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Unaudited Quarterly Financial Data
12 Months Ended
Dec. 31, 2021
Selected Quarterly Financial Results (Unaudited)  
Selected Quarterly Financial Results (Unaudited)

20. Selected Quarterly Financial Results (Unaudited)

The following tables show a summary of the Company’s quarterly financial information for each of the four quarters of 2021 and 2020 (dollars in thousands, except per share data):

    

Q1 2021

    

Q2 2021

    

Q3 2021

    

Q4 2021

Revenue:

ITPS

$

231,875

$

217,260

$

208,304

$

216,687

HS

51,093

56,204

53,995

56,547

LLPS

17,088

19,545

16,930

21,078

Total Revenue

300,056

293,009

279,229

294,312

Cost of revenue:

 

ITPS

185,502

 

156,669

 

157,721

 

172,299

HS

35,818

38,973

41,945

46,709

LLPS

11,267

13,438

12,065

16,689

Cost of revenue (exclusive of depreciation and amortization)

232,587

209,080

211,731

235,697

Selling, general and administrative expenses (exclusive of depreciation and amortization)

 

41,885

 

36,390

 

43,244

 

48,262

Depreciation and amortization

 

19,599

 

19,420

 

19,094

 

19,037

Related party expense

 

1,707

 

2,748

 

2,744

 

1,992

Operating income (loss)

 

4,278

 

25,371

 

2,416

 

(10,676)

Other expense (income), net:

 

  

 

  

 

  

 

  

Interest expense, net

 

43,131

 

42,867

 

41,757

 

40,293

Debt modification and extinguishment costs (gain)

 

 

 

(28,070)

 

11,381

Sundry expense (income), net

 

213

 

(787)

 

136

 

801

Other expense (income), net

 

152

 

651

 

366

 

(768)

Net loss before income taxes

 

(39,218)

 

(17,360)

 

(11,773)

 

(62,383)

Income tax (expense) benefit

 

18

 

(2,007)

 

(1,441)

 

(8,226)

Net loss

 

(39,200)

 

(19,367)

 

(13,214)

 

(70,609)

Cumulative dividends for Series A Preferred Stock

 

896

 

(798)

 

(822)

 

(852)

Net loss attributable to common stockholders

$

(38,304)

$

(20,165)

$

(14,036)

$

(71,461)

Weighted average outstanding common shares (Refer to Net Loss per Share discussion in Note 2)

 

50,646,482

 

61,474,020

 

150,655,012

 

207,150,475

Earnings per share:

 

 

 

 

Basic and diluted

$

(0.76)

$

(0.33)

$

(0.09)

$

(0.34)

    

Q1 2020

    

Q2 2020

    

Q3 2020

    

Q4 2020

Revenue:

ITPS

$

284,112

$

243,029

$

234,365

$

243,537

HS

64,049

49,166

54,209

51,623

LLPS

17,290

15,527

16,706

18,949

Total Revenue

365,451

307,722

305,280

314,109

Cost of revenue:

ITPS

235,120

195,835

183,671

200,387

HS

44,931

36,148

39,444

39,394

LLPS

12,488

9,805

11,107

15,214

Cost of revenue (exclusive of depreciation and amortization)

292,539

241,788

234,222

254,995

Selling, general and administrative expenses (exclusive of depreciation and amortization)

50,374

47,014

42,837

45,879

Depreciation and amortization

23,185

22,847

22,095

25,826

Related party expense

1,551

1,146

1,360

1,324

Operating income (loss)

 

(2,198)

 

(5,073)

 

4,766

 

(13,915)

Other expense (income), net:

 

  

 

  

 

  

 

  

Interest expense, net

 

41,588

44,440

43,612

44,238

Debt modification and extinguishment costs (gain)

9,589

Sundry expense (income), net

 

1,082

(899)

(434)

98

Other expense, net

(34,657)

(584)

(10,414)

10,867

Net loss before income taxes

 

(10,211)

 

(48,030)

 

(27,998)

 

(78,707)

Income tax (expense) benefit

 

(2,459)

(661)

(320)

(10,144)

Net loss

 

(12,670)

 

(48,691)

 

(28,318)

 

(88,851)

Cumulative dividends for Series A Preferred Stock

1,440

(858)

(976)

(915)

Net loss attributable to common stockholders

$

(11,230)

$

(49,549)

$

(29,294)

$

(89,766)

Weighted average outstanding common shares (Refer to Net Loss per Share discussion in Note 2)

 

49,065,055

49,169,556

49,170,477

49,172,037

Earnings per share:

 

  

 

  

 

 

  

Basic and diluted

$

(0.23)

$

(1.01)

$

(0.60)

$

(1.82)