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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PishPosh Inc | NASDAQ:BABY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 26.75 | 25.00 | 3.40 | 0 | 01:00:00 |
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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77-0154833
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large Accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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o
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Smaller reporting company
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¨
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Emerging growth company
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o
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.001 par value per share
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BABY
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The Nasdaq Stock Market LLC
(The Nasdaq Global Market)
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Page No.
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Condensed Consolidated Balance Sheets as of
March 31, 2019 and December 31, 2018 (unaudited)
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Condensed Consolidated Statements of Operations for the three months ended March 31, 2019 and 2018 (unaudited)
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Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2019 and 2018 (unaudited)
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Condensed Consolidated Statements of Cash Flows for the
three months ended March 31, 2019 and 2018 (unaudited)
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March 31, 2019
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December 31, 2018
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||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
53,423
|
|
|
$
|
56,373
|
|
Accounts receivable, net of allowance for doubtful accounts of $7,451 in 2019 and $6,960 in 2018
|
110,900
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|
|
127,041
|
|
||
Inventories
|
82,866
|
|
|
79,736
|
|
||
Prepaid expenses and other current assets
|
26,793
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|
|
22,625
|
|
||
Total current assets
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273,982
|
|
|
285,775
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|
||
Property and equipment, net
|
26,280
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|
|
22,913
|
|
||
Operating lease right-of-use assets
|
18,982
|
|
|
—
|
|
||
Intangible assets, net
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132,205
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|
139,453
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|
||
Goodwill
|
147,390
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|
147,644
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||
Deferred income tax
|
19,165
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|
|
22,639
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Other assets
|
20,559
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19,716
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|
||
Total assets
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$
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638,563
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|
