Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001031029 | |
Entity Registrant Name | StarTek, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-12793 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1370538 | |
Entity Address, Address Line One | 6200 South Syracuse Way, Suite 485 | |
Entity Address, City or Town | Greenwood Village | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80111 | |
City Area Code | 303 | |
Local Phone Number | 262-4500 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | SRT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,483,025 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | $ 164,630 | $ 151,509 | $ 487,054 | $ 376,827 |
Warrant contra revenue | 0 | 0 | (730) | 0 |
Net Revenue | 164,630 | 151,509 | 486,324 | 376,827 |
Cost of services | (136,142) | (128,747) | (403,064) | (316,025) |
Gross profit | 28,488 | 22,762 | 83,260 | 60,802 |
Selling, general and administrative expenses | (22,926) | (22,818) | (71,938) | (52,480) |
Restructuring and other acquisition related cost | (220) | (6,519) | (2,058) | (12,776) |
Operating income/ (loss) | 5,342 | (6,575) | 9,264 | (4,454) |
Share of profit / (loss) of associates | (16) | 47 | 988 | 86 |
Interest expense, net | (3,372) | (4,114) | (11,864) | (11,518) |
Exchange gain / (loss), net | (1,880) | 705 | (2,558) | (2,441) |
Profit/(Loss) before income taxes | 74 | (9,937) | (4,170) | (18,327) |
Income tax expense | 3,436 | 953 | 4,550 | 1,519 |
Net Income (Loss) | (3,362) | (10,890) | (8,720) | (19,846) |
Net income/(loss) attributable to non-controlling interests | (575) | 11 | 1,007 | 916 |
Net loss attributable to Startek shareholders | (2,787) | (10,901) | (9,727) | (20,762) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (1,899) | (2,049) | (1,299) | (5,528) |
Change in fair value of derivative instruments | (298) | (562) | 50 | (562) |
Pension amortization | (9) | (483) | (70) | (1,263) |
Comprehensive loss | (5,568) | (13,984) | (10,039) | (27,199) |
Comprehensive income (loss) attributable to non-controlling interests | (594) | (251) | 962 | 297 |
Comprehensive loss attributable to Startek shareholders | $ (4,974) | $ (13,733) | $ (11,001) | $ (27,496) |
Net loss per common share - basic and diluted (in dollars per share) | $ (0.07) | $ (0.32) | $ (0.26) | $ (0.76) |
Weighted average common shares outstanding - basic and diluted (in shares) | 38,467 | 33,812 | 38,011 | 27,289 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 17,795 | $ 16,617 |
Restricted cash | 10,582 | 7,952 |
Trade accounts receivable, net | 105,574 | 107,836 |
Unbilled Revenue | 42,814 | 42,135 |
Prepaid and other current assets | 15,082 | 18,850 |
Total current assets | 191,847 | 193,390 |
Property, plant and equipment, net | 35,745 | 42,242 |
Operating lease Right-of-use assets | 66,647 | 0 |
Intangible assets, net | 113,410 | 121,336 |
Goodwill | 226,513 | 225,450 |
Investment in associates | 1,739 | 2,097 |
Deferred tax assets, net | 5,052 | 5,048 |
Prepaid expenses and other non-current assets | 18,761 | 15,076 |
Total assets | 659,714 | 604,639 |
Current liabilities: | ||
Trade accounts payable | 20,965 | 26,886 |
Accrued expenses and other current liabilities | 79,805 | 84,881 |
Short term debt | 25,213 | 21,975 |
Current maturity of long term debt | 16,900 | 9,800 |
Current maturity of operating lease liabilities | 19,838 | 0 |
Current maturity of finance lease obligations | 658 | 1,816 |
Total current liabilities | 163,379 | 145,358 |
Long term debt | 141,632 | 152,100 |
Operating lease liabilities | 47,782 | 0 |
Other non-current liabilities | 12,581 | 11,907 |
Deferred tax liabilities, net | 19,562 | 18,901 |
Total liabilities | 384,936 | 328,266 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity: | ||
Common stock, 60,000,000 non-convertible shares, $0.01 par value, authorized; 38,483,025 and 37,446,323 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 385 | 374 |
Additional paid-in capital | 275,750 | 267,317 |
Accumulated other comprehensive loss | (6,821) | (5,547) |
Accumulated deficit | (40,854) | (31,127) |
Equity attributable to Startek shareholders | 228,460 | 231,017 |
Non-controlling interest | 46,318 | 45,356 |
Total stockholders’ equity | 274,778 | 276,373 |
Total liabilities and stockholders’ equity | $ 659,714 | $ 604,639 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 38,483,025 | 37,446,323 |
Common stock, shares outstanding (in shares) | 38,483,025 | 37,446,323 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities | ||||
Net loss | $ (3,362) | $ (10,890) | $ (8,720) | $ (19,846) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 22,056 | 18,668 | ||
Profit on sale of property, plant and equipment | (223) | 0 | ||
Provision for doubtful accounts | 1,238 | 2,100 | ||
Warrant contra revenue | 0 | 0 | 730 | 0 |
Share-based compensation expense | 1,151 | 249 | ||
Deferred income taxes | 209 | (1,284) | ||
Share of profit of associates | 16 | (47) | (988) | (86) |
Changes in operating assets and liabilities: | ||||
Trade accounts receivable | (1,529) | 3,406 | ||
Prepaid expenses and other assets | (950) | 5,864 | ||
Trade accounts payable | (5,236) | 796 | ||
Income taxes, net | (2,267) | (5,494) | ||
Accrued expenses and other current liabilities | 1,150 | (158) | ||
Net cash provided by operating activities | 6,621 | 4,215 | ||
Investing Activities | ||||
Purchases of property, plant and equipment | (9,027) | (7,430) | ||
Cash and cash equivalents acquired on reverse acquisition | 0 | 1,496 | ||
Distributions received from associates | 1,317 | 22 | ||
Net cash used in investing activities | (7,710) | (5,912) | ||
Financing Activities | ||||
Proceeds from the issuance of common stock | 6,563 | 115 | ||
Payments on long term debt | (7,000) | (2,800) | ||
Proceeds from (payments on) other debt, net | 5,831 | 4,577 | ||
Net cash provided by financing activities | 5,394 | 1,892 | ||
Net increase (decrease) in cash and cash equivalents | 4,305 | 195 | ||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (497) | (1,271) | ||
Cash and cash equivalents and restricted cash at beginning of period | 24,569 | 21,601 | ||
Cash and cash equivalents and restricted cash at end of period | 28,377 | 20,525 | 28,377 | 20,525 |
Components of cash and cash equivalents and restricted cash | ||||
Balances with banks | 17,795 | 14,133 | 17,795 | 14,133 |
Restricted cash | 10,582 | 6,392 | 10,582 | 6,392 |
Total cash and cash equivalents and restricted cash | $ 28,377 | $ 20,525 | $ 24,569 | $ 21,601 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 20,600,100 | ||||||
Balance at Dec. 31, 2017 | $ 206 | $ 153,704 | $ 717 | $ (663) | $ 153,964 | $ 46,619 | $ 200,583 |
Issuance of common stock (in shares) | 234,066 | ||||||
Issuance of common stock | $ 3 | 113 | 0 | 0 | 116 | 0 | 116 |
Share-based compensation expenses | 0 | 249 | 0 | 0 | 249 | 0 | 249 |
Net income (loss) | 0 | 0 | 0 | (20,762) | (20,762) | 916 | (19,846) |
Other comprehensive loss for the period | $ 0 | 0 | (6,734) | 0 | (6,734) | (619) | (7,353) |
Purchase accounting entries due to the Aegis Transactions (in shares) | 16,226,392 | ||||||
Purchase accounting entries due to the Aegis Transactions | $ 162 | 142,119 | 0 | 0 | 142,281 | 0 | 142,281 |
Balance (in shares) at Sep. 30, 2018 | 37,060,558 | ||||||
Balance at Sep. 30, 2018 | $ 371 | 296,185 | (6,017) | (21,425) | 269,114 | 46,916 | 316,030 |
Balance (in shares) at Jun. 30, 2018 | 20,600,100 | ||||||
Balance at Jun. 30, 2018 | $ 206 | 153,704 | (3,185) | (10,524) | 140,201 | 47,167 | 187,368 |
Issuance of common stock (in shares) | 234,066 | ||||||
Issuance of common stock | $ 3 | 113 | 0 | 0 | 116 | 0 | 116 |
Share-based compensation expenses | 0 | 249 | 0 | 0 | 249 | 0 | 249 |
Net income (loss) | 0 | 0 | 0 | (10,901) | (10,901) | 11 | (10,890) |
Other comprehensive loss for the period | $ 0 | 0 | (2,832) | 0 | (2,832) | (262) | (3,094) |
Purchase accounting entries due to the Aegis Transactions (in shares) | 16,226,392 | ||||||
Purchase accounting entries due to the Aegis Transactions | $ 162 | 142,119 | 0 | 0 | 142,281 | 0 | 142,281 |
Balance (in shares) at Sep. 30, 2018 | 37,060,558 | ||||||
Balance at Sep. 30, 2018 | $ 371 | 296,185 | (6,017) | (21,425) | 269,114 | 46,916 | $ 316,030 |
