0001304492-18-000009.txt : 20180206 0001304492-18-000009.hdr.sgml : 20180206 20180206161333 ACCESSION NUMBER: 0001304492-18-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180206 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180206 DATE AS OF CHANGE: 20180206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: pdvWireless, Inc. CENTRAL INDEX KEY: 0001304492 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 330745043 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36827 FILM NUMBER: 18577751 BUSINESS ADDRESS: STREET 1: 3 GARRET MOUNTAIN PLAZA STREET 2: SUITE 401 CITY: WOODLAND PARK STATE: NJ ZIP: 07424 BUSINESS PHONE: (973) 771-0300 MAIL ADDRESS: STREET 1: 3 GARRET MOUNTAIN PLAZA STREET 2: SUITE 401 CITY: WOODLAND PARK STATE: NJ ZIP: 07424 FORMER COMPANY: FORMER CONFORMED NAME: Pacific DataVision, Inc. DATE OF NAME CHANGE: 20140616 FORMER COMPANY: FORMER CONFORMED NAME: Pacific Data Vision DATE OF NAME CHANGE: 20040928 8-K 1 pdvw-20180206x8k.htm 8-K Earnings Release - Q3FY18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 6, 2018

 

pdvWireless, Inc.

(Exact name of registrant as specified in its charter)



 

 

 

 

Delaware

 

001-36827

 

33-0745043

(State or other jurisdiction

 

(Commission File Number)

 

(IRS Employer

of incorporation)

 

 

 

Identification No.)



 



 

 

 

 

3 Garret Mountain Plaza

Suite 401

Woodland Park, NJ

 

 

07424

(Address of principal executive offices)

 

(Zip Code)



 

(973) 771-0300
Registrant’s telephone number, including area code

 

Not applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12(b))

 

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒ 

 

 

 

 

Item 2.02.  Results of Operations and Financial Condition.



On February 6, 2018,  pdvWireless, Inc. (the “Company”) issued a press release announcing financial results for the third fiscal quarter ended December  31, 2017. A copy of the press release is attached hereto as Exhibit 99.1.



The information furnished in this Current Report on Form 8-K (including Exhibit 99.1) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act of 1934 or otherwise subject to the liabilities of that Section and shall not be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission.

 





Item 9.01.  Financial Statements and Exhibits.



(d) Exhibits.



Augu

 

 

 

 

 

 

Exhibit No.

 

Description



 

 

99.1

 

Press Release, dated February 6, 2018.



 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.



 



 

   

pdvWireless, Inc.

   

   

   

   

Date: February 6, 2018

/s/ John C. Pescatore

   

John C. Pescatore

   

President and Chief Executive Officer

 











 

 

 

Exhibit Index

 



 

 



 

 

Exhibit No.

  

Description



 

99.1

  

Press Release, dated February 6, 2018.









 

 

EX-99.1 2 pdvw-20180206xex99_1.htm EX-99.1 Ex 991 - Q3

Exhibit 99.1

Masthead-NOtag®



pdvWireless Reports Third Quarter Results



WOODLAND PARK, NJ – February 6, 2018 – pdvWireless, Inc. (NASDAQ: PDVW), a wireless communications carrier focused on utilizing its spectrum assets to develop and offer next generation network and mobile communication solutions to critical infrastructure and enterprise customers, reported today its third quarter results for the period ended December 31, 2017.

Financial Results

Revenue for the Company’s third fiscal quarter ended December 31, 2017 was $1.6 million compared with $1.3 million in the same period of the prior year.

The net loss for the Company’s third fiscal quarter was ($5.7 million), or ($0.40) per share, versus a net loss of ($7.3 million), or ($0.51) per share, for the similar period of the prior year.

Revenue for the nine months ended December 31, 2017 was $4.6 million compared with $3.5 million for the same period of the prior year.

The net loss for the nine months ended December 31, 2017 was ($21.8 million), or ($1.51) per share, versus a net loss of ($25.2 million), or ($1.75) per share, for the similar period of the prior year.

