UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10–Q
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
June 30, 2018
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______________ to _______________
Commission File Number 001-35471
SAExploration Holdings, Inc.
(Exact name of registrant as specified in its charter)
|
Delaware |
27-4867100 |
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
1160 Dairy Ashford Road, Suite 160, Houston, Texas, 77079
(Address of principal executive offices)
(Zip Code)
(281) 258-4400
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
☐ |
|
Accelerated filer |
☐ |
|
Non-accelerated filer |
☐ |
(Do not check if a smaller reporting company) |
Smaller reporting company |
☒ |
|
|
|
|
Emerging Growth Company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 8, 2018, the registrant has 20,453,273 shares of common stock, $0.0001 par value, outstanding.
ITEM 1. FINANCIAL STATEMENTS
SAExploration Holdings, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except number of shares)
(Unaudited)
|
|
|
June 30, 2018 |
|
|
December 31, 2017 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,525 |
|
|
$ |
3,613 |
|
|
Restricted cash |
|
|
16 |
|
|
|
41 |
|
|
Accounts receivable, net |
|
|
12,564 |
|
|
|
6,105 |
|
|
Deferred costs on contracts |
|
|
489 |
|
|
|
2,107 |
|
|
Prepaid expenses and other current assets |
|
|
4,542 |
|
|
|
6,395 |
|
|
Total current assets |
|
|
22,136 |
|
|
|
18,261 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net of accumulated depreciation and amortization of $76,428 and $72,649, respectively |
|
|
28,783 |
|
|
|
32,946 |
|
|
Goodwill |
|
|
1,751 |
|
|
|
1,832 |
|
|
Intangible assets, net of accumulated amortization of $781 and $732, respectively |
|
|
593 |
|
|
|
671 |
|
|
Long-term accounts receivable, net |
|
|
59,117 |
|
|
|
78,102 |
|
|
Deferred income taxes |
|
|
4,949 |
|
|
|
4,592 |
|
|
Other assets |
|
|
3,855 |
|
|
|
5,534 |
|
|
Total assets |
|
$ |
121,184 |
|
|
$ |
141,938 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
7,432 |
|
|
$ |
4,551 |
|
|
Accrued liabilities |
|
|
7,444 |
|
|
|
6,311 |
|
|
Income and other taxes payable |
|
|
5,268 |
|
|
|
7,887 |
|
|
Current portion of long-term debt |
|
|
— |
|
|
|
995 |
|
|
Deferred revenue |
|
|
— |
|
|
|
1,477 |
|
|
Total current liabilities |
|
|
20,144 |
|
|
|
21,221 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
57,425 |
|
|
|
120,298 |
|
|
Other long-term liabilities |
|
|
623 |
|
|
|
608 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine equity: |
|
|
|
|
|
|
|
|
|
Series A preferred stock, 32,788 shares outstanding |
|
|
32,788 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity (deficit): |
|
|
|
|
|
|
|
|
|
Common stock, 15,231,852 and 9,424,334 shares outstanding, respectively |
|
|
2 |
|
|
|
1 |
|
|
Additional paid-in capital |
|
|
177,021 |
|
|
|
133,741 |
|
|
Accumulated deficit |
|
|
(168,726 |
) |
|
|
(133,306 |
) |
|
Accumulated other comprehensive loss |
|
|
(3,269 |
) |
|
|
(5,082 |
) |
|
Treasury stock, at cost, 363,361 and 38,024 shares, respectively |
|
|
(288 |
) |
|
|
(113 |
) |
|
SAExploration stockholders’ equity (deficit) |
|
|
4,740 |
|
|
|
(4,759 |
) |
|
Noncontrolling interest |
|
|
5,464 |
|
|
|
4,570 |
|
|
Total stockholders’ equity (deficit) |
|
|
10,204 |
|
|
|
(189 |
) |
|
Total liabilities, mezzanine equity and stockholders’ equity (deficit) |
|
$ |
121,184 |
|
|
$ |
141,938 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
||||
|
Revenue from services |
|
$ |
16,883 |
|
|
$ |
13,559 |
|
|
$ |
54,006 |
|
|
$ |
99,728 |
|
|
Cost of services |
|
|
19,710 |
|
|
|
11,629 |
|
|
|
45,715 |
|
|
|
69,403 |
|
|
Depreciation and amortization |
|
|
2,295 |
|
|
|
2,947 |
|
|
|
4,716 |
|
|
|
6,198 |
|
|
Gross (loss) profit |
|
|
(5,122 |
) |
|
|
(1,017 |
) |
|
|
3,575 |
|
|
|
24,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
25,763 |
|
|
|
6,358 |
|
|
|
32,140 |
|
|
|
12,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
|
|
(30,885 |
) |
|
|
(7,375 |
) |
|
|
(28,565 |
) |
|
|
11,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(2,346 |
) |
|
|
(8,561 |
) |
|
|
(5,487 |
) |
|
|
(16,919 |
) |
|
Foreign exchange loss, net |
|
|
(2,005 |
) |
|
|
(1,347 |
) |
|
|
(2,179 |
) |
|
|
(1,036 |
) |
|
Other income (expense), net |
|
|
9 |
|
|
|
(72 |
) |
|
|
154 |
|
|
|
(85 |
) |
|
Total other expense, net |
|
|
(4,342 |
) |
|
|
(9,980 |
) |
|
|
(7,512 |
) |
|
|
(18,040 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(35,227 |