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$
|
638,140
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LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
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|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
25,103
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|
|
$
|
28,805
|
|
Current portion of long-term debt
|
35,000
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|
|
35,000
|
|
||
Accrued liabilities
|
51,157
|
|
|
52,568
|
|
||
Deferred revenue
|
19,017
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|
|
17,073
|
|
||
Current portion of operating lease liabilities
|
6,251
|
|
|
—
|
|
||
Liabilities and accrued impairment held for sale
|
24,786
|
|
|
—
|
|
||
Total current liabilities
|
161,314
|
|
|
133,446
|
|
||
Long-term liabilities:
|
|
|
|
||||
Other liabilities
|
21,325
|
|
|
19,845
|
|
||
Operating lease liabilities
|
15,234
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|
|
—
|
|
||
Long-term debt, net
|
64,522
|
|
|
69,474
|
|
||
Deferred income tax
|
8,467
|
|
|
16,931
|
|
||
Total liabilities
|
270,862
|
|
|
239,696
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock, $0.001 par value, 120,000,000 shares authorized; shares issued and outstanding 33,955,077 in 2019 and 33,804,379 in 2018
|
335,348
|
|
|
334,215
|
|
||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding in 2019 and 2019
|
—
|
|
|
—
|
|
||
Retained earnings
|
73,592
|
|
|
102,261
|
|
||
Accumulated other comprehensive loss
|
(41,239
|
)
|
|
(38,032
|
)
|
||
Total stockholders’ equity
|
367,701
|
|
|
398,444
|
|
||
Total liabilities and stockholders’ equity
|
$
|
638,563
|
|
|
$
|
638,140
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Revenue
|
$
|
114,757
|
|
|
$
|
128,609
|
|
Cost of revenue
|
46,370
|
|
|
55,369
|
|
||
Intangibles amortization
|
1,756
|
|
|
1,587
|
|
||
Gross profit
|
66,631
|
|
|
71,653
|
|
||
Operating expenses:
|
|
|
|
||||
Marketing and selling
|
33,729
|
|
|
35,872
|
|
||
Research and development
|
13,058
|
|
|
15,443
|
|
||
General and administrative
|
16,305
|
|
|
17,448
|
|
||
Intangibles amortization
|
3,786
|
|
|
4,806
|
|
||
Restructuring
|
37,372
|
|
|
812
|
|
||
Total operating expenses
|
104,250
|
|
|
74,381
|
|
||
Loss from operations
|
(37,619
|
)
|
|
(2,728
|
)
|
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Other expense, net
|
(2,112
|
)
|
|
(1,821
|
)
|
||
Loss before benefit from income tax
|
(39,731
|
)
|
|
(4,549
|
)
|
||
Benefit from income tax
|
(9,730
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)
|
|
(1,401
|
)
|
||
Net loss
|
$
|
(30,001
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)
|
|
$
|
(3,148
|
)
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Foreign currency translation adjustment
|
(1,875
|
)
|
|
3,617
|
|
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Comprehensive income (loss)
|
(31,876
|
)
|
|
469
|
|
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Loss per share:
|
|
|
|
||||
Basic
|
$
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(0.89
|
)
|
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$
|
(0.10
|
)
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Diluted
|
$
|
(0.89
|
)
|
|
$
|
(0.10
|
)
|
Weighted average shares used in the calculation of loss per share:
|
|
|
|
||||
Basic
|
33,590
|
|
|
32,760
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|
||
Diluted
|
33,590
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|
