Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 01, 2019 | |
Entity Registrant Name | Ascent Capital Group, Inc. | |
Entity Central Index Key | 0001437106 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Smaller Reporting Company | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Series A Common Stock | ||
Entity Common Stock, Shares Outstanding (in shares) | 12,121,542 | |
Series B Common Stock | ||
Entity Common Stock, Shares Outstanding (in shares) | 381,528 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 29,762 | $ 105,921 |
Restricted cash | 0 | 189 |
Trade receivables, net of allowance for doubtful accounts of $0 in 2019 and $3,759 in 2018 | 0 | 13,121 |
Prepaid and other current assets | 323 | 32,202 |
Total current assets | 30,085 | 151,433 |
Property and equipment, net of accumulated depreciation of $303 in 2019 and $40,827 in 2018 | 3 | 36,549 |
Subscriber accounts and deferred contract acquisition costs, net of accumulated amortization of $0 in 2019 and $1,621,242 in 2018 | 0 | 1,195,463 |
Deferred income tax asset, net | 0 | 783 |
Operating lease right-of-use asset | 97 | |
Other assets | 8 | 29,316 |
Total assets | 30,193 | 1,413,544 |
Current liabilities: | ||
Accounts payable | 173 | 12,668 |
Other accrued liabilities | 1,924 | 36,006 |
Deferred revenue | 0 | 13,060 |
Holdback liability | 0 | 11,513 |
Current portion of long-term debt | 0 | 1,895,175 |
Total current liabilities | 2,097 | 1,968,422 |
Non-current liabilities: | ||
Long-term holdback liability | 0 | 1,770 |
Derivative financial instruments | 0 | 6,039 |
Operating lease liabilities | 0 | |
Other liabilities | 12 | 2,742 |
Total liabilities | 2,109 | 1,978,973 |
Commitments and contingencies | ||
Stockholders’ deficit: | ||
Preferred stock, $0.01 par value. Authorized 5,000,000 shares; no shares issued | 0 | 0 |
Additional paid-in capital | 1,425,384 | 1,425,325 |
Accumulated deficit | (1,397,425) | (1,998,487) |
Accumulated other comprehensive income, net | 0 | 7,608 |
Total stockholders’ equity (deficit) | 28,084 | (565,429) |
Total liabilities and stockholders’ equity (deficit) | 30,193 | 1,413,544 |
Series A Common Stock | ||
Stockholders’ deficit: | ||
Common stock | 121 | 121 |
Series B Common Stock | ||
Stockholders’ deficit: | ||
Common stock | 4 | 4 |
Series C Common Stock | ||
Stockholders’ deficit: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Trade receivables, allowance for doubtful accounts | $ 0 | $ 3,759 |
Property and equipment, accumulated depreciation | 303 | 40,827 |
Subscriber accounts, accumulated amortization | $ 0 | $ 1,621,242 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Series A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized shares (in shares) | 45,000,000 | 45,000,000 |
Common stock, issued shares (in shares) | 12,115,260 | 12,080,683 |
Common stock, outstanding shares (in shares) | 12,115,260 | 12,080,683 |
Series B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized shares (in shares) | 5,000,000 | 5,000,000 |
Common stock, issued shares (in shares) | 381,528 | 381,528 |
Common stock, outstanding shares (in shares) | 381,528 | 381,528 |
Series C Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized shares (in shares) | 45,000,000 | 45,000,000 |
Common stock, issued shares (in shares) | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Net revenue | $ 128,091 | $ 135,013 | $ 257,697 | $ 268,766 |
Operating expenses: | ||||
Cost of services | 28,536 | 33,047 | 55,300 | 65,748 |
Selling, general and administrative, including stock-based and long-term incentive compensation | 29,364 | 34,387 | 61,876 | 71,793 |
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 49,138 | 53,891 | 98,283 | 108,302 |
Depreciation | 3,123 | 2,871 | 6,281 | 5,492 |
Loss on goodwill impairment | 0 | 214,400 | 0 | 214,400 |
Total operating expenses | 110,161 | 338,596 | 221,740 | 465,735 |
Operating income (loss) | 17,930 | (203,583) | 35,957 | (196,969) |
Other expense (income), net: | ||||
Gain on deconsolidation of subsidiaries | (685,530) | 0 | (685,530) | 0 |
Restructuring and reorganization expense | 34,730 | 0 | 34,730 | 0 |
Interest income | (318) | (774) | (862) | (1,255) |
Interest expense | 40,521 | 40,422 | 78,415 | 79,074 |
Realized and unrealized (gain) loss, net on derivative financial instruments | (969) | 0 | 6,804 | 0 |
Refinancing expense | 0 | 0 | 331 | 0 |
Other income, net | (71) | (211) | (330) | (2,276) |
Total other expense (income), net | (611,637) | 39,437 | (566,442) | 75,543 |
Income (loss) before income taxes | 629,567 | (243,020) | 602,399 | (272,512) |
Income tax expense | 666 | 1,347 | 1,337 | 2,693 |
Net income (loss) | 628,901 | (244,367) | 601,062 | (275,205) |
Other comprehensive income (loss): | ||||
Unrealized holding loss on marketable securities, net | 0 | (823) | 0 | (3,900) |
Unrealized gain (loss) on derivative contracts, net | (472) | 5,521 | (940) | 19,927 |
Deconsolidation of subsidiaries | (6,668) | 0 | (6,668) | 0 |
Total other comprehensive income (loss), net of tax | (7,140) | 4,698 | (7,608) | 16,027 |
Comprehensive income (loss) | $ 621,761 | $ (239,669) | $ 593,454 | $ (259,178) |
Basic earnings (loss) per share: | ||||
Net income (loss) (in dollars per share) | $ 50.48 | $ (19.82) | $ 48.30 | $ (22.35) |
Diluted earnings (loss) per share: | ||||
Net income (loss) (in dollars per share) | $ 50.02 | $ (19.82) | $ 47.86 | $ (22.35) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 628,901 | $ 601,062 | $ (275,205) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Amortization of subscriber accounts, deferred contract acquisition costs and other intangible assets | 49,138 | 98,283 | 108,302 |
Depreciation | 3,123 | 6,281 | 5,492 |
Stock-based and long-term incentive compensation | 760 | 945 | |
Deferred income tax expense | 0 | 1,324 | |
Amortization of debt discount and deferred debt costs | 197 | 5,994 | |
Gain on deconsolidation of subsidiaries | (685,530) | (685,530) | 0 |
Restructuring and reorganization expense | 34,730 | 34,730 | 0 |
Unrealized loss on derivative financial instruments, net | (3,196) | 4,577 | 0 |
Refinancing expense | 0 | 331 | 0 |
Bad debt expense | 5,903 | 5,623 | |
Loss on goodwill impairment | 0 | 0 | 214,400 |
Other non-cash activity, net | (738) | (805) | |
Changes in assets and liabilities: | |||
Trade receivables | (5,327) | (5,434) | |
Prepaid expenses and other assets | 4,590 | (2,001) | |
Subscriber accounts - deferred contract acquisition costs | (1,781) | (2,586) | |
Payables and other liabilities | 34,780 | 7,623 | |
Net cash provided by operating activities | 98,118 | 63,672 | |
Cash flows from investing activities: | |||
Capital expenditures | (6,767) | (8,928) | |
Cost of subscriber accounts acquired | (61,335) | (69,695) | |
Deconsolidation of subsidiary cash | (11,588) | 0 | |
Purchases of marketable securities | 0 | (39,022) | |
Proceeds from sale of marketable securities | 0 | 37,841 | |
Net cash used in investing activities | (79,690) | (79,804) | |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 43,100 | 105,300 | |
Payments on long-term debt | (99,376) | (95,200) | |
Payments of restructuring and reorganization costs | (35,968) | 0 | |
Payments of refinancing costs | (2,521) | 0 | |
Value of shares withheld for share-based compensation | (11) | (144) | |
Net cash provided by (used in) financing activities | (94,776) | 9,956 | |
Net decrease in cash, cash equivalents and restricted cash | (76,348) | (6,176) | |
Cash, cash equivalents and restricted cash at beginning of period | 106,110 | 10,465 | |
Cash, cash equivalents and restricted cash at end of period | $ 29,762 | 29,762 | 4,289 |
Supplemental cash flow information: | |||
State taxes paid, net | 2,637 | 2,710 | |
Interest paid | 38,063 | 72,899 | |
Accrued capital expenditures | $ 461 | $ 616 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common StockSeries A Common Stock | Common StockSeries B Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2017 | $ 142,672 | $ 120 | $ 4 | $ 1,423,899 | $ (1,277,118) | $ (4,233) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | (30,838) | (30,838) | ||||
Other comprehensive income (loss) | 11,329 | 11,329 | ||||
Stock-based compensation | 285 | 285 | ||||
Value of shares withheld for minimum tax liability | (116) | (116) | ||||
Ending Balance at Mar. 31, 2018 | 100,612 | 120 | 4 | 1,424,068 | (1,331,281) | 7,701 |
Beginning Balance at Dec. 31, 2017 | 142,672 | 120 | 4 | 1,423,899 | (1,277,118) | (4,233) |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | (275,205) | |||||
Other comprehensive income (loss) | 16,027 | |||||
Ending Balance at Jun. 30, 2018 | (138,401) | 120 | 4 | 1,424,724 | (1,575,648) | 12,399 |
Beginning Balance at Mar. 31, 2018 | 100,612 | 120 | 4 | 1,424,068 | (1,331,281) | 7,701 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | (244,367) | (244,367) | ||||
Other comprehensive income (loss) | 4,698 | 4,698 | ||||
Stock-based compensation | 684 | 684 | ||||
Value of shares withheld for minimum tax liability | (28) | (28) | ||||
Ending Balance at Jun. 30, 2018 | (138,401) | 120 | 4 | 1,424,724 | (1,575,648) | 12,399 |
Beginning Balance at Dec. 31, 2018 | (565,429) | 121 | 4 | 1,425,325 | (1,998,487) | 7,608 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | (27,839) | (27,839) | ||||
Other comprehensive income (loss) | (468) | (468) | ||||
Stock-based compensation | 459 | 459 | ||||
Value of shares withheld for minimum tax liability | (4) | (4) | ||||
Ending Balance at Mar. 31, 2019 | (593,281) | 121 | 4 | 1,425,780 | (2,026,326) | 7,140 |
Beginning Balance at Dec. 31, 2018 | (565,429) | 121 | 4 | 1,425,325 | (1,998,487) | 7,608 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | 601,062 | |||||
Other comprehensive income (loss) | (7,608) | |||||
Ending Balance at Jun. 30, 2019 | 28,084 | 121 | 4 | 1,425,384 | (1,397,425) | 0 |
Beginning Balance at Mar. 31, 2019 | (593,281) | 121 | 4 | 1,425,780 | (2,026,326) | 7,140 |
Increase (Decrease) in Stockholders' Equity | ||||||
Net income (loss) | 628,901 | 628,901 | ||||
Other comprehensive income (loss) | (7,140) | (7,140) | ||||
Stock-based compensation | (389) | (389) | ||||
Value of shares withheld for minimum tax liability | (7) | (7) | ||||
