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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cinedigm Corporation | NASDAQ:CIDM | 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% | 0.2945 | 0.29 | 0.298 | 0 | 01:00:00 |
Delaware
|
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22-3720962
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(State or Other Jurisdiction of Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
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45 West 36th Street, 7th Floor, New York, NY
|
|
10018
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(Address of principal executive offices)
|
|
(Zip Code)
|
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
|
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Title of each class
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Name of each exchange on which registered
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CLASS A COMMON STOCK, PAR VALUE $0.001 PER SHARE
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NASDAQ GLOBAL MARKET
|
|
|
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Securities registered pursuant to Section 12(g) of the Act:
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NONE
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Yes
x
No
o
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Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
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Yes
x
No
o
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
|
Large accelerated filer
o
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Accelerated filer
o
|
Non-accelerated filer
o
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Smaller reporting company
x
|
Emerging Growth Company
o
|
||
|
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(Do not check if a smaller reporting company)
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|
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|
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
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Yes
o
No
x
|
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Page
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|
PART I --
|
FINANCIAL INFORMATION
|
|
Item 1.
|
Financial Statements (Unaudited)
|
|
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Condensed Consolidated Balance Sheets at September 30, 2017 (Unaudited) and March 31, 2017
|
|
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Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months ended September 30, 2017 and 2016
|
|
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Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months ended September 30, 2017 and 2016
|
|
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Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months ended September 30, 2017 and 2016
|
|
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Notes to Unaudited Condensed Consolidated Financial Statements
|
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Item 2.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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Item 4.
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Controls and Procedures
|
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PART II --
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OTHER INFORMATION
|
|
Item 1.
|
Legal Proceedings
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
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Item 3.
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Defaults Upon Senior Securities
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Item 4.
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Mine Safety Disclosures
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Item 5.
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Other Information
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Item 6.
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Exhibits
|
|
Exhibit Index
|
|
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Signatures
|
|
|
|
|
|
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September 30, 2017
|
|
March 31, 2017
|
||||
ASSETS
|
(Unaudited)
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
9,661
|
|
|
$
|
12,566
|
|
Accounts receivable, net
|
26,280
|
|
|
53,608
|
|
||
Inventory
|
811
|
|
|
1,137
|
|
||
Unbilled revenue
|
4,668
|
|
|
5,655
|
|
||
Prepaid and other current assets
|
12,557
|
|
|
13,484
|
|
||
Total current assets
|
53,977
|
|
|
86,450
|
|
||
Restricted cash
|
1,000
|
|
|
1,000
|
|
||
Property and equipment, net
|
25,541
|
|
|
33,138
|
|
||
Intangible assets, net
|
17,439
|
|
|
20,227
|
|
||
Goodwill
|
8,701
|
|
|
8,701
|
|
||
Debt issuance costs
|
546
|
|
|
260
|
|
||
Other assets
|
1,447
|
|
|
1,558
|
|
||
Total assets
|
$
|
108,651
|
|
|
$
|
151,334
|
|
LIABILITIES AND DEFICIT
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
61,306
|
|
|
$
|
73,679
|
|
Current portion of notes payable
|
58,746
|
|
|
19,599
|
|
||
Current portion of notes payable, non-recourse (see Note 5)
|
3,813
|
|
|
6,056
|
|
||
Current portion of capital leases
|
8
|
|
|
66
|
|
||
Current portion of deferred revenue
|
2,059
|
|
|
2,461
|
|
||
Total current liabilities
|
125,932
|
|
|
101,861
|
|
||
Notes payable, non-recourse, net of current portion and unamortized debt issuance costs and debt discounts of $2,430 and $2,701 respectively (see Note 5)
|
42,519
|
|
|
55,048
|
|
||
Notes payable, net of current portion and unamortized debt issuance costs and debt discounts of $4,165 and $5,340 respectively (see Note 5)
|
11,670
|
|
|
59,396
|
|
||
Deferred revenue, net of current portion
|
4,583
|
|
|
5,324
|
|
||
Other long-term liabilities
|
357
|
|
|
408
|
|
||
Total liabilities
|
185,061
|
|
|
222,037
|
|
||
Stockholders’ deficit
|
|
|
|
||||
Preferred stock, 15,000,000 shares authorized; Series A 10% - $0.001 par value per share; 20 shares authorized; 7 shares issued and outstanding at September 30, 2017 and March 31, 2017, respectively. Liquidation preference of $3,648
|
3,559
|
|
|
3,559
|
|
||
Common stock, $0.001 par value; Class A and Class B stock; Class A stock 25,000,000 shares authorized at September 30, 2017 and March 31, 2017 respectively; 13,745,471 and 11,841,983 shares issued and 13,745,471 and 11,841,983 shares outstanding at September 30, 2017 and March 31, 2017, respectively; $0 and 1,241,000 Class B stock authorized and issued and zero shares outstanding at September 30, 2017 and March 31, 2017, respectively
|
14
|
|
|
12
|
|
||
Additional paid-in capital
|
294,494
|
|
|
287,393
|
|
||
Accumulated deficit
|
(373,193
|
)
|
|
(360,415
|
)
|
||
Accumulated other comprehensive loss
|
(53
|
)
|
|
(38
|
)
|
||
Total stockholders’ deficit of Cinedigm Corp.