|
32,760
|
|
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Common Stock
|
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Loss |
|
Stockholders’
Equity |
|||||||||||
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Shares
|
|
Amount
|
|
||||||||||||||
Balances, December 31, 2017
|
33,134,101
|
|
|
$
|
316,577
|
|
|
$
|
129,115
|
|
|
$
|
(23,595
|
)
|
|
$
|
422,097
|
|
Cumulative-effect adjustment for ASU 2016-16
|
—
|
|
|
—
|
|
|
(3,919
|
)
|
|
—
|
|
|
(3,919
|
)
|
||||
Vesting of restricted stock units
|
100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net issuance of restricted stock awards
|
239,649
|
|
|
—
|
|
|
—
|
|
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—
|
|
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—
|
|
||||
Stock-based compensation expense
|
—
|
|
|
2,361
|
|
|
—
|
|
|
—
|
|
|
2,361
|
|
||||
Repurchase of company stock
|
(147,893
|
)
|
|
(4,736
|
)
|
|
—
|
|
|
—
|
|
|
(4,736
|
)
|
||||
Taxes paid related to net share settlement of equity awards
|
(600
|
)
|
|
(19
|
)
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
||||
Exercise of stock options
|
46,173
|
|
|
577
|
|
|
—
|
|
|
—
|
|
|
577
|
|
||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
3,617
|
|
|
3,617
|
|
||||
Net loss
|
—
|
|
|
—
|
|
|
(3,148
|
)
|
|
—
|
|
|
(3,148
|
)
|
||||
Balances, March 31, 2018
|
33,271,530
|
|
|
$
|
314,760
|
|
|
$
|
122,048
|
|
|
$
|
(19,978
|
)
|
|
$
|
416,830
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Operating activities:
|
|
|
|
||||
Net loss
|
$
|
(30,001
|
)
|
|
$
|
(3,148
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Provision for losses on accounts receivable
|
600
|
|
|
918
|
|
||
Depreciation and amortization
|
7,711
|
|
|
7,915
|
|
||
Loss on disposal of property and equipment
|
179
|
|
|
52
|
|
||
Warranty reserve
|
354
|
|
|
(1,125
|
)
|
||
Share-based compensation
|
2,554
|
|
|
2,362
|
|
||
Impairment charge on held for sale entity
|
24,571
|
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
15,555
|
|
|
(2,242
|
)
|
||
Inventories
|
(4,616
|
)
|
|
2,885
|
|
||
Prepaid expenses and other assets
|
(7,703
|
)
|
|
(5,390
|
)
|
||
Accounts payable
|
(3,436
|
)
|
|
(622
|
)
|
||
Accrued liabilities
|
(1,319
|
)
|
|
3,319
|
|
||
Deferred revenue
|
1,982
|
|
|
1,314
|
|
||
Deferred income tax
|
62
|
|
|
87
|
|
||
Net cash provided by operating activities
|
6,493
|
|
|
6,325
|
|
||
Investing activities:
|
|
|
|
||||
Purchase of property and equipment
|
(2,461
|
)
|
|
(2,473
|
)
|
||
Net cash used in investing activities
|
(2,461
|
)
|
|
(2,473
|
)
|
||
Financing activities:
|
|
|
|
||||
Proceeds from stock option exercises and Employee Stock Purchase Program purchases
|
268
|
|
|
577
|
|
||
Repurchase of common stock
|
—
|
|
|
(4,736
|
)
|
||
Taxes paid related to net share settlement of equity awards
|
(1,567
|
)
|
|
(19
|
)
|
||
Principal payments of financing lease liability
|
(165
|
)
|
|
—
|
|
||
Payment of contingent consideration related to a business combination
|
—
|
|
|
(147
|
)
|
||
Payments on borrowings
|
(5,000
|
)
|
|
(25,000
|
)
|
||
Net cash used in financing activities
|
(6,464
|
)
|
|
(29,325
|
)
|
||
Exchange rate changes effect on cash and cash equivalents
|
(518
|
)
|
|
994
|
|
||
Net decrease in cash and cash equivalents
|
(2,950
|
)
|
|
(24,479
|
)
|
||
Cash and cash equivalents, beginning of period
|
56,373
|
|
|
88,950
|
|
||
Cash and cash equivalents, end of period
