Delaware | 333-110025 | 74-2719343 | ||
(State or other jurisdiction of | (Commission | (I.R.S. Employer | ||
incorporation) | File Number) | Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
None | None | None |
Exhibit No. | Description | |
99.1 |
MONITRONICS INTERNATIONAL, INC. | |||
By: | /s/ Fred A. Graffam | ||
Name: | Fred A. Graffam | ||
Title: | Chief Financial Officer, Executive Vice President and Assistant Secretary |
• | Net revenue of $125.9 million, as compared to $134.4 million in the prior year period |
• | Net loss of $22.5 million, as compared to net loss of $376.9 million in the prior year period, which included a one-time $349.1 million loss on goodwill impairment |
• | Adjusted EBITDA of $61.9 million, as compared to $76.0 million in the prior year period |
• | On February 27, 2020, Jeff Gardner stepped down as President and CEO and William Niles, formerly the Company’s Chief Transformation Officer and General Counsel, was named the Company’s interim CEO |
Twelve Months Ended December 31, | |||||
2019 | 2018 | ||||
Beginning Balance of accounts | 921,750 | 975,996 | |||
Accounts Acquired | 81,386 | 112,920 | |||
Accounts Cancelled | (150,494 | ) | (162,579 | ) | |
Cancelled accounts guaranteed by dealer and other adjustments (a) | (4,884 | ) | (4,587 | ) | |
Ending balance of accounts | 847,758 | 921,750 | |||
Monthly weighted average accounts | 884,337 | 950,705 | |||
Attrition rate - Unit | 17.0 | % | 17.1 | % | |
Attrition rate - RMR (b) | 17.9 | % | 14.9 | % |
(a) | Includes cancelled accounts that are contractually guaranteed to be refunded from holdback. |
(b) | The RMR of cancelled accounts follows the same definition as subscriber unit attrition as noted above. RMR attrition is defined as the RMR of cancelled accounts in a given period, adjusted for the impact of price increases or decreases in that period, divided by the weighted average of RMR for that period. |
Successor Company | Predecessor Company | |||||||
Three Months Ended December 31, | Three Months Ended December 31, | |||||||
2019 | 2018 | |||||||
Net revenue | $ | 125,930 | $ | 134,436 | ||||
Cost of services | 28,012 | 28,132 | ||||||
Selling, general and administrative, including stock-based and long-term incentive compensation | 40,754 | 20,005 | ||||||
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 52,391 | 50,666 | ||||||
Interest expense | 21,505 | 66,220 | ||||||
Income tax expense (benefit) | 500 | (15,591 | ) | |||||
Net loss | (22,524 | ) | (376,911 | ) | ||||
Adjusted EBITDA | 61,943 | 75,968 |
Successor Company | Predecessor Company | |||||||||||||||
Non-GAAP Combined Twelve Months Ended December 31, | Period from September 1, 2019 through December 31, | Period from January 1, 2019 through August 31, | Twelve Months Ended December 31, | |||||||||||||
2019 | 2019 | 2019 | 2018 | |||||||||||||
Net revenue | $ | 504,505 | $ | 162,219 | $ | 342,286 | 540,358 | |||||||||
Cost of services | 112,274 | 36,988 | 75,286 | 128,939 | ||||||||||||
Selling, general and administrative, including stock-based and long-term incentive compensation | 132,509 | 52,144 | 80,365 | 118,940 | ||||||||||||
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 200,484 | 69,693 | 130,791 | 211,639 | ||||||||||||
Interest expense | 134,060 | 28,979 | 105,081 | 180,770 | ||||||||||||
Income tax expense (benefit) | 2,479 | 704 | 1,775 | (11,552 | ) | |||||||||||
Net income (loss) | 565,082 | (33,331 | ) | 598,413 | (678,750 | ) | ||||||||||
Adjusted EBITDA | 266,460 | 79,087 | 187,373 | 289,448 |
Successor Company | Predecessor Company | |||||||
December 31, 2019 | December 31, 2018 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 14,763 | $ | 2,188 | ||||
Restricted cash | 238 | 189 | ||||||
Trade receivables, net of allowance for doubtful accounts of $3,828 in 2019 and $3,759 in 2018 | 12,083 | 13,121 | ||||||
Prepaid and other current assets | 25,195 | 28,178 | ||||||
Total current assets | 52,279 | 43,676 | ||||||
Property and equipment, net of accumulated depreciation of $3,777 in 2019 and $40,531 in 2018 | 42,096 | 36,539 | ||||||
Subscriber accounts and deferred contract acquisition costs, net of accumulated amortization of $61,771 in 2019 and $1,621,242 in 2018 | 1,064,311 | 1,195,463 | ||||||
