Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Jun. 01, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001031029 | |
Entity Registrant Name | StarTek, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-12793 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1370538 | |
Entity Address, Address Line One | 6200 South Syracuse Way, Suite 485 | |
Entity Address, City or Town | Greenwood Village | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80111 | |
City Area Code | 303 | |
Local Phone Number | 262-4500 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | SRT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,591,021 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 161,177 | $ 161,142 |
Warrant contra revenue | (278) | 0 |
Net Revenue | 160,899 | 161,142 |
Cost of services | (140,841) | (133,928) |
Gross profit | 20,058 | 27,214 |
Selling, general and administrative expenses | (17,255) | (24,079) |
Impairment losses and restructuring/exit cost | (24,322) | (1,129) |
Acquisition related cost | 0 | 35 |
Operating (Loss) / Income | (21,519) | 2,042 |
Share of (loss) / profit of equity accounted investees | (8) | 342 |
Interest expense, net | (3,506) | (4,465) |
Exchange gain / (loss), net | 1,928 | (691) |
Loss before income taxes | (23,105) | (2,772) |
Income tax expense | (2,876) | (385) |
Net loss | (25,981) | (3,157) |
Net income attributable to non-controlling interests | 576 | 189 |
Net loss attributable to Startek shareholders | (26,557) | (3,346) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | (4,392) | 567 |
Change in fair value of derivative instruments | (672) | (65) |
Pension amortization | 396 | 176 |
Comprehensive loss | (30,649) | (2,479) |
Comprehensive income attributable to non-controlling interests | 739 | 276 |
Comprehensive loss attributable to Startek shareholders | $ (31,388) | $ (2,755) |
Net loss per common share - basic and diluted (in dollars per share) | $ (0.69) | $ (0.09) |
Weighted average common shares outstanding - basic and diluted (in shares) | 38,528 | 37,522 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 27,795 | $ 20,464 |
Restricted cash | 11,862 | 12,162 |
Trade accounts receivable, net | 100,152 | 108,479 |
Unbilled Revenue | 40,586 | 41,449 |
Prepaid and other current assets | 19,516 | 12,008 |
Total current assets | 199,911 | 194,562 |
Property, plant and equipment, net | 34,133 | 37,507 |
Operating lease Right-of-use assets | 79,370 | 73,692 |
Intangible assets, net | 108,225 | 110,807 |
Goodwill | 196,633 | 219,341 |
Investment in associates | 477 | 553 |
Deferred tax assets, net | 3,009 | 5,251 |
Prepaid expenses and other non-current assets | 15,568 | 16,370 |
Total assets | 637,326 | 658,083 |
Current liabilities: | ||
Trade accounts payable | 20,004 | 25,449 |
Accrued expenses and other current liabilities | 89,600 | 82,598 |
Short term debt | 32,387 | 26,491 |
Current maturity of long term debt | 18,666 | 17,601 |
Current maturity of operating lease liabilities | 20,761 | 19,677 |
Current maturity of finance lease obligations | 750 | 632 |
Total current liabilities | 182,168 | 172,448 |
Long term debt | 123,387 | 130,144 |
Operating lease liabilities | 59,404 | 54,341 |
Other non-current liabilities | 12,881 | 11,140 |
Deferred tax liabilities, net | 17,739 | 18,226 |
Total liabilities | 395,579 | 386,299 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity: | ||
Common stock, 60,000,000 non-convertible shares, $0.01 par value, authorized; 38,541,724 and 38,525,636 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively | 385 | 385 |
Additional paid-in capital | 277,852 | 276,827 |
Accumulated other comprehensive loss | (10,853) | (6,022) |
Accumulated deficit | (73,115) | (46,145) |
Equity attributable to Startek shareholders | 194,269 | 225,045 |
Non-controlling interest | 47,478 | 46,739 |
Total stockholders’ equity | 241,747 | 271,784 |
Total liabilities and stockholders’ equity | $ 637,326 | $ 658,083 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 38,541,724 | 38,525,636 |
Common stock, shares outstanding (in shares) | 38,541,724 | 38,525,636 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Operating Activities | |||
Net loss | $ (25,981) | $ (3,157) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 7,093 | 7,304 | |
Impairment of goodwill | 22,708 | ||
Profit on sale of property, plant and equipment | 0 | (251) | |
Provision for doubtful accounts | 154 | 630 | |
Warrant contra revenue | 278 | 0 | |
Share-based compensation expense | 291 | 425 | |
Deferred income taxes | 1,879 | (659) | |
Share of (loss) / Profit of equity accounted investee | 8 | (342) | |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | 4,503 | 4,384 | |
Prepaid expenses and other assets | (7,658) | (8,789) | |
Trade accounts payable | (4,722) | (79) | |
Income taxes, net | (672) | (948) | |
Accrued expenses and other current liabilities | 12,287 | 1,105 | |
Net cash (used in) / generated from operating activities | 10,168 | (377) | |
Investing Activities | |||
Purchases of property, plant and equipment | (2,884) | (3,495) | |
Net cash used in generated investing activities | (2,884) | (3,495) | |
Financing Activities | |||
Proceeds from the issuance of common stock | 43 | 515 | |
Payments on long term debt | (4,200) | (1,400) | |
Proceeds from (payments on) other debt, net | 4,956 | 6,102 | |
Net cash generated generated from financing activities | 799 | 5,217 | |
Net increase in cash and cash equivalents | 8,083 | 1,345 | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (1,052) | (226) | |
Cash and cash equivalents and restricted cash at beginning of period | 32,626 | 24,569 | $ 24,569 |
Cash and cash equivalents and restricted cash at end of period | 39,657 | 25,688 | 32,626 |
Components of cash and cash equivalents and restricted cash | |||
Balances with banks | 27,795 | 14,595 | 20,464 |
Restricted cash | 11,862 | 11,093 | |
Cash and cash equivalents and restricted cash at end of period | $ 39,657 | $ 25,688 | $ 32,626 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 37,446,323 | |||||||||||||||||
Balance at Dec. 31, 2018 | $ 374 | $ 267,317 | $ (31,127) | $ (3,989) | $ (15) | $ (1,543) | $ 231,017 | $ 45,356 | $ 276,373 | |||||||||
Issuance of common stock (in shares) | 115,421 | |||||||||||||||||
Issuance of common stock | $ 1 | 514 | 0 | 0 | 0 | 0 | 515 | 0 | 515 | |||||||||
Share-based compensation expenses | 0 | 425 | 0 | 0 | 0 | 0 | 425 | 0 | 425 | |||||||||
Warrant expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Net income (loss) | 0 | 0 | (3,346) | 0 | 0 | 0 | (3,346) | 189 | (3,157) | |||||||||
Other comprehensive loss for the period | $ 0 | 0 | 0 | 567 | (65) | 90 | 592 | 86 | 678 | |||||||||
Balance (in shares) at Mar. 31, 2019 | 37,561,744 | |||||||||||||||||
Balance at Mar. 31, 2019 | $ 375 | 268,256 | (34,473) | (3,422) | (80) | (1,453) | 229,203 | 45,631 | $ 274,834 | |||||||||
Balance (in shares) at Dec. 31, 2019 | 38,525,636 | 38,525,636 | ||||||||||||||||
Balance at Dec. 31, 2019 | $ 0 | $ 413 | $ (413) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 385 | 276,827 | (46,145) | (4,568) | 475 | (1,929) | 225,045 | 46,739 | $ 271,784 |
Issuance of common stock (in shares) | 16,088 | |||||||||||||||||
Issuance of common stock | $ 0 | 43 | 0 | 0 | 0 | 0 | 43 | 0 | 43 | |||||||||
Share-based compensation expenses | 0 | 291 | 0 | 0 | 0 | 0 | 291 | 0 | 291 | |||||||||
Warrant expenses | 0 | 278 | 0 | 0 | 0 | 0 | 278 | 0 | 278 | |||||||||
Net income (loss) | 0 | 0 | (26,557) | 0 | 0 | 0 | (26,557) | 576 | (25,981) | |||||||||
Other comprehensive loss for the period | $ 0 | 0 | 0 | (4,392) | (672) | 233 | (4,831) | 163 | $ (4,668) | |||||||||
Balance (in shares) at Mar. 31, 2020 | 38,541,724 | 38,541,724 | ||||||||||||||||
Balance at Mar. 31, 2020 | $ 385 | $ 277,852 | $ (73,115) | $ (8,960) | $ (197) | $ (1,696) | $ 194,269 | $ 47,478 | $ 241,747 |
