Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Jun. 30, 2014 | Aug. 11, 2014 | Aug. 11, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Entity Registrant Name | 'HEMISPHERE MEDIA GROUP, INC. | ' | ' |
Entity Central Index Key | '0001567345 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 12,125,889 | 33,000,000 |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash | $74,867 | $176,622 |
Accounts receivable, net of allowance for doubtful accounts of $195 and $137, respectively | 20,086 | 15,589 |
Due from related parties, net of allowance for doubtful accounts of $630 and $514, respectively | 2,098 | 2,142 |
Programming rights | 6,332 | 5,748 |
Deferred taxes | 3,818 | 3,472 |
Prepaid expenses and other current assets | 6,314 | 521 |
Other current assets | 1,401 | 3,557 |
Total current assets | 114,916 | 207,651 |
Programming rights | 7,430 | 7,000 |
Property and equipment, net | 24,253 | 24,675 |
Deferred financing costs, net | 3,019 | 3,251 |
Broadcast license | 41,356 | 41,356 |
Goodwill | 164,887 | 130,794 |
Other intangibles, net | 98,848 | 34,610 |
Other assets | 1,182 | 783 |
Total Assets | 455,891 | 450,120 |
Current Liabilities | ' | ' |
Accounts payable | 2,447 | 1,566 |
Due to related parties | 1,095 | 738 |
Accrued agency commissions | 2,651 | 6,101 |
Accrued compensation and benefits | 2,961 | 2,374 |
Accrued marketing | 3,053 | 685 |
Other accrued expenses | 3,617 | 4,243 |
Programming rights payable | 5,310 | 4,585 |
Current portion of long-term debt | 1,750 | 1,750 |
Total current liabilities | 22,884 | 22,042 |
Programming rights payable | 1,062 | 837 |
Long-term debt, net of current portion | 169,985 | 170,731 |
Deferred taxes | 11,125 | 13,647 |
Defined benefit pension obligation | 2,127 | 2,075 |
Total Liabilities | 207,183 | 209,332 |
Stockholders' Equity | ' | ' |
Additional paid-in capital | 244,140 | 240,817 |
Treasury stock, at cost; 139,633 and 65,549 shares at June 30, 2014 and December 31, 2013, respectively | -1,907 | -938 |
Retained earnings | 7,107 | 1,541 |
Accumulated comprehensive loss | -636 | -636 |
Total Stockholders' Equity | 248,708 | 240,788 |
Total Liabilities and Stockholders' Equity | 455,891 | 450,120 |
Common Class A [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common stock | 1 | 1 |
Common Class B [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common stock | $3 | $3 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $195 | $137 |
Due from related parties, allowance for doubtful accounts | $630 | $514 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 139,633 | 65,549 |
Common Class A [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 11,526,152 | 11,526,152 |
Common stock, shares outstanding | 11,241,000 | 11,241,000 |
Common Class B [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 33,000,000 | 33,000,000 |
Common stock, shares issued | 33,000,000 | 33,000,000 |
Common stock, shares outstanding | 33,000,000 | 33,000,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidated Statements of Operations | ' | ' | ' | ' |
Net revenues | $29,055 | $22,929 | $50,006 | $36,424 |
Operating Expenses: | ' | ' | ' | ' |
Cost of revenues | 9,292 | 7,672 | 16,890 | 13,528 |
Selling, general and administrative | 8,241 | 12,544 | 15,122 | 15,973 |
Depreciation and amortization | 4,832 | 2,582 | 7,410 | 3,592 |
Other expenses | 62 | 1,380 | 311 | 4,672 |
Loss on disposition of assets | 16 | 43 | 14 | 68 |
Total operating expenses | 22,443 | 24,221 | 39,747 | 37,833 |
Operating income (loss) | 6,612 | -1,292 | 10,259 | -1,409 |
Other Expenses: | ' | ' | ' | ' |
Interest expense, net | -2,936 | -1,155 | -5,843 | -1,914 |
Other expense, net | ' | -13 | ' | -25 |
Total other expenses | -2,936 | -1,168 | -5,843 | -1,939 |
Income (loss) before income taxes | 3,676 | -2,460 | 4,416 | -3,348 |
Income tax benefit | 1,642 | 34 | 1,150 | 397 |
Net income (loss) | $5,318 | ($2,426) | $5,566 | ($2,951) |
Earnings (Loss) per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.13 | ($0.06) | $0.13 | ($0.14) |
Diluted (in dollars per share) | $0.13 | ($0.06) | $0.13 | ($0.14) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 42,345 | 40,711 | 42,259 | 20,468 |
Diluted (in shares) | 42,518 | 40,711 | 42,507 | 20,468 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidated Statement of Comprehensive Income | ' | ' | ' | ' |
Net income (loss) | $5,318 | ($2,426) | $5,566 | ($2,951) |
Other comprehensive income: | ' | ' | ' | ' |
Net unrealized gain on interest rate swap agreement | ' | 38 | ' | 38 |
Comprehensive income (loss) | $5,318 | ($2,388) | $5,566 | ($2,913) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $) | Common Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total |
In Thousands, unless otherwise specified | Common Class A [Member] | Common Class B [Member] | Common Class A [Member] | ||||
Balance at the beginning of the period at Dec. 31, 2013 | $1 | $3 | $240,817 | ($938) | $1,541 | ($636) | $240,788 |
Balance at the beginning of the period (in shares) at Dec. 31, 2013 | 11,241 | 33,000 | ' | ' | ' | ' | ' |
Changes in Member's Capital | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | 5,566 | ' | 5,566 |
Stock-based compensation | ' | ' | 3,216 | ' | ' | ' | 3,216 |
Exercise of warrants | ' | ' | 1 | ' | ' | ' | 1 |
Vesting of restricted stock | ' | ' | 106 | -969 | ' | ' | -863 |
Vesting of restricted stock (in shares) | 285 | ' | ' | ' | ' | ' | ' |
Balance at the end of the period at Jun. 30, 2014 | $1 | $3 | $244,140 | ($1,907) | $7,107 | ($636) | $248,708 |
Balance at the end of the period (in shares) at Jun. 30, 2014 | 11,526 | 33,000 | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Reconciliation of net income (loss) to Net Cash Provided by Operating Activities: | ' | ' |
Net income (loss) | $5,566 | ($2,951) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 7,410 | 3,592 |
Program amortization | 4,877 | 4,365 |
Amortization of deferred financing costs | 254 | 438 |
Amortization of original issue discount | 128 | ' |
Stock-based compensation | 3,216 | 4,007 |
Provision for bad debts | 190 | 61 |
Loss on disposition of assets | 14 | 68 |
Deferred tax expense | -2,868 | -699 |
(Increase) decrease in: | ' | ' |
Accounts receivable | -4,571 | 351 |
Programming rights | -5,892 | -6,518 |
Due from related parties | -72 | -913 |
Prepaid expenses and other current assets | -3,883 | -1,590 |
Increase (decrease) in: | ' | ' |
Accounts payable | 881 | 2,877 |
Due to related parties | 357 | ' |
Accrued expenses | -2,908 | -8,373 |
Programming rights payable | 614 | 1,575 |
Income tax payable | ' | -2,446 |
Other liabilities | 52 | 80 |
Excess tax benefits | -106 | ' |
Net cash provided by (used in) operating activities | 3,259 | -6,076 |
Cash Flows From Investing Activities: | ' | ' |
Acquisition of cable networks | -101,891 | ' |
Proceeds from sale of assets | 10 | ' |
Capital expenditures | -1,396 | -687 |
Net cash used in investing activities | -103,277 | -687 |
Cash Flows From Financing Activities: | ' | ' |
Transaction proceeds, net | ' | 82,437 |
Repayments of long-term debt | -875 | -3,800 |
Proceeds from issuance of stock | 1 | ' |
Purchase of treasury stock | -969 | -938 |
Excess tax benefits | 106 | ' |
Net cash (used in) provided by financing activities | -1,737 | 77,699 |
Net (decrease) increase in cash | -101,755 | 70,936 |
Cash: | ' | ' |
Beginning | 176,622 | 10,084 |
Ending | 74,867 | 81,020 |
Cash payments for: | ' | ' |
Interest | 5,465 | 1,985 |
Income taxes | $3,720 | $2,277 |
Nature_of_Business
Nature of Business | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Nature of Business | ' | |||||||||||||
Nature of Business | ' | |||||||||||||
Note 1. Nature of Business | ||||||||||||||
Nature of business: The accompanying condensed consolidated financial statements include the accounts of Hemisphere Media Group, Inc. (“Hemisphere” or the “Company”), the parent holding company of Cine Latino, Inc. (“Cinelatino”), WAPA Holdings, LLC (formerly known as InterMedia Español Holdings, LLC) (“WAPA”), and HMTV Cable, Inc., the parent company of the entities for the newly acquired networks consisting of Pasiones, TV Dominicana, and Centroamerica TV (see below). Hemisphere was formed on January 16, 2013 for purposes of effecting the Transaction, which was consummated on April 4, 2013. The Company determines its operating segments based upon (i) financial information reviewed by the chief operating decision maker, the Chief Executive Officer, (ii) internal management and related reporting structure and (iii) the basis upon which the chief operating decision maker makes resource allocation decisions. We have one operating segment, Hemisphere. In these notes, the terms “Company,” “we,” “us” or “our” mean Hemisphere and all subsidiaries included in our condensed consolidated financial statements. | ||||||||||||||
Basis of Presentation: The accompanying unaudited condensed consolidated financial statements for Hemisphere and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Our financial condition as of, and operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the financial condition or results that may be expected for any future interim period or for the year ending December 31, 2014. These condensed consolidated financial statements should be read in conjunction with the audited condensed consolidated financial statements and notes thereto included in our Form 10-K for the fiscal year ended December 31, 2013. | ||||||||||||||
As discussed in Note 2 of the financial statements included in our 2013 Annual Report, on April 4, 2013, the merger by and among Cinelatino, WAPA and Azteca as indirect, wholly-owned subsidiaries of Hemisphere, which we refer to as the Transaction, was consummated. The Transaction was accounted for by applying the acquisition method in accordance with Accounting Standards Codification (ASC) Topic 805, Business Combinations (“ASC 805”). Under ASC 805, WAPA was determined to be the accounting acquirer. As such, the historical results presented represent WAPA’s historical results for the three and six months ended June 30, 2013 and Cine Latino’s historical results for the three months ended June 30, 2013. During the nine months ended September 30, 2013, we finalized our accounting for the Transaction, which resulted in a measurement period adjustment of $0.7 million of additional amortization expense for the quarter ended June 30, 2013, accordingly the condensed consolidated statements of operations for three and six months ended June 30, 2013, included herein reflect this adjustment. | ||||||||||||||
