(Commission File Number) | (IRS Employer Identification No.) | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Number | Description | |||||||
99.1 |
SHUTTERFLY, INC. | ||||||||
By: | /s/ Michael Pope Michael Pope Senior Vice President & Chief Financial Officer |
Number | Description | |||||||
99.1 | Press release, dated August 7, 2019. |
Contacts Investor Relations: Shawn Tabak, 650-610-6026 stabak@shutterfly.com | Media Relations: Sondra Harding, 650-610-5129 sharding@shutterfly.com |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Net revenue | $ | 473,416 | $ | 443,372 | $ | 798,097 | $ | 643,097 | |||||||||||||||
Cost of net revenue | 240,513 | 233,228 | 450,912 | 359,275 | |||||||||||||||||||
Gross profit | 232,903 | 210,144 | 347,185 | 283,822 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Technology and development | 49,606 | 44,420 | 97,939 | 82,924 | |||||||||||||||||||
Sales and marketing | 135,468 | 130,643 | 254,837 | 168,363 | |||||||||||||||||||
General and administrative[1] | 52,491 | 55,040 | 100,878 | 86,604 | |||||||||||||||||||
Restructuring[2] | 3,274 | 2,952 | 7,247 | 2,952 | |||||||||||||||||||
Total operating expenses | 240,839 | 233,055 | 460,901 | 340,843 | |||||||||||||||||||
Loss from operations | (7,936) | (22,911) | (113,716) | (57,021) | |||||||||||||||||||
Interest expense | (13,312) | (17,769) | (31,566) | (27,402) | |||||||||||||||||||
Interest and other income, net | 1,088 | 1,561 | 2,266 | 3,310 | |||||||||||||||||||
Loss before income taxes | (20,160) | (39,119) | (143,016) | (81,113) | |||||||||||||||||||
Benefit from income taxes | 7,428 | 12,607 | 46,665 | 27,436 | |||||||||||||||||||
Net loss | $ | (12,732) | $ | (26,512) | $ | (96,351) | $ | (53,677) | |||||||||||||||
Net loss per share - basic and diluted | $ | (0.37) | $ | (0.80) | $ | (2.83) | $ | (1.63) | |||||||||||||||
Weighted-average shares outstanding - basic and diluted | 34,254 | 33,234 | 34,089 | 32,970 | |||||||||||||||||||
Stock-based compensation is allocated as follows: | |||||||||||||||||||||||
Cost of net revenue | $ | 844 | $ | 943 | $ | 1,736 | $ | 1,942 | |||||||||||||||
Technology and development | 2,268 | 2,571 | 4,566 | 5,001 | |||||||||||||||||||
Sales and marketing | 3,574 | 2,941 | 7,039 | 6,445 | |||||||||||||||||||
General and administrative | 4,821 | 5,242 | 10,204 | 10,001 | |||||||||||||||||||
$ | 11,507 | $ | 11,697 | $ | 23,545 | $ | 23,389 | ||||||||||||||||
Depreciation and amortization is allocated as follows: | |||||||||||||||||||||||
Cost of net revenue | $ | 24,566 | $ | 21,944 | $ | 48,853 | $ | 37,386 | |||||||||||||||
Technology and development | 6,344 | 7,418 | 12,814 | 13,715 | |||||||||||||||||||
Sales and marketing | 9,893 | 9,530 | 19,759 | 11,571 | |||||||||||||||||||
General and administrative | 1,625 | 1,485 | 3,161 | 2,603 | |||||||||||||||||||
Restructuring | 937 | — | 2,232 | — | |||||||||||||||||||
$ | 43,365 | $ | 40,377 | $ | 86,819 | $ | 65,275 |
June 30, 2019 | December 31, 2018 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 105,338 | $ | 521,567 | |||||||
Short-term investments | 19,013 | 34,011 | |||||||||
Accounts receivable, net | 60,433 | 87,023 | |||||||||
