XML 74 R59.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract] |
Schedule of Quarterly Results of Operations | The following is a tabulation of the unaudited quarterly results of operations for the years ended December 31, 2016 and 2015, in reference to the Amendment No. 1 on Form 10-Q/A which amends the Quarterly Report on Form 10-Q of HC2 Holdings, Inc. (the “Company”) for the fiscal quarters ended March 31, 2015, June 30, 2015, and September 30, 2015 as originally filed with the Securities and Exchange Commission (in thousands, except per share amounts):
|  | Quarters Ended
|  | March 31, 2016 |  | June 30, 2016 |  | September 30, 2016 |  | December 31, 2016
Services revenue |  | $ | 182,109 |  |  | $ | 197,372 |  |  | $ | 245,064 |  |  | $ | 272,510 |
Sales revenue |  | 120,497 |  |  | 125,759 |  |  | 133,474 |  |  | 138,884 |
Other revenue |  | 29,138 |  |  | 36,162 |  |  | 34,546 |  |  | 42,611 |
Net revenue |  | 331,744 |  |  | 359,293 |  |  | 413,084 |  |  | 454,005 |
Cost of revenue - services |  | 174,873 |  |  | 183,193 |  |  | 225,876 |  |  | 259,035 |
Cost of revenue - sales |  | 99,677 |  |  | 101,290 |  |  | 107,984 |  |  | 102,113 |
Other operating expenses |  | 76,567 |  |  | 68,832 |  |  | 72,370 |  |  | 87,737 |
Income (loss) from operations |  | (19,373 | ) |  | 5,978 |  |  | 6,854 |  |  | 5,120 |
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders |  | (31,531 | ) |  | 891 |  |  | (7,506 | ) |  | (67,252 | )
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) - basic |  | $ | (31,531 | ) |  | $ | 891 |  |  | $ | (7,506 | ) |  | $ | (67,252 | )
Net income (loss) - diluted |  | $ | (31,531 | ) |  | $ | 891 |  |  | $ | (7,506 | ) |  | $ | (67,252 | )
Weighted average common shares outstanding-basic |  | 35,262 |  |  | 35,518 |  |  | 36,627 |  |  | 41,570 |
Weighted average common shares outstanding-diluted |  | 35,262 |  |  | 35,643 |  |  | 36,627 |  |  | 41,570 |
Basic income (loss) per common share: |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders |  | $ | (0.89 | ) |  | $ | 0.02 |  |  | $ | (0.20 | ) |  | $ | (1.62 | )
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to HC2 Holdings, Inc. |  | $ | (0.89 | ) |  | $ | 0.02 |  |  | $ | (0.20 | ) |  | $ | (1.62 | )
Diluted income (loss) per common share: |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders |  | $ | (0.89 | ) |  | $ | 0.02 |  |  | $ | (0.20 | ) |  | $ | (1.62 | )
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to HC2 Holdings, Inc. |  | $ | (0.89 | ) |  | $ | 0.02 |  |  | $ | (0.20 | ) |  | $ | (1.62 | )
(1) During the second quarter of 2016, the Company identified an immaterial error in its calculation of depreciation expense for the twelve months ended December 31, 2015 and 2014 and the three months ended March 31, 2016 related to purchase accounting associated with the acquisition of DBMG in May 2014. The net impact of adjustments to net income would have been an increase of $0.7 million and a decrease of $0.2 million for the twelve months ended December 31, 2015 and 2014, respectively. Refer to note 2. Summary of Significant Accounting Policies.
|  | Quarters Ended
|  | March 31, 2015 |  | June 30, 2015 |  | September 30, 2015 |  | December 31, 2015
Services revenue |  | $ | 73,718 |  |  | $ | 147,841 |  |  | $ | 151,933 |  |  | $ | 221,788 |
Sales revenue |  | 128,090 |  |  | 133,141 |  |  | 125,534 |  |  | 135,896 |
Other Revenue |  | — |  |  | — |  |  | — |  |  | 2,865 |
Net revenue |  | 201,808 |  |  | 280,982 |  |  | 277,467 |  |  | 360,549 |
Cost of revenue—services |  | 61,920 |  |  | 134,589 |  |  | 138,099 |  |  | 210,047 |
Cost of revenue—sales |  | 110,536 |  |  | 110,909 |  |  | 103,375 |  |  | 113,148 |
Other operating expenses |  | 28,862 |  |  | 32,062 |  |  | 33,349 |  |  | 43,197 |
Income (loss) from operations |  | 490 |  |  | 3,422 |  |  | 2,644 |  |  | (5,843 | )
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders |  | (6,316 | ) |  | (11,979 | ) |  | (8,998 | ) |  | (12,536 | )
Gain (loss) from discontinued operations |  | (9 | ) |  | (11 | ) |  | (24 | ) |  | 23 |
Net income (loss)—basic |  | $ | (6,325 | ) |  | $ | (11,990 | ) |  | $ | (9,022 | ) |  | $ | (12,513 | )
Net income (loss)—diluted |  | $ | (6,325 | ) |  | $ | (11,990 | ) |  | $ | (9,022 | ) |  | $ | (12,513 | )
Weighted average common shares outstanding-basic |  | 24,146 |  |  | 25,514 |  |  | 25,592 |  |  | 30,588 |
Weighted average common shares outstanding-diluted |  | 24,146 |  |  | 25,514 |  |  | 25,592 |  |  | 30,588 |
Basic income (loss) per common share: |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders |  | $ | (0.26 | ) |  | $ | (0.47 | ) |  | $ | (0.35 | ) |  | $ | (0.41 | )
Gain (loss) from discontinued operations |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to HC2 Holdings, Inc. |  | $ | (0.26 | ) |  | $ | (0.47 | ) |  | $ | (0.35 | ) |  | $ | (0.41 | )
Diluted income (loss) per common share: |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—common holders |  | $ | (0.26 | ) |  | $ | (0.47 | ) |  | $ | (0.35 | ) |  | $ | (0.41 | )
Income (loss) from continuing operations attributable to HC2 Holdings, Inc.—preferred holders |  | — |  |  | — |  |  | — |  |  | — |
Gain (loss) from discontinued operations |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to HC2 Holdings, Inc. |  | $ | (0.26 | ) |  | $ | (0.47 | ) |  | $ | (0.35 | ) |  | $ | (0.41 | )

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 + Details
Name: | us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration