FTD Companies, Inc. (Nasdaq:FTD) (“FTD” or the “Company”), a
premier floral and gifting company, today announced financial
results for the fourth quarter and full year ended December 31,
2016.
John C. Walden, FTD’s President and Chief Executive
Officer, said, “I am only two weeks into my role with FTD but I am
excited to be leading the Company at this interesting time in its
long history. Although I believe the Company has recently performed
below its potential, it has several assets to build upon – strong
brands, reliable partners including our member florists, and
financial flexibility. With an innovative and ambitious new
strategy, I believe FTD can extend its leadership in the floral and
gifting industry and restore growth. I look forward to
undertaking this challenge with the FTD team.”
Fourth Quarter Results
Consolidated revenues were $280.7 million for the
fourth quarter of 2016, compared to $297.3 million for the fourth
quarter of 2015. Changes in foreign currency exchange rates
negatively impacted 2016 fourth quarter revenues by $7.8 million.
The decrease in consolidated revenues was due to decreases in
revenues in the Provide Commerce and Consumer segments. Revenues in
the Florist segment and the International segment, excluding
foreign currency fluctuations, for the fourth quarter of 2016 were
relatively flat compared to the prior year period.
Net loss was $86.4 million for the fourth quarter
of 2016, compared to a net loss of $82.6 million for the fourth
quarter of 2015. Net losses in the fourth quarters of both 2016 and
2015 were primarily due to goodwill impairment charges related to
the Provide Commerce segment of $84.0 million and $85.0 million,
respectively. Adjusted Net Income for the fourth quarter of 2016
was $13.3 million, compared to $15.2 million for the same period of
the prior year. Adjusted Net Income excludes the after-tax impact
of stock-based compensation, amortization, transaction-related
costs, litigation and dispute settlement charges, restructuring and
other exit costs, and impairment of goodwill and intangible
assets.
Adjusted EBITDA was $29.8 million, or 10.6% of
consolidated revenues, for the fourth quarter of 2016, compared to
$31.3 million, or 10.5% of consolidated revenues, for the fourth
quarter of 2015. Adjusted Net Income and Adjusted EBITDA are
non-GAAP financial measures. Please refer to the tables in this
press release for a reconciliation of all non-GAAP financial
measures.
Full Year Results
Consolidated revenues were $1.12 billion for the
year ended December 31, 2016, compared to $1.22 billion for the
prior year. The decrease in consolidated revenues compared to the
prior year was primarily due to a decrease in revenues in the
Provide Commerce and Consumer segments. Changes in foreign currency
exchange rates negatively impacted revenues by $18.7 million for
the year ended December 31, 2016.
Net loss was $83.2 million for the year ended
December 31, 2016, compared to a net loss of $80.1 million for the
prior year. Net loss for each year reflects the previously
referenced goodwill impairment charges. Adjusted Net Income was
$55.6 million for the year ended December 31, 2016, compared to
$59.0 million for the prior year.
Adjusted EBITDA was $119.8 million, or 10.7% of
consolidated revenues, for the year ended December 31, 2016,
compared to $123.4 million, or 10.1% of consolidated revenues, for
the prior year.
Segment Results
Consumer Segment: Consumer segment
revenues for the fourth quarter of 2016 decreased 7.5% to $70.5
million, compared to $76.3 million in the fourth quarter of 2015.
This decline was primarily due to a 7.9% decrease in consumer
orders, partially offset by a $0.19, or 0.3%, increase in average
order value to $71.05. Consumer segment operating income for the
fourth quarter of 2016 was $7.9 million, or 11.2% of segment
revenues, compared to $8.9 million, or 11.7% of segment revenues,
for the fourth quarter of 2015.
Consumer segment revenues for the year ended
December 31, 2016 decreased 9.4% to $291.3 million, compared to
$321.4 million for the prior year. This decline was primarily due
to a 9.6% decrease in consumer orders, partially offset by a $0.93,
or 1.3%, increase in average order value to $71.76. In 2016,
consumer order volume was negatively impacted by the Sunday timing
of the Valentine’s Day holiday and a decline in certain corporate
partner programs such as sympathy and group buying. Consumer
segment operating income was $30.2 million, or 10.4% of segment
revenues, for the year ended December 31, 2016, compared to $36.8
million, or 11.5% of segment revenues, for the prior year.
Excluding the third quarter of 2015 breakage adjustment of $4.1
million, Consumer segment operating income as a percentage of
segment revenues was relatively flat compared to the prior
year.
Provide Commerce Segment: Provide
Commerce segment revenues for the fourth quarter of 2016 decreased
2.9% to $139.0 million, compared to $143.1 million for the fourth
quarter of 2015. This decline was due to a 1.5% decrease in
consumer orders and a 1.4% decrease in average order value to
$37.09. The decline in segment revenues was due to a decline in the
ProFlowers business of 16.5%, partially offset by increases in
revenues in the Personal Creations and Gourmet Foods businesses of
7.0% and 3.2%, respectively, compared to the prior year quarter.
Provide Commerce segment operating income was $13.1 million, or
9.4% of segment revenues, for the fourth quarter of 2016, compared
to operating income of $12.5 million, or 8.7% of segment revenues,
for the prior year quarter.
Provide Commerce segment revenues for the year
ended December 31, 2016 decreased 9.2% to $529.7 million, compared
to $583.3 million for the prior year. This decline was due to an
8.6% decrease in consumer orders and a 1.1%, or $0.52, decrease in
average order value to $45.50. The decline in revenues in the
Provide Commerce segment for 2016 was due to a 17.3% and 1.6%
decline in revenues in the ProFlowers and Gourmet Foods businesses,
respectively, partially offset by a 7.7% increase in revenues in
the Personal Creations business. Provide Commerce segment revenues
for 2016 were negatively impacted by the aforementioned Sunday
timing of the Valentine’s Day holiday as well as lower order
volumes due to reductions in marketing spend. Provide Commerce
segment operating income was $40.5 million, or 7.6% of segment
revenues, for the year ended December 31, 2016, compared to $41.8
million, or 7.2% of segment revenues, for the prior year.