Balance (in shares) at Dec. 31, 2018 | 37,446,323 | 37,446,323 | |||||
Balance at Dec. 31, 2018 | $ 374 | 267,317 | (5,547) | (31,127) | 231,017 | 45,356 | $ 276,373 |
Issuance of common stock (in shares) | 1,036,702 | ||||||
Issuance of common stock | $ 11 | 6,552 | 0 | 0 | 6,563 | 0 | 6,563 |
Share-based compensation expenses | 0 | 1,151 | 0 | 0 | 1,151 | 0 | 1,151 |
Warrant expenses | 0 | 730 | 0 | 0 | 730 | 0 | 730 |
Net income (loss) | 0 | 0 | 0 | (9,727) | (9,727) | 1,007 | (8,720) |
Other comprehensive loss for the period | $ 0 | 0 | (1,274) | 0 | (1,274) | (45) | $ (1,319) |
Balance (in shares) at Sep. 30, 2019 | 38,483,025 | 38,483,025 | |||||
Balance at Sep. 30, 2019 | $ 385 | 275,750 | (6,821) | (40,854) | 228,460 | 46,318 | $ 274,778 |
Balance (in shares) at Jun. 30, 2019 | 38,452,111 | ||||||
Balance at Jun. 30, 2019 | $ 384 | 275,284 | (4,634) | (38,067) | 232,967 | 46,912 | 279,879 |
Issuance of common stock (in shares) | 30,914 | ||||||
Issuance of common stock | $ 1 | 96 | 0 | 0 | 97 | 0 | 97 |
Share-based compensation expenses | 0 | 370 | 0 | 0 | 370 | 0 | 370 |
Warrant expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | (2,787) | (2,787) | (575) | (3,362) |
Other comprehensive loss for the period | $ 0 | 0 | (2,187) | 0 | (2,187) | (19) | $ (2,206) |
Balance (in shares) at Sep. 30, 2019 | 38,483,025 | 38,483,025 | |||||
Balance at Sep. 30, 2019 | $ 385 | $ 275,750 | $ (6,821) | $ (40,854) | $ 228,460 | $ 46,318 | $ 274,778 |
Note 1 - Overview and Basis of
Note 1 - Overview and Basis of Preparation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Unless otherwise noted in this report, any description of "us," "we," or "our," refers to StarTek, Inc. and its subsidiaries (the "Company"). Financial information in this report is presented in U.S. dollars. Business Startek is a global business process outsourcing company that provides omnichannel customer interactions, technology and back-office support solutions for some of the world’s most iconic brands in a variety of vertical markets. Operating under the Startek brand, we help these large global companies connect emotionally with their customers, solve issues, and improve net promoter scores and other customer-facing performance metrics. Through consulting and analytics services, technology-led innovation, and engagement solutions powered by the science of dialogue, we deliver personalized experiences at the point of conversation between our clients and their customers across every interaction channel and phase of the customer journey. Startek has proven results for the multiple services we provide, including sales, order management and provisioning, customer care, technical support, receivables management, and retention programs. We manage programs using a variety of multi-channel customer interactions, including voice, chat, email, social media and back-office support. Startek has facilities in India, United States, Malaysia, Philippines, Australia, South Africa, Canada, Honduras, Jamaica, Kingdom of Saudi Arabia, Argentina, Peru and Sri Lanka. We operate in a single operating segment providing business outsourcing solutions in the customer experience management space. On July 20, 2018, July 20, 2018 July 20, 2018 In addition, on July 20, 2018, On December 13, 2018, 2018 On May 17, 2019, 2019 2019 Basis of preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US-GAAP") for interim financial information and instructions to Form 10 10 X. not These financial statements reflect all adjustments (consisting only of normal recurring entries, except as noted) which, in the opinion of management, are necessary for fair presentation. The results of operations for interim periods are not The consolidated balance sheet as of December 31, 2018 not 10 10 nine December 31, 2018 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Principles of consolidation The consolidated financial statements reflect the financial results of all subsidiaries that are more than 50% not 100%, 10 nine December 31, 2018 March 14, 2019. Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, intangibles, impairment of goodwill, purchase price allocations, provision for doubtful receivables, valuation allowances for deferred tax assets, the valuation of derivative financial instruments, measurements of stock-based compensation, assets and obligations related to employee benefits, lease termination liabilities, restructuring costs, and income tax uncertainties and other contingencies. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates. Any changes in estimates are adjusted prospectively in the Company’s consolidated financial statements. Revenue On April 1, 2018, 606, 606 606 five 5 Consistent with the modified retrospective method of adoption, the Company has not Leases On January 1, 2019, 842, , 842 . 840. We determine if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, current maturity of operating lease liabilities, and operating lease liabilities in our consolidated balance sheets. Finance leases are included in property plant and equipment, long-term debt, accrued expenses and other current liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the balance lease term. As most of our leases do not may We have lease agreements with lease and non-lease components, which are generally accounted for separately. Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, Goodwill and Intangible Assets Goodwill is recognized as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed and not first not" Intangible assets acquired in a business combination were recorded at fair value at acquisition date using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over the estimated useful lives and are reviewed for impairment at least annually, or more frequently if indicators of impairment arise. Foreign Currency Matters The Company has operations in Argentina and its functional currency has historically been the Argentine Peso. The Company monitors inflation rates in countries in which it operates as required by US GAAP. Under ASC 830 10 45 12, three 100%. In May 2018, April 2018. May 2018, three 100%. Therefore, the Company has considered Argentina to be highly inflationary beginning on July 1, 2018. 830, not Stock-Based Compensation We recognize expense related to all share-based payments to employees, including grants of employee stock options, based on the grant-date fair values amortized straight-line over the period during which the employees are required to provide services in exchange for the equity instruments. We include an estimate of forfeitures when calculating compensation expense. We use the Black-Scholes method for valuing stock-based awards. See Note 11, Common Stock Warrant Accounting We account for common stock warrants as equity instruments, based on the specific terms of our warrant agreement. For more information refer to Note 11, Recent Accounting Pronouncements In August 2018, 2018 14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715 20 2018 14” no No. 2018 14 December 15, 2020. No. 2018 14 In June 2016, Financial Instruments - Credit Losses (Topic 326 , Measurement of Credit Losses on Financial Instruments. December 15, 2019, December 15, 2018, not In August 2018, No. 2018 13, January 1, 2020, 2020. |
Note 3 - Business Acquisitions
Note 3 - Business Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Aegis Transactions On July 20, 2018, 2018 2019 In accordance with ASC 805, July 20, 2018. The fair value of the purchase consideration is calculated based on the Company's stock price as it is considered to be more reliably determinable than the fair value of Aegis' private stock. Consideration is calculated based on the Company's closing stock price of $6.81 on July 20, 2018. The following table presents the purchase price and the fair value of the identifiable assets and liabilities: Amount Stock consideration (number of shares outstanding immediately prior the closing date) 16,226,392 Closing share price on July 20, 2018 $ 6.81 Total allocable purchase price $ 110,502 Amount Cash and cash equivalents $ 1,496 Other current assets 46,094 Property, plant and equipment, net 15,930 Identifiable intangible assets 28,960 Goodwill 64,345 Other non-current assets 3,204 Current liabilities (22,548 ) Non-current liabilities (26,979 ) Purchase price $ 110,502 The goodwill recognized was attributable primarily to the acquired workforce, increased utilization of our global delivery platform and other synergistic benefits. Goodwill from this acquisition is not |
