Hemisphere Media (HMTV) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 05, 2019
Entity Registrant Name	HEMISPHERE MEDIA GROUP, INC.
Entity Central Index Key	0001567345
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Common Class A
Entity Common Stock, Shares Outstanding		20,256,791
Common Class B
Entity Common Stock, Shares Outstanding		19,720,381

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current Assets
Cash	$ 85,227	$ 94,478
Accounts receivable, net of allowance for doubtful accounts of $551 and $2,645, respectively	29,630	30,840
Due from related parties	1,255	970
Programming rights	10,456	10,735
Prepaids and other current assets	7,719	7,801
Total current assets	134,287	144,824
Programming rights, net of current portion	14,208	15,321
Property and equipment, net	34,758	32,209
Operating lease right-of-use assets	1,962
Broadcast license	41,356	41,356
Goodwill	170,068	169,994
Other intangibles, net	32,243	39,086
Deferred income taxes	5,243	4,290
Equity method investments	51,476	51,658
Other assets	1,310	2,529
Total Assets	486,911	501,267
Current Liabilities
Accounts payable	2,057	2,515
Due to related parties	434	626
Accrued agency commissions	3,393	5,061
Accrued compensation and benefits	5,369	5,855
Accrued marketing	4,957	5,619
Other accrued expenses	5,945	6,810
Income taxes payable		2,265
Programming rights payable	5,141	4,051
Investee losses in excess of investment	1,484	4,982
Current portion of long-term debt	2,134	2,134
Total current liabilities	30,914	39,918
Programming rights payable, net of current portion	1,052	1,133
Long-term debt, net of current portion	202,794	203,957
Deferred income taxes	19,541	19,520
Other long-term liabilities	3,937	1,080
Defined benefit pension obligation	2,239	2,260
Total Liabilities	260,477	267,868
Stockholders' Equity
Preferred stock, $0.0001 par value; 50,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2019 and December 31, 2018
Additional paid-in capital	273,245	270,345
Treasury stock, at cost 5,544,460 and 5,523,838 at September 30, 2019 and December 31, 2018, respectively	(59,540)	(59,088)
Retained earnings	12,229	19,495
Accumulated other comprehensive (loss) income	(956)	1,155
Total Hemisphere Media Group, Inc. Stockholders' Equity	224,983	231,911
Equity attributable to non-controlling interest	1,451	1,488
Total Stockholders' Equity	226,434	233,399
Total Liabilities and Stockholders' Equity	486,911	501,267
Common Class A
Stockholders' Equity
Common stock	3	2
Common Class B
Stockholders' Equity
Common stock	$ 2	$ 2

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounts receivable, allowance for doubtful accounts	$ 551	$ 2,645
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
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	5,544,460	5,523,838
Common Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	25,033,981	24,849,589
Common Class B
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	33,000,000	33,000,000
Common stock, shares issued	19,720,381	19,720,381
Common stock, shares outstanding	19,720,381	19,720,381

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Consolidated Statements of Operations
Net revenues	$ 35,846	$ 37,239	$ 110,103	$ 101,065
Operating expenses:
Cost of revenues	10,445	11,039	31,976	31,300
Selling, general and administrative	11,869	11,095	33,583	32,787
Depreciation and amortization	2,581	4,023	9,204	12,040
Other expenses	530	193	1,183	967
Gain from FCC spectrum repack and other	(154)	(936)	(1,661)	(974)
Total operating expenses	25,271	25,414	74,285	76,120
Operating income	10,575	11,825	35,818	24,945
Other expenses, net:
Interest expense, net	(3,113)	(3,073)	(9,078)	(8,976)
Loss on equity method investments	(6,888)	(8,657)	(24,048)	(27,278)
Gain on insurance proceeds		2,080		2,080
Total other expenses, net	(10,001)	(9,650)	(33,126)	(34,174)
Income (loss) before income taxes	574	2,175	2,692	(9,229)
Income tax expense	(3,743)	(3,229)	(9,942)	(4,490)
Net loss	(3,169)	(1,054)	(7,250)	(13,719)
Net loss attributable to non-controlling interest			37
Net loss attributable to Hemisphere Media Group, Inc.	$ (3,169)	$ (1,054)	$ (7,213)	$ (13,719)
Loss per share attributable to Hemisphere Media Group, Inc.:
Basic (in dollars per share)	$ (0.08)	$ (0.03)	$ (0.18)	$ (0.35)
Diluted (in dollars per share)	$ (0.08)	$ (0.03)	$ (0.18)	$ (0.35)
Weighted average shares outstanding:
Basic (in shares)	39,209	38,969	39,135	38,982
Diluted (in shares)	39,209	38,969	39,135	38,982

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Consolidated Statement of Comprehensive Loss
Net loss	$ (3,169)	$ (1,054)	$ (7,250)	$ (13,719)
Other comprehensive (loss) income:
Change in fair value of interest rate swap, net of income taxes	(309)	321	(2,164)	1,958
Comprehensive loss	(3,478)	(733)	(9,414)	(11,761)
Comprehensive loss attributable to non-controlling interest			37
Comprehensive loss attributable to Hemisphere Media Group, Inc.	$ (3,478)	$ (733)	$ (9,377)	$ (11,761)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common StockCommon Class A	Common StockCommon Class B	Additional Paid In Capital	Treasury StockCommon Class A	Retained Earnings	Accumulated Comprehensive Income	Non-controlling Interest	Total
Balance at the beginning of the period at Dec. 31, 2017	$ 3	$ 2	$ 265,329	$ (57,303)	$ 30,401	$ 472		$ 238,904
Balance at the beginning of the period (in shares) at Dec. 31, 2017	25,171	20,801
Condensed Consolidated Statements of Changes in Stockholders' Equity
Net loss					(13,719)			(13,719)
Stock-based compensation			2,967					2,967
Vesting of restricted stock	$ 0		0	(326)				(326)
Vesting of restricted stock (in shares)	199
Repurchases of Class A common stock				(2,104)				(2,104)
Forfeiture of common stock earnouts	$ 0	$ 0	0
Forfeiture of common stock earnouts (in shares)	(544)	(1,081)
Exercise of warrants	$ 0		20					20
Exercise of warrants (in shares)	2
Exercise of options	$ 0		0	(14)				(14)
Exercise of options (in shares)	3
Other comprehensive income (loss), net of tax						1,958		1,958
Balance at the end of the period at Sep. 30, 2018	$ 3	$ 2	268,316	(59,747)	16,682	2,430		227,686
Balance at the end of the period (in shares) at Sep. 30, 2018	24,831	19,720
Balance at the beginning of the period at Jun. 30, 2018	$ 3	$ 2	267,347	(59,184)	17,736	2,109		228,013
Balance at the beginning of the period (in shares) at Jun. 30, 2018	24,828	19,720
Condensed Consolidated Statements of Changes in Stockholders' Equity
Net loss					(1,054)			(1,054)
Stock-based compensation			969					969
Repurchases of Class A common stock				(549)				(549)
Exercise of options	$ 0		0	(14)				(14)
Exercise of options (in shares)	3
Other comprehensive income (loss), net of tax						321		321
Balance at the end of the period at Sep. 30, 2018	$ 3	$ 2	268,316	(59,747)	16,682	2,430		227,686
Balance at the end of the period (in shares) at Sep. 30, 2018	24,831	19,720
Balance at the beginning of the period at Dec. 31, 2018	$ 2	$ 2	270,345	(59,088)	19,495	1,155	$ 1,488	233,399
Balance at the beginning of the period (in shares) at Dec. 31, 2018	24,850	19,720
Condensed Consolidated Statements of Changes in Stockholders' Equity
Net loss					(7,213)		(37)	(7,250)
Issuance of treasury shares for acquisition of Snap Media			(588)	588
Stock-based compensation			3,535					3,535
Vesting of restricted stock	$ 1			(532)				(531)
Vesting of restricted stock (in shares)	184
Repurchases of Class A common stock				(662)				(662)
Exercise of options			(47)	154				107
Adoption of accounting standards | ASU 2018-02					(53)	53
Other comprehensive income (loss), net of tax						(2,164)		(2,164)
Balance at the end of the period at Sep. 30, 2019	$ 3	$ 2	273,245	(59,540)	12,229	(956)	1,451	226,434
Balance at the end of the period (in shares) at Sep. 30, 2019	25,034	19,720
Balance at the beginning of the period at Jun. 30, 2019	$ 3	$ 2	271,117	(59,573)	15,398	(647)	1,451	227,751
Balance at the beginning of the period (in shares) at Jun. 30, 2019	25,034	19,720
Condensed Consolidated Statements of Changes in Stockholders' Equity
Net loss					(3,169)			(3,169)
Stock-based compensation			2,175					2,175
Repurchases of Class A common stock				(14)				(14)
Exercise of options			(47)	47
Other comprehensive income (loss), net of tax						(309)		(309)
Balance at the end of the period at Sep. 30, 2019	$ 3	$ 2	$ 273,245	$ (59,540)	$ 12,229	$ (956)	$ 1,451	$ 226,434
Balance at the end of the period (in shares) at Sep. 30, 2019	25,034	19,720

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Reconciliation of Net Loss to Net Cash Provided by Operating Activities:
Net loss	$ (7,250)	$ (13,719)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	9,204	12,040
Program amortization	10,284	8,957
Amortization of deferred financing costs and original issue discount	434	440
Stock-based compensation	3,535	2,967
Provision for bad debts	108	174
Loss ( gain ) on disposition of assets	16	(43)
Loss on equity method investments	24,048	27,278
Gain from FCC spectrum repack	(1,677)	(566)
Deferred tax expense	(312)	(265)
Amortization of operating lease right-of-use assets	357
Gain from insurance proceeds		(2,080)
Decrease (increase) in:
Accounts receivable	1,102	(7,656)
Programming rights	(8,892)	(14,441)
Prepaids and other assets	(2,711)	2,076
(Decrease) increase in:
Accounts payable	(458)	771
Due to related parties, net	(477)	1,331
Other accrued expenses	(3,681)	(37)
Programming rights payable	1,009	3,193
Income taxes payable	(2,265)
Other liabilities	1,671	135
Net cash provided by operating activities	24,045	20,555
Cash Flows From Investing Activities:
Funding of equity method investments	(27,361)	(36,947)
Capital expenditures	(4,925)	(10,064)
FCC spectrum repack proceeds	1,677	566
Insurance proceeds		2,080
Net cash used in investing activities	(30,609)	(44,365)
Cash Flows From Financing Activities:
Principle payments of long-term debt	(1,600)	(2,133)
Purchases of common stock	(1,194)	(2,444)
Proceeds from exercise of options	107
Proceeds from exercise of warrants		20
Net cash used in financing activities	(2,687)	(4,557)
Net decrease in cash	(9,251)	(28,367)
Cash:
Beginning	94,478	124,299
Ending	85,227	95,932
Cash payments for:
Interest	10,013	8,564
Income taxes	9,263	$ 8
Non-cash investing activity:
Acquisition financed in part by treasury shares	588
Non-cash financing activity:
Cashless exercise of options issued from treasury shares	$ 47