On April 1, 2014, we acquired the assets of three Spanish-language cable television networks from Media World, LLC, a Florida limited liability company (“Media World”), for $101.9 million in cash. The three acquired cable networks include Pasiones, Centroamerica TV and TV Dominicana. For more information, see Note 2, “Business Combination” of Notes to Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report. | ||||||||||||||
Reclassification: Certain prior year deferred taxes have been reclassified from current to non-current on the accompanying balance sheet which resulted in a net current deferred asset and a net non-current deferred liability to conform to the fiscal 2014 presentation with no effect on net income or stockholders’ equity. | ||||||||||||||
Net Earnings (Loss) per Common Share: Basic earnings (loss) per share (“EPS”) are computed by dividing income (loss) attributable to common stockholders by the number of weighted-average outstanding shares of common stock. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted shares only in the periods in which such effect would have been dilutive. | ||||||||||||||
The following table sets forth the computation of the common shares outstanding used in determining basic and diluted EPS (amounts in thousands): | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator for earnings (loss) per common share calculation: | ||||||||||||||
Net income (loss) | $ | 5,318 | $ | (2,426 | ) | $ | 5,566 | $ | (2,951 | ) | ||||
Denominator for earnings (loss) per common share calculation: | ||||||||||||||
Weighted-average common shares, basic | 42,345 | 40,711 | 42,259 | 20,468 | ||||||||||
Effect of dilutive securities | ||||||||||||||
Stock options, resticted stock and warrants | 173 | — | 248 | — | ||||||||||
Weighted-average common shares, diluted | 42,518 | 40,711 | 42,507 | 20,468 | ||||||||||
EPS | ||||||||||||||
Basic | $ | 0.13 | $ | (0.06 | ) | $ | 0.13 | $ | (0.14 | ) | ||||
Diluted | $ | 0.13 | $ | (0.06 | ) | $ | 0.13 | $ | (0.14 | ) | ||||
We apply the treasury stock method to measure the dilutive effect of our outstanding stock options and restricted stock awards and include the respective common share equivalents in the denominator of our diluted income (loss) per common share calculation. Potentially dilutive securities representing 8.1 million and 9.0 million shares of common stock for the three and six months ended June 30, 2014, were excluded from the computation of diluted income per common share for this period because their effect would have been anti-dilutive. The net income (loss) per share amounts are the same for our Class A common stock, par value $0.0001 per share (“Class A common stock”) and Class B common stock, par $0.0001 per share (“Class B common stock”) because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. | ||||||||||||||
Use of estimates: In preparing these financial statements, management had to make estimates and assumptions that affected the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the balance sheets date, and the reported revenues and expenses for the three and six months ended June 30, 2014 and 2013. Such estimates are based on historical experience and other assumptions that are considered appropriate in the circumstances. However, actual results could differ from those estimates. | ||||||||||||||
Recent Accounting Pronouncements: In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-12, Compensation — Stock Compensation (Topic 718) — Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The standard will be effective for fiscal years beginning after December 15, 2015, but early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial position, results of operations and cash flows. | ||||||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of the standard is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard will be effective for fiscal years beginning after December 15, 2016, early application is not permitted. We are currently evaluating the impact of this standard on our consolidated financial position, results of operations and cash flows. | ||||||||||||||
Business_Combination
Business Combination | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Business Combination | ' | |||||||||||||
Business Combination | ' | |||||||||||||
Note 2. Business Combination | ||||||||||||||
On April 1, 2014, we closed on the acquisition of the net assets of the Spanish-language television network business of Media World (the “Cable Networks Acquisition”), which is comprised of Pasiones, Centroamerica TV and TV Dominicana, which we refer to as the Acquired Cable Networks. The Acquired Cable Networks are highly complementary to our existing television networks, and build on our commitment to provide unique programming focused on the U.S. Hispanic market. The purchase price for the Cable Networks Acquisition and certain agreements entered into with MediaWorld contemporaneously with the business combination was $101.9 million, and was funded with cash on hand. The Cable Networks Acquisition was accounted for by applying the acquisition method, which requires the determination of the fair value of the consideration transferred, the fair value of the assets and liabilities of the acquiree, and the measurement of goodwill pursuant to ASC Topic 805-10, “Business Combinations-Overall”. Costs incurred in connection with the Cable Networks Acquisition are included in other expenses and totaled $1.2 million, of which $0.9 million was recorded in the fourth quarter of 2013, with the balance recorded in 2014. | ||||||||||||||
The following table summarizes the estimated fair values of the assets acquired, liabilities assumed and resulting goodwill in the Cable Networks Acquisition (amounts in thousands): | ||||||||||||||
Other assets | $ | 177 | ||||||||||||
Intangible asset - affiliate agreements | 46,014 | |||||||||||||
Intangible asset - brands | 15,986 | |||||||||||||
Intangible asset - advertiser relationships | 3,310 | |||||||||||||
Intangible assets - other | 648 | |||||||||||||
Other liabilities | (2,124 | ) | ||||||||||||
Fair value of identifiable net assets acquired | 64,012 | |||||||||||||
Goodwill | 34,093 | |||||||||||||
Total | $ | 98,105 | ||||||||||||
In addition to the above identifiable assets, the estimated fair values of a non-compete agreement entered into with Media World and a consulting agreement with certain Media World executives are $3.3 million and $0.5 million, respectively, which are accounted for separately from the Cable Networks Acquisition. | ||||||||||||||
The estimated fair value of the affiliate agreements of $46.0 million was determined using a discounted cash flow method utilizing an 8.5% discount rate. This intangible asset will be amortized on a straight-line basis over eight years. The estimated fair value of the television network brands of $16.0 million was determined using a discounted cash flow based method based on a royalty rate of 5% and utilizing an 8.5% discount rate. This intangible asset was determined to be indefinite-lived given the strong association of the brand with the content appearing on the networks and their respective target audiences. The estimated fair values of the advertiser relationships and non-compete agreement of $3.3 million each were determined using a discounted cash flow method utilizing an 8.5% discount rate and will be amortized on a straight-line basis over six years. All other intangibles of $1.1 million will be amortized over a period of one year or less. | ||||||||||||||
Goodwill of $34.1 million is the excess of the net consideration transferred over the fair value of the identifiable net assets acquired, and primarily represents the benefits we expect to realize from the Cable Networks Acquisition and the synergistic opportunities with our existing networks. The goodwill associated with the transaction is deductible for tax purposes. | ||||||||||||||
In connection with the Cable Networks Acquisition, we determined that it is reasonably certain that its foreign tax credits will be realized and, as a result, reversed the valuation allowance previously recorded of $2.5 million. | ||||||||||||||
Pro Forma Information | ||||||||||||||
The following table sets forth the unaudited pro forma results of operations assuming that the Cable Networks Acquisition occurred on January 1, 2013: | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net Revenues | $ | 29,055 | $ | 28,374 | $ | 55,868 | $ | 47,327 | ||||||
Operating Income | $ | 6,674 | $ | 3,144 | $ | 11,472 | $ | 3,692 | ||||||
The unaudited pro forma results of operations for all periods set forth above includes the operating results of the Acquired Cable Networks, and amortization of finite-lived intangible assets identified as a result of the Cable Networks Acquisition, and excludes all transaction related fees and expenses, and non-recurring expenses (primarily the $3.8 million charge in the 2013 periods as a result of the termination of an agreement in connection with the April 4, 2013 Transaction). These are the combined historical results of operations of Hemisphere and the Acquired Cable Networks. These unaudited pro forma results are presented for illustrative purposes and are not intended to represent or be indicative of the actual results of operations of the combined company that would have been achieved had the Cable Networks Acquisition occurred on January 1, 2013, nor are they intended to represent or be indicative of future results of operations. | ||||||||||||||
Net revenues and operating income of the Acquired Cable Networks included in our actual condensed consolidated statements of operations were $5.8 million and $1.3 million respectively, for both the three and six months ended June 30, 2014. | ||||||||||||||
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Related Party Transactions | ' | |||
Related Party Transactions | ' | |||
Note 3. Related Party Transactions | ||||
We have various agreements with MVS as follows: | ||||
· | An agreement through August 1, 2017 pursuant to which MVS provides Cinelatino with satellite and support services including origination, uplinking and satellite delivery of two feeds of Cinelatino’s channel (for U.S. and Latin America), master control and monitoring, dubbing, subtitling and close captioning, and other support services (the “Satellite and Support Services Agreement”). Total expenses incurred were $0.5 million and $0.5 million for the three months ended June 30, 2014 and 2013, respectively, and $1.1 million and $0.5 million for the six months ended June 30, 2014 and 2013, respectively. These expenses are included in cost of revenues. | |||