Dealer network and other intangible assets, net of accumulated amortization of $7,922 in 2019 and $0 in 2018 | 136,778 | — | ||||||
Goodwill | 81,943 | — | ||||||
Deferred income tax asset, net | 684 | 783 | ||||||
Operating lease right-of-use asset | 19,277 | — | ||||||
Other assets | 21,944 | 29,307 | ||||||
Total assets | $ | 1,419,312 | $ | 1,305,768 | ||||
Liabilities and Stockholders' Equity (Deficit) | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 16,869 | $ | 12,099 | ||||
Other accrued liabilities | 24,954 | 31,085 | ||||||
Deferred revenue | 12,008 | 13,060 | ||||||
Holdback liability | 8,191 | 11,513 | ||||||
Current portion of long-term debt | 8,225 | 1,816,450 | ||||||
Total current liabilities | 70,247 | 1,884,207 | ||||||
Non-current liabilities: | ||||||||
Long-term debt | 978,219 | — | ||||||
Long-term holdback liability | 2,183 | 1,770 | ||||||
Derivative financial instruments | — | 6,039 | ||||||
Operating lease liabilities | 16,195 | — | ||||||
Other liabilities | 6,390 | 2,727 | ||||||
Total liabilities | 1,073,234 | 1,894,743 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity (deficit): | ||||||||
Predecessor common stock, $.01 par value. 1,000 shares authorized, issued and outstanding at December 31, 2018 | — | — | ||||||
Predecessor additional paid-in capital | — | 439,711 | ||||||
Predecessor accumulated deficit | — | (1,036,294 | ) | |||||
Predecessor accumulated other comprehensive income, net | — | 7,608 | ||||||
Successor preferred stock, $.01 par value. Authorized 5,000,000 shares; no shares issued | — | — | ||||||
Successor common stock, $.01 par value. Authorized 45,000,000 shares; issued and outstanding 22,500,000 shares at December 31, 2019 | 225 | — | ||||||
Successor additional paid-in capital | 379,175 | — | ||||||
Successor accumulated deficit | (33,331 | ) | — | |||||
Successor accumulated other comprehensive income, net | 9 | — | ||||||
Total stockholders' equity (deficit) | 346,078 | (588,975 | ) | |||||
Total liabilities and stockholders' equity (deficit) | $ | 1,419,312 | $ | 1,305,768 |
Successor Company | Predecessor Company | |||||||||||||||
Period from September 1, 2019 through December 31, 2019 | Period from January 1, 2019 through August 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||||||
Net revenue | $ | 162,219 | $ | 342,286 | $ | 540,358 | $ | 553,455 | ||||||||
Operating expenses: | ||||||||||||||||
Cost of services | 36,988 | 75,286 | 128,939 | 119,193 | ||||||||||||
Selling, general and administrative, including stock-based and long-term incentive compensation | 52,144 | 80,365 | 118,940 | 155,902 | ||||||||||||
Radio conversion costs | 3,265 | 931 | — | 450 | ||||||||||||
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 69,693 | 130,791 | 211,639 | 236,788 | ||||||||||||
Depreciation | 3,777 | 7,348 | 11,434 | 8,818 | ||||||||||||
Loss on goodwill impairment | — | — | 563,549 | — | ||||||||||||
165,867 | 294,721 | 1,034,501 | 521,151 | |||||||||||||
Operating (loss) income | (3,648 | ) | 47,565 | (494,143 | ) | 32,304 | ||||||||||
Other (income) expense: | ||||||||||||||||
Gain on restructuring and reorganization, net | — | (669,722 | ) | — | — | |||||||||||
Interest expense | 28,979 | 105,081 | 180,770 | 145,492 | ||||||||||||
Realized and unrealized loss, net on derivative financial instruments | — | 6,804 | 3,151 | — | ||||||||||||
Refinancing expense | — | 5,214 | 12,238 | — | ||||||||||||
28,979 | (552,623 | ) | 196,159 | 145,492 | ||||||||||||
(Loss) income before income taxes | (32,627 | ) | 600,188 | (690,302 | ) | (113,188 | ) | |||||||||
Income tax expense (benefit) | 704 | 1,775 | (11,552 | ) | (1,893 | ) | ||||||||||
Net (loss) income | (33,331 | ) | 598,413 | (678,750 | ) | (111,295 | ) | |||||||||
Other comprehensive (loss) income: | ||||||||||||||||
Unrealized gain (loss) on derivative contracts, net | 9 | (940 | ) | 14,378 | 1,582 | |||||||||||
Total other comprehensive income (loss), net of tax | 9 | (940 | ) | 14,378 | 1,582 | |||||||||||
Comprehensive (loss) income | $ | (33,322 | ) | $ | 597,473 | $ | (664,372 | ) | $ | (109,713 | ) | |||||