Note 1 - Overview and Basis of
Note 1 - Overview and Basis of Preparation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Unless otherwise noted in this report, any description of "us," "we," or "our," refers to StarTek, Inc. and its subsidiaries (the "Company"). Financial information in this report is presented in U.S. dollars. Business Startek is a global business process outsourcing company that provides omnichannel customer interactions, technology and back-office support solutions for some of the world’s most iconic brands in a variety of vertical markets. Operating under the Startek and Aegis brand, we help these large global companies connect emotionally with their customers, solve issues, and improve net promoter scores and other customer-facing performance metrics. Through consulting and analytics services, technology-led innovation, and engagement solutions powered by the science of dialogue, we deliver personalized experiences at the point of conversation between our clients and their customers across every interaction channel and phase of the customer journey. Startek has proven results for the multiple services we provide, including sales, order management and provisioning, customer care, technical support, receivables management, and retention programs. We manage programs using a variety of multi-channel customer interactions, including voice, chat, email, social media and back-office support. Startek has facilities in United States, India, Malaysia, Philippines, Australia, South Africa, Canada, Honduras, Jamaica, Kingdom of Saudi Arabia, Argentina, Peru and Sri Lanka. Basis of preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US-GAAP") for interim financial information and instructions to Form 10 10 X. not These financial statements reflect all adjustments (consisting only of normal recurring entries, except as noted) which, in the opinion of management, are necessary for fair presentation. The results of operations for interim periods are not The consolidated financial statements reflect the financial results of all subsidiaries that are more than 50% not 100%, The consolidated balance sheet as of December 31, 2019 not 10 10 December 31, 2019 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, intangibles, impairment of goodwill, valuation allowances for deferred tax assets and restructuring costs. Management believes that the estimates used in the preparation of the condensed consolidated financial statements are reasonable, and management has made assumptions about the possible effects of the novel coronavirus (“COVID- 19” Revenue On April 1, 2018, 606, 606 606 five 4 Leases On January 1, 2019, 842, , 842 . 840. We determine if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, current maturity of operating lease liabilities, and operating lease liabilities in our consolidated balance sheets. Finance leases are included in property plant and equipment, long-term debt, accrued expenses and other current liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the balance lease term. As most of our leases do not may The Company elected the practical expedient permitted under the transition guidance under Topic 842, not 12 not not not We have lease agreements with lease and non-lease components, which are generally accounted for separately. For the quarter ended March 31, 2020, 19 not not 19 Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, Goodwill and Intangible Assets Goodwill represents the cost of acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. Goodwill is not December 31, not not not 3 Foreign Currency Matters The Company has operations in Argentina and its functional currency has historically been the Argentine Peso. The Company monitors inflation rates in countries in which it operates as required by US GAAP. Under ASC 830 10 45 12, three 100%. July 1, 2018. 830, not Stock-Based Compensation We recognize expense related to all share-based payments to employees, including grants of employee stock options, based on the grant-date fair values amortized straight-line over the period during which the employees are required to provide services in exchange for the equity instruments. We include an estimate of forfeitures when calculating compensation expense. We use the Black-Scholes method for valuing stock-based awards. See Note 10, Common Stock Warrant Accounting We account for common stock warrants as equity instruments, based on the specific terms of our warrant agreement. For more information refer to Note 10, Recent Accounting Pronouncements In December 2019, 2019 12 740 2019 12 740 10 15 4 not not FASB also removed the previous guidance that prohibit recognition of a DTA for a step up in tax basis “except to the extent that the newly deductible goodwill amount exceeds the remaining balance of book goodwill.” Instead, the amended guidance contains a model under which an entity can consider a list of factors in determining whether the step-up in tax basis is related to the business combination that caused the initial recognition of goodwill or to a separate transaction. The Company does not ASU 2019 12 not not The ASU also makes one not The above amendments are effective for fiscal years beginning after December 15, 2020. In August 2018, 2018 14, 715 20 2018 14” no No. 2018 14 December 15, 2020. In June 2016, 2016 13, 326 2016 13" December 15, 2022, not 2016 13 In March 2020, No. 2020 03, not In March 2020, No. 2020 04, not not 31 December 2022. |
Note 3 - Goodwill and Intangibl
Note 3 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill As of March 31, 2020 Reporting Units Amount Americas 64,315 India 15,180 Malaysia 47,543 Saudi Arabia 54,840 South Africa 1,578 Argentina 4,991 Australia 8,186 Ending balance, March 31, 2020 $196,633 We perform a goodwill impairment analysis at least annually (in the fourth The assumptions used in the analysis are based on the Company’s internal budget. The Company projected revenue, operating margins and cash flows for a period of five may During the first 2020, 19 19" March 31, 2020, not This approach relied on numerous assumptions and judgments that were subject to various risks and uncertainties. The Company has used internal and external information, including recently signed client engagements for which service delivery has not March 31, 2020. The results of these interim impairment tests indicated that the estimated fair value of the India, South Africa and Australia reporting unit was less than its carrying value. Consequently, a goodwill impairment charge of $15,820, $4,332 and $2,556 was recorded for the India, South Africa and Australia reporting unit respectively. If the pandemic's economic impact is more severe, or if the economic recovery takes longer to materialize or does not The following table presents the changes in goodwill during the period: Amount Opening balance, December 31, 2019 $ 219,341 Impairment (22,708 ) Ending balance, March 31, 2020 $ 196,633 Intangible Assets The following table presents our intangible assets as of March 31, 2020 Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (years) Customer relationships $ 66,220 $ 12,078 $ 54,142 6.5 Brand 49,500 8,647 40,853 7.1 Trademarks 13,210 1,495 11,715 7.5 Other intangibles 2,130 615 1,515 4.9 $ 131,060 $ 22,835 $ 108,225 $ - As a result of the indicator of impairment identified, the Company performed an interim impairment assessment of its intangible assets as of March 31, 2020. Expected future amortization of intangible assets as of March 31, 2020 Years Ending December 31, Amount Remainder of 2020 $ 7,762 2021 10,350 2022 10,350 2023 10,306 2024 10,252 Thereafter 59,205 |
Note 4 - Revenue