|
$
|
53,423
|
|
|
$
|
64,471
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid for interest
|
$
|
1,347
|
|
|
$
|
1,482
|
|
Cash paid for income taxes
|
$
|
1,224
|
|
|
$
|
1,657
|
|
Non-cash investing activities:
|
|
|
|
||||
Property and equipment included in accounts payable
|
$
|
141
|
|
|
$
|
349
|
|
Inventory transferred to property and equipment
|
$
|
143
|
|
|
$
|
161
|
|
•
|
Management approves and commits to a formal plan to sell the asset or disposal group;
|
•
|
The assets or disposal group is available for immediate sale in its present condition;
|
•
|
An active program to locate a buyer and other actions required to complete the sale have been initiated;
|
•
|
The sale of the asset or disposal group is expected to be completed within one year;
|
•
|
The asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to the current fair value; and
|
•
|
It is unlikely that significant changes will be made to the plan.
|
Unbilled AR, December 31, 2018
|
$
|
3,012
|
|
Additions
|
26
|
|
|
Transferred to Trade Receivable
|
(495
|
)
|
|
Unbilled AR, March 31, 2019
|
$
|
2,543
|
|
Deferred Revenue, December 31, 2018
|
$
|
21,410
|
|
Additions
|
9,143
|
|
|
Revenue Recognized
|
(7,164
|
)
|
|
Deferred Revenue, March 31, 2019
|
$
|
23,389
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Net loss
|
$
|
(30,001
|
)
|
|
$
|
(3,148
|
)
|
Weighted average common shares
|
33,590
|
|
|
32,760
|
|
||
Dilutive effect of stock based awards
|
—
|
|
|
—
|
|
||
Diluted Shares
|
33,590
|
|
|
32,760
|
|
||
Basic loss per share
|
$
|
(0.89
|
)
|
|
$
|
(0.10
|
)
|
Diluted loss per share
|
$
|
(0.89
|
)
|
|
$
|
(0.10
|
)
|
Shares excluded from calculation of diluted EPS
|
119
|
|
|
390
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Raw materials and subassemblies
|
$
|
36,107
|
|
|
$
|
31,459
|
|
Work in process
|
2,424
|
|
|
2,424
|
|
||
Finished goods
|
63,277
|
|
|
63,932
|
|
||
Total inventories
|
101,808
|
|
|
97,815
|
|
||
Less: Non-current inventories
|
(18,942
|
)
|
|
(18,079
|
)
|
||
Inventories, current
|
$
|
82,866
|
|
|
$
|
79,736
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
|
Gross
Carrying Amount |
|
Accumulated
Impairment |
|
Accumulated
Amortization |
|
Net Book
Value |
|
Gross
Carrying Amount |
|
Accumulated
Impairment |
|
Accumulated
Amortization |
|
Net Book
Value |
||||||||||||||||
Intangible assets with definite lives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Technology
|
$
|
110,161
|
|
|
$
|
(6,630
|
)
|
|
$
|
(51,387
|
)
|
|
$
|
52,144
|
|
|
$
|
111,198
|
|
|
$
|
(6,768
|
)
|
|
$
|
(50,046
|
)
|
|
$
|
54,384
|
|
Customer related
|
98,403
|
|
|
(50
|
)
|
|
(42,160
|
)
|
|
56,193
|
|
|
99,440
|
|
|
(1,961
|
)
|
|
(38,574
|
)
|
|
58,905
|
|
||||||||
Trade names
|
46,875
|
|
|
(3,812
|
)
|
|
(21,161
|
)
|
|
21,902
|
|
|
47,217
|
|
|
(4,397
|
)
|
|
(19,250
|
)
|
|
23,570
|
|
||||||||
Internally developed software
|
16,266
|
|
|
—
|
|
|
(14,670
|
)
|
|
1,596
|
|
|
16,264
|
|
|
—
|
|
|
(14,164
|
)
|
|
2,100
|
|
||||||||
Patents
|
2,937
|
|
|
(132
|
)
|
|
(2,765
|
)
|
|
40
|
|
|
2,718
|
|
|
(133
|
)
|
|
(2,524
|
)
|
|
61
|
|
||||||||
Service Agreements
|
1,190
|
|
|
—
|
|
|
(860
|
)
|
|
330
|
|
|
1,190
|
|
|
—
|
|
|
(757
|
)
|
|
433
|
|
||||||||
Definite-lived intangible assets
|
$
|
275,832
|
|
|
$
|
(10,624
|
)
|
|
$
|
(133,003
|
)
|
|
$
|
132,205
|
|
|
$
|
278,027
|
|
|
$
|
(13,259
|
)
|
|
$
|
(125,315
|
)
|
|
$
|
139,453
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Technology
