Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 23, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | LANTHEUS HOLDINGS, INC. | |
Entity Central Index Key | 0001521036 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Small Business | false | |
Entity Ex Transition Period | true | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 39,079,418 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 56,885 | $ 113,401 |
Accounts receivable, net | 45,527 | 43,753 |
Inventory | 32,414 | 33,019 |
Other current assets | 5,035 | 5,242 |
Total current assets | 139,861 | 195,415 |
Property, plant and equipment, net | 113,117 | 107,888 |
Intangibles, net | 8,239 | 9,133 |
Goodwill | 15,714 | 15,714 |
Deferred tax assets, net | 79,170 | 81,449 |
Other long-term assets | 34,149 | 30,232 |
Total assets | 390,250 | 439,831 |
Current liabilities | ||
Current portion of long-term debt and other borrowings | 10,136 | 2,750 |
Accounts payable | 17,149 | 17,955 |
Accrued expenses and other liabilities | 26,072 | 32,050 |
Total current liabilities | 53,357 | 52,755 |
Asset retirement obligations | 12,237 | 11,572 |
Long-term debt, net and other borrowings | 188,706 | 263,709 |
Other long-term liabilities | 43,703 | 40,793 |
Total liabilities | 298,003 | 368,829 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Preferred stock ($0.01 par value, 25,000 shares authorized; no shares issued and outstanding) | 0 | 0 |
Common stock ($0.01 par value, 250,000 shares authorized; 39,043 and 38,466 shares issued and outstanding, respectively) | 390 | 385 |
Additional paid-in capital | 244,600 | 239,865 |
Accumulated deficit | (151,779) | (168,140) |
Accumulated other comprehensive loss | (964) | (1,108) |
Total stockholders’ equity | 92,247 | 71,002 |
Total liabilities and stockholders’ equity | $ 390,250 | $ 439,831 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000 | 25,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 39,043,000 | 38,466,000 |
Common stock, shares outstanding (in shares) | 39,043,000 | 38,466,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 85,705 | $ 85,573 | $ 172,215 | $ 168,203 |
Cost of goods sold | 41,132 | 41,727 | 83,558 | 82,048 |
Gross profit | 44,573 | 43,846 | 88,657 | 86,155 |
Operating expenses | ||||
Sales and marketing | 10,948 | 12,130 | 21,345 | 22,770 |
General and administrative | 13,293 | 11,575 | 25,882 | 24,118 |
Research and development | 5,795 | 4,215 | 10,724 | 8,204 |
Total operating expenses | 30,036 | 27,920 | 57,951 | 55,092 |
Operating income | 14,537 | 15,926 | 30,706 | 31,063 |
Interest expense | 4,543 | 4,298 | 9,135 | 8,348 |
Loss on extinguishment of debt | 3,196 | 0 | 3,196 | 0 |
Other income | (1,312) | (336) | (2,499) | (1,256) |
Income before income taxes | 8,110 | 11,964 | 20,874 | 23,971 |
Income tax expense | 1,698 | 2,219 | 4,513 | 6,015 |
Net income | $ 6,412 | $ 9,745 | $ 16,361 | $ 17,956 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.16 | $ 0.25 | $ 0.42 | $ 0.47 |
Diluted (in dollars per share) | $ 0.16 | $ 0.25 | $ 0.41 | $ 0.45 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 38,972 | 38,233 | 38,789 | 38,060 |
Diluted (in shares) | 40,239 | 39,398 | 40,064 | 39,468 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 6,412 | $ 9,745 | $ 16,361 | $ 17,956 |
Other comprehensive income: | ||||
Foreign currency translation | 88 | 4 | 144 | 4 |
Total other comprehensive income | 88 | 4 | 144 | 4 |
Comprehensive income | $ 6,500 | $ 9,749 | $ 16,505 | $ 17,960 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Balance (in shares) at Dec. 31, 2017 | 37,765 | ||||
Balance at Dec. 31, 2017 | $ 23,291 | $ 378 | $ 232,960 | $ (209,013) | $ (1,034) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 8,211 | 8,211 | |||
Forfeiture of dividend equivalent right | 355 | 355 | |||
Other comprehensive income | 0 | 0 | |||
Stock option exercises and employee stock plan purchases (in shares) | 94 | ||||
Stock option exercises and employee stock plan purchases | 720 | $ 1 | 719 | ||
Vesting of restricted stock awards and units (in shares) | 174 | ||||
Vesting of restricted stock awards and units | 0 | $ 2 | (2) | ||
Shares withheld to cover taxes (in shares) | (36) | ||||
Shares withheld to cover taxes | (709) | $ (1) | (708) | ||
Stock-based compensation | 1,796 | 1,796 | |||
Balance (in shares) at Mar. 31, 2018 | 37,997 | ||||
Balance at Mar. 31, 2018 | 33,664 | $ 380 | 234,765 | (200,447) | (1,034) |
Balance (in shares) at Dec. 31, 2017 | 37,765 | ||||
Balance at Dec. 31, 2017 | 23,291 | $ 378 | 232,960 | (209,013) | (1,034) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 17,956 | ||||
Other comprehensive income | 4 | ||||
Balance (in shares) at Jun. 30, 2018 | 38,298 | ||||
Balance at Jun. 30, 2018 | 44,533 | $ 383 | 235,882 | (190,702) | (1,030) |
Balance (in shares) at Mar. 31, 2018 | 37,997 | ||||
Balance at Mar. 31, 2018 | 33,664 | $ 380 | 234,765 | (200,447) | (1,034) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 9,745 | 9,745 | |||
Other comprehensive income | 4 | 4 | |||
Stock option exercises and employee stock plan purchases (in shares) | 111 | ||||
Stock option exercises and employee stock plan purchases | 626 | $ 1 | 625 | ||
Vesting of restricted stock awards and units (in shares) | 286 | ||||
Vesting of restricted stock awards and units | 0 | $ 3 | (3) | ||
Shares withheld to cover taxes (in shares) | (96) | ||||
Shares withheld to cover taxes | (1,722) | $ (1) | (1,721) | ||
Stock-based compensation | 2,216 | 2,216 | |||
Balance (in shares) at Jun. 30, 2018 | 38,298 | ||||
Balance at Jun. 30, 2018 | 44,533 | $ 383 | 235,882 | (190,702) | (1,030) |
Balance (in shares) at Dec. 31, 2018 | 38,466 | ||||
Balance at Dec. 31, 2018 | 71,002 | $ 385 | 239,865 | (168,140) | (1,108) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 9,949 | 9,949 | |||
Other comprehensive income | 56 | 56 | |||
Stock option exercises and employee stock plan purchases (in shares) | 37 | ||||
Stock option exercises and employee stock plan purchases | 606 | 606 | |||
Vesting of restricted stock awards and units (in shares) | 365 | ||||
Vesting of restricted stock awards and units | 0 | $ 4 | (4) | ||
Shares withheld to cover taxes (in shares) | (50) | ||||
Shares withheld to cover taxes | (1,120) | $ (1) | (1,119) | ||
Stock-based compensation | 2,720 | 2,720 | |||
Balance (in shares) at Mar. 31, 2019 | 38,818 | ||||
Balance at Mar. 31, 2019 | 83,213 | $ 388 | 242,068 | (158,191) | (1,052) |
Balance (in shares) at Dec. 31, 2018 | 38,466 | ||||
Balance at Dec. 31, 2018 | 71,002 | $ 385 | 239,865 | (168,140) | (1,108) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 16,361 | ||||
Other comprehensive income | 144 | ||||
Balance (in shares) at Jun. 30, 2019 | 39,043 | ||||
Balance at Jun. 30, 2019 | 92,247 | $ 390 | 244,600 | (151,779) | (964) |
Balance (in shares) at Mar. 31, 2019 | 38,818 | ||||
Balance at Mar. 31, 2019 | 83,213 | $ 388 | 242,068 | (158,191) | (1,052) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 6,412 | 6,412 | 0 | ||
Other comprehensive income | 88 | 88 | |||
Stock option exercises and employee stock plan purchases (in shares) | 9 | ||||
Stock option exercises and employee stock plan purchases | 120 | 120 | |||
Vesting of restricted stock awards and units (in shares) | 253 | ||||
Vesting of restricted stock awards and units | 0 | $ 3 | (3) | ||
Shares withheld to cover taxes (in shares) | (37) | ||||
Shares withheld to cover taxes | (944) | $ (1) | (943) | ||
Stock-based compensation | 3,358 | 3,358 | |||
Balance (in shares) at Jun. 30, 2019 | 39,043 | ||||
Balance at Jun. 30, 2019 | $ 92,247 | $ 390 | $ 244,600 | $ (151,779) | $ (964) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities | ||