Inventories | 20,916 | 18,015 | |||||||||
Assets held for sale | 9,142 | 1,000 | |||||||||
Prepaid expenses and other current assets | 114,776 | 65,961 | |||||||||
Total current assets | 329,618 | 727,577 | |||||||||
Long-term investments | 4,872 | 10,808 | |||||||||
Property and equipment, net | 336,655 | 381,018 | |||||||||
Intangible assets, net | 291,459 | 316,154 | |||||||||
Goodwill | 843,698 | 843,607 | |||||||||
Other assets | 84,872 | 23,045 | |||||||||
Total assets | $ | 1,891,174 | $ | 2,302,209 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | 5,234 | $ | 14,203 | |||||||
Accounts payable | 45,129 | 105,407 | |||||||||
Accrued liabilities | 142,836 | 226,445 | |||||||||
Operating lease liabilities, current portion | 21,045 | — | |||||||||
Deferred revenue, current portion | 38,350 | 57,319 | |||||||||
Total current liabilities | 252,594 | 403,374 | |||||||||
Long-term debt | 897,985 | 1,090,442 | |||||||||
Operating lease liabilities | 59,301 | — | |||||||||
Other liabilities | 84,707 | 134,027 | |||||||||
Total liabilities | 1,294,587 | 1,627,843 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.0001 par value; 100,000 shares authorized; 34,382 and 33,673 shares issued and outstanding on June 30, 2019 and December 31, 2018, respectively | 3 | 3 | |||||||||
Additional paid-in capital | 1,090,694 | 1,065,531 | |||||||||
Accumulated other comprehensive (loss) income | (1,027) | 1,592 | |||||||||
Accumulated deficit | (493,083) | (392,760) | |||||||||
Total stockholders' equity | 596,587 | 674,366 | |||||||||
Total liabilities and stockholders' equity | $ | 1,891,174 | $ | 2,302,209 |
Six Months Ended | |||||||||||
June 30, | |||||||||||
2019 | 2018 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (96,351) | $ | (53,677) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 58,967 | 50,111 | |||||||||
Amortization of intangible assets | 25,620 | 15,164 | |||||||||
Amortization of debt discount and issuance costs | 5,533 | 7,009 | |||||||||
Amortization of operating lease assets | 11,150 | — | |||||||||
Repayment of convertible senior notes attributable to debt discount[1] | — | (63,510) | |||||||||
Stock-based compensation | 23,545 | 23,389 | |||||||||
(Gain) loss on disposal of property and equipment | (426) | 154 | |||||||||
Deferred income taxes | 3,808 | 17,571 | |||||||||
Restructuring | 2,301 | 752 | |||||||||
Other | (57) | (272) | |||||||||
Changes in operating assets and liabilities, net of acquisition: | |||||||||||
Accounts receivable | 26,605 | 30,767 | |||||||||
Inventories | (2,959) | 15,607 | |||||||||
Prepaid expenses and other assets | (48,994) | (42,795) | |||||||||
Accounts payable | (60,267) | (69,708) | |||||||||
Accrued and other liabilities | (114,092) | (130,127) | |||||||||
Net cash used in operating activities | (165,617) | (199,565) | |||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of business, net of cash acquired | — | (890,052) | |||||||||
Purchases of property and equipment | (27,129) | (17,692) | |||||||||
Capitalization of software and website development costs | (30,642) | (21,392) | |||||||||
Purchases of investments | — | (9,523) | |||||||||