Ending Balance at Jun. 30, 2019 | $ 28,084 | $ 121 | $ 4 | $ 1,425,384 | $ (1,397,425) | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Ascent Capital Group, Inc. ("Ascent Capital" or the "Company") condensed consolidated financial statements represent the financial position of Ascent Capital as of June 30, 2019 and results of operations of Ascent Capital and its consolidated subsidiaries, including Monitronics International, Inc. and its consolidated subsidiaries (collectively, "Monitronics", doing business as Brinks Home Security TM ) through June 30, 2019. Monitronics is the primary operating and wholly owned subsidiary of the Company. Monitronics provides residential customers and commercial client accounts with monitored home and business security systems, as well as interactive and home automation services, in the United States, Canada and Puerto Rico. Monitronics customers are obtained through its direct-to-consumer sales channel (the "Direct to Consumer Channel") or its exclusive authorized dealer network (the "Dealer Channel"), which provides product and installation services, as well as support to customers. Its Direct to Consumer Channel offers both Do-It-Yourself and professional installation security solutions. As described in note 2, Monitronics Bankruptcy , effective June 30, 2019, we deconsolidated Monitronics subsequent to its voluntary filing for reorganization under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") on June 30, 2019. As such, all amounts presented in these condensed consolidated financial statements and notes thereto exclude the assets, liabilities, and equity of Monitronics as of June 30, 2019. The condensed consolidated statement of operations and statement of cash flows reflect the operating results of Monitronics through June 30, 2019. The unaudited interim financial information of the Company has been prepared in accordance with Article 10 of the Securities and Exchange Commission’s (the "SEC") Regulation S-X. Accordingly, it does not include all of the information required by generally accepted accounting principles in the United States ("GAAP") for complete financial statements. Except as discussed above and in note 2, Monitronics Bankruptcy , the Company’s unaudited condensed consolidated financial statements as of June 30, 2019 , and for the three and six months ended June 30, 2019 and 2018 , include Ascent Capital and all of its direct and indirect subsidiaries. The accompanying interim condensed consolidated financial statements are unaudited but, in the opinion of management, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results for such periods. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with the Ascent Capital Annual Report on Form 10-K for the year ended December 31, 2018 , filed with the SEC on April 1, 2019 . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of revenue and expenses for each reporting period. The significant estimates made in preparation of the Company’s condensed consolidated financial statements primarily relate to valuation of subscriber accounts and valuation of deferred tax assets. These estimates are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts them when facts and circumstances change. As the effects of future events cannot be determined with any certainty, actual results could differ from the estimates upon which the carrying values were based. Restructuring Support Agreement On May 20, 2019, Ascent Capital entered into a Restructuring Support Agreement (the "RSA") with (i) Monitronics, (ii) holders of in excess of 66 2/3% in dollar amount of Monitronics' 9.125% Senior Notes due 2020 (the "Senior Notes"), and (iii) holders of in excess of 66 2/3% in dollar amount of Monitronics' term loans under that certain Credit Facility, dated as of March 23, 2012 (as amended, the "Credit Facility"), to support the restructuring of the capital structure of Monitronics on the terms set forth in the term sheet annexed to the RSA (the "Restructuring Term Sheet"). Under the terms of the RSA, up to approximately $685,000,000 of Monitronics' debt will be converted to equity, including up to approximately $585,000,000 aggregate principal amount of Monitronics' Senior Notes and $100,000,000 aggregate principal amount of Monitronics' term loan under the Credit Facility. Monitronics expects to also receive $200,000,000 in cash from a combination of an equity rights offering to its noteholders and up to $23,000,000 of a deemed contribution of cash on hand through a merger with Ascent Capital (as discussed below). This cash will be used to, among other things, repay Monitronics' remaining term loan debt. In accordance with the RSA, if, among other things, Ascent Capital receives approval from its stockholders and has a cash amount of greater than $20,000,000 , net of all of its liabilities (as determined in good faith by Ascent Capital, Monitronics and certain of its noteholders) concurrently with the emergence of Monitronics from bankruptcy, Ascent Capital will merge with and into Monitronics, with Monitronics as the surviving company (the "Merger"). At the time of the Merger, all assets of Ascent Capital shall become assets of a "Reorganized" Monitronics and Ascent Capital stockholders will receive up to 5.82% of the outstanding shares of Reorganized Monitronics, depending on the final amount of cash Ascent Capital contributes, which is capped at $23,000,000 . If the Merger is not completed for any reason as noted in the RSA, then the restructuring of Monitronics will be completed without the participation of Ascent Capital and Ascent Capital's equity interests in Monitronics will be cancelled without Ascent Capital recovering any property or value on account of such equity interests. Furthermore, Ascent Capital will be obligated to make a cash contribution to Monitronics in the amount of $3,500,000 upon Monitronics' emergence from bankruptcy if the Merger is not consummated. Nasdaq Delisting On July 3, 2019 and July 5, 2019, the Company notified The Nasdaq Stock Market LLC (“NASDAQ”) of its intent to voluntarily withdraw the listing of its Series A Common Stock, par value $0.01 per share (the “Series A Common Stock”), from NASDAQ. As previously disclosed, on May 29, 2019, the Company received a notice from NASDAQ that its Series A Common Stock would be delisted, absent an appeal by the Company to stay the delisting, because it no longer qualified for listing on NASDAQ. The Company had requested an appeal of the delisting determination but before the scheduled hearing could take place on August 1, 2019, the Company withdrew its request for an appeal and notified NASDAQ of its intent to voluntarily withdraw the listing of the Series A Common Stock from NASDAQ. Following its receipt of the notice of voluntary delisting, the Company's Series A Common Stock was suspended from trading at the open of business on July 12, 2019 and subsequently delisted from the NASDAQ on July 25, 2019, ten days after the Company had filed a Form 25 with the SEC to delist the Series A Common Stock. The Company's Series A Common Stock is currently quoted on the OTC Markets under the symbol "ASCMA." |
Monitronics Bankruptcy
Monitronics Bankruptcy | 6 Months Ended |
Jun. 30, 2019 | |
Reorganizations [Abstract] | |
Monitronics Bankruptcy | Monitronics Bankruptcy On June 30, 2019 (the "Petition Date"), to implement the financial restructuring contemplated in the RSA, Monitronics and certain of its domestic subsidiaries (collectively, the "Debtors"), filed voluntary reorganization cases (the "Chapter 11 Cases") in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division (the "Bankruptcy Court") to implement a restructuring pursuant to a partial prepackaged plan of reorganization (as amended from time to time, the "Plan"). The Debtors' Chapter 11 Cases are being jointly administered under the caption In re Monitronics International, Inc., et al., Case No. 19-33650 . On the Petition Date, the Debtors filed certain motions and applications intended to limit the disruption of the bankruptcy proceedings on its operations (the "First Day Motions"), which were subsequently approved by the Bankruptcy Court. Pursuant to the First Day Motions, and subject to certain terms and dollar limits included therein, Monitronics was authorized to continue to use its unrestricted cash on hand, as well as all cash generated from daily operations, to continue its operations without interruption during the course of the Chapter 11 Cases. Also pursuant to the First Day Motions, Monitronics received Bankruptcy Court authorization to, among other things and subject to the terms and conditions set forth in the applicable orders, pay certain pre-petition employee wages, salaries, health benefits and other employee obligations during its Chapter 11 Cases, pay certain pre-petition claims of its dealers, creditors in the normal course and taxes, continue its cash management programs and insurance policies, as well as continue to honor its dealer program post-petition. Monitronics is authorized under the Bankruptcy Code to pay post-petition expenses incurred in the ordinary course of business without seeking Bankruptcy Court approval. Until the Plan is effective, Monitronics will continue to manage its properties and operate its businesses as a “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. The Plan confirmation hearing is currently scheduled for August 7, 2019. Debtor-in-possession ("DIP") Financing In connection with the Chapter 11 Cases and subsequent to June 30, 2019, the Debtors received approval from the Bankruptcy Court to enter into a secured superpriority and priming debtor-in-possession revolving credit facility (the “DIP Facility”) with the lenders party thereto, KKR Credit Markets LLC, as lead arranger and bookrunner, KKR Credit Advisors (US) LLC, as structuring advisor, Encina Private Credit SPV, LLC, as administrative agent, swingline lender and letter of credit issuer (the “DIP Administrative Agent”), and certain other financial parties thereto. The DIP Facility is in an amount of up to $245,000,000 , subject to availability under the Debtors’ borrowing base thereunder, including a letter of credit subfacility in the amount of $10,000,000 and a swingline loan commitment of $10,000,000 . Interest on the DIP Facility will accrue at a rate per year equal to the LIBOR rate (with a floor of 1.50% ) plus 5.00% or a base rate (with a floor of 4.50% ) plus 4.00% . The Debtors are required to pay fees in relation to the DIP Facility, including the following: • unused commitment fee: 0.75% per annum on the daily unused amount of the revolving credit portion of the DIP Facility; • letter of credit commitment fronting fee: 0.25% per annum on the average daily amount of the letter of credit exposure of the DIP Facility; and • agent fees: separately agreed upon between the Debtors and the DIP Administrative Agent; The DIP Facility will mature on the earlier of: (i) 45 days after the date of entry of the interim DIP order, if the final DIP order has not been entered by the Bankruptcy Court on or prior to such date; (ii) 12 months after June 30, 2019; (iii) the effective date with respect to any Chapter 11 plan of reorganization, including the Plan; (iv) the filing of a motion by the Debtors seeking the dismissal of any of the Chapter 11 Cases, the dismissal of any Chapter 11 Case, the filing of a motion by the Debtors seeking to convert any of the Chapter 11 Cases to a case under Chapter 7 of the Bankruptcy Code or the conversion of any of the Chapter 11 Cases to a case under Chapter 7 of the Bankruptcy Code; (v) the date of a sale of all or substantially all of the Debtors’ assets consummated under section 363 of the Bankruptcy Code; (vi) acceleration of the DIP Facility following an occurrence of an event of default thereunder; or (vii) the appointment of a Chapter 11 trustee. Proceeds of the DIP Facility can be used by the Debtors to (i) pay certain costs, fees and expenses related to the Chapter 11 Cases, (ii) pay in full the claims of the revolving lenders under Monitronics’ Credit Facility, (iii) cash collateralize certain letters of credit previously issued under Monitronics' Credit Facility, and other letters of credit as approved by the majority lenders under the DIP Facility from time to time, (iv) to fund certain carve-out expenses and (v) fund working capital and general corporate purposes of the Debtors, in all cases, subject to the terms of the DIP Facility and applicable orders of the Bankruptcy Court. The obligations and liabilities of Monitronics under the DIP Facility are secured by a first priority, senior priming lien on, and security interest in, substantially all assets and property of the estate of the Debtors, and the equity in Monitronics owned by Ascent, and are guaranteed by each of Monitronics’ existing and future subsidiaries, subject to certain exceptions. The DIP