Nature of business

Nature of business	9 Months Ended
	Sep. 30, 2019
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 Holdings”), HMTV Cable, Inc., the parent company of the entities for the acquired networks consisting of Pasiones, TV Dominicana, and Centroamerica TV (see below), and HMTV Distribution, LLC, the parent of Snap Global, LLC, a Delaware limited liability company and its wholly owned subsidiaries (“Snap Media”), which we acquired a 75% interest on November 26, 2018. Hemisphere was formed on January 16, 2013 for purposes of effecting its initial public offering, which was consummated on April 4, 2013. In these notes, the terms “Company,” “we,” “us” or “our” mean Hemisphere and all subsidiaries included in our Condensed Consolidated Financial Statements. Reclassification: Certain prior year amounts on the presented Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Cash Flows have been reclassified to conform with current period presentation. Basis of presentation: The accompanying 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 (“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 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 nine months ended September 30, 2019 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, 2019. These Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018. Net loss per common share: Basic loss per share is computed by dividing income attributable to Hemisphere Media Group, Inc. common stockholders by the number of weighted-average outstanding shares of common stock. Diluted loss per share 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 loss per share attributable to Hemisphere Media Group, Inc. ( amounts in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator for loss per common share calculation: Net loss attributable to Hemisphere Media Group, Inc. $ (3,169) $ (1,054) $ (7,213) $ (13,719) Denominator for loss per common share calculation: Weighted-average common shares, basic 39,209 38,969 39,135 38,982 Effect of dilutive securities Stock options, restricted stock and warrants — — — — Weighted-average common shares, diluted 39,209 38,969 39,135 38,982 Loss per share attributable to Hemisphere Media Group, Inc. Basic $ (0.08) $ (0.03) $ (0.18) $ (0.35) Diluted $ (0.08) $ (0.03) $ (0.18) $ (0.35) We apply the treasury stock method to measure the dilutive effect of its outstanding stock options and restricted stock awards and include the respective common share equivalents in the denominator of our diluted loss per common share calculation. Per the Accounting Standards Codification (“ASC”) 260 accounting guidance, under the treasury stock method, the incremental shares (difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted loss per share computation (ASC 260-10-45-23). The assumed exercise only occurs when the options are “In the Money” (exercise price is lower than the average market price for the period). If the options are “Out of the Money” (exercise price is higher than the average market price for the period), the exercise is not assumed since the result would be anti-dilutive. Potentially dilutive securities representing 1.7 million and 1.2 million shares of common stock for the three months ended September 30, 2019 and 2018, respectively, were excluded from the computation of diluted loss per common share for these periods because their effects would have been anti-dilutive. Potentially dilutive securities representing 1.2 million and 1.7 million shares of common stock for the nine months ended September 30, 2019 and 2018, respectively, were excluded from the computation of diluted loss per common share for these periods because their effects would have been anti-dilutive. The net loss per share attributable to Hemisphere Media Group, Inc. amounts are the same for our Class A and Class B common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. As a result of the loss from continuing operations for each of the three and nine months ended September 30, 2019 and 2018, 0.3 million outstanding awards, respectively, were not included in the computation of diluted loss per share because their effect was anti-dilutive. Use of estimates: In preparing these Condensed Consolidated 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 sheet dates, and the reported revenues and expenses for the three and nine months ended September 30, 2019 and 2018. 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. Recently adopted Accounting Standards: On January 1, 2019, we adopted Financial Accounting Standards Board (“the FASB”) ASC Topic 842, Leases (ASC 842) (the “new lease standard”), using a modified retrospective transition approach with application as of the effective date of initial application without restating comparative period financial statements. The core principle of the new lease standard is that a lessee should recognize the assets and liabilities that arise from leases, including operating leases, in the statement of financial position. We elected to apply the package of practical expedients to our adoption of the new lease standard, which includes allowing us to continue utilizing historical classification of leases. We did not elect the practical expedient that permits a reassessment of lease terms for existing leases. Upon our transition to the new lease standard, we recognized $2.1 million and $1.9 million of operating lease liabilities and corresponding right of use (“ROU”) assets, respectively. The adoption of the new lease standard did not have an impact on the Condensed Consolidated Statement of Operations. For additional information about our leases, see Note 13, “Leases” of Notes to Condensed Consolidated Financial Statements. On January 1, 2019, we adopted the FASB Accounting Standards Update (“ASU”) 2018-07—Compensation —Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The amendments in this ASU applied to any entity that enters into share-based payment transactions with nonemployees. The new guidance eliminated the requirement to revalue nonemployee share-based transactions on a recurring quarterly basis. The adoption of this ASU did not have an impact on our Condensed Consolidated Financial Statements. On January 1, 2019, we adopted ASU 2018-02—Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The amendments in this ASU applied to any entity that has items of other comprehensive income (“OCI”) for which the related tax effects are presented in accumulated other comprehensive income (“AOCI”), as previously required by GAAP. This ASU permitted a one-time reclassification from AOCI to Retained earnings for stranded tax effects resulting from the 2017 Tax Cuts and Jobs Act (“Jobs Act”) enacted on December 22, 2017. The adoption of this ASU resulted in a one-time reclassification of $0.1 million from AOCI to Retained earnings, which was recorded in the current period. For the impact of this adoption, see Condensed Consolidated Statement of Changes in Stockholders’ Equity for the nine months ended September 30, 2019, located in Part I, Item I - Financial Statements. On January 1, 2019, we adopted ASU 2017-12 — Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . The amendments in this ASU applied to any entity that elects to apply hedge accounting and is intended to better align an entity’s risk management activities and financial reporting for hedging relationships. The ASU amends effectiveness testing requirements, income statement presentation and disclosures and permits additional risk management strategies to qualify for hedge accounting. The adoption of this ASU did not have an impact on our Condensed Consolidated Financial Statements. Accounting guidance not yet adopted: In March 2019, the FASB issued ASU 2019-02—Entertainment—Films-Other Assets-Film Costs (Subtopic 926-20): Improvements to Accounting for Costs of Films. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominately monetized with other owned or licensed content. The updated guidance is effective for the fiscal years beginning after December 15, 2019 and early adoption is permitted. We are currently in the process of determining the impact, if any, that the updated accounting guidance will have on our Condensed Consolidated Financial Statements.

Revenue recognition

Revenue recognition	9 Months Ended
	Sep. 30, 2019
Revenue recognition
Revenue recognition	Note 2. Revenue recognition The following is a description of principal activities from which we generate our revenue: Affiliate fees: We enter into arrangements with multi-channel video distributors, such as cable, satellite and telecommunications companies (referred to as “MVPDs”) to provide a continuous feed of our programming generally based on a per subscriber fee pursuant to multi-year contracts, referred to as “affiliation agreements”, which typically provide for annual rate increases. We have used the practical expedient related to the right to invoice and recognize revenue at the amount to which we have the right to invoice for services performed. The specific affiliate fees we earn vary from period to period, distributor to distributor and also vary among our Networks, but are generally based upon the number of each distributor’s paying subscribers who subscribe to our Networks. Changes in affiliate fees are primarily derived from changes in contractual per subscriber rates charged for our Networks and changes in the number of subscribers. MVPDs report their subscriber numbers to us generally on a two month lag. We record revenue based on estimates of the number of subscribers utilizing the most recently received remittance reporting of each MVPD, which is consistent with our past practice and industry practice. Revenue is recognized on a month by month basis when the performance obligations to provide service to the MVPDs is satisfied. Payment is typically received within sixty days of the remittance. Advertising revenue: Advertising revenues are generated from the sale of commercial time, which is typically sold pursuant to sale orders with advertisers providing for an agreed upon commitment and price per spot. We recognize revenue from the sale of advertising as performance obligations are satisfied upon airing of the advertising; therefore, revenue is recognized at a point in time when each advertising spot is transmitted. Agency fees are calculated based on a stated percentage applied to gross billing revenue for our advertising inventory and are reported as a reduction of advertising revenue. Payment is typically due and received within thirty days of the invoice date. Other revenue: Other revenues are derived primarily through the licensing of content to third parties. We enter into agreements to license content and recognize revenue when the performance obligation is satisfied and control is transferred, which is generally upon delivery of the content. The following table presents the revenues disaggregated by revenue source (amounts in thousands): Three months ended September 30, Revenues by type 2019 2018 Affiliate fees $ 20,993 $ 20,287 Advertising revenue 13,780 15,855 Other revenue 1,073 1,097 Total revenue $ 35,846 $ 37,239 Nine months ended September 30, Revenues by type 2019 2018 Affiliate fees $ 63,879 $ 58,231 Advertising revenue 42,625 40,539 Other revenue 3,599 2,295 Total revenue $ 110,103 $ 101,065

Related party transactions

Related party transactions	9 Months Ended
	Sep. 30, 2019
Related party transactions
Related party transactions	Note 3. Related party transactions The Company has various agreements with MVS, a Mexican media and television conglomerate, which has directors and stockholders in common with the Company as follows: · On November 15, 2018, the Company executed an amended agreement, 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”). The Satellite and Support Services Agreement expires February 28, 2022. Expenses incurred under this agreement are included in cost of revenues in the accompanying Condensed Consolidated Statements of Operations. Total expenses incurred were $0.7 million and $0.6 million for the three month periods ended September 30, 2019 and 2018, respectively. Total expenses incurred were $2.0 million for each of the nine month periods ended September 30, 2019 and 2018. Amounts due to MVS pursuant to this agreement totaled $0.4 million and $0.7 million at September 30, 2019 and December 31, 2018, respectively. · On November 15, 2018, the Company extended its affiliation agreement with Dish Mexico (d/b/a Comercializadora de Frecuencias Satelitales, S. de R.L. de C.V.), an MVS affiliate that transmits television programming services throughout Mexico, including Cinelatino. This agreement expires on February 28, 2022. Total revenues recognized were $0.5 million for each of the three month periods ended September 30, 2019 and 2018. Total revenues recognized were $1.4 million for each of the nine month periods ended September 30, 2019 and 2018. Amounts due from Dish Mexico amounted to $0.3 million at September 30, 2019 and December 31, 2018. · On November 15, 2018, the Company amended and extended its license agreement with MVS, pursuant to which MVS has the non-exclusive right to duplicate, distribute and exhibit Cinelatino’s service via cable, satellite or by any other means in Mexico. Pursuant to the amendment, Cinelatino receives revenues net of MVS’s distribution fee, which is equal to 13.5% of all license fees collected from third party distributors managed but not owned by MVS. Total revenues recognized were $0.2 million and $0.3 million for the three month periods ended September 30, 2019 and 2018, respectively. Total revenues recognized were $0.8 million for each of the nine month periods ended September 30, 2019 and 2018. Amounts due from MVS pursuant to this agreement totaled $0.7 million at September 30, 2019 and December 31, 2018. The Company entered into an amended and restated consulting agreement with James M. McNamara on Auguest 13, 2019, a member of the Company’s 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. Total expenses incurred under these agreements are included in selling, general and administrative expenses and amounted to $0.1 million for each of the three month periods ended September 30, 2019 and 2018, and $0.3 million and $0.4 million for the nine month periods ended September 30, 2019 and 2018, respectively. No amounts were due to this related party at September 30, 2019 and December 31, 2018. The Company is party to an output agreement with Pantelion Films, LLC (“Pantelion”), a joint venture made up of several organizations, including Panamax Films, LLC (an entity owned by James M. McNamara), Lions Gate Films, Inc. (“Lionsgate”) and Grupo Televisa, for the licensing of movie titles. Expenses incurred under this agreement are included in cost of revenues in the accompanying consolidated statements of operations and amounted to $0.2 million and $0.0 million for the three month periods ended September 30, 2019 and 2018, respectively, and $0.3 million and $0.0 million for the nine month periods ended September 30, 2019 and 2018, respectively. At September 30, 2019 and December 31, 2018, $1.1 million and $0.5 million is included in programming rights, respectively, in the accompanying Condensed Consolidated Balance Sheets related to these agreements.