Proceeds from maturities of investments | 21,184 | 174,329 | |||||||||
Proceeds from sales of investments | — | 45,106 | |||||||||
Proceeds from sales of property and equipment | 1,136 | 1,132 | |||||||||
Net cash used in investing activities | (35,451) | (718,092) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common stock upon exercise of stock options | 1,007 | 16,577 | |||||||||
Principal payments of borrowings[1] | (207,292) | (239,098) | |||||||||
Principal payments of finance lease liabilities and financing obligations | (9,587) | (9,396) | |||||||||
Proceeds from borrowings, net of issuance costs | — | 806,652 | |||||||||
Net cash (used in) provided by financing activities | (215,872) | 574,735 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 711 | (271) | |||||||||
Net decrease in cash and cash equivalents | (416,229) | (343,193) | |||||||||
Cash and cash equivalents, beginning of period | 521,567 | 489,894 | |||||||||
Cash and cash equivalents, end of period | $ | 105,338 | $ | 146,701 | |||||||
Supplemental schedule of non-cash investing / financing activities: | |||||||||||
Net decrease in accrued purchases of property and equipment | $ | (1,915) | $ | (1,200) | |||||||
Net increase in accrued capitalized software and website development costs | 2,532 | 1,119 | |||||||||
Stock-based compensation capitalized with software and website development costs | 612 | 697 | |||||||||
Leased assets obtained in exchange for finance lease liabilities | 2,973 | 2,969 | |||||||||
Three Months Ended | |||||||||||
June 30, | |||||||||||
2019 | 2018 | ||||||||||
Shutterfly Consumer Metrics | |||||||||||
Customers [1] | 3,034,584 | 3,140,246 | |||||||||
year-over-year change | (3) | % | |||||||||
Orders | 4,410,299 | 4,788,564 | |||||||||
year-over-year change | (8) | % | |||||||||
Average order value [2] | $38.45 | $34.46 | |||||||||
year-over-year change | 12 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
Mar. 31, | Jun. 30, | Sep. 30, | Dec. 31, | Mar. 31, | Jun. 30, | Dec. 31, | |||||||||||||||||||||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Shutterfly Consumer net revenue[1] | |||||||||||||||||||||||||||||||||||||||||
Shutterfly Brand Core | $ | 111,668 | $ | 116,041 | $ | 85,502 | $ | 369,016 | $ | 105,076 | $ | 115,583 | $ | 682,228 | |||||||||||||||||||||||||||
Shutterfly Brand Personalized Gifts and Home Décor | 30,965 | 38,163 | 30,006 | 110,173 | 34,585 | 44,171 | 209,307 | ||||||||||||||||||||||||||||||||||
Tiny Prints Boutique | 2,134 | 1,374 | 1,446 | 39,910 | 1,695 | 1,067 | 44,864 | ||||||||||||||||||||||||||||||||||
Other | 7,292 | 9,425 | 9,934 | 8,779 | 7,491 | 8,763 | 35,430 | ||||||||||||||||||||||||||||||||||
Total | $ | 152,059 | $ | 165,003 | $ | 126,888 | $ | 527,878 | $ | 148,847 | $ | 169,584 | $ | 971,829 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Shutterfly Consumer: | |||||||||||||||||||||||
Net revenue | $ | 169,584 | $ | 165,003 | $ | 318,432 | $ | 317,062 | |||||||||||||||
Cost of net revenue[1] | 95,261 | 86,065 | 185,667 | 170,909 | |||||||||||||||||||
Technology and development | 34,373 | 29,830 | 67,896 | 61,959 | |||||||||||||||||||