Facility contains mandatory prepayments (a) if the amount of loans outstanding under the DIP Facility exceeds the lesser of the DIP Facility and the borrowing base thereunder and (b) with the proceeds of certain (i) asset sales, (ii) casualty events (subject, in each case, to certain reinvestment rights) and (iii) issuances of indebtedness not permitted by the DIP Facility. The DIP Facility contains customary representations and warranties and affirmative and negative covenants for agreements of this type, including, among others covenants regarding minimum liquidity, relating to financial reporting, compliance with laws, payment of taxes, preservation of existence, books and records, maintenance of properties and insurance, limitations on liens, restrictions on mergers and restrictions on sales of all or substantially all of the Debtors’ assets, and limitations on changes in the nature of the Debtors’ businesses. Amendment No. 8 to Monitronics' Credit Facility In connection with the Chapter 11 Cases and subsequent to June 30, 2019, the Debtors entered into an Amendment No. 8 to the Credit Facility and Consent to Agency Resignation and Appointment Agreement (“Amendment No. 8”), among Cortland Capital Market Services LLC (“Cortland”), as successor administrative agent, and the lenders party thereto. Pursuant to Amendment No. 8, the Debtors and the required lenders under Monitronics' Credit Facility approved the resignation of Bank of America, N.A. as administrative agent, and the appointment of Cortland as the successor administrative agent. Amendment No. 8 also made certain other amendments to Monitronics' Credit Facility to accommodate the appointment of Cortland as the successor administrative agent. Restructuring and reorganization expense Monitronics has incurred and will continue to incur significant costs associated with the reorganization. Restructuring and reorganization expense for both the three and six months ended June 30, 2019 was $34,730,000 which primarily represent legal and professional fees. The amount of these costs are being expensed as incurred and have been recorded in Restructuring and reorganization expense within the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2019. Deconsolidation of Monitronics The Chapter 11 Cases were a reconsideration event for Ascent Capital to determine whether the consolidation of Monitronics continues to be appropriate. Subsequent to the Petition Date, the power to make material decisions of Monitronics is deemed to have been transferred to the Bankruptcy Court according to GAAP. Therefore, Management has concluded that Ascent Capital only possesses non-substantive voting rights and that it is not the beneficiary of Monitronics, since the Bankruptcy Court is now considered to control its material activities. As such, it was determined that Ascent Capital should deconsolidate Monitronics effective on the Petition Date. Given the factors discussed above, including the terms of the RSA, Management determined that Ascent Capital does not have significant influence over Monitronics; therefore, Ascent Capital will record its investment in Monitronics at fair value subsequent to the deconsolidation. Upon the deconsolidation of Monitronics, Ascent Capital recognized a $685,530,000 gain on deconsolidation and recorded an investment in Monitronics of zero due to the negative equity associated with Monitronics' underlying financial position. In addition, as of June 30, 2019, Monitronics represented total assets of $1,289,724,000 , and total liabilities of $1,968,588,000 with total contractual debt of $1,838,900,000 . |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Going Concern As discussed in note 1, Basis of Presentation , Ascent Capital is party to the RSA, which if fully consummated as planned, will result in Ascent Capital being merged with and into Monitronics. If Ascent Capital is unable to participate in the Merger, then it will cease to have any ownership of Monitronics, which at present is the sole operating company of Ascent Capital. These matters raise substantial doubt about Ascent Capital's ability to continue as a going concern. Management's plan involves pursuing the Merger of Ascent Capital and Monitronics. Ascent Capital and Monitronics management have been diverted from seeking other potential opportunities if the Merger cannot be consummated, for whatever reason. Assurance cannot be provided as to Ascent Capital's ability to generate returns for its shareholders if the Merger is not consummated and Ascent Capital is excluded from participating in the RSA and ceases its ownership of Monitronics. The Company’s unaudited condensed consolidated financial statements as of June 30, 2019 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the "FASB") issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 requires the lessee to recognize assets and liabilities for leases with lease terms of more than twelve months. The Company adopted ASU 2016-02 using a modified retrospective approach at January 1, 2019, as outlined in ASU 2018-11, Leases (Topic 842): Targeted Improvements. Under this method of adoption, there is no impact to the comparative condensed consolidated statements of operations and condensed consolidated balance sheets. The Company determined that there was no cumulative effect adjustment to beginning Accumulated deficit on the condensed consolidated balance sheets. The Company will continue to report periods prior to January 1, 2019 in its financial statements under prior guidance as outlined in Accounting Standards Codification Topic 840, "Leases". In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed carry forward of historical lease classifications. Adoption of this standard had no impact on the Company's Loss before income taxes and the condensed consolidated statements of cash flows. Upon adoption as of January 1, 2019, the Company recognized an Operating lease right-of-use asset of $20,383,000 and a total Operating lease liability of $20,908,000 . The difference between the two amounts were due to decreases in prepaid rent and deferred rent recorded under prior lease accounting in Prepaid and other current assets and Other accrued liabilities, respectively, on the condensed consolidated balance sheets. The adoption entry included the leases in Monitronics' name since the adoption occurred prior to the deconsolidation of Monitronics. See note 13, Leases , for further information. |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (amounts in thousands): June 30, December 31, Accrued payroll and related liabilities $ 199 $ 4,957 Interest payable — 15,537 Income taxes payable — 2,742 Operating lease liabilities 98 — Accrued restructuring expense 878 — Other 749 12,770 Total Other accrued liabilities $ 1,924 $ 36,006 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt consisted of the following (amounts in thousands): June 30, December 31, Ascent Capital 4.00% Convertible Senior Notes due July 15, 2020 $ — $ 90,725 Monitronics 9.125% Senior Notes due April 1, 2020 — 585,000 Monitronics term loan, matures September 30, 2022, LIBOR plus 5.50%, subject to a LIBOR floor of 1.00% — 1,075,250 Monitronics $295 million revolving credit facility, matures September 30, 2021, LIBOR plus 4.00%, subject to a LIBOR floor of 1.00% — 144,200 — 1,895,175 Less current portion of long-term debt — (1,895,175 ) Long-term debt $ — $ — Ascent Capital Convertible Senior Notes The Ascent Capital 4.00% Convertible Senior Notes due July 15, 2020 (the "Convertible Notes") were settled and terminated as of June 30, 2019 as described below. On February 14, 2019, pursuant to the settlement of the Noteholder Action lawsuit (as described in note 11, Commitments, Contingencies and Other Liabilities ), the Company repurchased and settled $75,674,000 in aggregate principal amount of Convertible Notes. Ascent Capital paid to the Noteholder Parties (as defined below) an aggregate amount of $70,666,176.28 in cash (the "Convertible Note Cash Settlement"), consisting of (i) an aggregate of $6,104,720.92 for professional fees and expenses incurred on the Noteholder Parties’ behalf, (ii) an aggregate of $2,000,000.00 in consideration for the Noteholder Parties’ Consents, (iii) an aggregate of $10,808,555.36 in consideration for and in full and final satisfaction of the settled claims as set forth in the Settlement Agreement and (iv) an aggregate of $51,752,900.00 on account of the Note Repurchase (as defined below). On February 19, 2019, the Company commenced a cash tender offer to purchase any and all of the remaining outstanding Convertible Notes (the “Offer”). On March 22, 2019, the Company entered into transaction support agreements with holders of approximately $18,554,000 in aggregate principal amount of the Convertible Notes, pursuant to which the Company agreed to increase the purchase price for the Convertible Notes in the Offer to $950 per $1,000 principal amount of Convertible Notes, with no accrued and unpaid interest to be payable (as so amended, the “Amended Offer”) and such holders agreed to tender, or cause to be tendered, into the Amended Offer all Convertible Notes held by such holders. The Amended Offer expired on March 29, 2019 and was settled on April 1, 2019. A total of $20,841,000 in aggregate principal amount of Convertible Notes were accepted for payment pursuant to the Amended Offer. Following the consummation of the transactions contemplated by the Settlement Agreement and the consummation of the Amended Offer, the Company separately negotiated the repurchase of the remaining $260,000 in aggregate principal amount of Convertible Notes for cash in the amount of $247,000 during the second quarter of 2019. On June 30, 2019, U.S. Bank National Association, trustee with respect to the Convertible Notes, acknowledged the satisfaction and discharge of the underlying indenture of the Convertible Notes. The Convertible Notes are presented on the consolidated balance sheets as follows (amounts in thousands): As of As of Principal $ — $ 96,775 Unamortized discount — (5,666 ) Deferred debt costs — (384 ) Carrying value $ — $ 90,725 The Company amortized $47,000 and $197,000 of the Convertible Notes debt discount and deferred debt costs into interest expense for the three and six months ended June 30, 2019 , respectively, as compared to $1,224,000 and $2,405,000 for the three and six months ended June 30, 2018 , respectively. The Company accelerated amortization of discount and deferred debt costs of $5,008,000 , which was accelerated due to repurchase of the Convertible Notes pursuant to the settlement of the Noteholder Action lawsuit. This acceleration resulted in the carrying value of the Convertible Notes settled in February 2019 to equal the Convertible Note Cash Settlement. For the remaining unamortized debt discount and deferred debt costs, the Company used an effective interest rate of 14.0% to calculate the accretion of the debt discount, which was being recorded as interest expense until the settlement of such Convertible Notes. The Company recognized contractual interest benefit of $176,000 for the three months ended June 30, 2019 and contractual interest expense of $140,000 for the six months ended June 30, 2019 , respectively, as compared to contractual interest expense of $968,000 and $1,936,000 for the three and six months ended June 30, 2018 , respectively. The Company was not required to pay accrued interest as part of the Convertible Note Cash Settlement and the Amended Offer transactions described above so interest