Net income | $ 16,361 | $ 17,956 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation, amortization and accretion | 6,577 | 7,089 |
Amortization of debt related costs | 639 | 639 |
Loss on extinguishment of debt | 3,196 | 0 |
Provision for bad debt | 57 | 166 |
Provision for excess and obsolete inventory | 977 | 1,959 |
Stock-based compensation | 6,078 | 4,012 |
Deferred taxes | 2,387 | 4,539 |
Long-term income tax receivable | (1,604) | (1,528) |
Long-term income tax payable and other long-term liabilities | 2,036 | 1,517 |
Other | (10) | 346 |
Increases (decreases) in cash from operating assets and liabilities: | ||
Accounts receivable | (1,755) | (4,223) |
Inventory | (365) | (6,714) |
Other current assets | (118) | (581) |
Accounts payable | 2,881 | (2,900) |
Accrued expenses and other liabilities | (5,816) | (2,667) |
Net cash provided by operating activities | 31,521 | 19,610 |
Investing activities | ||
Capital expenditures | (13,984) | (7,761) |
Proceeds from sales of assets | 0 | 1,000 |
Net cash used in investing activities | (13,984) | (6,761) |
Financing activities | ||
Proceeds from issuance of long-term debt | 199,461 | 0 |
Payments on long-term debt and other borrowings | (270,247) | (1,431) |
Proceeds from stock option exercises | (2,034) | 0 |
Proceeds from stock option exercises | 444 | 1,140 |
Proceeds from issuance of common stock | 282 | 206 |
Payments for minimum statutory tax withholding related to net share settlement of equity awards | (2,064) | (2,432) |
Net cash used in financing activities | (74,158) | (2,517) |
Effect of foreign exchange rates on cash and cash equivalents | 105 | (158) |
Net (decrease) increase in cash and cash equivalents | (56,516) | 10,174 |
Cash and cash equivalents, beginning of period | 113,401 | 76,290 |
Cash and cash equivalents, end of period | $ 56,885 | $ 86,464 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note Regarding Company References and Trademarks Unless the context otherwise requires, references to the “Company” and “Lantheus” refer to Lantheus Holdings, Inc. and its direct and indirect wholly-owned subsidiaries, references to “Holdings” refer to Lantheus Holdings, Inc. and not to any of its subsidiaries, and references to “LMI” refer to Lantheus Medical Imaging, Inc., the direct subsidiary of Holdings. Solely for convenience, the Company refers to trademarks, service marks and trade names without the TM, SM and ® symbols. Those references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent permitted under applicable law, its rights to its trademarks, service marks and trade names. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Lantheus Holdings, Inc. and its direct and indirect wholly-owned subsidiaries and have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement have been included. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ended December 31, 2019 or any future period. The condensed consolidated balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities Exchange Commission (“SEC”) on February 20, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Recent Accounting Pronouncements Standard Description Effective Date for Company Effect on the Condensed Consolidated Financial Statements Recently Issued Accounting Standards Not Yet Adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) This ASU will require financial instruments measured at amortized cost and accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019. January 1, 2020 The Company is currently evaluating the impact that this standard will have on its consolidated financial statements. Accounting Standards Adopted During the Six Months Ended June 30, 2019 ASU 2016-02, Leases (Topic 842) This ASU supersedes existing guidance on accounting for leases in “Leases (Topic 840)” and generally requires all leases to be recognized on the balance sheet. In July 2018, an amendment was made that allows companies the option of using the effective date of the new standard as the initial application date (at the beginning of the period in which it is adopted, rather than at the beginning of the earliest comparative period). January 1, 2019 See Note 11, "Leases" for the required disclosures related to the impact of adopting this standard. The adoption of this standard resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. The standard did not have a material impact on the Company’s condensed consolidated statements of operations, equity or cash flows. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following table summarizes revenue by revenue source and reportable segment as follows: Three Months Ended Six Months Ended Major Products/Service Lines by Segment (in thousands) 2019 2018 2019 2018 U.S. Product revenue, net (1) $ 75,190 $ 74,086 $ 150,624 $ 145,574 License and royalty revenues — — — — Total U.S. revenues 75,190 74,086 150,624 145,574 International Product revenue, net (1) 9,987 10,918 20,536 21,498 License and royalty revenues 528 569 1,055 1,131 Total International revenues $ 10,515 $ 11,487 $ 21,591 $ 22,629 Total revenues $ 85,705 $ 85,573 $ 172,215 $ 168,203 ________________________________ (1) The Company’s principal products include DEFINITY and TechneLite and are categorized within product revenue, net. The Company applies the same revenue recognition policies and judgments for all of its principal products. The Company’s performance obligations are typically part of contracts that have an original expected duration of one year or less. As such, under the optional exemption provided by ASC 606-10-50-14, the Company is not disclosing the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially satisfied) as of the end of the reporting period. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability of fair value measurements, financial instruments are categorized based on a hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: • Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). • Level 3 — Unobservable inputs that reflect a Company’s estimates about the assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. The Company’s financial assets measured at fair value on a recurring basis consist of money market funds. The Company invests excess cash from its operating cash accounts in overnight investments and reflects these amounts in cash and cash equivalents in the condensed consolidated balance sheets at fair value using quoted prices in active markets for identical assets. The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis: June 30, 2019 (in thousands) Total Fair Value Level 1 Level 2 Level 3 Money market $ 16,813 $ 16,813 $ — $ — Total $ 16,813 $ 16,813 $ — $ — December 31, 2018 (in thousands) Total Fair Value Level 1 Level 2 Level 3 Money market $ 61,391 $ 61,391 $ — $ — Total $ 61,391 $ 61,391 $ — $ — |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company provides for income taxes at the end of each interim period based on the estimated effective tax rate for the full year, adjusted for any discrete events which are recorded in the period they occur. The Company’s effective tax rate in fiscal 2019 differs from the U.S. federal statutory rate of 21% principally due to the impact of state taxes and the accrual of interest on uncertain tax positions, offset by tax benefits arising from stock compensation deductions. Cumulative adjustments to the tax provision are recorded in the interim period in which a change in the estimated annual effective tax rate is determined. The Company’s income tax expense is presented below: Three Months Ended Six Months Ended (in thousands) 2019 2018 2019 2018 Income tax expense $ 1,698 $ 2,219 $ 4,513 $ 6,015 The Company regularly assesses its ability to realize its deferred tax assets. Assessing the realizability of deferred tax