| Financial Results of Discontinued Operations |
Details on assets and liabilities classified as held for disposal in the accompanying consolidated balance sheets are presented in the following table:
|
|
|
|
|
|
|
|
|
|
As of March 31, |
|
|
2018 |
|
2017 |
Assets held for disposal |
|
|
|
|
Accounts receivable, net of allowances of $578 and $369, respectively |
|
8,013 |
|
|
5,891 |
|
Property and equipment, net |
|
377 |
|
|
— |
|
Goodwill |
|
309 |
|
|
— |
|
Prepaid expenses and other current assets |
|
54 |
|
|
62 |
|
Current assets held for disposal |
|
8,753 |
|
|
5,953 |
|
Property and equipment, net |
|
— |
|
|
371 |
|
Intangible assets, net |
|
— |
|
|
1,918 |
|
Goodwill |
|
— |
|
|
34,353 |
|
Long-lived assets held for disposal |
|
— |
|
|
36,642 |
|
Total assets held for disposal |
|
8,753 |
|
|
42,595 |
|
|
|
|
|
|
Liabilities held for disposal |
|
|
|
|
Accounts payable |
|
8,789 |
|
|
8,081 |
|
Accrued license fees and revenue share |
|
3,059 |
|
|
5,518 |
|
Accrued compensation |
|
529 |
|
|
553 |
|
Other current liabilities |
|
349 |
|
|
263 |
|
Current liabilities held for disposal |
|
12,726 |
|
|
14,415 |
|
Other non-current liabilities |
|
— |
|
|
85 |
|
Long-term liabilities held for disposal |
|
— |
|
|
85 |
|
Total liabilities held for disposal |
|
12,726 |
|
|
14,500 |
|
The following table provides reconciling cash flow information for our discontinued operations:
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Year ended March 31, |
|
|
2018 |
|
2017 |
|
2016 |
Cash flows from operating activities |
|
|
|
|
|
|
Net loss |
|
(33,160 |
) |
|
(5,126 |
) |
|
(3,540 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and Amortization |
|
1,037 |
|
|
5,564 |
|
|
3,101 |
|
Change in allowance for doubtful accounts |
|
194 |
|
|
85 |
|
|
261 |
|
Stock-based compensation |
|
189 |
|
|
386 |
|
|
— |
|
Impairment of intangible assets |
|
1,065 |
|
|
— |
|
|
— |
|
Impairment of goodwill |
|
34,045 |
|
|
— |
|
|
— |
|
(Increase) / decrease in assets: |
|
|
|
|
|
|
Accounts receivable |
|
(1,928 |
) |
|
4,715 |
|
|
(14 |
) |
Deposits |
|
— |
|
|
69 |
|
|
(69 |
) |
Prepaid expenses and other current assets |
|
8 |
|
|
(8 |
) |
|
78 |
|
Increase / (decrease) in liabilities: |
|
|
|
|
|
|
Accounts payable |
|
708 |
|
|
134 |
|
|
3,928 |
|
Accrued license fees and revenue share |
|
(2,459 |
) |
|
(1,089 |
) |
|
76 |
|
Accrued compensation |
|
(24 |
) |
|
(665 |
) |
|
269 |
|
Other current liabilities |
|
25 |
|
|
444 |
|
|
412 |
|
Other non-current liabilities |
|
(24 |
) |
|
85 |
|
|
— |
|
Cash provided by / (used in) operating activities |
|
(324 |
) |
|
4,594 |
|
|
4,502 |
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Capital expenditures |
|
(142 |
) |
|
(177 |
) |
|
— |
|
Cash used in investing activities |
|
(142 |
) |
|
(177 |
) |
|
— |
|
|
|
|
|
|
|
|
Cash provided by / (used in) discontinued operations |
|
(466 |
) |
|
4,417 |
|
|
4,502 |
|
The following table summarizes the financial results of our discontinued operations for all periods presented herein:
Condensed Statements of Operations and Comprehensive Loss
For Discontinued Operations
(in thousands, except per share amounts)
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Year ended March 31, |
|
|
2018 |
|
2017 |
|
2016 |
Net revenues |
|
48,877 |
|
|
51,346 |
|
|
64,290 |
|
Total cost of revenues |
|
42,950 |
|
|
49,241 |
|
|
55,931 |
|
Gross profit |
|
5,927 |
|
|
2,105 |
|
|
8,359 |
|
Product development |
|
2,194 |
|
|
2,752 |
|
|
6,100 |
|
Sales and marketing |
|
1,444 |
|
|
2,357 |
|
|
3,158 |
|
General and administrative |
|
1,835 |
|
|
2,045 |
|
|
2,502 |
|
Income / (loss) from operations |
|
454 |
|
|
(5,049 |
) |
|
(3,401 |
) |
Loss on impairment of goodwill |
|
(34,045 |
) |
|
— |
|
|
— |
|
Interest and other income (expense), net |
|
431 |
|
|
(77 |
) |
|
(139 |
) |
Loss from discontinued operations before income taxes |
|
(33,160 |
) |
|
(5,126 |
) |
|
(3,540 |
) |
Income tax provision |
|
— |
|
|
— |
|
|
— |
|
Net loss from discontinued operations, net of taxes |
|
(33,160 |
) |
|
(5,126 |
) |
|
(3,540 |
) |
Foreign currency translation adjustment |
|
— |
|
|
— |
|
|
— |
|
Comprehensive loss |
|
(33,160 |
) |
|
(5,126 |
) |
|
(3,540 |
) |
Basic and diluted net loss per common share |
|
$ |
(0.47 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
Weighted-average common shares outstanding, basic and diluted |
|
70,263 |
|
|
66,511 |
|
|
61,763 |
|
|