|
(75,179
|
)
|
|
(69,489
|
)
|
||
Deficit attributable to noncontrolling interest
|
(1,231
|
)
|
|
(1,214
|
)
|
||
Total deficit
|
(76,410
|
)
|
|
(70,703
|
)
|
||
Total liabilities and deficit
|
$
|
108,651
|
|
|
$
|
151,334
|
|
|
Three Months Ended September 30,
|
|
Six Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues
|
$
|
16,278
|
|
|
$
|
23,880
|
|
|
$
|
31,518
|
|
|
$
|
46,355
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Direct operating (excludes depreciation and amortization shown below)
|
4,041
|
|
|
4,902
|
|
|
8,107
|
|
|
10,590
|
|
||||
Selling, general and administrative
|
6,247
|
|
|
5,239
|
|
|
12,565
|
|
|
11,674
|
|
||||
Provision for doubtful accounts
|
949
|
|
|
—
|
|
|
949
|
|
|
—
|
|
||||
Restructuring expenses, net
|
—
|
|
|
20
|
|
|
—
|
|
|
110
|
|
||||
Depreciation and amortization of property and equipment
|
3,645
|
|
|
7,763
|
|
|
8,002
|
|
|
16,287
|
|
||||
Amortization of intangible assets
|
1,395
|
|
|
1,464
|
|
|
2,790
|
|
|
2,927
|
|
||||
Total operating expenses
|
16,277
|
|
|
19,388
|
|
|
32,413
|
|
|
41,588
|
|
||||
Income (loss) from operations
|
1
|
|
|
4,492
|
|
|
(895
|
)
|
|
4,767
|
|
||||
Interest expense, net
|
(3,975
|
)
|
|
(5,111
|
)
|
|
(8,016
|
)
|
|
(10,046
|
)
|
||||
Debt conversion expense and loss on extinguishment of notes payable
|
(3,205
|
)
|
|
—
|
|
|
(3,205
|
)
|
|
—
|
|
||||
Other (expense) income, net
|
(133
|
)
|
|
141
|
|
|
(202
|
)
|
|
266
|
|
||||
Change in fair value of interest rate derivatives
|
43
|
|
|
38
|
|
|
83
|
|
|
65
|
|
||||
Loss from operations before income taxes
|
(7,269
|
)
|
|
(440
|
)
|
|
(12,235
|
)
|
|
(4,948
|
)
|
||||
Income tax expense
|
(196
|
)
|
|
(43
|
)
|
|
(382
|
)
|
|
(110
|
)
|
||||
Net loss
|
(7,465
|
)
|
|
(483
|
)
|
|
(12,617
|
)
|
|
(5,058
|
)
|
||||
Net loss attributable to noncontrolling interest
|
11
|
|
|
15
|
|
|
17
|
|
|
36
|
|
||||
Net loss attributable to controlling interests
|
(7,454
|
)
|
|
(468
|
)
|
|
(12,600
|
)
|
|
(5,022
|
)
|
||||
Preferred stock dividends
|
(89
|
)
|
|
(89
|
)
|
|
(178
|
)
|
|
(178
|
)
|
||||
Net loss attributable to common stockholders
|
$
|
(7,543
|
)
|
|
$
|
(557
|
)
|
|
$
|
(12,778
|
)
|
|
$
|
(5,200
|
)
|
Net loss per Class A and Class B common stock attributable to common stockholders - basic and diluted:
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to common stockholders
|
$
|
(0.60
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(1.07
|
)
|
|
$
|
(0.75
|
)
|
Weighted average number of Class A and Class B common stock outstanding: basic and diluted
|
12,650,909
|
|
|
7,235,435
|
|
|
11,958,601
|
|
|
6,931,114
|
|
|
|
Three Months Ended September 30,
|
|
Six Months Ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net loss
|
|
$
|
(7,465
|
)
|
|
$
|
(483
|
)
|
|
$
|
(12,617
|
)
|
|
$
|
(5,058
|
)
|
Other comprehensive income (loss): foreign exchange translation
|
|
(12
|
)
|
|
(13
|
)
|
|
(15
|
)
|
|
18
|
|
||||
Comprehensive loss
|
|
(7,477
|
)
|
|
(496
|
)
|
|
(12,632
|
)
|
|
(5,040
|
)
|
||||
Less: comprehensive loss attributable to noncontrolling interest
|
|
11
|
|
|
15
|
|
|
17
|
|
|
36
|
|
||||
Comprehensive loss attributable to controlling interests
|
|
$
|
(7,466
|
)
|
|
$
|
(481
|
)
|
|
$
|
(12,615
|
)
|
|
$
|
(5,004
|
)
|
|
Six Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(12,617
|
)
|
|
$
|
(5,058
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization of property and equipment and amortization of intangible assets
|
10,792
|
|
|
19,214
|
|
||
Loss on disposal of property and equipment
|
64
|
|
|
—
|
|
||
Amortization of debt issuance costs included in interest expense
|
1,068
|
|
|
1,485
|
|
||
Provision for doubtful accounts
|
949
|
|
|
—
|
|
||
Provision for inventory reserve
|
717
|
|
|
294
|
|
||
Stock-based compensation and expenses
|
647
|
|
|
1,020
|
|
||
Change in fair value of interest rate derivatives
|
83
|
|
|
(65
|
)
|
||
Accretion and PIK interest expense added to note payable
|
562
|
|
|
272
|
|
||
Debt conversion expense and loss on extinguishment of notes payable
|
3,205
|
|
|
—
|
|
||
Changes in operating assets and liabilities;
|
|
|
|
||||
Accounts receivable
|
26,490
|
|
|
942
|
|
||
Inventory
|
(391
|
)
|
|
93
|
|
||
Unbilled revenue
|
987
|
|
|
(37
|
)
|
||
Prepaid expenses and other assets
|
720
|
|
|
(806
|
)
|
||
Accounts payable and accrued expenses
|
(11,673
|
)
|
|
(2,101
|
)
|
||
Deferred revenue
|
(1,143
|
)
|
|
(1,401
|
)
|
||
Net cash provided by operating activities
|
20,460
|
|
|
13,852
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property and equipment
|
(345
|
)
|
|
(242
|
)
|
||
Purchases of intangible assets
|
—
|
|
|
(4
|
)
|
||
Net cash used in investing activities
|
(345
|
)
|
|
(246
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Payment of notes payable
|
(15,042
|
)
|
|
(24,766
|
)
|
||
Net repayments under revolving credit agreement
|
(7,624
|
)
|
|
(5,028
|
)
|
||
Proceeds from issuance of notes payable
|
—
|
|
|
4,500
|
|
||
Principal payments on capital leases
|
(58
|
)
|
|
(165
|
)
|
||
Payments of debt issuance costs
|
(296
|
)
|
|
(1,486
|
)
|
||
Change in restricted cash balances
|
—
|
|
|
2,232
|
|
||
Capital contributions from noncontrolling interest
|
—
|
|
|
38
|
|
||
Net cash used in financing activities
|
(23,020
|
)
|
|
(24,675
|
)
|
||
Net change in cash and cash equivalents
|
(2,905
|
)
|
|
(11,069
|
)
|
||
Cash and cash equivalents at beginning of period
|
12,566
|
|
|
25,481
|
|
||
Cash and cash equivalents at end of period
|
$
|
9,661
|
|
|
$
|
14,412
|
|
1.