|
$
|
1,738
|
|
|
$
|
1,819
|
|
Customer related
|
2,183
|
|
|
2,881
|
|
||
Trade names
|
1,498
|
|
|
1,626
|
|
||
Internally developed software
|
504
|
|
|
530
|
|
||
Patents
|
20
|
|
|
22
|
|
||
Service Agreements
|
102
|
|
|
—
|
|
||
Total amortization
|
$
|
6,045
|
|
|
$
|
6,878
|
|
Nine months ending December 31, 2019
|
$
|
17,250
|
|
2020
|
21,678
|
|
|
2021
|
20,791
|
|
|
2022
|
17,349
|
|
|
2023
|
16,378
|
|
|
2024
|
14,487
|
|
|
Thereafter
|
24,272
|
|
|
Total expected amortization expense
|
$
|
132,205
|
|
December 31, 2018
|
$
|
147,644
|
|
Foreign currency translation
|
(254
|
)
|
|
March 31, 2019
|
$
|
147,390
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Land
|
$
|
1,677
|
|
|
$
|
1,828
|
|
Buildings
|
6,184
|
|
|
7,036
|
|
||
Leasehold improvements
|
4,703
|
|
|
4,649
|
|
||
Finance lease right-of-use assets
|
3,064
|
|
|
—
|
|
||
Equipment and furniture
|
26,879
|
|
|
23,487
|
|
||
Computer software and hardware
|
12,936
|
|
|
12,803
|
|
||
Demonstration and loaned equipment
|
12,646
|
|
|
12,843
|
|
||
|
68,089
|
|
|
62,646
|
|
||
Accumulated depreciation
|
(41,809
|
)
|
|
(39,733
|
)
|
||
Total
|
$
|
26,280
|
|
|
$
|
22,913
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Balance, beginning of period
|
$
|
9,391
|
|
|
$
|
10,995
|
|
Additions charged to expense
|
609
|
|
|
(1,125
|
)
|
||
Utilizations
|
(1,511
|
)
|
|
(802
|
)
|
||
Changes in estimate related to product remediation activities
|
(255
|
)
|
|
—
|
|
||
Divestiture adjustments
|
(9
|
)
|
|
—
|
|
||
Balance, end of period
|
$
|
8,225
|
|
|
$
|
9,068
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Cost of revenue
|
$
|
67
|
|
|
$
|
68
|
|
Marketing and selling
|
230
|
|
|
198
|
|
||
Research and development
|
245
|
|
|
276
|
|
||
General and administrative
|
1,890
|
|
|
1,820
|
|
||
Total
|
$
|
2,432
|
|
|
$
|
2,362
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Interest income
|
$
|
20
|
|
|
$
|
10
|
|
Interest expense
|
(1,527
|
)
|
|
(1,960
|
)
|
||
Foreign currency gain (loss)
|
(598
|
)
|
|
604
|
|
||
Other expense
|
(7
|
)
|
|
(475
|
)
|
||
Total other expense, net
|
$
|
(2,112
|
)
|
|
$
|
(1,821
|
)
|
•
|
Leverage Ratio, as defined, to be no higher than
2.75
to
1.00
.
|
•
|
Interest Coverage Ratio, as defined, to be at least
1.75
to
1.00
at all times.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Revolving credit facility
|
$
|
100,000
|
|
|
$
|
105,000
|
|
Debt issuance costs
|
(478
|
)
|
|
(526
|
)
|
||
Less: current portion of long-term debt
|
35,000
|
|
|
35,000
|
|
||
Total long-term debt
|
$
|
64,522
|
|
|
$
|
69,474
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
2019
|
$
|
—
|
|
|
$
|
—
|
|
2020
|
—
|
|
|
—
|
|
||
2021
|
100,000
|
|
|
105,000
|
|
||
Thereafter
|
—
|
|
|
—
|
|
||
Total
|
$
|
100,000
|
|
|
$
|
105,000
|
|
Hedged Item
|
Current Notional Amount
|
Designation Date
|
Effective Date
|
Termination Date
|
Fixed Interest Rate
|
Floating Rate
|
Estimated Fair Value
|
||||
1-month USD LIBOR Loan
|
$
|
40,000
|
|
May 31, 2018
|
June 1, 2018
|
September 23, 2021
|
2.611%
|
1-month USD LIBOR
|
$
|
179
|
|
Total interest rate derivatives designated as cash flow hedge
|
$
|
40,000
|
|
|
|
|
|
|
$
|
179
|
|
|
Three Months Ended
March 31, |
||
|
2019
|
||
Operating lease cost
|
$
|
1,765
|
|
Finance lease cost:
|
|
|
|
Amortization of right-of-use assets (principal payments)
|
165
|
|
|
Interest on lease liabilities
|
22
|
|
|
Short-term lease cost