Florist Segment: Florist segment
revenues for the fourth quarter of 2016 were $39.9 million,
relatively flat with the fourth quarter of 2015. Florist segment
operating income was $11.7 million, or 29.3% of segment revenues,
for the fourth quarter of 2016, compared to $10.8 million, or 27.2%
of segment revenues, for the fourth quarter of 2015. Average
revenues per member increased 6.0% to $3,550 for the fourth quarter
of 2016, compared to $3,348 for the prior year quarter.
Florist segment revenues for the year ended
December 31, 2016 increased $1.1 million, or 0.7%, to $166.9
million, compared to $165.8 million for the prior year. This
increase was due to higher services revenues of $1.8 million,
partially offset by a $0.7 million decrease in product revenues.
Florist segment operating income was $48.4 million, or 29.0% of
segment revenues, for the year ended December 31, 2016, compared to
$47.2 million, or 28.4% of segment revenues, for the prior year
period. Average revenues per member increased 6.9% to $14,425 for
the year ended December 31, 2016, compared to $13,493 for the prior
year.
International Segment:
International segment revenues for the fourth quarter of 2016 were
$35.9 million, compared to $43.1 million for the fourth quarter of
2015. On a constant currency basis, International segment revenues
increased 1.3% or $0.6 million driven by a 2.4% increase in average
order value to $41.67 for the quarter, partially offset by a 1.5%
decrease in consumer orders. International segment operating income
was $3.9 million, or 10.9% of segment revenues, for the fourth
quarter of 2016, compared to $4.1 million, or 9.4% of segment
revenues, for the prior year quarter. On a constant currency basis,
International segment operating income increased $0.7 million for
the fourth quarter compared to the prior year period.
International segment revenues for the year ended
December 31, 2016 were $152.7 million, compared to $166.9 million
for the prior year. On a constant currency basis, International
segment revenues increased 2.7%, or $4.5 million, driven by a 2.8%
increase in average order value, which was $46.67 for the year
ended December 31, 2016. International segment operating income was
$19.1 million, or 12.5% of segment revenues, for the year ended
December 31, 2016, compared to $18.4 million, or 11.0% of segment
revenues, for the prior year. On a constant currency basis,
International segment operating income increased $3.0 million for
the year ended December 31, 2016 compared to the prior year.
Balance Sheet and Cash Flow
Highlights
Net cash provided by operating activities was $75.1
million for the year ended December 31, 2016, compared to net cash
provided by operating activities of $81.7 million for the prior
year. For the year ended December 31, 2016, the Company generated
Free Cash Flow of $62.1 million, compared to Free Cash Flow of
$77.7 million generated in the prior year. Free cash flow is
a non-GAAP financial measure and a reconciliation appears in the
tables in this press release.
Cash and cash equivalents were $81.0 million as of
December 31, 2016, compared to $57.9 million as of December 31,
2015. Excluding unamortized debt issuance costs, debt outstanding
as of December 31, 2016 was $280.0 million, compared to $300.0
million as of December 31, 2015.
Under the Company's share repurchase program, the
Company repurchased 0.6 million shares during 2016 at an average
cost of $25.37 per share and a total cost of $15.2 million. The
Company has approximately $44.8 million of availability under its
existing program for future share repurchases.
Immaterial Restatement of Prior Period
Financial Statements
The Company also announced today that in connection
with the preparation of the financial statements for the year ended
December 31, 2016, immaterial errors were identified relating to
the assessment of cross-border indirect taxes that affected prior
periods. Certain revisions have been recorded in prior periods to
correct for immaterial errors on previously reported consolidated
financial statements. While the Company has concluded that the
impact of these errors on the Company’s previously issued
consolidated financial statements was not material, the Company has
determined to revise its previously-reported consolidated financial
statements for the years ended December 31, 2015 and 2014 and the
quarters in the years ended December 31, 2016 and 2015 to correct
for these immaterial errors. Please refer to the tables in this
press release for further information relating to these revisions
to prior periods. In addition, as a result of these immaterial
errors, the cumulative effect of the changes to retained earnings
as of January 1, 2014, the earliest date presented in the
consolidated financial statements for the year ended December 31,
2016, was a reduction of $12.4 million.
Business Outlook
For the full year 2017, the Company is providing
the following outlook:
- Consolidated revenues in 2017 to be largely in-line on a
reported basis with the Company's 2016 revenues of $1.12 billion,
or up low single digits on a constant currency basis (using an
average GBP to USD exchange rate of 1:1.21 as compared to the 2016
average exchange rate of 1:1.36)
- Net income of approximately $10.0 million to $15.0 million
- Consolidated Adjusted EBITDA margin is anticipated to decline
to approximately 8.0% to 8.5% of consolidated net revenues,
primarily as a result of expected increases in marketing
investments
- Capital expenditures of approximately $28.0 million, primarily
due to planned enhancements to the Company’s technology
platform
In connection with the outlook provided above,
please note that the seasonality of the Company’s business impacts
its profitability and cash flows from operations on a quarterly
basis. In addition, due to a variety of factors, actual
results may differ significantly from the outlook provided. These
factors include, without limitation, the factors referenced in this
release under “Cautionary Information Regarding Forward-Looking
Statements.”
Conference Call
The Company will be hosting a conference call
today, March 14, 2017, at 5:00 p.m. ET. Live audio of the call will
be webcast and archived on the investor relations section of the
Company’s website at http://www.ftdcompanies.com. In addition, you
may dial 877-407-0784 to listen to the live broadcast.
A telephonic playback and archived webcast will be
available through March 28, 2017. Participants can dial
844-512-2921 to hear the playback. The passcode is 13655715.
About FTD Companies, Inc.
FTD Companies, Inc. is a premier floral and gifting
company. Through our diversified family of brands, we provide
floral, specialty foods, gifts and related products to consumers
primarily in the United States, Canada, the United Kingdom and the
Republic of Ireland. We also provide floral products and services
to retail florists and other retail locations throughout these same
geographies. FTD has been delivering flowers since 1910 and the
highly-recognized FTD® and Interflora® brands are supported by the
iconic Mercury Man logo®, which is displayed in approximately
35,000 floral shops in nearly 150 countries. In addition to FTD and
Interflora, our diversified portfolio of brands includes the
following trademarks: ProFlowers®, ProPlants®, Shari's Berries®,
Personal Creations®, RedEnvelope®, Flying Flowers®, Flowers
Direct™, Ink Cards™, Postagram™ and Gifts.com™. FTD Companies, Inc.
is headquartered in Downers Grove, Ill. For more information,
please visit www.ftdcompanies.com.