Note 4 - Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | The company follows a five 606, Contracts with Customers All of the Company's revenues are derived from written contracts with our customers. Generally speaking, our contracts document our customers' intent to utilize our services and the relevant terms and conditions under which our services will be provided. Our contracts generally do not may ninety Our contracts give us the right to bill for services rendered during the period, which for the majority of our customers is a calendar month, with a few customers specifying a fiscal month. Our payment terms vary by client and generally range from due upon receipt to 60 90 Performance Obligations We have identified one Our stand-ready obligation involves outsourcing of the entire customer care life cycle, including: • The identification, operation, management and maintenance of facilities, IT equipment, and IT and telecommunications infrastructure • Management of the entire human resources function, including recruiting, hiring, training, supervising, evaluating, coaching, retaining, compensating, providing employee benefits programs, and disciplinary activities These activities are all considered an integral part of the production activities required in the service of standing ready to accept calls as and when they are directed to us by our clients. Revenue Recognition Methods Because our customers receive and consume the benefit of our services as they are performed and we have the contractual right to invoice for services performed to date, we have concluded that our performance obligation is satisfied over time. Accordingly, we recognize revenue for our services in the month they are performed. This is consistent with our prior revenue recognition model. We are generally entitled to invoice for our services on a monthly basis. We invoice according to the hourly and/or per transaction rates stated in each contract for the various activities we perform. Some contracts include opportunities to earn bonuses or include parameters under which we will incur penalties related to performance in any given month. Bonus or penalty amounts are based on the current month’s performance. Formulas are included in the contracts for calculation of any bonus or penalty. There is no Practical expedients and exemptions Because the Company’s contracts are essentially month-to-month, we have elected the following practical expedients: • ASC 606 10 50 14 one • ASC 340 40 25 4 one • ASC 606 10 32 2A • ASC 606 10 55 18 may The Company has evaluated the impact of COVID- 19 three March 31, 2020, three March 31, 2020, 19 not Disaggregated Revenue Revenues by our clients' industry vertical for the three March 31, 2020 2019 Three Months Ended March 31, Vertical: 2020 2019 Telecom 55,697 65,824 E-commerce & Consumer 25,958 24,344 Financial & Business Services 13,439 13,320 Media & Cable 23,194 21,757 Travel & Hospitality 15,803 16,514 Healthcare & Education 13,448 10,529 Technology, IT & Related Services 5,050 2,437 All other segments 8,588 6,417 Gross Revenue 161,177 161,142 Less: Warrant Contra Revenue (278 ) - Net Revenue $ 160,899 $ 161,142 |
Note 5 - Net Loss Per Share
Note 5 - Net Loss Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Basic net loss per common share is computed based on our weighted average number of common shares outstanding. Diluted earnings per share is computed based on our weighted average number of common shares outstanding plus the effect of dilutive stock options, non-vested restricted stock, and deferred stock units, using the treasury stock method. When a net loss is reported, potentially issuable common shares are excluded from the computation of diluted earnings per share as their effect would be anti-dilutive. The Company always maintained Startek's 2008 10, three March 31, 2020 not Three Months Ended March 31, 2020 2019 Anti-dilutive securities: Stock options 2,316 2,782 |
Note 6 - Impairement Losses and
Note 6 - Impairement Losses and Restructuring Cost | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Impairment Loss During the first 2020, 19 19" March 31, 2020, During first 2020, Restructuring/Exit Cost The table below summarizes the balance of accrued restructuring, other acquisition related cost and involuntary termination cost, which is included in other accrued liabilities in our consolidated balance sheets, and the changes during the three March 31, 2020 Employee related Facilities related Total Balance as of December 31, 2019 $ 1,326 $ 514 $ 1,840 Accruals/(reversals) 1,583 31 1,614 Payments (1,168 ) (178 ) (1,346 ) Balance as of March 31, 2020 $ 1,741 $ 367 $ 2,108 Employee related In 2020, third 2020 In March 2019, one second 2020 Facilities related In 2018, first 2021. Upon closure of site in Argentina, the Company recognized provision for facility related costs and we expect to pay the remaining costs of $8 by the end of the second 2020 |
Note 7 - Derivative Instruments
Note 7 - Derivative Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Cash flow hedges Our locations in Canada and the Philippines primarily serve US-based clients. The revenues from these clients is billed and collected in US Dollars, but the expenses related to these revenues are paid in Canadian Dollars and Philippine Pesos. We enter into derivative contracts, in the form of forward contracts and range forward contracts (a transaction where both a call option is purchased and a put option is sold) to mitigate this foreign currency exchange risk. The contracts cover periods commensurate with expected exposure, generally three twelve From January 1, 2020 March 31, 2020, The following table shows the notional amount of our foreign exchange cash flow hedging instruments as of March 31, 2020 For the Three Months Ended March 31, 2020 For the Three Months Ended March 31, 2020 Year Ended December 31,2019 Year Ended December 31,2019 Local Currency Notional Amount U.S. Dollar Notional Amount Local Currency Notional Amount U.S. Dollar Notional Amount Philippine Peso 1,597,000 30,650 769,000 14,361 Canadian Dollar 3,300 2,437 1,400 1,047 $ 33,087 $ 15,408 The Canadian dollar and Philippine peso foreign exchange contracts are to be delivered periodically through March 2021 twelve Derivative assets and liabilities associated with our hedging activities are measured at gross fair value as described in Note 8, Gain (Loss) Recognized in AOCI, net of tax Gain (Loss) Recognized in AOCI, net of tax Gain/ (Loss) Reclassified from AOCI into Income Gain/ (Loss) Reclassified from AOCI into Income Three months ended March 31, 2020 Three months ended March 31, 2019 Three months ended March 31, 2020 Three months ended March 31, 2019 Cash flow hedges: Foreign exchange contracts (860 ) 65 188 - Non-designated hedges We have also entered into foreign currency range forward contracts and interest swap contract as required by our lenders. These hedges are not 815, Derivatives and Hedging. not Unrealized gains and losses and changes in fair value of these derivatives are recognized as incurred in Exchange gains (losses), net in the Consolidated Statements of Comprehensive Income (Loss). The following table presents these amounts for the three March 31, 2020 2019 Derivatives not designated under ASC 815 For the Three Months Ended March 31, 2020 For the Three Months Ended March 31, 2019 Foreign currency forward contracts $ 1,771 $ 26 Interest rate swap $ (340 ) $ 228 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy requires that the Company maximize the use of observable inputs and minimize the use of unobservable inputs. The levels of the fair value hierarchy are described below: Level 1 Level 2 not Level 3 Derivative Instruments The values of our derivative instruments are derived from pricing models using inputs based upon market information, including contractual terms, market prices and yield curves. The inputs to the valuation pricing models are observable in the market, and as such the derivatives are classified as Level 2 The following tables set forth our assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. These balances are included in Other current assets and Other current liabilities, respectively, on our balance sheet. As of March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts $ — $ 3,458 $ — $ 3,458 Total fair value of assets measured on a recurring basis $ — $ 3,458 $ — $ 3,458 Liabilities: Interest rate swap $ — $ 758 $ — $ 758 Foreign exchange contracts $ — $ 557 $ — $ 557 Total fair value of liabilities measured on a recurring basis $ — $ 1,315 $ — $ 1,315 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts $ — $ 1,823 $ — $ 1,823 Total fair value of assets measured on a recurring basis $ — $ 1,823 $ — $ 1,823 Liabilities: Interest rate swap $ — $ 544 $ — $ 544 Foreign exchange contracts $ — $ 22 $ — $ 22 Total fair value of liabilities measured on a recurring basis $ — $ 566 $ — $ 566 |