Basic and diluted income per share: | ||||||||||||||||
Net loss | $ | (1.48 | ) | $ | — | $ | — | $ | — | |||||||
Weighted average Common shares - basic and diluted | 22,500,000 | — | — | — | ||||||||||||
Total issued and outstanding Common shares at period end | 22,500,000 | — | — | — |
Successor Company | Predecessor Company | |||||||
Three Months Ended December 31, | Three Months Ended December 31, | |||||||
2019 | 2018 | |||||||
Net loss | $ | (22,524 | ) | $ | (376,911 | ) | ||
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 52,391 | 50,666 | ||||||
Depreciation | 2,852 | 3,074 | ||||||
Radio conversion costs | 2,440 | — | ||||||
Stock-based compensation | — | (329 | ) | |||||
Long-term incentive compensation | 117 | — | ||||||
LiveWatch acquisition contingent bonus charges | — | 63 | ||||||
Legal settlement reserve (related insurance recovery) | — | (12,500 | ) | |||||
Severance expense (a) | — | 1,059 | ||||||
Rebranding marketing program | — | 1,055 | ||||||
Integration / implementation of company initiatives | 6,548 | 321 | ||||||
Gain on revaluation of acquisition dealer liabilities | (1,886 | ) | — | |||||
Loss on goodwill impairment | — | 349,149 | ||||||
Interest expense | 21,505 | 66,220 | ||||||
Unrealized loss on derivative financial instruments | — | 3,151 | ||||||
Refinancing expense | — | 6,541 | ||||||
Income tax expense (benefit) | 500 | (15,591 | ) | |||||
Adjusted EBITDA | $ | 61,943 | $ | 75,968 | ||||
Expensed Subscriber acquisition costs, net | ||||||||
Gross subscriber acquisition costs | $ | 10,423 | $ | 8,951 | ||||
Revenue associated with subscriber acquisition costs | (1,748 | ) | (1,189 | ) | ||||
Expensed Subscriber acquisition costs, net | $ | 8,675 | $ | 7,762 |
(a) | Severance expense for the three months ended December 31, 2018 related to a reduction in headcount event. |
Successor Company | Predecessor Company | ||||||||||||||||
Non-GAAP Combined Year Ended December 31, 2019 | Period from September 1, 2019 through December 31, 2019 | Period from January 1, 2019 through August 31, 2019 | Year Ended December 31, 2018 | ||||||||||||||
Net income (loss) | $ | 565,082 | $ | (33,331 | ) | $ | 598,413 | $ | (678,750 | ) | |||||||
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 200,484 | 69,693 | 130,791 | 211,639 | |||||||||||||
Depreciation | 11,125 | 3,777 | 7,348 | 11,434 | |||||||||||||
Radio conversion costs | 4,196 | 3,265 | 931 | — | |||||||||||||
Stock-based compensation | 42 | — | 42 | 474 | |||||||||||||
Long-term incentive compensation | 774 | 184 | 590 | — | |||||||||||||
LiveWatch acquisition contingent bonus charges | 63 | — | 63 | 250 | |||||||||||||
Legal settlement reserve (related insurance recovery) | (4,800 | ) | — | (4,800 | ) | (12,500 | ) | ||||||||||
Severance expense (a) | — | — | — | 1,059 | |||||||||||||
Rebranding marketing program | — | — | — | 7,410 | |||||||||||||
Integration / implementation of company initiatives | 12,545 | 7,702 | 4,843 | 516 | |||||||||||||
Gain on revaluation of acquisition dealer liabilities | (1,886 | ) | (1,886 | ) | — | (240 | ) | ||||||||||
Loss on goodwill impairment | — | — | — | 563,549 | |||||||||||||
Gain on restructuring and reorganization, net | (669,722 | ) | — | (669,722 | ) | — | |||||||||||
Interest expense | 134,060 | 28,979 | 105,081 | 180,770 | |||||||||||||
Realized and unrealized (gain) loss, net on derivative financial instruments | 6,804 | — | 6,804 | 3,151 | |||||||||||||
Refinancing expense | 5,214 | — | 5,214 | 12,238 | |||||||||||||
Income tax expense (benefit) | 2,479 | 704 | 1,775 | (11,552 | ) | ||||||||||||
Adjusted EBITDA | $ | 266,460 | $ | 79,087 | $ | 187,373 | $ | 289,448 | |||||||||
Expensed Subscriber acquisition costs, net | |||||||||||||||||
Gross subscriber acquisition costs | $ | 38,325 | $ | 13,381 | $ | 24,944 | $ | 47,874 | |||||||||
Revenue associated with subscriber acquisition costs | (7,769 | ) | (2,282 | ) | (5,487 | ) | (4,678 | ) | |||||||||
Expensed Subscriber acquisition costs, net | $ | 30,556 | $ | 11,099 | $ | 19,457 | $ | 43,196 |
(a) | Severance expense for the year ended December 31, 2018 related to a reduction in headcount event. |
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