Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
4 Months Ended 8 Months Ended 12 Months Ended
Dec. 31, 2019
Aug. 31, 2019
Dec. 31, 2020
Dec. 31, 2018
Cash flows from operating activities:        
Net (loss) income $ (33,331) $ 598,413 $ (181,756) $ (678,750)
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 69,693 130,791 217,273 211,639
Depreciation 3,777 7,348 13,844 11,434
Stock-based and long-term incentive compensation 459 912 843 310
Deferred income tax expense (benefit) 99 0 100 (14,087)
Non-cash legal settlement reserve (related insurance recovery) 0 0 0 (2,750)
Amortization of debt discount and deferred debt costs 0 0 0 33,452
Gain on restructuring and reorganization, net of cash payments (8,143) (705,559) 0 0
Unrealized loss on derivative financial instruments, net 0 4,577 0 3,151
Refinancing expense 0 5,214 0 12,238
Bad debt expense 3,828 7,558 8,538 12,300
Goodwill impairment 0 0 81,943 563,549
Other non-cash activity, net 160 (462) 3,788 24
Changes in assets and liabilities:        
Trade receivables (4,077) (6,271) (7,749) (12,776)
Inventories (186) (188) (1,708) (1,373)
Prepaid expenses and other assets (4,478) 2,948 (9,062) (9,673)
Subscriber accounts - deferred contract acquisition costs (585) (2,193) (2,721) (5,418)
Payables and other liabilities 7,141 36,690 5,288 (18,767)
Net cash provided by operating activities 34,357 79,778 128,621 104,503
Cash flows from investing activities:        
Capital expenditures (4,523) (7,100) (14,707) (14,903)
Cost of subscriber accounts acquired (27,325) (83,814) (101,840) (140,450)
Payment to GSSA for assets acquired 0 0 (10,914) 0
Net cash used in investing activities (31,848) (90,914) (127,461) (155,353)
Cash flows from financing activities:        
Proceeds from long-term debt 21,000 253,100 80,000 248,800
Payments on long-term debt (28,556) (379,666) (87,225) (184,100)
Payments of earnout liability 0 0 (2,642) 0
Purchase of interest rate cap (3,020) 0 0 0
Proceeds from equity rights offering 0 161,497 0 0
Cash contributed by Ascent Capital 0 24,139 0 0
Payments of restructuring and reorganization costs (1,572) (13,249) 0 0
Payments of refinancing costs 0 (7,404) 0 (9,682)
Value of shares withheld for share-based compensation 0 (18) 0 (93)
Dividend to Ascent Capital 0 (5,000) 0 (5,000)
Net cash (used in) provided by financing activities (12,148) 33,399 (9,867) 49,925
Net (decrease) increase in cash, cash equivalents and restricted cash (9,639) 22,263 (8,707) (925)
Cash, cash equivalents and restricted cash at beginning of period 24,640 2,377 15,001 3,302
Cash, cash equivalents and restricted cash at end of period $ 15,001 $ 24,640 $ 6,294 $ 2,377