Note 4 - Goodwill and Intangibl
Note 4 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 4. Goodwill As of September 30, 2019 Reporting Units Amount Aegis 162,168 StarTek 64,345 Ending balance, September 30, 2019 $226,513 We perform a goodwill impairment analysis at least annually (in the fourth five may As of September 30, 2019 not The following table presents the changes in goodwill during the period: Amount Opening balance, December 31, 2018 $ 225,450 Measurement period adjustments 1,063 Ending balance, September 30, 2019 $ 226,513 Intangible Assets The following table presents our intangible assets as of September 30, 2019 Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (years) Customer relationships $ 65,050 $ 9,193 $ 55,857 6.5 Brand 49,500 6,809 42,691 7.1 Trademarks 14,410 1,209 13,201 7.5 Other intangibles 2,100 439 1,661 4.9 $ 131,060 $ 17,650 $ 113,410 $ - Expected future amortization of intangible assets as of September 30, 2019 Years Ending December 31, Amount Remainder of 2019 $ 2,584 2020 10,277 2021 10,277 2022 10,277 2023 10,236 Thereafter 69,759 In August 2019, |
Note 5 - Revenue
Note 5 - Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 5. The company follows a five 606, Contracts with Customers All of the Company's revenues are derived from written contracts with our customers. Generally speaking, our contracts document our customers' intent to utilize our services and the relevant terms and conditions under which our services will be provided. Our contracts generally do not may ninety Our contracts give us the right to bill for services rendered during the period, which for the majority of our customers is a calendar month, with a few customers specifying a fiscal month. Our payment terms vary by client and generally range from due upon receipt to 60 90 Performance Obligations We have identified one Our stand-ready obligation involves outsourcing of the entire customer care life cycle, including: • The identification, operation, management and maintenance of facilities, IT equipment, and IT and telecommunications infrastructure • Management of the entire human resources function, including recruiting, hiring, training, supervising, evaluating, coaching, retaining, compensating, providing employee benefits programs, and disciplinary activities These activities are all considered an integral part of the production activities required in the service of standing ready to accept calls as and when they are directed to us by our clients. Revenue Recognition Methods Because our customers receive and consume the benefit of our services as they are performed and we have the contractual right to invoice for services performed to date, we have concluded that our performance obligation is satisfied over time. Accordingly, we recognize revenue for our services in the month they are performed. This is consistent with our prior revenue recognition model. We are generally entitled to invoice for our services on a monthly basis. We invoice according to the hourly and/or per transaction rates stated in each contract for the various activities we perform. Some contracts include opportunities to earn bonuses or include parameters under which we will incur penalties related to performance in any given month. Bonus or penalty amounts are based on the current month’s performance. Formulas are included in the contracts for calculation of any bonus or penalty. There is no Practical expedients and exemptions Because the Company’s contracts are essentially month-to-month, we have elected the following practical expedients: • ASC 606 10 50 14 one • ASC 340 40 25 4 one • ASC 606 10 32 2A • ASC 606 10 55 18 may Disaggregated Revenue Revenues by our clients' industry vertical for the three nine September 30, 2019 2018 Three Months Ended September 30, Nine Months Ended September 30, Vertical: 2019 2018 2019 2018 Telecom 61,439 73,613 191,684 198,374 E-commerce & Consumer 27,530 18,206 76,249 34,269 Financial & Business Services 12,392 14,250 38,957 42,432 Media & Cable 23,408 16,744 68,752 22,752 Travel & Hospitality 18,244 15,292 52,133 42,299 Healthcare & Education 11,880 7,690 30,761 12,634 Technology, IT & Related Services 3,063 2,404 8,958 5,225 All other segments 6,674 3,310 19,560 18,842 Gross Revenue 164,630 151,509 487,054 376,827 Less: Warrant Contra Revenue 0 - (730 ) - Net Revenue $ 164,630 $ 151,509 $ 486,324 $ 376,827 |
Note 6 - Net Loss Per Share
Note 6 - Net Loss Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. Basic net loss per common share is computed based on our weighted average number of common shares outstanding. Diluted earnings per share is computed based on our weighted average number of common shares outstanding plus the effect of dilutive stock options, non-vested restricted stock, and deferred stock units, using the treasury stock method. When a net loss is reported, potentially issuable common shares are excluded from the computation of diluted earnings per share as their effect would be anti-dilutive. In connection with the Aegis Transactions, the Company maintained Startek's 2008 11, three nine September 30, 2019 not Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Anti-dilutive securities: Stock options 2,637 5 2,637 298 |
Note 7 - Restructuring and Othe
Note 7 - Restructuring and Other Merger Related Cost | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 7. The table below summarizes the balance of accrued restructuring and other acquisition related cost, which is included in other accrued liabilities in our consolidated balance sheets, and the changes during the nine September 30, 2019 Employee related Facilities related Total Balance as of December 31, 2018 $ 760 $ 2,268 $ 3,028 Accruals/(reversals) 1,991 78 2,069 Payments (1,973 ) (1,657 ) (3,630 ) Balance as of September 30, 2019 $ 778 $ 689 $ 1,467 Employee related In 2018 fourth 2019 In March 2019 one fourth 2019 Facilities related In 2018 first 2021. Upon closure of site in Argentina, the Company recognized provision for facility related costs and we expect to pay the remaining costs of $65 by the end of the fourth 2019 |
Note 8 - Derivative Instruments
Note 8 - Derivative Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. Cash flow hedges Our locations in Canada and the Philippines primarily serve US-based clients. The revenues from these clients is billed and collected in US Dollars, but the expenses related to these revenues are paid in Canadian Dollars and Philippine Pesos. We enter into derivative contracts, in the form of forward contracts and range forward contracts (a transaction where both a call option is purchased and a put option is sold) to mitigate this foreign currency exchange risk. The contracts cover periods commensurate with expected exposure, generally three twelve Unrealized gains and losses are recorded in accumulated other comprehensive income (“AOCI”) and will be re-classified to operations as the forecasted expenses are incurred, typically within one nine September 30, 2019 2018 not The following table shows the notional amount of our foreign exchange cash flow hedging instruments as of September 30, 2019 Local Currency Notional Amount U.S. Dollar Notional Amount Philippine Peso 1,327,000 24,821 Canadian Dollar 2,171 1,622 $ 26,443 Derivative assets and liabilities associated with our hedging activities are measured at gross fair value as described in Note 9, Non-designated hedges We have also entered into foreign currency range forward contracts and interest swap contract as required by our lenders. These hedges are not 815, Derivatives and Hedging. not Unrealized gains and losses and changes in fair value of these derivatives are recognized as incurred in Exchange gains (losses), net in the Consolidated Statements of Comprehensive Income (Loss). The following table presents these amounts