Cautionary Information Regarding
Forward-Looking Statements
This release contains certain forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995, as amended,
based on our current expectations, estimates and projections about
our operations, industry, financial condition, performance, results
of operations, and liquidity. Statements containing words such as
“may,” “believe,” “anticipate,” “expect,” “intend,” “plan,”
“project,” “projections,” “business outlook,” “estimate,” or
similar expressions constitute forward-looking statements. These
forward-looking statements include, but are not limited to,
statements about the Company’s strategies and future financial
performance; expectations about future business plans, prospective
performance and opportunities, including potential acquisitions;
revenues; segment metrics; operating expenses; market trends,
including those in the markets in which the Company competes;
liquidity; cash flows and uses of cash; dividends; capital
expenditures; depreciation and amortization; tax payments; foreign
currency exchange rates; hedging arrangements; the Company’s
ability to repay indebtedness and invest in initiatives; the
Company’s products and services; pricing; marketing plans;
competition; settlement of legal matters; and the impact of
accounting changes and other pronouncements. Potential factors that
could affect these forward-looking statements include, among
others, the factors disclosed in the Company’s most recent Annual
Report on Form 10-K including, without limitation, information
under the captions “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Risk Factors,”
and the Company’s other filings with the Securities and Exchange
Commission (www.sec.gov), as updated from time to time in our
subsequent filings with the SEC. Readers are cautioned not to place
undue reliance on these forward-looking statements, which reflect
management’s analysis only as of the date hereof. Any such
forward-looking statements are not guarantees of future performance
or results and involve risks and uncertainties that may cause
actual performance and results to differ materially from those
predicted. Reported results should not be considered an indication
of future performance. Except as required by law, the Company
undertakes no obligation to publicly release the results of any
revision or update to these forward-looking statements that may be
made to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. In addition, the
Company may not provide guidance of the type provided under
“Business Outlook” in the future.
Non-GAAP Measures
To supplement the Company’s consolidated financial
statements presented in accordance with generally accepted
accounting principles (“GAAP”), the Company uses the following
non-GAAP measures: Adjusted EBITDA, Adjusted Net Income and Free
Cash Flow as measures of certain components of financial
performance. The Company’s definitions of Adjusted EBITDA, Adjusted
Net Income, and Free Cash Flow, as set forth below, may be modified
from time to time.
Management believes that Adjusted EBITDA is an
important measure of operating performance because it allows for a
period-to-period comparison of the Company’s operating performance
by removing the impact of the Company’s capital structure (interest
expense on outstanding debt), asset base (depreciation and
amortization), tax consequences, other non-operating items, and
stock-based compensation. The Company further emphasizes the
importance of Adjusted EBITDA as an operating performance measure
by utilizing the Adjusted EBITDA measure as a basis for determining
certain incentive compensation targets for certain members of the
Company’s management. The Adjusted EBITDA measure also is used as a
performance measure under the Company’s senior secured credit
facility and includes adjustments such as the items defined above
and other further adjustments, which are defined in the senior
secured credit facility.
Management also believes that Adjusted Net Income
provides a useful measure of performance that facilitates
period-to-period comparisons because it excludes non-cash items and
other items that do not necessarily arise as part of the normal
day-to-day operations of the Company and could distort an analysis
of trends in business performance.
Further, management believes that Free Cash Flow
provides a relevant measure of the Company’s liquidity in
evaluating its financial performance and ability to generate cash
without additional external financing in order to repay debt
obligations, repurchase shares, and fund acquisitions or other
business initiatives.
Management believes that presenting these non-GAAP
financial measures provides additional information to facilitate
comparison of the Company’s historical operating results and trends
in its underlying operating results, and provides additional
transparency on how the Company evaluates its businesses.
In addition to the use of these non-GAAP measures
by management for the purposes outlined above, the Company believes
Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow are
measures widely used by securities analysts, investors and others
to evaluate the financial performance of the Company and its
competitors.
Adjusted EBITDA, Adjusted Net Income, and Free Cash
Flow are not determined in accordance with GAAP and should be
considered in addition to, not as a substitute for or superior to,
financial measures determined in accordance with GAAP. A limitation
associated with the use of Adjusted EBITDA is that it does not
reflect depreciation and amortization expense for various
long-lived assets, interest expense, income taxes, and other items
that have been and will be incurred. Each of these items should
also be considered in the overall evaluation of the Company’s
results. In addition, Adjusted EBITDA and Free Cash Flow do not
reflect capital expenditures and other investing activities and
should not be considered by themselves as measures of the Company’s
liquidity. An additional limitation associated with Adjusted EBITDA
and Adjusted Net Income is that the measures do not include
stock-based compensation expenses related to the Company’s
workforce. A further limitation associated with the use of these
non-GAAP financial measures is that they do not reflect expenses or
gains that are not considered reflective of the Company’s core
operations. Management compensates for these limitations by
providing the relevant disclosure of its depreciation and
amortization, interest and income tax expenses, capital
expenditures, stock-based compensation, and other items within its
financial press releases and SEC filings, all of which should be
considered when evaluating the Company’s performance.
A further limitation associated with the use of
these measures is that the terms “Adjusted EBITDA,” “Adjusted Net
Income,” and “Free Cash Flow” do not have standardized meanings.
Therefore, other companies may use the same or a similarly named
measure but exclude different items or use different computations,
which may not provide investors a comparable view of the Company’s
performance in relation to other companies. Management compensates
for this limitation by presenting the most comparable GAAP
measures: net income/(loss), directly ahead of Adjusted EBITDA and
Adjusted Net Income; and Cash Provided by Operations, directly
ahead of Free Cash Flow, within this and other financial press
releases and by providing reconciliations that show and describe
the adjustments made. In addition, many of the adjustments to the
Company’s GAAP financial measures reflect the exclusion of items
that are recurring in nature and will be reflected in the Company’s
financial results for the foreseeable future.
The Company also presents certain results for the
International segment on a constant currency basis. Constant
currency information compares results between periods as if foreign
currency exchange rates had remained consistent period-over-period.
The Company’s International segment operates principally in the
U.K. Management monitors sales performance on a non-GAAP basis that
eliminates the positive or negative effects that result from
translating international sales into U.S. dollars. Management
calculates constant currency by applying the foreign currency
exchange rate for the prior period to the local currency results
for the current period.