· | A ten-year master license agreement through July 2017, which grants MVS the non-exclusive right (except with respect to pre-existing distribution arrangements between MVS and third party distributors that are effective at the time of the consummation of the Transaction) to duplicate, distribute and exhibit Cinelatino’s service via cable, satellite or by any other means in Latin America and in Mexico to the extent that Mexico distribution is not owned by MVS. Pursuant to the agreement, Cinelatino receives revenue net of MVS’s distribution fees, which is presently equal to 13.5% of all license fees collected from distributors in Latin America and Mexico. Total revenues recognized were $1.1 million and $0.9 million for the three months ended June 30, 2014 and 2013, respectively, and $2.2 million and $0.9 million for the six months ended June 30, 2014 and 2013, respectively. | |||
· | A six-year affiliation agreement through August 1, 2017 for the distribution and exhibition of Cinelatino’s programming service through Dish Mexico (dba Commercializadora de Frecuencias Satelitales, S de R.L. de C.V.), an MVS affiliate that transmits television programming services throughout Mexico. Total revenues recognized were $0.5 million and $0.4 million for the three months ended June 30, 2014 and 2013 respectively, and $0.9 million and $0.4 million for the six months ended June 30, 2014 and 2013 respectively. | |||
Amounts due from MVS pursuant to the agreements noted above, net of an allowance for doubtful accounts, amounted to $2.1 million and $2.1 million at June 30, 2014 and December 31, 2013, respectively, and are remitted monthly. Amounts due to MVS pursuant to the agreements noted above amounted to $0.9 and $0.5 million at June 30, 2014 and December 31, 2013, respectively, and are remitted monthly. | ||||
We entered into a three-year consulting agreement effective April 9, 2013 with James M. McNamara, a member of the our board of directors, to provide the development, production and maintenance of programming, affiliate relations, identification and negotiation of carriage opportunities, and the development, identification and negotiation of new business initiatives including sponsorship, new channels, direct-to-consumer programs and other interactive initiatives. Prior to that, Cinelatino entered into a consulting agreement with an entity owned by James M. McNamara. Total expenses incurred under these agreements are included in selling, general and administrative expenses and amounted to $0.1 million and $0 for the three months ended June 30, 2014 and 2013, respectively, and $0.2 million and $0 for the six months ended June 30, 2014 and 2013, respectively. There were no amounts due to this related party at June 30, 2014 and December 31, 2013. | ||||
We have also entered into programming agreements with Panamax Films, LLC (“Panamax”) an entity owned by James M. McNamara for the licensing of three specific movie titles. Expenses incurred under this agreement are included in cost of revenues in the accompanying condensed consolidated statements of operations. At June 30, 2014 and December 31, 2013, $0.2 million and $0.1 million, respectively, was included in other assets in the accompanying condensed consolidated balance sheets as prepaid expenses related to these agreements. | ||||
During the second half of 2013, Cinelatino engaged Pantelion to assist Cinelatino in the theatrical distribution of Nosotros Los Nobles, a feature film licensed by Cinelatino, in the United States. Pantelion is a joint venture made up of several organizations, including Panamax, Lions Gate Films Inc., and Grupo Televisa. James McNamara is also the Chairman of Pantelion. Total expenses incurred are included in cost of revenues in the accompanying condensed consolidated statements of operations and amounted to $0 for the three and six months ended June 30, 2014. Amounts due to Pantelion totaled $0.2 million at June 30, 2014 and December 31, 2013. | ||||
Effective April 4, 2013, we entered into a services agreement with InterMedia Advisors, LLC (“IMA”), which has officers, directors and stockholders in common with the Company, to provide services including, without limitation, office space, operational support and employees acting in a consulting capacity. Such expenses are included in selling, general and administrative expenses and were $0 for all periods presented. There were no amounts due to this related party at June 30, 2014 and December 31, 2013. | ||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||
Note 4. Goodwill and Intangible Assets | ||||||||||||||
Goodwill and intangible assets consist of the following at June 30, 2014 and December 31, 2013 (amounts in thousands): | ||||||||||||||
June 30, 2014 | December 31, | |||||||||||||
2013 | ||||||||||||||
Broadcast license | $ | 41,356 | $ | 41,356 | ||||||||||
Goodwill | 164,887 | 130,794 | ||||||||||||
Other intangibles | 98,848 | 34,610 | ||||||||||||
Total intangible assets | $ | 305,091 | $ | 206,760 | ||||||||||
A summary of the changes in goodwill and other indefinite-lived intangible assets for the six months ended June 30, 2014 is as follows (amounts in thousands): | ||||||||||||||
Net Balance at | Additions | Impairment | Net Balance at June | |||||||||||
December 31, 2013 | 30, 2014 | |||||||||||||
Broadcast license | $ | 41,356 | $ | — | $ | — | $ | 41,356 | ||||||
Goodwill | 130,794 | 34,093 | — | 164,887 | ||||||||||
Brands | — | 15,986 | — | 15,986 | ||||||||||
Other intangibles | 700 | 10 | — | 710 | ||||||||||
Total indefinite-lived intangibles | $ | 172,850 | $ | 50,089 | $ | — | $ | 222,939 | ||||||
A summary of the changes in other amortizable intangible assets for the six months ended June 30, 2014 is as follows (amounts in thousands): | ||||||||||||||
Net Balance at | Additions | Amortization | Net Balance | |||||||||||
December 31, | at June 30, | |||||||||||||
2013 | 2014 | |||||||||||||
Affiliate relationships | $ | 33,910 | $ | 46,014 | $ | (4,711 | ) | $ | 75,213 | |||||
Advertiser relationships | — | 3,310 | (166 | ) | 3,144 | |||||||||
Non-compete agreement | — | 3,294 | (137 | ) | 3,157 | |||||||||
Other intangibles | — | 1,141 | (503 | ) | 638 | |||||||||
Total Finite-lived intangibles | $ | 33,910 | $ | 53,759 | $ | (5,517 | ) | $ | 82,152 | |||||
At June 30, 2014, the amortization term for the affiliate relationships was five to eight years, for advertiser relationships and the non-compete agreement the amortization term was six years, and for all other finite-lives intangibles the amortization term was one year or less. | ||||||||||||||
The aggregate amortization expense of amortizable intangible assets was $3.9 million and $1.6 million for the three months ended June 30, 2014 and 2013, respectively, and $5.5 million and $1.7 million for the six months ended June 30, 2014 and 2013, respectively. The weighted average remaining amortization period was 6.4 years at June 30, 2014. | ||||||||||||||
Future estimated amortization expense is as follows (amounts in thousands): | ||||||||||||||
Year Ending December 31, | Amount | |||||||||||||
Remainder 2014 | $ | 7,186 | ||||||||||||
2015 | 13,522 | |||||||||||||
2016 | 13,399 | |||||||||||||
2017 | 13,227 | |||||||||||||
2018 | 13,169 | |||||||||||||
2019 | 8,432 | |||||||||||||
2020 and thereafter | 13,217 | |||||||||||||
$ | 82,152 | |||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Taxes | ' |
Income Taxes | ' |
Note 5. Income Taxes | |
For the three and six months ended June 30, 2014 and 2013, our income tax expense has been computed utilizing the estimated annual effective rate of 38.8%. Following the Cable Networks Acquisition on April 1, 2014, we determined that it was reasonably certain that our foreign tax credits will be realized and reversed the valuation allowance previously recorded of $2.5 million, which is primarily the difference between the actual effective tax rate and the annual effective tax rate of 38.8%. | |
For the three and six months ended June 30, 2013, our statutory Federal income tax rate of 34.0% increased to the annual effective income tax rate of 102.7% as a result of increases in the tax rate in Puerto Rico from 30.0% to 39.0% that will not generate offsetting U.S. income tax credits, the loss of a deferred tax asset as a result of the increase in the tax rate in Puerto Rico, permanent differences as a result of transaction costs, and statutory taxes. | |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ' | |||||||
Note 6. Long-Term Debt | ||||||||
Long-term debt at June 30, 2014 and December 31, 2013 consists of the following (amounts in thousands): | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Senior Notes due July 2020 | $ | 171,735 | $ | 172,481 | ||||
Less: Current portion | (1,750 | ) | (1,750 | ) | ||||
$ | 169,985 | $ | 170,731 | |||||
On July 30, 2013 certain of our subsidiaries entered into a credit agreement providing for a $175.0 million senior secured term loan B facility (the “Term Loan Facility”) which matures on July 30, 2020. The Term Loan Facility also provides an uncommitted accordion option (the “Incremental Facility”) allowing for additional borrowings under the Term Loan Facility up to an aggregate principal amount equal to (i) $20 million plus (ii) an additional amount of up to 4.0x first lien net leverage. The obligations under the Term Loan Facility are guaranteed by HMTV, LLC, our direct wholly-owned subsidiary, and all of our existing and future subsidiaries (subject to certain exceptions in the case of immaterial subsidiaries). The Term Loan Facility is secured by a first-priority perfected security interest in substantially all of our assets. Pricing on the Term Loan Facility was set at LIBOR plus 500 basis points (with a LIBOR floor of 1.25%), resulting in an effective interest rate 6.25%, and 1.0% of original issue discount (“OID”). The OID of $1.5 million, net of accumulated amortization of $0.2 million at June 30, 2014, was recorded as a reduction to the principal amount of the Term Loan Facility outstanding and will be amortized as a component of interest expense over the term of the Term Loan Facility. The proceeds of the Term Loan Facility were used to repay in full all outstanding debt obligations at our subsidiaries, to pay fees and expenses associated with the financing, and for general corporate purposes including potential future acquisitions. We recorded $3.0 million of debt issue costs associated with the Term Loan Facility, net of accumulated amortization of $0.5 million at June 30, 2014. | ||||||||
The Term Loan Facility principal payments are payable on quarterly due dates commencing September 30, 2013, with a final installment on July 30, 2020. | ||||||||
