Company Quick10K Filing
Quick10K
Sequential Brands Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.30 65 $19
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
8-K 2019-11-08 Earnings, Regulation FD, Exhibits
8-K 2019-10-01 Officers, Regulation FD, Exhibits
8-K 2019-08-30 Regulation FD, Exhibits
8-K 2019-08-12 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-08-09 Earnings, Regulation FD, Exhibits
8-K 2019-06-10 M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-06-07 Shareholder Vote
8-K 2019-06-05
8-K 2019-06-05 Officers, Exhibits
8-K 2019-05-08 Earnings, Regulation FD, Exhibits
8-K 2019-04-16 Enter Agreement, Impairments, Officers, Regulation FD, Exhibits
8-K 2019-03-06 Earnings, Regulation FD, Exhibits
8-K 2019-02-14 Other Events
8-K 2019-01-16
8-K 2018-11-07 Earnings, Regulation FD, Exhibits
8-K 2018-08-07 Enter Agreement, Earnings, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-06-08 Shareholder Vote
8-K 2018-05-09 Earnings, Regulation FD, Exhibits
8-K 2018-02-28 Earnings, Regulation FD, Exhibits
8-K 2018-02-27 Officers, Exhibits
VFC VF 32,252
CTAS Cintas 27,224
LULU Lululemon 22,135
RL Ralph Lauren 7,189
COLM Columbia Sportswear 6,484
CRI Carters 4,019
DXF Dunxin Financial Holdings 1,802
DLA Delta Apparel 159
JILL J.Jill 87
JRSH Jerash 79
SQBG 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Item 2.Management’S Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 sqbg-20190930ex3110f314b.htm
EX-31.2 sqbg-20190930ex31230bcd5.htm
EX-32.1 sqbg-20190930ex32109ff90.htm

Sequential Brands Group Earnings 2019-09-30

SQBG 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 sqbg-20190930x10q.htm 10-Q sqbg_Current_Folio_10Q

 

 

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, 2019

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 001‑37656

SEQUENTIAL BRANDS GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware

47‑4452789

(State or other jurisdiction of incorporation or

(I.R.S. Employer Identification No.)

organization)

 

 

601 West 26th Street, 9th Floor

New York, New York 10001

(Address of principal executive offices) (Zip Code)

(646) 564‑2577

(Registrant’s telephone number, including area code)

 

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 ☒

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

Title of each class:

    

Trading Symbol

    

Name of each exchange on which registered:

Common stock, par value $0.01 per share

 

SQBG

 

NASDAQ Capital Market

 

As of November 1, 2019, the registrant had 65,514,936 shares of common stock, par value $0.01 per share, outstanding.

 

 

 

SEQUENTIAL BRANDS GROUP, INC. AND SUBSIDIARIES

INDEX TO FORM 10‑Q

 

 

2

Forward-Looking Statements

This quarterly report on Form 10‑Q (this “Quarterly Report”), including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We use words such as “future,” “seek,” “could,” “can,” “predict,” “believe,” “intend,” “expect,” “anticipate,” “plan,” “may,” “will,” “should,” “estimate,” “potential,” “project” and similar expressions to identify forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include, but are not limited to the following: (i) risks and uncertainties discussed in the reports that the Company has filed with the Securities and Exchange Commission (the “SEC”); (ii) general economic, market or business conditions; (iii) the Company’s ability to identify suitable targets for acquisitions and to obtain financing for such acquisitions on commercially reasonable terms; (iv) the Company’s ability to timely achieve the anticipated results of recent acquisitions and any potential future acquisitions; (v) the Company’s ability to successfully integrate acquisitions into its ongoing business; (vi) the potential impact of the consummation of recent acquisitions or any potential future acquisitions on the Company’s relationships, including with employees, licensees, customers and competitors; (vii) the Company’s ability to achieve and/or manage growth and to meet target metrics associated with such growth; (viii) the Company’s ability to successfully attract new brands and to identify suitable licensees for its existing and newly acquired brands; (ix) the Company’s substantial level of indebtedness, including the possibility that such indebtedness and related restrictive covenants may adversely affect the Company’s future cash flows, results of operations and financial condition and decrease its operating flexibility; (x) the Company’s ability to achieve its guidance; (xi) continued market acceptance of the Company’s brands; (xii) changes in the Company’s competitive position or competitive actions by other companies; (xiii) licensees’ ability to fulfill their financial obligations to the Company; (xiv) concentrations of the Company’s licensing revenues with a limited number of licensees and retail partners; (xv) risks related to the effects of the sale of the Martha Stewart brand; (xvi) uncertainties related to the timing, proposals or decisions arising from the Company’s strategic review, including the divestiture of one or more existing brands; (xvii) uncertainties related to the Company’s leadership changes; and (xviii) other circumstances beyond the Company’s control.