|
NATURE OF OPERATIONS AND LIQUIDITY
|
Computer equipment and software
|
3 - 5 years
|
Digital cinema projection systems
|
10 years
|
Machinery and equipment
|
3 - 10 years
|
Furniture and fixtures
|
3 - 6 years
|
•
|
Level 1 – quoted prices in active markets for identical investments
|
•
|
Level 2 – other significant observable inputs (including quoted prices for similar investments and market corroborated inputs)
|
•
|
Level 3 – significant unobservable inputs (including our own assumptions in determining the fair value of investments)
|
(in thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||
Restricted cash
|
|
$
|
1,000
|
|
|
$
|
—
|
|
—
|
|
$
|
—
|
|
|
$
|
1,000
|
|
|
|
Three Months Ended September 30,
|
|
Six Months Ended September 30,
|
||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Direct operating
|
|
$
|
13
|
|
|
$
|
2
|
|
|
$
|
13
|
|
|
$
|
5
|
|
Selling, general and administrative
|
|
317
|
|
|
740
|
|
|
634
|
|
|
1,015
|
|
||||
|
|
$
|
330
|
|
|
$
|
742
|
|
|
$
|
647
|
|
|
$
|
1,020
|
|
Basic and diluted net loss per common share attributable to common stockholders =
|
Net loss attributable to common stockholders
|
Weighted average number of common stock
outstanding during the period
|
|
|
September 30, 2017
|
|
March 31, 2017
|
||||||||||||
(In thousands)
|
|
Current Portion
|
|
Long Term Portion
|
|
Current Portion
|
|
Long Term Portion
|
||||||||
Prospect Loan
|
|
—
|
|
|
44,058
|
|
|
—
|
|
|
54,656
|
|
||||
KBC Facilities
|
|
3,454
|
|
|
816
|
|
|
5,744
|
|
|
2,890
|
|
||||
P2 Vendor Note
|
|
293
|
|
|
75
|
|
|
227
|
|
|
181
|
|
||||
P2 Exhibitor Notes
|
|
66
|
|
|
—
|
|
|
85
|
|
|
22
|
|
||||
Total non-recourse notes payable
|
|
3,813
|
|
|
44,949
|
|
|
6,056
|
|
|
57,749
|
|
||||
Less: Unamortized debt issuance costs and debt discounts
|
|
—
|
|
|
(2,430
|
)
|
|
—
|
|
|
(2,701
|
)
|
||||
Total non-recourse notes payable, net of unamortized debt issuance costs and debt discounts
|
|
$
|
3,813
|
|
|
$
|
42,519
|
|
|
$
|
6,056
|
|
|
$
|
55,048
|
|
|
|
|
|
|
|
|
|
|
||||||||
5.5% Convertible Notes Due 2035
|
|
$
|
46,771
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50,571
|
|
Second Secured Lien Notes
|
|
—
|
|
|
10,835
|
|
|
—
|
|
|
9,165
|
|
||||
Cinedigm Revolving Loans
|
|
11,975
|
|
|
—
|
|
|
19,599
|
|
|
—
|
|
||||
2013 Notes
|
|
—
|
|
|
5,000
|
|
|
—
|
|
|
5,000
|
|
||||
Total recourse notes payable
|
|
58,746
|
|
|
15,835
|
|
|
19,599
|
|
|
64,736
|
|
||||
Less: Unamortized debt issuance costs and debt discounts
|
|
—
|
|
|
(4,165
|
)
|
|
—
|
|
|
(5,340
|
)
|
||||
Total recourse notes payable, net of unamortized debt issuance costs and debt discounts
|
|
$
|
58,746
|
|
|
$
|
11,670
|
|
|
$
|
19,599
|
|
|
$
|
59,396
|
|
Total notes payable, net of unamortized debt issuance costs
|
|
$
|
62,559
|
|
|
$
|
54,189
|
|
|
$
|
25,655
|
|
|
$
|
114,444
|
|
•
|
5.0%
of the principal amount prepaid between the
second
and
third
anniversaries of issuance;
|
•
|
4.0%
of the principal amount prepaid between the
third
and
fourth
anniversaries of issuance;
|
•
|
3.0%
of the principal amount prepaid between the
fourth
and
fifth
anniversaries of issuance;
|
•
|
2.0%
of the principal amount prepaid between the
fifth
and
sixth
anniversary of issuance;
|
•
|
1.0%
of the principal amount prepaid between the
sixth
and
seventh
anniversaries of issuance; and
|
•
|
No penalty if the balance of the Prospect Loan, including accrued interest, is prepaid thereafter.
|
(In thousands)
|
|
September 30, 2017
|
|
March 31, 2017
|
||||
Prospect Loan, at issuance
|
|
$
|
70,000
|
|
|
$
|
70,000
|
|
PIK Interest
|
|
4,778
|
|
|
4,778
|
|
||
Payments to date
|
|
(30,720
|
)
|
|
(20,122
|
)
|
||
Prospect Loan, net
|
|
44,058
|
|
|
54,656
|
|
||
Less current portion
|
|
—
|
|
|
—
|
|
||
Total long term portion
|
|
$
|
44,058
|
|
|
$
|
54,656
|
|
|
|
|
|
|
|
|
|
Outstanding Principal Balance
|
||||||||||
Facility
1
|
|
Credit Facility
|
|
Interest Rate
2
|
|
Maturity Date
|
|
September 30, 2017
|
|
March 31, 2017
|
||||||||
1
|
|
|
$
|
22,336
|
|
|
3.75
|
%
|
|
September 2018
|
|
$
|
671
|
|
|
$
|
3,758
|
|
3
|
|
|
11,425
|
|
|
3.75
|
%
|
|
March 2019
|
|
2,448
|
|
|
3,264
|
|
|||
4
|
|
|
6,450
|
|
|
3.75
|
%
|
|
December 2018
|
|
1,151
|
|
|
1,612
|
|
|||
|
|
$
|
40,211
|
|
|
|
|
|
|
$
|
4,270
|
|
|
$
|
8,634
|
|
1.