Note 9 - Debt
Note 9 - Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | The below table presents details of the Company's debt: March 31, 2020 December 31, 2019 Short term debt and current portion of long term debt Working capital facilities $ 29,004 $ 23,179 Loan from related parties 3,383 $ 3,312 Current maturity of long term debt 17,850 16,800 Equipment loan 816 801 Current maturity of finance lease obligations 750 632 Total $ 51,803 $ 44,724 Long term debt Term loan, net of debt issuance costs $ 100,204 $ 105,075 Equipment loan 409 619 Secured revolving credit facility 21,935 23,097 Finance lease obligations 839 1,353 Total $ 123,387 $ 130,144 Working capital facilities The Company has a number of working capital facilities in various countries in which it operates. These facilities provide for a combined borrowing capacity of approximately $30 million for a number of working capital products. These facilities bear interest at benchmark rate plus margins between 3.0% and 4.5% and are due on demand. These facilities are collateralized by various Company assets and have a total outstanding balance of $29 million as of March 31, 2020 Loan from related parties On August 26, 2019, March 31, 2020, April 21, 2020. On November 20, 2019, March 31, 2020, April 22, 2020. Term loan On October 27, 2017, five November 22, 2017 six first Years Amount Remainder of 2020 12,600 2021 21,000 2022 88,200 Total $ 121,800 The Term loan has a floating interest rate of USD LIBOR plus 4.5% annually for the first In connection with the Term loan, the Company incurred issuance costs of $7.3 million which are net against the Term loan on the balance sheet. Unamortized debt issuance costs as of March 31, 2020 Secured revolving credit facility The Company has a secured revolving credit facility which is effective through March 2022. may no may may As of March 31, 2020 one Non-recourse factoring We have entered into factoring agreements with financial institutions to sell certain of our accounts receivable under non-recourse agreements. Under the arrangement, the Company sells the trade receivables on a non-recourse basis and accounts for the transactions as sales of receivables. The applicable receivables are removed from the Company's consolidated balance sheet when the cash proceeds are received by the Company. We do not three March 31, 2020 BMO Equipment Loan On December 27, 2018, January 2019. Finance lease obligations From time to time and when management believes it to be advantageous, we may |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Amazon Warrant On January 23, 2018, 2019, 4,000,000 third The first 2019. January 23, 2026. The second May 31, 2019. The third Feb 29, 2020. 2019 08 January 01, 2020 December 31, 2019, The contra-revenue and equity is estimated and recorded, using the Monte Carlo pricing model, when performance completion is probable, with adjustments in each reporting period until performance is complete in conformance with the requirements in ASC 606 718. The Warrant provides for net share settlement that, if elected by the holders, will reduce the number of shares issued upon exercise to reflect net settlement of the exercise price. The Warrant provides for certain adjustments that may In line with ASU 2019 08, $413 not not Jan 01, 2020). Share-based compensation Our share-based compensation arrangements include grants of stock options, restricted stock units and deferred stock units under the StarTek, Inc. 2008 three March 31, 2020 March 31, 2020 no |
Note 11 - Accumulated Other Com
Note 11 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated other comprehensive loss consisted of the following items: Foreign Currency Translation Adjustment Derivatives Accounted for as Cash Flow Hedges Defined Benefit Plan Equity attributable to Startek shareholders Non-controlling interests Total Balance at December 31, 2019 $ (4,568 ) $ 475 $ (1,929 ) $(6,022 ) $ (1,597 ) $ (7,619 ) Foreign currency translation (4,392 ) - - (4,392 ) - (4,392 ) Reclassification to operations - 188 - 188 - 188 Unrealized losses - (860 ) - (860 ) - (860 ) Pension remeasurement - - 233 233 163 396 Balance at March 31, 2020 $ (8,960 ) $ (197 ) $ (1,696 ) $(10,853 ) $ (1,434 ) $ (12,287 ) |
Note 12 - Segment and Geographi
Note 12 - Segment and Geographical Information | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | The Company provides business process outsourcing services (“BPO”) to clients in a variety of industries and geographical locations. Our approach is focused on providing our clients with the best possible combination of services and delivery locations to meet our clients' needs in the best and most efficient manner. Our Chief Executive Officer (CEO) and President, who have been identified as the Chief Operating Decision Maker ("CODM"), reviews financial information mainly on a geographical basis. In the fourth 2019, Prior period results have been revised for segment disclosure to conform to current period presentation. We report our results of operations as follows in Six Three Months Ended March 31, 2020 2019 Revenue: Americas 68,168 63,603 India & Sri Lanka 24,252 28,209 Malaysia 11,885 12,448 Middle East 34,517 31,118 Argentina & Peru 10,208 12,584 Rest of World 11,869 13,180 Total $ 160,899 $ 161,142 Operating income (loss): Americas $ 926 $ 865 India & Sri Lanka (695 ) 1,130 Malaysia 1,635 1,444 Middle East 1,617 1,257 Argentina & Peru 16 (439 ) Rest of World 272 413 Segment operating income 3,771 4,670 Startek consolidation adjustments Goodwill impairment 22,708 - Intangible amortization 2,582 2,628 Total operating income $ (21,519 ) $ 2,042 Property, plant and equipment, net by geography based on the location of the assets is presented below: As on As on March 31, 2020 December 31, 2019 Property, plant and equipment, net: Americas 13,282 14,156 India & Sri Lanka 9,689 10,772 Malaysia 4,018 4,375 Middle East 4,405 4,722 Argentina & Peru 1,653 1,701 Rest of World 1,086 1,781 Total $ 34,133 $ 37,507 |
Note 13 - Leases
