Delaware | 333-110025 | 74-2719343 | ||
(State or other jurisdiction of | (Commission | (I.R.S. Employer | ||
incorporation) | File Number) | Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
None | None | None |
Exhibit No. | Description | |
99.1 |
MONITRONICS INTERNATIONAL, INC. | |||
By: | /s/ Fred A. Graffam | ||
Name: | Fred A. Graffam | ||
Title: | Chief Financial Officer, Executive Vice President and Assistant Secretary |
• | Completed reorganization and emerged from voluntary Chapter 11 on August 30, 2019, having eliminated over $800 million of debt |
• | Listed on the OTC Markets on September 5, 2019 under ticker “SCTY” |
• | Brinks Home Security ranked #1 in customer satisfaction for the second year in a row by the J.D. Power 2019 Home Security Satisfaction StudySM |
• | Net revenue of $120.9 million (including a one-time “Fresh Start” reduction of $5.3 million), as compared to $137.2 million in the prior year period |
• | Net Income of $673.6 million, including a one-time $702.8 million gain from the restructuring, as compared to net loss of $33.8 million in the prior year period |
• | Adjusted EBITDA of $62.5 million, (including a one-time “Fresh Start” reduction of $5.3 million), as compared to $71.3 million in the prior year period |
Twelve Months Ended September 30, | |||||
2019 | 2018 | ||||
Beginning Balance of accounts | 942,157 | 998,087 | |||
Accounts Acquired | 84,899 | 110,358 | |||
Accounts Cancelled | (156,047 | ) | (161,657 | ) | |
Cancelled accounts guaranteed by dealer and other adjustments (a) | (5,161 | ) | (4,631 | ) | |
Ending balance of accounts | 865,848 | 942,157 | |||
Monthly weighted average accounts | 903,424 | 965,026 | |||
Attrition rate - Unit | 17.3 | % | 16.8 | % | |
Attrition rate - RMR (b) | 17.6 | % | 14.1 | % |
(a) | Includes cancelled accounts that are contractually guaranteed to be refunded from holdback. |
(b) | The recurring monthly revenue (“RMR”) of cancelled accounts follows the same definition as subscriber unit attrition as noted above. RMR attrition is defined as the RMR of cancelled accounts in a given period, adjusted for the impact of price increases or decreases in that period, divided by the weighted average of RMR for that period. |
Successor Company | Predecessor Company | |||||||||||||||
Non-GAAP Combined Three Months Ended September 30, | Period from September 1, 2019 through September 30, | Period from July 1, 2019 through August 31, | Three Months Ended September 30, | |||||||||||||
2019 | 2019 | 2019 | 2018 | |||||||||||||
Net revenue | $ | 120,878 | $ | 36,289 | $ | 84,589 | 137,156 | |||||||||
Cost of services | 28,962 | 8,976 | 19,986 | 35,059 | ||||||||||||
Selling, general and administrative, including stock-based and long-term incentive compensation | 32,370 | 11,390 | 20,980 | 34,266 | ||||||||||||
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 49,810 | 17,302 | 32,508 | 52,671 | ||||||||||||
Interest expense | 34,586 | 7,474 | 27,112 | 39,077 | ||||||||||||
Income tax expense | 642 | 204 | 438 | 1,346 | ||||||||||||
Net income (loss) | 673,578 | (10,807 | ) | 684,385 | (33,840 | ) | ||||||||||
Adjusted EBITDA | 62,502 | 17,144 | 45,358 | 71,282 |
Successor Company | Predecessor Company | |||||||||||||||
Non-GAAP Combined Nine Months Ended September 30, | Period from September 1, 2019 through September 30, | Period from January 1, 2019 through August 31, | Nine Months Ended September 30, | |||||||||||||
2019 | 2019 | 2019 | 2018 | |||||||||||||