The Company’s revenue for the three and nine months ended December 31, 2017 continued to principally represent its historical software-as-a-service (“SaaS”) business. The increases in revenue for those periods, however, in comparison to the revenue for the same periods of the prior year, were primarily from growth in its DispatchPlusTM business. 

Cost of revenue for the three months and nine months ended December 31, 2017 was $2.0 million and $5.6 million, respectively, an increase of approximately 10% over each of the prior fiscal year’s comparable periods. The increased cost of revenue for both the three and nine-month periods primarily reflect the greater costs to maintain and operate the Company’s DispatchPlus networks.

Total operating expenses of $7.7 million for the three months ended December 31, 2017 was $0.9 million, or 13%, higher than the three months ended December 31, 2016.  The increase was primarily attributable to a $0.6 million increase in general and administrative expenses which includes costs associated with the Company’s regulatory initiatives resulting from higher headcount and professional fees.  Total operating expenses of $22.1 million for the nine months ended December 31, 2017 decreased by $1.5 million, or 7%, from the prior year period. The decrease reflects lower general and administrative costs, which decreased by $2.7 million,

1

 

partially offset by higher sales and support costs. The lower general and administrative costs were mainly the result of the higher costs in the prior year period associated with the Company’s FirstNet bid. 

For the three months ended December 31, 2017, the Company recorded a non-cash tax benefit of $2.8 million, or $0.19 per share, related to the passage of Public Law 115-97 (“Tax Cuts and Jobs Act”) on December 22, 2017 which reduced the statutory federal corporate income tax rate from 35% to 21%.

Adjusted EBITDA for the third quarter ended December 31, 2017 was negative ($5.9 million) versus negative ($5.5 million) for the similar period of the prior year. Adjusted EBITDA for the nine months ended December 31, 2017 was negative ($17.1 million) versus negative ($20.0 million) for the nine months ended December 31, 2016.

John C. Pescatore, President and CEO of pdvWireless, commented, “Momentum continued in the third quarter, notably with additional support for our proposal being filed on the record of the FCC’s 900 MHz Notice of Inquiry.  We view these additional filings as a reflection of the solid progress we are making with our proposal to modernize the band to accommodate the future deployment of broadband solutions, and believe that the record is ripe for consideration by the FCC. Additionally, I’m pleased to announce that Jack Markell, former two term Governor of the State of Delaware and wireless industry innovator, has joined pdvWireless as a Senior Advisor to the executive team and will assist the Company in achieving its regulatory objectives and overall business strategy goals. His extensive experience and track record in both the public and private sector makes him a unique and vital resource for our Company and we are very happy to have him on our team.”

Strong Cash Position     

The Company has a strong cash position, with $104.2 million in available cash as of December 31, 2017, a decrease of $19.8 million from March 31, 2017. The decrease reflects the Company’s continued development of its DispatchPlus business and investments in the pursuit of other business and spectrum initiatives.

Conference Call

The Company will host a conference call at 4:45 p.m. EDT today, February 6, 2018, to discuss its third quarter fiscal year 2018 financial results and update investors on its strategic initiatives. Investors in the United States can participate in the earnings call by dialing into the conference line at 888-267-2845 and using the conference code 691684. The earnings call will be available for replay until February 20, 2018 and can be accessed through the pdvWireless Investor Relations website at http://corp.pdvwireless.com/investors/events/.  

