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Quarterly Financial Information (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information

The following tables contain selected unaudited statements of operations for each quarter of 2021 and 2020. As further discussed in Note 1, our results from continuing operations do not include the results of Nutrisystem, which we sold effective December 9, 2020.

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2021

 

First

 

 

Second

 

 

Third

 

 

Fourth (1)

 

Revenues

 

$

108,085

 

 

$

120,071

 

 

$

126,289

 

 

$

126,808

 

Gross margin

 

 

48,269

 

 

 

48,837

 

 

 

49,178

 

 

 

46,056

 

Income (loss) before income taxes

 

 

27,564

 

 

 

8,958

 

 

 

112,624

 

 

 

(15,424

)

Income (loss) from continuing operations

 

 

19,944

 

 

 

8,771

 

 

 

103,699

 

 

 

(25,038

)

Income (loss) from discontinued operations,

   net of income tax

 

 

(808

)

 

 

(414

)

 

 

(932

)

 

 

(308

)

Net income (loss)

 

 

19,136

 

 

 

8,357

 

 

 

102,767

 

 

 

(25,346

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share – basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations (2)

 

$

0.41

 

 

$

0.18

 

 

$

2.09

 

 

$

(0.50

)

Discontinued operations (2)

 

$

(0.02

)

 

$

(0.01

)

 

$

(0.02

)

 

$

(0.01

)

Net income (2)(3)

 

$

0.39

 

 

$

0.17

 

 

$

2.07

 

 

$

(0.51

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share – diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations (2)

 

$

0.40

 

 

$

0.17

 

 

$

2.06

 

 

$

(0.50

)

Discontinued operations (2)

 

$

(0.02

)

 

$

(0.01

)

 

$

(0.02

)

 

$

(0.01

)

Net income (2)(3)

 

$

0.38

 

 

$

0.17

 

 

$

2.04

 

 

$

(0.50

)

 

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2020

 

First

 

 

Second

 

 

Third

 

 

Fourth (4)

 

Revenues

 

$

159,692

 

 

$

81,923

 

 

$

95,481

 

 

$

100,617

 

Gross margin

 

 

42,713

 

 

 

45,879

 

 

 

45,382

 

 

 

44,168

 

Income before income taxes

 

 

11,411

 

 

 

23,959

 

 

 

23,236

 

 

 

15,793

 

Income from continuing operations

 

 

8,275

 

 

 

17,202

 

 

 

16,750

 

 

 

14,642

 

Income (loss) from discontinued operations,

   net of income tax

 

 

(206,381

)

 

 

11,309

 

 

 

(59,168

)

 

 

(26,260

)

Net income (loss)

 

 

(198,106

)

 

 

28,511

 

 

 

(42,418

)

 

 

(11,618

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share – basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations (2)

 

$

0.17

 

 

$

0.35

 

 

$

0.34

 

 

$

0.30

 

Discontinued operations (2)

 

$

(4.25

)

 

$

0.23

 

 

$

(1.21

)

 

$

(0.54

)

Net income (loss) (2)(3)

 

$

(4.08

)

 

$

0.59

 

 

$

(0.87

)

 

$

(0.24

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share – diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations (2)

 

$

0.17

 

 

$

0.35

 

 

$

0.34

 

 

$

0.29

 

Discontinued operations (2)

 

$

(4.22

)

 

$

0.23

 

 

$

(1.20

)

 

$

(0.53

)

Net income (loss) (2)(3)

 

$

(4.05

)

 

$

0.58

 

 

$

(0.86

)

 

$

(0.23

)

 

 

(1)

Loss from continuing operations for the fourth quarter of 2021 includes an unrealized loss of $41.4 million related to the change in fair value of the Sharecare Equity Security and an unrealized gain of $1.9 million related to the de-designated swaps, each of which was recorded to other (income) expense, net. The income tax benefit that would have otherwise resulted from the unrealized loss of $41.4 million was fully offset by income tax expense due to an increase in the valuation allowance on deferred tax assets related to capital loss carryforwards; therefore, there was no net income tax benefit associated with this loss.  In addition, loss from continuing operations for the fourth quarter of 2021 includes a total of $0.5 million related to CEO transition costs, acquisition and integration costs, and project costs, which was primarily recorded to selling, general, and administrative expenses. Finally, the impact of potentially dilutive securities for the three months ended December 31, 2021 was not considered because the impact would be anti-dilutive.

 

 

(2)

We calculated earnings per share for each of the quarters based on the weighted average number of shares and dilutive securities outstanding for each period. Accordingly, the sum of the quarters may not necessarily be equal to the full year income per share.  

 

 

(3)

Figures may not add due to rounding.

 

 

(4)

Income from continuing operations for the fourth quarter of 2020 includes strategic project costs, CEO transition costs, and acquisition and integration costs of $2.3 million, $1.0 million, and $0.6 million, respectively, each of which were primarily recorded to selling, general, and administrative expenses.