for the three nine September 30, 2019 2018 Derivatives not designated under ASC 815 For the Three Months Ended September 30, 2019 For the Three Months Ended September 30, 2018 For the Nine Months Ended September 30, 2019 For the Nine Months Ended September 30, 2018 Foreign currency forward contracts $ 393 $ 1,046 $ 536 $ 1,046 Interest rate swap $ (6 ) $ (13 ) $ (636 ) $ (27 ) |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy requires that the Company maximize the use of observable inputs and minimize the use of unobservable inputs. The levels of the fair value hierarchy are described below: Level 1 Level 2 not Level 3 Derivative Instruments The values of our derivative instruments are derived from pricing models using inputs based upon market information, including contractual terms, market prices and yield curves. The inputs to the valuation pricing models are observable in the market, and as such the derivatives are classified as Level 2 The following tables set forth our assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. These balances are included in Other current assets and Other current liabilities, respectively, on our balance sheet. As of September 30, 2019 Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts $ — $ 1,960 $ — $ 1,960 Total fair value of assets measured on a recurring basis $ — $ 1,960 $ — $ 1,960 Liabilities: Interest rate swap $ — $ 648 $ — $ 648 Foreign exchange contracts $ — $ 153 $ — $ 153 Total fair value of liabilities measured on a recurring basis $ — $ 801 $ — $ 801 As of December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts $ — $ 1,388 $ — $ 1,388 Total fair value of assets measured on a recurring basis $ — $ 1,388 $ — $ 1,388 Liabilities: Interest rate swap $ — $ 31 $ — $ 31 Foreign exchange contracts $ — $ 276 $ — $ 276 Total fair value of liabilities measured on a recurring basis $ — $ 307 $ — $ 307 |
Note 10 - Debt
Note 10 - Debt | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. The below table presents details of the Company's debt: September 30, 2019 December 31, 2018 Short term debt and current portion of long term debt Working capital facilities $ 25,213 $ 21,975 Current maturity of long term debt 16,900 9,800 Current maturity of finance lease obligations 658 1,816 Total $ 42,771 $ 33,591 Long term debt Term loan, net of debt issuance costs $ 108,989 $ 120,462 Equipment loan 1,611 - Secured revolving credit facility 30,901 31,152 Finance lease obligations 131 486 Total $ 141,632 $ 152,100 Working capital facilities The Company has a number of working capital facilities in various countries in which it operates. These facilities provide for a combined borrowing capacity of approximately $33 million for a number of working capital products. These facilities bear interest at benchmark rate plus margins between 3.0% and 4.5% and are due on demand. These facilities are collateralized by various Company assets and have a total outstanding balance of $25.2 million as of September 30, 2019 Term loan On October 27, 2017, five November 22, 2017 six first Principal payments due on the term loan are as follows: Years Amount Remainder of 2019 2,800 2020 16,800 2021 21,000 2022 88,200 Total $ 128,800 The Term loan has a floating interest rate of USD LIBOR plus 4.5% annually for the first In connection with the Term loan, the Company incurred issuance costs of $7.3 million which are net against the Term loan on the balance sheet. Unamortized debt issuance costs as of September 30, 2019 Secured revolving credit facility The Company has a secured revolving credit facility which is effective through March 2022. may no may may As of September 30, 2019 one We have entered into factoring agreements with financial institutions to sell certain of our accounts receivable under non-recourse agreements. These transactions are accounted for as a reduction in accounts receivable because the agreements transfer effective control over and risk related to the receivables to the buyers. We do not nine September 30, 2019 BMO Equipment Loan On December 27, 2018, January 2019 Finance lease obligations From time to time and when management believes it to be advantageous, we may |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. Amazon Warrant On January 23, 2018, 2019 4,000,000 third The first 2019 January 23, 2026. The second May 31, 2019. 505 718. The Warrant provides for net share settlement that, if elected by the holders, will reduce the number of shares issued upon exercise to reflect net settlement of the exercise price. The Warrant provides for certain adjustments that may Because the Warrant contains performance criteria (i.e. aggregate purchase levels) which Amazon and/or any of its affiliates must achieve for the Warrant Shares to vest, as detailed above, the final measurement date for each tranche of the Warrant Shares is the date on which performance is completed. Prior to the final measurement date, when achievement of the performance criteria has been deemed probable, a reduction in revenue equal to the percentage of completion to date will be recognized. The fair value of the Warrant Shares will be adjusted at each reporting period until they are earned. Share-based compensation Our share-based compensation arrangements include grants of stock options, restricted stock units and deferred stock units under the StarTek, Inc. 2008 nine September 30, 2019 September 30, 2019 |
Note 12 - Accumulated Other Com
Note 12 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 12. Accumulated other comprehensive loss consisted of the following items: Foreign Currency Translation Adjustment Derivatives Accounted for as Cash Flow Hedges Defined Benefit Plan Equity attributable to Startek shareholders Non-controlling interests Total Balance at December 31, 2018 $ (3,989 ) $ (15 ) $ (1,543 ) $ (5,547 ) $ (1,243 ) $ (6,790 ) Foreign currency translation (1,299 ) - - (1,299 ) - (1,299 ) Change in fair value of derivative instruments - 50 - 50 - 50 Pension remeasurement - - (25 ) (25 ) (45 ) (70 ) Balance at September 30, 2019 $ (5,288 ) $ 35 $ (1,568 ) $ (6,821 ) $ (1,288 ) $ (8,109 ) |
Note 13 - Segment and Geographi
Note 13 - Segment and Geographical Information | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. The Company provides business process outsourcing services (“BPO”) to clients in a variety of industries and geographical locations. Our approach is focused on providing our clients with the best possible combination of services and delivery locations to meet our clients' needs in the best and most efficient manner. Our Chief Executive Officer, who has been identified as the Chief Operating Decision Maker ("CODM"), reviews financial information mainly on a consolidated basis. Based on our evaluation of the facts and circumstances, the Company has concluded that it has a single The Group prepares its geographical information in conformity with the accounting policies adopted for preparing and presenting the consolidated financial statements of the Group as a whole. Revenues by geography, based on the location of the Company's delivery centers for the three nine September 30, 2019 2018 Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenue: India 27,397 31,106 81,818 97,422 Middle East 31,815 31,189 97,150 93,178 Malaysia 19,392 14,911 52,588 43,263 Argentina 9,969 12,728 31,283 44,746 United States 27,119 22,475 81,301 22,475 Australia 6,895 8,717 20,850 27,152 Philippines 18,570 13,235 51,996 13,235 Rest of World 23,472 17,148 69,339 35,356 Total $ 164,630 $ 151,509 $ 486,324 $ 376,827 Property, plant and equipment, net by geography based on the location of the assets is presented below: As on As on September 30, 2019 December 31, 2018 Property, plant and equipment, net: India 11,115 13,287 Middle East 5,028 6,507 Malaysia 4,478 5,058 Argentina 1,276 1,341 United States 3,731 5,349 Australia 229 345 Philippines 1,858 2,835 Rest of World 8,030 7,519 Total $ 35,745 $ 42,242 |
Note 14 - Leases