   

About pdvWireless



pdvWireless, Inc. is a private wireless communications carrier focused on utilizing its spectrum assets to develop and offer next generation network and mobile communication solutions to critical infrastructure and enterprise customers.  It is the largest holder of licensed nationwide

2

 

spectrum in the 900 MHz band in the United States and is pursuing regulatory actions that seek to modernize a portion of the 900 MHz band to accommodate the future deployment of broadband technologies and services.  pdvWireless operates private push-to-talk (“PTT”) networks in major markets throughout the United States and, by combining its PTT services with its patented and industry-validated SaaS technology, is improving team communication and field documentation across a wide array of industries, including transportation, distribution, construction, hospitality, waste management and field service. pdvWireless’ mobile workforce applications increase the productivity of field-based workers and the efficiency of their dispatch and call center operations.  pdvWireless' Chairman, Brian McAuley, and Vice Chairman, Morgan O'Brien, were the co-founders of Nextel Communications and have over 60 years of combined experience in two-way radio operations and successfully developing regulatory driven spectrum initiatives to address the unmet wireless communications needs of businesses. pdvWireless is headquartered in Woodland Park, New Jersey.



Non-GAAP Financial Information

This press release and the information contained herein present a non-GAAP financial measure, Adjusted EBITDA, which excludes certain amounts. The Company defines Adjusted EBITDA as net income (loss) with adjustments for depreciation and amortization, depreciation – cost of revenue, interest income (expense)-net, other income (expense)-net, income taxes and stock-based compensation. The Company has included below a reconciliation of net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA. The Company’s management uses Adjusted EBITDA to evaluate the Company’s performance and provides this financial measure to investors as a supplement to the Company’s reported results because management believes this information provides additional insight into the Company’s operating performance by disregarding certain nonrecurring or non-cash items or items that are not reflective of the day-to-day offering of its services. Adjusted EBITDA should not be considered in isolation from, as a substitute for, or as superior to, financial measures calculated in accordance with GAAP, and the Company’s financial results calculated in accordance with GAAP and any reconciliation to those financial statements should be carefully evaluated. This non-GAAP financial measure used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.



Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts are forward-looking statements as defined under the Federal securities laws. These forward-looking statements include statements regarding the regulatory status and timing of the Company’s initiatives and related activities involving the FCC, the Company’s spectrum and other business initiatives and opportunities and the Company’s DispatchPlus business and its sales and marketing initiatives. Any forward-looking statements contained herein are based on the Company’s current expectations, but are subject to a number of risks and uncertainties that could cause its actual future results to differ materially from its current expectations or those implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: (i) the Company’s spectrum initiatives and its related activities involving the FCC that the Company is pursuing with the goal of modernizing and realigning the 900 MHz spectrum band to increase its usability and capacity, including the potential future deployment of broadband and

3

 

other advanced technologies and services, may not be successful on a timely basis or at all, and may require significant time and attention from its senior management team and the expenditure of significant resources; (ii) the Company may not be successful in identifying, developing and commercializing network and mobile communication solutions utilizing its current and future spectrum and commercially available technologies; (iii) the Company has a limited operating history with respect to its recently launched DispatchPlus business; (iv) the Company has had net losses each year since its inception and may not achieve or maintain profitability in the future; (v) the Company’s indirect sales model may not be successful; (vi) the market for the Company’s DispatchPlus service may not prove to be as large as originally anticipated and/or it may be more difficult for the Company to obtain customers for its DispatchPlus service than it initially expected; (vii) the wireless communication industry is highly competitive and the Company may not be able to compete successfully; and (viii) government regulation could adversely affect the Company’s business and prospects. These and other factors that may affect the Company’s future results or operations are identified and described in more detail in its filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended March 31, 2017, filed with the SEC on June 6, 2017, its Report on Form 10-Q for the quarter ended June 30, 2017, filed with the SEC on August 8, 2017   and its Report on Form 10-Q for the quarter ended December 31, 2017, filed with the SEC on February 6, 2018. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results, later events or circumstances or to reflect the occurrence of unanticipated events.



Investor Relations Contacts:





 

 

Natasha Vecchiarelli

Director of Corporate Communications

pdvWireless, Inc.

973-531-4397

nvecchiarelli@pdvwireless.com

 

 

 

 



4

 





pdvWireless, Inc.