assets requires significant management judgment. In determining whether its deferred tax assets are more-likely-than-not realizable, the Company evaluates all available positive and negative evidence, and weighs the objective evidence and expected impact. The Company continues to record a valuation allowance against certain foreign deferred tax assets. In connection with the Company’s acquisition of the medical imaging business from Bristol Myers Squibb (“BMS”) in 2008, the Company entered into a tax indemnification agreement with BMS. A long-term receivable is recorded to account for the expected value to the Company of future indemnification payments, net of actual tax benefits received. The tax indemnification receivable is recognized within other long-term assets. Changes in the tax indemnification asset are recognized within other income in the condensed consolidated statement of operations. In accordance with the Company’s accounting policy, the change in the tax liability, penalties and interest associated with these obligations (net of any offsetting federal or state benefit) is recognized within income tax expense. Accordingly, as these reserves change, adjustments are included in income tax expense while the offsetting adjustment is included in other income. Assuming that the receivable from BMS continues to be considered recoverable by the Company, there will be no effect on net income and no net cash outflows related to these liabilities. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory consisted of the following: (in thousands) June 30, December 31, Raw materials $ 11,647 $ 11,100 Work in process 9,513 4,261 Finished goods 11,254 17,658 Total inventory $ 32,414 $ 33,019 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net, consisted of the following: (in thousands) June 30, December 31, Land $ 13,450 $ 13,450 Buildings 65,042 64,444 Machinery, equipment and fixtures 70,615 69,298 Computer software 20,294 19,266 Construction in progress 31,393 24,169 200,794 190,627 Less: accumulated depreciation and amortization (87,677 ) (82,739 ) Total property, plant and equipment, net $ 113,117 $ 107,888 Depreciation and amortization expense related to property, plant and equipment, net, was $2.5 million for the three months ended June 30, 2019 and 2018 , respectively, and $5.0 million and $5.1 million for the six months ended June 30, 2019 and 2018 , respectively. |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The Company considers its legal obligation to remediate its facilities upon a decommissioning of its radioactive-related operations as an asset retirement obligation. The Company has production facilities which manufacture and process radioactive materials at its North Billerica, Massachusetts and San Juan, Puerto Rico sites. The Company is required to provide the U.S. Nuclear Regulatory Commission and Massachusetts Department of Public Health financial assurance demonstrating the Company’s ability to fund the decommissioning of its North Billerica, Massachusetts production facility upon closure, although the Company does not intend to close the facility. The Company has provided this financial assurance in the form of a $28.2 million surety bond. The fair value of a liability for asset retirement obligations is recognized in the period in which the liability is incurred. As of June 30, 2019 , the liability is measured at the present value of the obligation expected to be incurred, of approximately $26.9 million , and is adjusted in subsequent periods as accretion expense is recorded. The corresponding asset retirement costs are capitalized as part of the carrying values of the related long-lived assets and depreciated over the assets’ useful lives. The following table provides a summary of the changes in the Company’s asset retirement obligations: (in thousands) Amount Balance at January 1, 2019 $ 11,572 Revisions in estimated cash flows 20 Accretion expense 645 Balance at June 30, 2019 $ 12,237 |
Long-Term Debt, Net, and Other
Long-Term Debt, Net, and Other Borrowings | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net, and Other Borrowings | Long-Term Debt, Net, and Other Borrowings In June 2019, the Company refinanced its previous $275 million five -year term loan agreement (the “2017 Term Facility”) with a new five -year $200 million term loan facility (the “2019 Term Facility” and the loans thereunder, the “2019 Term Loans”). In addition, the Company replaced its previous $75 million five -year revolving credit facility (the “2017 Revolving Facility”) with a new $200 million five -year revolving credit facility (the “2019 Revolving Facility” and, together with the 2019 Term Facility, the “2019 Facility”). The terms of the 2019 Facility are set forth in the Credit Agreement, dated as of June 27, 2019 (the “2019 Credit Agreement”), by and among Holdings, the Company, the lenders from time to time party thereto and Wells Fargo Bank, N.A., as administrative agent and collateral agent. The Company has the right to request an increase to the 2019 Term Facility or request the establishment of one or more new incremental term loan facilities, in an aggregate principal amount of up to $100 million , plus additional amounts, in certain circumstances. The net proceeds of the 2019 Term Facility, together with approximately $73 million of cash on hand, were used to refinance in full the aggregate remaining principal amount of the loans outstanding under the 2017 Term Facility and pay related interest, transaction fees and expenses. No amounts were outstanding under the 2017 Revolving Facility at that time. The Company accounted for the refinancing of the 2017 Term Facility as a debt extinguishment and the 2017 Revolving Facility as a debt modification by evaluating the refinancing on a creditor by creditor basis. The Company recorded a loss on extinguishment of debt of $3.2 million related to the write-off of unamortized debt issuance costs and debt discounts. In addition, the Company incurred and capitalized $2.8 million of new debt issuance costs and debt discounts related to the refinancing. 2019 Term Facility The Term Loans under the 2019 Term Facility bear interest, with pricing based from time to time at the Company’s election at (i) LIBOR plus a spread ranging from 1.25% to 2.25% as determined by the Company’s total net leverage ratio (as defined in the 2019 Credit Agreement) or (ii) the Base Rate (as defined in the 2019 Credit Agreement) plus a spread ranging from 0.25% to 1.25% as determined by the Company’s total net leverage ratio. At June 30, 2019, the Company’s interest rate under the 2019 Term Facility was 4.2% . The Company is permitted to voluntarily prepay the 2019 Term Loans, in whole or in part, without premium or penalty. The 2019 Term Facility requires the Company to make mandatory prepayments of the outstanding 2019 Term Loans in certain circumstances. The Term loan matures in June 2024. As of June 30, 2019 , the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows: (in thousands) Amount Remainder of 2019 $ 5,000 2020 10,000 2021 10,000 2022 11,250 2023 15,000 2024 148,750 Total principal outstanding 200,000 Unamortized debt discount (539 ) Unamortized debt issuance costs (859 ) Finance lease liabilities 240 Total 198,842 Less: current portion (10,136 ) Total long-term debt, net and other borrowings $ 188,706 2019 Revolving Facility Under the terms of the 2019 Revolving Facility, the lenders thereunder agreed to extend credit to the Company from time to time until June 27, 2024 consisting of revolving loans (the “Revolving Loans” and, together with the Term Loans, the “Loans”) in an aggregate principal amount not to exceed $200 million (the “Revolving Commitment”) at any time