Note 13 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | We have operating and finance leases for service centers, corporate offices and certain equipment. Our leases have remaining lease terms of 1 year to 10 years, some of which include options to extend the leases for up to 3-5 years, and some of which include options to terminate the leases within 1 year. The components of lease expense were as follows: Three months ended Three months ended March 31, 2020 March 31, 2019 Operating lease cost $ 7,259 $ 7,540 Finance lease cost: Amortization of right-of-use assets 327 484 Interest on lease liabilities 43 28 Total finance lease cost 370 512 Supplemental cash flow information related to leases was as follows: Three Months Ended Three months ended March 31, 2020 March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 7,183 7,563 Operating cash flow from finance leases 43 28 Financing cash flows from finance leases 116 653 Right-of-use assets obtained in exchange for lease obligations: Operating leases 13,558 76,983 Finance lease - - Supplemental balance sheet information related to leases was as follows: As of As of March 31, 2020 March 31, 2019 Operating Leases Operating lease right-of-use assets $ 79,370 $ 73,692 Operating Lease Liabilities-Current 20,761 19,677 Operating Lease Liabilities-Non-Current 59,404 54,341 Total operating lease liabilities $ 80,165 $ 74,018 Finance Leases Property and equipment, at cost 5,166 4,391 Accumulated depreciation (3,088 ) (1,984 ) Property and equipment, at net $ 2,078 $ 2,407 Finance Lease Obligation-Current 750 632 Finance Lease Obligation-Non Current 839 1,353 Total finance lease liabilities $ 1,589 $ 1,985 As of As of March 31, 2020 March 31, 2019 Weighted average remaining lease term Operating leases 4.58 yrs 4.66 yrs Finance leases 1.67 yrs 1.92 yrs Weighted average discount rate Operating leases 6.84% 7.27% Finance leases 6.01% 6.01% Maturities of lease liabilities were as follows: Operating leases Finance leases Year ending December, 31 Remaining of 2020 $ 25,312 $ 706 2021 15,978 575 2022 14,590 442 2023 11,740 - 2024 10,190 - Thereafter 6,886 - Total lease payments $ 84,696 $ 1,723 Less imputed interest (4,531 ) (134 ) Total $ 80,165 $ 1,589 |
Note 14 - Subsequent Event
Note 14 - Subsequent Event | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | COVID- 19 There are many uncertainties regarding COVID- 19, 19 19 19 19 19 Term Loan Given the current COVID- 19 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, intangibles, impairment of goodwill, valuation allowances for deferred tax assets and restructuring costs. Management believes that the estimates used in the preparation of the condensed consolidated financial statements are reasonable, and management has made assumptions about the possible effects of the novel coronavirus (“COVID- 19” |
Revenue from Contract with Customer [Policy Text Block] | Revenue On April 1, 2018, 606, 606 606 five 4 |
Lessee, Leases [Policy Text Block] | Leases On January 1, 2019, 842, , 842 . 840. We determine if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, current maturity of operating lease liabilities, and operating lease liabilities in our consolidated balance sheets. Finance leases are included in property plant and equipment, long-term debt, accrued expenses and other current liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the balance lease term. As most of our leases do not may The Company elected the practical expedient permitted under the transition guidance under Topic 842, not 12 not not not We have lease agreements with lease and non-lease components, which are generally accounted for separately. For the quarter ended March 31, 2020, 19 not not 19 |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill represents the cost of acquired businesses in excess of the fair value of identifiable tangible and intangible net assets purchased. Goodwill is not December 31, not not not 3 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Matters The Company has operations in Argentina and its functional currency has historically been the Argentine Peso. The Company monitors inflation rates in countries in which it operates as required by US GAAP. Under ASC 830 10 45 12, three 100%. July 1, 2018. 830, not |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation We recognize expense related to all share-based payments to employees, including grants of employee stock options, based on the grant-date fair values amortized straight-line over the period during which the employees are required to provide services in exchange for the equity instruments. We include an estimate of forfeitures when calculating compensation expense. We use the Black-Scholes method for valuing stock-based awards. See Note 10, |
Common Stock Warrant Accounting, Policy [Policy Text Block] | Common Stock Warrant Accounting We account for common stock warrants as equity instruments, based on the specific terms of our warrant agreement. For more information refer to Note 10, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In December 2019, 2019 12 740 2019 12 740 10 15 4 not not FASB also removed the previous guidance that prohibit recognition of a DTA for a step up in tax basis “except to the extent that the newly deductible goodwill amount exceeds the remaining balance of book goodwill.” Instead, the amended guidance contains a model under which an entity can consider a list of factors in determining whether the step-up in tax basis is related to the business combination that caused the initial recognition of goodwill or to a separate transaction. The Company does not ASU 2019 12 not not The ASU also makes one not The above amendments are effective for fiscal years beginning after December 15, 2020. In August 2018, 2018 14, 715 20 2018 14” no No. 2018 14 December 15, 2020. In June 2016, 2016 13, 326 2016 13" December 15, 2022, not 2016 13 In March 2020, No. 2020 03, not In March 2020, No. 2020 04, not not 31 December 2022. |
Note 3 - Goodwill and Intangi_2
Note 3 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Reporting Units Amount Americas 64,315 India 15,180 Malaysia 47,543 Saudi Arabia 54,840 South Africa 1,578 Argentina 4,991 Australia 8,186 Ending balance, March 31, 2020 $196,633 Amount Opening balance, December 31, 2019 $ 219,341 Impairment (22,708 ) Ending balance, March 31, 2020 $ 196,633 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (years) Customer relationships $ 66,220 $ 12,078 $ 54,142 6.5 Brand 49,500 8,647 40,853 7.1 Trademarks 13,210 1,495 11,715 7.5 Other intangibles 2,130 615 1,515 4.9 $ 131,060 $ 22,835 $ 108,225 $ - |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years Ending December 31, Amount Remainder of 2020 $ 7,762 2021 10,350 2022 10,350 2023 10,306 2024 10,252 Thereafter 59,205 |
Note 4 - Revenue (Tables)
Note 4 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, Vertical: 2020 2019 Telecom 55,697 65,824 E-commerce & Consumer 25,958 24,344 Financial & Business Services 13,439 13,320 Media & Cable 23,194 21,757 Travel & Hospitality 15,803 16,514 Healthcare & Education 13,448 10,529 Technology, IT & Related Services 5,050 2,437 All other segments 8,588 6,417 Gross Revenue 161,177 161,142 Less: Warrant Contra Revenue (278 ) - Net Revenue $ 160,899 $ 161,142 |
Note 5 - Net Loss Per Share (Ta
Note 5 - Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2020 2019 Anti-dilutive securities: Stock options 2,316 2,782 |
Note 6 - Impairement Losses a_2
Note 6 - Impairement Losses and Restructuring Cost (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Employee related Facilities related Total Balance as of December 31, 2019 $ 1,326 $ 514 $ 1,840 Accruals/(reversals) 1,583 31 1,614 Payments (1,168 ) (178 ) (1,346 ) Balance as of March 31, 2020 $ 1,741 $ 367 $ 2,108 |
Note 7 - Derivative Instrumen_2
Note 7 - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | For the Three Months Ended March 31, 2020 For the Three Months Ended March 31, 2020 Year Ended December 31,2019 Year Ended December 31,2019 Local Currency Notional Amount U.S. Dollar Notional Amount Local Currency Notional Amount U.S. Dollar Notional Amount Philippine Peso 1,597,000 30,650 769,000 14,361 Canadian Dollar 3,300 2,437 1,400 1,047 $ 33,087 $ 15,408 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Gain (Loss) Recognized in AOCI, net of tax Gain (Loss) Recognized in AOCI, net of tax Gain/ (Loss) Reclassified from AOCI into Income Gain/ (Loss) Reclassified from AOCI into Income Three months ended March 31, 2020 Three months ended March 31, 2019 Three months ended March 31, 2020 Three months ended March 31, 2019 Cash flow hedges: Foreign exchange contracts (860 ) 65 188 - |