expense for the three months ended June 30, 2019 resulted in a benefit related to the reversal of accrued interest. Monitronics Senior Notes Due to the deconsolidation of Monitronics as discussed in note 2, Monitronics Bankruptcy , the Monitronics Senior Notes that have an outstanding principal amount of $585,000,000 as of June 30, 2019 , are due on April 1, 2020 and bear interest at 9.125% per annum, are no longer presented in Ascent Capital's unaudited condensed consolidated balance sheets as of June 30, 2019. Monitronics Credit Facility Due to the deconsolidation of Monitronics as discussed in note 2, Monitronics Bankruptcy , the Monitronics Credit Facility is no longer presented in Ascent Capital's unaudited condensed consolidated balance sheets as of June 30, 2019. The Credit Facility term loan has an outstanding principal balance of $1,072,500,000 as of June 30, 2019 , maturing on September 30, 2022. The Credit Facility term loan requires quarterly interest payments and quarterly principal payments of $2,750,000 . Monitronics did not make its quarterly principal repayment in the second quarter of 2019. The Credit Facility term loan bears interest at LIBOR plus 5.5% , subject to a LIBOR floor of 1.0% . The Credit Facility revolver has a principal amount outstanding of $181,400,000 and an aggregate of $1,000,000 under two standby letters of credit issued as of June 30, 2019 , maturing on September 30, 2021. The Credit Facility revolver typically bears interest at LIBOR plus 4.0% , subject to a LIBOR floor of 1.0% . There is a commitment fee of 0.5% on unused portions of the Credit Facility revolver. In conjunction with negotiations around certain defaults of the Monitronics Credit Facility in the first quarter of 2019, the Credit Facility revolver lenders allowed Monitronics to continue to borrow under the revolving credit facility for up to $195,000,000 at an alternate base rate plus 3.0% and the Credit Facility term loan lenders allowed the term loan to renew with interest due on an alternate base rate plus 4.5% . Additionally, for the period of April 24, 2019 through May 20, 2019, an additional 2.0% default interest rate was accrued and paid on the Credit Facility term loan and revolver. On July 3, 2019, with approval from the Bankruptcy Court, the Credit Facility revolver principal and interest was repaid in full with proceeds from the DIP Facility. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Historically, Monitronics utilized Swaps to reduce the interest rate risk inherent in Monitronics' variable rate Credit Facility term loan. The valuation of these instruments was determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflected the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves and implied volatility. The Company incorporated credit valuation adjustments to appropriately reflect the respective counterparty's nonperformance risk in the fair value measurements. See note 8, Fair Value Measurements , for additional information about the credit valuation adjustments. Prior to December of 2018, all of the Swaps were designated and qualified as cash flow hedging instruments, with the effective portion of the Swaps' change in fair value recorded in Accumulated other comprehensive income (loss). However, in December of 2018, given the potential for changes in Monitronics' future expected interest payments that these Swaps hedged, all of the Swaps no longer qualified as a cash flow hedge and were de-designated as such. Before the de-designation, changes in the fair value of the Swaps were recognized in Accumulated other comprehensive income (loss) and were reclassified to Interest expense when the hedged interest payments on the underlying debt were recognized. After the de-designation, changes in the fair value of the Swaps are recognized in Unrealized loss on derivative financial instruments on the condensed consolidated statements of operations and comprehensive income (loss). For the three months ended June 30, 2019, the Company recorded an Unrealized gain on derivative financial instruments of $3,196,000 . For the six months ended June 30, 2019 , the Company recorded an Unrealized loss on derivative financial instruments of $4,577,000 . On April 30, 2019, the various counterparties and Monitronics agreed to settle and terminate all of the outstanding swap agreements, which required Monitronics to pay $8,767,000 in termination amount to certain counterparties and required a certain counterparty to pay $6,540,000 in termination amount to Monitronics, resulting in a Realized net loss on derivative financial instruments of $2,227,000 . The impact of the derivatives designated as cash flow hedges on the condensed consolidated financial statements is depicted below (amounts in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Effective portion of gain recognized in Accumulated other comprehensive income (loss) $ — 5,096 $ — 18,764 Effective portion of loss reclassified from Accumulated other comprehensive income (loss) into Net loss (a) $ (472 ) (425 ) $ (940 ) (1,163 ) (a) Amounts are included in Interest expense in the unaudited condensed consolidated statements of operations and comprehensive income (loss). |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements According to the FASB ASC Topic 820, Fair Value Measurement , fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants and requires that assets and liabilities carried at fair value are classified and disclosed in the following three categories: • Level 1 - Quoted prices for identical instruments in active markets. • Level 2 - Quoted prices for similar instruments in active or inactive markets and valuations derived from models where all significant inputs are observable in active markets. • Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are unobservable in any market. The following summarizes the fair value level of assets and liabilities that are measured on a recurring basis at June 30, 2019 and December 31, 2018 (amounts in thousands): Level 1 Level 2 Level 3 Total June 30, 2019 Interest rate swap agreements - assets (a) $ — — — — Interest rate swap agreements - liabilities (a) — — — — Total $ — — — — December 31, 2018 Interest rate swap agreements - assets (a) $ — 10,552 — 10,552 Interest rate swap agreements - liabilities (a) — (6,039 ) — (6,039 ) Total $ — 4,513 — 4,513 (a) Swap asset values are included in non-current Other assets and Swap liability values are included in non-current Derivative financial instruments on the condensed consolidated balance sheets. The Company has determined that the significant inputs used to value the Swaps fall within Level 2 of the fair value hierarchy. As a result, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. Carrying values and fair values of financial instruments that are not carried at fair value are as follows (amounts in thousands): June 30, 2019 (a) December 31, 2018 Long term debt, including current portion: Carrying value $ — 1,895,175 Fair value (b) — 1,273,502 (a) Due to the deconsolidation of Monitronics, all amounts presented in the unaudited condensed consolidated balance sheets exclude the assets of Monitronics as of June 30, 2019. (b) The fair value is based on market quotations from third party financial institutions and is classified as Level 2 in the hierarchy. Ascent Capital’s other financial instruments, including cash and cash equivalents, accounts receivable and accounts payable are carried at cost, which approximates their fair value because of their short-term maturity. |
Stockholders' Deficit
Stockholders' Deficit | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Deficit | Stockholders’ Deficit Common Stock The following table presents the activity in the Series A Common Stock and Ascent Capital's Series B Common Stock, par value $0.01 per share (the "Series B Common Stock"), for the six months ended June 30, 2019 and 2018 : Series A Common Stock Series B Common Stock Balance at December 31, 2018 12,080,683 381,528 Issuance of stock awards 19,624 — Restricted stock canceled for tax withholding (7,461 ) — Balance at March 31, 2019 12,092,846 381,528 Issuance of stock awards 30,988 — Restricted stock canceled for tax withholding (8,574 ) — Balance at June 30, 2019 12,115,260 381,528 Balance at December 31, 2017 11,999,630 381,528 Issuance of stock awards 13,153 — Restricted stock canceled for tax withholding (10,680 ) — Balance at March 31, 2018 12,002,103 381,528 Issuance of stock awards 51,036 — Restricted stock canceled for tax withholding (20,769 ) — Balance at June 30, 2018 12,032,370 381,528 Accumulated Other Comprehensive Income (Loss) The following table provides a summary of the changes in Accumulated other comprehensive income (loss) for the six months ended June 30, 2019 (amounts in thousands): Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2018 $ 7,608 Reclassifications of unrealized loss on derivatives into Net loss, net of income tax of $0 (a) (468 ) Balance at March 31, 2019 $ 7,140 Reclassifications of unrealized loss on derivatives into Net loss, net of income tax of $0 (a) (472 ) Deconsolidation of subsidiaries (6,668 ) Balance at June 30, 2019 $ — (a) Amounts reclassified into Net loss are included in Interest expense on the condensed consolidated statements of operations. See note 7, Derivatives , for further information. The following table provides a summary of the changes in Accumulated other comprehensive income (loss) for the six months ended June 30, 2018 (amounts in thousands): Foreign Currency Translation Adjustments Unrealized Holding Gains and Losses on Marketable Securities, net (a) Unrealized Gains and Losses on Derivative Instruments, net (b) Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2017 $ (758 ) 3,900 (7,375 ) (4,233 ) Impact of adoption of ASU 2017-12 — — 605 605 Adjusted balance at January 1, 2018 (758 ) 3,900 (6,770 ) (3,628 ) Gain (loss) through Accumulated other comprehensive income (loss), net of income tax of $0 — (1,014 ) 13,668 12,654 Reclassifications of loss (gain) into Net loss, net of income tax of $0 — (2,063 ) 738 (1,325 ) Net period Other comprehensive income (loss) — (3,077 ) 14,406 11,329 Balance at March 31, 2018 $ (758 ) 823 7,636 7,701 Gain (loss) through Accumulated other comprehensive income (loss), net of income tax of $0 — (611 ) 5,096 4,485 Reclassifications of loss (gain) into Net loss, net of income tax of $0 — (212 ) 425 213 Net period Other comprehensive income (loss) — (823 ) 5,521 4,698 Balance at June 30, 2018 $ (758 ) — 13,157 12,399 (a) Amounts reclassified into Net loss are included in Other income, net on the condensed consolidated statements of operations. (b) Amounts reclassified into Net loss are included in Interest expense on the condensed consolidated statements of operations. |
Basic and Diluted Earnings (Los