Consolidated Statements of Operations

(dollars in thousands, except share data)

(Unaudited)











 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three months ended

 

Nine months ended



 

December 31,

 

December 31,



 

2017

 

2016

 

2017

 

2016

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

 

Service revenue

 

$

 1,232 

 

$

 976 

 

$

 3,500 

 

$

 2,627 

Spectrum lease revenue

 

 

 182 

 

 

 182 

 

 

 547 

 

 

 547 

Other revenue

 

 

 187 

 

 

 177 

 

 

 532 

 

 

 349 

Total operating revenues

 

 

 1,601 

 

 

 1,335 

 

 

 4,579 

 

 

 3,523 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

Sales and service

 

 

 2,016 

 

 

 1,832 

 

 

 5,628 

 

 

 5,091 

Gross loss

 

 

 (415)

 

 

 (497)

 

 

 (1,049)

 

 

 (1,568)

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

 5,464 

 

 

 4,847 

 

 

 15,340 

 

 

 18,069 

Sales and support

 

 

 1,619 

 

 

 1,421 

 

 

 5,009 

 

 

 3,857 

Product development

 

 

 592 

 

 

 539 

 

 

 1,772 

 

 

 1,734 

Total operating expenses

 

 

 7,675 

 

 

 6,807 

 

 

 22,121 

 

 

 23,660 

Loss from operations

 

 

 (8,090)

 

 

 (7,304)

 

 

 (23,170)

 

 

 (25,228)

Interest expense

 

 

 (1)

 

 

 (1)

 

 

 (2)

 

 

 (4)

Interest income

 

 

 197 

 

 

 25 

 

 

 494 

 

 

 73 

Other income (expense)

 

 

 (9)

 

 

 (8)

 

 

 (29)

 

 

 (13)

Loss before income taxes

 

 

 (7,903)

 

 

 (7,288)

 

 

 (22,707)

 

 

 (25,172)

Income tax benefit

 

 

 (2,181)

 

 

 —

 

 

 (875)

 

 

 —

Net loss

 

$

 (5,722)

 

$

 (7,288)

 

$

 (21,832)

 

$

 (25,172)

Net loss per common share basic and diluted

 

$

 (0.40)

 

$

 (0.51)

 

$

 (1.51)

 

$

 (1.75)

Weighted-average common shares used to compute basic
  and diluted net loss per share

 

 

 14,451,313 

 

 

 14,396,212 

 

 

 14,445,627 

 

 

 14,385,002 



The table below reconciles Adjusted EBITDA to the Company’s GAAP disclosure of net loss.



















 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three months ended

 

Nine months ended



 

December 31,

 

December 31,



 

2017

 

2016

 

2017

 

2016

Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

$

 (5,722)

 

$

 (7,288)

 

$

 (21,832)

 

$

 (25,172)

Income tax benefit

 

 

 (2,181)

 

 

 —

 

 

 (875)

 

 

 —

Interest income (expense) - net

 

 

 (196)

 

 

 (24)

 

 

 (492)

 

 

 (69)

Other income (expense) - net

 

 

 9 

 

 

 8 

 

 

 29 

 

 

 13 

Depreciation - Cost of revenue

 

 

 659 

 

 

 540 

 

 

 1,913 

 

 

 1,486 

Depreciation and amortization - Operating expenses

 

 

 70 

 

 

 45 

 

 

 190 

 

 

 138 

Stock-based compensation expense

 

 

 1,483 

 

 

 1,198 

 

 

 3,998 

 

 

 3,637 

ADJUSTED EBITDA

 

$

 (5,878)

 

$

 (5,521)

 

$

 (17,069)

 

$

 (19,967)













5

 



















pdvWireless, Inc.

