.0 million at December 31, 2020, and net debt at March 31, 2021 was $108.1 million[2]  compared to $85.4 million at December 31, 2020. The increase primarily reflects the use of proceeds of the refinancing to repay in full the previous senior debt facility and to also make the investment in CSS.

 

 

*A non-GAAP measure defined below.

 

Conference Call and Webcast Details

 

Startek management will hold a conference call today at 5:00 p.m. Eastern time to discuss its financial results. The conference call will be followed by a question and answer period.

 

 

Date: Monday, May 10, 2021

Time: 5:00 p.m. Eastern time

Toll-free dial-in number: (844) 239-5283

International dial-in number: (574) 990-1022

Conference ID: 4684167

 

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.

 

The conference call will be broadcast live and available for replay here, as well as in the investor relations section of the company’s website at www.startek.com.

 

A telephonic replay of the conference call will also be available after 8:00 p.m. Eastern time on the same day through May 17, 2021.

 

Toll-free replay number: (855) 859-2056

 

International replay number: (404) 537-3406

 

Replay ID: 4684167

 

 


 

[1] Cash balance excluding restricted cash as at March 31, 2021 amounted to $57.7 million as compared to $44.5 million as at December 31, 2020.

[2] Net debt excluding restricted cash balance at March 31, 2021 was $115.1 million compared to $91.5 million at December 31, 2020.

 

 

About Startek

 

Startek is a global provider of tech-enabled business process management solutions. The company provides omni-channel customer experience, digital transformation, and technology services to some of the finest brands globally. Startek is committed to impacting clients’ business outcomes by focusing on enhancing customer experience and digital & AI enablement across all touch points and channels. Startek has more than 42,000 CX experts spread across 46 delivery campuses in 13 countries. The company services over 220 clients across various industries such as Banking and Financial Services, Insurance, Technology, Telecom, Healthcare, Travel & Hospitality, Ecommerce, Consumer Goods, Retail, and Energy & Utilities. To learn more about Startek’s global solutions, please visit www.startek.com.

 

Forward-Looking Statements

 

The matters regarding the future discussed in this news release include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are intended to be identified in this document by the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should” and similar expressions. As described below, such statements are subject to a number of risks and uncertainties that could cause Startek's actual results to differ materially from those expressed or implied by any such forward-looking statements. Readers are encouraged to review risk factors and all other disclosures appearing in the Company's Form 10-K for the fiscal year ended December 31, 2020, as filed with the Securities and Exchange Commission (SEC) on March 15, 2021, as well as other filings with the SEC, for further information on risks and uncertainties that could affect Startek's business, financial condition and results of operation. Copies of these filings are available from the SEC, the Company’s website or the Company’s investor relations department. Startek assumes no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date herein.

 

 

Investor Relations

 

Cody Cree or Jackie Keshner

Gateway Investor Relations

(949) 574-3860

SRT@gatewayir.com

 

 

 

 

 

 

STARTEK, INC. AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(In thousands, except per share amounts)

(Unaudited)

 

   

Three Months Ended March 31,

 
   

2021

   

2020

 

Revenue

    163,495       161,177  

Warrant contra revenue

    (425 )     (278 )

Net Revenue

  $ 163,070     $ 160,899  

Cost of services

    (138,383 )     (140,841 )

Gross profit

  $ 24,687     $ 20,058  
                 

Selling, general and administrative expenses

    (14,171 )     (17,255 )

Impairment losses and restructuring/exit cost

    (1,898 )     (24,322 )

Operating income / (loss)

  $ 8,618     $ (21,519 )
                 

Share of loss of equity-accounted investees

    (14 )     (8 )

Interest expense, net

    (13,769 )     (3,506 )

Exchange gain / (loss), net

    212       1,928  

Loss before income taxes

  $ (4,953 )   $ (23,105 )

Income tax expense

    (4,902 )     (2,876 )

Net loss

  $ (9,855 )   $ (25,981 )
                 

Net income / (loss)

               

Net income attributable to non-controlling interests

    2,300       576  

Net loss attributable to Startek shareholders

    (12,155 )     (26,557 )
                 

Net loss per common share - basic and diluted

    (0.30 )     (0.69 )
                 

Weighted average common shares outstanding - basic and diluted

    40,592       38,528  

 

STARTEK, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS)

(In thousands, except per share amounts)

(Unaudited)

 

   

Three Months Ended March 31,

 
   

2021

   

2020

 

Net loss

  $ (9,855 )   $ (25,981 )

Net income attributable to non-controlling interests

    2,300       576  

Net loss attributable to Startek shareholders

    (12,155 )     (26,557 )
                 

Other comprehensive (loss) / income, net of taxes:

               

Foreign currency translation adjustments

    (1,092 )     (4,392 )

Change in fair value of derivative instruments

    8       (672 )