Basic and Diluted Earnings (Loss) Per Common Share—Series A and Series B | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings (Loss) Per Common Share—Series A and Series B | Basic and Diluted Earnings (Loss) Per Common Share—Series A and Series B Basic earnings (loss) per common share ("EPS") is computed by dividing net income (loss) by the weighted average number of shares of Series A and Series B Common Stock outstanding for the period. Diluted EPS is computed by dividing net income (loss) by the sum of the weighted average number of shares of Series A and Series B Common Stock outstanding and the effect of dilutive securities, including the Company's outstanding stock options, unvested restricted stock and restricted stock units. For the three and six months ended June 30, 2019 , there were no anti-dilutive securities. For the three and six months ended June 30, 2018 , diluted EPS is computed the same as basic EPS because the Company recorded a Net loss, which would make potentially dilutive securities anti-dilutive. Diluted shares outstanding excluded an aggregate of 624,024 unvested restricted shares and performance units for the three and six months ended June 30, 2018 because their inclusion would have been anti-dilutive. Three Months Ended Six Months Ended 2019 2018 2019 2018 Weighted average number of shares of Series A and Series B Common Stock - basic 12,459,283 12,327,387 12,444,628 12,313,233 Dilutive effect of unvested restricted stock awards and restricted stock units 114,793 — 114,793 — Weighted average number of shares of Series A and Series B Common Stock - diluted 12,574,076 12,327,387 12,559,421 12,313,233 |
Commitments, Contingencies and
Commitments, Contingencies and Other Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other Liabilities | Commitments, Contingencies and Other Liabilities Legal Monitronics was named as a defendant in multiple putative class actions consolidated in U.S. District Court (Northern District of West Virginia) on behalf of purported class(es) for persons who claim to have received telemarketing calls in violation of various state and federal laws. The actions were brought by plaintiffs seeking monetary damages on behalf of all plaintiffs who received telemarketing calls made by a Monitronics Authorized Dealer, or any Authorized Dealer's lead generator or sub-dealer. In the second quarter of 2017, Monitronics and the plaintiffs agreed to settle this litigation for $28,000,000 ("the Settlement Amount"). In the third quarter of 2017, Monitronics paid $5,000,000 of the Settlement Amount pursuant to the settlement agreement with the plaintiffs. In the third quarter of 2018, Monitronics paid the remaining $23,000,000 of the Settlement Amount. Monitronics recovered a portion of the Settlement Amount under its insurance policies held with multiple carriers. In the fourth quarter of 2018, Monitronics settled its claims against two such carriers in which those carriers paid Monitronics an aggregate of $12,500,000 . In April of 2019, Monitronics settled a claim against one such carrier in which that carrier paid Monitronics $4,800,000 . In addition to the above, Monitronics is also involved in litigation and similar claims incidental to the conduct of its business, including from time to time, contractual disputes, claims related to alleged security system failures and claims related to alleged violations of the U.S. Telephone Consumer Protection Act. Matters that are probable of unfavorable outcome to the Company and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, management's estimate of the outcomes of such matters and experience in contesting, litigating and settling similar matters. In management's opinion, none of the pending actions are likely to have a material adverse impact on the Company's financial position or results of operations. The Company accrues and expenses legal fees related to loss contingency matters as incurred. Other Legal Proceedings On August 27, 2018, certain holders of Ascent Capital’s Convertible Notes caused an action to be filed in the Court of Chancery of the State of Delaware, captioned KLS Diversified Master Fund L.P. et. al. v. Ascent Capital Group, Inc. et al. , C.A. No. 2018-0636 (as amended on September 5, 2018, October 1, 2018 and October 22, 2018, the “Noteholder Action”) against Ascent Capital and each of its directors and executive officers. On February 11, 2019, Ascent Capital and its directors and executive officers, on the one hand, and the holders of Convertible Notes that were plaintiffs in the Noteholder Action (together with certain of each of such holders’ respective affiliates, the “Noteholder Parties”) collectively holding $75,674,000 in aggregate principal amount of Convertible Notes, representing 78% of the aggregate principal amount of the Convertible Notes then outstanding, on the other hand, entered into a Settlement and Note Repurchase Agreement and Release (the “Settlement Agreement”), which, among other things as described herein, (i) provided for the settlement of the Noteholder Action and the mutual release of claims related thereto (the “Settlement”) and (ii) in connection with the Settlement, provided for the delivery by the Noteholder Parties of their respective written consents (the “Consents”) with respect to all Convertible Notes held by such Noteholder Parties to certain amendments described below (the “Amendments”) to the indenture governing the Convertible Notes (the "Indenture") and for the private repurchase (the “Note Repurchase”) by the Company of all Convertible Notes held by such Noteholder Parties. On February 14, 2019, the transactions contemplated in the Settlement Agreement (including the obtaining of the Consents and the Note Repurchase) were consummated and following the receipt of the Consents, the Company and the Trustee entered into the Second Supplemental Indenture, dated as of February 14, 2019 (the “Second Supplemental Indenture”), to the Indenture and the Amendments became effective. The Amendments effected by the Second Supplemental Indenture modified the Indenture to (i) remove references to subsidiary, subsidiaries and/or significant subsidiary, as applicable, of Ascent Capital from certain events of default provisions contained in Section 6.01 of the Indenture and (ii) allow conversion of Ascent Capital into a non-corporate legal form. Following the consummation of the transactions contemplated in the Settlement Agreement, on February 15, 2019, a Stipulation of Dismissal with respect to the Noteholder Action was filed in the Court of Chancery of the State of Delaware, pursuant to which the Noteholder Action was dismissed with prejudice. The Settlement Agreement states that, in connection with the Settlement, Ascent Capital paid to the Noteholder Parties an aggregate amount of $70,666,176.28 in cash, consisting of (i) an aggregate of $6,104,720.92 for professional fees and expenses incurred on the Noteholder Parties’ behalf, (ii) an aggregate of $2,000,000.00 in consideration for the Noteholder Parties’ Consents, (iii) an aggregate of $10,808,555.36 in consideration for and in full and final satisfaction of the settled claims as set forth in the Settlement Agreement and (iv) an aggregate of $51,752,900.00 on account of the Note Repurchase. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue Revenue is disaggregated by source of revenue as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Alarm monitoring revenue $ 119,085 124,844 $ 240,564 249,685 Product and installation revenue 7,585 9,477 14,118 17,624 Other revenue 1,421 692 3,015 1,457 Total Net revenue $ 128,091 135,013 $ 257,697 268,766 Following the deconsolidation of Monitronics, Ascent Capital has no sources of revenue. Contract Balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): June 30, 2019 (a) December 31, Trade receivables, net $ — 13,121 Contract assets, net - current portion (b) — 13,452 Contract assets, net - long-term portion (c) — 16,154 Deferred revenue — 13,060 (a) Due to the deconsolidation of Monitronics, all amounts presented in the unaudited condensed consolidated balance sheets exclude the assets of Monitronics as of June 30, 2019. (b) Amount is included in Prepaid and other current assets in the unaudited condensed consolidated balance sheets. (c) Amount is included in Other assets in the unaudited condensed consolidated balance sheets. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company primarily leases buildings and equipment. The Company determines if a contract is a lease at the inception of the arrangement. The Company reviews all options to extend, terminate, or purchase its right of use assets at the inception of the lease and accounts for these options when they are reasonably certain of being exercised. Certain real estate leases contain lease and non-lease components, which are accounted for separately. Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheet. Lease expense for these leases is recognized on a straight-line basis over the lease term. All of the Company's leases are currently determined to be operating leases. Components of Lease Expense The components of lease expense were as follows (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost (a) $ 120 251 Operating lease cost (b) 1,001 2,022 Total operating lease cost $ 1,121 2,273 (a) Amount is included in Cost of services in the unaudited condensed consolidated statements of operations. (b) Amount is included in Selling, general and administrative, including stock-based and long-term incentive compensation in the unaudited condensed consolidated statements of operations. Remaining Lease Term and Discount Rate The following table presents the weighted-average remaining lease term and the weighted-average discount rate, which excludes any leases in Monitronics' name due to the deconsolidation of Monitronics: As of June 30, 2019 Weighted-average remaining lease term for operating leases (in years) 1 Weighted-average discount rate for operating leases 10 % All of the Company's lease contracts do not provide a readily determinable implicit rate. For these contracts, the Company's estimated incremental borrowing rate is based on information available either upon adoption of ASU 2016-02 or at the inception of the lease. Supplemental Cash Flow Information The following is the supplemental cash flow information associated with the Company's leases (in thousands): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 2,187 Maturities of Lease Liabilities As of June 30, 2019 , maturities of lease liabilities were as follows, which excludes any leases in Monitronics' name due to the deconsolidation of Monitronics: Remainder of 2019 $ 47 2020 56 2021 — 2022 — 2023 — Thereafter — Total lease payments $ 103 Less: Interest (5 ) Total lease obligations $ 98 Disclosures Related to Periods Prior to Adoption of ASU 2016-02 The Company adopted ASU 2016-02 using a modified retrospective method at January 1, 2019 as described in note 4, Recent Accounting Pronouncements . As required, the following disclosure is provided for periods prior to adoption, which included the leases in Monitronics' name since the adoption of ASU 2016-02 occurred prior to the deconsolidation of Monitronics. Minimum lease commitments as of December 31, 2018 that have initial or remaining noncancelable lease terms in excess of one year are as follows (in thousands): Year Ended December 31: 2019 $ 4,739 2020 4,263 2021 3,093 2022 3,068 2023 3,087 Thereafter 20,329 Minimum lease commitments $ 38,579 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the "FASB") issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 requires the lessee to recognize assets and liabilities for leases with lease terms of more than twelve months. The Company adopted ASU 2016-02 using a modified retrospective approach at January 1, 2019, as outlined in ASU 2018-11, Leases (Topic 842): Targeted Improvements. Under this method of adoption, there is no impact to the comparative condensed consolidated statements of operations and condensed consolidated balance sheets. The Company determined that there was no cumulative effect adjustment to beginning Accumulated deficit on the condensed consolidated balance sheets. The Company will continue to report periods prior to January 1, 2019 in its financial statements under prior guidance as outlined in Accounting Standards Codification Topic 840, "Leases". In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed carry forward of historical lease classifications. Adoption of this standard had no impact on the Company's Loss before income taxes and the condensed consolidated statements of cash flows. Upon adoption as of January 1, 2019, the Company recognized an Operating lease right-of-use asset of $20,383,000 and a total Operating lease liability of $20,908,000 . The difference between the two amounts were due to decreases in prepaid rent and deferred rent recorded under prior lease accounting in Prepaid and other current assets and Other accrued liabilities, respectively, on the condensed consolidated balance sheets. |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (amounts in thousands): June 30, December 31, Accrued payroll and related liabilities $ 199 $ 4,957 Interest payable — 15,537 Income taxes payable — 2,742 Operating lease liabilities 98 — Accrued restructuring expense 878 — Other 749 12,770 Total Other accrued liabilities $ 1,924 $ 36,006 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following (amounts in thousands): June 30, December 31, Ascent Capital 4.00% Convertible Senior Notes due July 15, 2020 $ — $ 90,725 Monitronics 9.125% Senior Notes due April 1, 2020 — 585,000 Monitronics term loan, matures September 30, 2022, LIBOR plus 5.50%, subject to a LIBOR floor of 1.00% — 1,075,250 Monitronics $295 million revolving credit facility, matures September 30, 2021, LIBOR plus 4.00%, subject to a LIBOR floor of 1.00% — 144,200 — 1,895,175 Less current portion of long-term debt — (1,895,175 ) Long-term debt $ — $ — |