Snap Media Acquisition

Snap Media Acquisition	9 Months Ended
	Sep. 30, 2019
Snap Media Acquisition
Snap Media Acquisition	Note 4. Snap Media Acquisition On November 26, 2018, the Company completed the acquisition of a seventy five percent (75%) interest in Snap Global, LLC (“Snap Media”), pursuant to the terms of a Transaction Agreement (the “Snap Media Acquisition”). Snap Media is a leading independent distributor of content in Latin America to broadcast, pay TV and OTT platforms. The opportunity is to leverage Snap Media to drive licensing of our content and to identify co-production opportunities in Latin America. The Snap Media Acquisition was accounted for as a business combination using the acquisition method of accounting. Total consideration in connection with the Snap Media Acquisition was $4.8 million (net of $0.7 million of cash acquired), consisting of cash and shares of the Company’s Class A common stock. At closing, we paid $1.5 million in cash and issued 101,818 shares of the Company’s Class A common stock. During the nine months ended September 30, 2019, 54,825 shares of the Company’s Class A common stock were issued and $0.8 million was paid in cash. Future consideration includes $0.5 million to be paid in each of 2020 and 2021, subject to downward adjustment. The fair value of shares of the Company’s Class A common stock included in consideration is based on the closing price of the Company’s Class A common stock on November 26, 2018. Future consideration is classified as Other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. The acquisition accounting for Snap Media as reflected in these financial statements is preliminary. The estimated fair values that are not yet finalized relate to the valuation of goodwill and certain intangible assets. The preliminary allocation of consideration to the net tangible and intangible assets acquired as of November 26, 2018 is presented in the table below ( amounts in thousands ): Accounts receivable $ 1,419 Other current assets 30 Intangible asset—content library 616 Accounts payable (259) Accrued expenses (589) Deferred revenue (140) Fair value of net assets acquired 1,077 Goodwill 5,107 Non-controlling interest (1,379) Total purchase price consideration $ 4,805 Programming rights intangible assets have an amortization period of approximately 7.0 years. The purchase price allocation reflects preliminary fair value estimates based on preliminary work and analysis performed by management. The valuation of certain intangibles is not yet finalized and is subject to change as additional information to assist in the determination of fair value at the closing date is obtained during the post-closing measurement period. Goodwill attributable to the Snap Media Acquisition is expected to be deductible for tax purposes. Goodwill represents the excess of the purchase price consideration over the fair value of the underlying net assets acquired and largely results from expected future synergies from combining operations as well as an assembled workforce, which does not qualify for separate recognition. The non-controlling interest fair value reflects the fair value of purchase price consideration for a controlling interest, less discounts for lack of control and marketability. The Snap Media Acquisition is not material to our Condensed Consolidated Financial Statements, and therefore, supplemental pro forma financial information related to the acquisition is not included herein.

Goodwill and intangible assets

Goodwill and intangible assets	9 Months Ended
	Sep. 30, 2019
Goodwill and intangible assets
Goodwill and intangible assets	Note 5. Goodwill and intangible assets Goodwill and intangible assets consist of the following as of September 30, 2019 and December 31, 2018 ( amounts in thousands ): September 30, December 31, 2019 2018 Broadcast license $ 41,356 $ 41,356 Goodwill 170,068 169,994 Other intangibles 32,243 39,086 Total intangible assets $ 243,667 $ 250,436 A summary of changes in the Company’s goodwill and other indefinite-lived intangible assets, on a net basis, for the nine months ended September 30, 2019 is as follows (amounts in thousands) : Net Balance at Net Balance at December 31, 2018 Additions Impairment September 30, 2019 Broadcast license $ 41,356 $ — $ — $ 41,356 Goodwill 169,994 74 — 170,068 Brands 15,986 — — 15,986 Other intangibles 700 — — 700 Total indefinite-lived intangibles $ 228,036 $ 74 $ — $ 228,110 A summary of the changes in the Company’s other amortizable intangible assets for the nine months ended September 30, 2019 is as follows (amounts in thousands) : Net Balance at Net Balance at December 31, 2018 Additions Amortization September 30, 2019 Affiliate relationships $ 20,273 $ — $ (5,893) $ 14,380 Advertiser relationships 690 — (414) 276 Non-compete agreement 686 — (412) 274 Other intangibles 144 — (57) 87 Programming contracts 607 — (67) 540 Total finite-lived intangibles $ 22,400 $ — $ (6,843) $ 15,557 The aggregate amortization expense of the Company’s amortizable intangible assets was $1.8 million and $3.3 million for the three months ended September 30, 2019 and 2018, respectively, and $6.8 million and $9.9 million for the nine months ended September 30, 2019 and 2018, respectively. The weighted average remaining amortization period is 2.6 years at September 30, 2019. Future estimated amortization expense is as follows (amounts in thousands): Year Ending December 31, Amount Remainder of 2019 $ 1,754 2020 6,170 2021 5,857 2022 1,528 2023 and thereafter 248 Total $ 15,557

Equity method investments

Equity method investments	9 Months Ended
	Sep. 30, 2019
Equity method investments
Equity method investments	Note 6. Equity method investments The Company makes investments that support its underlying business strategy and enable it to enter new markets. The carrying values of the Company’s equity method investments are typically consistent with its ownership in the underlying net assets of the investees, with the exception of Canal 1 and Pantaya, as described in detail below. Certain of the Company’s equity investments are variable interest entities, for which the Company is not the primary beneficiary. On November 3, 2016, we acquired a 25% interest in Pantaya, a newly formed joint venture with Lionsgate, to launch a Spanish-language OTT movie service. The service launched on August 1, 2017. The investment is deemed a variable interest entity (“VIE”) that is accounted for under the equity method. As of September 30, 2019, we have funded $8.5 million in capital contributions to Pantaya. We record the income or loss on investment on a one quarter lag. As of March 31, 2019, our applicable pro rata share of the inception-to-date losses exceeded our contractual funding commitment of $10 million. As such, our cumulative share of the losses is limited to $10 million and no additional losses were recorded in the three month period ended September 30, 2019. For the three and nine months ended September 30, 2019, we recorded $0 and $0.3 million, respectively in loss on equity method investments in the accompanying unaudited Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2018, we recorded $1.6 million and $6.0 million, respectively in loss on equity method investments in the accompanying unaudited Condensed Consolidated Statements of Operations. In accordance with U.S. GAAP, since we are committed to provide future capital contributions to Pantaya, we also present as a liability in the accompanying Condensed Consolidated Balance Sheets the net balance recorded for our share of Pantaya’s losses in excess of the amount funded into Pantaya, which was $1.5 million and $5.0 million at September 30, 2019 and December 31, 2018, respectively. On November 30, 2016, we, in partnership with Colombian content producers, Radio Television Interamericana S.A., Compania de Medios de Informacion S.A.S. and NTC Nacional de Television y Comunicaciones S.A., were awarded a ten (10) year renewable television broadcast concession license for Canal 1 in Colombia. The partnership began operating Canal 1 on May 1, 2017. On February 7, 2018, Colombian regulatory authorities approved an increase in our ownership in the joint venture from 20% to 40%. In July 2019, the Colombian government enacted legislation resulting in the extension of the concession license for Canal 1 for an additional ten years for no additional consideration. The concession is now due to expire on April 30, 2037 and is renewable for an additional 20-year period. The joint venture is deemed a VIE that is accounted for under the equity method. As of September 30, 2019, we have funded $107.4 million in capital contributions to Canal 1. The Canal 1 joint venture losses-to-date have exceeded the capital contributions of the common equity partners and in accordance with equity method accounting, losses in excess of the common equity have been recorded against the next layer of the capital structure, in this case, preferred equity. The Company is currently the sole preferred equity holder in Canal 1 and therefore, the Company has recorded nearly 100% of the losses of the joint venture. We record the income or loss on investment on a one quarter lag. For each of the three months ended September 30, 2019 and 2018, we recorded $7.1 million in loss on equity method investment, net of a preferred return on capital funded, in the accompanying Unaudited Condensed Consolidated Statements of Operations. For the nine months ended September 30, 2019 and 2018, we recorded $24.0 million and $21.1 million, respectively, in loss on equity method investment, net of a preferred return on capital funded, in the accompanying Unaudited Condensed Consolidated Statements of Operations. The net balance recorded in equity method investments related to the Canal 1 joint venture was $46.0 million and $46.7 million at September 30, 2019 and December 31, 2018, respectively, and is included in equity method investments in the accompanying Condensed Consolidated Balance Sheets. On April 28, 2017, we acquired a 25.5% interest in REMEZCLA, a digital media company targeting English speaking and bilingual U.S. Hispanic millennials through innovative content. As of September 30, 2019, we have recorded $5.0 million in equity method funding related to REMEZCLA. We record the income or loss on investment on a one quarter lag. For the three and nine months ended September 30, 2019, we recorded $0.2 million and $0.4 million, respectively, in gain on equity method investment inclusive of preferred return on capital funded, in the accompanying Unaudited Condensed Consolidated Statement of Operations. For the three months ended September 30, 2018, we recorded $0.0 million in gain on equity method investment, inclusive of preferred return on capital funded, in the accompanying Unaudited Condensed Consolidated Statement of Operations. For the nine months ended September 30, 2018, we recorded $0.1 million in loss on equity method investment, net of preferred return on capital funded, in the accompanying Unaudited Condensed Consolidated Statement of Operations. The net balance recorded in equity method investments was $5.4 million and $5.0 million at September 30, 2019 and December 31, 2018, respectively, and is included in the accompanying Condensed Consolidated Balance Sheets. We have no additional commitment to fund the operations of the venture. On November 26, 2018, Snap Media acquired a 50% interest in Snap JV, LLC (“Snap JV”) (we own 75% of Snap Media), a newly formed joint venture with Mar Vista Entertainment, LLC (“MarVista”), to co-produce original movies and series. The investment is deemed a VIE that is accounted for under the equity method. As of September 30, 2019, we have funded $0.3 million in capital contributions to Snap JV. We record the income or loss on investment on a one quarter lag. For the three and nine months ended September 30, 2019, we have recorded $0.0 million and $0.1 million in loss on equity method investments in the accompanying Unaudited Condensed Consolidated Statements of Operations. The net balance recorded in equity method investments related to Snap JV was $0.1 million at September 30, 2019, and is included in equity method investments in the accompanying Condensed Consolidated Balance Sheets. The Company records the income or loss on investments on a one quarter lag. Summary unaudited financial data for our equity investments in the aggregate as of and for the nine months ended June 30, 2019 are included below (amounts in thousands): Total Equity Investees Current assets $ Non-current assets $ Current liabilities $ Non-current liabilities $ Redeemable stock and non-controlling interests $ Net revenue $ Operating loss $ Net loss $