|
For each facility, principal is to be repaid in
twenty-eight
quarterly installments.
|
2.
|
Each of the facilities bears interest at the three-month LIBOR rate, which was
1.00%
at
September 30, 2017
, plus the interest rate noted above.
|
|
Shares Under Option
|
|
Weighted Average Exercise Price
Per Share
|
|||
Balance at March 31, 2017
|
345,615
|
|
|
$
|
16.03
|
|
Granted
|
—
|
|
|
—
|
|
|
Exercised
|
—
|
|
|
—
|
|
|
Canceled/forfeited
|
(5,300
|
)
|
|
42.57
|
|
|
Balance at September 30, 2017
|
340,315
|
|
|
$
|
15.74
|
|
Recipient
|
|
Amount outstanding
|
|
Expiration
|
|
Exercise price per share
|
|
Strategic management service provider
|
|
52,500
|
|
|
July 2021
|
|
$17.20 - $30.00
|
Warrants issued to creditors in connection with the 2013 Notes (the "2013 Warrants")
|
|
125,063
|
|
|
October 2018
|
|
$18.50
|
Warrants issued to Ronald L. Chez in connection with the Second Secured Lien Notes
|
|
200,000
|
|
|
July 2023
|
|
$1.34 - $1.68
|
Warrants issued in connection with Convertible Notes exchange transaction
|
|
200,000
|
|
|
December 2021
|
|
$1.60
|
|
|
September 30,
|
||||||
(in thousands)
|
|
2017
|
|
2016
|
||||
Cash interest paid
|
|
$
|
6,495
|
|
|
$
|
8,321
|
|
Accrued dividends on preferred stock
|
|
89
|
|
|
89
|
|
||
Issuance of Class A common stock for payment of preferred stock dividends
|
|
178
|
|
|
178
|
|
||
Issuance of Class A common stock in connection with Second Secured Lien Notes
|
|
—
|
|
|
365
|
|
||
Issuance of warrants in connection with Second Secured Lien Notes
|
|
—
|
|
|
107
|
|
||
Accrued issuance of Class A common stock
|
|
—
|
|
|
341
|
|
||
Issuance of Second Lien Loans in connection with Convertible Notes exchange transaction
|
|
1,462
|
|
|
—
|
|
Operations of:
|
Products and services provided:
|
Phase I Deployment
|
Financing vehicles and administrators for 3,724 Systems installed nationwide in Phase 1 DC's deployment to theatrical exhibitors. We retain ownership of the Systems and the residual cash flows related to the Systems after the repayment of all non-recourse debt at the expiration of exhibitor, master license agreements. As of September 30, 2017, we are no longer earning a significant portion of VPF revenues from certain major studios on 3,241 of such systems.
|
Phase II Deployment
|
Financing vehicles and administrators for our 8,904 Systems installed domestically and internationally, for which we retain no ownership of the residual cash flows and digital cinema equipment after the completion of cost recoupment and at the expiration of the exhibitor master license agreements.
|
Services
|
Provides monitoring, collection, verification and other management services to our Phase I Deployment, Phase II Deployment, CDF2 Holdings, as well as to exhibitors who purchase their own equipment. Services also collects and disburses VPFs from motion picture studios, distributors and ACFs from alternative content providers, movie exhibitors and theatrical exhibitors.
|
Content & Entertainment
|
Leading distributor of independent content, and collaborates with producers and other content owners to market, source, curate and distribute independent content to targeted and profitable audiences in theatres and homes, and via mobile and emerging platforms.
|
|
|
As of September 30, 2017
|
||||||||||||||||||||||
(In thousands)
|
|
Intangible Assets, net
|
|
Goodwill
|
|
Total Assets
|
|
Notes Payable, Non-Recourse
|
|
Notes Payable
|
|
Capital Leases
|
||||||||||||
Phase I Deployment
|
|
$
|
138
|
|
|
$
|
—
|
|
|
$
|
9,222
|
|
|
$
|
41,627
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Phase II Deployment
|
|
—
|
|
|
—
|
|
|
39,927
|
|
|
4,705
|
|
|
—
|
|
|
—
|
|
||||||
Services
|
|
—
|
|
|
—
|
|
|
878
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Content & Entertainment
|
|
17,293
|
|
|
8,701
|
|
|
54,003
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Corporate
|
|
8
|
|
|
—
|
|
|
4,621
|
|
|
—
|
|
|
70,416
|
|
|
8
|
|
||||||
Total
|
|
$
|
17,439
|
|
|
$
|
8,701
|
|
|
$
|
108,651
|
|
|
$
|
46,332
|
|
|
$
|
70,416
|
|
|
$
|
8
|
|
|
|
As of March 31, 2017
|
||||||||||||||||||||||
(In thousands)
|
|
Intangible Assets, net
|
|
Goodwill
|
|
Total Assets
|
|
Notes Payable, Non-Recourse
|
|
Notes Payable
|
|
Capital Leases
|
||||||||||||
Phase I Deployment
|
|
$
|
160
|
|
|
$
|
—
|
|
|
$
|
15,118
|
|
|
$
|
51,955
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Phase II Deployment
|
|
—
|
|
|