Schedule of Convertible Notes Presented on the Consolidated Balance Sheet | The Convertible Notes are presented on the consolidated balance sheets as follows (amounts in thousands): As of As of Principal $ — $ 96,775 Unamortized discount — (5,666 ) Deferred debt costs — (384 ) Carrying value $ — $ 90,725 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Impact of the Derivatives Designated as Cash Flow Hedges | The impact of the derivatives designated as cash flow hedges on the condensed consolidated financial statements is depicted below (amounts in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Effective portion of gain recognized in Accumulated other comprehensive income (loss) $ — 5,096 $ — 18,764 Effective portion of loss reclassified from Accumulated other comprehensive income (loss) into Net loss (a) $ (472 ) (425 ) $ (940 ) (1,163 ) (a) Amounts are included in Interest expense in the unaudited condensed consolidated statements of operations and comprehensive income (loss). |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Level of Assets and Liabilities Measured on a Recurring Basis | The following summarizes the fair value level of assets and liabilities that are measured on a recurring basis at June 30, 2019 and December 31, 2018 (amounts in thousands): Level 1 Level 2 Level 3 Total June 30, 2019 Interest rate swap agreements - assets (a) $ — — — — Interest rate swap agreements - liabilities (a) — — — — Total $ — — — — December 31, 2018 Interest rate swap agreements - assets (a) $ — 10,552 — 10,552 Interest rate swap agreements - liabilities (a) — (6,039 ) — (6,039 ) Total $ — 4,513 — 4,513 (a) Swap asset values are included in non-current Other assets and Swap liability values are included in non-current Derivative financial instruments on the condensed consolidated balance sheets. |
Schedule of Carrying Values and Fair Values of Financial Instruments That are Not Carried at Fair Value | Carrying values and fair values of financial instruments that are not carried at fair value are as follows (amounts in thousands): June 30, 2019 (a) December 31, 2018 Long term debt, including current portion: Carrying value $ — 1,895,175 Fair value (b) — 1,273,502 (a) Due to the deconsolidation of Monitronics, all amounts presented in the unaudited condensed consolidated balance sheets exclude the assets of Monitronics as of June 30, 2019. (b) The fair value is based on market quotations from third party financial institutions and is classified as Level 2 in the hierarchy. |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Activity in the Series A and Series B Common Stock | The following table presents the activity in the Series A Common Stock and Ascent Capital's Series B Common Stock, par value $0.01 per share (the "Series B Common Stock"), for the six months ended June 30, 2019 and 2018 : Series A Common Stock Series B Common Stock Balance at December 31, 2018 12,080,683 381,528 Issuance of stock awards 19,624 — Restricted stock canceled for tax withholding (7,461 ) — Balance at March 31, 2019 12,092,846 381,528 Issuance of stock awards 30,988 — Restricted stock canceled for tax withholding (8,574 ) — Balance at June 30, 2019 12,115,260 381,528 Balance at December 31, 2017 11,999,630 381,528 Issuance of stock awards 13,153 — Restricted stock canceled for tax withholding (10,680 ) — Balance at March 31, 2018 12,002,103 381,528 Issuance of stock awards 51,036 — Restricted stock canceled for tax withholding (20,769 ) — Balance at June 30, 2018 12,032,370 381,528 |
Summary of the Changes in Accumulated Other Comprehensive Income (Loss) | The following table provides a summary of the changes in Accumulated other comprehensive income (loss) for the six months ended June 30, 2019 (amounts in thousands): Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2018 $ 7,608 Reclassifications of unrealized loss on derivatives into Net loss, net of income tax of $0 (a) (468 ) Balance at March 31, 2019 $ 7,140 Reclassifications of unrealized loss on derivatives into Net loss, net of income tax of $0 (a) (472 ) Deconsolidation of subsidiaries (6,668 ) Balance at June 30, 2019 $ — (a) Amounts reclassified into Net loss are included in Interest expense on the condensed consolidated statements of operations. See note 7, Derivatives , for further information. The following table provides a summary of the changes in Accumulated other comprehensive income (loss) for the six months ended June 30, 2018 (amounts in thousands): Foreign Currency Translation Adjustments Unrealized Holding Gains and Losses on Marketable Securities, net (a) Unrealized Gains and Losses on Derivative Instruments, net (b) Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2017 $ (758 ) 3,900 (7,375 ) (4,233 ) Impact of adoption of ASU 2017-12 — — 605 605 Adjusted balance at January 1, 2018 (758 ) 3,900 (6,770 ) (3,628 ) Gain (loss) through Accumulated other comprehensive income (loss), net of income tax of $0 — (1,014 ) 13,668 12,654 Reclassifications of loss (gain) into Net loss, net of income tax of $0 — (2,063 ) 738 (1,325 ) Net period Other comprehensive income (loss) — (3,077 ) 14,406 11,329 Balance at March 31, 2018 $ (758 ) 823 7,636 7,701 Gain (loss) through Accumulated other comprehensive income (loss), net of income tax of $0 — (611 ) 5,096 4,485 Reclassifications of loss (gain) into Net loss, net of income tax of $0 — (212 ) 425 213 Net period Other comprehensive income (loss) — (823 ) 5,521 4,698 Balance at June 30, 2018 $ (758 ) — 13,157 12,399 (a) Amounts reclassified into Net loss are included in Other income, net on the condensed consolidated statements of operations. (b) Amounts reclassified into Net loss are included in Interest expense on the condensed consolidated statements of operations. |
Basic and Diluted Earnings (L_2
Basic and Diluted Earnings (Loss) Per Common Share—Series A and Series B (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares Used in Calculation of Basic and Diluted Earnings (Loss) Per Share | Diluted shares outstanding excluded an aggregate of 624,024 unvested restricted shares and performance units for the three and six months ended June 30, 2018 because their inclusion would have been anti-dilutive. Three Months Ended Six Months Ended 2019 2018 2019 2018 Weighted average number of shares of Series A and Series B Common Stock - basic 12,459,283 12,327,387 12,444,628 12,313,233 Dilutive effect of unvested restricted stock awards and restricted stock units 114,793 — 114,793 — Weighted average number of shares of Series A and Series B Common Stock - diluted 12,574,076 12,327,387 12,559,421 12,313,233 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregated by Source | Revenue is disaggregated by source of revenue as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Alarm monitoring revenue $ 119,085 124,844 $ 240,564 249,685 Product and installation revenue 7,585 9,477 14,118 17,624 Other revenue 1,421 692 3,015 1,457 Total Net revenue $ 128,091 135,013 $ 257,697 268,766 |
Schedule of Contract Balances | The following table provides information about receivables, contract assets and contract liabilities from contracts with customers (in thousands): June 30, 2019 (a) December 31, Trade receivables, net $ — 13,121 Contract assets, net - current portion (b) — 13,452 Contract assets, net - long-term portion (c) — 16,154 Deferred revenue — 13,060 (a) Due to the deconsolidation of Monitronics, all amounts presented in the unaudited condensed consolidated balance sheets exclude the assets of Monitronics as of June 30, 2019. (b) Amount is included in Prepaid and other current assets in the unaudited condensed consolidated balance sheets. (c) Amount is included in Other assets in the unaudited condensed consolidated balance sheets. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Components of Lease Expense and Supplemental Cash Flow Information | The following is the supplemental cash flow information associated with the Company's leases (in thousands): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases 2,187 The following table presents the weighted-average remaining lease term and the weighted-average discount rate, which excludes any leases in Monitronics' name due to the deconsolidation of Monitronics: As of June 30, 2019 Weighted-average remaining lease term for operating leases (in years) 1 Weighted-average discount rate for operating leases 10 % The components of lease expense were as follows (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost (a) $ 120 251 Operating lease cost (b) 1,001 2,022 Total operating lease cost $ 1,121 2,273 (a) Amount is included in Cost of services in the unaudited condensed consolidated statements of operations. (b) Amount is included in Selling, general and administrative, including stock-based and long-term incentive compensation in the unaudited condensed consolidated statements of operations. |
Maturities of Lease Liabilities | As of June 30, 2019 , maturities of lease liabilities were as follows, which excludes any leases in Monitronics' name due to the deconsolidation of Monitronics: Remainder of 2019 $ 47 2020 56 2021 — 2022 — 2023 — Thereafter — Total lease payments $ 103 Less: Interest (5 ) Total lease obligations $ 98 |
Disclosures Related to Periods Prior to Adoption of ASU 2016-02 | Minimum lease commitments as of December 31, 2018 that have initial or remaining noncancelable lease terms in excess of one year are as follows (in thousands): Year Ended December 31: 2019 $ 4,739 2020 4,263 2021 3,093 2022 3,068 2023 3,087 Thereafter 20,329 Minimum lease commitments $ 38,579 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) | May 20, 2019 | Jul. 05, 2019 | Jul. 03, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Series A Common Stock | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Common stock, intent to voluntarily withdraw listing, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Series A Common Stock | Subsequent Event | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Common stock, intent to voluntarily withdraw listing, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Brinks Home Security (Monitronics) | Senior Notes | Senior Notes 9.125 Percent Due 2020 | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Interest rate on debt | 9.125% | ||||