outstanding. The 2019 Revolving Facility includes a $20 million sub-facility for the issuance of letters of credit (the “Letters of Credit”). The 2019 Revolving Facility includes a $10 million sub-facility for swingline loans (the “Swingline Loans”). The Letters of Credit, Swingline Loans and the borrowings under the 2019 Revolving Facility are expected to be used for working capital and other general corporate purposes. The Revolving Loans under the 2019 Revolving Facility bear interest, with pricing based from time to time at the Company’s election at (i) LIBOR plus a spread ranging from 1.25% to 2.25% as determined by the Company’s total net leverage ratio or (ii) the Base Rate plus a spread ranging from 0.25% to 1.25% as determined by the Company’s total net leverage ratio. The 2019 Revolving Facility also includes a commitment fee, which ranges from 0.15% to 0.30% as determined by the Company’s total net leverage ratio. The Company is permitted to voluntarily prepay the Revolving Loans, in whole or in part, or reduce or terminate the Revolving Commitment, in each case, without premium or penalty. On any business day on which the total amount of outstanding Revolving Loans and Letters of Credit exceeds the total Revolving Commitment, the Company must prepay the Revolving Loans in an amount equal to such excess. As of June 30, 2019, there were no outstanding borrowings under the 2019 Revolving Facility. 2019 Facility Covenants The 2019 Facility contains a number of affirmative, negative, reporting and financial covenants, in each case subject to certain exceptions and materiality thresholds. The 2019 Facility requires the Company to be in quarterly compliance, measured on a trailing four quarter basis, with two financial covenants. The minimum interest coverage ratio, commencing with the fiscal quarter ending September 30, 2019, must be at least 3.00 to 1.00. The maximum total net leverage ratio perm itted by the financial covenant is displayed in the table below: 2019 Facility Financial Covenant Period Total Net Leverage Ratio Q3 2019 to Q2 2020 4.00 to 1.00 Q3 2020 to Q2 2021 3.75 to 1.00 Thereafter 3.50 to 1.00 The Company may elect to increase the maximum total net leverage ratio by 0.50 to 1.00 (subject to a maximum of 4.25 to 1.00) up to two separate times during the term of the 2019 Facility in connection with any Material Acquisition (as defined in the Credit Agreement). The 2019 Facility contains usual and customary restrictions on the ability of the Company and its subsidiaries to: (i) incur additional indebtedness (ii) create liens; (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; (iv) sell certain assets; (v) pay dividends on, repurchase or make distributions in respect of capital stock or make other restricted payments; (vi) make certain investments; (vii) repay subordinated indebtedness prior to stated maturity; and (viii) enter into certain transactions with its affiliates. Upon an event of default, the administrative agent under the Credit Agreement will have the right to declare the Loans and other obligations outstanding immediately due and payable and all commitments immediately terminated or reduced. The 2019 Facility is guaranteed by Holdings and Lantheus MI Real Estate, LLC, and obligations under the 2019 Facility are generally secured by first priority liens over substantially all of the assets of each of LMI, Holdings and Lantheus MI Real Estate, LLC (subject to customary exclusions set forth in the transaction documents) owned as of June 27, 2019 or thereafter acquired. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table presents stock-based compensation expense recognized in the Company’s accompanying condensed consolidated statements of operations: Three Months Ended Six Months Ended (in thousands) 2019 2018 2019 2018 Cost of goods sold $ 531 $ 261 $ 971 $ 490 Sales and marketing 508 397 959 699 General and administrative 1,881 1,221 3,455 2,201 Research and development 438 337 693 622 Total stock-based compensation expense $ 3,358 $ 2,216 $ 6,078 $ 4,012 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases Adoption of ASC Topic 842, “Leases” The Company adopted ASC 842 on January 1, 2019, using the prospective approach which provides a method for recording existing leases at adoption using the effective date of the standard as its initial application date. ASC 842 generally requires all leases to be recognized on the balance sheet. In addition, the Company elected the relief package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed the Company not to reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases and initial direct costs for any existing leases. The reported results for 2019 reflect the application of ASC 842 guidance while the reported results for 2018 were prepared under the guidance of ASC 840, Leases. The adoption of ASC 842 resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. ASC 842 did not materially impact the Company’s condensed consolidated results of operations, equity or cash flows as of the adoption date or for the periods presented. Leases The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for vehicles, corporate offices and certain equipment. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Lease agreements with lease and non-lease components are accounted for separately. As the Company’s leases do not provide an implicit rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet as the Company has elected to apply the short-term lease exemption. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Operating and finance lease assets and liabilities are as follows: (in thousands) Classification June 30, 2019 Assets Operating Other long-term assets $ 1,021 Finance Property, plant and equipment, net 237 Total leased assets $ 1,258 Liabilities Current Operating Accrued expenses and other liabilities $ 185 Finance Current portion of long-term debt and other borrowings 136 Noncurrent Operating Other long-term liabilities 910 Finance Long-term debt, net and other borrowings 104 Total leased liabilities $ 1,335 The components of lease expense were as follows: (in thousands) Three Months Ended Six Months Ended Operating lease expense $ 56 $ 112 Finance lease expense Amortization of ROU assets 30 59 Interest on lease liabilities 1 3 Short-term lease expense 22 45 Total lease expense $ 109 $ 219 Other information related to leases were as follows: June 30, 2019 Weighted average remaining lease term (Years): Operating leases 5.3 Finance leases 2.2 Weighted average discount rate: Operating leases 5.1% Finance leases 6.2% (in thousands) Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 114 Operating cash flows from finance leases 3 Financing cash flows from finance leases 60 ROU assets obtained in exchange for lease obligations: Operating leases — Finance leases 160 Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows: (in thousands) Operating Leases Finance Leases Remainder of 2019 $ 116 $ 91 2020 238 79 2021 238 58 2022 238 29 2023 238 — Thereafter 178 — Total future minimum lease payments 1,246 257 Less: interest 151 17 Total $ 1,095 $ 240 |
