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)