Note 14 - Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 14. We have operating and finance leases for service centers, corporate offices and certain equipment. Our leases have remaining lease terms of 1 year to 10 years, some of which include options to extend the leases for up to 3-5 years, and some of which include options to terminate the leases within 1 year. The components of lease expense were as follows: Nine months ended September 30, 2019 Operating lease cost $ 23,064 Finance lease cost: Amortization of right-of-use assets 1,257 Interest on lease liabilities 71 Total finance lease cost 1,328 Supplemental cash flow information related to leases was as follows: Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 22,783 Operating cash flow from finance leases 71 Financing cash flows from finance leases 1,831 Right-of-use assets obtained in exchange for lease obligations: Operating leases 66,647 Finance lease - Supplemental balance sheet information related to leases was as follows: As of September 30, 2019 Operating Leases Operating lease right-of-use assets $ 66,647 Operating Lease Liabilities-Current 19,838 Operating Lease Liabilities-Non-Current 47,782 Total operating lease liabilities $ 67,620 Finance Leases Property and equipment, at cost 11,261 Accumulated depreciation (9,736 ) Property and equipment, at net $ 1,525 Finance Lease Obligation-Current 658 Finance Lease Obligation-Non Current 131 Total finance lease liabilities $ 789 As of September 30, 2019 Weighted average remaining lease term Operating leases 4.59 yrs Finance leases 2.17 yrs Weighted average discount rate Operating leases 7.43 % Finance leases 6.01 % Maturities of lease liabilities were as follows: Operating leases Finance leases Year ending December, 31 Remaining of 2019 $ 24,094 $ 390 2020 17,406 362 2021 11,434 63 2022 9,327 8 2023 6,513 - Thereafter 10,093 - Total lease payments $ 78,867 $ 823 Less imputed interest (11,247 ) (34 ) Total $ 67,620 $ 789 |
Note 15 - Subsequent Event
Note 15 - Subsequent Event | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. None |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The consolidated financial statements reflect the financial results of all subsidiaries that are more than 50% not 100%, 10 nine December 31, 2018 March 14, 2019. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, intangibles, impairment of goodwill, purchase price allocations, provision for doubtful receivables, valuation allowances for deferred tax assets, the valuation of derivative financial instruments, measurements of stock-based compensation, assets and obligations related to employee benefits, lease termination liabilities, restructuring costs, and income tax uncertainties and other contingencies. Management believes that the estimates used in the preparation of the consolidated financial statements are reasonable. Although these estimates are based upon management’s best knowledge of current events and actions, actual results could differ from these estimates. Any changes in estimates are adjusted prospectively in the Company’s consolidated financial statements. |
Revenue from Contract with Customer [Policy Text Block] | Revenue On April 1, 2018, 606, 606 606 five 5 Consistent with the modified retrospective method of adoption, the Company has not |
Lessee, Leases [Policy Text Block] | Leases On January 1, 2019, 842, , 842 . 840. We determine if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, current maturity of operating lease liabilities, and operating lease liabilities in our consolidated balance sheets. Finance leases are included in property plant and equipment, long-term debt, accrued expenses and other current liabilities in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of remaining lease payments over the balance lease term. As most of our leases do not may We have lease agreements with lease and non-lease components, which are generally accounted for separately. |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill is recognized as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed and not first not" Intangible assets acquired in a business combination were recorded at fair value at acquisition date using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over the estimated useful lives and are reviewed for impairment at least annually, or more frequently if indicators of impairment arise. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Matters The Company has operations in Argentina and its functional currency has historically been the Argentine Peso. The Company monitors inflation rates in countries in which it operates as required by US GAAP. Under ASC 830 10 45 12, three 100%. In May 2018, April 2018. May 2018, three 100%. Therefore, the Company has considered Argentina to be highly inflationary beginning on July 1, 2018. 830, not |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation We recognize expense related to all share-based payments to employees, including grants of employee stock options, based on the grant-date fair values amortized straight-line over the period during which the employees are required to provide services in exchange for the equity instruments. We include an estimate of forfeitures when calculating compensation expense. We use the Black-Scholes method for valuing stock-based awards. See Note 11, |
Common Stock Warrant Accounting, Policy [Policy Text Block] | Common Stock Warrant Accounting We account for common stock warrants as equity instruments, based on the specific terms of our warrant agreement. For more information refer to Note 11, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In August 2018, 2018 14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715 20 2018 14” no No. 2018 14 December 15, 2020. No. 2018 14 In June 2016, Financial Instruments - Credit Losses (Topic 326 , Measurement of Credit Losses on Financial Instruments. December 15, 2019, December 15, 2018, not In August 2018, No. 2018 13, January 1, 2020, 2020. |
Note 3 - Business Acquisitions
Note 3 - Business Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Amount Stock consideration (number of shares outstanding immediately prior the closing date) 16,226,392 Closing share price on July 20, 2018 $ 6.81 Total allocable purchase price $ 110,502 Amount Cash and cash equivalents $ 1,496 Other current assets 46,094 Property, plant and equipment, net 15,930 Identifiable intangible assets 28,960 Goodwill 64,345 Other non-current assets 3,204 Current liabilities (22,548 ) Non-current liabilities (26,979 ) Purchase price $ 110,502 |
Note 4 - Goodwill and Intangi_2
Note 4 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Reporting Units Amount Aegis 162,168 StarTek 64,345 Ending balance, September 30, 2019 $226,513 Amount Opening balance, December 31, 2018 $ 225,450 Measurement period adjustments 1,063 Ending balance, September 30, 2019 $ 226,513 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (years) Customer relationships $ 65,050 $ 9,193 $ 55,857 6.5 Brand 49,500 6,809 42,691 7.1 Trademarks 14,410 1,209 13,201 7.5 Other intangibles 2,100 439 1,661 4.9 $ 131,060 $ 17,650 $ 113,410 $ - |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years Ending December 31, Amount Remainder of 2019 $ 2,584 2020 10,277 2021 10,277 2022 10,277 2023 10,236 Thereafter 69,759 |
Note 5 - Revenue (Tables)
Note 5 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, Vertical: 2019 2018 2019 2018 Telecom 61,439 73,613 191,684 198,374 E-commerce & Consumer 27,530 18,206 76,249 34,269 Financial & Business Services 12,392 14,250 38,957 42,432 Media & Cable 23,408 16,744 68,752 22,752 Travel & Hospitality 18,244 15,292 52,133 42,299 Healthcare & Education 11,880 7,690 30,761 12,634 Technology, IT & Related Services 3,063 2,404 8,958 5,225 All other segments 6,674 3,310 19,560 18,842 Gross Revenue 164,630 151,509 487,054 376,827 Less: Warrant Contra Revenue 0 - (730 ) - Net Revenue $ 164,630 $ 151,509 $ 486,324 $ 376,827 |
Note 6 - Net Loss Per Share (Ta
Note 6 - Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Anti-dilutive securities: Stock options 2,637 5 2,637 298 |
Note 7 - Restructuring and Ot_2
Note 7 - Restructuring and Other Merger Related Cost (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Employee related Facilities related Total Balance as of December 31, 2018 $ 760 $ 2,268 $ 3,028 Accruals/(reversals) 1,991 78 2,069 Payments (1,973 ) (1,657 ) (3,630 ) Balance as of September 30, 2019 $ 778 $ 689 $ 1,467 |