Leases | Leases Adoption of ASC Topic 842, “Leases” The Company adopted ASC 842 on January 1, 2019, using the prospective approach which provides a method for recording existing leases at adoption using the effective date of the standard as its initial application date. ASC 842 generally requires all leases to be recognized on the balance sheet. In addition, the Company elected the relief package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed the Company not to reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases and initial direct costs for any existing leases. The reported results for 2019 reflect the application of ASC 842 guidance while the reported results for 2018 were prepared under the guidance of ASC 840, Leases. The adoption of ASC 842 resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. ASC 842 did not materially impact the Company’s condensed consolidated results of operations, equity or cash flows as of the adoption date or for the periods presented. Leases The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for vehicles, corporate offices and certain equipment. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Lease agreements with lease and non-lease components are accounted for separately. As the Company’s leases do not provide an implicit rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet as the Company has elected to apply the short-term lease exemption. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Operating and finance lease assets and liabilities are as follows: (in thousands) Classification June 30, 2019 Assets Operating Other long-term assets $ 1,021 Finance Property, plant and equipment, net 237 Total leased assets $ 1,258 Liabilities Current Operating Accrued expenses and other liabilities $ 185 Finance Current portion of long-term debt and other borrowings 136 Noncurrent Operating Other long-term liabilities 910 Finance Long-term debt, net and other borrowings 104 Total leased liabilities $ 1,335 The components of lease expense were as follows: (in thousands) Three Months Ended Six Months Ended Operating lease expense $ 56 $ 112 Finance lease expense Amortization of ROU assets 30 59 Interest on lease liabilities 1 3 Short-term lease expense 22 45 Total lease expense $ 109 $ 219 Other information related to leases were as follows: June 30, 2019 Weighted average remaining lease term (Years): Operating leases 5.3 Finance leases 2.2 Weighted average discount rate: Operating leases 5.1% Finance leases 6.2% (in thousands) Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 114 Operating cash flows from finance leases 3 Financing cash flows from finance leases 60 ROU assets obtained in exchange for lease obligations: Operating leases — Finance leases 160 Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows: (in thousands) Operating Leases Finance Leases Remainder of 2019 $ 116 $ 91 2020 238 79 2021 238 58 2022 238 29 2023 238 — Thereafter 178 — Total future minimum lease payments 1,246 257 Less: interest 151 17 Total $ 1,095 $ 240 |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share A summary of net income per common share is presented below: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2019 2018 2019 2018 Net income $ 6,412 $ 9,745 $ 16,361 $ 17,956 Basic weighted-average common shares outstanding 38,972 38,233 38,789 38,060 Effect of dilutive stock options 98 37 80 90 Effect of dilutive restricted stock 1,169 1,128 1,195 1,318 Diluted weighted-average common shares outstanding 40,239 39,398 40,064 39,468 Basic income per common share $ 0.16 $ 0.25 $ 0.42 $ 0.47 Diluted income per common share $ 0.16 $ 0.25 $ 0.41 $ 0.45 Antidilutive securities excluded from diluted net income per common share 31 327 55 300 |
Other Income
Other Income | 6 Months Ended |
Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income | Other Income Other income consisted of the following: Three Months Ended Six Months Ended (in thousands) 2019 2018 2019 2018 Foreign currency gains (losses) $ 47 $ (359 ) $ 89 $ (287 ) Tax indemnification income 802 687 1,604 1,528 Interest income 276 8 559 15 Other 187 — 247 — Total other income $ 1,312 $ 336 $ 2,499 $ 1,256 |
Legal Proceedings and Contingen
Legal Proceedings and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Contingencies | Legal Proceedings and Contingencies From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. In addition, the Company has in the past been, and may in the future be, subject to investigations by governmental and regulatory authorities, which expose it to greater risks associated with litigation, regulatory or other proceedings, as a result of which the Company could be required to pay significant fines or penalties. The costs and outcome of litigation, regulatory or other proceedings cannot be predicted with certainty, and some lawsuits, claims, actions or proceedings may be disposed of unfavorably to the Company. In addition, intellectual property disputes often have a risk of injunctive relief which, if imposed against the Company, could materially and adversely affect its financial condition or results of operations. The Company is currently in arbitration with Pharmalucence in connection with a Manufacturing and Supply Agreement dated November 12, 2013, under which Pharmalucence agreed to manufacture and supply DEFINITY for the Company. The commercial arrangement contemplated by that agreement was repeatedly delayed and ultimately never successfully realized. After extended settlement discussions between Sun Pharma, the ultimate parent of Pharmalucence, and the Company, which did not lead to a mutually acceptable outcome, on November 10, 2017, the Company filed an arbitration demand (and later an amended arbitration demand) with the American Arbitration Association against Pharmalucence, alleging breach of contract, breach of the covenant of good faith and fair dealing, tortious misrepresentation and violation of the Massachusetts Consumer Protection Law, also known as Chapter 93A. The Company is seeking monetary damages but cannot predict the outcome of this dispute resolution proceeding and whether the Company will be able to obtain any financial recovery as a result of this proceeding. As of June 30, 2019 , except as disclosed above the Company had no material ongoing litigation in which the Company was a party. In addition, the Company had no material ongoing regulatory or other proceedings and no knowledge of any investigations by government or regulatory authorities in which the Company is a target, in either case, that the Company believes could have a material and adverse effect on its current business. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company reports two operating segments, U.S. and International, based on geographic customer base. The results of these operating segments are regularly reviewed by the Company’s chief operating decision maker, the President and Chief Executive Officer. The Company’s segments derive revenues through the manufacture, marketing, selling and distribution of medical imaging products, focused primarily on cardiovascular diagnostic imaging. All goodwill has been allocated to the U.S. operating segment. The Company does not identify or allocate assets to its segments. Selected information regarding the Company’s segments is provided as follows: Three Months Ended Six Months Ended (in thousands) 2019 2018 2019 2018 Revenues from external customers U.S. $ 75,190 $ 74,086 $ 150,624 $ 145,574 International 10,515 11,487 21,591 22,629 Total revenues from external customers $ 85,705 $ 85,573 $ 172,215 $ 168,203 Operating income U.S. $ 12,689 $ 14,292 $ 27,273 $ 28,448 International 1,848 1,634 3,433 2,615 Total operating income 14,537 15,926 30,706 31,063 Interest expense 4,543 4,298 9,135 8,348 Loss on extinguishment of debt 3,196 — 3,196 — Other income (1,312 ) (336 ) (2,499 ) (1,256 ) Income before income taxes $ 8,110 $ 11,964 $ 20,874 $ 23,971 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Lantheus Holdings, Inc. and its direct and indirect wholly-owned subsidiaries and have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement have been included. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ended December 31, 2019 or any future period. The condensed consolidated balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities Exchange Commission (“SEC”) on February 20, 2019. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Standard Description Effective Date for Company Effect on the Condensed Consolidated Financial Statements Recently Issued Accounting Standards Not Yet Adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) This ASU will require financial instruments measured at amortized cost and accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019. January 1, 2020 The Company is currently evaluating the impact that this standard will have on its consolidated financial statements. Accounting Standards Adopted During the Six Months Ended June 30, 2019 ASU 2016-02, Leases (Topic 842) This ASU supersedes existing guidance on accounting for leases in “Leases (Topic 840)” and generally requires all leases to be recognized on the balance sheet. In July 2018, an amendment was made that allows companies the option of using the effective date of the new standard as the initial application date (at the beginning of the period in which it is adopted, rather than at the beginning of the earliest comparative period). January 1, 2019 See Note 11, "Leases" for the required disclosures related to the impact of adopting this standard. The adoption of this standard resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. The standard did not have a material impact on the Company’s condensed consolidated statements of operations, equity or cash flows. |
Leases | Leases The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for vehicles, corporate offices and certain equipment. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Lease agreements with lease and non-lease components are accounted for separately. As the Company’s leases do not provide an implicit rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet as the Company has elected to apply the short-term lease exemption. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Standard Description Effective Date for Company Effect on the Condensed Consolidated Financial Statements Recently Issued Accounting Standards Not Yet Adopted ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) This ASU will require financial instruments measured at amortized cost and accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019. January 1, 2020 The Company is currently evaluating the impact that this standard will have on its consolidated financial statements. Accounting Standards Adopted During the Six Months Ended June 30, 2019 ASU 2016-02, Leases (Topic 842) This ASU supersedes existing guidance on accounting for leases in “Leases (Topic 840)” and generally requires all leases to be recognized on the balance sheet. In July 2018, an amendment was made that allows companies the option of using the effective date of the new standard as the initial application date (at the beginning of the period in which it is adopted, rather than at the beginning of the earliest comparative period). January 1, 2019 See Note 11, "Leases" for the required disclosures related to the impact of adopting this standard. The adoption of this standard resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. The standard did not have a material impact on the Company’s condensed consolidated statements of operations, equity or cash flows. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | The following table summarizes revenue by revenue source and reportable segment as follows: Three Months Ended Six Months Ended Major Products/Service Lines by Segment (in thousands) 2019 2018 2019 2018 U.S. Product revenue, net (1) $ 75,190 $ 74,086 $ 150,624 $ 145,574 License and royalty revenues — — — — Total U.S. revenues 75,190 74,086 150,624 145,574 International Product revenue, net (1) 9,987 10,918 20,536 21,498 License and royalty revenues 528 569 1,055 1,131 Total International revenues $ 10,515 $ 11,487 $ 21,591 $ 22,629 Total revenues $ 85,705 $ 85,573 $ 172,215 $ 168,203 ________________________________ (1) The Company’s principal products include DEFINITY and TechneLite and are categorized within product revenue, net. The Company applies the same revenue recognition policies and judgments for all of its principal products. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis: June 30, 2019 (in thousands) Total Fair Value Level 1 Level 2 Level 3 Money market $ 16,813 $ 16,813 $ — $ — Total $ 16,813 $ 16,813 $ — $ — December 31, 2018 (in thousands) Total Fair Value Level 1 Level 2 Level 3 Money market $ 61,391 $ 61,391 $ — $ — Total $ 61,391 $ 61,391 $ — $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense | The Company’s income tax expense is presented below: Three Months Ended Six Months Ended (in thousands) 2019 2018 2019 2018 Income tax expense $ 1,698 $ 2,219 $ 4,513 $ 6,015 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | Inventory consisted of the following: (in thousands) June 30, December 31, Raw materials $ 11,647 $ 11,100 Work in process 9,513 4,261 Finished goods 11,254 17,658 Total inventory $ 32,414 $ 33,019 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant, and equipment, net | Property, plant and equipment, net, consisted of the following: (in thousands) June 30, December 31, Land $ 13,450 $ 13,450 Buildings 65,042 64,444 Machinery, equipment and fixtures 70,615 69,298 Computer software 20,294 19,266 Construction in progress 31,393 24,169 200,794 190,627 Less: accumulated depreciation and amortization (87,677 ) (82,739 ) Total property, plant and equipment, net $ 113,117 $ 107,888 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of changes in asset retirement obligations | The following table provides a summary of the changes in the Company’s asset retirement obligations: (in thousands) Amount Balance at January 1, 2019 $ 11,572 Revisions in estimated cash flows 20 Accretion expense 645 Balance at June 30, 2019 $ 12,237 |
Long-Term Debt, Net, and Othe_2
Long-Term Debt, Net, and Other Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of maturities of principal obligations under new term facility | As of June 30, 2019 , the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows: (in thousands) Amount Remainder of 2019 $ 5,000 2020 10,000 2021 10,000 2022 11,250 2023 15,000 2024 148,750 Total principal outstanding 200,000 Unamortized debt discount (539 ) Unamortized debt issuance costs (859 ) Finance lease liabilities 240 Total 198,842 Less: current portion (10,136 ) Total long-term debt, net and other borrowings $ 188,706 |
Schedule of total net leverage ratio | The maximum total net leverage ratio perm itted by the financial covenant is displayed in the table below: 2019 Facility Financial Covenant Period Total Net Leverage Ratio Q3 2019 to Q2 2020 4.00 to 1.00 Q3 2020 to Q2 2021 3.75 to 1.00 Thereafter 3.50 to 1.00 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock-based compensation expense recognized | The following table presents stock-based compensation expense recognized in the Company’s accompanying condensed consolidated statements of operations: Three Months Ended Six Months Ended (in thousands) 2019 2018 2019 2018 Cost of goods sold $ 531 $ 261 $ 971 $ 490 Sales and marketing 508 397 959 699 General and administrative 1,881 1,221 3,455 2,201 Research and development 438 337 693 622 Total stock-based compensation expense $ 3,358 $ 2,216 $ 6,078 $ 4,012 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of operating and finance lease assets and liabilities | Operating and finance lease assets and liabilities are as follows: (in thousands) Classification June 30, 2019 Assets Operating Other long-term assets $ 1,021 Finance Property, plant and equipment, net 237 Total leased assets $ 1,258 Liabilities Current Operating Accrued expenses and other liabilities $ 185 Finance Current portion of long-term debt and other borrowings 136 Noncurrent Operating Other long-term liabilities 910 Finance Long-term debt, net and other borrowings 104 Total leased liabilities $ 1,335 |