Restructuring Support Agreement | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Merger criteria, minimum threshold of cash net of liabilities, if circumstances met | $ 20,000,000 | ||||
Percentage of existing shareholder ownership after reorganization, if circumstances met (up to) | 5.82% | ||||
Maximum final cash contributions | $ 23,000,000 | ||||
Restructuring Support Agreement | Brinks Home Security (Monitronics) | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Cash contribution obligation after reorganization, if merger not consummated | $ 3,500,000 | ||||
Restructuring Support Agreement | Brinks Home Security (Monitronics) | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Debt to be converted to equity (up to) | 685,000,000 | ||||
Expected cash to be received from equity rights offering | 200,000,000 | ||||
Deemed contribution of cash on hand to be received through merger with Ascent Capital (up to) | $ 23,000,000 | ||||
Restructuring Support Agreement | Brinks Home Security (Monitronics) | Senior Notes | Senior Notes 9.125 Percent Due 2020 | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Percentage of borrowings outstanding | 66.6667% | ||||
Interest rate on debt | 9.125% | ||||
Debt to be converted to equity (up to) | $ 585,000,000 | ||||
Restructuring Support Agreement | Brinks Home Security (Monitronics) | Term Loan | Term Loan Due September 2022 | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Percentage of borrowings outstanding | 66.6667% | ||||
Debt to be converted to equity (up to) | $ 100,000,000 |
Monitronics Bankruptcy - Narrat
Monitronics Bankruptcy - Narrative (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Line of Credit Facility [Line Items] | ||||||
Restructuring and reorganization expense | $ 34,730,000 | $ 0 | $ 34,730,000 | $ 0 | ||
Gain on deconsolidation of subsidiaries | 685,530,000 | $ 0 | 685,530,000 | $ 0 | ||
Total assets | $ 30,193,000 | 30,193,000 | 30,193,000 | $ 1,413,544,000 | ||
Total liabilities | 2,109,000 | 2,109,000 | 2,109,000 | 1,978,973,000 | ||
Total contractual debt | 0 | 0 | 0 | $ 1,895,175,000 | ||
Brinks Home Security (Monitronics) | ||||||
Line of Credit Facility [Line Items] | ||||||
Gain on deconsolidation of subsidiaries | 685,530,000 | |||||
Investment in Monitronics | 0 | 0 | 0 | |||
Total assets | 1,289,724,000 | 1,289,724,000 | 1,289,724,000 | |||
Total liabilities | 1,968,588,000 | 1,968,588,000 | 1,968,588,000 | |||
Total contractual debt | 1,838,900,000 | 1,838,900,000 | $ 1,838,900,000 | |||
Brinks Home Security (Monitronics) | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Unused capacity commitment fee, percentage | 0.50% | |||||
Brinks Home Security (Monitronics) | DIP Facility | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowing capacity | $ 245,000,000 | 245,000,000 | $ 245,000,000 | |||
Unused capacity commitment fee, percentage | 0.75% | |||||
Maturity period, after date of entry of interim DIP order, if circumstances met | 45 days | |||||
Brinks Home Security (Monitronics) | DIP Facility | Letter of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowing capacity | $ 10,000,000 | 10,000,000 | 10,000,000 | |||
Fronting fee, percentage | 0.25% | |||||
Brinks Home Security (Monitronics) | DIP Facility | Swingline Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowing capacity | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | |||
LIBOR | Brinks Home Security (Monitronics) | DIP Facility | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate basis floor | 1.50% | |||||
Spread on variable rate index | 5.00% | |||||
Base Rate | Brinks Home Security (Monitronics) | DIP Facility | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate basis floor | 4.50% | |||||
Spread on variable rate index | 4.00% |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use asset | $ 97 | |
Operating lease liabilities | $ 0 | |
ASU 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use asset | $ 20,383 | |
Operating lease liabilities | $ 20,908 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related liabilities | $ 199 | $ 4,957 |
Interest payable | 0 | 15,537 |
Income taxes payable | 0 | 2,742 |
Operating lease liabilities | 98 | |
Accrued restructuring expense | 878 | 0 |
Other | 749 | 12,770 |
Total Other accrued liabilities | $ 1,924 | $ 36,006 |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Carrying value | $ 0 | $ 1,895,175,000 |
Less current portion of long-term debt | 0 | (1,895,175,000) |
Long-term debt | 0 | 0 |
Convertible Senior Notes 4 Percent Due 2020 | Convertible Debt | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 0 | 90,725,000 |
Interest rate on debt | 4.00% | |
Senior Notes 9.125 Percent Due 2020 | Senior Notes | Brinks Home Security (Monitronics) | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 0 | 585,000,000 |
Interest rate on debt | 9.125% | |
Term Loan Due September 2022 | Term Loan | Brinks Home Security (Monitronics) | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 0 | 1,075,250,000 |
Term Loan Due September 2022 | Term Loan | Brinks Home Security (Monitronics) | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on variable rate index | 5.50% | |
Variable rate basis floor | 1.00% | |
Revolving Credit Facility Due 2021 | Revolving Credit Facility | Brinks Home Security (Monitronics) | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 0 | $ 144,200,000 |
Borrowing capacity | $ 295,000,000 | |
Revolving Credit Facility Due 2021 | Revolving Credit Facility | Brinks Home Security (Monitronics) | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread on variable rate index | 4.00% | |
Variable rate basis floor | 1.00% |
Debt - Narrative (Details)
Debt - Narrative (Details) | Feb. 14, 2019USD ($) | May 20, 2019 | Jun. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2019USD ($)letters_of_credit | Jun. 30, 2018USD ($) | Mar. 22, 2019USD ($) | Feb. 11, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||||
Payment of long-term debt, cash | $ 99,376,000 | $ 95,200,000 | ||||||||
Interest expense | $ 40,521,000 | $ 40,422,000 | 78,415,000 | 79,074,000 | ||||||
Brinks Home Security (Monitronics) | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of credit outstanding | 1,000,000 | 1,000,000 | ||||||||
Revolver balance | $ 181,400,000 | $ 181,400,000 | ||||||||
Unused capacity commitment fee percentage | 0.50% | |||||||||
Additional default rate | 2.00% | |||||||||
Brinks Home Security (Monitronics) | Letter of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of letters of credit | letters_of_credit | 2 | |||||||||
Settled Litigation | Brinks Home Security (Monitronics) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Settlement amount paid | $ 23,000,000 | $ 5,000,000 | ||||||||
Convertible Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal, cash tender offer | $ 18,554,000 | |||||||||
Purchase price, cash tender offer | 950 | |||||||||
Principal amount, denominator cash tender offer | 1,000 | |||||||||
Aggregate principal, cash tender offer, accepted for payment | 20,841,000 | |||||||||
Noteholder Action Versus Ascent Capital | Settled Litigation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Settlement amount paid | $ 70,666,176.28 | |||||||||
Settlement amount paid, plaintiff's professional fees and expenses | 6,104,720.92 | |||||||||
Settlement amount paid, plaintiff's consent | 2,000,000 | |||||||||
Settlement amount paid, full and final satisfaction of settled claims | 10,808,555.36 | |||||||||
Settlement amount paid, note repurchase | 51,752,900 | |||||||||
Convertible Senior Notes 4 Percent Due 2020 | Convertible Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate on debt | 4.00% | 4.00% | ||||||||
Repurchased aggregate principal | $ 75,674,000 | $ 260,000 | ||||||||
Payment of long-term debt, cash | $ 247,000 | |||||||||
Amortization of debt discount and deferred debt costs | $ 47,000 | 1,224,000 | $ 197,000 | 2,405,000 | ||||||
Accelerated amortization of discount and deferred debt costs | $ 5,008,000 | |||||||||
Effective interest rate to calculate accretion | 14.00% | 14.00% | ||||||||
Interest benefit | $ (176,000) | |||||||||
Interest expense | $ 968,000 | $ 140,000 | $ 1,936,000 | |||||||
Convertible Senior Notes 4 Percent Due 2020 | Noteholder Action Versus Ascent Capital | Convertible Debt | Settled Litigation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding principal | $ 75,674,000 | |||||||||
Senior Notes 9.125 Percent Due 2020 | Senior Notes Due April 2020 | Brinks Home Security (Monitronics) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate on debt | 9.125% | 9.125% | ||||||||
Outstanding principal | $ 585,000,000 | $ 585,000,000 | ||||||||
Term Loan Due September 2022 | Term Loan | Brinks Home Security (Monitronics) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding principal | 1,072,500,000 | 1,072,500,000 | ||||||||
Periodic payment of principal and interest | $ 2,750,000 | |||||||||
Additional default rate | 2.00% | |||||||||
Term Loan Due September 2022 | Term Loan | Brinks Home Security (Monitronics) | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Spread on variable rate index | 5.50% | |||||||||
Variable rate basis floor | 1.00% | |||||||||
Term Loan Due September 2022 | Term Loan | Brinks Home Security (Monitronics) | Alternate Base | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Spread on variable rate index | 4.50% | |||||||||
Revolving Credit Facility Due 2021 | Revolving Credit Facility | Brinks Home Security (Monitronics) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing capacity | 295,000,000 | $ 295,000,000 | ||||||||
Revolving Credit Facility Due 2021 | Revolving Credit Facility | Brinks Home Security (Monitronics) | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Spread on variable rate index | 4.00% | |||||||||
Variable rate basis floor | 1.00% | |||||||||
Revolving Credit Facility Waiver Agreement | Revolving Credit Facility | Brinks Home Security (Monitronics) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing capacity | $ 195,000,000 | $ 195,000,000 | ||||||||
Revolving Credit Facility Waiver Agreement | Revolving Credit Facility | Brinks Home Security (Monitronics) | Alternate Base | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Spread on variable rate index | 3.00% |
Debt - Schedule of Convertible
Debt - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Carrying value | $ 0 | $ 1,895,175 |
Convertible Senior Notes 4 Percent Due 2020 | Convertible Debt | ||
Debt Instrument [Line Items] | ||
Principal | 0 | 96,775 |
Unamortized discount | 0 | (5,666) |
Deferred debt costs | 0 | (384) |
Carrying value | $ 0 | $ 90,725 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 |
Derivatives | ||||
Unrealized gain (loss) on derivatives | $ 3,196 | $ (4,577) | $ 0 | |
Realized loss on derivative | $ 2,227 | |||
Brinks Home Security (Monitronics) | ||||
Derivatives | ||||
Amount paid on contract termination | 8,767 | |||
Counterparty | ||||
Derivatives | ||||
Amount paid on contract termination | $ 6,540 |
Derivatives - Summary of Cash F