Sales and marketing | 31,739 | 29,956 | 60,863 | 60,681 | |||||||||||||||||||
Credit card fees | 4,346 | 4,349 | 8,501 | 8,548 | |||||||||||||||||||
Margin[1][2] | $ | 3,865 | $ | 14,803 | $ | (4,495) | $ | 14,965 | |||||||||||||||
Margin % | 2.3 | % | 9.0 | % | (1.4) | % | 4.7 | % | |||||||||||||||
Lifetouch[3]: | |||||||||||||||||||||||
Net revenue[4] | $ | 254,174 | $ | 261,911 | $ | 384,126 | $ | 261,911 | |||||||||||||||
Cost of net revenue[5] | 98,844 | 91,148 | 177,172 | 91,148 | |||||||||||||||||||
Technology and development | 8,021 | 7,109 | 15,994 | 7,109 | |||||||||||||||||||
Sales and marketing | 89,847 | 86,960 | 166,141 | 86,960 | |||||||||||||||||||
Credit card fees | 2,693 | 1,165 | 4,920 | 1,165 | |||||||||||||||||||
Margin[2] | $ | 54,769 | $ | 75,529 | $ | 19,899 | $ | 75,529 | |||||||||||||||
Margin % | 21.5 | % | 28.8 | % | 5.2 | % | 28.8 | % | |||||||||||||||
Shutterfly Business Solutions: | |||||||||||||||||||||||
Net revenue | $ | 49,658 | $ | 49,809 | $ | 96,184 | $ | 97,475 | |||||||||||||||
Cost of net revenue | 42,941 | 41,610 | 81,092 | 81,519 | |||||||||||||||||||
Technology and development | 3,700 | 3,049 | 6,992 | 6,994 | |||||||||||||||||||
Sales and marketing | 1,107 | 1,619 | 2,515 | 3,069 | |||||||||||||||||||
Margin[2] | $ | 1,910 | $ | 3,531 | $ | 5,585 | $ | 5,893 | |||||||||||||||
Margin % | 3.8 | % | 7.1 | % | 5.8 | % | 6.0 | % | |||||||||||||||
Consolidated Segments: | |||||||||||||||||||||||
Net revenue[4] | $ | 473,416 | $ | 476,723 | $ | 798,742 | $ | 676,448 | |||||||||||||||
Cost of net revenue[1][5] | 237,046 | 218,823 | 443,931 | 343,576 | |||||||||||||||||||
Technology and development | 46,094 | 39,988 | 90,882 | 76,062 | |||||||||||||||||||
Sales and marketing | 122,693 | 118,535 | 229,519 | 150,710 | |||||||||||||||||||
Credit card fees | 7,039 | 5,514 | 13,421 | 9,713 | |||||||||||||||||||
Margin[1][2] | $ | 60,544 | $ | 93,863 | $ | 20,989 | $ | 96,387 | |||||||||||||||
Margin % | 12.8 | % | 19.7 | % | 2.6 | % | 14.2 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Total segment margin | $ | 60,544 | $ | 93,863 | $ | 20,989 | $ | 96,387 | |||||||||||||||
Purchase accounting deferred revenue adjustment[1] | — | (33,351) | (645) | (33,351) | |||||||||||||||||||
Purchase accounting inventory adjustment[2] | — | (10,931) | — | (10,931) | |||||||||||||||||||
Corporate expenses[3] | (32,459) | (37,012) | (67,549) | (55,036) | |||||||||||||||||||
Amortization of intangible assets | (12,795) | (12,831) | (25,620) | (15,164) | |||||||||||||||||||
Stock-based compensation expense | (11,507) | (11,697) | (23,545) | (23,389) | |||||||||||||||||||
Restructuring | (3,274) | (2,952) | (7,247) | (2,952) | |||||||||||||||||||
Executive transition and strategic review charges | (8,445) | — | (10,099) | — | |||||||||||||||||||
Acquisition-related charges | — | (8,000) | — | (12,585) | |||||||||||||||||||
Operating loss | $ | (7,936) | $ | (22,911) | $ | (113,716) | $ | (57,021) | |||||||||||||||
Operating margin | (1.7) | % | (5.2) | % | (14.2) | % | (8.9) | % | |||||||||||||||
Total segment net revenue | $ | 473,416 | $ | 476,723 | $ | 798,742 | $ | 676,448 | |||||||||||||||