Definitions
(1) Segment operating income. The
Company’s chief operating decision maker uses segment operating
income to evaluate the performance of the business segments and to
make decisions about allocating resources among segments. Segment
operating income is operating income excluding depreciation,
amortization, litigation and dispute settlement charges and gains,
transaction-related costs, restructuring and other exit costs, and
impairment of goodwill and intangible assets. Stock-based
compensation and general corporate expenses are not allocated to
the segments. Segment operating income is prior to intersegment
eliminations and excludes other income (expense). Please refer to
the tables in this press release for a reconciliation of segment
operating income to net loss.
(2) Consumer orders. The Company
monitors the number of consumer orders for floral, gift, and
related products during a given period. Consumer orders are
individual units delivered during the period that originated in the
U.S. and Canada, primarily from the www.ftd.com,
www.proflowers.com, www.berries.com, and
www.personalcreations.com websites, associated mobile sites
and applications, the 1-800-SEND-FTD telephone number and various
other telephone numbers; and in the U.K. and the Republic of
Ireland, primarily from the www.interflora.co.uk,
www.flyingflowers.co.uk, www.flowersdirect.co.uk, and
www.interflora.ie websites, associated mobile sites and
applications, and various telephone numbers. The number of consumer
orders is not adjusted for non-delivered orders that are refunded
on or after the scheduled delivery date. Orders originating with a
florist or other retail location for delivery to consumers are not
included as part of this number.
(3) Average order value. The
Company monitors the average value for consumer orders delivered in
a given period, which is referred to as the average order value.
Average order value represents the average amount received for
consumer orders delivered during a period. The average order value
of consumer orders within the Consumer, International, and Provide
Commerce segments is tracked in their local currency, the U.S.
Dollar for both the Consumer and Provide Commerce segments, and the
British Pound (“GBP”) for the International segment. The local
currency amounts received for the International segment are then
translated into U.S. dollars at the average currency exchange rate
for the period. Average order value includes merchandise revenues
and shipping or service fees paid by the consumer, less discounts
and refunds (net of refund-related fees charged to floral network
members).
(4) Average revenues per member.
The Company monitors average revenues per member for floral network
members in the Florist segment. Average revenues per member
represents the average revenues earned from a member of the
Company’s floral network during a period. Revenues include services
revenues and products revenues, but exclude revenues from sales to
non-members. Floral network members include retail florists and
other non-florist retail locations that offer floral and gifting
solutions. Average revenues per member is calculated by dividing
Florist segment revenues for the period, excluding sales to
non-members, by the average number of floral network members for
the period.
(5) Adjusted earnings before interest,
taxes, depreciation, and amortization (“Adjusted EBITDA”).
The Company defines Adjusted EBITDA as net income/(loss) before net
interest expense, provision/(benefit) for income taxes,
depreciation, amortization, stock-based compensation,
transaction-related costs, litigation and dispute settlement
charges and gains, restructuring and other exit costs, and
impairment of goodwill and intangible assets.
Litigation and dispute settlement charges and gains
include estimated losses for which the Company has established a
reserve, as well as actual settlements, judgments, fines,
penalties, assessments or other resolutions against, or in favor
of, the Company related to litigation, arbitration, investigations,
disputes, or similar matters. Insurance recoveries received by the
Company related to such matters are also included in these
adjustments.
Transaction-related costs are certain expense items
resulting from actual or potential transactions such as business
combinations, mergers, acquisitions, dispositions, spin-offs,
financing transactions, and other strategic transactions,
including, without limitation, compensation expenses related to
deal bonuses and expenses for advisors and representatives such as
investment bankers, consultants, attorneys, and accounting firms.
Transaction-related costs may also include, without limitation,
transition and integration costs such as retention bonuses and
acquisition-related milestone payments to acquired employees, in
addition to consulting, compensation, and other incremental costs
directly associated with integration projects.
(6) Free Cash Flow. The Company
defines Free Cash Flow as net cash provided by operating activities
less capital expenditures, plus cash paid for transaction-related
costs, cash paid for litigation and dispute settlement charges and
gains, and cash paid for restructuring and other exit costs.
(7) Adjusted Net Income. The
Company defines Adjusted Net Income as net income/(loss) excluding
the after tax impact of stock-based compensation, amortization,
transaction-related costs, litigation and dispute settlement
charges and gains, restructuring and other exit costs, loss on
extinguishment of debt, and impairment of goodwill and intangible
assets.