Pension amortization

    (384 )     396  

Other comprehensive loss

  $ (1,468 )   $ (4,668 )
                 

Other comprehensive (loss) / income, net of taxes

               

Other comprehensive (loss) / income attributable to non-controlling interests

    (69 )     163  

Other comprehensive loss attributable to Startek shareholders

    (1,399 )     (4,831 )
    $ (1,468 )   $ (4,668 )

Comprehensive (loss) / income

               

Comprehensive income attributable to non-controlling interests

    2,231       739  

Comprehensive loss attributable to Startek shareholders

    (13,554 )     (31,388 )
    $ (11,323 )   $ (30,649 )

 

 

 

 

STARTEK, INC. AND SUBSIDIARIES

 CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

   

March 31,

   

December 31,

 
   

2021

   

2020

 

Assets

               

Current assets

               

Cash and cash equivalents

    57,665       44,507  

Restricted cash

    6,981       6,052  

Trade accounts receivable, net

    69,712       83,560  

Unbilled revenue

    57,530       49,779  

Prepaid and other current assets

    12,328       14,542  

Total current assets

  $ 204,216     $ 198,440  
                 
Non-current assets                

Property, plant and equipment, net

    34,353       34,225  

Operating lease right-of-use assets

    65,396       69,376  

Intangible assets, net

    97,879       100,440  

Goodwill

    183,397       183,397  

Investment in equity-accounted investees

    25,096       111  

Deferred tax assets, net

    4,042       5,294  

Prepaid expenses and other non-current assets

    16,605       13,370  
Total non-current assets   $ 426,768     $ 406,213  

Total assets

  $ 630,984     $ 604,653  
                 

Liabilities and Shareholders' Equity

               

Current liabilities

               

Trade accounts payables

    14,457       20,074  

Accrued expenses

    58,026       57,118  

Short term debt

    5,230       15,505  

Current maturity of long term debt

    2,412       2,180  

Current maturity of operating lease obligation

    18,724       19,327  

Other current liabilities

    45,130       39,987  

Total current liabilities

  $ 143,979     $ 154,191  
                 
Non-current liabilities                

Long term debt

    165,116       118,315  

Operating lease liabilities

    48,697       52,052  

Other non-current liabilities

    18,490       15,498  

Deferred tax liabilities, net

    17,194       17,715  

Total non-current liabilities

  $ 249,497     $ 203,580  

Total liabilities

  $ 393,476     $ 357,771  
                 

Stockholders’ equity:

               

Common stock, 60,000,000 non-convertible shares, $0.01 par value, authorized; 40,781,804 and 40,453,462 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively

    408       405  

Additional paid-in capital

    290,646       288,700  

Accumulated deficit

    (97,698 )     (85,543 )

Accumulated other comprehensive loss

    (8,685 )     (7,286 )

Equity attributable to Startek shareholders

  $ 184,671     $ 196,276  

Non-controlling interests

    52,837       50,606  

Total stockholders’ equity

  $ 237,508     $ 246,882  

Total liabilities and stockholders’ equity

  $ 630,984     $ 604,653  

 

 

 

 

STARTEK, INC. AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

  

   

Three Months Ended March 31,

 
   

2021

   

2020

 

Operating Activities

               

Net loss

  $ (9,855 )   $ (25,981 )
                 

Adjustments to reconcile net loss to net cash generated from operating activities:

               

Depreciation and amortization

    6,803       7,093  
    Impairment of goodwill     -       22,708  

Profit on sale of property, plant and equipment

    (53 )     -  

Provision for doubtful accounts

    63       154  
   Amortisation of debt issuance cost     2,670       378  

Warrant contra revenue

    425       278  

Share-based compensation expense

    280       291  

Deferred income taxes

    558       1,879  

Share of loss of equity-accounted investees

    14       8  
                 

Changes in operating assets and liabilities:

               

Trade accounts receivable

    12,848       4,503  

Prepaid expenses and other assets

    (8,844 )     (7,658 )

Trade accounts payable

    (5,447 )     (4,722 )

Income taxes, net

    2,727       (672 )

Accrued expenses and other current liabilities

    4,908       12,287  

Net cash generated from operating activities

  $ 7,097     $ 10,546  
                 

Investing Activities

               

Purchases of property, plant and equipment

    (2,922 )     (2,884 )
Investment in equity-accounted investees     (25,000 )     -  

Net cash used in investing activities

  $ (27,922 )   $ (2,884 )
                 

Financing Activities

               

Proceeds from the issuance of common stock

    1,244       43  

Proceeds from (payments on) long term debt

    44,702       (4,200 )

Proceeds from (payments on) other debt, net

    (10,609 )     4,578  

Net cash generated from financing activities

  $ 35,337     $ 421  
                 

Net increase in cash and cash equivalents

    14,512       8,083  

Effect of exchange rate changes on cash and cash equivalents and restricted cash

    (425 )     (1,052 )

