Annual report pursuant to Section 13 and 15(d)

Consolidating Guarantor Financial Information Consolidating Guarantor Financial Information (Tables)

v3.3.1.900
Consolidating Guarantor Financial Information Consolidating Guarantor Financial Information (Tables)
12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Balance Sheet
 
 
As of December 31, 2015
 
 
Parent Issuer
 
Subsidiary Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
1,513

 
1,067

 

 

 
$
2,580

Restricted cash
 
55

 

 

 

 
55

Trade receivables, net
 
13,224

 
398

 

 

 
13,622

Prepaid and other current assets
 
30,542

 
1,807

 

 
(22,459
)
 
9,890

Total current assets
 
45,334

 
3,272

 

 
(22,459
)
 
26,147

 
 
 
 
 
 
 
 
 
 
 
Investment in subsidiaries
 
43,920

 

 

 
(43,920
)
 

Property and equipment, net
 
25,842

 
812

 

 

 
26,654

Subscriber accounts, net
 
1,390,493

 
33,045

 

 

 
1,423,538

Dealer network and other intangible assets, net
 
25,462

 
1,192

 

 

 
26,654

Goodwill
 
527,191

 
36,358

 

 

 
563,549

Other assets, net
 
3,718

 
7

 

 

 
3,725

Total assets
 
$
2,061,960

 
74,686

 

 
(66,379
)
 
$
2,070,267

 
 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholder's Equity
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
7,383

 
1,238

 

 

 
$
8,621

Accrued payroll and related liabilities
 
2,894

 
585

 

 

 
3,479

Other accrued liabilities
 
32,224

 
22,757

 

 
(22,459
)
 
32,522

Deferred revenue
 
15,151

 
1,056

 

 

 
16,207

Holdback liability
 
15,986

 
400

 

 

 
16,386

Current portion of long-term debt
 
5,500

 

 

 

 
5,500

Total current liabilities
 
79,138

 
26,036

 

 
(22,459
)
 
82,715

 
 
 
 
 
 
 
 
 
 
 
Non-current liabilities:
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
1,739,147

 

 

 

 
1,739,147

Long-term holdback instruments
 
3,786

 

 

 

 
3,786

Derivative financial instruments
 
13,470

 

 

 

 
13,470

Deferred income tax liability, net
 
12,391

 
800

 

 

 
13,191

Other liabilities
 
12,963

 
3,930

 

 

 
16,893

Total liabilities
 
1,860,895

 
30,766

 

 
(22,459
)
 
1,869,202

 
 
 
 
 
 
 
 
 
 
 
Total stockholder's equity
 
201,065

 
43,920

 

 
(43,920
)
 
201,065

Total liabilities and stockholder's equity
 
2,061,960

 
74,686

 

 
(66,379
)
 
2,070,267

Condensed Income Statement and Comprehensive Income (Loss)
 
 
Year Ended December 31, 2015
 
 
Parent Issuer
 
Subsidiary Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
Net revenue
 
$
546,597

 
16,759

 

 

 
$
563,356

 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
Cost of services
 
100,233

 
10,013

 

 

 
110,246

Selling, general, and administrative, including stock-based compensation
 
86,683

 
19,604

 

 

 
106,287

Radio conversion costs
 
14,369

 

 

 

 
14,369

Amortization of subscriber accounts, dealer network and other intangible assets
 
253,773

 
4,895

 

 

 
258,668

Depreciation
 
9,960

 
106

 

 

 
10,066

Gain on disposal of operating assets
 
(5
)
 

 

 

 
(5
)
 
 
465,013

 
34,618

 

 

 
499,631

Operating income (loss)
 
81,584

 
(17,859
)
 

 

 
63,725

 
 
 
 
 
 
 
 
 
 
 
Other expense:
 
 
 
 
 
 
 
 
 
 
Equity in loss of subsidiaries
 
18,689

 

 

 
(18,689
)
 

Interest expense
 
125,394

 
21

 

 

 
125,415

Refinancing expense
 
4,468

 

 

 

 
4,468

 
 
148,551

 
21

 

 
(18,689
)
 
129,883

Loss before expense
 
(66,967
)
 
(17,880
)
 

 
18,689

 
(66,158
)
Income tax expense
 
5,481

 
809

 

 

 
6,290

Net loss
 
(72,448
)
 
(18,689
)
 

 
18,689

 
(72,448
)
Other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
Unrealized loss on derivative contracts
 
(8,741
)
 

 

 

 
(8,741
)
Total other comprehensive loss
 
(81,189
)
 
(18,689
)
 

 
18,689

 
(81,189
)
Condensed Cash Flow Statement
 
 
Year Ended December 31, 2015
 
 
Parent Issuer
 
Subsidiary Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net cash provided by operating activities
 
$
201,159

 
7,685

 

 

 
$
208,844

Investing activities:
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
(11,866
)
 
(556
)
 

 

 
(12,422
)
Cost of subscriber accounts acquired
 
(260,256
)
 
(6,302
)
 

 

 
(266,558
)
Cash paid for acquisition, net of cash acquired
 
(56,778
)
 

 

 

 
(56,778
)
Increase in restricted cash
 
(37
)
 

 

 

 
(37
)
Proceeds from sale of assets
 
5

 
 
 
 
 
 
 
5

Net cash used in investing activities
 
(328,932
)
 
(6,858
)
 

 

 
(335,790
)
Financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from long-term debt
 
778,000

 

 

 

 
778,000

Payments on long-term debt
 
(666,640
)
 

 

 

 
(666,640
)
Refinance costs
 
(6,477
)
 
 
 
 
 
 
 
(6,477
)
Contributions from Ascent Capital
 
22,690

 
 
 
 
 
 
 
22,690

 
 
127,573

 

 

 

 
127,573

Net increase in cash and cash equivalents
 
(200
)
 
827

 

 

 
627

Cash and cash equivalents at beginning of period
 
1,713

 
240

 

 

 
1,953

Cash and cash equivalents at end of period
 
$
1,513

 
1,067

 

 

 
$
2,580