Contacts
Investor Relations: Katie Turner
646-277-1228ir@ftdi.com
Media Inquiries: Amy
Toosley858-638-4648pr@ftdi.com
FTD COMPANIES, INC.UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in
thousands, except per share amounts) |
|
|
|
|
|
|
|
Quarter Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
2014 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
Consumer
segment |
|
$ |
70,532 |
|
|
$ |
76,267 |
|
|
$ |
291,275 |
|
|
$ |
321,413 |
|
|
$ |
318,343 |
|
Provide
Commerce segment |
|
138,982 |
|
|
143,077 |
|
|
529,733 |
|
|
583,326 |
|
|
— |
|
Florist
segment |
|
39,926 |
|
|
39,860 |
|
|
166,881 |
|
|
165,782 |
|
|
162,552 |
|
International segment |
|
35,854 |
|
|
43,109 |
|
|
152,700 |
|
|
166,916 |
|
|
176,501 |
|
Intersegment eliminations |
|
(4,627 |
) |
|
(5,039 |
) |
|
(18,590 |
) |
|
(19,104 |
) |
|
(18,391 |
) |
Total
revenues |
|
280,667 |
|
|
297,274 |
|
|
1,121,999 |
|
|
1,218,333 |
|
|
639,005 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
172,074 |
|
|
184,614 |
|
|
703,642 |
|
|
766,619 |
|
|
403,566 |
|
Sales and
marketing |
|
60,684 |
|
|
63,328 |
|
|
229,569 |
|
|
248,627 |
|
|
111,368 |
|
General
and administrative |
|
28,607 |
|
|
29,764 |
|
|
112,720 |
|
|
123,244 |
|
|
75,922 |
|
Amortization of intangible assets |
|
15,177 |
|
|
15,427 |
|
|
61,050 |
|
|
61,481 |
|
|
11,769 |
|
Restructuring and other exit costs |
|
9,528 |
|
|
158 |
|
|
11,758 |
|
|
6,065 |
|
|
220 |
|
Impairment of goodwill and intangible assets |
|
84,000 |
|
|
85,000 |
|
|
84,000 |
|
|
85,000 |
|
|
— |
|
Total
operating expenses |
|
370,070 |
|
|
378,291 |
|
|
1,202,739 |
|
|
1,291,036 |
|
|
602,845 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income/(loss) |
|
(89,403 |
) |
|
(81,017 |
) |
|
(80,740 |
) |
|
(72,703 |
) |
|
36,160 |
|
Interest expense,
net |
|
(2,332 |
) |
|
(2,248 |
) |
|
(9,195 |
) |
|
(9,243 |
) |
|
(5,474 |
) |
Other income/(expense),
net |
|
(126 |
) |
|
129 |
|
|
1,678 |
|
|
686 |
|
|
330 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
before income taxes |
|
(91,861 |
) |
|
(83,136 |
) |
|
(88,257 |
) |
|
(81,260 |
) |
|
31,016 |
|
Provision/(benefit) for
income taxes |
|
(5,413 |
) |
|
(578 |
) |
|
(5,066 |
) |
|
(1,118 |
) |
|
9,488 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
|
$ |
(86,448 |
) |
|
$ |
(82,558 |
) |
|
$ |
(83,191 |
) |
|
$ |
(80,142 |
) |
|
$ |
21,528 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
common share |
|
|
|
|
|
|
|
|
|
|
Basic
earnings/(loss) per share |
|
$ |
(3.17 |
) |
|
$ |
(2.92 |
) |
|
$ |
(3.03 |
) |
|
$ |
(2.79 |
) |
|
$ |
1.11 |
|
Diluted
earnings/(loss) per share |
|
$ |
(3.17 |
) |
|
$ |
(2.92 |
) |
|
$ |
(3.03 |
) |
|
$ |
(2.79 |
) |
|
$ |
1.11 |
|
|
|
|
|
|
|
|
|
|
|
|
Average Shares
Outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
27,254 |
|
|
28,321 |
|
|
27,483 |
|
|
28,722 |
|
|
18,962 |
|
Diluted |
|
27,254 |
|
|
28,321 |
|
|
27,483 |
|
|
28,722 |
|
|
19,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FTD COMPANIES,
INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS (in thousands) |
|
|
|
December 31, 2016 |
|
December 31, 2015 |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
81,002 |
|
|
$ |
57,892 |
|
Accounts receivable,
net |
|
26,659 |
|
|
28,177 |
|
Inventories |
|
24,996 |
|
|
25,611 |
|
Property and equipment,
net |
|
57,559 |
|
|
64,753 |
|
Intangible assets,
net |
|
272,798 |
|
|
340,559 |
|
Goodwill |
|
463,465 |
|
|
561,656 |
|
Other assets (a) |
|
35,835 |
|
|
43,080 |
|
Total assets |
|
$ |
962,314 |
|
|
$ |
1,121,728 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued liabilities |
|
$ |
157,693 |
|
|
$ |
172,263 |
|
Debt (a) |
|
276,306 |
|
|
294,946 |
|
Deferred tax
liabilities, net |
|
85,932 |
|
|
112,769 |
|
Other liabilities |
|
14,656 |
|
|
14,219 |
|
Total liabilities |
|
534,587 |
|
|
594,197 |
|
Total equity |
|
427,727 |
|
|
527,531 |
|
Total liabilities and
equity |
|
$ |
962,314 |
|
|
$ |
1,121,728 |
|
|
|
|
|
|
(a) -
During the first quarter of 2016, the company adopted the
accounting guidance related to the presentation of debt issuance
costs. The December 31, 2015 balance sheet includes a
reclassification of $5.1 million of debt issuance costs from Other
assets to Debt. |
FTD COMPANIES, INC.UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in
thousands) |
|
|
|
|
|
Quarter Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Cash flows from
operating activities: |
|
|
|
|
|
|
|
Net income/(loss) |
$ |
(86,448 |
) |
|
$ |
(82,558 |
) |
|
$ |
(83,191 |
) |
|
$ |
(80,142 |
) |
Adjustments to
reconcile net income/(loss) to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
21,597 |
|
|
21,986 |
|
|
85,099 |
|
|
85,251 |
|
Impairment of goodwill and intangible assets |
84,000 |
|
|
85,000 |
|
|
84,000 |
|
|
85,000 |
|
Stock-based compensation |
6,182 |
|
|
4,708 |
|
|
16,985 |
|
|
12,912 |
|
Provision
for doubtful accounts receivable |
487 |
|
|
375 |
|
|
3,423 |
|
|
1,690 |
|
Accretion
of discounts and amortization of deferred financing and debt issue
costs |
340 |
|
|
340 |
|
|
1,360 |
|
|
1,360 |
|
Impairment of fixed assets |
325 |
|
|
— |
|
|
723 |
|
|
1,282 |
|
Deferred
taxes, net |
(11,473 |
) |
|
(8,876 |
) |
|
(25,992 |
) |
|
(17,984 |