—
|
|
|
48,461
|
|
|
9,149
|
|
|
—
|
|
|
—
|
|
||||||
Services
|
|
—
|
|
|
—
|
|
|
1,052
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Content & Entertainment
|
|
20,057
|
|
|
8,701
|
|
|
79,911
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||||
Corporate
|
|
10
|
|
|
—
|
|
|
6,792
|
|
|
—
|
|
|
78,995
|
|
|
58
|
|
||||||
Total
|
|
$
|
20,227
|
|
|
$
|
8,701
|
|
|
$
|
151,334
|
|
|
$
|
61,104
|
|
|
$
|
78,995
|
|
|
$
|
66
|
|
|
|
Statements of Operations
|
||||||||||||||||||||||
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||||||||
|
|
(Unaudited, in thousands)
|
||||||||||||||||||||||
|
|
Phase I
|
|
Phase II
|
|
Services
|
|
Content & Entertainment
|
|
Corporate
|
|
Consolidated
|
||||||||||||
Revenues
|
|
$
|
5,329
|
|
|
$
|
2,591
|
|
|
$
|
2,105
|
|
|
$
|
6,253
|
|
|
$
|
—
|
|
|
$
|
16,278
|
|
Direct operating (exclusive of depreciation and amortization shown below)
|
|
263
|
|
|
79
|
|
|
10
|
|
|
3,689
|
|
|
—
|
|
|
4,041
|
|
||||||
Selling, general and administrative
|
|
83
|
|
|
87
|
|
|
258
|
|
|
3,903
|
|
|
1,916
|
|
|
6,247
|
|
||||||
Allocation of Corporate overhead
|
|
|
|
|
|
|
|
410
|
|
|
872
|
|
|
(1,282
|
)
|
|
—
|
|
||||||
Provision for doubtful accounts
|
|
908
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
949
|
|
||||||
Depreciation and amortization of property and equipment
|
|
1,596
|
|
|
1,880
|
|
|
—
|
|
|
82
|
|
|
87
|
|
|
3,645
|
|
||||||
Amortization of intangible assets
|
|
12
|
|
|
—
|
|
|
—
|
|
|
1,381
|
|
|
2
|
|
|
1,395
|
|
||||||
Total operating expenses
|
|
2,862
|
|
|
2,087
|
|
|
678
|
|
|
9,927
|
|
|
723
|
|
|
16,277
|
|
||||||
Income (loss) from operations
|
|
$
|
2,467
|
|
|
$
|
504
|
|
|
$
|
1,427
|
|
|
$
|
(3,674
|
)
|
|
$
|
(723
|
)
|
|
$
|
1
|
|
|
|
Phase I
|
|
Phase II
|
|
Services
|
|
Content & Entertainment
|
|
Corporate
|
|
Consolidated
|
||||||||||||
Direct operating
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
13
|
|
Selling, general and administrative
|
|
—
|
|
|
—
|
|
|
4
|
|
|
223
|
|
|
90
|
|
|
317
|
|
||||||
Total stock-based compensation
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
228
|
|
|
$
|
90
|
|
|
$
|
330
|
|
|
|
Statements of Operations
|
||||||||||||||||||||||
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||||||||
|
|
(Unaudited, in thousands)
|
||||||||||||||||||||||
|
|
Phase I
|
|
Phase II
|
|
Services
|
|
Content & Entertainment
|
|
Corporate
|
|
Consolidated
|
||||||||||||
Revenues
|
|
$
|
9,592
|
|
|
$
|
3,273
|
|
|
$
|
3,122
|
|
|
$
|
7,893
|
|
|
$
|
—
|
|
|
$
|
23,880
|
|
Direct operating (exclusive of depreciation and amortization shown below)
|
|
211
|
|
|
49
|
|
|
2
|
|
|
4,640
|
|
|
—
|
|
|
4,902
|
|
||||||
Selling, general and administrative
|
|
116
|
|
|
23
|
|
|
71
|
|
|
3,475
|
|
|
1,554
|
|
|
5,239
|
|
||||||
Allocation of Corporate overhead
|
|
—
|
|
|
—
|
|
|
398
|
|
|
904
|
|
|
(1,302
|
)
|
|
—
|
|
||||||
Restructuring, transition and acquisition expenses, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
23
|
|
|
20
|
|
||||||
Depreciation and amortization of property and equipment
|
|
5,629
|
|
|
1,880
|
|
|
—
|
|
|
67
|
|
|
187
|
|
|
7,763
|
|
||||||
Amortization of intangible assets
|
|
12
|
|
|
—
|
|
|
—
|
|
|
1,449
|
|
|
3
|
|
|
1,464
|
|
||||||
Total operating expenses
|
|
5,968
|
|
|
1,952
|
|
|
471
|
|
|
10,532
|
|
|
465
|
|
|
19,388
|
|
||||||
Income (loss) from operations
|
|
$
|
3,624
|
|
|
$
|
1,321
|
|
|
$
|
2,651
|
|
|
$
|
(2,639
|
)
|
|
$
|
(465
|
)
|
|
$
|
4,492
|
|
|
|
Phase I
|
|
Phase II
|
|
Services
|
|
Content & Entertainment
|
|
Corporate
|
|
Consolidated
|
||||||||||||
Direct operating
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
Selling, general and administrative
|
|
—
|
|
|
—
|
|
|
1
|
|
|
47
|
|
|
692
|
|
|
740
|
|
||||||
Total stock-based compensation
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
47
|
|
|
$
|
692
|
|
|
$
|
742
|
|
|
|
Statements of Operations
|
||||||||||||||||||||||
|
|
Six Months Ended September 30, 2017
|
||||||||||||||||||||||
|
|
(Unaudited, in thousands)
|
||||||||||||||||||||||
|
|
Phase I
|
|
Phase II
|
|
Services
|
|
Content & Entertainment
|
|
Corporate
|
|
Consolidated
|
||||||||||||
Revenues
|
|
$
|
9,660
|
|
|
$
|
5,652
|
|
|
$
|
4,501
|
|
|
$
|
11,705
|
|
|
$
|
—
|
|
|
$
|
31,518
|
|
Direct operating (exclusive of depreciation and amortization shown below)
|
|
551
|
|
|
190
|
|
|
10
|
|
|
7,356
|
|
|
—
|
|
|
8,107
|
|
||||||