Forward-looking statements speak only as of the date they are made and are based on current expectation and assumptions. You should not put undue reliance on any forward-looking statement. We are not under any obligation, and we expressly disclaim any obligation, to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to such or other forward-looking statements.

Where You Can Find Other Information

Our corporate website address is www.sequentialbrandsgroup.com. The information contained on our website is not part of this Quarterly Report. We file our annual, quarterly and current reports and other information with the SEC. These reports, and any amendments to these reports, are made available on our website and can be viewed and downloaded free of charge as soon as reasonably practicable after such reports are filed with or furnished to the SEC. The public may read and copy any materials filed with the SEC at the SEC’s Public Reference Room located at 100 F Street, NE, Washington, D.C. 20549. The public may also obtain information on the operation of the Public Reference Room by calling the SEC at 1‑800‑SEC‑0330. In addition, the SEC maintains an internet site that contains annual, quarterly and current reports, proxy and information statements and other information regarding issuers that file electronically with the SEC, which is available at www.sec.gov.

Unless otherwise noted, references in this Quarterly Report to the “Sequential Brands Group,” “Company,” “our Company,” “we,” “us,” “our” or similar pronouns refer to Sequential Brands Group, Inc. and its subsidiaries. References to other companies may include their trademarks, which are the property of their respective owners.

3

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

SEQUENTIAL BRANDS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

 

    

2019

    

2018

  

 

 

 

(Unaudited)  

 

(Note 2)  

 

Assets

 

 

 

 

 

 

 

Current Assets:

 

 

  

 

 

  

 

Cash

 

$

3,097

 

$

14,106

 

Restricted cash

 

 

2,039

 

 

2,032

 

Accounts receivable, net

 

 

41,409

 

 

49,600

 

Prepaid expenses and other current assets

 

 

5,456

 

 

3,981

 

Current assets held for disposition from discontinued operations

 

 

9,218

 

 

23,845

 

Total current assets

 

 

61,219

 

 

93,564

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

7,294

 

 

8,391

 

Intangible assets, net

 

 

600,394

 

 

634,827

 

Right-of-use assets - operating leases

 

 

48,237

 

 

 -

 

Other assets

 

 

9,713

 

 

11,222

 

Long-term assets held for disposition from discontinued operations

 

 

 -

 

 

330,664

 

Total assets

 

$

726,857

 

$

1,078,668

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

  

 

 

  

 

Current Liabilities:

 

 

  

 

 

  

 

Accounts payable and accrued expenses

 

$

11,277

 

$

11,600

 

Current portion of long-term debt

 

 

21,000

 

 

28,300

 

Current portion of deferred revenue

 

 

7,629

 

 

8,172

 

Current portion of lease liabilities - operating leases

 

 

2,869

 

 

 -

 

Current liabilities held for disposition from discontinued operations

 

 

3,731

 

 

15,450

 

Total current liabilities

 

 

46,506

 

 

63,522

 

 

 

 

 

 

 

 

 

Long-term debt, net of current portion

 

 

418,081

 

 

582,487

 

Long-term deferred revenue, net of current portion

 

 

5,509

 

 

8,224

 

Deferred income taxes

 

 

15,438

 

 

32,064

 

Lease liabilities - operating leases

 

 

52,285

 

 

 -

 

Other long-term liabilities

 

 

5,567

 

 

9,160

 

Long-term liabilities held for disposition from discontinued operations

 

 

 -

 

 

38,567

 

Total liabilities

 

 

543,386

 

 

734,024

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

  

 

 

  

 

 

 

 

 

 

 

 

 

Equity:

 

 

  

 

 

  

 

Preferred stock Series A, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at September 30, 2019 and December 31, 2018

 

 

 -

 

 

 -

 

Common stock, $0.01 par value; 150,000,000 shares authorized; 66,854,432 and 65,990,179 shares issued at September 30, 2019 and December 31, 2018, respectively, and 65,427,951 and 64,327,582 shares outstanding at September 30, 2019 and December 31, 2018, respectively

 

 

668

 

 

657

 

Additional paid-in capital

 

 

514,072

 

 

513,764

 

Accumulated other comprehensive loss

 

 

(4,640)

 

 

(1,554)

 

Accumulated deficit

 

 

(383,347)

 

 

(234,723)

 

Treasury stock, at cost; 1,426,481 and 1,662,597 shares at September 30, 2019 and December 31, 2018, respectively

 

 

(3,350)

 

 

(4,226)

 

Total Sequential Brands Group, Inc. and Subsidiaries stockholders’ equity

 

 

123,403

 

 

273,918

 

Noncontrolling interests

 

 

60,068

 

 

70,726

 

Total equity

 

 

183,471

 

 

344,644

 

Total liabilities and equity

 

$

726,857

 

$

1,078,668

 

See Notes to Condensed Consolidated Financial Statements.