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2019
Income taxes
Income taxes	Note 7. Income taxes The 2017 Jobs Act was signed into law on December 22, 2017. The Jobs Act revised the U.S. corporate income tax by lowering the statutory corporate tax rate from 35% to 21% in 2018. The Company generates income in higher tax rate foreign locations, which result in foreign tax credits. The lower federal corporate tax rate reduces the likelihood or our utilization of foreign tax credits created by income taxes paid in Puerto Rico and Latin America, resulting in a valuation allowance. For the nine months ended September 30, 2019 and 2018, our income tax expense has been computed utilizing the estimated annual effective rates of 34.6% and 41.6%, respectively. The difference between the annual effective rate of 34.6% and the statutory Federal income tax rate of 21% in the nine months ended September 30, 2019, is primarily due to the impact of the Jobs Act, which impacted the valuation allowance on foreign tax credits, and limitations on the deductibility of executive compensation under Internal Revenue Code Section 162(m). Due to the reduced U.S. tax rate related to the Jobs Act, the Company determined that a portion of its foreign income, which is taxed at a higher rate, will result in the generation of excess foreign tax credits that will not be available to offset U.S. income tax, resulting in a required valuation allowance against the excess foreign tax credits. The difference between the annual effective rate of 41.6% and the statutory Federal income tax rate of 21% in the nine months ended September 30, 2018, was primarily due to foreign withholding taxes and foreign permanent differences, which were offset in part by foreign tax credits. Income tax expense was $3.7 million and $3.2 million for the three month period ended September 30, 2019 and 2018, respectively. Income tax expense was $9.9 million and $4.5 million for the nine month period ended September 30, 2019 and 2018, respectively. The increase for the three month period, is due to tax expense of $0.8 million in the current period related to adjustments to the 2018 tax return as a result of a decrease in the foreign tax credit utilization, as compared to the prior year period, which included a benefit of $0.5 million related to hurricane relief credits and an increase to foreign tax credit utilization. The increase for the nine month period was primarily due to higher income.

Long-term debt

Long-term debt	9 Months Ended
	Sep. 30, 2019
Long-term debt
Long-term debt	Note 8. Long-term debt Long-term debt as of September 30, 2019 and December 31, 2018 consists of the following (amounts in thousands) : September 30, 2019 December 31, 2018 Senior Notes due February 2024 $ 204,928 $ 206,091 Less: Current portion 2,134 2,134 $ 202,794 $ 203,957 On February 14, 2017 (the “Closing Date”), the Borrowers amended the Term Loan Facility (the “Second Amended Term Loan Facility”). The Second Amended Term Loan Facility provides for a $213.3 million senior secured term loan B facility, which matures on February 14, 2024. The Second Amended Term Loan Facility bears interest at the Borrowers’ option of either (i) London Inter-bank Offered Rate (“LIBOR’) plus a margin of 3.50% or (ii) an Alternate Base Rate (“ABR”) plus a margin of 2.50%. The Second Amended Term Loan Facility, among other terms, provides for an uncommitted incremental loan option (the “Incremental Facility”) allowing for increases for borrowings under the Second Amended Term Loan Facility and borrowing of new tranches of term loans, up to an aggregate principal amount equal to (i) $65.0 million plus (ii) an additional amount (the “Incremental Facility Increase”) provided, that after giving effect to such Incremental Facility Increase (as well as any other additional term loans), on a pro forma basis, the First Lien Net Leverage Ratio (as defined in the Second Amended Term Loan Facility) for the most recent four consecutive fiscal quarters does not exceed 4.00:1.00 and the Total Net Leverage Ratio (as defined in the Second Amended Term Loan Facility) for the most recent four consecutive fiscal quarters does not exceed 6.00:1.00. The First Lien Net Leverage Ratio and the Total Net Leverage Ratio each cap the cash netted against debt up to a maximum amount of $60.0 million. Additionally, the Second Amended Term Loan Facility also provides for an uncommitted incremental revolving loan option (the “Incremental Revolving Facility”) allowing for an aggregate principal amount of up to $30.0 million, which will be secured on a pari passu basis by the collateral securing the Second Amended Term Loan Facility. The Second Amended Term Loan Facility requires the Borrowers to make amortization payments (in quarterly installments) equal to 1.00% per annum with respect to the Second Amended Term Loan Facility with any remaining amount due at final maturity. The Second Amended Term Loan Facility principal payments commenced on March 31, 2017, with a final installment due on February 14, 2024. Voluntary prepayments are permitted, in whole or in part, subject to certain minimum prepayment requirements. In addition, pursuant to the terms of the Second Amended Term Loan Facility, within 90 days after the end of each fiscal year, the Borrowers are required to make a prepayment of the loan principal in an amount equal to a percentage 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, 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. Pursuant to the terms of the Second Amended Term Loan Facility, our net leverage ratio was 2.5x at December 31, 2018, resulting in an excess cash flow percentage of 0% and therefore, no excess cash flow payment was due in March 2019. As of September 30, 2019, the original issue discount balance was $1.5 million, net of accumulated amortization of $2.0 million and was recorded as a reduction to the principal amount of the Second Amended Term Loan Facility outstanding as presented on the accompanying Condensed Consolidated Balance Sheets and will be amortized as a component of interest expense over the term of the Second Amended Term Loan Facility. In accordance with ASU 2015-15 Interest—Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements, deferred financing fees of $1.1 million, net of accumulated amortization of $2.2 million, are presented as a reduction to the Second Amended Term Loan Facility outstanding at September 30, 2019 as presented on the accompanying Condensed Consolidated Balance Sheets, and will be amortized as a component of interest expense over the term of the Second Amended Term Loan Facility. The carrying value of the long-term debt approximates fair value at September 30, 2019 and December 31, 2018 and was derived from quoted market prices by independent dealers (Level 2 in the fair value hierarchy under ASC 820, Fair Value Measurements and Disclosures ). The following are the maturities of our long-term debt as of September 30, 2019 ( amounts in thousands ): Year Ending December 31, Amount Remainder of 2019 $ 533 2020 2,133 2021 2,133 2022 2,133 2023 and thereafter 200,548 Total $ 207,480

Derivative instruments

Derivative instruments	9 Months Ended
	Sep. 30, 2019
Derivative instruments
Derivative instruments	Note 9. Derivative instruments We use derivative financial instruments in the management of our interest rate exposure. Our strategy is to eliminate the cash flow risk on a portion of the variable rate debt caused by changes in the designated benchmark interest rate, LIBOR. The Company does not enter into or hold derivative financial instruments for speculative trading purposes. On May 4, 2017, we entered into two identical pay-fixed, receive-variable, interest rate swaps with two different counterparties, to hedge the variability in the LIBOR interest payments on an aggregate notional value of $100.0 million of our Second Amended Term Loan Facility beginning May 31, 2017, through the expiration of the swaps on March 31, 2022. At inception, these interest rate swaps were designated as cash flow hedges of interest rate risk, and as such, the unrealized changes in fair value are recorded in accumulated other comprehensive income (“AOCI”). The change in the fair value of the interest rate swap agreements for the three months ended September 30, 2019 and 2018, resulted in an unrealized loss of $0.4 million and an unrealized gain of $0.4 million, respectively, which were included in AOCI net of taxes. The change in the fair value of the interest rate swap agreements for the nine months ended September 30, 2019 and 2018, resulted in an unrealized loss of $2.8 million and an unrealized gain of $2.5 million, respectively, which were included in AOCI net of taxes. The Company received $0.1 million and $0.4 million of net interest on the settlement of the interest rate swap agreements for the three and nine months ended September 30, 2019, respectively. The Company received $0.0 million and paid $0.0 million of net interest on the settlement of interest rate swap agreements for the three and nine months ended September 30, 2018, respectively. As of September 30, 2019, the Company estimates that none of the unrealized loss included in AOCI related to these interest rate swap agreements will be realized and reported in operations within the next twelve months. No loss or gain was recorded in operations for the three and nine months ended September 30, 2019 and 2018, respectively. The aggregate fair value of the interest rate swaps was $1.2 million and $1.6 million as of September 30, 2019 and December 31, 2018, respectively. These were recorded in Derivative liability in other long-term liabilities and Swap assets in other non-current assets, respectively, on the accompanying Condensed Consolidated Balance Sheets. By entering into derivative instrument contracts, we are exposed to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is in an asset position, the counterparty has a liability to us, which creates credit risk for us. We attempt to minimize this risk by selecting counterparties with investment grade credit ratings and regularly monitoring our market position with each counterparty. Our derivative instruments do not contain any credit‑risk related contingent features.

Fair value measurements

Fair value measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Measurements
Fair Value Measurements	Note 10. Fair value measurements Our derivatives are valued using a discounted cash flow analysis that incorporates observable market parameters, such as interest rate yield curves, classified as Level 2 within the valuation hierarchy. Derivative valuations incorporate credit risk adjustments that are necessary to reflect the probability of default by us or the counterparty. The following table presents our assets and liabilities measured at fair value on a recurring basis and the levels of inputs used to measure fair value, which include derivatives designated as cash flow hedging instruments, as well as their location on our accompanying Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 ( amounts in thousands ): Estimated Fair Value September 30, 2019 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: Interest rate swap Other long-term liabilities — $ 1,165 — $ 1,165 Estimated Fair Value December 31, 2018 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: Interest rate swap Other assets — $ 1,619 — $ 1,619 Certain non-financial assets and liabilities are measured at fair value on a nonrecurring basis. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to periodic impairment tests. These items primarily include long-lived assets, goodwill and other intangible assets. As of September 30, 2019, there were no changes to the fair value of non-financial assets and liabilities measured on a nonrecurring basis. The carrying amounts of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of these items. The carrying value of the long-term debt approximates fair value because this instrument bears interest at a variable rate, is pre-payable, and is at terms currently available to the Company.