Schedule of other information related to leases | Other information related to leases were as follows: June 30, 2019 Weighted average remaining lease term (Years): Operating leases 5.3 Finance leases 2.2 Weighted average discount rate: Operating leases 5.1% Finance leases 6.2% (in thousands) Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 114 Operating cash flows from finance leases 3 Financing cash flows from finance leases 60 ROU assets obtained in exchange for lease obligations: Operating leases — Finance leases 160 |
Schedule of components of lease expense | The components of lease expense were as follows: (in thousands) Three Months Ended Six Months Ended Operating lease expense $ 56 $ 112 Finance lease expense Amortization of ROU assets 30 59 Interest on lease liabilities 1 3 Short-term lease expense 22 45 Total lease expense $ 109 $ 219 |
Schedule of future minimum lease payments under operating leases | Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows: (in thousands) Operating Leases Finance Leases Remainder of 2019 $ 116 $ 91 2020 238 79 2021 238 58 2022 238 29 2023 238 — Thereafter 178 — Total future minimum lease payments 1,246 257 Less: interest 151 17 Total $ 1,095 $ 240 |
Schedule of future minimum lease payments under finance leases | Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows: (in thousands) Operating Leases Finance Leases Remainder of 2019 $ 116 $ 91 2020 238 79 2021 238 58 2022 238 29 2023 238 — Thereafter 178 — Total future minimum lease payments 1,246 257 Less: interest 151 17 Total $ 1,095 $ 240 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Summary of net income per common share | A summary of net income per common share is presented below: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2019 2018 2019 2018 Net income $ 6,412 $ 9,745 $ 16,361 $ 17,956 Basic weighted-average common shares outstanding 38,972 38,233 38,789 38,060 Effect of dilutive stock options 98 37 80 90 Effect of dilutive restricted stock 1,169 1,128 1,195 1,318 Diluted weighted-average common shares outstanding 40,239 39,398 40,064 39,468 Basic income per common share $ 0.16 $ 0.25 $ 0.42 $ 0.47 Diluted income per common share $ 0.16 $ 0.25 $ 0.41 $ 0.45 Antidilutive securities excluded from diluted net income per common share 31 327 55 300 |
Other Income (Tables)
Other Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of other income | Other income consisted of the following: Three Months Ended Six Months Ended (in thousands) 2019 2018 2019 2018 Foreign currency gains (losses) $ 47 $ (359 ) $ 89 $ (287 ) Tax indemnification income 802 687 1,604 1,528 Interest income 276 8 559 15 Other 187 — 247 — Total other income $ 1,312 $ 336 $ 2,499 $ 1,256 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of segment information | Selected information regarding the Company’s segments is provided as follows: Three Months Ended Six Months Ended (in thousands) 2019 2018 2019 2018 Revenues from external customers U.S. $ 75,190 $ 74,086 $ 150,624 $ 145,574 International 10,515 11,487 21,591 22,629 Total revenues from external customers $ 85,705 $ 85,573 $ 172,215 $ 168,203 Operating income U.S. $ 12,689 $ 14,292 $ 27,273 $ 28,448 International 1,848 1,634 3,433 2,615 Total operating income 14,537 15,926 30,706 31,063 Interest expense 4,543 4,298 9,135 8,348 Loss on extinguishment of debt 3,196 — 3,196 — Other income (1,312 ) (336 ) (2,499 ) (1,256 ) Income before income taxes $ 8,110 $ 11,964 $ 20,874 $ 23,971 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Lessee, Lease, Description [Line Items] | ||
Total leased assets | $ 1,258 | |
Total leased liabilities | $ 1,335 | |
ASU 842 | ||
Lessee, Lease, Description [Line Items] | ||
Total leased assets | $ 1,100 | |
Total leased liabilities | $ 1,100 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregation of Revenue (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] | ||||
Revenues | $ 85,705 | $ 85,573 | $ 172,215 | $ 168,203 |
U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 75,190 | 74,086 | 150,624 | 145,574 |
U.S. | Product revenue, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 75,190 | 74,086 | 150,624 | 145,574 |
U.S. | License and royalty revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 10,515 | 11,487 | 21,591 | 22,629 |
International | Product revenue, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 9,987 | 10,918 | 20,536 | 21,498 |
International | License and royalty revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 528 | $ 569 | $ 1,055 | $ 1,131 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 16,813 | $ 61,391 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 16,813 | 61,391 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Money market | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market | 16,813 | 61,391 |
Money market | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market | 16,813 | 61,391 |
Money market | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market | 0 | 0 |
Money market | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 1,698 | $ 2,219 | $ 4,513 | $ 6,015 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 11,647 | $ 11,100 |
Work in process | 9,513 | 4,261 |
Finished goods | 11,254 | 17,658 |
Total inventory | $ 32,414 | $ 33,019 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property, Plant & Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property, Plant & Equipment [Line Items] | ||
Property, plant & equipment, gross | $ 200,794 | $ 190,627 |
Less: accumulated depreciation and amortization | (87,677) | (82,739) |
Total property, plant and equipment, net | 113,117 | 107,888 |
Land | ||
Property, Plant & Equipment [Line Items] | ||
Property, plant & equipment, gross | 13,450 | 13,450 |
Buildings | ||
Property, Plant & Equipment [Line Items] | ||
Property, plant & equipment, gross | 65,042 | 64,444 |
Machinery, equipment and fixtures | ||
Property, Plant & Equipment [Line Items] | ||
Property, plant & equipment, gross | 70,615 | 69,298 |
Computer software | ||
Property, Plant & Equipment [Line Items] | ||
Property, plant & equipment, gross | 20,294 | 19,266 |
Construction in progress | ||
Property, Plant & Equipment [Line Items] | ||
Property, plant & equipment, gross | $ 31,393 | $ 24,169 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 2.5 | $ 2.5 | $ 5 | $ 5.1 |
Asset Retirement Obligations -
Asset Retirement Obligations - Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Asset Retirement Obligation Disclosure [Abstract] | |
Financial assurance in form of surety bond | $ 28.2 |
Asset retirement obligation liabilities expected, present value | $ 26.9 |
Asset Retirement Obligations _2
Asset Retirement Obligations - Summary of Changes in Asset Retirement Obligations (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Asset retirement obligations, beginning balance | $ 11,572 |
Revisions in estimated cash flows | 20 |
Accretion expense | 645 |
Asset retirement obligations, ending balance | $ 12,237 |
Long-Term Debt, Net, and Othe_3
Long-Term Debt, Net, and Other Borrowings - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ 3,200,000 | $ 3,196,000 | $ 0 | $ 3,196,000 | $ 0 |
Capitalized debt issuance cost | 2,800,000 | 2,800,000 | 2,800,000 | ||
2017 Term Facility | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 275,000,000 | 275,000,000 | 275,000,000 | ||
Debt term | 5 years | ||||
Repayments of debt | $ 73,000,000 | ||||
2019 Term Facility | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 200,000,000 | 200,000,000 | 200,000,000 | ||
