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Discontinued Operations (Tables)

9 Months Ended

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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