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v3.20.2

Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2020
Total assets and liabilities held for sale related to discontinued operations | Total assets and liabilities held for sale related to discontinued operations are stated separately in our unaudited condensed consolidated balance sheet and are comprised of the following items (in thousands):
|  | September 30, |  |  |  | December 31, |
|  | 2020 |  |  |  | 2019 |
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Accounts receivable, net of allowances of $2,959 and $0, respectively | $ | 46,314 |  |  | $ | 59,038 |
Inventories |  | 82,033 |  |  |  | 81,939 |
Prepaid expenses and other current assets, net of allowances of $1,511 and $0, respectively |  | 34,101 |  |  |  | 29,492 |
Total current assets |  | 162,448 |  |  |  | 170,469 |
Non-current assets: |  |  |  |  |  |  |
Property and equipment, net |  | 355,674 |  |  |  | 491,135 |
Goodwill and intangible assets, net |  | 20,886 |  |  |  | 24,696 |
Operating lease right-of-use assets |  | 22,229 |  |  |  | 27,579 |
Other non-current assets, net of allowances of $9,302 and $0, respectively |  | 66,262 |  |  |  | 77,551 |
Total non-current assets |  | 465,051 |  |  |  | 620,961 |
Total assets | $ | 627,499 |  |  | $ | 791,430 |
Liabilities and Stockholders’ deficit |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 30,622 |  |  | $ | 11,665 |
Accrued liabilities |  | 94,796 |  |  |  | 126,041 |
Deferred revenue |  | 25,249 |  |  |  | 32,564 |
Deferred airborne lease incentives |  | 54,255 |  |  |  | 26,582 |
Total current liabilities |  | 204,922 |  |  |  | 196,852 |
Non-current liabilities: |  |  |  |  |  |  |
Deferred airborne lease incentives |  | 82,523 |  |  |  | 135,399 |
Non-current operating lease liabilities |  | 38,823 |  |  |  | 35,792 |
Other non-current liabilities |  | 43,168 |  |  |  | 38,962 |
Total non-current liabilities |  | 164,514 |  |  |  | 210,153 |
Total liabilities | $ | 369,436 |  |  | $ | 407,005 |
The following table summarizes the results of discontinued operations which are presented as Net loss from discontinued operations in our unaudited condensed consolidated statements of operations (in thousands):
|  | For the Three Months |  |  | For the Nine Months |
|  | September 30, |  |  | Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service revenue |  | $ | 40,498 |  |  | $ | 103,050 |  |  | $ | 163,800 |  |  | $ | 333,824 |
Equipment revenue |  |  | 3,496 |  |  |  | 16,792 |  |  |  | 35,750 |  |  |  | 57,462 |
Total revenue |  |  | 43,994 |  |  |  | 119,842 |  |  |  | 199,550 |  |  |  | 391,286 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of service revenue (exclusive of items shown below) |  |  | 29,530 |  |  |  | 63,845 |  |  |  | 121,334 |  |  |  | 183,659 |
Cost of equipment revenue (exclusive of items shown below) |  |  | 5,984 |  |  |  | 13,915 |  |  |  | 31,907 |  |  |  | 56,010 |
Engineering, design and development |  |  | 16,285 |  |  |  | 20,747 |  |  |  | 41,702 |  |  |  | 61,897 |
Sales and marketing |  |  | 5,742 |  |  |  | 7,156 |  |  |  | 14,308 |  |  |  | 21,700 |
General and administrative |  |  | 11,306 |  |  |  | 8,583 |  |  |  | 37,138 |  |  |  | 28,648 |
Impairment of long-lived assets |  |  | — |  |  |  | — |  |  |  | 47,376 |  |  |  | — |
Depreciation and amortization |  |  | 45,666 |  |  |  | 25,431 |  |  |  | 120,229 |  |  |  | 78,132 |
Total operating expenses |  |  | 114,513 |  |  |  | 139,677 |  |  |  | 413,994 |  |  |  | 430,046 |
Operating income (loss) |  |  | (70,519 | ) |  |  | (19,835 | ) |  |  | (214,444 | ) |  |  | (38,760 | )
Total other (income) expense |  |  | 315 |  |  |  | 143 |  |  |  | 3,565 |  |  |  | (2,865 | )
Loss before income taxes |  |  | (70,834 | ) |  |  | (19,978 | ) |  |  | (218,009 | ) |  |  | (35,895 | )
Income tax provision |  |  | 400 |  |  |  | 59 |  |  |  | 393 |  |  |  | 263 |
Net loss from discontinued operations, net of tax |  | $ | (71,234 | ) |  | $ | (20,037 | ) |  | $ | (218,402 | ) |  | $ | (36,158 | )
Summary of Stock-Based Compensation Expense by Operating Expense | The following is a summary of our stock-based compensation expense by operating expense line in the unaudited condensed consolidated statements of operations (in thousands):
|  | For the Three Months |  |  | For the Nine Months |
|  | Ended September 30, |  |  | Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Cost of service revenue |  | $ | 179 |  |  | $ | 27 |  |  | $ | 239 |  |  | $ | 90 |
Cost of equipment revenue |  |  | 203 |  |  |  | 60 |  |  |  | 338 |  |  |  | 211 |
Engineering, design and development |  |  | 584 |  |  |  | 158 |  |  |  | 902 |  |  |  | 439 |
Sales and marketing |  |  | 413 |  |  |  | 386 |  |  |  | 938 |  |  |  | 1,189 |
General and administrative |  |  | 3,301 |  |  |  | 1,641 |  |  |  | 5,866 |  |  |  | 4,802 |
Total stock-based compensation expense |  | $ | 4,680 |  |  | $ | 2,272 |  |  | $ | 8,283 |  |  | $ | 6,731 |
Discontinued Operations |
Summary of Stock-Based Compensation Expense by Operating Expense | The following is a summary of our stock-based compensation expense by operating expense line contained within the results of discontinued operations (in thousands):
|  | For the Three Months |  |  |  | For the Nine Months |
|  | Ended September 30, |  |  |  | Ended September 30, |
|  | 2020 |  |  |  | 2019 |  |  |  | 2020 |  |  |  | 2019 |
Cost of service revenue | $ | 2,259 |  |  | $ | 367 |  |  | $ | 3,066 |  |  | $ | 1,106 |
Engineering, design and development |  | 2,712 |  |  |  | 559 |  |  |  | 3,735 |  |  |  | 1,832 |
Sales and marketing |  | 2,141 |  |  |  | 463 |  |  |  | 2,957 |  |  |  | 1,597 |
General and administrative |  | 1,409 |  |  |  | 405 |  |  |  | 2,319 |  |  |  | 1,445 |
Total stock-based compensation expense | $ | 8,521 |  |  | $ | 1,794 |  |  | $ | 12,077 |  |  | $ | 5,980 |

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