In addition, pursuant to the terms of the Term Loan Facility, within 90 days after the end of each fiscal year (commencing with the fiscal year ending December 31, 2014), the Borrowers are required to make a prepayment of the loan principal in an amount equal to 50% of the excess cash flow of the most recently completed fiscal year. Excess cash flow is generally defined as net income plus depreciation and amortization expense, less mandatory prepayments of the term loan, interest charges, income taxes and capital expenditures, and adjusted for the change in working capital. The percentage of the excess cash flow used to determine the amount of the prepayment of the loan declines from 50% to 25% and again to 0% at lower leverage ratios. | ||||||||
The carrying value of the long-term debt approximates fair value at December 31, 2013 and June 30, 2014. The estimated fair value of our variable-rate debt was derived from quoted market prices by independent dealers (Level 2 in the fair value hierarchy under ASC 820, Fair Value Measurements and Disclosures). Following are maturities of long-term debt, as of June 30, 2014 (amounts in thousands): | ||||||||
Year Ending December 31, | ||||||||
Remainder of 2014 | $ | 875 | ||||||
2015 | 1,750 | |||||||
2016 | 1,750 | |||||||
2017 | 1,750 | |||||||
2018 and thereafter | 167,125 | |||||||
$ | 173,250 | |||||||
Stockholders_Equity
Stockholder's Equity | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Stockholder's Equity | ' | |||||||||||
Stockholder's Equity | ' | |||||||||||
Note 7. Stockholders’ Equity | ||||||||||||
Equity Incentive Plans | ||||||||||||
An aggregate of 4.0 million shares of our Class A common stock were authorized for issuance under the terms of the Hemisphere Media Group, Inc. 2013 Equity Incentive Plan (our “2013 Equity Incentive Plan”). As of June 30, 2014, 1.3 million shares of restricted Class A common stock and 1.8 million options to purchase shares of our Class A common stock were awarded under our 2013 Equity Incentive Plan. At June 30, 2014, 1.1 million shares remained available for issuance of stock options or other stock-based awards under our 2013 Equity Incentive Plan (including shares of restricted Class A common stock surrendered to us in payment of taxes required to be withheld in respect of vested shares of restricted Class A common stock and available for issuance). The expiration date of the 2013 Equity Incentive Plan, on and after which date no awards may be granted, is April 4, 2023. Our board of directors administers the 2013 Equity Incentive Plan, and has the sole and plenary authority to, among other things: (i) designate participants; (ii) determine the type, size, and terms and conditions of awards to be granted; and (iii) determine the method by which an award may be settled, exercised, canceled, forfeited, or suspended. | ||||||||||||
Our time-based restricted stock awards and option awards generally vest in three equal annual installments beginning on the first anniversary of the grant date, subject to the grantee’s continued employment or service with us. Our event-based restricted stock awards and option awards generally vest upon our Class A common stock attaining a $15.00 closing price per share, as quoted on the NASDAQ Global Market, on at least 10 trading days, subject to the grantee’s continued employment or service with us. Other event-based restricted stock awards granted to certain members of our board of directors vest on the day preceding our 2015 annual shareholder meeting. | ||||||||||||
Stock-Based Compensation | ||||||||||||
Stock-based compensation expense related to stock options and restricted stock was $1.7 million and $3.1 for the three months ended June 30, 2014 and 2013, respectively, and $3.2 million and $4.0 for the six months ended June 30, 2014 and 2013, respectively. At June 30, 2014, there was $4.2 million of total unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over weighted-average period of 2.6 years. At June 30, 2014, there was $5.4 million of total unrecognized compensation cost related to non-vested restricted stock, which is expected to be recognized over a weighted-average period of 1.7 years. | ||||||||||||
Stock Options | ||||||||||||
The fair value of stock options granted is estimated at the date of grant using the Black-Scholes pricing model for time-based options and the Monte Carlo simulation model for event-based options. The expected term of options granted is derived using the simplified method under ASC 718-10-S99-1/SEC Topic 14.D for “plain vanilla” options and the Monte Carlo simulation for event-based options. Expected volatility is based on the historical volatility of our competitors given our lack of trading history. The risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. We have estimated forfeitures of 1.5% and have assumed no dividend yield, as dividends have never been paid to stock or option holders and will not be paid for the foreseeable future. | ||||||||||||
Black-Scholes Option Valuation Assumptions | Six Months | 2013 | ||||||||||
Ended June 30, | ||||||||||||
2014 | ||||||||||||
Risk-free interest rate | 1.76%-1.81% | .93%-2.03% | ||||||||||
Dividend yield | — | — | ||||||||||
Volatility | 28.4% | 34.4%-36.7% | ||||||||||
Weighted-average expected term (years) | 6.0-6.3 | 6.0 | ||||||||||
Monte Carlo Option Valuation Assumptions | Six Months | 2013 | ||||||||||
Ended June 30, | ||||||||||||
2014 | ||||||||||||
Risk-free intererst rate | — | 1.78% | ||||||||||
Dividend yield | — | — | ||||||||||
Volatility | — | 36.7% | ||||||||||
Weighted-average expected term (years) | — | 5.4-5.8 | ||||||||||
The following table summarizes stock option activity for the six months ended June 30, 2014 (shares and intrinsic value in thousands): | ||||||||||||
Number of shares | Weighted-average | Weighted-average | Aggregate intrinsic | |||||||||
exercise price | remaining | value | ||||||||||
contractual term | ||||||||||||
Outstanding at December 31, 2013 | 1,730 | $ | 11.20 | 9.3 | $ | 2,208 | ||||||
Granted | 80 | 11.51 | 9.9 | — | ||||||||
Exercised | — | — | — | — | ||||||||
Forfeited | — | — | — | — | ||||||||
Expired | — | — | — | — | ||||||||
Outstanding at June 30, 2014 | 1,810 | $ | 11.21 | 8.9 | $ | 3,228 | ||||||
Vested at June 30, 2014 | 608 | $ | 11.05 | 8.8 | $ | 1,180 | ||||||
Exercisable at June 30, 2014 | 608 | $ | 11.05 | 8.8 | $ | 1,180 | ||||||
At June 30, 2014, 0.3 million options granted are unvested, event-based options. | ||||||||||||
Restricted Stock | ||||||||||||
Certain employees and directors have been awarded restricted stock under the 2013 Equity Incentive Plan. The time-based restricted stock grants vest primarily over a period of three years. The fair value and expected term of event-based restricted stock grants is estimated at the grant date using the Monte Carlo simulation model. | ||||||||||||
Monte Carlo Option Valuation Assumptions | Six Months | 2013 | ||||||||||
Ended June 30, | ||||||||||||
2014 | ||||||||||||
Risk-free interest rate | — | 0.52% | ||||||||||
Dividend yield | — | — | ||||||||||
Volatility | — | 36.7% | ||||||||||
Weighted-average expected term (years) | — | 0.6-1.3 | ||||||||||
The following table summarizes restricted share activity for the six months ended June 30, 2014 (shares in thousands) | ||||||||||||
Number of shares | Weighted-average | |||||||||||
grant date fair | ||||||||||||
value | ||||||||||||
Outstanding at December 31, 2013 | 945 | $ | 10.18 | |||||||||
Granted | 79 | 11.34 | ||||||||||
Vested | (285 | ) | 11.25 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding at June 30, 2014 | 739 | $ | 9.89 | |||||||||
At June 30, 2014, 0.2 million shares of restricted stock issued are unvested, event-based shares. | ||||||||||||
Warrants | ||||||||||||
In connection with our capitalization noted above, we have issued 14.7 million warrants, which qualify as equity instruments. Each warrant entitles the holder to purchase one-half of one share of our Class A common stock at a price of $6.00 per half share. At December 31, 2013, 14.7 million warrants were issued and outstanding, which are exercisable into 7.3 million shares of our Class A common stock. Warrants are only exercisable for a whole number of shares of common stock (i.e. only an even number of warrants may be exercised at any given time by a registered holder). As a result, a holder must exercise a least two warrants, at an effective exercise price of $12.00 per share. At our option, 10.0 million warrants may be called for redemption, provided that the last sale price of our Class A common stock reported has been at least $18.00 per share on each of twenty trading days within the thirty-day period ending on the third business day prior to the date on which notice of redemption is given. The warrants expire on April 4, 2018. During the six months ended June 30, 2014, we issued 50 shares of our Class A common stock upon the exercise of warrants, for total exercise proceeds of $600. | ||||||||||||
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Contingencies | ' |
Contingencies | ' |
Note 8. Contingencies | |
We are involved in various legal actions, generally related to our operations. Management believes, based on advice from legal counsel, that the outcomes of such legal actions will not materially affect our financial condition. | |
Commitments
Commitments | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Commitments | ' | ||||||||||
Commitments | ' | ||||||||||
Note 9. Commitments | |||||||||||
We have entered into certain rental property contracts with third parties, which are accounted for as operating leases. Rental expense was $0.1 million and $0.1 million for the three months ended June 30, 2014 and 2013, respectively, and $0.2 million and $0.1 million for the six months ended June 30, 2014 and 2013. | |||||||||||
We have certain commitments including various operating leases. | |||||||||||
Future minimum payments for these commitments and other commitments, are as follows (amounts in thousands): | |||||||||||
Year Ending December 31, | Operating Leases | Other Commitments | Total | ||||||||
Remainder of 2014 | $ | 203 | $ | 4,481 | $ | 4,684 | |||||
2015 | 65 | 3,513 | 3,578 | ||||||||
2016 | 10 | 2,016 | 2,026 | ||||||||
2017 | — | 311 | 311 | ||||||||
2018 and thereafter | — | 6 | 6 | ||||||||
Total | $ | 278 | $ | 10,327 | $ | 10,605 | |||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events | ' |
Subsequent Events | ' |
Note 10. Subsequent Events | |
