XML 26 R32.htm IDEA: XBRL DOCUMENT v3.19.3
Business Segments (Tables)
9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The table below presents financial information for the Company’s reportable segments and Other for the three and nine months ended September 30, 2019 and 2018 (in thousands):
 
North America
 
EMEA
 
LATAM
 
Other
 
Total
Three Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
Revenue from third parties
$
201,868

 
$
64,352

 
$
20,305

 
$

 
$
286,525

Revenue from other segments
1,952

 
3,264

 
14

 
(5,230
)
 

Total revenue
$
203,820

 
$
67,616

 
$
20,319

 
$
(5,230
)
 
$
286,525

Adjusted EBITDA(1)
$
18,363

 
$
3,907

 
$
571

 
$
(11,233
)
 
$
11,608

 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
Revenue from third parties
$
181,363

 
$
68,890

 
$
20,597

 
$

 
$
270,850

Revenue from other segments
622

 
2,151

 
100

 
(2,873
)
 

Total revenue
$
181,985

 
$
71,041

 
$
20,697

 
$
(2,873
)
 
$
270,850

Adjusted EBITDA(1)
$
14,627

 
$
4,619

 
$
1,082

 
$
(8,085
)
 
$
12,243


 
North America
 
EMEA
 
LATAM
 
Other
 
Total
Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
Revenue from third parties
$
590,452

 
$
187,014

 
$
60,350

 
$

 
$
837,816

Revenue from other segments
3,165

 
7,624

 
18

 
(10,807
)
 

Total revenue
$
593,617

 
$
194,638

 
$
60,368

 
$
(10,807
)
 
$
837,816

Adjusted EBITDA(1)
$
54,964

 
$
10,726

 
$
1,447

 
$
(35,315
)
 
$
31,822

 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
Revenue from third parties
$
565,243

 
$
198,229

 
$
63,884

 
$

 
$
827,356

Revenue from other segments
2,993

 
7,679

 
178

 
(10,850
)
 

Total revenue
$
568,236

 
$
205,908

 
$
64,062

 
$
(10,850
)
 
$
827,356

Adjusted EBITDA(1)
$
50,215

 
$
6,929

 
$
2,913

 
$
(32,278
)
 
$
27,779


(1) 
Adjusted EBITDA, which represents income from operations with the addition of depreciation and amortization, stock-based compensation expense, restructuring charges, various one-time professional fees, executive search expenses, and other charges itemized in the reconciliation table below, is considered a non-GAAP financial measure under SEC regulations. Income from operations is the most directly comparable financial measure calculated in accordance with GAAP. The Company presents this measure as supplemental information to help investors better understand trends in its business results over time. The Company’s management team uses Adjusted EBITDA to evaluate the performance of the business. Adjusted EBITDA is not equivalent to any measure of performance required to be reported under GAAP, nor should this data be considered an indicator of the Company’s overall financial performance and liquidity. Moreover, the Adjusted E
Schedule of EBITDA Reconciliation
The table below reconciles Adjusted EBITDA to loss before income taxes (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Adjusted EBITDA
$
11,608

 
$
12,243

 
$
31,822

 
$
27,779

Depreciation and amortization
(3,090
)
 
(3,265
)
 
(8,939
)
 
(10,438
)
Stock-based compensation expense
(1,784
)
 
(801
)
 
(3,925
)
 
(3,624
)
Goodwill impairment

 
(27,887
)
 

 
(27,887
)
Intangible and long-lived asset impairment

 
(16,818
)
 

 
(16,818
)
Stock appreciation rights market-to-market
(248
)
 

 
(294
)
 

Restructuring charges
(3,055
)
 
(3,142
)
 
(10,687
)
 
(3,142
)
Senior leadership transition and other employee-related costs

 
(1,153
)
 

 
(1,153
)
Obsolete retail inventory

 
(950
)
 

 
(950
)
Professional fees related to control remediation
(378
)
 
(1,358
)
 
(918
)
 
(1,895
)
Executive search fees

 

 
(80
)
 
(235
)
Professional fees related to ASC 606 implementation

 

 

 
(1,092
)
Sales and use tax audit

 

 
(1,235
)
 

Other professional fees
(967
)
 
(81
)
 
(1,343
)
 
(162
)
Income (loss) from operations
2,086

 
(43,212
)
 
4,401

 
(39,617
)
Interest income
37

 
19

 
239

 
135

Interest expense
(4,376
)
 
(1,769
)
 
(9,608
)
 
(4,854
)
Other, net
(1,736
)
 
(301
)
 
(2,196
)
 
(1,734
)
Loss before income taxes
$
(3,989
)
 
$
(45,263
)
 
$
(7,164
)
 
$
(46,070
)