Note 8 - Derivative Instrumen_2
Note 8 - Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Local Currency Notional Amount U.S. Dollar Notional Amount Philippine Peso 1,327,000 24,821 Canadian Dollar 2,171 1,622 $ 26,443 |
Schedule of Derivative Instruments [Table Text Block] | Derivatives not designated under ASC 815 For the Three Months Ended September 30, 2019 For the Three Months Ended September 30, 2018 For the Nine Months Ended September 30, 2019 For the Nine Months Ended September 30, 2018 Foreign currency forward contracts $ 393 $ 1,046 $ 536 $ 1,046 Interest rate swap $ (6 ) $ (13 ) $ (636 ) $ (27 ) |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of September 30, 2019 Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts $ — $ 1,960 $ — $ 1,960 Total fair value of assets measured on a recurring basis $ — $ 1,960 $ — $ 1,960 Liabilities: Interest rate swap $ — $ 648 $ — $ 648 Foreign exchange contracts $ — $ 153 $ — $ 153 Total fair value of liabilities measured on a recurring basis $ — $ 801 $ — $ 801 As of December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Foreign exchange contracts $ — $ 1,388 $ — $ 1,388 Total fair value of assets measured on a recurring basis $ — $ 1,388 $ — $ 1,388 Liabilities: Interest rate swap $ — $ 31 $ — $ 31 Foreign exchange contracts $ — $ 276 $ — $ 276 Total fair value of liabilities measured on a recurring basis $ — $ 307 $ — $ 307 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 2019 December 31, 2018 Short term debt and current portion of long term debt Working capital facilities $ 25,213 $ 21,975 Current maturity of long term debt 16,900 9,800 Current maturity of finance lease obligations 658 1,816 Total $ 42,771 $ 33,591 Long term debt Term loan, net of debt issuance costs $ 108,989 $ 120,462 Equipment loan 1,611 - Secured revolving credit facility 30,901 31,152 Finance lease obligations 131 486 Total $ 141,632 $ 152,100 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Years Amount Remainder of 2019 2,800 2020 16,800 2021 21,000 2022 88,200 Total $ 128,800 |
Note 12 - Accumulated Other C_2
Note 12 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Adjustment Derivatives Accounted for as Cash Flow Hedges Defined Benefit Plan Equity attributable to Startek shareholders Non-controlling interests Total Balance at December 31, 2018 $ (3,989 ) $ (15 ) $ (1,543 ) $ (5,547 ) $ (1,243 ) $ (6,790 ) Foreign currency translation (1,299 ) - - (1,299 ) - (1,299 ) Change in fair value of derivative instruments - 50 - 50 - 50 Pension remeasurement - - (25 ) (25 ) (45 ) (70 ) Balance at September 30, 2019 $ (5,288 ) $ 35 $ (1,568 ) $ (6,821 ) $ (1,288 ) $ (8,109 ) |
Note 13 - Segment and Geograp_2
Note 13 - Segment and Geographical Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenue: India 27,397 31,106 81,818 97,422 Middle East 31,815 31,189 97,150 93,178 Malaysia 19,392 14,911 52,588 43,263 Argentina 9,969 12,728 31,283 44,746 United States 27,119 22,475 81,301 22,475 Australia 6,895 8,717 20,850 27,152 Philippines 18,570 13,235 51,996 13,235 Rest of World 23,472 17,148 69,339 35,356 Total $ 164,630 $ 151,509 $ 486,324 $ 376,827 As on As on September 30, 2019 December 31, 2018 Property, plant and equipment, net: India 11,115 13,287 Middle East 5,028 6,507 Malaysia 4,478 5,058 Argentina 1,276 1,341 United States 3,731 5,349 Australia 229 345 Philippines 1,858 2,835 Rest of World 8,030 7,519 Total $ 35,745 $ 42,242 |
Note 14 - Leases (Tables)
Note 14 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Nine months ended September 30, 2019 Operating lease cost $ 23,064 Finance lease cost: Amortization of right-of-use assets 1,257 Interest on lease liabilities 71 Total finance lease cost 1,328 Nine months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 22,783 Operating cash flow from finance leases 71 Financing cash flows from finance leases 1,831 Right-of-use assets obtained in exchange for lease obligations: Operating leases 66,647 Finance lease - |
Assets And Liabilities, Lessee [Table Text Block] | As of September 30, 2019 Operating Leases Operating lease right-of-use assets $ 66,647 Operating Lease Liabilities-Current 19,838 Operating Lease Liabilities-Non-Current 47,782 Total operating lease liabilities $ 67,620 Finance Leases Property and equipment, at cost 11,261 Accumulated depreciation (9,736 ) Property and equipment, at net $ 1,525 Finance Lease Obligation-Current 658 Finance Lease Obligation-Non Current 131 Total finance lease liabilities $ 789 As of September 30, 2019 Weighted average remaining lease term Operating leases 4.59 yrs Finance leases 2.17 yrs Weighted average discount rate Operating leases 7.43 % Finance leases 6.01 % |
Finance Lease, Liability, Maturity [Table Text Block] | Operating leases Finance leases Year ending December, 31 Remaining of 2019 $ 24,094 $ 390 2020 17,406 362 2021 11,434 63 2022 9,327 8 2023 6,513 - Thereafter 10,093 - Total lease payments $ 78,867 $ 823 Less imputed interest (11,247 ) (34 ) Total $ 67,620 $ 789 |
Note 1 - Overview and Basis o_2
Note 1 - Overview and Basis of Preparation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 17, 2019 | Dec. 13, 2018 | Jul. 20, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | Jan. 23, 2018 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |||
The 2019 Equity Offering [Member] | ||||||
Sale of Stock, Number of Shares Issued in Transaction | 692,520 | |||||
Common Stock [Member] | Aegis Stockholder [Member] | The 2018 Equity Offering [Member] | ||||||
Sale of Stock, Percentage of Ownership after Transaction | 56.00% | |||||
Aegis [Member] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 16,226,392 | |||||
Business Acquisition, Share Price | $ 6.81 | |||||
Aegis [Member] | Common Stock [Member] | ||||||
Business Acquisition, Share Price | $ 12 | |||||
Payments to Acquire Businesses, Gross | $ 2,000 | |||||
Aegis [Member] | Common Stock [Member] | Aegis Stockholder [Member] | ||||||
Sale of Stock, Percentage of Ownership after Transaction | 55.00% | |||||
Aegis Stockholder [Member] | The 2018 Equity Offering [Member] | ||||||
Sale of Stock, Number of Shares Issued in Transaction | 368,098 | |||||
Sale of Stock, Price Per Share | $ 6.52 | |||||
Sale of Stock, Consideration Received on Transaction | $ 2,400 | |||||
Aegis Stockholder [Member] | The 2019 Equity Offering [Member] | ||||||
Sale of Stock, Number of Shares Issued in Transaction | 100,267 | |||||
Sale of Stock, Price Per Share | $ 7.48 | |||||
Sale of Stock, Consideration Received on Transaction | $ 5,180 | |||||
Aegis Stockholder [Member] | Aegis [Member] | ||||||
Common Stock, Par or Stated Value Per Share | $ 1 | |||||
Aegis Stockholder [Member] | Aegis [Member] | Common Stock [Member] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 20,600,000 | |||||
Business Acquisition, Equity Interests Issued or Issuable, Number of Additional Shares Issued | 166,667 | |||||
Common Stock, Ownership By Investor, Shares | 21,235,032 | 20,766,667 |
Note 3 - Business Acquisition_2
Note 3 - Business Acquisitions (Details Textual) - Aegis [Member] - USD ($) $ / shares in Units, $ in Millions | Jul. 20, 2018 | May 17, 2019 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 16,226,392 | |
Business Acquisition, Share Price | $ 6.81 | |
Common Stock [Member] | ||
Business Acquisition, Share Price | $ 12 | |
Payments to Acquire Businesses, Gross | $ 2 | |
Common Stock [Member] | Aegis Stockholder [Member] | ||
Sale of Stock, Percentage of Ownership after Transaction | 55.00% | |
Aegis Stockholder [Member] | Common Stock [Member] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 20,600,000 | |
Business Acquisition, Equity Interests Issued or Issuable, Number of Additional Shares Issued | 166,667 | |
Common Stock, Ownership By Investor, Shares | 20,766,667 | 21,235,032 |
Note 3 - Business Acquisition_3
Note 3 - Business Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 20, 2018 | Sep. 30, 2019 | Dec. 31, 2018 |
Goodwill | $ 226,513 | $ 225,450 | |
Aegis [Member] | |||
Stock consideration (number of shares outstanding immediately prior the closing date) (in shares) | 16,226,392 | ||
Closing share price on July 20, 2018 (in dollars per share) | $ 6.81 | ||