|
38
|
|
|
Variable lease cost
|
884
|
|
|
Sublease income
|
(34
|
)
|
|
Total lease cost
|
$
|
2,840
|
|
|
March 31, 2019
|
||
Operating Leases
|
|
|
|
Operating lease right-of-use assets
|
$
|
18,982
|
|
Accrued liabilities
|
$
|
6,251
|
|
Operating lease liabilities
|
15,234
|
|
|
Total operating lease liabilities
|
$
|
21,485
|
|
|
|
||
Finance Leases
|
|
||
Property and equipment, gross
|
$
|
3,064
|
|
Accumulated amortization
|
1,537
|
|
|
Property and equipment, net
|
$
|
1,527
|
|
Accrued liabilities
|
$
|
563
|
|
Other liabilities
|
1,023
|
|
|
Total finance lease liabilities
|
$
|
1,586
|
|
|
|
||
Weighted Average Remaining Lease Term
|
|
||
Operating leases
|
4.1 years
|
|
|
Finance leases
|
3.7 years
|
|
|
Weighted Average Discount Rate
|
|
||
Operating leases
|
5.3
|
%
|
|
Finance leases
|
5.1
|
%
|
Year ending December 31,
|
Operating Leases
|
|
Finance Leases
|
||||
2019
|
$
|
6,925
|
|
|
$
|
609
|
|
2020
|
5,850
|
|
|
486
|
|
||
2021
|
4,414
|
|
|
370
|
|
||
2022
|
2,850
|
|
|
167
|
|
||
2023
|
2,190
|
|
|
42
|
|
||
Thereafter
|
1,121
|
|
|
—
|
|
||
Total lease payments
|
23,350
|
|
|
1,674
|
|
||
Less imputed interest
|
(1,865
|
)
|
|
(88
|
)
|
||
Total
|
$
|
21,485
|
|
|
$
|
1,586
|
|
Year ending December 31,
|
Operating Leases
|
||
2019
|
$
|
8,092
|
|
2020
|
6,951
|
|
|
2021
|
5,290
|
|
|
2022
|
3,423
|
|
|
2023
|
2,426
|
|
|
Thereafter
|
1,365
|
|
|
Total minimum lease payments
|
$
|
27,547
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Consolidated Revenue:
|
|
|
|
||||
United States
|
$
|
66,067
|
|
|
$
|
68,671
|
|
International
|
48,690
|
|
|
59,938
|
|
||
Totals
|
$
|
114,757
|
|
|
$
|
128,609
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Revenue by End Market:
|
|
|
|
||||
Neurology Products
|
|
|
|
||||
Devices and Systems
|
$
|
45,749
|
|
|
$
|
46,041
|
|
Supplies
|
15,841
|
|
|
17,172
|
|
||
Services
|
800
|
|
|
2,737
|
|
||
Total Neurology Revenue
|
62,390
|
|
|
65,950
|
|
||
Newborn Care Products
|
|
|
|
||||
Devices and Systems
|
12,711
|
|
|
15,966
|
|
||
Supplies
|
9,323
|
|
|
9,522
|
|
||
Services
|
4,845
|
|
|
5,403
|
|
||
Total Newborn Care Revenue
|
26,879
|
|
|
30,891
|
|
||
Audiology Products
|
|
|
|
||||
Devices and Systems
|
23,459
|
|
|
29,523
|
|
||
Supplies
|
2,029
|
|
|
2,245
|
|
||
Total Audiology Revenue
|
25,488
|
|
|
31,768
|
|
||
Total Revenue
|
$
|
114,757
|
|
|
$
|
128,609
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Property and equipment, net:
|
|
|
|
||||
United States
|
$
|
13,177
|
|
|
$
|
10,019
|
|
Ireland
|
5,419
|
|
|
5,083
|
|
||
Canada
|
4,543
|
|
|
4,504
|
|
||
Denmark
|
1,952
|
|
|
1,371
|
|
||
Argentina
|
—
|
|
|
999
|
|
||
Other countries
|
1,189
|
|
|
937
|
|
||
Totals
|
$
|
26,280
|
|
|
$
|
22,913
|
|
|
December 31, 2018
|
|
Additions
|
|
Payments
|
|
Adjustments
|
|
March 31, 2019
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest Rate Swap
|
$
|
77
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
102
|
|
|
$
|
179
|
|
Total
|
$
|
77
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
102
|
|
|
$
|
179
|
|
•
|
Neuro - Includes products and services that provide diagnostic, therapeutic and surgical solutions in neurodiagnostics, neurocritical care and neurosurgery. Neuro's comprehensive neurodiagnostic solutions include electroencephalography and long term monitoring, Intensive Care Unit monitoring, electromyography, sleep analysis or polysomnography, and intra-operative monitoring.