On July 31, 2014 certain of our subsidiaries entered into an amendment to our credit agreement providing for a $225.0 million senior secured term loan B facility (the “Amended Term Loan Facility”) which matures on July 30, 2020. Pricing on the New Term Loan Facility was set at LIBOR plus 400 basis points (with a LIBOR floor of 1.00%), resulting in an effective interest rate 5.00%, and 0.5% OID. The proceeds of the loan were used to repay in full the Term Loan Facility, to pay fees and expenses associated with the financing, and for general corporate purposes including potential future acquisitions. The Amended Term Loan Facility principal payments are payable on quarterly due dates commencing September 30, 2014 and a final installment on July 30, 2020. Estimated transaction costs total approximately $2.5 million. We are currently evaluating the accounting for the debt refinancing and related transaction costs. | |
Nature_of_Business_Policies
Nature of Business (Policies) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Nature of Business | ' | |||||||||||||
Basis of Presentation: | ' | |||||||||||||
Basis of Presentation: The accompanying unaudited condensed consolidated financial statements for Hemisphere and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Our financial condition as of, and operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the financial condition or results that may be expected for any future interim period or for the year ending December 31, 2014. These condensed consolidated financial statements should be read in conjunction with the audited condensed consolidated financial statements and notes thereto included in our Form 10-K for the fiscal year ended December 31, 2013. | ||||||||||||||
As discussed in Note 2 of the financial statements included in our 2013 Annual Report, on April 4, 2013, the merger by and among Cinelatino, WAPA and Azteca as indirect, wholly-owned subsidiaries of Hemisphere, which we refer to as the Transaction, was consummated. The Transaction was accounted for by applying the acquisition method in accordance with Accounting Standards Codification (ASC) Topic 805, Business Combinations (“ASC 805”). Under ASC 805, WAPA was determined to be the accounting acquirer. As such, the historical results presented represent WAPA’s historical results for the three and six months ended June 30, 2013 and Cine Latino’s historical results for the three months ended June 30, 2013. During the nine months ended September 30, 2013, we finalized our accounting for the Transaction, which resulted in a measurement period adjustment of $0.7 million of additional amortization expense for the quarter ended June 30, 2013, accordingly the condensed consolidated statements of operations for three and six months ended June 30, 2013, included herein reflect this adjustment. | ||||||||||||||
On April 1, 2014, we acquired the assets of three Spanish-language cable television networks from Media World, LLC, a Florida limited liability company (“Media World”), for $101.9 million in cash. The three acquired cable networks include Pasiones, Centroamerica TV and TV Dominicana. For more information, see Note 2, “Business Combination” of Notes to Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report. | ||||||||||||||
Reclassification | ' | |||||||||||||
Reclassification: Certain prior year deferred taxes have been reclassified from current to non-current on the accompanying balance sheet which resulted in a net current deferred asset and a net non-current deferred liability to conform to the fiscal 2014 presentation with no effect on net income or stockholders’ equity. | ||||||||||||||
Net Earnings (Loss) per Common Share: | ' | |||||||||||||
Net Earnings (Loss) per Common Share: Basic earnings (loss) per share (“EPS”) are computed by dividing income (loss) attributable to common stockholders by the number of weighted-average outstanding shares of common stock. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted shares only in the periods in which such effect would have been dilutive. | ||||||||||||||
The following table sets forth the computation of the common shares outstanding used in determining basic and diluted EPS (amounts in thousands): | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator for earnings (loss) per common share calculation: | ||||||||||||||
Net income (loss) | $ | 5,318 | $ | (2,426 | ) | $ | 5,566 | $ | (2,951 | ) | ||||
Denominator for earnings (loss) per common share calculation: | ||||||||||||||
Weighted-average common shares, basic | 42,345 | 40,711 | 42,259 | 20,468 | ||||||||||
Effect of dilutive securities | ||||||||||||||
Stock options, resticted stock and warrants | 173 | — | 248 | — | ||||||||||
Weighted-average common shares, diluted | 42,518 | 40,711 | 42,507 | 20,468 | ||||||||||
EPS | ||||||||||||||
Basic | $ | 0.13 | $ | (0.06 | ) | $ | 0.13 | $ | (0.14 | ) | ||||
Diluted | $ | 0.13 | $ | (0.06 | ) | $ | 0.13 | $ | (0.14 | ) | ||||
We apply the treasury stock method to measure the dilutive effect of our outstanding stock options and restricted stock awards and include the respective common share equivalents in the denominator of our diluted income (loss) per common share calculation. Potentially dilutive securities representing 8.1 million and 9.0 million shares of common stock for the three and six months ended June 30, 2014, were excluded from the computation of diluted income per common share for this period because their effect would have been anti-dilutive. The net income (loss) per share amounts are the same for our Class A common stock, par value $0.0001 per share (“Class A common stock”) and Class B common stock, par $0.0001 per share (“Class B common stock”) because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. | ||||||||||||||
Use of estimates: | ' | |||||||||||||
Use of estimates: In preparing these financial statements, management had to make estimates and assumptions that affected the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the balance sheets date, and the reported revenues and expenses for the three and six months ended June 30, 2014 and 2013. Such estimates are based on historical experience and other assumptions that are considered appropriate in the circumstances. However, actual results could differ from those estimates. | ||||||||||||||
Recent accounting pronouncements: | ' | |||||||||||||
Recent Accounting Pronouncements: In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-12, Compensation — Stock Compensation (Topic 718) — Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The standard will be effective for fiscal years beginning after December 15, 2015, but early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial position, results of operations and cash flows. | ||||||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The core principle of the standard is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard will be effective for fiscal years beginning after December 15, 2016, early application is not permitted. We are currently evaluating the impact of this standard on our consolidated financial position, results of operations and cash flows. | ||||||||||||||
Nature_of_Business_Tables
Nature of Business (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Nature of Business | ' | |||||||||||||
Schedule of the computation of the common shares outstanding used in determining basic and diluted EPS | ' | |||||||||||||
The following table sets forth the computation of the common shares outstanding used in determining basic and diluted EPS (amounts in thousands): | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator for earnings (loss) per common share calculation: | ||||||||||||||
Net income (loss) | $ | 5,318 | $ | (2,426 | ) | $ | 5,566 | $ | (2,951 | ) | ||||
Denominator for earnings (loss) per common share calculation: | ||||||||||||||
Weighted-average common shares, basic | 42,345 | 40,711 | 42,259 | 20,468 | ||||||||||
Effect of dilutive securities | ||||||||||||||
Stock options, resticted stock and warrants | 173 | — | 248 | — | ||||||||||
Weighted-average common shares, diluted | 42,518 | 40,711 | 42,507 | 20,468 | ||||||||||
EPS | ||||||||||||||
Basic | $ | 0.13 | $ | (0.06 | ) | $ | 0.13 | $ | (0.14 | ) | ||||
Diluted | $ | 0.13 | $ | (0.06 | ) | $ | 0.13 | $ | (0.14 | ) | ||||
Business_Combination_Tables
Business Combination (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Business Combination | ' | |||||||||||||
Schedule of estimated fair values of the assets acquired, liabilities assumed and resulting goodwill | ' | |||||||||||||
The following table summarizes the estimated fair values of the assets acquired, liabilities assumed and resulting goodwill in the Cable Networks Acquisition (amounts in thousands): | ||||||||||||||
Other assets | $ | 177 | ||||||||||||
Intangible asset - affiliate agreements | 46,014 | |||||||||||||
Intangible asset - brands | 15,986 | |||||||||||||
Intangible asset - advertiser relationships | 3,310 | |||||||||||||
Intangible assets - other | 648 | |||||||||||||
Other liabilities | (2,124 | ) | ||||||||||||
Fair value of identifiable net assets acquired | 64,012 | |||||||||||||
Goodwill | 34,093 | |||||||||||||
Total | $ | 98,105 | ||||||||||||
Schedule of unaudited pro forma results of operations | ' | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net Revenues | $ | 29,055 | $ | 28,374 | $ | 55,868 | $ | 47,327 | ||||||
Operating Income | $ | 6,674 | $ | 3,144 | $ | 11,472 | $ | 3,692 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||
Schedule of goodwill and intangible assets | ' | |||||||||||||
Goodwill and intangible assets consist of the following at June 30, 2014 and December 31, 2013 (amounts in thousands): | ||||||||||||||
June 30, 2014 | December 31, | |||||||||||||
2013 | ||||||||||||||
Broadcast license | $ | 41,356 | $ | 41,356 | ||||||||||
Goodwill | 164,887 | 130,794 | ||||||||||||
Other intangibles | 98,848 | 34,610 | ||||||||||||
Total intangible assets | $ | 305,091 | $ | 206,760 | ||||||||||
Summary of the changes in goodwill and other indefinite lived intangible assets | ' | |||||||||||||
A summary of the changes in goodwill and other indefinite-lived intangible assets for the six months ended June 30, 2014 is as follows (amounts in thousands): | ||||||||||||||
Net Balance at | Additions | Impairment | Net Balance at June | |||||||||||
December 31, 2013 | 30, 2014 | |||||||||||||
Broadcast license | $ | 41,356 | $ | — | $ | — | $ | 41,356 | ||||||
Goodwill | 130,794 | 34,093 | — | 164,887 | ||||||||||
Brands | — | 15,986 | — | 15,986 | ||||||||||
Other intangibles | 700 | 10 | — | 710 | ||||||||||