Total allocable purchase price | $ 110,502 | ||
Cash and cash equivalents | 1,496 | ||
Other current assets | 46,094 | ||
Property, plant and equipment, net | 15,930 | ||
Identifiable intangible assets | 28,960 | ||
Goodwill | 64,345 | ||
Other non-current assets | 3,204 | ||
Current liabilities | (22,548) | ||
Non-current liabilities | (26,979) | ||
Purchase price | $ 110,502 |
Note 4 - Goodwill and Intangi_3
Note 4 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Goodwill, Ending Balance | $ 226,513 | $ 225,450 |
Goodwill Impairment Analysis, Period for Which Revenue, Operating Margins and Cash Flows Are Projected | 5 years |
Note 4 - Goodwill and Intangi_4
Note 4 - Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Goodwill | $ 226,513 |
Goodwill | 225,450 |
Measurement period adjustments | 1,063 |
Goodwill | 226,513 |
Aegis [Member] | |
Goodwill | 162,168 |
Goodwill | 162,168 |
StarTek [Member] | |
Goodwill | 64,345 |
Goodwill | $ 64,345 |
Note 4 - Goodwill and Intangi_5
Note 4 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Gross Intangibles | $ 131,060 | |
Accumulated Amortization | 17,650 | |
Net Intangibles | 113,410 | $ 121,336 |
Customer Relationships [Member] | ||
Gross Intangibles | 65,050 | |
Accumulated Amortization | 9,193 | |
Net Intangibles | $ 55,857 | |
Weighted Average Amortization Period (Year) | 6 years 6 months | |
Customer-Related Intangible Assets [Member] | ||
Gross Intangibles | $ 49,500 | |
Accumulated Amortization | 6,809 | |
Net Intangibles | $ 42,691 | |
Weighted Average Amortization Period (Year) | 7 years 1 month 6 days | |
Trademarks [Member] | ||
Gross Intangibles | $ 14,410 | |
Accumulated Amortization | 1,209 | |
Net Intangibles | $ 13,201 | |
Weighted Average Amortization Period (Year) | 7 years 6 months | |
Other Intangible Assets [Member] | ||
Gross Intangibles | $ 2,100 | |
Accumulated Amortization | 439 | |
Net Intangibles | $ 1,661 | |
Weighted Average Amortization Period (Year) | 4 years 10 months 24 days |
Note 4 - Goodwill and Intangi_6
Note 4 - Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Remainder of 2019 | $ 2,584 |
2020 | 10,277 |
2021 | 10,277 |
2022 | 10,277 |
2023 | 10,236 |
Thereafter | $ 69,759 |
Note 5 - Revenue - Disaggregate
Note 5 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | $ 164,630 | $ 151,509 | $ 487,054 | $ 376,827 |
Less: Warrant Contra Revenue | 0 | 0 | (730) | 0 |
Net Revenue | 164,630 | 151,509 | 486,324 | 376,827 |
Communications [Member] | ||||
Revenue | 61,439 | 73,613 | 191,684 | 198,374 |
E-Commerce and Consumer [Member] | ||||
Revenue | 27,530 | 18,206 | 76,249 | 34,269 |
Financial and Business Service [Member] | ||||
Revenue | 12,392 | 14,250 | 38,957 | 42,432 |
Media [Member] | ||||
Revenue | 23,408 | 16,744 | 68,752 | 22,752 |
Travel and Hospitality [Member] | ||||
Revenue | 18,244 | 15,292 | 52,133 | 42,299 |
Health Care and Education [Member] | ||||
Revenue | 11,880 | 7,690 | 30,761 | 12,634 |
Technology, IT and Related Service [Member] | ||||
Revenue | 3,063 | 2,404 | 8,958 | 5,225 |
Other Sector [Member] | ||||
Revenue | $ 6,674 | $ 3,310 | $ 19,560 | $ 18,842 |
Note 6 - Net Loss Per Share - S
Note 6 - Net Loss Per Share - Summary of Anti-dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||||
Stock options (in shares) | 2,637 | 5 | 2,637 | 298 |
Note 7 - Restructuring and Ot_3
Note 7 - Restructuring and Other Merger Related Cost (Details Textual) $ in Thousands | Sep. 30, 2019USD ($) |
Employee Severance [Member] | Aegis Transaction Agreement [Member] | |
Restructuring and Related Cost, Expected Cost Remaining | $ 670 |
Employee Severance [Member] | Closure of Site in Argentina [Member] | |
Restructuring and Related Cost, Expected Cost Remaining | 108 |
Facility Closing [Member] | Aegis Transaction Agreement [Member] | |
Restructuring and Related Cost, Expected Cost Remaining | 624 |
Facility Closing [Member] | Closure of Site in Argentina [Member] | |
Restructuring and Related Cost, Expected Cost Remaining | $ 65 |
Note 7 - Restructuring and Ot_4
Note 7 - Restructuring and Other Merger Related Cost - Restructuring and Related Costs (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Beginning balance | $ 3,028 |
Accruals/(reversals) | 2,069 |
Payments | (3,630) |
Ending balance | 1,467 |
Employee Severance [Member] | |
Beginning balance | 760 |
Accruals/(reversals) | 1,991 |
Payments | (1,973) |
Ending balance | 778 |
Facility Closing [Member] | |
Beginning balance | 2,268 |
Accruals/(reversals) | 78 |
Payments | (1,657) |
Ending balance | $ 689 |
Note 8 - Derivative Instrumen_3
Note 8 - Derivative Instruments (Details Textual) | 9 Months Ended |
Sep. 30, 2019 | |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Minimum [Member] | |
Derivative, Term of Contract | 3 months |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Maximum [Member] | |
Derivative, Term of Contract | 12 months |
Foreign Exchange Forward [Member] | Maximum [Member] | Not Designated as Hedging Instrument [Member] | |
Derivative, Term of Contract | 3 years |
Note 8 - Derivative Instrumen_4
Note 8 - Derivative Instruments - Summary of Notional Amounts of Outstanding Derivative Positions (Details) - Sep. 30, 2019 $ in Thousands, $ in Thousands, ₱ in Millions | USD ($) | PHP (₱) | CAD ($) |
Notional amount | $ 26,443 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Philippine Foreign Exchange Contract [Member] | |||
Notional amount | 24,821 | ₱ 1,327 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Canadian Foreign Exchange Contract [Member] | |||
Notional amount | $ 1,622 | $ 2,171 |
Note 8 - Derivative Instrumen_5
Note 8 - Derivative Instruments - Summary of Non-designated Hedges (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Foreign Exchange Forward [Member] | ||||
Realized gains and losses | $ 393 | $ 1,046 | $ 536 | $ 1,046 |
Interest Rate Swap [Member] | ||||
Realized gains and losses | $ (6) | $ (13) | $ (636) | $ (27) |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements - Assets and Liabilities Measured At Fair Value On a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Total fair value of assets measured on a recurring basis | $ 1,960 | $ 1,388 |
Total fair value of liabilities measured on a recurring basis | 801 | 307 |
Foreign Exchange Contract [Member] | ||
Derivate asset | 1,960 | 1,388 |
Derivate liability | 153 | 276 |
Interest Rate Swap [Member] | ||
Derivate liability | 648 | 31 |
Fair Value, Inputs, Level 1 [Member] | ||
Total fair value of assets measured on a recurring basis | 0 | 0 |
Total fair value of liabilities measured on a recurring basis | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||
Derivate asset | 0 | 0 |
Derivate liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Derivate liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Total fair value of assets measured on a recurring basis | 1,960 | 1,388 |
Total fair value of liabilities measured on a recurring basis | 801 | 307 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Derivate asset | 1,960 | 1,388 |
Derivate liability | 153 | 276 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivate liability | 648 | 31 |
Fair Value, Inputs, Level 3 [Member] | ||
Total fair value of assets measured on a recurring basis | 0 | 0 |
Total fair value of liabilities measured on a recurring basis | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | ||
Derivate asset | 0 | 0 |
Derivate liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivate liability | $ 0 | $ 0 |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) - USD ($) $ in Thousands | Dec. 27, 2018 | Oct. 27, 2017 | Sep. 30, 2019 | Dec. 31, 2018 |
Short-term Debt, Total | $ 25,213 | $ 21,975 | ||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | |||
Line of Credit Facility, Additional Borrowing Capacity | 70,000 | |||
Line of Credit Facility, Incremental Borrowing Amount | 5,000 | |||
Long-term Line of Credit, Noncurrent | $ 5,000 | |||
Line of Credit Facility, Borrowing Base, Accounts Receivable Percentage | 95.00% | |||
Long-term Line of Credit, Total | $ 30,900 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 9,793 | |||
Long-term Debt, Gross | 4,830 | |||
Loans Payable [Member] | ||||