Selling, general and administrative
|
|
183
|
|
|
166
|
|
|
521
|
|
|
7,884
|
|
|
3,811
|
|
|
12,565
|
|
||||||
Allocation of Corporate overhead
|
|
—
|
|
|
—
|
|
|
800
|
|
|
1,701
|
|
|
(2,501
|
)
|
|
—
|
|
||||||
Provision for doubtful accounts
|
|
908
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
949
|
|
||||||
Depreciation and amortization of property and equipment
|
|
3,916
|
|
|
3,761
|
|
|
—
|
|
|
151
|
|
|
174
|
|
|
8,002
|
|
||||||
Amortization of intangible assets
|
|
23
|
|
|
—
|
|
|
—
|
|
|
2,763
|
|
|
4
|
|
|
2,790
|
|
||||||
Total operating expenses
|
|
5,581
|
|
|
4,158
|
|
|
1,331
|
|
|
19,855
|
|
|
1,488
|
|
|
32,413
|
|
||||||
Income (loss) from operations
|
|
$
|
4,079
|
|
|
$
|
1,494
|
|
|
$
|
3,170
|
|
|
$
|
(8,150
|
)
|
|
$
|
(1,488
|
)
|
|
$
|
(895
|
)
|
|
|
Phase I
|
|
Phase II
|
|
Services
|
|
Content & Entertainment
|
|
Corporate
|
|
Consolidated
|
||||||||||||
Direct operating
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
13
|
|
Selling, general and administrative
|
|
—
|
|
|
—
|
|
|
4
|
|
|
223
|
|
|
407
|
|
|
634
|
|
||||||
Total stock-based compensation
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
228
|
|
|
$
|
407
|
|
|
$
|
647
|
|
|
|
Statements of Operations
|
||||||||||||||||||||||
|
|
Six Months Ended September 30, 2016
|
||||||||||||||||||||||
|
|
(Unaudited, in thousands)
|
||||||||||||||||||||||
|
|
Phase I
|
|
Phase II
|
|
Services
|
|
Content & Entertainment
|
|
Corporate
|
|
Consolidated
|
||||||||||||
Revenues
|
|
$
|
18,756
|
|
|
$
|
6,453
|
|
|
$
|
6,417
|
|
|
$
|
14,729
|
|
|
$
|
—
|
|
|
$
|
46,355
|
|
Direct operating (exclusive of depreciation and amortization shown below)
|
|
434
|
|
|
102
|
|
|
1
|
|
|
10,053
|
|
|
—
|
|
|
10,590
|
|
||||||
Selling, general and administrative
|
|
249
|
|
|
82
|
|
|
302
|
|
|
7,544
|
|
|
3,497
|
|
|
11,674
|
|
||||||
Allocation of Corporate overhead
|
|
—
|
|
|
—
|
|
|
795
|
|
|
1,800
|
|
|
(2,595
|
)
|
|
—
|
|
||||||
Restructuring, transition and acquisition expenses, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87
|
|
|
23
|
|
|
110
|
|
||||||
Depreciation and amortization of property and equipment
|
|
12,020
|
|
|
3,761
|
|
|
—
|
|
|
135
|
|
|
371
|
|
|
16,287
|
|
||||||
Amortization of intangible assets
|
|
23
|
|
|
—
|
|
|
—
|
|
|
2,899
|
|
|
5
|
|
|
2,927
|
|
||||||
Total operating expenses
|
|
12,726
|
|
|
3,945
|
|
|
1,098
|
|
|
22,518
|
|
|
1,301
|
|
|
41,588
|
|
||||||
Income (loss) from operations
|
|
$
|
6,030
|
|
|
$
|
2,508
|
|
|
$
|
5,319
|
|
|
$
|
(7,789
|
)
|
|
$
|
(1,301
|
)
|
|
$
|
4,767
|
|
|
|
Phase I
|
|
Phase II
|
|
Services
|
|
Content & Entertainment
|
|
Corporate
|
|
Consolidated
|
||||||||||||
Direct operating
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Selling, general and administrative
|
|
—
|
|
|
—
|
|
|
1
|
|
|
93
|
|
|
921
|
|
|
1,015
|
|
||||||
Total stock-based compensation
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
95
|
|
|
$
|
921
|
|
|
$
|
1,020
|
|
|
Three Months Ended September 30,
|
|||||||||||||
($ in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
Phase I Deployment
|
$
|
5,329
|
|
|
$
|
9,592
|
|
|
$
|
(4,263
|
)
|
|
(44
|
)%
|
Phase II Deployment
|
2,591
|
|
|
3,273
|
|
|
(682
|
)
|
|
(21
|
)%
|
|||
Services
|
2,105
|
|
|
3,122
|
|
|
(1,017
|
)
|
|
(33
|
)%
|
|||
Content & Entertainment
|
6,253
|
|
|
7,893
|
|
|
(1,640
|
)
|
|
(21
|
)%
|
|||
|
$
|
16,278
|
|
|
$
|
23,880
|
|
|
$
|
(7,602
|
)
|
|
(32
|
)%
|
|
Three Months Ended September 30,
|
|||||||||||||
($ in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
Phase I Deployment
|
$
|
263
|
|
|
$
|
211
|
|
|
$
|
52
|
|
|
25
|
%
|
Phase II Deployment
|
79
|
|
|
49
|
|
|
30
|
|
|
61
|
%
|
|||
Services
|
10
|
|
|
2
|
|
|
8
|
|
|
400
|
%
|
|||
Content & Entertainment
|
3,689
|
|
|
4,640
|
|
|
(951
|
)
|
|
(20
|
)%
|
|||
|
$
|
4,041
|
|
|
$
|
4,902
|
|
|
$
|
(861
|
)
|
|
(18
|
)%
|
|
Three Months Ended September 30,
|
|||||||||||||
($ in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
Phase I Deployment
|
$
|
83
|
|
|
$
|
116
|
|
|
$
|
(33
|
)
|
|
(28
|
)%
|
Phase II Deployment
|
87
|
|
|
23
|
|
|
64
|
|
|
278
|
%
|
|||
Services
|
258
|
|
|
71
|
|
|
187
|
|
|
263
|
%
|
|||
Content & Entertainment
|
3,903
|
|
|
3,475
|
|
|
428
|
|
|
12
|
%
|
|||
Corporate
|
1,916
|
|
|
1,554
|
|
|
362
|
|
|
23
|
%
|
|||
|
$
|
6,247
|
|
|
$
|
5,239
|
|
|
$
|
1,008
|
|
|
19
|
%
|
|
Three Months Ended September 30,
|
|||||||||||||