4

SEQUENTIAL BRANDS GROUP, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

 

 

    

2019

    

2018

    

2019

    

2018

    

 

 

 

 

 

 

(Note 2)

 

 

 

 

 

(Note 2)

 

Net revenue

 

$

25,392

 

$

29,455

 

$

77,331

 

$

92,044

 

Operating expenses

 

 

12,247

 

 

15,414

 

 

41,700

 

 

41,979

 

Impairment charges

 

 

33,109

 

 

17,899

 

 

33,109

 

 

17,899

 

Loss on sale of assets

 

 

 -

 

 

 -

 

 

 -

 

 

7,117

 

(Loss) income from operations

 

 

(19,964)

 

 

(3,858)

 

 

2,522

 

 

25,049

 

Other expense (income)

 

 

843

 

 

(31)

 

 

1,270

 

 

(135)

 

Interest expense, net

 

 

13,048

 

 

13,862

 

 

40,794

 

 

41,609

 

Loss from continuing operations before income taxes

 

 

(33,855)

 

 

(17,689)

 

 

(39,542)

 

 

(16,425)

 

Benefit from income taxes

 

 

(6,035)

 

 

(8,808)

 

 

(6,655)

 

 

(9,289)

 

Loss from continuing operations

 

 

(27,820)

 

 

(8,881)

 

 

(32,887)

 

 

(7,136)

 

Net loss (income) attributable to noncontrolling interests from continuing operations

 

 

9,449

 

 

(1,581)

 

 

6,455

 

 

(4,643)

 

Loss from continuing operations attributable to Sequential Brands Group, Inc. and Subsidiaries

 

 

(18,371)

 

 

(10,462)

 

 

(26,432)

 

 

(11,779)

 

(Loss) income from discontinued operations, net of income taxes

 

 

(309)

 

 

847

 

 

(122,192)

 

 

3,487

 

Net loss attributable to Sequential Brands Group, Inc. and Subsidiaries

 

$

(18,680)

 

$

(9,615)

 

$

(148,624)

 

$

(8,292)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing Operations:

 

 

  

 

 

  

 

 

  

 

 

  

 

Loss per share - basic and diluted

 

$

(0.28)

 

$

(0.16)

 

$

(0.41)

 

$

(0.19)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued Operations:

 

 

  

 

 

  

 

 

  

 

 

  

 

(Loss) earnings per share - basic

 

$

(0.00)

 

$

0.01

 

$

(1.89)

 

$

0.05

 

(Loss) earnings per share - diluted

 

$

(0.00)

 

$

0.01

 

$

(1.89)

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share attributable to Sequential Brands Group, Inc. and Subsidiaries:

 

 

  

 

 

  

 

 

  

 

 

  

 

Basic and diluted

 

$

(0.29)

 

$

(0.15)

 

$

(2.30)

 

$

(0.13)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

  

 

 

 

 

 

  

 

 

 

 

Basic

 

 

64,952,093

 

 

63,911,481

 

 

64,622,332

 

 

63,578,121

 

Diluted

 

 

64,952,093

 

 

64,270,995

 

 

64,622,332

 

 

64,622,891

 

 

See Notes to Condensed Consolidated Financial Statements.

5

SEQUENTIAL BRANDS GROUP, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sequential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Group, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

Other

 

 

 

 

 

 

 

 

 

 

Subsidiaries

 

 

 

 

 

 

 

 

Preferred Stock

 

Common Stock

 

Paid-in

 

Comprehensive

 

Accumulated

 

Treasury Stock

 

Stockholders'

 

Noncontrolling

 

Total

 

   

Shares

   

Amount

   

Shares

   

Amount

   

Capital

   

Income (Loss)

   

Deficit

   

Shares

   

Amount

   

Equity

   

Interests

   

Equity

Balance at January 1, 2018

 

 —

 

$

 —

 

 

63,652,721

 

$

635

 