Stockholders' equity

Stockholders' equity	9 Months Ended
	Sep. 30, 2019
Stockholders' equity
Stockholders' equity	Note 11. Stockholders’ equity Capital stock As of September 30, 2019, the Company had 20,256,791 shares of Class A common stock, and 19,720,381 shares of Class B common stock, issued and outstanding. On June 20, 2017, the Company announced that its Board of Directors authorized the repurchase of up to $25.0 million of the Company’s Class A common stock, par value $0.0001 per share (“Class A common stock”). Under the Company’s stock repurchase program, management is authorized to purchase shares of the Company’s common stock from time to time through open market purchases at prevailing prices, subject to stock price, business and market conditions and other factors. During the nine months ended September 30, 2019, the Company repurchased 51,227 shares of Class A common stock under the repurchase program for an aggregate purchase price of $0.6 million. As of September 30, 2019, the Company repurchased 2.0 million shares of Class A common stock under the repurchase program for an aggregate purchase price of $25.0 million, and the repurchased shares were recorded as treasury stock on the accompanying Condensed Consolidated Balance Sheets. As of June 30, 2019, the Company completed this stock repurchase program. On August 15, 2018, the Company announced that its Board of Directors authorized the repurchase of up to an additional $25.0 million of the Company’s Class A common stock on an opportunistic basis. Equity incentive plans Effective May 16, 2016, the stockholders of all classes of capital stock of the Company approved at the annual stockholder meeting the Hemisphere Media Group, Inc. Amended and Restated 2013 Equity Incentive Plan (the “2013 Equity Incentive Plan”) to increase the number of shares of Class A common stock that may be delivered under the 2013 Equity Incentive Plan to an aggregate of 7.2 million shares of our Class A common stock. At September 30, 2019, 1.2 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 the Company in payment of taxes required to be withheld in respect of vested shares of restricted Class A common stock, which are available for re-issuance). The expiration date of the 2013 Equity Incentive Plan, on and after which date no awards may be granted, is May 16, 2026. The Company’s board of directors, or a committee thereof, 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. The Company’s 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 the Company. The Company’s event-based restricted stock awards and option awards generally vest upon the Company’s 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 (which need not be consecutive), subject to the grantee’s continued employment or service with the Company. Other event-based restricted stock awards granted to certain members of our Board vest on the day preceding the Company’s annual stockholder meeting. Stock-based compensation Stock-based compensation expense related to stock options and restricted stock was $2.2 million and $1.0 million for the three months ended September 30, 2019 and 2018, respectively, and $3.5 million and $3.0 million for the nine months ended September 30, 2019 and 2018, respectively. At September 30, 2019, there was $4.7 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.5 years. At September 30, 2019, there was $6.1 million of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted-average period of 2.3 years. Stock options The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option 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 the Company’s competitors given its 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. The Company has estimated forfeitures of 1.5%, as the awards are granted to management for which the Company expects lower turnover, and has assumed no dividend yield, as dividends have never been paid to stock or option holders and will not be paid for the foreseeable future. Nine Months Ended Year Ended Black-Scholes Option Valuation Assumptions September 30, 2019 December 31, 2018 Risk-free interest rate 1.6 % 2.7% - 3.0 % Dividend yield — — Volatility 40.3 % 39.0% - 41.0 % Weighted-average expected term (years) 6.0 6.0 The following table summarizes stock option activity for the nine months ended September 30, 2019 (shares and intrinsic value in thousands) : Weighted-average Weighted-average remaining contractual Aggregate intrinsic Number of shares exercise price term value Outstanding at December 31, 2018 2,910 $ 11.62 5.6 $ 2,806 Granted 1,025 12.06 — — Exercised (60) 11.63 — — Forfeited — — — — Expired (20) 13.64 — — Outstanding at September 30, 2019 3,855 $ 11.72 6.3 $ 3,122 Vested at September 30, 2019 2,393 $ 11.72 5.0 $ 2,297 Exercisable at September 30, 2019 2,393 $ 11.72 5.0 $ 2,297 At September 30, 2019, 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. The following table summarizes restricted share activity for the nine months ended September 30, 2019 ( shares in thousands ): Weighted-average Number of shares grant date fair value Outstanding at December 31, 2018 370 $ 9.86 Granted 581 12.37 Vested (184) 11.88 Forfeited — — Outstanding at September 30, 2019 767 $ 11.28 At September 30, 2019, 0.2 million shares of restricted stock issued were unvested, event-based shares.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2019
Contingencies
Contingencies	Note 12. 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 adversely affect our financial condition.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases
Leases	Note 13. Leases On January 1, 2019, we adopted Financial Accounting Standards Board (“the FASB”) ASC Topic 842, Leases (ASC 842) (the “new lease standard”), using a modified retrospective transition approach with application as of the effective date of initial application without restating comparative period financial statements. The core principle of the new lease standard is that a lessee should recognize the assets and liabilities that arise from leases, including operating leases, in the statement of financial position. We measure our lease liabilities as the present value of remaining lease payments using our incremental borrowing rate applicable to the lease term as the discount rate. We elected to apply the package of practical expedients to our adoption of the new lease standard, which includes allowing us to continue utilizing historical classification of leases. We did not elect the practical expedient that permits a reassessment of lease terms for existing leases. The Company is a lessee under leases for land, office space and equipment with third parties, all of which are accounted for as operating leases. These leases generally have an initial term of one to seven years and provide for fixed monthly payments. Some of these leases provide for future rent escalations and renewal options and certain leases also obligate us to pay the cost of maintenance, insurance and property taxes. Operating lease cost was $0.2 million and $0.6 million for the three months ended September 30, 2019 and 2018, respectively. Operating lease cost was $0.5 million and $1.7 million for the nine months ended September 30, 2019 and 2018, respectively. A summary of the classification of operating leases on our Condensed Consolidated Balance Sheet as of September 30, 2019 ( amounts in thousands ): September 30, 2019 Operating lease right-of-use assets $ 1,962 Operating lease liability, current (Other accrued expenses) 671 Operating lease liability, non-current (Other long-term liabilities) $ 1,692 Components of lease cost reflected in our Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2019 ( amounts in thousands ): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease cost $ 172 $ 488 Short-term lease cost 65 175 Total lease cost $ 237 $ 663 A summary of weighted-average remaining lease term and weighted-average discount rate as of September 30, 2019: Weighted-average remaining lease term years Weighted average discount rate % Supplemental cash flow and other non-cash information for the nine months ended September 30, 2019 ( amounts in thousands ): Operating cash flows from operating leases $ 428 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 393 Future annual minimum lease commitments as of September 30, 2019 were as follows ( amounts in thousands ): September 30, 2019 Remainder of 2019 $ 352 2020 610 2021 591 2022 473 2023 715 Total minimum payments $ 2,741 Less: amount representing interest (378) Lease liability $ 2,363 The Company adopted ASU 2016-02 on January 1, 2019 as noted above, and as required, the future annual minimum lease commitments as of December 31, 2018 are provided below ( in thousands ): December 31, 2018 2019 $ 1,571 2020 367 2021 350 2022 355 2023 302 Total minimum payments $ 2,945

Commitments

Commitments	9 Months Ended
	Sep. 30, 2019
Commitments
Commitments	Note 14. Commitments The Company has other commitments in addition to the various operating leases included in Note 13, “Leases” of Notes to Condensed Consolidated Financial Statements, primarily programming. Future minimum payments as of September 30, 2019, are as follows (amounts in thousands) : September 30, 2019 Remainder of 2019 $ 4,996 2020 11,170 2021 4,686 2022 1,306 2023 and thereafter 184 Total $ 22,342

Nature of business (Policies)