Cash and cash equivalents and restricted cash at beginning of period

    50,559       32,626  

Cash and cash equivalents and restricted cash at end of period

  $ 64,646     $ 39,657  
                 

Components of cash and cash equivalents and restricted cash

               

Balances with banks

    57,665       27,795  

Restricted cash

    6,981       11,862  

Total cash and cash equivalents and restricted cash

  $ 64,646     $ 39,657  
                 
Supplemental disclosure of Cash Flow Information                
Cash paid for Interest and other finance costs     14,443       1,988  
Cash paid for income taxes     1,652       963  
Non-cash warrant contra revenue     425       278  
Non-cash share-based compensation expenses     280       291  

 

 

 

 

STARTEK, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURE

(In thousands)

(Unaudited)

 

This press release contains references to the non-GAAP financial measure of Adjusted EBITDA. Reconciliation of this non-GAAP measure to its comparable GAAP measure is included below. This non-GAAP information should not be construed as an alternative to the reported results determined in accordance with GAAP. It is provided solely to assist in an investor’s understanding of these items on the comparability of the Company’s operations.

 

Adjusted EBITDA:

 

The Company defines non-GAAP Adjusted EBITDA as Net loss plus Income tax expense, Interest and other expense, net, Exchange gain / (loss), net, Depreciation and amortization expense, Restructuring and other acquisition related cost, Share-based compensation expense and Warrant contra revenue (if applicable). Management uses Adjusted EBITDA as a performance measure to analyze the performance of our business. Management believes that excluding these non-cash and other non-recurring items permits a more meaningful comparison and understanding of our strength and performance of our ongoing operations for our investors and analysts.

 

Adjusted EPS:


Adjusted EPS is a non-GAAP financial measure presenting the earnings generated by our ongoing operations that we believe is useful to investors in making meaningful comparisons to other companies, although our measure of Adjusted EPS may not be directly comparable to similar measures used by other companies, and period-over-period comparisons. Adjusted EPS is defined as our diluted earnings per common share attributable to StarTek shareholders adjusted to exclude the effects of the amortization of acquisition-related intangible assets, investments that investors may want to evaluate separately (such as based on fair value) and the impact of certain events, gains, losses or other charges that affect period-over-period comparisons. Acquisition-related intangible assets are recognized as a result of the application of Accounting Standards Codification Topic (“ASC”) 805, Business Combinations (such as customer relationships and Brand), and their amortization is significantly affected by the size and timing of our acquisitions.

 

Adjusted EBITDA:

               
   

Three Months Ended March 31,

 
   

2021

   

2020

 

Net loss

  $ (9,855 )   $ (25,981 )

Income tax expense

    4,902       2,876  

Interest and other expense, net

    13,783       3,514  

Exchange gain/(loss), net

    (212 )     (1,928 )

Depreciation and amortization expense

    6,803       7,093  

Impairment losses and restructuring cost

    1,898       24,322  

Share-based compensation expense

    280       291  

Warrant contra revenue

    425       278  

Adjusted EBITDA

  $ 18,024     $ 10,465  

 

Adjusted EPS:

               
   

Three Months Ended March 31,

 
   

2021

   

2020

 

Net loss attributable to Startek shareholders

  $ (12,155 )   $ (26,557 )

Add: Share based compensation expense

    280       291  

Add: Amortization of intangible assets, net of tax

    2,243       2,261  

Add: Warrant contra revenue

    425       278  

Add: Goodwill impairment loss

    -       22,708  
Add: Debt issuance cost     10,937       -  
                 

Adjusted net income / (loss) (non-GAAP)

  $ 1,730     $ (1,019 )
                 

Weighted average common shares outstanding - Basic & Diluted

    40,592       38,528  
                 

Adjusted EPS - Basic and Diluted

    0.04       (0.02 )

 

 
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DE 1-12793 84-1370538 6200 South Syracuse Way Suite 485 Greenwood Village CO 80111 303 262-4500 false false false false Common Stock SRT NYSE false XML 9 R1.htm IDEA: XBRL DOCUMENT v3.21.1
Document And Entity Information
May 10, 2021
Document Information [Line Items]  
Entity, Registrant Name STARTEK, INC.
Document, Type 8-K
Document, Period End Date May 10, 2021
Entity, Incorporation, State or Country Code DE
Entity, File Number 1-12793
Entity, Tax Identification Number 84-1370538
Entity, Address, Address Line One 6200 South Syracuse Way
Entity, Address, Address Line Two Suite 485
Entity, Address, City or Town Greenwood Village
Entity, Address, State or Province CO
Entity, Address, Postal Zip Code 80111
City Area Code 303
Local Phone Number 262-4500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol SRT
Security Exchange Name NYSE
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001031029
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