Total indefinite-lived intangibles | $ | 172,850 | $ | 50,089 | $ | — | $ | 222,939 | ||||||
Summary of the changes in other amortizable intangible assets | ' | |||||||||||||
A summary of the changes in other amortizable intangible assets for the six months ended June 30, 2014 is as follows (amounts in thousands): | ||||||||||||||
Net Balance at | Additions | Amortization | Net Balance | |||||||||||
December 31, | at June 30, | |||||||||||||
2013 | 2014 | |||||||||||||
Affiliate relationships | $ | 33,910 | $ | 46,014 | $ | (4,711 | ) | $ | 75,213 | |||||
Advertiser relationships | — | 3,310 | (166 | ) | 3,144 | |||||||||
Non-compete agreement | — | 3,294 | (137 | ) | 3,157 | |||||||||
Other intangibles | — | 1,141 | (503 | ) | 638 | |||||||||
Total Finite-lived intangibles | $ | 33,910 | $ | 53,759 | $ | (5,517 | ) | $ | 82,152 | |||||
Schedule of future estimated amortization expense | ' | |||||||||||||
Future estimated amortization expense is as follows (amounts in thousands): | ||||||||||||||
Year Ending December 31, | Amount | |||||||||||||
Remainder 2014 | $ | 7,186 | ||||||||||||
2015 | 13,522 | |||||||||||||
2016 | 13,399 | |||||||||||||
2017 | 13,227 | |||||||||||||
2018 | 13,169 | |||||||||||||
2019 | 8,432 | |||||||||||||
2020 and thereafter | 13,217 | |||||||||||||
$ | 82,152 | |||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Long-Term Debt | ' | |||||||
Schedule of long-term debt | ' | |||||||
Long-term debt at June 30, 2014 and December 31, 2013 consists of the following (amounts in thousands): | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Senior Notes due July 2020 | $ | 171,735 | $ | 172,481 | ||||
Less: Current portion | (1,750 | ) | (1,750 | ) | ||||
$ | 169,985 | $ | 170,731 | |||||
Schedule of maturities of long-term debt | ' | |||||||
Following are maturities of long-term debt, as of June 30, 2014 (amounts in thousands): | ||||||||
Year Ending December 31, | ||||||||
Remainder of 2014 | $ | 875 | ||||||
2015 | 1,750 | |||||||
2016 | 1,750 | |||||||
2017 | 1,750 | |||||||
2018 and thereafter | 167,125 | |||||||
$ | 173,250 | |||||||
Stockholders_Equity_Tables
Stockholder's Equity (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Stockholder's Equity | ' | |||||||||||
Summary of stock option activity | ' | |||||||||||
The following table summarizes stock option activity for the six months ended June 30, 2014 (shares and intrinsic value in thousands): | ||||||||||||
Number of shares | Weighted-average | Weighted-average | Aggregate intrinsic | |||||||||
exercise price | remaining | value | ||||||||||
contractual term | ||||||||||||
Outstanding at December 31, 2013 | 1,730 | $ | 11.20 | 9.3 | $ | 2,208 | ||||||
Granted | 80 | 11.51 | 9.9 | — | ||||||||
Exercised | — | — | — | — | ||||||||
Forfeited | — | — | — | — | ||||||||
Expired | — | — | — | — | ||||||||
Outstanding at June 30, 2014 | 1,810 | $ | 11.21 | 8.9 | $ | 3,228 | ||||||
Vested at June 30, 2014 | 608 | $ | 11.05 | 8.8 | $ | 1,180 | ||||||
Exercisable at June 30, 2014 | 608 | $ | 11.05 | 8.8 | $ | 1,180 | ||||||
Summary of restricted share activity | ' | |||||||||||
The following table summarizes restricted share activity for the six months ended June 30, 2014 (shares in thousands) | ||||||||||||
Number of shares | Weighted-average | |||||||||||
grant date fair | ||||||||||||
value | ||||||||||||
Outstanding at December 31, 2013 | 945 | $ | 10.18 | |||||||||
Granted | 79 | 11.34 | ||||||||||
Vested | (285 | ) | 11.25 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding at June 30, 2014 | 739 | $ | 9.89 | |||||||||
Time Based Stock Option [Member] | Black Scholes Pricing Model [Member] | ' | |||||||||||
Equity Incentive Plans | ' | |||||||||||
Schedule of valuation assumptions | ' | |||||||||||
Black-Scholes Option Valuation Assumptions | Six Months | 2013 | ||||||||||
Ended June 30, | ||||||||||||
2014 | ||||||||||||
Risk-free interest rate | 1.76%-1.81% | .93%-2.03% | ||||||||||
Dividend yield | — | — | ||||||||||
Volatility | 28.4% | 34.4%-36.7% | ||||||||||
Weighted-average expected term (years) | 6.0-6.3 | 6.0 | ||||||||||
Event Based Stock Option [Member] | Monte Carlo Simulation Model [Member] | ' | |||||||||||
Equity Incentive Plans | ' | |||||||||||
Schedule of valuation assumptions | ' | |||||||||||
Monte Carlo Option Valuation Assumptions | Six Months | 2013 | ||||||||||
Ended June 30, | ||||||||||||
2014 | ||||||||||||
Risk-free intererst rate | — | 1.78% | ||||||||||
Dividend yield | — | — | ||||||||||
Volatility | — | 36.7% | ||||||||||
Weighted-average expected term (years) | — | 5.4-5.8 | ||||||||||
Event Based Restricted Stock [Member] | Monte Carlo Simulation Model [Member] | ' | |||||||||||
Equity Incentive Plans | ' | |||||||||||
Schedule of valuation assumptions | ' | |||||||||||
Monte Carlo Option Valuation Assumptions | Six Months | 2013 | ||||||||||
Ended June 30, | ||||||||||||
2014 | ||||||||||||
Risk-free interest rate | — | 0.52% | ||||||||||
Dividend yield | — | — | ||||||||||
Volatility | — | 36.7% | ||||||||||
Weighted-average expected term (years) | — | 0.6-1.3 | ||||||||||
Commitments_Tables
Commitments (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Commitments | ' | ||||||||||
Schedule of future minimum payments for operating leases and other commitments, primarily programming | ' | ||||||||||
Future minimum payments for these commitments and other commitments, are as follows (amounts in thousands): | |||||||||||
Year Ending December 31, | Operating Leases | Other Commitments | Total | ||||||||
Remainder of 2014 | $ | 203 | $ | 4,481 | $ | 4,684 | |||||
2015 | 65 | 3,513 | 3,578 | ||||||||
2016 | 10 | 2,016 | 2,026 | ||||||||
2017 | — | 311 | 311 | ||||||||
2018 and thereafter | — | 6 | 6 | ||||||||
Total | $ | 278 | $ | 10,327 | $ | 10,605 | |||||
Nature_of_Business_Details
Nature of Business (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Apr. 01, 2014 | |
segment | Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | Common Class B [Member] | Cinelatino [Member] | Cinelatino [Member] | Cable Networks Acquistion [Member] | ||||
item | |||||||||||
Nature of Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Nature of Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Measurment period adjustment for additional amortization | ' | ' | ' | ' | ' | ' | ' | ' | $700,000 | $700,000 | ' |
Number of Spanish-language cable television networks whose assets are acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Assets acquired in cash | ' | ' | 101,891,000 | ' | ' | ' | ' | ' | ' | ' | 101,900,000 |
Numerator for earnings (loss) per common share calculation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $5,318,000 | ($2,426,000) | $5,566,000 | ($2,951,000) | ' | ' | ' | ' | ' | ' | ' |
Denominator for earnings (loss) per common share calculation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average common shares, basic | 42,345,000 | 40,711,000 | 42,259,000 | 20,468,000 | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options and restricted stock | 173,000 | ' | 248,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average common shares, diluted | 42,518,000 | 40,711,000 | 42,507,000 | 20,468,000 | ' | ' | ' | ' | ' | ' | ' |
EPS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.13 | ($0.06) | $0.13 | ($0.14) | ' | ' | ' | ' | ' | ' | ' |
Diluted (in dollars per share) | $0.13 | ($0.06) | $0.13 | ($0.14) | ' | ' | ' | ' | ' | ' | ' |
Shares excluded from the computation of diluted income (loss) per common share | 8,100,000 | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Par value of common stock (in dollars per share) | ' | ' | ' | ' | $0.00 | $0.00 | $0.00 | $0.00 | ' | ' | ' |
Business_Combination_Detail
Business Combination (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Apr. 01, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Apr. 01, 2014 | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | $101,891,000 | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | 164,887,000 | 130,794,000 | ' | 164,887,000 | ' | 164,887,000 | ' |
Cable Networks Acquistion [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | 101,900,000 | ' | ' | ' | ' | ' | ' | ' |
Costs incurred in connection with acquistion | ' | ' | 900,000 | ' | ' | ' | 1,200,000 | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | 177,000 |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | -2,124,000 |
Fair Value of identifiable net assets acquired | ' | ' | ' | ' | ' | ' | ' | 64,012,000 |
Goodwill | ' | ' | ' | ' | ' | ' | ' | 34,093,000 |
Total | ' | ' | ' | ' | ' | ' | ' | 98,105,000 |
Pro Forma Information | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenues | ' | 29,055,000 | ' | 28,374,000 | 55,868,000 | 47,327,000 | ' | ' |
Operating Income | ' | 6,674,000 | ' | 3,144,000 | 11,472,000 | 3,692,000 | ' | ' |
Agreement termination charge excluded from reported pro forma results | ' | ' | ' | 3,800,000 | ' | 3,800,000 | ' | ' |
Net revenues of acquiree included in consolidated statements of operations | ' | 5,800,000 | ' | ' | 5,800,000 | ' | ' | ' |
Operating income of acquiree included in consolidated statements of operations | ' | 1,300,000 | ' | ' | 1,300,000 | ' | ' | ' |
Foreign Tax Credits [Member] | Cable Networks Acquistion [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Change in valuation allowance for deferred tax asset | -2,500,000 | ' | ' | ' | ' | ' | ' | ' |
Affiliate Relationships [Member] | Cable Networks Acquistion [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizable intangible assets acquired | 46,014,000 | ' | ' | ' | ' | ' | ' | 46,014,000 |
useful lives | ' | ' | ' | ' | '8 years | ' | ' | ' |
Affiliate Relationships [Member] | Cable Networks Acquistion [Member] | Discounted Cash Flow Method [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | 8.50% | ' | ' | ' | ' | ' | ' | ' |
Advertiser Relationships [Member] | Cable Networks Acquistion [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizable intangible assets acquired | 3,310,000 | ' | ' | ' | ' | ' | ' | 3,310,000 |
useful lives | ' | ' | ' | ' | '6 years | ' | ' | ' |
Advertiser Relationships [Member] | Cable Networks Acquistion [Member] | Discounted Cash Flow Method [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | 8.50% | ' | ' | ' | ' | ' | ' | ' |
Other Intangible Assets [Member] | Cable Networks Acquistion [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizable intangible assets acquired | 1,100,000 | ' | ' | ' | ' | ' | ' | 1,100,000 |
Other Intangible Assets Excluding Employment Contract [Member] | Cable Networks Acquistion [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizable intangible assets acquired | 648,000 | ' | ' | ' | ' | ' | ' | 648,000 |