Schedule of Derivative Instruments [Table Text Block] | Derivatives not designated under ASC 815 For the Three Months Ended March 31, 2020 For the Three Months Ended March 31, 2019 Foreign currency forward contracts $ 1,771 $ 26 Interest rate swap $ (340 ) $ 228 |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts $ — $ 3,458 $ — $ 3,458 Total fair value of assets measured on a recurring basis $ — $ 3,458 $ — $ 3,458 Liabilities: Interest rate swap $ — $ 758 $ — $ 758 Foreign exchange contracts $ — $ 557 $ — $ 557 Total fair value of liabilities measured on a recurring basis $ — $ 1,315 $ — $ 1,315 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts $ — $ 1,823 $ — $ 1,823 Total fair value of assets measured on a recurring basis $ — $ 1,823 $ — $ 1,823 Liabilities: Interest rate swap $ — $ 544 $ — $ 544 Foreign exchange contracts $ — $ 22 $ — $ 22 Total fair value of liabilities measured on a recurring basis $ — $ 566 $ — $ 566 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, 2020 December 31, 2019 Short term debt and current portion of long term debt Working capital facilities $ 29,004 $ 23,179 Loan from related parties 3,383 $ 3,312 Current maturity of long term debt 17,850 16,800 Equipment loan 816 801 Current maturity of finance lease obligations 750 632 Total $ 51,803 $ 44,724 Long term debt Term loan, net of debt issuance costs $ 100,204 $ 105,075 Equipment loan 409 619 Secured revolving credit facility 21,935 23,097 Finance lease obligations 839 1,353 Total $ 123,387 $ 130,144 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Years Amount Remainder of 2020 12,600 2021 21,000 2022 88,200 Total $ 121,800 |
Note 11 - Accumulated Other C_2
Note 11 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Adjustment Derivatives Accounted for as Cash Flow Hedges Defined Benefit Plan Equity attributable to Startek shareholders Non-controlling interests Total Balance at December 31, 2019 $ (4,568 ) $ 475 $ (1,929 ) $(6,022 ) $ (1,597 ) $ (7,619 ) Foreign currency translation (4,392 ) - - (4,392 ) - (4,392 ) Reclassification to operations - 188 - 188 - 188 Unrealized losses - (860 ) - (860 ) - (860 ) Pension remeasurement - - 233 233 163 396 Balance at March 31, 2020 $ (8,960 ) $ (197 ) $ (1,696 ) $(10,853 ) $ (1,434 ) $ (12,287 ) |
Note 12 - Segment and Geograp_2
Note 12 - Segment and Geographical Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2020 2019 Revenue: Americas 68,168 63,603 India & Sri Lanka 24,252 28,209 Malaysia 11,885 12,448 Middle East 34,517 31,118 Argentina & Peru 10,208 12,584 Rest of World 11,869 13,180 Total $ 160,899 $ 161,142 Operating income (loss): Americas $ 926 $ 865 India & Sri Lanka (695 ) 1,130 Malaysia 1,635 1,444 Middle East 1,617 1,257 Argentina & Peru 16 (439 ) Rest of World 272 413 Segment operating income 3,771 4,670 Startek consolidation adjustments Goodwill impairment 22,708 - Intangible amortization 2,582 2,628 Total operating income $ (21,519 ) $ 2,042 As on As on March 31, 2020 December 31, 2019 Property, plant and equipment, net: Americas 13,282 14,156 India & Sri Lanka 9,689 10,772 Malaysia 4,018 4,375 Middle East 4,405 4,722 Argentina & Peru 1,653 1,701 Rest of World 1,086 1,781 Total $ 34,133 $ 37,507 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended Three months ended March 31, 2020 March 31, 2019 Operating lease cost $ 7,259 $ 7,540 Finance lease cost: Amortization of right-of-use assets 327 484 Interest on lease liabilities 43 28 Total finance lease cost 370 512 Three Months Ended Three months ended March 31, 2020 March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 7,183 7,563 Operating cash flow from finance leases 43 28 Financing cash flows from finance leases 116 653 Right-of-use assets obtained in exchange for lease obligations: Operating leases 13,558 76,983 Finance lease - - |
Assets And Liabilities, Lessee [Table Text Block] | As of As of March 31, 2020 March 31, 2019 Operating Leases Operating lease right-of-use assets $ 79,370 $ 73,692 Operating Lease Liabilities-Current 20,761 19,677 Operating Lease Liabilities-Non-Current 59,404 54,341 Total operating lease liabilities $ 80,165 $ 74,018 Finance Leases Property and equipment, at cost 5,166 4,391 Accumulated depreciation (3,088 ) (1,984 ) Property and equipment, at net $ 2,078 $ 2,407 Finance Lease Obligation-Current 750 632 Finance Lease Obligation-Non Current 839 1,353 Total finance lease liabilities $ 1,589 $ 1,985 As of As of March 31, 2020 March 31, 2019 Weighted average remaining lease term Operating leases 4.58 yrs 4.66 yrs Finance leases 1.67 yrs 1.92 yrs Weighted average discount rate Operating leases 6.84% 7.27% Finance leases 6.01% 6.01% |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | Operating leases Finance leases Year ending December, 31 Remaining of 2020 $ 25,312 $ 706 2021 15,978 575 2022 14,590 442 2023 11,740 - 2024 10,190 - Thereafter 6,886 - Total lease payments $ 84,696 $ 1,723 Less imputed interest (4,531 ) (134 ) Total $ 80,165 $ 1,589 |
Note 3 - Goodwill and Intangi_3
Note 3 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Goodwill, Ending Balance | $ 196,633 | $ 219,341 |
Goodwill Impairment Analysis, Period for Which Revenue, Operating Margins and Cash Flows Are Projected (Year) | 5 years | |
Goodwill, Impairment Loss | $ 22,708 | |
INDIA | ||
Goodwill, Ending Balance | 15,180 | |
Goodwill, Impairment Loss | 15,820 | |
SOUTH AFRICA | ||
Goodwill, Ending Balance | 1,578 | |
Goodwill, Impairment Loss | 4,332 | |
AUSTRALIA | ||
Goodwill, Ending Balance | 8,186 | |
Goodwill, Impairment Loss | $ 2,556 |
Note 3 - Goodwill and Intangi_4
Note 3 - Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill | $ 196,633 |
Goodwill | 219,341 |
Impairment | (22,708) |
Americas [Member] | |
Goodwill | 64,315 |
INDIA | |
Goodwill | 15,180 |
Impairment | (15,820) |
Malaysia 1 [Member] | |
Goodwill | 47,543 |
SAUDI ARABIA | |
Goodwill | 54,840 |
SOUTH AFRICA | |
Goodwill | 1,578 |
Impairment | (4,332) |
Latin America [Member] | |
Goodwill | 4,991 |
AUSTRALIA | |
Goodwill | 8,186 |
Impairment | $ (2,556) |
Note 3 - Goodwill and Intangi_5
Note 3 - Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Gross Intangibles | $ 131,060 | |
Accumulated Amortization | 22,835 | |
Net Intangibles | 108,225 | $ 110,807 |
Customer Relationships [Member] | ||
Gross Intangibles | 66,220 | |
Accumulated Amortization | 12,078 | |
Net Intangibles | $ 54,142 | |
Weighted Average Amortization Period (Year) | 6 years 6 months | |
Brand [Member] | ||
Gross Intangibles | $ 49,500 | |
Accumulated Amortization | 8,647 | |
Net Intangibles | $ 40,853 | |
Weighted Average Amortization Period (Year) | 7 years 1 month 6 days | |
Trademarks [Member] | ||
Gross Intangibles | $ 13,210 | |
Accumulated Amortization | 1,495 | |
Net Intangibles | $ 11,715 | |
Weighted Average Amortization Period (Year) | 7 years 6 months | |
Other Intangible Assets [Member] | ||
Gross Intangibles | $ 2,130 | |
Accumulated Amortization | 615 | |
Net Intangibles | $ 1,515 | |
Weighted Average Amortization Period (Year) | 4 years 10 months 24 days |
Note 3 - Goodwill and Intangi_6
Note 3 - Goodwill and Intangible Assets - Expected Future Amortization of Intangible Assets (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Remainder of 2020 | $ 7,762 |
2021 | 10,350 |
2022 | 10,350 |
2023 | 10,306 |
2024 | 10,252 |
Thereafter | $ 59,205 |
Note 4 - Revenue - Disaggregate
Note 4 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 161,177 | $ 161,142 |
Less: Warrant Contra Revenue | (278) | 0 |
Net Revenue | 160,899 | 161,142 |
Communications [Member] | ||
Revenue | 55,697 | 65,824 |
E-Commerce and Consumer [Member] | ||
Revenue | 25,958 | 24,344 |
Financial and Business Service [Member] | ||
Revenue | 13,439 | 13,320 |
Media [Member] | ||
Revenue | 23,194 | 21,757 |
Travel and Hospitality [Member] | ||
Revenue | 15,803 | 16,514 |
Health Care and Education [Member] | ||
Revenue | 13,448 | 10,529 |
Technology, IT and Related Service [Member] | ||
Revenue | 5,050 | 2,437 |
Other Sector [Member] | ||
Revenue | $ 8,588 | $ 6,417 |
Note 5 - Net Loss Per Share - S