Net revenue | $ | 378,575 | $ | 36,289 | $ | 342,286 | 405,922 | |||||||||
Cost of services | 84,262 | 8,976 | 75,286 | 100,807 | ||||||||||||
Selling, general and administrative, including stock-based and long-term incentive compensation | 91,755 | 11,390 | 80,365 | 98,935 | ||||||||||||
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 148,093 | 17,302 | 130,791 | 160,973 | ||||||||||||
Interest expense | 112,555 | 7,474 | 105,081 | 114,550 | ||||||||||||
Income tax expense | 1,979 | 204 | 1,775 | 4,039 | ||||||||||||
Net income (loss) | 587,606 | (10,807 | ) | 598,413 | (301,839 | ) | ||||||||||
Adjusted EBITDA | 204,517 | 17,144 | 187,373 | 213,480 |
Successor Company | Predecessor Company | ||||||
September 30, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 28,589 | 2,188 | ||||
Restricted cash | 86 | 189 | |||||
Trade receivables, net of allowance for doubtful accounts of $912 in 2019 and $3,759 in 2018 | 12,105 | 13,121 | |||||
Prepaid and other current assets | 24,966 | 28,178 | |||||
Total current assets | 65,746 | 43,676 | |||||
Property and equipment, net of accumulated depreciation of $925 in 2019 and $40,531 in 2018 | 41,215 | 36,539 | |||||
Subscriber accounts and deferred contract acquisition costs, net of accumulated amortization of $15,322 in 2019 and $1,621,242 in 2018 | 1,089,135 | 1,195,463 | |||||
Dealer network and other intangible assets, net of accumulated amortization of $1,980 in 2019 and $0 in 2018 | 142,719 | — | |||||
Goodwill | 81,943 | — | |||||
Deferred income tax asset, net | 783 | 783 | |||||
Operating lease right-of-use asset | 19,153 | — | |||||
Other assets | 16,694 | 29,307 | |||||
Total assets | $ | 1,457,388 | 1,305,768 | ||||
Liabilities and Stockholders’ Equity (Deficit) | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 14,416 | 12,099 | ||||
Other accrued liabilities | 35,035 | 31,085 | |||||
Deferred revenue | 13,309 | 13,060 | |||||
Holdback liability | 6,148 | 11,513 | |||||
Current portion of long-term debt | 8,225 | 1,816,450 | |||||
Total current liabilities | 77,133 | 1,884,207 | |||||
Non-current liabilities: | |||||||
Long-term debt | 985,775 | — | |||||
Long-term holdback liability | 2,207 | 1,770 | |||||
Derivative financial instruments | — | 6,039 | |||||
Operating lease liabilities | 15,929 | — | |||||
Other liabilities | 7,751 | 2,727 | |||||
Total liabilities | 1,088,795 | 1,894,743 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity (deficit): | |||||||
Predecessor common stock, $.01 par value. 1,000 shares authorized, issued and outstanding at December 31, 2018 | — | — | |||||
Predecessor additional paid-in capital | — | 439,711 | |||||
Predecessor accumulated deficit | — | (1,036,294 | ) | ||||
Predecessor accumulated other comprehensive income, net | — | 7,608 | |||||
Successor preferred stock, $.01 par value. Authorized 5,000,000 shares; no shares issued | — | — | |||||
Successor common stock, $.01 par value. Authorized 45,000,000 shares; issued and outstanding 22,500,000 shares at September 30, 2019 | 225 | — | |||||
Successor additional paid-in capital | 379,175 | — | |||||
Successor accumulated deficit | (10,807 | ) | — | ||||
Total stockholders’ equity (deficit) | 368,593 | (588,975 | ) | ||||
Total liabilities and stockholders’ equity (deficit) | $ | 1,457,388 | 1,305,768 |
Successor Company | Predecessor Company | ||||||||||
Period from September 1, 2019 through September 30, | Period from July 1, 2019 through August 31, | Three Months Ended September 30, | |||||||||