|
•
|
Newborn Care - Includes products and services for newborn care including hearing screening, brain injury, ROP vision screening, thermoregulation, jaundice management, and various disposable newborn care supplies, as well as products for diagnostic hearing assessment for children through adult populations, and products to diagnose and assist in treating balance and mobility disorders.
|
•
|
Audiology - Includes products hearing and diagnostics and hearing aid fitting, including computer-based audiological, otoneurologic and vestibular instrumentation and sound rooms for hearing and balance care professionals. Audiology has a complete product and brand portfolio known for its sophisticated design technology in the hearing and balance assessment markets. Global brands include Aurical®, ICS®, and Madsen®.
|
•
|
Revenue recognition
|
•
|
Income taxes
|
•
|
Inventory valuation
|
|
Three Months Ended
March 31, |
||||
|
2019
|
|
2018
|
||
Revenue
|
100.0
|
%
|
|
100.0
|
%
|
Cost of revenue
|
40.4
|
%
|
|
43.1
|
%
|
Intangibles amortization
|
1.5
|
%
|
|
1.2
|
%
|
Gross profit
|
58.1
|
%
|
|
55.7
|
%
|
Operating expenses:
|
|
|
|
||
Marketing and selling
|
29.4
|
%
|
|
27.9
|
%
|
Research and development
|
11.4
|
%
|
|
12.0
|
%
|
General and administrative
|
14.2
|
%
|
|
13.6
|
%
|
Intangibles amortization
|
3.3
|
%
|
|
3.7
|
%
|
Restructuring
|
32.6
|
%
|
|
0.6
|
%
|
Total operating expenses
|
90.9
|
%
|
|
57.8
|
%
|
Loss from operations
|
(32.8
|
)%
|
|
(2.1
|
)%
|
Other expense, net
|
(1.9
|
)%
|
|
(1.4
|
)%
|
Loss before benefit from income tax
|
(34.7
|
)%
|
|
(3.5
|
)%
|
Benefit from income tax
|
(8.5
|
)%
|
|
(1.1
|
)%
|
Net loss
|
(26.2
|
)%
|
|
(2.4
|
)%
|
|
Three Months Ended
March 31, |
|||||||||
|
2019
|
|
2018
|
|
Change
|
|||||
Neuro Products
|
|
|
|
|
|
|||||
Devices and Systems
|
$
|
45,749
|
|
|
$
|
46,041
|
|
|
(1
|
)%
|
Supplies
|
15,841
|
|
|
17,172
|
|
|
(8
|
)%
|
||
Services
|
800
|
|
|
2,737
|
|
|
(71
|
)%
|
||
Total Neurology Revenue
|
62,390
|
|
|
65,950
|
|
|
(5
|
)%
|
||
Newborn Care Products
|
|
|
|
|
|
|||||
Devices and Systems
|
12,711
|
|
|
15,966
|
|
|
(20
|
)%
|
||
Supplies
|
9,323
|
|
|
9,522
|
|
|
(2
|
)%
|
||
Services
|
4,845
|
|
|
5,403
|
|
|
(10
|
)%
|
||
Total Newborn Care Revenue
|
26,879
|
|
|
30,891
|
|
|
(13
|
)%
|
||
Audiology Products
|
|
|
|
|
|
|||||
Devices and Systems
|
23,459
|
|
|
29,523
|
|
|
(21
|
)%
|
||
Supplies
|
2,029
|
|
|
2,245
|
|
|
(10
|
)%
|
||
Total Audiology Revenue
|
25,488
|
|
|
31,768
|
|
|
(20
|
)%
|
||
Total Revenue
|
$
|
114,757
|
|
|
$
|
128,609
|
|
|
(11
|
)%
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Revenue
|
$
|
114,757
|
|
|
$
|
128,609
|
|
Cost of revenue
|
46,370
|
|
|
55,369
|
|
||
Intangibles amortization
|
1,756
|
|
|
1,587
|
|
||
Gross profit
|
66,631
|
|
|
71,653
|
|
||
Gross profit percentage
|