($ in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
Phase I Deployment
|
$
|
1,596
|
|
|
$
|
5,629
|
|
|
$
|
(4,033
|
)
|
|
(72
|
)%
|
Phase II Deployment
|
1,880
|
|
|
1,880
|
|
|
—
|
|
|
—
|
%
|
|||
Content & Entertainment
|
82
|
|
|
67
|
|
|
15
|
|
|
22
|
%
|
|||
Corporate
|
87
|
|
|
187
|
|
|
(100
|
)
|
|
(53
|
)%
|
|||
|
$
|
3,645
|
|
|
$
|
7,763
|
|
|
$
|
(4,118
|
)
|
|
(53
|
)%
|
|
Three Months Ended September 30,
|
|||||||||||||
($ in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
Phase I Deployment
|
$
|
1,843
|
|
|
$
|
2,737
|
|
|
$
|
(894
|
)
|
|
(33
|
)%
|
Phase II Deployment
|
86
|
|
|
290
|
|
|
(204
|
)
|
|
(70
|
)%
|
|||
Corporate
|
2,046
|
|
|
2,084
|
|
|
(38
|
)
|
|
(2
|
)%
|
|||
|
$
|
3,975
|
|
|
$
|
5,111
|
|
|
$
|
(1,136
|
)
|
|
(22
|
)%
|
|
|
Three Months Ended September 30,
|
||||||
($ in thousands)
|
|
2017
|
|
2016
|
||||
Net loss
|
|
$
|
(7,465
|
)
|
|
$
|
(483
|
)
|
Add Back
:
|
|
|
|
|
||||
Income tax expense
|
|
196
|
|
|
43
|
|
||
Depreciation and amortization of property and equipment
|
|
3,645
|
|
|
7,763
|
|
||
Amortization of intangible assets
|
|
1,395
|
|
|
1,464
|
|
||
Interest expense, net
|
|
3,975
|
|
|
5,111
|
|
||
Debt conversion expense and loss on extinguishment of notes payable
|
|
3,205
|
|
|
—
|
|
||
Other (expense) income, net
|
|
233
|
|
|
(141
|
)
|
||
Change in fair value of interest rate derivatives
|
|
(43
|
)
|
|
(38
|
)
|
||
Provision for doubtful accounts
|
|
393
|
|
|
—
|
|
||
Stock-based compensation and expenses
|
|
330
|
|
|
742
|
|
||
Restructuring, transition and acquisition expenses, net
|
|
—
|
|
|
20
|
|
||
Net loss attributable to noncontrolling interest
|
|
11
|
|
|
15
|
|
||
Adjusted EBITDA
|
|
$
|
5,875
|
|
|
$
|
14,496
|
|
|
|
|
|
|
||||
Adjustments related to the Phase I and Phase II Deployments
:
|
|
|
|
|
||||
Depreciation and amortization of property and equipment
|
|
$
|
(3,476
|
)
|
|
$
|
(7,509
|
)
|
Amortization of intangible assets
|
|
(12
|
)
|
|
(12
|
)
|
||
Provision for doubtful accounts
|
|
(393
|
)
|
|
—
|
|
||
Income from operations
|
|
(2,971
|
)
|
|
(4,945
|
)
|
||
Adjusted EBITDA from non-deployment businesses
|
|
$
|
(977
|
)
|
|
$
|
2,030
|
|
|
Six Months Ended September 30,
|
|||||||||||||
($ in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
Phase I Deployment
|
$
|
9,660
|
|
|
$
|
18,756
|
|
|
$
|
(9,096
|
)
|
|
(48
|
)%
|
Phase II Deployment
|
5,652
|
|
|
6,453
|
|
|
(801
|
)
|
|
(12
|
)%
|
|||
Services
|
4,501
|
|
|
6,417
|
|
|
(1,916
|
)
|
|
(30
|
)%
|
|||
Content & Entertainment
|
11,705
|
|
|
14,729
|
|
|
(3,024
|
)
|
|
(21
|
)%
|
|||
|
$
|
31,518
|
|
|
$
|
46,355
|
|
|
$
|
(14,837
|
)
|
|
(32
|
)%
|
|
Six Months Ended September 30,
|
|||||||||||||
($ in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
Phase I Deployment
|
$
|
551
|
|
|
$
|
434
|
|
|
$
|
117
|
|
|
27
|
%
|
Phase II Deployment
|
190
|
|
|
102
|
|
|
88
|
|
|
86
|
%
|
|||
Services
|
10
|
|
|
1
|
|
|
9
|
|
|
900
|
%
|
|||
Content & Entertainment
|
7,356
|
|
|
10,053
|
|
|
(2,697
|
)
|
|
(27
|
)%
|
|||
|
$
|
8,107
|
|
|
$
|
10,590
|
|
|
$
|
(2,483
|
)
|
|
(23
|
)%
|
|
Six Months Ended September 30,
|
|||||||||||||
($ in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
Phase I Deployment
|
$
|
183
|
|
|
$
|
249
|
|
|
$
|
(66
|
)
|
|
(27
|
)%
|
Phase II Deployment
|
166
|
|
|
82
|
|
|
84
|
|
|
102
|
%
|
|||
Services
|
521
|
|
|
302
|
|
|
219
|
|
|
73
|
%
|
|||
Content & Entertainment
|
7,884
|
|
|
7,544
|
|
|
340
|
|
|
5
|
%
|
|||
Corporate
|
3,811
|
|
|
3,497
|
|
|
314
|
|
|
9
|
%
|
|||
|
$
|
12,565
|
|
|
$
|
11,674
|
|
|
$
|
891
|
|
|
8
|
%
|
|
Six Months Ended September 30,
|
|||||||||||||
($ in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
Phase I Deployment
|
$
|
3,916
|
|
|
$
|
12,020
|
|
|
$
|
(8,104
|
)
|
|
(67
|
)%
|
Phase II Deployment
|
3,761
|
|
|
3,761
|
|
|
—
|
|
|
—
|
%
|
|||
Content & Entertainment
|
151
|
|
|
135
|
|
|
16
|
|
|
12
|
%
|
|||
Corporate
|
174
|
|
|
371
|
|
|
(197
|
)
|
|
(53
|
)%
|
|||
|
$
|
8,002
|
|
|
$
|
16,287
|
|
|
$
|
(8,285
|
)
|
|
(51
|
)%
|
|
Six Months Ended September 30,
|
|||||||||||||
($ in thousands)
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
Phase I Deployment
|
3,771
|
|
|
5,557
|
|
|
(1,786
|
)
|
|
(32
|
)%
|
|||
Phase II Deployment
|
185
|
|
|
600
|
|
|
(415
|
)
|
|
(69
|
)%
|
|||
Corporate
|
4,060
|
|
|
3,889
|
|
|
171
|
|
|
4
|
%
|
|||
|
$
|
8,016
|
|
|
$
|
10,046
|
|
|
$
|
(2,030
|
)
|
|
(20
|
)%
|
|
|