2019 | 2019 | 2018 | |||||||||
Net revenue | $ | 36,289 | $ | 84,589 | 137,156 | ||||||
Operating expenses: | |||||||||||
Cost of services | 8,976 | 19,986 | 35,059 | ||||||||
Selling, general and administrative, including stock-based and long-term incentive compensation | 11,390 | 20,980 | 34,266 | ||||||||
Radio conversion costs | 825 | 931 | — | ||||||||
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 17,302 | 32,508 | 52,671 | ||||||||
Depreciation | 925 | 1,073 | 2,880 | ||||||||
39,418 | 75,478 | 124,876 | |||||||||
Operating (loss) income | (3,129 | ) | 9,111 | 12,280 | |||||||
Other (income) expense: | |||||||||||
Gain on restructuring and reorganization, net | — | (702,824 | ) | — | |||||||
Interest expense | 7,474 | 27,112 | 39,077 | ||||||||
Refinancing expense | — | — | 5,697 | ||||||||
7,474 | (675,712 | ) | 44,774 | ||||||||
(Loss) Income before income taxes | (10,603 | ) | 684,823 | (32,494 | ) | ||||||
Income tax expense | 204 | 438 | 1,346 | ||||||||
Net (loss) income | (10,807 | ) | 684,385 | (33,840 | ) | ||||||
Other comprehensive income (loss): | |||||||||||
Unrealized gain on derivative contracts, net | — | — | 3,269 | ||||||||
Total other comprehensive income, net of tax | — | — | 3,269 | ||||||||
Comprehensive (loss) income | $ | (10,807 | ) | $ | 684,385 | (30,571 | ) | ||||
Basic and diluted income per share: | |||||||||||
Net loss | $ | (0.48 | ) | $ | — | — | |||||
Weighted average Common shares - basic and diluted | 22,500,000 | — | — | ||||||||
Total issued and outstanding Common shares at period end | 22,500,000 | — | — |
Successor Company | Predecessor Company | ||||||||||
Period from September 1, 2019 through September 30, | Period from January 1, 2019 through August 31, | Nine Months Ended September 30, | |||||||||
2019 | 2019 | 2018 | |||||||||
Net revenue | $ | 36,289 | $ | 342,286 | 405,922 | ||||||
Operating expenses: | |||||||||||
Cost of services | 8,976 | 75,286 | 100,807 | ||||||||
Selling, general and administrative, including stock-based and long-term incentive compensation | 11,390 | 80,365 | 98,935 | ||||||||
Radio conversion costs | 825 | 931 | — | ||||||||
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 17,302 | 130,791 | 160,973 | ||||||||
Depreciation | 925 | 7,348 | 8,360 | ||||||||
Loss on goodwill impairment | — | — | 214,400 | ||||||||
39,418 | 294,721 | 583,475 | |||||||||
Operating (loss) income | (3,129 | ) | 47,565 | (177,553 | ) | ||||||
Other (income) expense: | |||||||||||
Gain on restructuring and reorganization, net | — | (669,722 | ) | — | |||||||
Interest expense | 7,474 | 105,081 | 114,550 | ||||||||
Realized and unrealized loss, net on derivative financial instruments | — | 6,804 | — | ||||||||
Refinancing expense | — | 5,214 | 5,697 | ||||||||
7,474 | (552,623 | ) | 120,247 | ||||||||
(Loss) income before income taxes | (10,603 | ) | 600,188 | (297,800 | ) | ||||||
Income tax expense | 204 | 1,775 | 4,039 | ||||||||
Net (loss) income | (10,807 | ) | 598,413 | (301,839 | ) | ||||||
Other comprehensive (loss) income: | |||||||||||
Unrealized (loss) gain on derivative contracts, net | — | (940 | ) | 23,196 | |||||||
Total other comprehensive (loss) income, net of tax | — | (940 | ) | 23,196 | |||||||
Comprehensive (loss) income | $ | (10,807 | ) | $ | 597,473 | (278,643 | ) | ||||
Basic and diluted income per share: | |||||||||||
Net loss | $ | (0.48 | ) | $ | — | — | |||||
Weighted average Common shares - basic and diluted | 22,500,000 | — | — | ||||||||
