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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to            

Commission File Number: 001-35883

 

SeaWorld Entertainment, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

27-1220297

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

6240 Sea Harbor Drive  

Orlando, Florida

 

 

32821

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (407) 226-5011

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

SEAS

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

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.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The registrant had outstanding 77,272,923 shares of Common Stock, par value $0.01 per share as of November 9, 2021.

 


 

SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

FORM 10-Q

TABLE OF CONTENTS

 

 

 

Page No.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

1

 

 

 

 

 

PART I.

 

FINANCIAL INFORMATION

 

3

 

 

 

 

 

Item 1.

 

Unaudited Condensed Consolidated Financial Statements

 

3

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Balance Sheets

 

3

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)

 

4

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ (Deficit) Equity

 

5

 

 

 

 

 

 

 

Unaudited Condensed Consolidated Statements of Cash Flows

 

7

 

 

 

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

8

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

24

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

38

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

39

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

40

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

40

 

 

 

 

 

Item 1A.

 

Risk Factors

 

40

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

41

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

41

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

41

 

 

 

 

 

Item 5.

 

Other Information

 

41

 

 

 

 

 

Item 6.

 

Exhibits

 

42

 

 

 

 

 

 

 

Signatures

 

43

 

 

 


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical information, this Quarterly Report on Form 10-Q may contain “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts, including statements concerning our plans, objectives, goals, beliefs, business strategies, future events, business conditions, our results of operations, financial position and our business outlook, business trends and other information, may be forward-looking statements. Words such as “might,” “will,” “may,” “should,” “estimates,” “expects,” “continues,” “contemplates,” “anticipates,” “projects,” “plans,” “potential,” “predicts,” “intends,” “believes,” “forecasts,” “future,” “targeted,” “goal” and variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not historical facts, and are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations, beliefs, estimates and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q. Such risks, uncertainties and other important factors that could cause actual results to differ materially include, among others, the risks, uncertainties and factors set forth under “Item 1A.  Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “Annual Report on Form 10-K”), filed with the Securities and Exchange Commission (the “SEC”), and under “Part II, Item 1A., Risk Factors” in this Quarterly Report on Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC, including this report, and are accessible on the SEC’s website at www.sec.gov, including the following:

 

the effects of the global Coronavirus (“COVID-19”) pandemic, or any related mutations of the virus on our business and the economy in general;

 

complex federal and state regulations governing the treatment of animals, which can change, and claims and lawsuits by activist groups before government regulators and in the courts;

 

activist and other third-party groups and/or media can pressure governmental agencies, vendors, partners, and/or regulators, bring action in the courts or create negative publicity about us;

 

various factors beyond our control adversely affecting attendance and guest spending at our theme parks, including, but not limited to, weather, natural disasters, foreign exchange rates, consumer confidence, the potential spread of travel-related health concerns including pandemics and epidemics, travel related concerns, and governmental actions;

 

incidents or adverse publicity concerning our theme parks, the theme park industry and/or zoological facilities;

 

a decline in discretionary consumer spending or consumer confidence;

 

a significant portion of our revenues have historically been generated in the States of Florida, California and Virginia, and any risks affecting such markets, such as natural disasters, closures due to pandemics, severe weather and travel-related disruptions or incidents;

 

seasonal fluctuations in operating results;

 

inability to compete effectively in the highly competitive theme park industry;

 

interactions between animals and our employees and our guests at attractions at our theme parks;

 

animal exposure to infectious disease;

 

high fixed cost structure of theme park operations;

 

changing consumer tastes and preferences;

 

cyber security risks and failure to maintain the integrity of internal or guest data;

 

technology interruptions or failures that impair access to our websites and/or information technology systems;

 

increased labor costs, including minimum wage increases, and employee health and welfare benefits;

 

inability to grow our business or fund theme park capital expenditures;

 

adverse litigation judgments or settlements;

 

inability to protect our intellectual property or the infringement on intellectual property rights of others;

 

the loss of licenses and permits required to exhibit animals or the violation of laws and regulations;

 

loss of key personnel;

 

unionization activities and/or labor disputes;

 

inability to meet workforce needs, including our ability to attract and retain employees as well as potential incremental costs that may be associated with U.S. government vaccine mandates and related testing protocols;

 

inability to realize the benefits of developments, restructurings, acquisitions or other strategic initiatives, and the impact of the costs associated with such activities;

1


 

inability to maintain certain commercial licenses;

 

restrictions in our debt agreements limiting flexibility in operating our business;