Purchase accounting deferred revenue adjustment[1] | — | (33,351) | (645) | (33,351) | |||||||||||||||||||
Net revenue | $ | 473,416 | $ | 443,372 | $ | 798,097 | $ | 643,097 | |||||||||||||||
Total segment cost of net revenue | $ | 237,046 | $ | 218,823 | $ | 443,931 | $ | 343,576 | |||||||||||||||
Purchase accounting inventory adjustment[2] | — | 10,931 | — | 10,931 | |||||||||||||||||||
Stock-based compensation for cost of net revenue | 844 | 943 | 1,736 | 1,942 | |||||||||||||||||||
Amortization of intangible assets for cost of net revenue | 2,623 | 2,531 | 5,245 | 2,826 | |||||||||||||||||||
Cost of net revenue | $ | 240,513 | $ | 233,228 | $ | 450,912 | $ | 359,275 |
Three Months Ended | Three Months Ended | ||||||||||||||||
June 30, 2019 | June 30, 2019 | ||||||||||||||||
GAAP Income | Normalized | ||||||||||||||||
Statement | Adjustments | Non-GAAP | |||||||||||||||
Net revenue: | |||||||||||||||||
Shutterfly Consumer | $ | 169,584 | $ | 169,584 | |||||||||||||
Lifetouch | 254,174 | 254,174 | |||||||||||||||
Shutterfly Business Solutions | 49,658 | 49,658 | |||||||||||||||
Total net revenue | 473,416 | 473,416 | |||||||||||||||
Cost of net revenue | 240,513 | 240,513 | |||||||||||||||
Gross profit | 232,903 | 232,903 | |||||||||||||||
Gross profit margin | 49.2 | % | 49.2 | % | |||||||||||||
Operating expenses: | |||||||||||||||||
Technology and development | 49,606 | 49,606 | |||||||||||||||
Sales and marketing | 135,468 | (651) | [1] | 134,817 | |||||||||||||
General and administrative | 52,491 | (7,518) | [1] | 44,973 | |||||||||||||
Restructuring | 3,274 | (3,274) | [2] | — | |||||||||||||
Total operating expenses | 240,839 | (11,443) | 229,396 | ||||||||||||||
Operating (loss) income | (7,936) | 11,443 | 3,507 | ||||||||||||||
Operating margin | (1.7) | % | 0.7 | % | |||||||||||||
Interest expense | (13,312) | (13,312) | |||||||||||||||
Interest and other income, net | 1,088 | 1,088 | |||||||||||||||
Loss before income taxes | (20,160) | 11,443 | (8,717) | ||||||||||||||
Benefit from income taxes | 7,428 | 766 | |||||||||||||||
Net loss | $ | (12,732) | $ | (7,951) | |||||||||||||
Net loss per share - basic and diluted | $ | (0.37) | $ | (0.23) | |||||||||||||
Weighted-average shares outstanding - basic and diluted | 34,254 | 34,254 | |||||||||||||||
Operating loss | $ | (7,936) | $ | 3,507 | |||||||||||||
Stock-based compensation | 11,507 | 11,507 | |||||||||||||||
Amortization of intangible assets | 12,795 | 12,795 | |||||||||||||||
Depreciation | 30,570 | (937) | [2] | 29,633 | |||||||||||||
Adjusted EBITDA | $ | 57,442 | |||||||||||||||
Adjusted EBITDA margin | 12.1 | % |
Six Months Ended | Six Months Ended | ||||||||||||||||
June 30, 2019 | June 30, 2019 | ||||||||||||||||
GAAP Income | Normalized | ||||||||||||||||
Statement | Adjustments | Non-GAAP | |||||||||||||||
Net revenue: | |||||||||||||||||
Shutterfly Consumer | $ | 318,432 | $ | 318,432 | |||||||||||||
Lifetouch | 383,481 | 645 | [4] | 384,126 | |||||||||||||
Shutterfly Business Solutions | 96,184 | 96,184 | |||||||||||||||
Total net revenue | 798,097 | 645 | 798,742 | ||||||||||||||
Cost of net revenue | 450,912 | [3] | 450,912 | ||||||||||||||