Total issued and outstanding Common shares at period end | 22,500,000 | — | — |
Successor Company | Predecessor Company | ||||||||||
Period from September 1, 2019 through September 30, | Period from January 1, 2019 through August 31, | Nine Months Ended September 30, | |||||||||
2019 | 2019 | 2018 | |||||||||
Cash flows from operating activities: | |||||||||||
Net (loss) income | $ | (10,807 | ) | $ | 598,413 | (301,839 | ) | ||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 17,302 | 130,791 | 160,973 | ||||||||
Depreciation | 925 | 7,348 | 8,360 | ||||||||
Stock-based and long-term incentive compensation | 26 | 912 | 751 | ||||||||
Deferred income tax expense | — | — | 1,987 | ||||||||
Amortization of debt discount and deferred debt costs | — | — | 5,472 | ||||||||
Gain on restructuring and reorganization, net | — | (669,722 | ) | — | |||||||
Unrealized loss on derivative financial instruments, net | — | 4,577 | — | ||||||||
Refinancing expense | — | 5,214 | 5,697 | ||||||||
Bad debt expense | 912 | 7,558 | 8,511 | ||||||||
Loss on goodwill impairment | — | — | 214,400 | ||||||||
Other non-cash activity, net | 117 | (462 | ) | 2,040 | |||||||
Changes in assets and liabilities: | |||||||||||
Trade receivables | (1,183 | ) | (6,271 | ) | (9,028 | ) | |||||
Prepaid expenses and other assets | (736 | ) | 2,760 | (9,769 | ) | ||||||
Subscriber accounts - deferred contract acquisition costs | (162 | ) | (2,193 | ) | (4,529 | ) | |||||
Payables and other liabilities | 6,776 | 36,690 | (8,568 | ) | |||||||
Net cash provided by operating activities | 13,170 | 115,615 | 74,458 | ||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (1,123 | ) | (7,100 | ) | (11,513 | ) | |||||
Cost of subscriber accounts acquired | (8,012 | ) | (83,814 | ) | (111,531 | ) | |||||
Net cash used in investing activities | (9,135 | ) | (90,914 | ) | (123,044 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | 5,000 | 253,100 | 218,950 | ||||||||
Payments on long-term debt | (5,000 | ) | (379,666 | ) | (136,600 | ) | |||||
Proceeds from equity rights offering | — | 166,300 | — | ||||||||
Cash contributed by Ascent Capital | — | 24,139 | — | ||||||||
Payments of restructuring and reorganization costs | — | (53,889 | ) | — | |||||||
Payments of refinancing costs | — | (7,404 | ) | (5,015 | ) | ||||||
Value of shares withheld for share-based compensation | — | (18 | ) | (83 | ) | ||||||
Dividend to Ascent Capital | — | (5,000 | ) | (5,000 | ) | ||||||
Net cash (used in) provided by financing activities | — | (2,438 | ) | 72,252 | |||||||
Net increase in cash, cash equivalents and restricted cash | 4,035 | 22,263 | 23,666 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 24,640 | 2,377 | 3,302 | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 28,675 | $ | 24,640 | 26,968 | ||||||
Supplemental cash flow information: | |||||||||||
State taxes paid, net | $ | — | 2,637 | 2,710 | |||||||
Interest paid | 7,238 | 72,710 | 95,889 | ||||||||
Accrued capital expenditures | 1,471 | 1,405 | 882 |
Successor Company | Predecessor Company | |||||||||||||||
Non-GAAP Combined Three Months Ended September 30, | Period from September 1, 2019 through September 30, | Period from July 1, 2019 through August 31, | Three Months Ended September 30, | |||||||||||||
2019 | 2019 | 2019 | 2018 | |||||||||||||
Net income (loss) | $ | 673,578 | $ | (10,807 | ) | $ | 684,385 | (33,840 | ) | |||||||
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 49,810 | 17,302 | 32,508 | 52,671 | ||||||||||||