 

changes in the method for determining LIBOR and the potential replacement of LIBOR may affect our cost of capital;

 

inability to retain our current credit ratings;

 

our substantial leverage;

 

inadequate insurance coverage;

 

inability to purchase or contract with third party manufacturers for rides and attractions or construction delays;

 

environmental regulations, expenditures and liabilities;

 

suspension or termination of any of our business licenses, including by legislation at federal, state or local levels;

 

delays, restrictions or inability to obtain or maintain permits;

 

financial distress of strategic partners or other counterparties;

 

changes to immigration, foreign trade, investments and/or other policies;

 

inability to realize the full value of our intangible assets;

 

changes in tax laws;

 

tariffs or other trade restrictions;

 

actions of activist stockholders;

 

the ability of Hill Path Capital LP to significantly influence our decisions;

 

changes or declines in our stock price, as well as the risk that securities analysts could downgrade our stock or our sector; and

 

risks associated with our capital allocation plans and share repurchases, including the risk that our share repurchase program could increase volatility and fail to enhance stockholder value.

We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. There can be no assurance that (i) we have correctly measured or identified all of the factors affecting our business or the extent of these factors’ likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct or (iv) our strategy, which is based in part on this analysis, will be successful. All forward-looking statements in this Quarterly Report on Form 10-Q apply only as of the date of this Quarterly Report on Form 10-Q or as of the date they were made or as otherwise specified herein and, except as required by applicable law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise.

All references to “we,” “us,” “our,” “Company” or “SeaWorld” in this Quarterly Report on Form 10-Q mean SeaWorld Entertainment, Inc., its subsidiaries and affiliates. 

Website and Social Media Disclosure

We use our websites (www.seaworldentertainment.com and www.seaworldinvestors.com) and our corporate Twitter account (@SeaWorld) as channels of distribution of Company information.  The information we post through these channels may be deemed material.  Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts.  In addition, you may automatically receive e-mail alerts and other information about SeaWorld when you enroll your e-mail address by visiting the “E-mail Alerts” section of our website at www.seaworldinvestors.com. The contents of our website and social media channels are not, however, a part of this Quarterly Report on Form 10-Q.

Trademarks, Service Marks and Trade Names

We own or have rights to use a number of registered and common law trademarks, service marks and trade names in connection with our business in the United States and in certain foreign jurisdictions, including SeaWorld Entertainment, SeaWorld Parks & Entertainment, SeaWorld®, Shamu®, Busch Gardens®, Aquatica®, Discovery Cove®, Sea Rescue® and other names and marks that identify our theme parks, characters, rides, attractions and other businesses. In addition, we have certain rights to use Sesame Street® marks, characters and related indicia through our license agreement with Sesame Workshop.

Solely for convenience, the trademarks, service marks, and trade names referred to hereafter in this Quarterly Report on Form 10-Q are without the ® and ™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks, and trade names. This Quarterly Report on Form 10-Q may contain additional trademarks, service marks and trade names of others, which are the property of their respective owners. All trademarks, service marks and trade names appearing in this Quarterly Report on Form 10-Q are, to our knowledge, the property of their respective owners.

2


PART I — FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

553,570

 

 

$

433,909

 

Accounts receivable, net

 

 

86,513

 

 

 

30,410

 

Inventories

 

 

25,870

 

 

 

30,700

 

Prepaid expenses and other current assets

 

 

15,056

 

 

 

12,418

 

Total current assets

 

 

681,009

 

 

 

507,437

 

Property and equipment, at cost

 

 

3,344,208

 

 

 

3,272,705

 

Accumulated depreciation

 

 

(1,710,939

)

 

 

(1,611,745

)

Property and equipment, net

 

 

1,633,269

 

 

 

1,660,960

 

Goodwill

 

 

66,278

 

 

 

66,278

 

Trade names/trademarks, net

 

 

157,000

 

 

 

157,000

 

Right of use assets-operating leases

 

 

132,977

 

 

 

136,572

 

Deferred tax assets, net

 

 

24,565

 

 

 

22,847

 

Other assets, net

 

 

16,123

 

 

 

15,264

 

Total assets

 

$

2,711,221

 

 

$

2,566,358

 

Liabilities and Stockholders’ Equity (Deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

140,584

 

 

$

105,369

 

Current maturities of long-term debt

 

 

12,000

 

 

 

15,505

 

Operating lease liabilities

 

 

3,037

 

 

 

3,757

 

Accrued salaries, wages and benefits

 

 

22,368

 

 

 

10,781

 