Gross profit | 347,185 | [3] | 645 | 347,830 | |||||||||||||
Gross profit margin | 43.5 | % | [3] | 43.5 | % | ||||||||||||
Operating expenses: | |||||||||||||||||
Technology and development | 97,939 | 97,939 | |||||||||||||||
Sales and marketing | 254,837 | (1,030) | [1] | 253,807 | |||||||||||||
General and administrative | 100,878 | (9,704) | [1] | 91,174 | |||||||||||||
Restructuring | 7,247 | (7,247) | [2] | — | |||||||||||||
Total operating expenses | 460,901 | (17,981) | 442,920 | ||||||||||||||
Operating loss | (113,716) | [3] | 18,626 | (95,090) | |||||||||||||
Operating margin | (14.2) | % | [3] | (11.9) | % | ||||||||||||
Interest expense | (31,566) | 3,886 | [5] | (27,680) | |||||||||||||
Interest and other income, net | 2,266 | 2,266 | |||||||||||||||
Loss before income taxes | (143,016) | [3] | 22,512 | (120,504) | |||||||||||||
Benefit from income taxes | 46,665 | [3] | 29,835 | ||||||||||||||
Net loss | $ | (96,351) | [3] | $ | (90,669) | ||||||||||||
Net loss per share - basic and diluted | $ | (2.83) | [3] | $ | (2.66) | ||||||||||||
Weighted-average shares outstanding - basic and diluted | 34,089 | 34,089 | |||||||||||||||
Operating loss | $ | (113,716) | $ | (95,090) | |||||||||||||
Stock-based compensation | 23,545 | (911) | [1] | 22,634 | |||||||||||||
Amortization of intangible assets | 25,620 | 25,620 | |||||||||||||||
Depreciation | 61,199 | (2,232) | [2] | 58,967 | |||||||||||||
Adjusted EBITDA | $ | 12,131 | |||||||||||||||
Adjusted EBITDA margin | 1.5 | % |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, | Jun. 30, | Sep. 30, | Dec. 31, | Mar. 31, | Jun. 30, | Dec. 31, | |||||||||||||||||||||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (27,165) | $ | (26,512) | $ | (73,543) | $ | 177,616 | $ | (83,619) | $ | (12,732) | $ | 50,396 | |||||||||||||||||||||||||||
Restructuring | — | 2,952 | — | 1,667 | 3,973 | 3,274 | 4,618 | ||||||||||||||||||||||||||||||||||
Acquisition-related charges | 4,585 | 8,000 | 2,392 | 572 | — | — | 15,549 | ||||||||||||||||||||||||||||||||||
Purchase accounting adjustments | — | 44,282 | 3,958 | 2,298 | 645 | — | 50,538 | ||||||||||||||||||||||||||||||||||
Executive transition and strategic review charges | — | — | — | — | 2,565 | 8,169 | — | ||||||||||||||||||||||||||||||||||
Debt repayment impact | — | — | — | — | 3,886 | — | — | ||||||||||||||||||||||||||||||||||
Tax benefit impact of adjustments | (1,185) | (15,171) | (3,603) | 5,050 | (10,168) | (6,662) | (14,910) | ||||||||||||||||||||||||||||||||||
Non-GAAP net income (loss) | $ | (23,765) | $ | 13,551 | $ | (70,796) | $ | 187,203 | $ | (82,718) | $ | (7,951) | $ | 106,191 | |||||||||||||||||||||||||||
Diluted shares outstanding | 32,702 | 33,234 | 33,470 | 34,218 | 33,918 | 34,254 | 34,832 | ||||||||||||||||||||||||||||||||||
Non-GAAP diluted shares outstanding | 32,702 | 35,775 | 33,470 | 34,218 | 33,918 | 34,254 | 34,832 | ||||||||||||||||||||||||||||||||||
Net income (loss) per share | $ | (0.83) | $ | (0.80) | $ | (2.20) | $ | 5.19 | $ | (2.47) | $ | (0.37) | $ | 1.45 | |||||||||||||||||||||||||||