Nature of business (Policies)	9 Months Ended
	Sep. 30, 2019
Nature of business
Reclassification:	Reclassification: Certain prior year amounts on the presented Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Cash Flows have been reclassified to conform with current period presentation.
Basis of presentation:	Basis of presentation: The accompanying 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 (“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 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 nine months ended September 30, 2019 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, 2019. These Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018.
Net loss per common share:	Net loss per common share: Basic loss per share is computed by dividing income attributable to Hemisphere Media Group, Inc. common stockholders by the number of weighted-average outstanding shares of common stock. Diluted loss per share 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 loss per share attributable to Hemisphere Media Group, Inc. ( amounts in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator for loss per common share calculation: Net loss attributable to Hemisphere Media Group, Inc. $ (3,169) $ (1,054) $ (7,213) $ (13,719) Denominator for loss per common share calculation: Weighted-average common shares, basic 39,209 38,969 39,135 38,982 Effect of dilutive securities Stock options, restricted stock and warrants — — — — Weighted-average common shares, diluted 39,209 38,969 39,135 38,982 Loss per share attributable to Hemisphere Media Group, Inc. Basic $ (0.08) $ (0.03) $ (0.18) $ (0.35) Diluted $ (0.08) $ (0.03) $ (0.18) $ (0.35) We apply the treasury stock method to measure the dilutive effect of its outstanding stock options and restricted stock awards and include the respective common share equivalents in the denominator of our diluted loss per common share calculation. Per the Accounting Standards Codification (“ASC”) 260 accounting guidance, under the treasury stock method, the incremental shares (difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted loss per share computation (ASC 260-10-45-23). The assumed exercise only occurs when the options are “In the Money” (exercise price is lower than the average market price for the period). If the options are “Out of the Money” (exercise price is higher than the average market price for the period), the exercise is not assumed since the result would be anti-dilutive. Potentially dilutive securities representing 1.7 million and 1.2 million shares of common stock for the three months ended September 30, 2019 and 2018, respectively, were excluded from the computation of diluted loss per common share for these periods because their effects would have been anti-dilutive. Potentially dilutive securities representing 1.2 million and 1.7 million shares of common stock for the nine months ended September 30, 2019 and 2018, respectively, were excluded from the computation of diluted loss per common share for these periods because their effects would have been anti-dilutive. The net loss per share attributable to Hemisphere Media Group, Inc. amounts are the same for our Class A and Class B common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. As a result of the loss from continuing operations for each of the three and nine months ended September 30, 2019 and 2018, 0.3 million outstanding awards, respectively, were not included in the computation of diluted loss per share because their effect was anti-dilutive.
Use of estimates:	Use of estimates: In preparing these Condensed Consolidated 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 sheet dates, and the reported revenues and expenses for the three and nine months ended September 30, 2019 and 2018. 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.
Recently adopted Accounting Standards and Accounting guidance not yet adopted:	Recently adopted Accounting Standards: On January 1, 2019, we adopted Financial Accounting Standards Board (“the FASB”) ASC Topic 842, Leases (ASC 842) (the “new lease standard”), using a modified retrospective transition approach with application as of the effective date of initial application without restating comparative period financial statements. The core principle of the new lease standard is that a lessee should recognize the assets and liabilities that arise from leases, including operating leases, in the statement of financial position. We elected to apply the package of practical expedients to our adoption of the new lease standard, which includes allowing us to continue utilizing historical classification of leases. We did not elect the practical expedient that permits a reassessment of lease terms for existing leases. Upon our transition to the new lease standard, we recognized $2.1 million and $1.9 million of operating lease liabilities and corresponding right of use (“ROU”) assets, respectively. The adoption of the new lease standard did not have an impact on the Condensed Consolidated Statement of Operations. For additional information about our leases, see Note 13, “Leases” of Notes to Condensed Consolidated Financial Statements. On January 1, 2019, we adopted the FASB Accounting Standards Update (“ASU”) 2018-07—Compensation —Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The amendments in this ASU applied to any entity that enters into share-based payment transactions with nonemployees. The new guidance eliminated the requirement to revalue nonemployee share-based transactions on a recurring quarterly basis. The adoption of this ASU did not have an impact on our Condensed Consolidated Financial Statements. On January 1, 2019, we adopted ASU 2018-02—Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The amendments in this ASU applied to any entity that has items of other comprehensive income (“OCI”) for which the related tax effects are presented in accumulated other comprehensive income (“AOCI”), as previously required by GAAP. This ASU permitted a one-time reclassification from AOCI to Retained earnings for stranded tax effects resulting from the 2017 Tax Cuts and Jobs Act (“Jobs Act”) enacted on December 22, 2017. The adoption of this ASU resulted in a one-time reclassification of $0.1 million from AOCI to Retained earnings, which was recorded in the current period. For the impact of this adoption, see Condensed Consolidated Statement of Changes in Stockholders’ Equity for the nine months ended September 30, 2019, located in Part I, Item I - Financial Statements. On January 1, 2019, we adopted ASU 2017-12 — Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . The amendments in this ASU applied to any entity that elects to apply hedge accounting and is intended to better align an entity’s risk management activities and financial reporting for hedging relationships. The ASU amends effectiveness testing requirements, income statement presentation and disclosures and permits additional risk management strategies to qualify for hedge accounting. The adoption of this ASU did not have an impact on our Condensed Consolidated Financial Statements. Accounting guidance not yet adopted: In March 2019, the FASB issued ASU 2019-02—Entertainment—Films-Other Assets-Film Costs (Subtopic 926-20): Improvements to Accounting for Costs of Films. The updated guidance aligns the accounting for production costs of episodic television series with those of films, allowing for costs to be capitalized in excess of amounts of revenue contracted for each episode. The updated guidance also updates certain presentation and disclosure requirements for capitalized film and television costs, and requires impairment testing to be performed at a group level for capitalized film and television costs when the content is predominately monetized with other owned or licensed content. The updated guidance is effective for the fiscal years beginning after December 15, 2019 and early adoption is permitted. We are currently in the process of determining the impact, if any, that the updated accounting guidance will have on our Condensed Consolidated Financial Statements.

Nature of business (Tables)

Nature of business (Tables)	9 Months Ended
	Sep. 30, 2019
Nature of business
Schedule of the computation of the common shares outstanding used in determining basic and diluted loss per share	The following table sets forth the computation of the common shares outstanding used in determining basic and diluted loss per share attributable to Hemisphere Media Group, Inc. ( amounts in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator for loss per common share calculation: Net loss attributable to Hemisphere Media Group, Inc. $ (3,169) $ (1,054) $ (7,213) $ (13,719) Denominator for loss per common share calculation: Weighted-average common shares, basic 39,209 38,969 39,135 38,982 Effect of dilutive securities Stock options, restricted stock and warrants — — — — Weighted-average common shares, diluted 39,209 38,969 39,135 38,982 Loss per share attributable to Hemisphere Media Group, Inc. Basic $ (0.08) $ (0.03) $ (0.18) $ (0.35) Diluted $ (0.08) $ (0.03) $ (0.18) $ (0.35)

Revenue recognition (Tables)

Revenue recognition (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue recognition
Schedule of disaggregation of revenue	The following table presents the revenues disaggregated by revenue source (amounts in thousands): Three months ended September 30, Revenues by type 2019 2018 Affiliate fees $ 20,993 $ 20,287 Advertising revenue 13,780 15,855 Other revenue 1,073 1,097 Total revenue $ 35,846 $ 37,239 Nine months ended September 30, Revenues by type 2019 2018 Affiliate fees $ 63,879 $ 58,231 Advertising revenue 42,625 40,539 Other revenue 3,599 2,295 Total revenue $ 110,103 $ 101,065

Snap Media Acquisition (Tables)

Snap Media Acquisition (Tables)	9 Months Ended
	Sep. 30, 2019
Snap Media Acquisition
Schedule of preliminary allocation of consideration to the net tangible and intangible assets acquired	The preliminary allocation of consideration to the net tangible and intangible assets acquired as of November 26, 2018 is presented in the table below ( amounts in thousands ): Accounts receivable $ 1,419 Other current assets 30 Intangible asset—content library 616 Accounts payable (259) Accrued expenses (589) Deferred revenue (140) Fair value of net assets acquired 1,077 Goodwill 5,107 Non-controlling interest (1,379) Total purchase price consideration $ 4,805

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and intangible assets
Schedule of goodwill and intangible assets	Goodwill and intangible assets consist of the following as of September 30, 2019 and December 31, 2018 ( amounts in thousands ): September 30, December 31, 2019 2018 Broadcast license $ 41,356 $ 41,356 Goodwill 170,068 169,994 Other intangibles 32,243 39,086 Total intangible assets $ 243,667 $ 250,436
Summary of the changes in goodwill and other indefinite-lived intangible assets	A summary of changes in the Company’s goodwill and other indefinite-lived intangible assets, on a net basis, for the nine months ended September 30, 2019 is as follows (amounts in thousands) : Net Balance at Net Balance at December 31, 2018 Additions Impairment September 30, 2019 Broadcast license $ 41,356 $ — $ — $ 41,356 Goodwill 169,994 74 — 170,068 Brands 15,986 — — 15,986 Other intangibles 700 — — 700 Total indefinite-lived intangibles $ 228,036 $ 74 $ — $ 228,110
Summary of the changes in other amortizable intangible assets	A summary of the changes in the Company’s other amortizable intangible assets for the nine months ended September 30, 2019 is as follows (amounts in thousands) : Net Balance at Net Balance at December 31, 2018 Additions Amortization September 30, 2019 Affiliate relationships $ 20,273 $ — $ (5,893) $ 14,380 Advertiser relationships 690 — (414) 276 Non-compete agreement 686 — (412) 274 Other intangibles 144 — (57) 87 Programming contracts 607 — (67) 540 Total finite-lived intangibles $ 22,400 $ — $ (6,843) $ 15,557
Schedule of future estimated amortization expense	Future estimated amortization expense is as follows (amounts in thousands): Year Ending December 31, Amount Remainder of 2019 $ 1,754 2020 6,170 2021 5,857 2022 1,528 2023 and thereafter 248 Total $ 15,557

Equity method investments (Tabl

Equity method investments (Tables)	9 Months Ended
	Sep. 30, 2019
Equity method investments
Schedule of financial data of equity method investments	Summary unaudited financial data for our equity investments in the aggregate as of and for the nine months ended June 30, 2019 are included below (amounts in thousands): Total Equity Investees Current assets $ Non-current assets $ Current liabilities $ Non-current liabilities $ Redeemable stock and non-controlling interests $ Net revenue $ Operating loss $ Net loss $

Long-term debt (Tables)

Long-term debt (Tables)	9 Months Ended
	Sep. 30, 2019
Long-term debt
Schedule of long-term debt	Long-term debt as of September 30, 2019 and December 31, 2018 consists of the following (amounts in thousands) : September 30, 2019 December 31, 2018 Senior Notes due February 2024 $ 204,928 $ 206,091 Less: Current portion 2,134 2,134 $ 202,794 $ 203,957
Schedule of maturities of long-term debt	The following are the maturities of our long-term debt as of September 30, 2019 ( amounts in thousands ): Year Ending December 31, Amount Remainder of 2019 $ 533 2020 2,133 2021 2,133 2022 2,133 2023 and thereafter 200,548 Total $ 207,480

Fair value measurements (Tables

Fair value measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Measurements
Schedule of assets and liabilities that are measured at fair value on a recurring basis	The following table presents our assets and liabilities measured at fair value on a recurring basis and the levels of inputs used to measure fair value, which include derivatives designated as cash flow hedging instruments, as well as their location on our accompanying Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 ( amounts in thousands ): Estimated Fair Value September 30, 2019 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: Interest rate swap Other long-term liabilities — $ 1,165 — $ 1,165 Estimated Fair Value December 31, 2018 Category Balance Sheet Location Level 1 Level 2 Level 3 Total Cash flow hedges: Interest rate swap Other assets — $ 1,619 — $ 1,619

Stockholders' equity (Tables)

Stockholders' equity (Tables)	9 Months Ended
	Sep. 30, 2019
Stockholders' equity
Summary of stock option activity	The following table summarizes stock option activity for the nine months ended September 30, 2019 (shares and intrinsic value in thousands) : Weighted-average Weighted-average remaining contractual Aggregate intrinsic Number of shares exercise price term value Outstanding at December 31, 2018 2,910 $ 11.62 5.6 $ 2,806 Granted 1,025 12.06 — — Exercised (60) 11.63 — — Forfeited — — — — Expired (20) 13.64 — — Outstanding at September 30, 2019 3,855 $ 11.72 6.3 $ 3,122 Vested at September 30, 2019 2,393 $ 11.72 5.0 $ 2,297 Exercisable at September 30, 2019 2,393 $ 11.72 5.0 $ 2,297
Summary of restricted share activity	The following table summarizes restricted share activity for the nine months ended September 30, 2019 ( shares in thousands ): Weighted-average Number of shares grant date fair value Outstanding at December 31, 2018 370 $ 9.86 Granted 581 12.37 Vested (184) 11.88 Forfeited — — Outstanding at September 30, 2019 767 $ 11.28
Time Based Stock Option | Black Scholes Pricing Model
Stockholders' equity
Schedule of valuation assumptions	Nine Months Ended Year Ended Black-Scholes Option Valuation Assumptions September 30, 2019 December 31, 2018 Risk-free interest rate 1.6 % 2.7% - 3.0 % Dividend yield — — Volatility 40.3 % 39.0% - 41.0 % Weighted-average expected term (years) 6.0 6.0