Debt term | 5 years | ||||
Additional borrowing capacity | $ 100,000,000 | 100,000,000 | 100,000,000 | ||
2017 Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 75,000,000 | 75,000,000 | 75,000,000 | ||
Debt term | 5 years | ||||
2019 Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 200,000,000 | 200,000,000 | 200,000,000 | ||
Debt term | 5 years | ||||
Additional borrowing capacity | $ 200,000,000 | 200,000,000 | $ 200,000,000 | ||
Minimum | LIBOR | 2019 Term Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
Minimum | LIBOR | 2019 Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
Minimum | Base Rate | 2019 Term Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.25% | ||||
Minimum | Base Rate | 2019 Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.25% | ||||
Minimum | Leverage Ratio Range | 2019 Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.15% | ||||
Maximum | LIBOR | 2019 Term Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.25% | ||||
Maximum | LIBOR | 2019 Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 2.25% | ||||
Maximum | Base Rate | 2019 Term Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
Maximum | Base Rate | 2019 Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
Maximum | Leverage Ratio Range | 2019 Revolving Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.30% | ||||
Letter of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Face amount | 20,000,000 | 20,000,000 | $ 20,000,000 | ||
Swingline Loan | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Face amount | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 |
Long-Term Debt, Net, and Othe_4
Long-Term Debt, Net, and Other Borrowings - Maturities of Principal Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Remainder of 2019 | $ 5,000 | |
2020 | 10,000 | |
2021 | 10,000 | |
2022 | 11,250 | |
2023 | 15,000 | |
2024 | 148,750 | |
Total principal outstanding | 200,000 | |
Unamortized debt discount | (539) | |
Unamortized debt issuance costs | (859) | |
Finance lease liabilities | 240 | |
Total | 198,842 | |
Less: current portion | (10,136) | $ (2,750) |
Total long-term debt, net and other borrowings | $ 188,706 | $ 263,709 |
Interest rate under long-term debt | 4.20% |
Long-Term Debt, Net, and Othe_5
Long-Term Debt, Net, and Other Borrowings - Net Leverage Ratio (Details) - 2019 Facility - Maximum | 6 Months Ended |
Jun. 30, 2019time | |
Debt Instrument [Line Items] | |
Total Net Leverage Ratio | 4.25 |
Election to increase the maximum total net leverage ratio, amount | 0.50 |
Election to increase the maximum total net leverage ratio, number of times | 2 |
Fiscal quarter ending Q3 2019 | |
Debt Instrument [Line Items] | |
Total Net Leverage Ratio | 3 |
Q3 2019 to Q2 2020 | |
Debt Instrument [Line Items] | |
Total Net Leverage Ratio | 4 |
Q3 2020 to Q2 2021 | |
Debt Instrument [Line Items] | |
Total Net Leverage Ratio | 3.75 |
Thereafter | |
Debt Instrument [Line Items] | |
Total Net Leverage Ratio | 3.50 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 3,358 | $ 2,216 | $ 6,078 | $ 4,012 |
Cost of goods sold | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 531 | 261 | 971 | 490 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 508 | 397 | 959 | 699 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 1,881 | 1,221 | 3,455 | 2,201 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 438 | $ 337 | $ 693 | $ 622 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Lessee, Lease, Description [Line Items] | ||
Total leased assets | $ 1,258 | |
Total leased liabilities | $ 1,335 | |
ASU 842 | ||
Lessee, Lease, Description [Line Items] | ||
Total leased assets | $ 1,100 | |
Total leased liabilities | $ 1,100 |
Leases - Operating and Financin
Leases - Operating and Financing Lease Assets and Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Operating | $ 1,021 |
Finance | 237 |
Total leased assets | 1,258 |
Operating leased liabilities, current | 185 |
Finance leased liabilities, current | 136 |
Operating leased liabilities, noncurrent | 910 |
Finance lease liabilities, noncurrent | 104 |
Total leased liabilities | $ 1,335 |
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 | |
Leases [Abstract] | ||
Operating lease expense | $ 56 | $ 112 |
Finance Lease Cost, Amortization of ROU assets | 30 | 59 |
Finance Lease Cost, Interest on lease liabilities | 1 | 3 |
Short-term lease expense | 22 | 45 |
Total lease expense | $ 109 | $ 219 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating leases, weighted average remaining lease term (in years) | 5 years 3 months |
Finance leases, weighted average remaining lease term (in years) | 2 years 2 months |
Operating leases, weighted average discount rate | 5.10% |
Finance leases, weighted average discount rate | 6.20% |
Operating cash flows from operating leases | $ 114 |
Operating cash flows from finance leases | 3 |
Financing cash flows from finance leases | 60 |
Operating leases, ROU assets obtained in exchange for lease obligations | 0 |
Finance leases, ROU assets obtained in exchange for lease obligations | $ 160 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases | |
Remainder of 2019 | $ 116 |
2020 | 238 |
2021 | 238 |
2022 | 238 |
2023 | 238 |
Thereafter | 178 |
Total future minimum lease payments | 1,246 |
Less: interest | 151 |
Total | 1,095 |
Finance Leases | |
Remainder of 2019 | 91 |
2020 | 79 |
2021 | 58 |
2022 | 29 |
2023 | 0 |
Thereafter | 0 |
Total future minimum lease payments | 257 |
Less: interest | 17 |
Total | $ 240 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ 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 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ 6,412 | $ 9,949 | $ 9,745 | $ 8,211 | $ 16,361 | $ 17,956 |
Basic weighted-average common shares outstanding (in shares) | 38,972 | 38,233 | 38,789 | 38,060 | ||
Effect of dilutive stock options (in shares) | 98 | 37 | 80 | 90 | ||
Effect of dilutive restricted stock (in shares) | 1,169 | 1,128 | 1,195 | 1,318 | ||
Diluted weighted-average common shares outstanding (in shares) | 40,239 | 39,398 | 40,064 | 39,468 | ||
Basic income per common share (in dollars per share) | $ 0.16 | $ 0.25 | $ 0.42 | $ 0.47 | ||
Diluted income per common share (in dollars per share) | $ 0.16 | $ 0.25 | $ 0.41 | $ 0.45 | ||
Antidilutive securities excluded from diluted net income per common share (in shares) | 31 | 327 | 55 | 300 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Foreign currency gains (losses) | $ 47 | $ (359) | $ 89 | $ (287) |
Tax indemnification income | 802 | 687 | 1,604 | 1,528 |
Interest income | 276 | 8 | 559 | 15 |
Other | 187 | 0 | 247 | 0 |
Total other income | $ 1,312 | $ 336 | $ 2,499 | $ 1,256 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)segment | Jun. 30, 2018USD ($) | |
Segment Reporting [Abstract] | |||||
Number of operating segments (in segments) | segment | 2 | ||||
Revenues from external customers | |||||
Revenues from external customers | $ 85,705 | $ 85,573 | $ 172,215 | $ 168,203 | |
Operating income | |||||
Operating income | 14,537 | 15,926 | 30,706 | 31,063 | |
Interest expense | 4,543 | 4,298 | 9,135 | 8,348 | |
Loss on extinguishment of debt | $ 3,200 | 3,196 | 0 | 3,196 | 0 |
Other income | (1,312) | (336) | (2,499) | (1,256) | |
Income before income taxes | 8,110 | 11,964 | 20,874 | 23,971 | |
U.S. | |||||
Revenues from external customers | |||||
Revenues from external customers | 75,190 | 74,086 | 150,624 | 145,574 | |
Operating income | |||||
Operating income | 12,689 | 14,292 | 27,273 | 28,448 | |
International | |||||
Revenues from external customers | |||||
Revenues from external customers | 10,515 | 11,487 | 21,591 | 22,629 | |
Operating income | |||||
Operating income | $ 1,848 | $ 1,634 | $ 3,433 | $ 2,615 |