Non-GAAP net income (loss) per share | $ | (0.73) | $ | 0.38 | $ | (2.12) | $ | 5.47 | $ | (2.44) | $ | (0.23) | $ | 3.05 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, | Jun. 30, | Sep. 30, | Dec. 31, | Mar. 31, | Jun. 30, | Dec. 31, | |||||||||||||||||||||||||||||||||||
2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (27,165) | $ | (26,512) | $ | (73,543) | $ | 177,616 | $ | (83,619) | $ | (12,732) | $ | 50,396 | |||||||||||||||||||||||||||
Interest expense | 9,633 | 17,769 | 16,660 | 17,176 | 18,253 | 13,312 | 61,239 | ||||||||||||||||||||||||||||||||||
Interest and other income, net | (1,749) | (1,561) | (856) | (1,278) | (1,178) | (1,088) | (5,444) | ||||||||||||||||||||||||||||||||||
Tax (benefit) provision | (14,829) | (12,607) | (28,797) | 65,496 | (39,237) | (7,428) | 9,262 | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | 24,898 | 40,377 | 41,970 | 43,883 | 42,158 | 42,428 | 151,127 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | 11,692 | 11,697 | 11,931 | 12,400 | 11,128 | 11,507 | 47,721 | ||||||||||||||||||||||||||||||||||
Restructuring | — | 2,952 | — | 1,667 | 3,973 | 3,274 | 4,618 | ||||||||||||||||||||||||||||||||||
Executive transition and strategic review charges | — | — | — | — | 2,565 | 8,169 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related charges | 4,585 | 8,000 | 2,392 | 572 | — | — | 15,549 | ||||||||||||||||||||||||||||||||||
Purchase accounting adjustments | — | 44,282 | 3,958 | 2,298 | 645 | — | 50,538 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 7,065 | $ | 84,397 | $ | (26,285) | $ | 319,830 | $ | (45,312) | $ | 57,442 | $ | 385,006 |
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, | Jun. 30, | Sep. 30, | Dec. 31, | Mar. 31, | Jun. 30, | Dec. 31, | |||||||||||||||||||||||||||||||||||
2018 | 2018[1] | 2018 | 2018 | 2019 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (124,332) | $ | (75,233) | $ | 27,041 | $ | 374,450 | $ | (144,115) | (21,502) | $ | 201,926 | ||||||||||||||||||||||||||||
Interest expense | 9,633 | 17,769 | 16,660 | 17,176 | 18,253 | 13,312 | 61,239 | ||||||||||||||||||||||||||||||||||
Interest and other income, net | (1,749) | (1,561) | (856) | (1,278) | (1,178) | (1,088) | (5,444) | ||||||||||||||||||||||||||||||||||
Tax (benefit) provision | (14,829) | (12,607) | (28,797) | 65,496 | (39,237) | (7,428) | 9,262 | ||||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities | 142,368 | 53,888 | (45,554) | (150,834) | 128,121 | 71,586 | (132) | ||||||||||||||||||||||||||||||||||
Other adjustments | (8,611) | 47,659 | (1,129) | 11,950 | (12,081) | (7,927) | 49,868 | ||||||||||||||||||||||||||||||||||
Cash restructuring | — | 2,200 | — | — | 2,626 | 2,320 | 2,200 | ||||||||||||||||||||||||||||||||||
Cash executive transition and strategic review charges | — | — | — | — | 1,654 | 8,169 | — | ||||||||||||||||||||||||||||||||||
Acquisition-related charges | 4,585 | 8,000 | 2,392 | 572 | — | — | 15,549 | ||||||||||||||||||||||||||||||||||
Purchase accounting adjustments | — | 44,282 | 3,958 | 2,298 | 645 | — | 50,538 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 7,065 | $ | 84,397 | $ | (26,285) | $ | 319,830 | $ | (45,312) | $ | 57,442 | $ | 385,006 |
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