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases
Summary of the classification of operating leases	A summary of the classification of operating leases on our Condensed Consolidated Balance Sheet as of September 30, 2019 ( amounts in thousands ): September 30, 2019 Operating lease right-of-use assets $ 1,962 Operating lease liability, current (Other accrued expenses) 671 Operating lease liability, non-current (Other long-term liabilities) $ 1,692
Schedule of components of lease cost	Components of lease cost reflected in our Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2019 ( amounts in thousands ): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Operating lease cost $ 172 $ 488 Short-term lease cost 65 175 Total lease cost $ 237 $ 663
Schedule of lease term and discount rate	A summary of weighted-average remaining lease term and weighted-average discount rate as of September 30, 2019: Weighted-average remaining lease term years Weighted average discount rate %
Schedule of supplemental cash flow and other non-cash information	Supplemental cash flow and other non-cash information for the nine months ended September 30, 2019 ( amounts in thousands ): Operating cash flows from operating leases $ 428 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 393
Schedule of Future annual minimum lease commitments	Future annual minimum lease commitments as of September 30, 2019 were as follows ( amounts in thousands ): September 30, 2019 Remainder of 2019 $ 352 2020 610 2021 591 2022 473 2023 715 Total minimum payments $ 2,741 Less: amount representing interest (378) Lease liability $ 2,363 The Company adopted ASU 2016-02 on January 1, 2019 as noted above, and as required, the future annual minimum lease commitments as of December 31, 2018 are provided below ( in thousands ): December 31, 2018 2019 $ 1,571 2020 367 2021 350 2022 355 2023 302 Total minimum payments $ 2,945

Commitments (Tables)

Commitments (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments
Future minimum payments for other commitments, primarily programming	Future minimum payments as of September 30, 2019, are as follows (amounts in thousands) : September 30, 2019 Remainder of 2019 $ 4,996 2020 11,170 2021 4,686 2022 1,306 2023 and thereafter 184 Total $ 22,342

Nature of business (Details)

Nature of business (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Nov. 26, 2018
Numerator for loss per common share calculation:
Net loss attributable to Hemisphere Media Group, Inc.	$ (3,169)	$ (1,054)	$ (7,213)	$ (13,719)
Denominator for loss per common share calculation:
Weighted-average common shares, basic	39,209	38,969	39,135	38,982
Effect of dilutive securities
Weighted-average common shares, diluted	39,209	38,969	39,135	38,982
Loss per share attributable to Hemisphere Media Group, Inc.
Basic (in dollars per share)	$ (0.08)	$ (0.03)	$ (0.18)	$ (0.35)
Diluted (in dollars per share)	$ (0.08)	$ (0.03)	$ (0.18)	$ (0.35)
Shares excluded from the computation of diluted loss per common share	1,700	1,200	1,200	1,700
Outstanding awards excluded from computation of diluted loss per share	300	300	300	300
Snap Media
Nature of business
Voting interest acquired (as a percent)					75.00%

Nature of business - Recently a

Nature of business - Recently adopted Accounting Standards (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Sep. 30, 2019
Operating lease liability		$ 2,363
Right of use assets		$ 1,962
ASU 2016-02 | Restatement Adjustment
Operating lease liability	$ 2,100
Right of use assets	1,900
ASU 2018-02
Reclassification from AOCI to Retained earnings	$ 100

Revenue recognition (Details)

Revenue recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Total revenue	$ 35,846	$ 37,239	$ 110,103	$ 101,065
Affiliate fees
Revenues
Total revenue	$ 20,993	20,287	$ 63,879	58,231
Affiliate fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-09-30
Revenues
Revenue, remaining performance obligation, expected timing of satisfaction, period	60 days		60 days
Advertising revenue
Revenues
Total revenue	$ 13,780	15,855	$ 42,625	40,539
Advertising revenue | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-09-30
Revenues
Revenue, remaining performance obligation, expected timing of satisfaction, period	30 days		30 days
Other revenue
Revenues
Total revenue	$ 1,073	$ 1,097	$ 3,599	$ 2,295

Related party transactions (Det

Related party transactions (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)item	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
MVS Multivision Digital Sde RLde CV and Affiliates | Satellite and Support Services Agreement | Cinelatino
Related party transactions
Number of channel feeds delivered through satellite | item			2
Total expense	$ 0.7	$ 0.6	$ 2	$ 2
Due to related parties	0.4		0.4		$ 0.7
MVS Multivision Digital Sde RLde CV and Affiliates | Affiliation Agreement
Related party transactions
Revenue recognized from related party	0.5	0.5	1.4	1.4
Due from related parties	0.3		$ 0.3		0.3
MVS Multivision Digital Sde RLde CV and Affiliates | Master License Agreement | Cinelatino
Related party transactions
Distribution fee as a percentage of revenue earned			13.50%
Revenue recognized from related party	0.2	0.3	$ 0.8	0.8
Due from related parties	0.7		0.7		0.7
Director | Consulting Agreement with Director
Related party transactions
Total expense	0.1	0.1	0.3	0.4
Due to related parties	0		0		0
Pantelion Films | Movie License Agreement
Related party transactions
Total expense	0.2	$ 0	0.3	$ 0
Programming rights	$ 1.1		$ 1.1		$ 0.5

Snap Media Acquisition (Details

Snap Media Acquisition (Details) - USD ($) $ in Thousands	Nov. 26, 2018	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018
Preliminary allocation of consideration to the net tangible and intangible assets acquired
Goodwill		$ 170,068			$ 169,994
Snap Media
Snap TV Acquisition
Voting interest acquired (as a percent)	75.00%
Net cash acquired	$ 700
Cash paid as purchase consideration	1,500
Cash consideration payable for acquisition of business		$ 800	$ 500	$ 500
Preliminary allocation of consideration to the net tangible and intangible assets acquired
Accounts receivable	1,419
Other current assets	30
Intangible asset - content library	616
Accounts payable	(259)
Accrued expenses	(589)
Deferred revenue	(140)
Fair value of net assets acquired	1,077
Goodwill	5,107
Non-controlling interest	(1,379)
Total purchase price consideration	$ 4,805
Snap Media | Programming rights
Preliminary allocation of consideration to the net tangible and intangible assets acquired
Amortization period		7 years
Snap Media | Common Class A
Snap TV Acquisition
Shares issued or issuable as purchase consideration	101,818	54,825

Goodwill and intangible asset_2

Goodwill and intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Goodwill and intangible assets
Broadcast license	$ 41,356	$ 41,356
Goodwill	170,068	169,994
Other intangibles	32,243	39,086
Total intangible assets	$ 243,667	$ 250,436

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Indefinite Lived Net Balance (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Changes in the goodwill
Net balance at the beginning of the period	$ 169,994
Net balance at the end of the period	170,068
Changes in the goodwill and other indefinite lived intangible assets, on a net basis
Net balance at the beginning of the period	228,036
Additions	74
Net balance at the end of the period	228,110
Broadcast license
Changes in other indefinite-lived intangible assets
Net balance at the beginning of the period	41,356
Net balance at the end of the period	41,356
Goodwill
Changes in the goodwill
Net balance at the beginning of the period	169,994
Additions	74
Net balance at the end of the period	170,068
Brands
Changes in other indefinite-lived intangible assets
Net balance at the beginning of the period	15,986
Net balance at the end of the period	15,986
Other intangibles
Changes in other indefinite-lived intangible assets
Net balance at the beginning of the period	700
Net balance at the end of the period	$ 700

Goodwill and intangible asset_4

Goodwill and intangible assets - Other Amortizable Intangible (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019
Changes in other amortizable intangible assets
Net balance at the beginning of the period			$ 22,400
Amortization of Intangible Assets	$ 1,800	$ 3,300	6,843	$ 9,900
Net balance at the end of the period	15,557		15,557
Future estimated amortization expense
Remainder of 2019					$ 1,754
2020					6,170
2021					5,857
2022					1,528
2023 and thereafter					248
Total	15,557		$ 22,400		15,557
Weighted Average
Changes in other amortizable intangible assets
Remaining amortization period			2 years 7 months 6 days
Affiliate relationships
Changes in other amortizable intangible assets
Net balance at the beginning of the period			$ 20,273
Amortization of Intangible Assets			5,893
Net balance at the end of the period	14,380		14,380
Future estimated amortization expense
Total	14,380		20,273		14,380
Advertiser relationships
Changes in other amortizable intangible assets
Net balance at the beginning of the period			690
Amortization of Intangible Assets			414
Net balance at the end of the period	276		276
Future estimated amortization expense
Total	276		690		276
Non-compete agreement
Changes in other amortizable intangible assets
Net balance at the beginning of the period			686
Amortization of Intangible Assets			412
Net balance at the end of the period	274		274
Future estimated amortization expense
Total	274		686		274
Other intangibles
Changes in other amortizable intangible assets
Net balance at the beginning of the period			144
Amortization of Intangible Assets			57
Net balance at the end of the period	87		87
Future estimated amortization expense
Total	87		144		87
Programming contracts
Changes in other amortizable intangible assets
Net balance at the beginning of the period			607
Amortization of Intangible Assets			67
Net balance at the end of the period	540		540
Future estimated amortization expense
Total	$ 540		$ 607		$ 540

Equity method investments - (De

Equity method investments - (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Jul. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Nov. 26, 2018	Feb. 07, 2018	Feb. 06, 2018	Apr. 28, 2017	Nov. 03, 2016
Equity method investments
Equity method investments			$ 51,476		$ 51,476			$ 51,658
Income (loss) on equity method investments			6,888	$ 8,657	24,048	$ 27,278
Net balance of investee losses in excess of investment			1,484		1,484			4,982
PANTAYA
Equity method investments
Ownership Percentage													25.00%
Equity method investments			8,500		8,500
Excess of Company's contractual funding commitment							$ 10,000
Maximum exposure to loss					10,000
Income (loss) on equity method investments			0	1,600	300	6,000
Net balance of investee losses in excess of investment			1,500		1,500			5,000
Canal 1
Equity method investments
Equity method investments			107,400		107,400
Income (loss) on equity method investments			7,100	7,100	$ 24,000	21,100
Percentage of losses recorded					100.00%
Net equity method investments			46,000		$ 46,000			46,700
Colombian content producers, Radio television and NTC nacional | Television broadcast license
Equity method investments
Ownership Percentage										40.00%	20.00%
License life (in years)	10 years	10 years
Additional consideration for the extended license period		$ 0
Additional renewable period for license (in years)					20 years
REMEZCLA
Equity method investments
Ownership Percentage												25.50%
Equity method investments			5,000		$ 5,000
Income (loss) on equity method investments			(200)	$ 0	(400)	$ 100
Net equity method investments			5,400		5,400			$ 5,000
Snap Media
Equity method investments
Ownership Percentage									75.00%
Snap JV
Equity method investments
Equity method investments			300		300
Income (loss) on equity method investments			0		100
Net equity method investments			$ 100		$ 100
Snap JV | Snap Media
Equity method investments
Ownership Percentage									50.00%