) |
Excess
tax/(benefits) shortfalls from equity awards |
297 |
|
|
42 |
|
|
705 |
|
|
(269 |
) |
Gains on
life insurance |
— |
|
|
— |
|
|
(1,583 |
) |
|
— |
|
Other,
net |
57 |
|
|
1 |
|
|
133 |
|
|
45 |
|
Changes
in operating assets and liabilities, net of acquisition related
purchase accounting adjustments: |
|
|
|
|
|
|
|
Accounts
receivable, net |
(580 |
) |
|
1,245 |
|
|
(2,371 |
) |
|
3,837 |
|
Inventories |
2,486 |
|
|
3,623 |
|
|
461 |
|
|
701 |
|
Prepaid
expenses and other assets |
(5,025 |
) |
|
(5,310 |
) |
|
598 |
|
|
3,518 |
|
Accounts
payable and accrued liabilities |
62,233 |
|
|
60,407 |
|
|
(11,068 |
) |
|
1,169 |
|
Income
taxes receivable or payable |
4,762 |
|
|
7,493 |
|
|
6,751 |
|
|
(3,990 |
) |
Other
liabilities |
301 |
|
|
(3,801 |
) |
|
(946 |
) |
|
(12,675 |
) |
Net cash
provided by operating activities |
79,541 |
|
|
84,675 |
|
|
75,087 |
|
|
81,705 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
Purchases
of property and equipment and intangible assets |
(6,485 |
) |
|
(7,495 |
) |
|
(18,503 |
) |
|
(18,255 |
) |
Proceeds
from life insurance |
— |
|
|
— |
|
|
1,946 |
|
|
— |
|
Cash paid
for acquisitions, net of cash acquired |
— |
|
|
— |
|
|
— |
|
|
(9,935 |
) |
Net cash
used for investing activities |
(6,485 |
) |
|
(7,495 |
) |
|
(16,557 |
) |
|
(28,190 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
Proceeds
from issuance of long-term debt |
— |
|
|
10,000 |
|
|
— |
|
|
10,000 |
|
Payments
on long-term debt |
(5,000 |
) |
|
(15,000 |
) |
|
(20,000 |
) |
|
(50,000 |
) |
Exercise
of stock options and purchases from employee stock plans |
933 |
|
|
1,159 |
|
|
2,237 |
|
|
1,644 |
|
Repurchases of common stock |
(3,843 |
) |
|
(30,584 |
) |
|
(17,523 |
) |
|
(52,605 |
) |
Excess
tax benefits/(shortfalls) from equity awards |
(297 |
) |
|
(42 |
) |
|
(705 |
) |
|
269 |
|
Net cash
used for financing activities |
(8,207 |
) |
|
(34,467 |
) |
|
(35,991 |
) |
|
(90,692 |
) |
Effect of foreign
currency exchange rate changes on cash and cash equivalents |
(39 |
) |
|
80 |
|
|
571 |
|
|
(526 |
) |
Change in cash and cash
equivalents |
64,810 |
|
|
42,793 |
|
|
23,110 |
|
|
(37,703 |
) |
Cash and cash
equivalents, beginning of period |
16,192 |
|
|
15,099 |
|
|
57,892 |
|
|
95,595 |
|
Cash and cash
equivalents, end of period |
$ |
81,002 |
|
|
$ |
57,892 |
|
|
$ |
81,002 |
|
|
$ |
57,892 |
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow
Information: |
|
|
|
|
|
|
|
Cash paid
for interest |
$ |
1,792 |
|
|
$ |
1,860 |
|
|
$ |
7,556 |
|
|
$ |
7,948 |
|
Cash paid
for income taxes, net |
1,284 |
|
|
581 |
|
|
13,972 |
|
|
21,277 |
|
Cash paid
for restructuring and other exit costs |
380 |
|
|
969 |
|
|
2,374 |
|
|
5,361 |
|
Cash
paid/(received) for litigation and dispute settlement charges |
777 |
|
|
(1,328 |
) |
|
383 |
|
|
1,494 |
|
Cash paid
for transaction-related costs |
759 |
|
|
508 |
|
|
2,802 |
|
|
7,360 |
|
FTD COMPANIES, INC.UNAUDITED
SEGMENT INFORMATION(in thousands, except average
order value, average revenues per member, and average currency
exchange rates) |
|
|
|
|
|
|
|
Quarter Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Consumer: |
|
|
|
|
|
|
|
|
Segment
revenues |
|
$ |
70,532 |
|
|
$ |
76,267 |
|
|
$ |
291,275 |
|
|
$ |
321,413 |
|
Segment operating
income (1) |
|
$ |
7,884 |
|
|
$ |
8,936 |
|
|
$ |
30,210 |
|
|
$ |
36,804 |
|
Consumer orders
(2) |
|
932 |
|
|
1,012 |
|
|
3,821 |
|
|
4,229 |
|
Average order value
(3) |
|
$ |
71.05 |
|
|
$ |
70.86 |
|
|
$ |
71.76 |
|
|
$ |
70.83 |
|
|
|
|
|
|
|
|
|
|
Provide
Commerce: |
|
|
|
|
|
|
|
|
Segment
revenues |
|
$ |
138,982 |
|
|
$ |
143,077 |
|
|
$ |
529,733 |
|
|
$ |
583,326 |
|
Segment operating
income (1) |
|
$ |
13,108 |
|
|
$ |
12,495 |
|
|
$ |
40,514 |
|
|
$ |
41,802 |
|
Consumer orders
(2) |
|
3,692 |
|
|
3,748 |
|
|
11,472 |
|
|
12,549 |
|
Average order value
(3) |
|
$ |
37.09 |
|
|
$ |
37.60 |
|
|
$ |
45.50 |
|
|
$ |
46.02 |
|
|
|
|
|
|
|
|
|
|
Florist: |
|
|
|
|
|
|
|
|
Segment
revenues |
|
$ |
39,926 |
|
|
$ |
39,860 |
|
|
$ |
166,881 |
|
|
$ |
165,782 |
|
Segment operating
income (1) |
|
$ |
11,684 |
|
|
$ |
10,835 |
|
|
$ |
48,406 |
|
|
$ |
47,162 |
|
Average revenues per
member (4) |
|
$ |
3,550 |
|
|
$ |
3,348 |
|
|
$ |
14,425 |
|
|
$ |
13,493 |
|
|
|
|
|
|
|
|
|
|
International: |
|
|
|
|
|
|
|
|
Segment
revenues (in USD) |
|
$ |
35,854 |
|
|
$ |
43,109 |
|
|
$ |
152,700 |
|
|
$ |
166,916 |
|
Segment
revenues (in GBP) |
|
£ |
28,860 |
|
|
£ |
28,475 |
|
|
£ |
112,330 |
|
|
£ |
109,445 |
|
Segment operating
income (in USD) (1) |
|
$ |
3,903 |
|
|
$ |
4,051 |
|
|
$ |
19,128 |
|
|
$ |
18,380 |
|
Consumer orders
(2) |
|
711 |
|
|
722 |
|
|
2,690 |
|
|
2,694 |
|
Average order value (in
USD) (3) |
|
$ |
41.67 |
|
|
$ |
49.59 |
|
|
$ |
46.67 |
|
|
$ |
50.94 |
|
Average order value (in
GBP) (3) |
|
£ |
33.57 |
|
|
£ |
32.77 |
|
|
£ |
34.36 |
|
|
£ |
33.41 |
|
Average
currency exchange rate: GBP to USD |
|
1.24 |
|
|
1.51 |
|
|
1.36 |
|
|
1.53 |
|
FTD COMPANIES,
INC.UNAUDITED RECONCILIATIONS(in
thousands)
The following tables contain reconciliations of
Adjusted EBITDA, Free Cash Flow, and Adjusted Net Income to
financial measures reported in accordance with Generally Accepted
Accounting Principles (“GAAP”).