Employment Contracts [Member] | Consulting Agreement With Executives Of Acquiree [Member] | Cable Networks Acquistion [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of identifiable assets accounted for separately from the acquisition | 500,000 | ' | ' | ' | ' | ' | ' | 500,000 |
Noncompete Agreements [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
useful lives | ' | ' | ' | ' | '6 years | ' | ' | ' |
Noncompete Agreements [Member] | Noncompete Agreement With Acquiree [Member] | Cable Networks Acquistion [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of identifiable assets accounted for separately from the acquisition | 3,300,000 | ' | ' | ' | ' | ' | ' | 3,300,000 |
useful lives | ' | ' | ' | ' | '6 years | ' | ' | ' |
Noncompete Agreements [Member] | Noncompete Agreement With Acquiree [Member] | Cable Networks Acquistion [Member] | Discounted Cash Flow Method [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | 8.50% | ' | ' | ' | ' | ' | ' | ' |
Maximum [Member] | Affiliate Relationships [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
useful lives | ' | ' | ' | ' | '8 years | ' | ' | ' |
Maximum [Member] | Other Intangible Assets [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
useful lives | ' | ' | ' | ' | '1 year | ' | ' | ' |
Maximum [Member] | Other Intangible Assets [Member] | Cable Networks Acquistion [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
useful lives | ' | ' | ' | ' | '1 year | ' | ' | ' |
Trademarks And Trade Names [Member] | Cable Networks Acquistion [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Indefinite lived intangible assets acquired | $15,986,000 | ' | ' | ' | ' | ' | ' | $15,986,000 |
Trademarks And Trade Names [Member] | Cable Networks Acquistion [Member] | Discounted Cash Flow Method [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair values of assets acquired, liabilities assumed and resulting goodwill | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | 8.50% | ' | ' | ' | ' | ' | ' | ' |
Royalty rate (as a percent) | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Apr. 09, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | M V S Multivision Digital Sde R Lde C V And Affiliates [Member] | Director And Entity Owned By Director [Member] | Director And Entity Owned By Director [Member] | Director And Entity Owned By Director [Member] | Director And Entity Owned By Director [Member] | Director And Entity Owned By Director [Member] | Director [Member] | Panamax Films Llc [Member] | Panamax Films Llc [Member] | Panamax Films Llc [Member] | Inter Media Advisors L L C [Member] | Inter Media Advisors L L C [Member] | Inter Media Advisors L L C [Member] | Inter Media Advisors L L C [Member] | Inter Media Advisors L L C [Member] | Pantelion Films [Member] | Pantelion Films [Member] | Pantelion Films [Member] | |
Satellite And Support Services Agreement [Member] | Satellite And Support Services Agreement [Member] | Satellite And Support Services Agreement [Member] | Satellite And Support Services Agreement [Member] | Master License Agreement [Member] | Master License Agreement [Member] | Master License Agreement [Member] | Master License Agreement [Member] | Affiliation Agreement [Member] | Affiliation Agreement [Member] | Affiliation Agreement [Member] | Affiliation Agreement [Member] | Consulting Agreements With Director And Entity Owned By Director [Member] | Consulting Agreements With Director And Entity Owned By Director [Member] | Consulting Agreements With Director And Entity Owned By Director [Member] | Consulting Agreements With Director And Entity Owned By Director [Member] | Consulting Agreements With Director And Entity Owned By Director [Member] | Consulting Agreement With Director [Member] | Programming Agreements [Member] | Programming Agreements [Member] | Programming Agreements [Member] | Services Agreement [Member] | Services Agreement [Member] | Services Agreement [Member] | Services Agreement [Member] | Services Agreement [Member] | Distribution Agreement [Member] | Distribution Agreement [Member] | Distribution Agreement [Member] | |||
Cinelatino [Member] | Cinelatino [Member] | Cinelatino [Member] | Cinelatino [Member] | Cinelatino [Member] | Cinelatino [Member] | Cinelatino [Member] | Cinelatino [Member] | Cinelatino [Member] | Cinelatino [Member] | Cinelatino [Member] | Cinelatino [Member] | item | Other Assets [Member] | Other Assets [Member] | Cinelatino [Member] | Cinelatino [Member] | Cinelatino [Member] | ||||||||||||||
item | |||||||||||||||||||||||||||||||
Related Party Transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of channel feeds delivered through satellite | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total expense | ' | ' | $500,000 | $500,000 | $1,100,000 | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | $0 | $200,000 | $0 | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | ' | $0 | $0 | ' |
Term of agreement | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue as a percentage of license fees collected from distributors in Latin America and Mexico | ' | ' | ' | ' | ' | ' | ' | ' | 13.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue recognized from related party | ' | ' | ' | ' | ' | ' | 1,100,000 | 900,000 | 2,200,000 | 900,000 | 500,000 | 400,000 | 900,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of movies licensed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from related parties, net of allowance for doubtful accounts | 2,100,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to related parties | 900,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | 200,000 | 200,000 | 200,000 |
Programming rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amortizable intangible assets | ' | ' |
Broadcast licenses | $41,356 | $41,356 |
Goodwill | 164,887 | 130,794 |
Other intangibles | 98,848 | 34,610 |
Total intangible assets | $305,091 | $206,760 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Details 2) (USD $) | 6 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
Licensing Agreements [Member] | Licensing Agreements [Member] | Trademarks And Trade Names [Member] | Other Intangible Assets [Member] | ||
Changes in other indefinite lived intangible assets | ' | ' | ' | ' | ' |
Net balance at the beginning of the period | ' | $41,356 | $41,356 | ' | $700 |
Additions | ' | ' | ' | 15,986 | 10 |
Net balance at the end of the period | ' | 41,356 | 41,356 | 15,986 | 710 |
Changes in the goodwill | ' | ' | ' | ' | ' |
Net balance at the beginning of the period | 130,794 | ' | ' | ' | ' |
Additions | 34,093 | ' | ' | ' | ' |
Net balance at the end of the period | 164,887 | ' | ' | ' | ' |
Changes in the goodwill and other indefinite lived intangible assets, on a net basis | ' | ' | ' | ' | ' |
Net balance at the beginning of the period | 172,850 | ' | ' | ' | ' |
Additions | 50,089 | ' | ' | ' | ' |
Net balance at the end of the period | $222,939 | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Changes in other amortizable intangible assets | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | $33,910 | ' |
Additions | ' | ' | 53,759 | ' |
Amortization | -3,900 | -1,600 | -5,517 | -1,700 |
Net balance at the end of the period | 82,152 | ' | 82,152 | ' |
Future estimated amortization expense | ' | ' | ' | ' |
Remainder of 2014 | 7,186 | ' | 7,186 | ' |
2015 | 13,522 | ' | 13,522 | ' |
2016 | 13,399 | ' | 13,399 | ' |
2017 | 13,227 | ' | 13,227 | ' |
2018 | 13,169 | ' | 13,169 | ' |
2019 | 8,432 | ' | 8,432 | ' |
2020 and thereafter | 13,217 | ' | 13,217 | ' |
Total | 82,152 | ' | 82,152 | ' |
Weighted Average [Member] | ' | ' | ' | ' |
Changes in other amortizable intangible assets | ' | ' | ' | ' |
Remaining amortization period | ' | ' | '6 years 4 months 24 days | ' |
Affiliate Relationships [Member] | ' | ' | ' | ' |
Changes in other amortizable intangible assets | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | 33,910 | ' |
Additions | ' | ' | 46,014 | ' |
Amortization | ' | ' | -4,711 | ' |
Net balance at the end of the period | 75,213 | ' | 75,213 | ' |
Future estimated amortization expense | ' | ' | ' | ' |
Total | 75,213 | ' | 75,213 | ' |
Affiliate Relationships [Member] | Maximum [Member] | ' | ' | ' | ' |
Changes in other amortizable intangible assets | ' | ' | ' | ' |
Amortization period | ' | ' | '8 years | ' |
Affiliate Relationships [Member] | Minimum [Member] | ' | ' | ' | ' |
Changes in other amortizable intangible assets | ' | ' | ' | ' |
Amortization period | ' | ' | '5 years | ' |
Advertiser Relationships [Member] | ' | ' | ' | ' |
Changes in other amortizable intangible assets | ' | ' | ' | ' |
Additions | ' | ' | 3,310 | ' |
Amortization | ' | ' | -166 | ' |
Net balance at the end of the period | 3,144 | ' | 3,144 | ' |
Future estimated amortization expense | ' | ' | ' | ' |
Total | 3,144 | ' | 3,144 | ' |
Noncompete Agreements [Member] | ' | ' | ' | ' |
Changes in other amortizable intangible assets | ' | ' | ' | ' |
Additions | ' | ' | 3,294 | ' |
Amortization | ' | ' | -137 | ' |
Net balance at the end of the period | 3,157 | ' | 3,157 | ' |
Amortization period | ' | ' | '6 years | ' |
Future estimated amortization expense | ' | ' | ' | ' |
Total | 3,157 | ' | 3,157 | ' |
Other Intangible Assets [Member] | ' | ' | ' | ' |
Changes in other amortizable intangible assets | ' | ' | ' | ' |
Additions | ' | ' | 1,141 | ' |
Amortization | ' | ' | -503 | ' |
Net balance at the end of the period | 638 | ' | 638 | ' |
Future estimated amortization expense | ' | ' | ' | ' |
Total | $638 | ' | $638 | ' |
Other Intangible Assets [Member] | Maximum [Member] | ' | ' | ' | ' |
Changes in other amortizable intangible assets | ' | ' | ' | ' |
Amortization period | ' | ' | '1 year | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 01, 2014 | Jun. 30, 2013 | Jun. 30, 2013 |
Cable Networks Acquistion [Member] | P [R] | P [R] | |||||
Foreign Tax Credits [Member] | |||||||
Income Taxes | ' | ' | ' | ' | ' | ' | ' |
Actual income tax rate (as a percent) | 38.80% | 102.70% | 38.80% | 102.70% | ' | ' | ' |
Statutory federal income tax rate (as a percent) | ' | 34.00% | ' | 34.00% | ' | ' | ' |
Income Taxes | ' | ' | ' | ' | ' | ' | ' |
Change in valuation allowance for deferred tax asset | ' | ' | ' | ' | ($2.50) | ' | ' |
Income tax rate before increase (as a percent) | ' | ' | ' | ' | ' | 30.00% | 30.00% |
Income tax rate (as a percent) | ' | ' | ' | ' | ' | 39.00% | 39.00% |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 0 Months Ended | 6 Months Ended | ||
Jul. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 30, 2013 | |
item | ||||
Long-term debt | ' | ' | ' | ' |