Deferred revenue

 

 

173,431

 

 

 

130,759

 

Other accrued liabilities

 

 

55,426

 

 

 

50,950

 

Total current liabilities

 

 

406,846

 

 

 

317,121

 

Long-term debt, net

 

 

2,106,366

 

 

 

2,177,137

 

Long-term operating lease liabilities

 

 

117,582

 

 

 

120,144

 

Deferred tax liabilities, net

 

 

26,382

 

 

 

15,772

 

Other liabilities

 

 

42,568

 

 

 

41,987

 

Total liabilities

 

 

2,699,744

 

 

 

2,672,161

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

Stockholders’ Equity (Deficit):

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at September 30, 2021 and December 31, 2020

 

 

 

 

 

 

Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 95,419,927 and 94,652,248 shares issued at September 30, 2021 and December 31, 2020, respectively

 

 

954

 

 

 

946

 

Additional paid-in capital

 

 

695,374

 

 

 

680,360

 

Accumulated deficit

 

 

(186,825

)

 

 

(371,800

)

Treasury stock, at cost (17,794,246 and 16,260,248 shares at September 30, 2021

   and December 31, 2020, respectively)

 

 

(498,026

)

 

 

(415,309

)

Total stockholders’ equity (deficit)

 

 

11,477

 

 

 

(105,803

)

Total liabilities and stockholders’ equity (deficit)

 

$

2,711,221

 

 

$

2,566,358

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

3


SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)

(In thousands, except per share amounts)

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

296,694

 

 

$

63,087

 

 

$

635,699

 

 

$

163,368

 

Food, merchandise and other

 

 

224,512

 

 

 

43,030

 

 

 

497,211

 

 

 

114,336

 

Total revenues

 

 

521,206

 

 

 

106,117

 

 

 

1,132,910

 

 

 

277,704

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of food, merchandise and other revenues

 

 

37,977

 

 

 

9,298

 

 

 

87,092

 

 

 

23,555

 

Operating expenses (exclusive of depreciation and amortization shown separately below)

 

 

195,113

 

 

 

91,337

 

 

 

460,192

 

 

 

283,385

 

Selling, general and administrative expenses

 

 

53,617

 

 

 

24,335

 

 

 

128,271

 

 

 

72,393

 

Severance and other separation costs

 

 

 

 

 

2,581

 

 

 

1,582

 

 

 

2,655

 

Depreciation and amortization

 

 

36,306

 

 

 

38,052

 

 

 

109,111

 

 

 

114,006

 

Total costs and expenses

 

 

323,013

 

 

 

165,603

 

 

 

786,248

 

 

 

495,994

 

Operating income (loss)

 

 

198,193

 

 

 

(59,486

)

 

 

346,662

 

 

 

(218,290

)

Other (income) expense, net

 

 

(39

)

 

 

(2

)

 

 

156

 

 

 

(15

)

Interest expense

 

 

28,372

 

 

 

28,145

 

 

 

90,455

 

 

 

69,206

 

Loss on early extinguishment of debt and write-off of discounts and debt issuance costs

 

 

58,827

 

 

 

 

 

 

58,827

 

 

 

 

Income (loss) before income taxes

 

 

111,033

 

 

 

(87,629

)

 

 

197,224

 

 

 

(287,481

)

Provision for (benefit from) income taxes

 

 

8,936

 

 

 

(8,392

)

 

 

12,249

 

 

 

(20,696

)

Net income (loss)

 

$

102,097

 

 

$

(79,237

)

 

$

184,975

 

 

$

(266,785

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on derivatives, net of tax

 

 

 

 

 

 

 

 

 

 

 

1,559

 

Comprehensive income (loss)

 

$

102,097

 

 

$

(79,237

)

 

$

184,975

 

 

$

(265,226

)

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share, basic

 

$

1.29

 

 

$

(1.01

)

 

$

2.35

 

 

$

(3.41

)

Earnings (loss) per share, diluted

 

$

1.28

 

 

$

(1.01

)

 

$

2.31

 

 

$

(3.41

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

78,962

 

 

 

78,154

 

 

 

78,804

 

 

 

78,153

 

Diluted

 

 

79,950

 

 

 

78,154

 

 

 

80,065

 

 

 

78,153

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

4


 

SEAWORLD ENTERTAINMENT, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY

(In thousands, except share amounts)

 

 

 

Shares of

Common

Stock

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated Deficit

 

 

Accumulated

Other

Comprehensive

(Loss) Income

 

 

Treasury

Stock,

at Cost

 