Six Months Ended September 30,
|
||||||
($ in thousands)
|
|
2017
|
|
2016
|
||||
Net loss
|
|
$
|
(12,617
|
)
|
|
$
|
(5,058
|
)
|
Add Back
:
|
|
|
|
|
||||
Income tax expense
|
|
382
|
|
|
110
|
|
||
Depreciation and amortization of property and equipment
|
|
8,002
|
|
|
16,287
|
|
||
Amortization of intangible assets
|
|
2,790
|
|
|
2,927
|
|
||
Interest expense, net
|
|
8,016
|
|
|
10,046
|
|
||
Debt conversion expense and loss on extinguishment of notes payable
|
|
3,205
|
|
|
—
|
|
||
Other (expense) income, net
|
|
502
|
|
|
(266
|
)
|
||
Change in fair value of interest rate derivatives
|
|
(83
|
)
|
|
(65
|
)
|
||
Provision for doubtful accounts
|
|
393
|
|
|
—
|
|
||
Stock-based compensation and expenses
|
|
647
|
|
|
1,020
|
|
||
Restructuring, transition and acquisition expenses, net
|
|
—
|
|
|
110
|
|
||
Net loss attributable to noncontrolling interest
|
|
17
|
|
|
36
|
|
||
Adjusted EBITDA
|
|
$
|
11,254
|
|
|
$
|
25,147
|
|
|
|
|
|
|
||||
Adjustments related to the Phase I and Phase II Deployments
:
|
|
|
|
|
||||
Depreciation and amortization of property and equipment
|
|
$
|
(7,677
|
)
|
|
$
|
(15,781
|
)
|
Amortization of intangible assets
|
|
(23
|
)
|
|
(23
|
)
|
||
Provision for doubtful accounts
|
|
(393
|
)
|
|
—
|
|
||
Income from operations
|
|
(5,573
|
)
|
|
(8,538
|
)
|
||
Adjusted EBITDA from non-deployment businesses
|
|
$
|
(2,412
|
)
|
|
$
|
805
|
|
|
|
For the Six Months Ended September 30,
|
||||||
($ in thousands)
|
|
2017
|
|
2016
|
||||
Net cash provided by operating activities
|
|
$
|
20,460
|
|
|
$
|
13,852
|
|
Net cash used in investing activities
|
|
(345
|
)
|
|
(246
|
)
|
||
Net cash used in financing activities
|
|
(23,020
|
)
|
|
(24,675
|
)
|
||
Net change in cash and cash equivalents
|
|
$
|
(2,905
|
)
|
|
$
|
(11,069
|
)
|
|
|
Payments Due
|
|||||||||||||||||||
Contractual Obligations (in thousands)
|
|
Total
|
|
2018
|
|
2019 &
2020
|
|
2021 &
2022
|
|
Thereafter
|
|||||||||||
Long-term recourse debt
|
|
$
|
74,581
|
|
|
$
|
58,746
|
|
|
$
|
15,835
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Long-term non-recourse debt
(1)
|
|
48,763
|
|
|
3,814
|
|
|
891
|
|
|
44,058
|
|
|
—
|
|
||||||
Capital lease obligations
|
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Debt-related obligations, principal
|
|
$
|
123,352
|
|
|
$
|
62,568
|
|
|
$
|
16,726
|
|
|
$
|
44,058
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest on recourse debt
|
|
$
|
9,463
|
|
|
$
|
2,773
|
|
|
$
|
6,690
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Interest on non-recourse debt
(1)
|
|
21,293
|
|
|
6,193
|
|
|
12,093
|
|
|
3,007
|
|
|
—
|
|
||||||
Interest on capital leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total interest
|
|
$
|
30,756
|
|
|
$
|
8,966
|
|
|
$
|
18,783
|
|
|
$
|
3,007
|
|
|
$
|
—
|
|
|
Total debt-related obligations
|
|
$
|
154,108
|
|
|
$
|
71,534
|
|
|
$
|
35,509
|
|
|
$
|
47,065
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total non-recourse debt including interest
|
|
$
|
70,056
|
|
|
$
|
10,007
|
|
|
$
|
12,984
|
|
|
$
|
47,065
|
|
|
$
|
—
|
|
|
Operating lease obligations
|
|
$
|
4,656
|
|
|
$
|
773
|
|
1,813
|
|
$
|
2,070
|
|
|
$
|
1,813
|
|
|
$
|
—
|
|
(1)
|
Non-recourse debt is generally defined as debt whereby the lenders’ sole recourse, with respect to defaults, is limited to the value of the asset that is collateral for the debt. The Prospect Loan is not guaranteed by us or our other subsidiaries, other than Phase 1 DC and DC Holdings and the KBC Facilities are not guaranteed by us or our other subsidiaries, other than Phase 2 DC.
|
Exhibit
Number
|
|
Description of Document
|
|
|
|
10.1
|
‑‑
|
|
10.2
|
‑‑
|
|
31.1
|
‑‑
|
|
31.2
|
‑‑
|
|
32.1
|
‑‑
|
|
32.2
|
‑‑
|
|
101.INS
|
‑‑
|
XBRL Instance Document.
|
101.SCH
|
‑‑
|
XBRL Taxonomy Extension Schema.
|
101.CAL
|
‑‑
|
XBRL Taxonomy Extension Calculation.
|
101.DEF
|
‑‑
|
XBRL Taxonomy Extension Definition.
|
101.LAB
|
‑‑
|
XBRL Taxonomy Extension Label.
|
101.PRE
|
‑‑
|
XBRL Taxonomy Extension Presentation.
|
|
|
|
|
Date:
|
November 16, 2017
|
By:
|
/s/ Christopher J. McGurk
|
|
|
|
Christopher J. McGurk
Chief Executive Officer and Chairman of the Board of Directors
(Principal Executive Officer)
|
|
|
|
|
Date:
|
November 16, 2017
|
By:
|
/s/ Jeffrey S. Edell
|
|
|
|
Jeffrey S. Edell
Chief Financial Officer (Principal Financial Officer) |
|
|
|
|
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