Consolidated Balance Sheets

(dollars in thousands, except for share data)











 

 

 

 

 

 



 

December 31,

 

March 31,



 

2017

 

2017



 

(Unaudited)

 

 

 

ASSETS

Current Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

 104,244 

 

$

 124,083 

Accounts receivable, net of allowance for doubtful accounts of $63 and $53

 

 

 764 

 

 

 636 

Inventory

 

 

 125 

 

 

 128 

Prepaid expenses and other current assets

 

 

 1,434 

 

 

 874 

Total current assets

 

 

 106,567 

 

 

 125,721 

Property and equipment

 

 

 13,356 

 

 

 14,509 

Intangible assets

 

 

 106,606 

 

 

 104,676 

Capitalized patent costs, net

 

 

 201 

 

 

 210 

Other assets

 

 

 578 

 

 

 370 

Total assets

 

$

 227,308 

 

$

 245,486 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

 3,949 

 

$

 3,399 

Accounts payable - officers

 

 

 40 

 

 

 36 

Current portion of note payable

 

 

 497 

 

 

 497 

Deferred revenue

 

 

 807 

 

 

 789 

Total current liabilities

 

 

 5,293 

 

 

 4,721 

Noncurrent liabilities

 

 

 

 

 

 

Deferred revenue

 

 

 4,449 

 

 

 5,033 

Deferred income taxes

 

 

 5,623 

 

 

 6,498 

Other liabilities

 

 

 2,135 

 

 

 1,338 

Total liabilities

 

 

 17,500 

 

 

 17,590 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and no shares outstanding at December 31, 2017 and March 31, 2017

 

 

 —

 

 

 —

Common stock, $0.0001 par value per share, 100,000,000 shares
authorized and 14,469,237 shares issued and outstanding at December 31, 2017 and 14,358,564 shares issued and outstanding at March 31, 2017

 

 

 1 

 

 

 1 

Additional paid-in capital

 

 

 334,310 

 

 

 330,566 

Accumulated deficit

 

 

 (124,503)

 

 

 (102,671)

Total stockholders' equity

 

 

 209,808 

 

 

 227,896 

Total liabilities and stockholders' equity

 

$

 227,308 

 

$

 245,486 







6

 

pdvWireless, Inc.

Consolidated Statement of Cash Flows

(dollars in thousands)

(Unaudited)







 

 

 

 

 

 



 

Nine months



 

December 31,



 

2017

 

2016

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

 

$

 (21,832)

 

$

 (25,172)

Adjustments to reconcile net loss to net cash used by operating activities

 

 

 

 

 

 

Depreciation and amortization

 

 

 2,103 

 

 

 1,626 

Non-cash compensation expense attributable to stock awards

 

 

 3,998 

 

 

 3,637 

Deferred income taxes

 

 

 (875)

 

 

 —

Bad debt expense

 

 

 26 

 

 

 43 

Loss on disposal of assets

 

 

 36 

 

 

 —

Changes in operating assets and liabilities

 

 

 

 

 

 

Accounts receivable

 

 

 (153)

 

 

 (384)

Inventory

 

 

 3 

 

 

 49 

Prepaid expenses and other assets

 

 

 (769)

 

 

 (327)

Accounts payable and accrued expenses

 

 

 550 

 

 

 51 

Accounts payable - officers

 

 

 4 

 

 

 (28)

Deferred revenue

 

 

 (565)

 

 

 (598)

Other liabilities

 

 

 568 

 

 

 502 

Net cash flows used by operating activities

 

 

 (16,906)

 

 

 (20,601)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

Purchases of intangible assets

 

 

 (1,930)

 

 

 (504)

Purchases of equipment

 

 

 (749)

 

 

 (1,671)

Payments for patent costs

 

 

 —

 

 

 (1)

Net cash used by investing activities

 

 

 (2,679)

 

 

 (2,176)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

Proceeds from stock option exercise

 

 

 234 

 

 

 —

Taxes withheld and paid on employee stock awards

 

 

 (488)

 

 

 —

Net cash used by financing activities

 

 

 (254)

 

 

 —

Net change in cash and cash equivalents

 

 

 (19,839)

 

 

 (22,777)

CASH AND CASH EQUIVALENTS

 

 

 

 

 

 

Beginning of the period

 

 

 124,083 

 

 

 153,463 

End of the period

 

$

 104,244 

 

$

 130,686 



 

7

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