Note 5 - Net Loss Per Share - Summary of Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||
Anti-dilutive securities (in shares) | 2,316 | 2,782 |
Note 6 - Impairement Losses a_3
Note 6 - Impairement Losses and Restructuring Cost (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill, Impairment Loss | $ 22,708 |
Employee Severance [Member] | Aegis Transaction Agreement [Member] | |
Restructuring and Related Cost, Expected Cost Remaining | 1,721 |
Employee Severance [Member] | Closure of Site in Argentina [Member] | |
Restructuring and Related Cost, Expected Cost Remaining | 20 |
Facility Closing [Member] | Aegis Transaction Agreement [Member] | |
Restructuring and Related Cost, Expected Cost Remaining | 359 |
Facility Closing [Member] | Closure of Site in Argentina [Member] | |
Restructuring and Related Cost, Expected Cost Remaining | 8 |
INDIA | |
Goodwill, Impairment Loss | 15,820 |
SOUTH AFRICA | |
Goodwill, Impairment Loss | 4,332 |
AUSTRALIA | |
Goodwill, Impairment Loss | $ 2,556 |
Note 6 - Impairement Losses a_4
Note 6 - Impairement Losses and Restructuring Cost - Restructuring and Related Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Beginning balance | $ 1,840 |
Accruals/(reversals) | 1,614 |
Payments | (1,346) |
Ending balance | 2,108 |
Employee Severance [Member] | |
Beginning balance | 1,326 |
Accruals/(reversals) | 1,583 |
Payments | (1,168) |
Ending balance | 1,741 |
Facility Closing [Member] | |
Beginning balance | 514 |
Accruals/(reversals) | 31 |
Payments | (178) |
Ending balance | $ 367 |
Note 7 - Derivative Instrumen_3
Note 7 - Derivative Instruments (Details Textual) $ in Thousands | 3 Months Ended | |||||||
Mar. 31, 2020PHP (₱) | Mar. 31, 2020CAD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020PHP (₱) | Mar. 31, 2020CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019PHP (₱) | Dec. 31, 2019CAD ($) | |
Derivative, Notional Amount | $ 33,087 | $ 15,408 | ||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||||||
Derivative Notional Amount, Acquired During Period | ₱ 1,387,999,998 | $ 3,028,575 | ||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Minimum [Member] | ||||||||
Derivative, Term of Contract (Month) | 3 months | 3 months | ||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Maximum [Member] | ||||||||
Derivative, Term of Contract (Month) | 12 months | 12 months | ||||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Canadian Foreign Exchange Contract [Member] | ||||||||
Derivative, Notional Amount | 2,437 | $ 3,300,000 | 1,047 | $ 1,400,000 | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Philippine Foreign Exchange Contract [Member] | ||||||||
Derivative, Notional Amount | $ 30,650 | ₱ 1,597,000,000 | $ 14,361 | ₱ 769,000,000 | ||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Maximum [Member] | ||||||||
Derivative, Term of Contract (Month) | 3 years | 3 years |
Note 7 - Derivative Instrumen_4
Note 7 - Derivative Instruments - Summary of Notional Amounts of Outstanding Derivative Positions (Details) $ in Thousands, ₱ in Millions, $ in Millions | Mar. 31, 2020USD ($) | Mar. 31, 2020PHP (₱) | Mar. 31, 2020CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019PHP (₱) | Dec. 31, 2019CAD ($) |
Notional amount | $ 33,087 | $ 15,408 | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Philippine Foreign Exchange Contract [Member] | ||||||
Notional amount | 30,650 | ₱ 1,597 | 14,361 | ₱ 769 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Canadian Foreign Exchange Contract [Member] | ||||||
Notional amount | $ 2,437 | $ 3.3 | $ 1,047 | $ 1.4 |
Note 7 - Derivative Instrumen_5
Note 7 - Derivative Instruments - Effect of Derivative Instruments Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - Foreign Exchange Contract [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Gain (Loss) Recognized in AOCI, net of tax | $ (860) | $ 65 |
Gain/ (Loss) Reclassified from AOCI into Income | $ 188 | $ 0 |
Note 7 - Derivative Instrumen_6
Note 7 - Derivative Instruments - Summary of Non-designated Hedges (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Foreign Exchange Forward [Member] | ||
Realized gains and losses | $ 1,771 | $ 26 |
Interest Rate Swap [Member] | ||
Realized gains and losses | $ (340) | $ 228 |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurements - Assets and Liabilities Measured At Fair Value On a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Total fair value of assets measured on a recurring basis | $ 3,458 | $ 1,823 |
Total fair value of liabilities measured on a recurring basis | 1,315 | 566 |
Foreign Exchange Contract [Member] | ||
Derivate asset | 3,458 | 1,823 |
Derivate liability | 557 | 22 |
Interest Rate Swap [Member] | ||
Derivate liability | 758 | 544 |
Fair Value, Inputs, Level 1 [Member] | ||
Total fair value of assets measured on a recurring basis | 0 | 0 |
Total fair value of liabilities measured on a recurring basis | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||
Derivate asset | 0 | 0 |
Derivate liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivate liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Total fair value of assets measured on a recurring basis | 3,458 | 1,823 |
Total fair value of liabilities measured on a recurring basis | 1,315 | 566 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Derivate asset | 3,458 | 1,823 |
Derivate liability | 557 | 22 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivate liability | 758 | 544 |
Fair Value, Inputs, Level 3 [Member] | ||
Total fair value of assets measured on a recurring basis | 0 | 0 |
Total fair value of liabilities measured on a recurring basis | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | ||
Derivate asset | 0 | 0 |
Derivate liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivate liability | $ 0 | $ 0 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ in Thousands | Dec. 27, 2018 | Oct. 27, 2017 | Mar. 31, 2020 | Dec. 31, 2019 | Nov. 20, 2019 | Aug. 26, 2019 |
Short-term Debt, Total | $ 32,387 | $ 26,491 | ||||
Non-recourse Factoring [Member] | ||||||
Long-term Debt, Gross | 12,800 | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 40,000 | |||||
Line of Credit Facility, Additional Borrowing Capacity | 60,000 | |||||
Line of Credit Facility, Incremental Borrowing Amount | $ 5,000 | |||||
Line of Credit Facility, Borrowing Base, Accounts Receivable Percentage | 90.00% | |||||
Long-term Line of Credit, Total | $ 21,930 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 13,400 | |||||
Loans Payable [Member] | ||||||
Debt Instrument, Face Amount | $ 140,000 | |||||
Debt Instrument, Term (Year) | 5 years | |||||
Debt Issuance Costs, Net, Total | $ 7,300 | $ 3,700 | ||||
Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||
Secured Debt [Member] | ||||||
Debt Instrument, Face Amount | $ 2,060 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.57% | |||||
Debt Instrument, Convertible, Remaining Discount Amortization Period (Year) | 2 years 6 months | |||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Minimum [Member] | Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||
Maximum [Member] | Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||
Line of Credit [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | |||||
Short-term Debt, Total | $ 29,000 | |||||
Line of Credit [Member] | Minimum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||
Line of Credit [Member] | Maximum [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||
Loans from Related Parties [Member] | Tribus Capital Limited [Member] | ||||||
Debt Instrument, Face Amount | $ 1,500 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||||
Interest Payable | $ 80 | |||||
Loans from Related Parties [Member] | Bluemoss Ergon Limited [Member] | ||||||
Debt Instrument, Face Amount | $ 1,750 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||||
Interest Payable | $ 50 |