 

Total

Stockholders'

Equity (Deficit)

 

Balance at December 31, 2020

 

 

94,652,248

 

 

$

946

 

 

$

680,360

 

 

$

(371,800

)

 

$

 

 

$

(415,309

)

 

$

(105,803

)

Equity-based compensation

 

 

 

 

 

 

 

 

4,473

 

 

 

 

 

 

 

 

 

 

 

 

4,473

 

Vesting of restricted shares

 

 

130,834

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld for tax withholdings

 

 

(41,271

)

 

 

 

 

 

(1,971

)

 

 

 

 

 

 

 

 

 

 

 

(1,971

)

Exercise of stock options

 

 

116,634

 

 

 

1

 

 

 

2,392

 

 

 

 

 

 

 

 

 

 

 

 

2,393

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(44,884

)

 

 

 

 

 

 

 

 

(44,884

)

Balance at March 31, 2021

 

 

94,858,445

 

 

$

948

 

 

$

685,253

 

 

$

(416,684

)

 

$

 

 

$

(415,309

)

 

$

(145,792

)

Equity-based compensation

 

 

 

 

 

 

 

 

5,634

 

 

 

 

 

 

 

 

 

 

 

 

5,634

 

Vesting of restricted shares

 

 

653,146

 

 

 

7

 

 

 

(7

)

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld for tax withholdings

 

 

(213,601

)

 

 

(3

)

 

 

(10,554

)

 

 

 

 

 

 

 

 

 

 

 

(10,557

)

Exercise of stock options

 

 

82,491

 

 

 

1

 

 

 

1,638

 

 

 

 

 

 

 

 

 

 

 

 

1,639

 

Net income

 

 

 

 

 

 

 

 

 

 

 

127,762

 

 

 

 

 

 

 

 

 

127,762

 

Balance at June 30, 2021

 

 

95,380,481

 

 

$

953

 

 

$

681,964

 

 

$

(288,922

)

 

$

 

 

$

(415,309

)

 

$

(21,314

)

Equity-based compensation

 

 

 

 

 

 

 

 

13,049

 

 

 

 

 

 

 

 

 

 

 

 

13,049

 

Vesting of restricted shares

 

 

14,945

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld for tax withholdings

 

 

(3,427

)

 

 

 

 

 

(171

)

 

 

 

 

 

 

 

 

 

 

 

(171

)

Exercise of stock options

 

 

27,928

 

 

 

1

 

 

 

532

 

 

 

 

 

 

 

 

 

 

 

 

533

 

Repurchase of 1,533,998 shares of treasury stock, at cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(82,717

)

 

 

(82,717

)

Net income

 

 

 

 

 

 

 

 

 

 

 

102,097

 

 

 

 

 

 

 

 

 

102,097

 

Balance at September 30, 2021

 

 

95,419,927

 

 

$

954

 

 

$

695,374

 

 

$

(186,825

)

 

$

 

 

$

(498,026

)

 

$

11,477

 

5


 

 

 

 

Shares of

Common

Stock

Issued

 

 

Common

Stock

 

 

Additional

Paid-In

Capital

 

 

Accumulated Deficit

 

 

Accumulated

Other

Comprehensive (Loss)

Income

 

 

Treasury

Stock,

at Cost

 

 

Total

Stockholders'

Equity (Deficit)

 

Balance at December 31, 2019

 

 

94,044,203

 

 

$

940

 

 

$

673,893

 

 

$

(59,479

)

 

$

(1,559

)

 

$

(402,903

)

 

$

210,892

 

Equity-based compensation

 

 

 

 

 

 

 

 

(3,601

)

 

 

 

 

 

 

 

 

 

 

 

(3,601

)

Unrealized gain on derivatives, net of tax

   expense of $254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

704

 

 

 

 

 

 

704

 

Vesting of restricted shares

 

 

410,807

 

 

 

4

 

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

Shares withheld for tax withholdings

 

 

(121,089

)

 

 

(1

)

 

 

(3,159

)

 

 

 

 

 

 

 

 

 

 

 

(3,160

)

Exercise of stock options

 

 

11,096

 

 

 

 

 

 

203

 

 

 

 

 

 

 

 

 

 

 

 

203

 

Adjustments to previous dividend declarations

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Repurchase of 469,785 shares of treasury stock, at cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,406

)

 

 

(12,406

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(56,519

)

 

 

 

 

 

 

 

 

(56,519

)

Balance at March 31, 2020

 

 

94,345,017

 

 

$

943