RECONCILIATION OF SEGMENT OPERATING INCOME TO
NET INCOMEAND NET INCOME TO ADJUSTED
EBITDA |
|
|
|
|
|
Quarter Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
2014 |
Segment
Operating Income/(Loss) (1) : |
|
|
|
|
|
|
|
|
|
Consumer |
$ |
7,884 |
|
|
$ |
8,936 |
|
|
$ |
30,210 |
|
|
$ |
36,804 |
|
|
$ |
31,310 |
|
Provide
Commerce |
13,108 |
|
|
12,495 |
|
|
40,514 |
|
|
41,802 |
|
|
— |
|
Florist |
11,684 |
|
|
10,835 |
|
|
48,406 |
|
|
47,162 |
|
|
47,077 |
|
International |
3,903 |
|
|
4,051 |
|
|
19,128 |
|
|
18,380 |
|
|
18,544 |
|
Unallocated
expenses |
(20,385 |
) |
|
(10,348 |
) |
|
(49,899 |
) |
|
(46,600 |
) |
|
(39,012 |
) |
Impairment of goodwill
and intangible assets |
(84,000 |
) |
|
(85,000 |
) |
|
(84,000 |
) |
|
(85,000 |
) |
|
— |
|
Depreciation and
amortization |
(21,597 |
) |
|
(21,986 |
) |
|
(85,099 |
) |
|
(85,251 |
) |
|
(21,759 |
) |
Operating
income/(loss) |
(89,403 |
) |
|
(81,017 |
) |
|
(80,740 |
) |
|
(72,703 |
) |
|
36,160 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net |
(2,332 |
) |
|
(2,248 |
) |
|
(9,195 |
) |
|
(9,243 |
) |
|
(5,474 |
) |
Other income/(expense),
net |
(126 |
) |
|
129 |
|
|
1,678 |
|
|
686 |
|
|
330 |
|
(Provision)/benefit for
income taxes |
5,413 |
|
|
578 |
|
|
5,066 |
|
|
1,118 |
|
|
(9,488 |
) |
Net income/(loss) (GAAP Basis) |
$ |
(86,448 |
) |
|
$ |
(82,558 |
) |
|
$ |
(83,191 |
) |
|
$ |
(80,142 |
) |
|
$ |
21,528 |
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) (GAAP Basis) |
$ |
(86,448 |
) |
|
$ |
(82,558 |
) |
|
$ |
(83,191 |
) |
|
$ |
(80,142 |
) |
|
$ |
21,528 |
|
Interest expense,
net |
2,332 |
|
|
2,248 |
|
|
9,195 |
|
|
9,243 |
|
|
5,474 |
|
Provision/(benefit) for
income taxes |
(5,413 |
) |
|
(578 |
) |
|
(5,066 |
) |
|
(1,118 |
) |
|
9,488 |
|
Depreciation and
amortization |
21,597 |
|
|
21,986 |
|
|
85,099 |
|
|
85,251 |
|
|
21,759 |
|
Stock-based
compensation |
2,818 |
|
|
4,708 |
|
|
13,621 |
|
|
12,912 |
|
|
7,351 |
|
Transaction-related
costs |
1,345 |
|
|
340 |
|
|
3,657 |
|
|
6,678 |
|
|
12,410 |
|
Litigation and dispute
settlement charges/(gains)
|
23 |
|
|
— |
|
|
763 |
|
|
(446 |
) |
|
2,642 |
|
Impairment of goodwill
and intangible assets |
84,000 |
|
|
85,000 |
|
|
84,000 |
|
|
85,000 |
|
|
— |
|
Restructuring and other
exit costs |
9,528 |
|
|
158 |
|
|
11,758 |
|
|
6,065 |
|
|
220 |
|
Adjusted EBITDA (5) |
$ |
29,782 |
|
|
$ |
31,304 |
|
|
$ |
119,836 |
|
|
$ |
123,443 |
|
|
$ |
80,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET CASH PROVIDED BY
OPERATING ACTIVITIES TO FREE CASH FLOW |
|
|
|
|
|
Quarter Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
2014 |
Net cash
provided by operating activities (GAAP
Basis) |
$ |
79,541 |
|
|
$ |
84,675 |
|
|
$ |
75,087 |
|
|
$ |
81,705 |
|
|
$ |
46,717 |
|
Capital
expenditures |
(6,485 |
) |
|
(7,495 |
) |
|
(18,503 |
) |
|
(18,255 |
) |
|
(7,486 |
) |
Cash paid
for transaction-related costs |
759 |
|
|
508 |
|
|
2,802 |
|
|
7,360 |
|
|
11,330 |
|
Cash
paid/(received) for litigation and dispute settlement charges and
gains |
777 |
|
|
(1,328 |
) |
|
383 |
|
|
1,494 |
|
|
35 |
|
Cash paid
for restructuring and other exit costs |
380 |
|
|
969 |
|
|
2,374 |
|
|
5,361 |
|
|
370 |
|
Free Cash Flow (6) |
$ |
74,972 |
|
|
$ |
77,329 |
|
|
$ |
62,143 |
|
|
$ |
77,665 |
|
|
$ |
50,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET INCOME TO ADJUSTED NET
INCOME |
|
|
|
|
|
Quarter Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
2014 |
Net
income/(loss), as reported (GAAP Basis) |
$ |
(86,448 |
) |
|
$ |
(82,558 |
) |
|
$ |
(83,191 |
) |
|
$ |
(80,142 |
) |
|
$ |
21,528 |
|
Stock-based compensation |
2,818 |
|
|
4,708 |
|
|
13,621 |
|
|
12,912 |
|
|
7,351 |
|
Amortization of intangible assets |
15,177 |
|
|
15,427 |
|
|
61,050 |
|
|
61,481 |
|
|
11,769 |
|
Transaction-related costs |
1,345 |
|
|
340 |
|
|
3,657 |
|
|
6,678 |
|
|
12,410 |
|
Litigation and dispute settlement charges/(gains) |
23 |
|
|
— |
|
|
763 |
|
|
(446 |
) |
|
2,642 |
|
Impairment of goodwill and intangible assets |
84,000 |
|
|
85,000 |
|
|
84,000 |
|
|
85,000 |
|
|
— |
|
Restructuring and other exit costs |
9,528 |
|
|
158 |
|
|
11,758 |
|
|
6,065 |
|
|
220 |
|
Loss on
extinguishment of debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
101 |
|
Income
tax effect of adjustments to net income/(loss)
|
(13,185 |
) |
|
(7,873 |
) |
|
(36,054 |
) |
|
(32,587 |
) |
|
(10,538 |
) |
Adjusted Net Income (7) |
$ |
13,258 |
|
|
$ |
15,202 |
|
|
$ |
55,604 |
|
|
$ |
58,961 |
|
|
$ |
45,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMMATERIAL RESTATEMENT OF PRIOR PERIOD
FINANCIAL STATEMENTS
Subsequent to the issuance of the Company’s
consolidated financial statements for the quarterly period ended
September 30, 2016, the Company identified immaterial errors that
were the result of an incorrect assessment of certain cross-border
indirect taxes and required an immaterial restatement of the
Company's previously issued consolidated financial statements for
the years ended December 31, 2015 and 2014 and for the quarters
within the years ended December 31, 2016 and 2015.