Less: current portion | ' | ($1,750,000) | ($1,750,000) | ' |
Long-term debt less current portion | ' | 169,985,000 | 170,731,000 | ' |
Maturities of long-term debt | ' | ' | ' | ' |
Remainder of 2014 | ' | 875,000 | ' | ' |
2015 | ' | 1,750,000 | ' | ' |
2016 | ' | 1,750,000 | ' | ' |
2017 | ' | 1,750,000 | ' | ' |
2018 and thereafter | ' | 167,125,000 | ' | ' |
Total maturities | ' | 173,250,000 | ' | ' |
Senior Secured Term Loan B Facility [Member] | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' |
Long-term debt | ' | 171,735,000 | 172,481,000 | ' |
Less: current portion | ' | -1,750,000 | -1,750,000 | ' |
Long-term debt less current portion | ' | 169,985,000 | 170,731,000 | ' |
Amount of term loan | ' | ' | ' | 175,000,000 |
Uncommitted accordion option base amount | ' | ' | ' | 20,000,000 |
Uncommitted accordion option multiplier of 1st lien net leverage | ' | ' | ' | 4 |
Reference rate basis | 'LIBOR | ' | ' | ' |
Interest rate margin (as a percent) | 5.00% | ' | ' | ' |
Interest rate floor (as a percent) | 1.25% | ' | ' | ' |
Effective interest rate (as a percent) | ' | ' | ' | 6.25% |
OID (as a percent) | ' | ' | ' | 1.00% |
OID | ' | ' | ' | 1,500,000 |
Accumulated amortization of original issue discount | ' | 200,000 | ' | ' |
Net debt issue costs | ' | 3,000,000 | ' | ' |
Accumulated amortization | ' | $500,000 | ' | ' |
Maximum period after each fiscal year for prepayment of debt | ' | '90 days | ' | ' |
Prepayment of debt as a percentage of excess cash flow | ' | 50.00% | ' | ' |
First prepayment of debt as a percentage of excess cash flow, if lower leverage ratio is maintained | ' | 25.00% | ' | ' |
Second prepayment of debt as a percentage of excess cash flow, if lower leverage ratio is maintained | ' | 0.00% | ' | ' |
Stockholders_Equity_Details
Stockholder's Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | |
Common Class A [Member] | Employee And Directors Stock Options [Member] | Employee And Directors Stock Options [Member] | Employee And Directors Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Time Based Restricted Stock And Stock Option [Member] | Time Based Stock Option [Member] | Time Based Stock Option [Member] | Time Based Stock Option [Member] | Time Based Stock Option [Member] | Time Based Restricted Stock [Member] | Event Based Restricted Stock And Stock Option [Member] | Event Based Restricted Stock And Stock Option [Member] | Event Based Stock Option [Member] | Event Based Stock Option [Member] | Event Based Stock Option [Member] | Event Based Stock Option [Member] | Event Based Restricted Stock [Member] | Event Based Restricted Stock [Member] | Event Based Restricted Stock [Member] | Event Based Restricted Stock [Member] | |||||
Common Class A [Member] | Common Class A [Member] | item | Black Scholes Pricing Model [Member] | Black Scholes Pricing Model [Member] | Minimum [Member] | Maximum [Member] | Common Class A [Member] | Common Class A [Member] | Monte Carlo Simulation Model [Member] | Minimum [Member] | Maximum [Member] | Monte Carlo Simulation Model [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||
Black Scholes Pricing Model [Member] | Black Scholes Pricing Model [Member] | Minimum [Member] | Monte Carlo Simulation Model [Member] | Monte Carlo Simulation Model [Member] | Monte Carlo Simulation Model [Member] | Monte Carlo Simulation Model [Member] | ||||||||||||||||||||
item | ||||||||||||||||||||||||||
Equity Incentive Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized for issuance | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 79,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance | 1,100,000 | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equal annual installments for vesting of awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price per share to be attained for vesting of awards to begin (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of trading days on which the closing price per share should attain the specified price per share for vesting of awards to begin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense (in dollars) | $1,700,000 | $3,100,000 | $3,200,000 | $4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested stock options (in dollars) | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to non-vested restricted stock (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average periods over which unrecognized compensation cost recognized | ' | ' | ' | ' | ' | ' | '2 years 7 months 6 days | ' | '1 year 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated forfeitures (as a percent) | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | 1,730,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | 80,000 | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in shares) | ' | ' | ' | ' | ' | 1,730,000 | 1,810,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | 608,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | 608,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | $11.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | $11.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | $11.20 | $11.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | $11.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | $11.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period | ' | ' | ' | ' | ' | '9 years 3 months 18 days | '8 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted | ' | ' | ' | ' | ' | ' | '9 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period | ' | ' | ' | ' | ' | '9 years 3 months 18 days | '8 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested at the end of the period | ' | ' | ' | ' | ' | ' | '8 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period | ' | ' | ' | ' | ' | ' | '8 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars) | ' | ' | ' | ' | ' | ' | 2,208,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars) | ' | ' | ' | ' | ' | 2,208,000 | 3,228,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested at the end of the period (in dollars) | ' | ' | ' | ' | ' | ' | 1,180,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in dollars) | ' | ' | ' | ' | ' | ' | $1,180,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' |
Number of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 945,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 79,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | -285,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 739,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' |
Weighted-average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $10.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $11.34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $11.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $9.89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation assumptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate, minimum (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.76% | 0.93% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate, maximum (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.81% | 2.03% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rates (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.78% | ' | ' | ' | 0.52% | ' | ' |
Dividend yield (as a percent) | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility, minimum (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility, maximum (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28.40% | ' | ' | ' | ' | ' | ' | ' | 36.70% | ' | ' | ' | 36.70% | ' | ' |
Weighted-average expected term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | '6 years | '6 years 3 months 18 days | ' | ' | ' | ' | ' | '5 years 4 months 24 days | '5 years 9 months 18 days | ' | ' | '7 months 6 days | '1 year 3 months 18 days |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details_2
Stockholder's Equity (Details 2) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Warrants | ' | ' |
Issued (in shares) | ' | 14,700,000 |
Exercise price of warrants per half share | 6 | ' |
Outstanding (in shares) | ' | 14,700,000 |
Minimum number of warrants exercisable by holder (in shares) | 2 | ' |
Exercise price of share (in dollars per share) | 12 | ' |
Number of warrants that may be called for redemption (in shares) | 10,000,000 | ' |
Total exercise proceeds | $600 | ' |
Common Class A [Member] | ' | ' |
Warrants | ' | ' |
Number of shares entitled to warrant holders (as a percent) | 0.5 | ' |
Trigger price of stock in order to provide for redemption of warrants at option of the Company (in dollars per share) | $18 | ' |
Number of trading days through which last sales price of common stock is reported for warrant redemption | 20 | ' |
Period of aggregate number of trading days through which last sales price of common stock is reported for warrant redemption | '30 days | ' |
Number of shares issued upon exercise of warrants | 50 | ' |
Number of shares | ' | ' |
Outstanding at the beginning of the period (in shares) | 7,300,000 | ' |
Commitments_Details
Commitments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Commitments | ' | ' | ' | ' |
Rental expense | $100,000 | $100,000 | $200,000 | $100,000 |
Future minimum payments for operating leases | ' | ' | ' | ' |
Remainder of 2014 | 203,000 | ' | 203,000 | ' |
2015 | 65,000 | ' | 65,000 | ' |
2016 | 10,000 | ' | 10,000 | ' |
Total | 278,000 | ' | 278,000 | ' |
Future minimum payments for other commitments | ' | ' | ' | ' |
Remainder of 2014 | 4,481,000 | ' | 4,481,000 | ' |
2015 | 3,513,000 | ' | 3,513,000 | ' |
2016 | 2,016,000 | ' | 2,016,000 | ' |
2017 | 311,000 | ' | 311,000 | ' |
2018 and thereafter | 6,000 | ' | 6,000 | ' |
Total | 10,327,000 | ' | 10,327,000 | ' |
Future minimum payments for operating leases and other commitments | ' | ' | ' | ' |
Remainder of 2014 | 4,684,000 | ' | 4,684,000 | ' |
2015 | 3,578,000 | ' | 3,578,000 | ' |
2016 | 2,026,000 | ' | 2,026,000 | ' |
2017 | 311,000 | ' | 311,000 | ' |
2018 and thereafter | 6,000 | ' | 6,000 | ' |
Total | $10,605,000 | ' | $10,605,000 | ' |
Subsequent_Event
Subsequent Event (Subsequent Event [Member], Senior Secured Term Loan B Facility [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jul. 31, 2014 |
Subsequent Event [Line Items] | ' |
Amount of term loan | $225 |
Effective interest rate (as a percent) | 5.00% |
Original issue discount (as a percent) | 0.50% |
Scenario Forecast [Member] | ' |
Subsequent Event [Line Items] | ' |
Debt transaction costs | $2.50 |
London Interbank Offered Rate L I B O R [Member] | ' |
Subsequent Event [Line Items] | ' |
Interest rate margin (as a percent) | 4.00% |
Interest rate floor (as a percent) | 1.00% |