Note 9 - Debt - Summary of Debt
Note 9 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Total short term debt | $ 51,803 | $ 44,724 |
Total long term debt | 123,387 | 130,144 |
Loans Payable [Member] | ||
Total short term debt | 17,850 | 16,800 |
Total long term debt | 100,204 | 105,075 |
Commercial Loan [Member] | ||
Total short term debt | 816 | 801 |
Total long term debt | 409 | 619 |
Finance Lease Obligations [Member] | ||
Total short term debt | 750 | 632 |
Total long term debt | 839 | 1,353 |
Line of Credit [Member] | ||
Total long term debt | 21,935 | 23,097 |
Working Capital Facilities [Member] | ||
Total short term debt | 29,004 | 23,179 |
Loans from Related Parties [Member] | ||
Total short term debt | $ 3,383 | $ 3,312 |
Note 9 - Debt - Principal Payme
Note 9 - Debt - Principal Payments Due on Term Loan (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Total | $ 123,387 | $ 130,144 |
Loans Payable [Member] | ||
Remainder of 2020 | 12,600 | |
2021 | 21,000 | |
2022 | 88,200 | |
Total | $ 121,800 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 29, 2020 | Jan. 01, 2020 | May 31, 2019 | Jan. 23, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Warrant Contra Revenue | $ 278 | $ 0 | |||||
Selling, General and Administrative Expenses [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 291 | ||||||
Amazon Transaction Agreement [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 4,000,000 | 4,002,964 | |||||
Class of Warrant or Right, Vested During Period (in shares) | 212,953 | 212,766 | 425,532 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Expected Proceeds from Transaction Required for Vesting | $ 600,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 9.96 | $ 9.95 | |||||
Warrant Contra Revenue | $ 278 | $ 730 | $ 565 | ||||
Amazon Transaction Agreement [Member] | Accounting Standards Update 2019-08 [Member] | |||||||
Warrant Contra Revenue | $ (413) |
Note 11 - Accumulated Other C_3
Note 11 - Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Balance | $ (4,568) |
Foreign currency translation | (4,392) |
Reclassification to operations | 0 |
Unrealized losses | 0 |
Pension remeasurement | 0 |
Balance | (8,960) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |
Balance | 475 |
Foreign currency translation | 0 |
Reclassification to operations | 188 |
Unrealized losses | (860) |
Pension remeasurement | 0 |
Balance | (197) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |
Balance | (1,929) |
Foreign currency translation | 0 |
Reclassification to operations | 0 |
Unrealized losses | 0 |
Pension remeasurement | 233 |
Balance | (1,696) |
AOCI Attributable to Parent [Member] | |
Balance | 6,022 |
Foreign currency translation | (4,392) |
Reclassification to operations | 188 |
Unrealized losses | (860) |
Pension remeasurement | 233 |
Balance | 10,853 |
AOCI Attributable to Noncontrolling Interest [Member] | |
Balance | (1,597) |
Foreign currency translation | 0 |
Reclassification to operations | 0 |
Unrealized losses | 0 |
Pension remeasurement | 163 |
Balance | (1,434) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |
Balance | (7,619) |
Foreign currency translation | (4,392) |
Reclassification to operations | 188 |
Unrealized losses | (860) |
Pension remeasurement | 396 |
Balance | $ (12,287) |
Note 12 - Segment and Geograp_3
Note 12 - Segment and Geographical Information (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Number of Reportable Segments | 6 |
Note 12 - Segment and Geograp_4
Note 12 - Segment and Geographical Information - Summary of Segment Reporting Information, By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Net Revenue | $ 160,899 | $ 161,142 | |
Operating income (loss) | (21,519) | 2,042 | |
Goodwill, Impairment Loss | 22,708 | ||
Property, plant and equipment, net | 34,133 | $ 37,507 | |
Operating Segments [Member] | |||
Operating income (loss) | 3,771 | 4,670 | |
Segment Reconciling Items [Member] | |||
Goodwill, Impairment Loss | 22,708 | 0 | |
Intangible amortization | 2,582 | 2,628 | |
Americas [Member] | |||
Property, plant and equipment, net | 13,282 | 14,156 | |
Americas [Member] | Operating Segments [Member] | |||
Net Revenue | 68,168 | 63,603 | |
Operating income (loss) | 926 | 865 | |
India and Sri Lanka [Member] | |||
Property, plant and equipment, net | 9,689 | 10,772 | |
India and Sri Lanka [Member] | Operating Segments [Member] | |||
Net Revenue | 24,252 | 28,209 | |
Operating income (loss) | (695) | 1,130 | |
Malaysia 1 [Member] | |||
Property, plant and equipment, net | 4,018 | 4,375 | |
Malaysia 1 [Member] | Operating Segments [Member] | |||
Net Revenue | 11,885 | 12,448 | |
Operating income (loss) | 1,635 | 1,444 | |
Middle East [Member] | |||
Property, plant and equipment, net | 4,405 | 4,722 | |
Middle East [Member] | Operating Segments [Member] | |||
Net Revenue | 34,517 | 31,118 | |
Operating income (loss) | 1,617 | 1,257 | |
Argentina and Peru [Member] | |||
Property, plant and equipment, net | 1,653 | 1,701 | |
Argentina and Peru [Member] | Operating Segments [Member] | |||
Net Revenue | 10,208 | 12,584 | |
Operating income (loss) | 16 | (439) | |
Rest of World [Member] | |||
Property, plant and equipment, net | 1,086 | $ 1,781 | |
Rest of World [Member] | Operating Segments [Member] | |||
Net Revenue | 11,869 | 13,180 | |
Operating income (loss) | $ 272 | $ 413 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Lessee, Lease, Termination Period (Year) | 1 year |
Minimum [Member] | |
Lease, Remaining Lease Term (Year) | 1 year |
Lessee, Lease, Renewal Term (Year) | 3 years |
Maximum [Member] | |
Lease, Remaining Lease Term (Year) | 10 years |
Lessee, Lease, Renewal Term (Year) | 5 years |
Note 13 - Leases - Components o
Note 13 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating lease cost | $ 7,259 | $ 7,540 |
Amortization of right-of-use assets | 327 | 484 |
Interest on lease liabilities | 43 | 28 |
Total finance lease cost | 370 | 512 |
Operating cash flows from operating leases | 7,183 | 7,563 |
Operating cash flow from finance leases | 43 | 28 |
Financing cash flows from finance leases | 116 | 653 |
Operating leases | 13,558 | 76,983 |
Finance lease | $ 0 | $ 0 |
Note 13 - Leases - Supplemental
Note 13 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Operating lease right-of-use assets | $ 79,370 | $ 73,692 | $ 73,692 |
Operating Lease Liabilities-Current | 20,761 | 19,677 | 19,677 |
Operating Lease Liabilities-Non-Current | 59,404 | 54,341 | 54,341 |
Total operating lease liabilities | 80,165 | 74,018 | |
Property and equipment, at cost | 5,166 | 4,391 | |
Accumulated depreciation | (3,088) | (1,984) | |
Property and equipment, at net | 2,078 | 2,407 | |
Finance Lease Obligation-Current | 750 | $ 632 | 632 |
Finance Lease Obligation-Non Current | 839 | 1,353 | |
Total finance lease liabilities | $ 1,589 | $ 1,985 | |
Operating leases (Year) | 4 years 6 months 29 days | 4 years 7 months 28 days | |
Finance leases (Year) | 1 year 8 months 1 day | 1 year 11 months 1 day | |
Operating leases | 6.84% | 7.27% | |
Finance leases | 6.01% | 6.01% |
Note 13 - Leases - Maturities o
Note 13 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Remaining of 2020, Operating leases | $ 25,312 | |
Remaining of 2020, Finance leases | 706 | |
2021, Operating leases | 15,978 | |
2021, Finance leases | 575 | |
2022, Operating leases | 14,590 | |
2022, Finance leases | 442 | |
2023, Operating leases | 11,740 | |
2023, Finance leases | 0 | |
2024, Operating leases | 10,190 | |
2024 Finance leases | 0 | |
Thereafter, Operating leases | 6,886 | |
Thereafter, Finance leases | 0 | |
Total lease payments, Operating leases | 84,696 | |
Total lease payments, Finance leases | 1,723 | |
Less imputed interest, Operating leases | (4,531) | |
Less imputed interest, Finance leases | (134) | |
Total, Operating leases | 80,165 | $ 74,018 |
Total, Finance leases | $ 1,589 | $ 1,985 |