Debt Instrument, Face Amount | $ 140,000 | |||
Debt Instrument, Term | 5 years | |||
Debt Issuance Costs, Net, Total | 7,300 | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net, Total | $ 4,400 | |||
Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||
Secured Debt [Member] | ||||
Debt Instrument, Face Amount | $ 2,060 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.57% | |||
Debt Instrument, Convertible, Remaining Discount Amortization Period | 2 years 6 months | |||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Minimum [Member] | Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Maximum [Member] | Loans Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||
Line of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 33,000 | |||
Short-term Debt, Total | $ 25,200 | |||
Line of Credit [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||
Line of Credit [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% |
Note 10 - Debt - Summary of Deb
Note 10 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Total short term debt | $ 42,771 | $ 33,591 |
Total long term debt | 141,632 | 152,100 |
Loans Payable [Member] | ||
Total short term debt | 16,900 | 9,800 |
Total long term debt | 108,989 | 120,462 |
Capital Lease Obligations [Member] | ||
Total short term debt | 658 | 1,816 |
Total long term debt | 131 | 486 |
Commercial Loan [Member] | ||
Total long term debt | 1,611 | 0 |
Line of Credit [Member] | ||
Total long term debt | 30,901 | 31,152 |
Working Capital Facilities [Member] | ||
Total short term debt | $ 25,213 | $ 21,975 |
Note 10 - Debt - Principal Paym
Note 10 - Debt - Principal Payments Due on Term Loan (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Total | $ 141,632 | $ 152,100 |
Loans Payable [Member] | ||
Remainder of 2019 | 2,800 | |
2020 | 16,800 | |
2021 | 21,000 | |
2022 | 88,200 | |
Total | $ 128,800 |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 23, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | May 17, 2019 | Dec. 31, 2018 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Warrant Contra Revenue | $ 0 | $ 0 | $ 730 | $ 0 | |||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,351 | $ 1,351 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||||||
Selling, General and Administrative Expenses [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 1,151 | ||||||
Amazon Transaction Agreement [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,000,000 | 4,002,964 | |||||
Class of Warrant or Right, Vested During Period | 425,532 | 212,766 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Expected Proceeds from Transaction Required for Vesting | $ 600,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.96 | $ 9.95 | |||||
Warrant Contra Revenue | $ 730 |
Note 12 - Accumulated Other C_3
Note 12 - Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Balance | $ (3,989) |
Foreign currency translation | (1,299) |
Change in fair value of derivative instruments | 0 |
Pension remeasurement | 0 |
Balance | (5,288) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |
Balance | (15) |
Foreign currency translation | 0 |
Change in fair value of derivative instruments | 50 |
Pension remeasurement | 0 |
Balance | 35 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |
Balance | (1,543) |
Foreign currency translation | 0 |
Change in fair value of derivative instruments | 0 |
Pension remeasurement | (25) |
Balance | (1,568) |
AOCI Attributable to Parent [Member] | |
Balance | (5,547) |
Foreign currency translation | (1,299) |
Change in fair value of derivative instruments | 50 |
Pension remeasurement | (25) |
Balance | (6,821) |
AOCI Attributable to Noncontrolling Interest [Member] | |
Balance | (1,243) |
Foreign currency translation | 0 |
Change in fair value of derivative instruments | 0 |
Pension remeasurement | (45) |
Balance | (1,288) |
AOCI Including Portion Attributable to Noncontrolling Interest [Member] | |
Balance | (6,790) |
Foreign currency translation | (1,299) |
Change in fair value of derivative instruments | 50 |
Pension remeasurement | (70) |
Balance | $ (8,109) |
Note 13 - Segment and Geograp_3
Note 13 - Segment and Geographical Information (Details Textual) | 9 Months Ended |
Sep. 30, 2019 | |
Number of Reporting Units | 2 |
Number of Reportable Segments | 1 |
Number of Operating Segments | 1 |
Note 13 - Segment and Geograp_4
Note 13 - Segment and Geographical Information - Summary of Segment Reporting Information, By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Net Revenue | $ 164,630 | $ 151,509 | $ 486,324 | $ 376,827 | |
Property, plant and equipment, net | 35,745 | 35,745 | $ 42,242 | ||
INDIA | |||||
Net Revenue | 27,397 | 31,106 | 81,818 | 97,422 | |
Property, plant and equipment, net | 11,115 | 11,115 | 13,287 | ||
Middle East [Member] | |||||
Net Revenue | 31,815 | 31,189 | 97,150 | 93,178 | |
Property, plant and equipment, net | 5,028 | 5,028 | 6,507 | ||
Malaysia 1[Member] | |||||
Net Revenue | 19,392 | 14,911 | 52,588 | 43,263 | |
Property, plant and equipment, net | 4,478 | 4,478 | 5,058 | ||
ARGENTINA | |||||
Net Revenue | 9,969 | 12,728 | 31,283 | 44,746 | |
Property, plant and equipment, net | 1,276 | 1,276 | 1,341 | ||
UNITED STATES | |||||
Net Revenue | 27,119 | 22,475 | 81,301 | 22,475 | |
Property, plant and equipment, net | 3,731 | 3,731 | 5,349 | ||
AUSTRALIA | |||||
Net Revenue | 6,895 | 8,717 | 20,850 | 27,152 | |
Property, plant and equipment, net | 229 | 229 | 345 | ||
PHILIPPINES | |||||
Net Revenue | 18,570 | 13,235 | 51,996 | 13,235 | |
Property, plant and equipment, net | 1,858 | 1,858 | 2,835 | ||
Rest of World [Member] | |||||
Net Revenue | 23,472 | $ 17,148 | 69,339 | $ 35,356 | |
Property, plant and equipment, net | $ 8,030 | $ 8,030 | $ 7,519 |
Note 14 - Leases (Details Textu
Note 14 - Leases (Details Textual) | 9 Months Ended |
Sep. 30, 2019 | |
Lessee, Lease, Termination Period | 1 year |
Minimum [Member] | |
Lease, Remaining Lease Term | 1 year |
Lessee, Lease, Renewal Term | 3 years |
Maximum [Member] | |
Lease, Remaining Lease Term | 10 years |
Lessee, Lease, Renewal Term | 5 years |
Note 14 - Leases - Components o
Note 14 - Leases - Components of Lease Expense (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Operating lease cost | $ 23,064 |
Amortization of right-of-use assets | 1,257 |
Interest on lease liabilities | 71 |
Total finance lease cost | 1,328 |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | 22,783 |
Operating cash flow from finance leases | 71 |
Financing cash flows from finance leases | 1,831 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | 66,647 |
Finance lease | $ 0 |
Note 14 - Leases - Supplemental
Note 14 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Leases | ||
Operating lease right-of-use assets | $ 66,647 | $ 0 |
Operating Lease Liabilities-Current | 19,838 | 0 |
Operating Lease Liabilities-Non-Current | 47,782 | 0 |
Total operating lease liabilities | 67,620 | |
Finance Leases | ||
Property and equipment, at cost | 11,261 | |
Accumulated depreciation | (9,736) | |
Property and equipment, at net | 1,525 | |
Finance Lease Obligation-Current | 658 | $ 1,816 |
Finance Lease Obligation-Non Current | 131 | |
Total finance lease liabilities | $ 789 | |
Weighted average remaining lease term | ||
Operating leases (Year) | 4 years 7 months 2 days | |
Finance leases (Year) | 2 years 2 months 1 day | |
Weighted average discount rate | ||
Operating leases | 7.43% | |
Finance leases | 6.01% |
Note 14 - Leases - Maturities o
Note 14 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Remaining of 2019, Operating leases | $ 24,094 |
Remaining of 2019, Finance leases | 390 |
2020, Operating leases | 17,406 |
2020, Finance leases | 362 |
2021, Operating leases | 11,434 |
2021, Finance leases | 63 |
2022, Operating leases | 9,327 |
2022, Finance leases | 8 |
2023, Operating leases | 6,513 |
2023, Finance leases | 0 |
Thereafter, Operating leases | 10,093 |
Thereafter, Finance leases | 0 |
Total lease payments, Operating leases | 78,867 |
Total lease payments, Finance leases | 823 |
Less imputed interest, Operating leases | (11,247) |
Less imputed interest, Finance leases | (34) |
Total, Operating leases | 67,620 |
Total, Finance leases | $ 789 |