The impact of these errors in the prior years are
not material to the consolidated financial statements in any of
these years; however, the aggregate impact of correcting these
prior period errors all within the year ended December 31, 2016
would have been material to the Company's current year consolidated
financial statements. Consequently, the Company has corrected these
immaterial errors in the periods to which they relate.
The revisions to our consolidated statements of
operations for the years ended December 31, 2015 and 2014 were as
follows:
|
For the Year Ended December 31, |
|
2015 |
|
2014 |
|
As Reported |
|
As Revised |
|
As Reported |
|
As Revised |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share
amounts) |
Revenues: |
|
|
|
|
|
|
|
Products |
$ |
1,082,637 |
|
|
$ |
1,081,217 |
|
|
$ |
502,615 |
|
|
$ |
501,107 |
|
Total
revenues |
1,219,753 |
|
|
1,218,333 |
|
|
640,513 |
|
|
639,005 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Cost of
revenues—products |
748,020 |
|
|
747,046 |
|
|
384,382 |
|
|
383,339 |
|
General
and administrative |
122,239 |
|
|
123,244 |
|
|
74,943 |
|
|
75,922 |
|
Total
operating expenses |
1,291,005 |
|
|
1,291,036 |
|
|
602,909 |
|
|
602,845 |
|
Operating
income/(loss) |
(71,252 |
) |
|
(72,703 |
) |
|
37,604 |
|
|
36,160 |
|
Income/(loss) before
income taxes |
(79,809 |
) |
|
(81,260 |
) |
|
32,460 |
|
|
31,016 |
|
Provision/(benefit) for
income taxes |
(983 |
) |
|
(1,118 |
) |
|
9,630 |
|
|
9,488 |
|
Net income/(loss) |
$ |
(78,826 |
) |
|
$ |
(80,142 |
) |
|
$ |
22,830 |
|
|
$ |
21,528 |
|
Earnings/(loss) per
common share |
|
|
|
|
|
|
|
Basic
earnings/(loss) per share |
$ |
(2.74 |
) |
|
$ |
(2.79 |
) |
|
$ |
1.18 |
|
|
$ |
1.11 |
|
Diluted
earnings/(loss) per share |
$ |
(2.74 |
) |
|
$ |
(2.79 |
) |
|
$ |
1.17 |
|
|
$ |
1.11 |
|
The revisions to our consolidated balance sheet as
of December 31, 2015 were as follows:
|
As Reported |
|
As Revised |
|
|
|
|
|
|
|
|
|
(in thousands) |
Accrued
liabilities |
$ |
54,087 |
|
|
$ |
68,622 |
|
Income taxes
payable |
840 |
|
|
— |
|
Total
current liabilities |
183,989 |
|
|
197,684 |
|
Total
liabilities |
580,502 |
|
|
594,197 |
|
Accumulated
deficit |
(52,119 |
) |
|
(67,000 |
) |
Accumulated other
comprehensive loss |
(35,216 |
) |
|
(34,030 |
) |
Total
stockholders’ equity |
541,226 |
|
|
527,531 |
|
Total
liabilities and stockholders’ equity
|
$ |
1,121,728 |
|
|
$ |
1,121,728 |
|
The revisions to the consolidated statement of cash
flows include a decrease in cash flows provided by operating
activities of $1.9 million and $0.6 million, respectively, for the
years ended December 31, 2015 and 2014 and an increase from the
effect of foreign currency exchange rate changes on cash and cash
equivalents from operating activities of $1.9 million and $0.6
million, respectively. The revisions had no impact on cash flows
from investing activities or cash flows from financing activities
for the years ended December 31, 2015 and 2014.
The revisions to the Company's consolidated
statements of comprehensive income/(loss) were as follows:
|
For the Year Ended December 31, |
|
2015 |
|
2014 |
|
As Reported |
|
As Revised |
|
As Reported |
|
As Revised |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except per share
amounts) |
Net income/(loss) |
$ |
(78,826 |
) |
|
$ |
(80,142 |
) |
|
$ |
22,830 |
|
|
$ |
21,528 |
|
Other comprehensive
loss: |
|
|
|
|
|
|
|
Foreign
currency translation |
(7,490 |
) |
|
(6,868 |
) |
|
(9,075 |
) |
|
(8,409 |
) |
Other comprehensive
loss |
(7,381 |
) |
|
(6,759 |
) |
|
(9,608 |
) |
|
(8,942 |
) |
Total comprehensive
income/(loss) |
$ |
(86,207 |
) |
|
$ |
(86,901 |
) |
|
$ |
13,222 |
|
|
$ |
12,586 |
|
The revisions to the consolidated statement of
stockholders' equity include the change to net income/(loss) and
the changes to other comprehensive loss, as noted above, and a
$12.4 million revision to beginning retained earnings as of January
1, 2014.
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