Derivatives - Summary of Cash Flow Hedges (Details) - Cash Flow Hedging - Interest Rate Swap - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivatives | ||||
Effective portion of gain recognized in Accumulated other comprehensive income (loss) | $ 0 | $ 5,096 | $ 0 | $ 18,764 |
Effective portion of loss reclassified from Accumulated other comprehensive income (loss) into Net loss | $ (472) | $ (425) | $ (940) | $ (1,163) |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Measurements | ||
Total | $ 0 | $ 4,513 |
Interest Rate Swap | ||
Fair Value Measurements | ||
Interest rate swap agreements - assets | 0 | 10,552 |
Interest rate swap agreements - liabilities | 0 | (6,039) |
Level 1 | ||
Fair Value Measurements | ||
Total | 0 | 0 |
Level 1 | Interest Rate Swap | ||
Fair Value Measurements | ||
Interest rate swap agreements - assets | 0 | 0 |
Interest rate swap agreements - liabilities | 0 | 0 |
Level 2 | ||
Fair Value Measurements | ||
Total | 0 | 4,513 |
Level 2 | Interest Rate Swap | ||
Fair Value Measurements | ||
Interest rate swap agreements - assets | 0 | 10,552 |
Interest rate swap agreements - liabilities | 0 | (6,039) |
Level 3 | ||
Fair Value Measurements | ||
Total | 0 | 0 |
Level 3 | Interest Rate Swap | ||
Fair Value Measurements | ||
Interest rate swap agreements - assets | 0 | 0 |
Interest rate swap agreements - liabilities | $ 0 | $ 0 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Fair Value Not Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Long term debt, including current portion: | ||
Carrying value | $ 0 | $ 1,895,175 |
Level 2 | ||
Long term debt, including current portion: | ||
Carrying value | 0 | 1,895,175 |
Fair value | $ 0 | $ 1,273,502 |
Stockholders' Deficit - Narrati
Stockholders' Deficit - Narrative (Details) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Series B Common Stock | |||
Stockholders' Equity | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Stockholders' Deficit - Activit
Stockholders' Deficit - Activity in Common Stock Roll Forward (Details) - shares | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Series A Common Stock | ||||
Increase (Decrease) in Stockholders' Equity | ||||
Balance, beginning of period (in shares) | 12,092,846 | 12,080,683 | 12,002,103 | 11,999,630 |
Issuance of stock awards (in shares) | 30,988 | 19,624 | 51,036 | 13,153 |
Restricted stock canceled for tax withholding (in shares) | (8,574) | (7,461) | (20,769) | (10,680) |
Balance, end of period (in shares) | 12,115,260 | 12,092,846 | 12,032,370 | 12,002,103 |
Series B Common Stock | ||||
Increase (Decrease) in Stockholders' Equity | ||||
Balance, beginning of period (in shares) | 381,528 | 381,528 | 381,528 | 381,528 |
Issuance of stock awards (in shares) | 0 | 0 | 0 | 0 |
Restricted stock canceled for tax withholding (in shares) | 0 | 0 | 0 | 0 |
Balance, end of period (in shares) | 381,528 | 381,528 | 381,528 | 381,528 |
Stockholders' Deficit - Changes
Stockholders' Deficit - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2018 | |
Changes in accumulated other comprehensive loss | |||||||
Beginning Balance | $ (593,281) | $ (565,429) | $ 100,612 | $ 142,672 | $ (565,429) | $ 142,672 | |
Adjusted balance at January 1, 2018 | $ 119,952 | ||||||
Gain (loss) through Accumulated other comprehensive income (loss), net of income tax of $0 | 4,485 | 12,654 | |||||
Reclassifications of loss (gain) into Net loss, net of income tax of $0 | 213 | (1,325) | |||||
Net period Other comprehensive income (loss) | (7,140) | (468) | 4,698 | 11,329 | (7,608) | 16,027 | |
Ending Balance | 28,084 | (593,281) | (138,401) | 100,612 | 28,084 | (138,401) | |
Gain (loss) through Accumulated other comprehensive income (loss), tax | 0 | 0 | |||||
Impact of adoption of ASU 2017-12 | |||||||
Changes in accumulated other comprehensive loss | |||||||
Impact of adoption of ASU 2017-12 | 605 | ||||||
Foreign Currency Translation Adjustments | |||||||
Changes in accumulated other comprehensive loss | |||||||
Beginning Balance | (758) | (758) | (758) | ||||
Adjusted balance at January 1, 2018 | (758) | ||||||
Gain (loss) through Accumulated other comprehensive income (loss), net of income tax of $0 | 0 | 0 | |||||
Reclassifications of loss (gain) into Net loss, net of income tax of $0 | 0 | 0 | |||||
Net period Other comprehensive income (loss) | 0 | 0 | |||||
Ending Balance | (758) | (758) | (758) | ||||
Unrealized Holding Gains and Losses on Marketable Securities, net | |||||||
Changes in accumulated other comprehensive loss | |||||||
Beginning Balance | 823 | 3,900 | 3,900 | ||||
Adjusted balance at January 1, 2018 | 3,900 | ||||||
Gain (loss) through Accumulated other comprehensive income (loss), net of income tax of $0 | (611) | (1,014) | |||||
Reclassifications of loss (gain) into Net loss, net of income tax of $0 | (212) | (2,063) | |||||
Net period Other comprehensive income (loss) | (823) | (3,077) | |||||
Ending Balance | 0 | 823 | 0 | ||||
Unrealized Gains and Losses on Derivative Instruments, net | |||||||
Changes in accumulated other comprehensive loss | |||||||
Beginning Balance | 7,636 | (7,375) | (7,375) | ||||
Adjusted balance at January 1, 2018 | (6,770) | ||||||
Gain (loss) through Accumulated other comprehensive income (loss), net of income tax of $0 | 5,096 | 13,668 | |||||
Reclassifications of loss (gain) into Net loss, net of income tax of $0 | (472) | (468) | 425 | 738 | |||
Net period Other comprehensive income (loss) | 5,521 | 14,406 | |||||
Ending Balance | 13,157 | 7,636 | 13,157 | ||||
Reclassifications of unrealized loss on derivatives into Net loss, tax | 0 | 0 | 0 | 0 | |||
Unrealized Gains and Losses on Derivative Instruments, net | Impact of adoption of ASU 2017-12 | |||||||
Changes in accumulated other comprehensive loss | |||||||
Impact of adoption of ASU 2017-12 | 605 | ||||||
Accumulated Gain (Loss), Deconsolidation of Subsidiaries | |||||||
Changes in accumulated other comprehensive loss | |||||||
Reclassifications of loss (gain) into Net loss, net of income tax of $0 | (6,668) | ||||||
Accumulated Other Comprehensive Income (Loss) | |||||||
Changes in accumulated other comprehensive loss | |||||||
Beginning Balance | 7,140 | 7,608 | 7,701 | (4,233) | 7,608 | (4,233) | |
Adjusted balance at January 1, 2018 | (3,628) | ||||||
Net period Other comprehensive income (loss) | (7,140) | (468) | 4,698 | 11,329 | |||
Ending Balance | $ 0 | $ 7,140 | $ 12,399 | $ 7,701 | $ 0 | $ 12,399 | |
Accumulated Other Comprehensive Income (Loss) | Impact of adoption of ASU 2017-12 | |||||||
Changes in accumulated other comprehensive loss | |||||||
Impact of adoption of ASU 2017-12 | $ 605 |
Basic and Diluted Earnings (L_3
Basic and Diluted Earnings (Loss) Per Common Share—Series A and Series B - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive securities (in shares) | 0 | 624,024 | 0 | 624,024 |
Basic and Diluted Earnings (L_4
Basic and Diluted Earnings (Loss) Per Common Share—Series A and Series B - Schedule of Weighted Average Number of Shares (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Weighted average number of shares of Series A and Series B Common Stock - basic (in shares) | 12,459,283 | 12,327,387 | 12,444,628 | 12,313,233 |
Dilutive effect of unvested restricted stock awards and restricted stock units (in shares) | 114,793 | 0 | 114,793 | 0 |
Weighted average number of shares of Series A and Series B Common Stock - diluted (in shares) | 12,574,076 | 12,327,387 | 12,559,421 | 12,313,233 |
Commitments, Contingencies an_2
Commitments, Contingencies and Other Liabilities - Narrative (Details) | Feb. 14, 2019USD ($) | Apr. 30, 2019USD ($)insurance_carrier | Dec. 31, 2018USD ($)insurance_carrier | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Feb. 11, 2019USD ($) | Jun. 30, 2017USD ($) |
Convertible Debt | Convertible Senior Notes 4 Percent Due 2020 | Holders of Convertible Notes Versus Ascent Capital, Second Amended Complaint | |||||||
Loss Contingencies [Line Items] | |||||||
Debt, ownership percentage | 78.00% | ||||||
Settled Litigation | Noteholder Action Versus Ascent Capital | |||||||
Loss Contingencies [Line Items] | |||||||
Settlement amount paid | $ 70,666,176.28 | ||||||
Settlement amount paid, plaintiff's professional fees and expenses | 6,104,720.92 | ||||||
Settlement amount paid, plaintiff's consent | 2,000,000 | ||||||
Settlement amount paid, full and final satisfaction of settled claims | 10,808,555.36 | ||||||
Settlement amount paid, note repurchase | $ 51,752,900 | ||||||
Settled Litigation | Convertible Debt | Convertible Senior Notes 4 Percent Due 2020 | Noteholder Action Versus Ascent Capital | |||||||
Loss Contingencies [Line Items] | |||||||
Principal | $ 75,674,000 | ||||||
Settled Litigation | Brinks Home Security (Monitronics) | |||||||
Loss Contingencies [Line Items] | |||||||
Legal reserve | $ 28,000,000 | ||||||
Settlement amount paid | $ 23,000,000 | $ 5,000,000 | |||||
Number of insurance carriers | insurance_carrier | 1 | 2 | |||||
Litigation settlement received | $ 4,800,000 | $ 12,500,000 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenue by Source (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total Net revenue | $ 128,091 | $ 135,013 | $ 257,697 | $ 268,766 |
Alarm monitoring revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Net revenue | 119,085 | 124,844 | 240,564 | 249,685 |
Product and installation revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Net revenue | 7,585 | 9,477 | 14,118 | 17,624 |
Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Net revenue | $ 1,421 | $ 692 | $ 3,015 | $ 1,457 |
Revenue Recognition - Contract
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Trade receivables, net | $ 0 | $ 13,121 |
Contract assets, net - current portion | 0 | 13,452 |
Contract assets, net - long-term portion | 0 | 16,154 |
Deferred revenue | $ 0 | $ 13,060 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | $ 1,121 | $ 2,273 |
Cost of Services | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | 120 | 251 |
Selling, General and Administrative Expenses | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | $ 1,001 | $ 2,022 |
Leases - Remaining Lease Term a
Leases - Remaining Lease Term and Discount Rate (Details) | Jun. 30, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term for operating leases (in years) | 1 year |
Weighted-average discount rate for operating leases | 10.00% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities | |
Operating cash flows from operating leases | $ 2,187 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Remainder of 2019 | $ 47 |
2020 | 56 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
Thereafter | 0 |
Total lease payments | 103 |
Less: Interest | (5) |
Total lease obligations | $ 98 |
Leases - Disclosures Related to
Leases - Disclosures Related to Periods Prior to Adoption of ASU 2016-02 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 4,739 |
2020 | 4,263 |
2021 | 3,093 |
2022 | 3,068 |
2023 | 3,087 |
Thereafter | 20,329 |
Minimum lease commitments | $ 38,579 |
Uncategorized Items - ascma-201
Label | Element | Value |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 1,423,899,000 |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (1,300,443,000) |
Common Class B [Member] | Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 4,000 |
Common Class A [Member] | Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 120,000 |
Accounting Standards Update 2017-12 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (605,000) |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (22,720,000) |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (22,720,000) |