UNAUDITED QUARTERLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

UNAUDITED QUARTERLY FINANCIAL INFORMATION

The results of operations for the three months ended December 31, 2019 were impacted by a $27.1 million tax increase in valuation allowance against certain deferred tax assets that may not be realizable. The results of operations for the three months ended June 30, 2019 included $1.8 million loss on net asset exchange for the formation of joint venture and $3.2 million gain on convertible debt repurchase. The results of operations for the three months ended March 31, 2019 included $19.5 million loss on net asset exchange for the formation of joint ventures and $16.8 million loss on forward contracts for the issuance of convertible preferred stock. For more information on these items, refer to Note 5, "Income Taxes", Note 8, "Long-Term Debt / Interest Expense" and Note 9, "Equity Method Investments."

The results of operations for the three month ended December 31, 2018 were impacted significantly by the gain related to the forward contracts for the issuance of convertible preferred stock of $88.9 million and long-lived asset impairment charges of $23.7 million. Additionally, during the fourth quarter of 2018, the Company recorded an out-of-period adjustment to correct previously recorded specialty manufacturing revenue in the amount of $2.5 million to reduce contract manufacturing sales to third parties recorded in the Manufacturing/Wholesale segment as well as the corresponding contract asset included in Prepaid and other current assets. The impacts to the previously reported revenue and contract asset amounts were immaterial to the previously issued interim financial statements, and the adjustment was not material to the three months ended December 31, 2018. The results of operations for the three months ended September 30, 2018 included long-lived asset impairment charges and other store closing costs of $14.6 million. The results of operation for the three months ended March 31, 2018 included $16.7 million loss on debt refinancing. For more information on these items, refer to Note 6, "Goodwill and Intangible Assets", Note 8, "Long-Term Debt / Interest Expense" and Note 14, "Mezzanine Equity."

The following table summarizes the Company's 2019 and 2018 quarterly results:



	Three months ended (unaudited)											Year ended
	March 31,			June 30,		September 30,			December 31,			December 31,
	2019			2019		2019			2019			2019
	(In thousands, except per share amounts)
Total revenue	$	564,764		$	533,997	$	499,076		$	470,351		$	2,068,188
Gross profit	203,091			193,744		162,628			154,919			714,382
Operating income (loss)	35,482			48,718		26,654			13,889			124,743
Net (loss) income	(15,262		)	16,058		(2,418		)	(33,490		)	(35,112		)
Weighted average shares outstanding:
Basic	83,510			83,663		83,823			83,878			83,720
Diluted	83,510			140,942		83,823			83,878			83,720
(Loss) earnings per share:
Basic ⁽¹⁾	$	(0.23	)	$	0.13	$	(0.09	)	$	(0.46	)	$	(0.64	)
Diluted ⁽¹⁾	$	(0.23	)	$	0.11	$	(0.09	)	$	(0.46	)	$	(0.64	)



	Three months ended (unaudited)										Year ended
	March 31,		June 30,		September 30,			December 31,			December 31,
	2018		2018		2018			2018			2018
	(In thousands, except per share amounts)
Total revenue	$	607,533	$	617,944	$	580,185		$	547,861		$	2,353,523
Gross profit	206,874		207,735		184,702			172,434			771,745
Operating income (loss)	46,389		48,884		19,961			(2,881		)	112,353
Net income (loss)	6,190		13,341		(8,590		)	58,839			69,780
Weighted average shares outstanding:
Basic	83,232		83,332		83,412			83,476			83,364
Diluted	83,368		83,409		83,412			94,388			86,171
Earnings per share:
Basic ⁽¹⁾	$	0.07	$	0.16	$	(0.10	)	$	0.69		$	0.83
Diluted ⁽¹⁾	$	0.07	$	0.16	$	(0.10	)	$	0.62		$	0.81

(1) Quarterly results for earnings per share may not add to full year results due to rounding or dilution impact.