$

508,444

 

$

80

 

$

(225,369)

 

 

(424,994)

 

$

(1,799)

 

$

281,991

 

$

71,547

 

$

353,538

Cumulative effect of revenue recognition accounting change

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,130

 

 

 —

 

 

 —

 

 

1,130

 

 

355

 

 

1,485

Stock-based compensation

 

 —

 

 

 —

 

 

452,929

 

 

 2

 

 

1,343

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,345

 

 

 —

 

 

1,345

Shares issued under stock incentive plan

 

 —

 

 

 —

 

 

843,486

 

 

 8

 

 

1,492

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,500

 

 

 —

 

 

1,500

Unrealized gain on interest rate caps, net of tax

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

679

 

 

 —

 

 

 —

 

 

 —

 

 

679

 

 

 —

 

 

679

Repurchase of common stock

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(986,858)

 

 

(1,919)

 

 

(1,919)

 

 

 —

 

 

(1,919)

Noncontrolling interest distributions

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(1,244)

 

 

(1,244)

Net income attributable to noncontrolling interests

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,960

 

 

1,960

Net loss attributable to common stockholders

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(2,264)

 

 

 —

 

 

 —

 

 

(2,264)

 

 

 —

 

 

(2,264)

Balance at March 31, 2018

 

 —

 

$

 —

 

 

64,949,136

 

$

645

 

$

511,279

 

$

759

 

$

(226,503)

 

 

(1,411,852)

 

$

(3,718)

 

$

282,462

 

$

72,618

 

$

355,080

Stock-based compensation

 

 —

 

 

 —

 

 

420,770

 

 

 6

 

 

764

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

770

 

 

 —

 

 

770

Unrealized loss on equity securities

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(228)

 

 

 —

 

 

 —

 

 

 —

 

 

(228)

 

 

 —

 

 

(228)

Unrealized loss on interest rate caps, net of tax

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(238)

 

 

 —

 

 

 —

 

 

 —

 

 

(238)

 

 

 —

 

 

(238)

Repurchase of common stock

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(42,669)

 

 

(83)

 

 

(83)

 

 

 —

 

 

(83)

Noncontrolling interest distributions

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(2,943)

 

 

(2,943)

Net income attributable to noncontrolling interests

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,102

 

 

1,102

Net income attributable to common stockholders

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

3,587

 

 

 —

 

 

 —

 

 

3,587

 

 

 —

 

 

3,587

Balance at June 30, 2018

 

 —

 

$

 —

 

 

65,369,906

 

$

651

 

$

512,043

 

$

293

 

$

(222,916)

 

 

(1,454,521)

 

$

(3,801)

 

$

286,270

 

$

70,777

 

$

357,047

Stock-based compensation

 

 —

 

 

 —

 

 

564,646

 

 

 5

 

 

1,396

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,401

 

 

 —

 

 

1,401

Unrealized loss on equity securities

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(49)

 

 

 —

 

 

 —

 

 

 —

 

 

(49)

 

 

 —

 

 

(49)

Unrealized loss on interest rate caps, net of tax

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(311)

 

 

 —

 

 

 —

 

 

 —

 

 

(311)

 

 

 —

 

 

(311)

Repurchase of common stock

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(202,696)

 

 

(416)

 

 

(416)

 

 

 —

 

 

(416)

Noncontrolling interest distributions

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(1,138)

 

 

(1,138)

Net income attributable to noncontrolling interests

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,581

 

 

1,581

Net income attributable to common stockholders

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(9,615)

 

 

 —

 

 

 —

 

 

(9,615)

 

 

 —

 

 

(9,615)

Balance at September 30, 2018

 

 —

 

$

 —

 

 

65,934,552

 

$

656

 

$

513,439

 

$

(67)

 

$

(232,531)

 

 

(1,657,217)

 

$

(4,217)

 

$

277,280

 

$

71,220

 

$

348,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2019

 

 —

 

$

 —

 

 

65,990,179

 

$

657

 

$

513,764

 

$

(1,554)

 

$

(234,723)

 

 

(1,662,597)

 

$

(4,226)

 

$

273,918

 

$

70,726

 

$

344,644

Stock-based compensation

 

 —

 

 

 —

 

 

457,734

 

 

 5

 

 

721

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

726

 

 

 —

 

 

726

Unrealized loss on interest rate swaps, net of tax

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(1,480)

 

 

 —

 

 

 —

 

 

 —

 

 

(1,480)

 

 

 —

 

 

(1,480)

Repurchase of common stock

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(134,839)