Depreciation | 1,998 | 925 | 1,073 | 2,880 | ||||||||||||
Radio conversion costs | 1,756 | 825 | 931 | — | ||||||||||||
Stock-based compensation | 266 | — | 266 | 373 | ||||||||||||
Long-term incentive compensation | 107 | 67 | 40 | — | ||||||||||||
LiveWatch acquisition contingent bonus charges | — | — | — | 63 | ||||||||||||
Rebranding marketing program | — | — | — | 3,060 | ||||||||||||
Integration / implementation of company initiatives | 2,583 | 1,154 | 1,429 | 195 | ||||||||||||
Gain on revaluation of acquisition dealer liabilities | — | — | — | (240 | ) | |||||||||||
Gain on restructuring and reorganization, net | (702,824 | ) | — | (702,824 | ) | — | ||||||||||
Interest expense | 34,586 | 7,474 | 27,112 | 39,077 | ||||||||||||
Refinancing expense | — | — | — | 5,697 | ||||||||||||
Income tax expense | 642 | 204 | 438 | 1,346 | ||||||||||||
Adjusted EBITDA | $ | 62,502 | $ | 17,144 | $ | 45,358 | 71,282 | |||||||||
Expensed Subscriber acquisition costs, net | ||||||||||||||||
Gross subscriber acquisition costs | $ | 9,710 | $ | 2,958 | $ | 6,752 | 14,098 | |||||||||
Revenue associated with subscriber acquisition costs | (1,925 | ) | (534 | ) | (1,391 | ) | (722 | ) | ||||||||
Expensed Subscriber acquisition costs, net | $ | 7,785 | $ | 2,424 | $ | 5,361 | 13,376 |
Successor Company | Predecessor Company | |||||||||||||||
Non-GAAP Combined Nine Months Ended September 30, | Period from September 1, 2019 through September 30, | Period from January 1, 2019 through August 31, | Nine Months Ended September 30, | |||||||||||||
2019 | 2019 | 2019 | 2018 | |||||||||||||
Net income (loss) | $ | 587,606 | $ | (10,807 | ) | $ | 598,413 | (301,839 | ) | |||||||
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 148,093 | 17,302 | 130,791 | 160,973 | ||||||||||||
Depreciation | 8,273 | 925 | 7,348 | 8,360 | ||||||||||||
Radio conversion costs | 1,756 | 825 | 931 | — | ||||||||||||
Stock-based compensation | 42 | — | 42 | 803 | ||||||||||||
Long-term incentive compensation | 657 | 67 | 590 | — | ||||||||||||
LiveWatch acquisition contingent bonus charges | 63 | — | 63 | 187 | ||||||||||||
Legal settlement reserve (related insurance recovery) | (4,800 | ) | — | (4,800 | ) | — | ||||||||||
Rebranding marketing program | — | — | — | 6,355 | ||||||||||||
Integration / implementation of company initiatives | 5,997 | 1,154 | 4,843 | 195 | ||||||||||||
Gain on revaluation of acquisition dealer liabilities | — | — | — | (240 | ) | |||||||||||
Loss on goodwill impairment | — | — | — | 214,400 | ||||||||||||
Gain on restructuring and reorganization, net | (669,722 | ) | — | (669,722 | ) | — | ||||||||||
Interest expense | 112,555 | 7,474 | 105,081 | 114,550 | ||||||||||||
Realized and unrealized (gain) loss, net on derivative financial instruments | 6,804 | — | 6,804 | — | ||||||||||||
Refinancing expense | 5,214 | — | 5,214 | 5,697 | ||||||||||||
Income tax expense | 1,979 | 204 | 1,775 | 4,039 | ||||||||||||
Adjusted EBITDA | $ | 204,517 | $ | 17,144 | $ | 187,373 | 213,480 | |||||||||
Expensed Subscriber acquisition costs, net | ||||||||||||||||
Gross subscriber acquisition costs | $ | 27,902 | $ | 2,958 | $ | 24,944 | 38,923 | |||||||||
Revenue associated with subscriber acquisition costs | (6,021 | ) | (534 | ) | (5,487 | ) | (3,489 | ) | ||||||||
Expensed Subscriber acquisition costs, net | $ | 21,881 | $ | 2,424 | $ | 19,457 | 35,434 |
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