Equity Method Investments - Sum

Equity Method Investments - Summarized unaudited financial data (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2019USD ($)
Summary financial information of equity method investments
Current assets	$ 36,533
Non-current assets	33,316
Current liabilities	69,675
Non-current liabilities	38,271
Redeemable stock and non-controlling interests	(413)
Net revenue	25,685
Operating loss	(29,429)
Net loss	$ (42,644)

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Effective tax rates reconciliation
Statutory federal income tax rate (as a percent)			21.00%		21.00%	35.00%
Annual income tax rate (as a percent)	34.60%		34.60%	41.60%
Expense related to foreign tax credit utilization	$ 800
Tax benefit related to hurricane relief credits and an increase to foreign tax credit utilization		$ 500
Income tax expense	$ 3,743	$ 3,229	$ 9,942	$ 4,490

Long-term debt (Details)

Long-term debt (Details) $ in Thousands	Feb. 14, 2017USD ($)item	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)item
Long-term debt
Less: Current portion		$ (2,134)	$ (2,134)
Long-term debt less current portion		202,794	203,957
Maturities of long-term debt
Remainder of 2019		533
2020		2,133
2021		2,133
2022		2,133
2023 and thereafter		200,548
Total maturities		207,480
Senior Notes due February 2024
Long-term debt
Long-term Debt		$ 204,928	$ 206,091
Second Amended Term Loan Facility
Long-term debt
Amount of term loan	$ 213,300
Amortization payments (in percentage)	1.00%
Maximum period after each fiscal year for prepayment of debt		90 days
First prepayment of debt as a percentage of excess cash flow, if lower leverage ratio is maintained			0.00%
OID		$ 1,500
Accumulated amortization of original issue discount		2,000
Deferred financing costs		1,100
Accumulated amortization		$ 2,200
Second Amended Term Loan Facility | First Lien and Total Net Leverage Ratio
Long-term debt
Debt caps amount	$ 60,000
Second Amended Term Loan Facility | LIBOR
Long-term debt
Interest rate margin (as a percent)	3.50%
Second Amended Term Loan Facility | Alternate Base Rate (ABR)
Long-term debt
Interest rate margin (as a percent)	2.50%
Amended Term Loan Facility
Long-term debt
Borrowing capacity	$ 30,000
Amended Term Loan Facility | First Lien Net Leverage Ratio
Long-term debt
Number of consecutive fiscal quarters | item	4
Uncommitted accordion option multiplier of net leverage ratio | item	4
Amended Term Loan Facility | Total Net Leverage Ratio
Long-term debt
Number of consecutive fiscal quarters | item	4
Uncommitted accordion option multiplier of net leverage ratio | item	6
Existing Senior Secured Term Loan B Facility
Long-term debt
Uncommitted accordion option base amount	$ 65,000
Uncommitted accordion option multiplier of net leverage ratio | item			2.50
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%

Derivative instruments (Details

Derivative instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	May 31, 2017
Derivative
Net change in fair value of cash flow hedge	$ (0.4)	$ 0.4	$ (2.8)	$ 2.5
Loss or gain in fair value	0	0	0	0
Interest Rate Swap
Derivative
Net interest income (expense)	0.1	$ 0	0.4	$ 0
Interest rate swap	$ 1.2		$ 1.2		$ 1.6
LIBOR | Nondesignated | Interest Rate Swap
Derivative
Notional amount						$ 100

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair value measurements
Increase (decrease) in fair value of non-financial assets	$ 0
Increase (decrease) in fair value of non-financial liabilities	0
Cash flow hedges | Other long-term liabilities
Fair value measurements
Interest rate swap	1,165
Cash flow hedges | Other long-term liabilities | Level 2
Fair value measurements
Interest rate swap	$ 1,165
Cash flow hedges | Other assets
Fair value measurements
Interest rate swap		$ 1,619
Cash flow hedges | Other assets | Level 2
Fair value measurements
Interest rate swap		$ 1,619

Stockholders' equity - Capital

Stockholders' equity - Capital Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		27 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Dec. 31, 2018	Aug. 15, 2018	Jun. 20, 2017
Capital Stock
Amount of stock repurchased	$ 14	$ 549	$ 662	$ 2,104
Common Class B
Capital Stock
Common stock, shares issued	19,720,381		19,720,381		19,720,381	19,720,381
Common stock, shares outstanding	19,720,381		19,720,381		19,720,381	19,720,381
Common Class A
Capital Stock
Common stock, shares issued excluding treasury shares	20,256,791		20,256,791		20,256,791
Common stock, shares issued	25,033,981		25,033,981		25,033,981	24,849,589
Stock repurchase price (in dollars per share)								$ 0.0001
Common Class A | Treasury Stock
Capital Stock
Number of shares repurchased			51,227		2,000,000
Amount of stock repurchased	$ 14	$ 549	$ 662	$ 2,104	$ 25,000
Common Class A | Maximum
Capital Stock
Authorized repurchase amount							$ 25,000	$ 25,000

Stockholders' equity - Other (D

Stockholders' equity - Other (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)Ditem$ / sharesshares	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)Ditem$ / sharesshares	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)$ / sharesshares
Stockholders' equity
Shares available for issuance	1,200		1,200
Stock option and restricted stock
Stock-based compensation
Stock-based compensation expense (in dollars) | $	$ 2,200	$ 1,000	$ 3,500	$ 3,000
Stock options
Stock-based compensation
Unrecognized compensation cost related to unvested stock options (in dollars) | $	$ 4,700		$ 4,700
Weighted-average periods over which unrecognized compensation cost recognized			2 years 6 months
Estimated forfeitures (as a percent)	1.50%		1.50%
Valuation assumptions
Dividend yield (as a percent)			0.00%
Number of shares
Outstanding at the beginning of the period (in shares)			2,910
Granted (in shares)			1,025
Exercised (in shares)			(60)
Expired (in shares)			(20)
Outstanding at the end of the period (in shares)	3,855		3,855		2,910
Vested at the end of the period (in shares)	2,393		2,393
Exercisable at the end of the period (in shares)	2,393		2,393
Weighted-average exercise price
Outstanding at the beginning of the period (in dollars per share) | $ / shares			$ 11.62
Granted (in dollars per share) | $ / shares			12.06
Exercised (in dollars per share) | $ / shares			11.63
Expired (in dollars per share) | $ / shares			13.64
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 11.72		11.72		$ 11.62
Vested at the end of the period (in dollars per share) | $ / shares	11.72		11.72
Exercisable at the end of the period (in dollars per share) | $ / shares	$ 11.72		$ 11.72
Weighted-average remaining contractual term
Outstanding			6 years 3 months 18 days		5 years 7 months 6 days
Vested at the end of the period			5 years
Exercisable at the end of the period			5 years
Aggregate intrinsic value
Outstanding at the beginning of the period (in dollars) | $			$ 2,806
Outstanding at the end of the period (in dollars) | $	$ 3,122		3,122		$ 2,806
Vested at the end of the period (in dollars) | $	2,297		2,297
Exercisable at the end of the period (in dollars) | $	2,297		2,297
Restricted Stock
Stock-based compensation
Unrecognized compensation cost related to unvested restricted stock (in dollars) | $	$ 6,100		$ 6,100
Weighted-average periods over which unrecognized compensation cost recognized			2 years 3 months 18 days
Number of shares
Outstanding at the beginning of the period (in shares)			370
Granted (in shares)			581
Vested (in shares)			(184)
Outstanding at the end of the period (in shares)	767		767		370
Weighted-average grant date fair value
Outstanding at the beginning of the period (in dollars per share) | $ / shares			$ 9.86
Granted (in dollars per share) | $ / shares			12.37
Vested (in dollars per share) | $ / shares			11.88
Outstanding at the end of the period (in dollars per share) | $ / shares	$ 11.28		$ 11.28		$ 9.86
Time Based Restricted Stock Awards and Stock Option
Stockholders' equity
Number of equal annual installments for vesting of awards | item	3		3
Time Based Stock Option | Black Scholes Pricing Model
Valuation assumptions
Risk-free interest rate, minimum (as a percent)					2.70%
Risk-free interest rate, maximum (as a percent)					3.00%
Risk-free interest rate (as a percent)			1.60%
Volatility, minimum (as a percent)					39.00%
Volatility, maximum (as a percent)					41.00%
Volatility (as a percent)			40.30%
Weighted-average expected term (years)			6 years		6 years
Time Based Restricted Stock
Aggregate intrinsic value
Vesting period			3 years
Event Based Stock Option
Aggregate intrinsic value
Unvested options	300		300
Event Based Restricted Stock
Aggregate intrinsic value
Unvested options	200		200
Common Class A
Stockholders' equity
Shares authorized for issuance	7,200		7,200
Common Class A | Event Based Restricted Stock and Stock Option
Stockholders' equity
Closing price per share to be attained for vesting of awards to begin (in dollars per share) | $ / shares			$ 15
Common Class A | Event Based Restricted Stock and Stock Option | Minimum
Stockholders' equity
Number of trading days on which the closing price per share should attain the specified price per share for vesting of awards to begin | D	10		10

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Leases
Lease practical expedients package [true false]			true
Lease practical expedient, use of hindsight [true false]			false
Operating lease cost	$ 172	$ 600	$ 488	$ 1,700
Classification of operating leases
Operating lease right-of-use assets	1,962		1,962
Operating lease liability, current	671		671
Operating Lease, Liability, Noncurrent	1,692		1,692
Lease cost
Operating Lease, Cost	172	$ 600	488	$ 1,700
Short-term Lease, Cost	65		175
Lease, Cost, Total	$ 237		$ 663
Lease Term and Discount Rate
Weighted average remaining lease term	4 years 3 months 18 days		4 years 3 months 18 days
Weighted average discount rate	6.90%		6.90%
Cash paid for amounts included in the measurement of lease liabilities
Cash flows from operating activities			$ 428
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities			$ 393
Minimum
Leases
Initial lease term	1 year		1 year
Maximum
Leases
Initial lease term	7 years		7 years

Leases - Maturity Analysis (Det

Leases - Maturity Analysis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Future minimum lease commitments
Remainder of 2019	$ 352
2020	610
2021	591
2022	473
2023	715
Total minimum payments	2,741
Less: amount representing interest	378
Lease liability	$ 2,363
Future minimum lease commitments
2019		$ 1,571
2020		367
2021		350
2022		355
2023		302
Total		$ 2,945

Commitments (Details)

Commitments (Details) $ in Thousands	Sep. 30, 2019USD ($)
Future minimum payments for other commitments
Remainder of 2019	$ 4,996
2020	11,170
2021	4,686
2022	1,306
2023 and thereafter	184
Total	$ 22,342