58.1
|
%
|
|
55.7
|
%
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Marketing and selling
|
$
|
33,729
|
|
|
$
|
35,872
|
|
Percentage of revenue
|
29.4
|
%
|
|
27.9
|
%
|
||
Research and development
|
$
|
13,058
|
|
|
$
|
15,443
|
|
Percentage of revenue
|
11.4
|
%
|
|
12.0
|
%
|
||
General and administrative
|
$
|
16,305
|
|
|
$
|
17,448
|
|
Percentage of revenue
|
14.2
|
%
|
|
13.6
|
%
|
||
Intangibles amortization
|
$
|
3,786
|
|
|
$
|
4,806
|
|
Percentage of revenue
|
3.3
|
%
|
|
3.7
|
%
|
||
Restructuring
|
$
|
37,372
|
|
|
$
|
812
|
|
Percentage of revenue
|
32.6
|
%
|
|
0.6
|
%
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Cash and cash equivalents
|
$
|
53,423
|
|
|
$
|
56,373
|
|
Working capital
|
112,668
|
|
|
152,329
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Net cash provided by operating activities
|
$
|
6,493
|
|
|
$
|
6,325
|
|
Net cash used in investing activities
|
(2,461
|
)
|
|
(2,473
|
)
|
||
Net cash used in financing activities
|
(6,464
|
)
|
|
(29,325
|
)
|
•
|
Extent to which we make acquisitions;
|
•
|
Amount and timing of revenue;
|
•
|
Extent to which our existing and new products gain market acceptance;
|
•
|
Cost and timing of product development efforts and the success of these development efforts;
|
•
|
Cost and timing of marketing and selling activities; and
|
•
|
Availability of borrowings under line of credit arrangements and the availability of other means of financing.
|
|
|
|
Payments Due by Period
|
||||||||||||||||
|
Total
|
|
Less than
1 Year |
|
1-3 Years
|
|
3-5 Years
|
|
More than
5 Years |
||||||||||
Unconditional purchase obligations
|
$
|
63,813
|
|
|
$
|
61,865
|
|
|
$
|
1,948
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Bank debt
|
100,000
|
|
|
—
|
|
|
100,000
|
|
|
—
|
|
|
—
|
|
|||||
Interest payments
|
7,695
|
|
|
4,684
|
|
|
3,011
|
|
|
|
|
|
|
|
|||||
Repatriation tax
|
9,992
|
|
|
800
|
|
|
1,751
|
|
|
2,517
|
|
|
4,924
|
|
|||||
Total
|
$
|
181,500
|
|
|
$
|
67,349
|
|
|
$
|
106,710
|
|
|
$
|
2,517
|
|
|
$
|
4,924
|
|
(a)
|
Exhibits
|
|
|
|
|
Incorporated By Reference
|
||||||
Exhibit
No.
|
|
Exhibit
|
|
Filing
|
|
Exhibit
No.
|
|
File Date
|
|
Filed
Herewith
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
||||
101
|
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income, (iii) Condensed Consolidated Statements of Cash Flows, and (iv) Notes to Condensed Consolidated Financial Statements.
|
|
|
|
|
|
|
|
X
|
|
|
|
N
ATUS
M
EDICAL
I
NCORPORATED
|
||
|
|
|
|
|
|
Dated:
|
May 8, 2019
|
|
|
By:
|
/s/ Jonathan A. Kennedy
|
|
|
|
|
|
Jonathan A. Kennedy
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
Dated:
|
May 8, 2019
|
|
|
By:
|
/s/ B. Drew Davies
|
|
|
|
|
|
B. Drew Davies
Executive Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
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