) |
|
|
(17,355 |
) |
|
|
(36,077 |
) |
|
|
(6,788 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
(1,881 |
) |
|
|
485 |
|
|
|
(1,257 |
) |
|
|
2,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(33,346 |
) |
|
|
(17,840 |
) |
|
|
(34,820 |
) |
|
|
(9,013 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: net income attributable to noncontrolling interest |
|
|
59 |
|
|
|
65 |
|
|
|
894 |
|
|
|
2,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to SAExploration |
|
$ |
(33,405 |
) |
|
$ |
(17,905 |
) |
|
$ |
(35,714 |
) |
|
$ |
(11,060 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per common share |
|
$ |
(2.24 |
) |
|
$ |
(1.91 |
) |
|
$ |
(6.46 |
) |
|
$ |
(1.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding (basic and diluted): |
|
|
14,981 |
|
|
|
9,359 |
|
|
|
12,830 |
|
|
|
9,359 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2
Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income
(In thousands)
(Unaudited)
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|||||
|
Net loss |
|
$ |
(33,346 |
) |
|
$ |
(17,840 |
) |
|
$ |
(34,820 |
) |
|
$ |
(9,013 |
) |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
1,225 |
|
|
|
(7 |
) |
|
|
1,813 |
|
|
|
(72 |
) |
|
Comprehensive loss |
|
|
(32,121 |
) |
|
|
(17,847 |
) |
|
|
(33,007 |
) |
|
|
(9,085 |
) |
|
Less comprehensive income attributable to noncontrolling interest |
|
|
59 |
|
|
|
65 |
|
|
|
894 |
|
|
|
2,047 |
|
|
Comprehensive loss attributable to SAExploration |
|
$ |
(32,180 |
) |
|
$ |
(17,912 |
) |
|
$ |
(33,901 |
) |
|
$ |
(11,132 |
) |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3
Condensed Consolidated Statement of Changes in Stockholders’ Equity
(In thousands)
(Unaudited)
|
|
|
Common Stock |
|
|
Additional Paid-In Capital |
|
|
Accumulated Deficit |
|
|
Accumulated Other Comprehensive Loss |
|
|
Treasury Stock |
|
|
Total SAExploration Stockholders’ Equity (Deficit) |
|
|
Non-controlling Interest |
|
|
Total Stockholders’ Equity (Deficit) |
|
||||||||
|
Balance at December 31, 2017 |
|
$ |
1 |
|
|
$ |
133,741 |
|
|
$ |
(133,306 |
) |
|
$ |
(5,082 |
) |
|
$ |
(113 |
) |
|
$ |
(4,759 |
) |
|
$ |
4,570 |
|
|
$ |
(189 |
) |
|
Adoption of ASU 2016-16 |
|
|
— |
|
|
|
— |
|
|
|
294 |
|
|
|
— |
|
|
|
— |
|
|
|
294 |
|
|
|
— |
|
|
|
294 |
|
|
Net (loss) income |
|
|
— |
|
|
|
— |
|
|
|
(35,714 |
) |
|
|
— |
|
|
|
— |
|
|
|
(35,714 |
) |
|
|
894 |
|
|
|
(34,820 |
) |
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,813 |
|
|
|
— |
|
|
|
1,813 |
|
|
|
— |
|
|
|
1,813 |
|
|
Equity-based compensation expense |
|
|
— |
|
|
|
2,641 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,641 |
|
|
|
— |
|
|
|
2,641 |
|
|
Purchase of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(175 |
) |
|
|
(175 |
) |
|
|
— |
|
|
|
(175 |
) |
|
Common stock issued in debt exchange |
|
|
— |
|
|
|
472 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
472 |
|
|
|
— |
|
|
|
472 |
|
|
Discount on Series A preferred stock issued in debt exchange |
|
|
— |
|
|
|
61,971 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
61,971 |
|
|
|
— |
|
|
|
61,971 |
|
|
Accretion of discount on Series A preferred stock |
|
|
— |
|
|
|
(56,635 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(56,635 |
) |
|
|
— |
|
|
|
(56,635 |
) |
|
Accretion of Series A preferred stock to redemption value |
|
|
— |
|
|
|
21,376 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,376 |
|
|
|
— |
|
|
|
21,376 |
|
|
Dividend on Series A preferred stock |
|
|
— |
|
|
|
(1,119 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,119 |
) |
|
|
— |
|
|
|
(1,119 |
) |
|
Series B preferred stock issued in debt exchange |
|
|
— |
|
|
|
10,791 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,791 |
|
|
|
— |
|
|
|
10,791 |
|
|
Conversion of Series B preferred stock |
|
|
— |
|
|
|
(10,791 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,791 |
) |
|
|
— |
|
|
|
(10,791 |
) |
|
Common stock and Series D warrants issued in conversion of Series B preferred stock |
|
|
1 |
|
|
|
10,790 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,791 |
|
|
|
— |
|
|
|
10,791 |
|
|
Series C warrants issued in debt exchange |
|
|
— |
|
|
|
4,810 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,810 |
|
|
|
— |
|
|
|
4,810 |
|
|
Stock issuance costs |
|
|
— |
|
|
|
(1,026 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,026 |
) |
|
|
— |
|
|
|
(1,026 |
) |
|
Balance at June 30, 2018 |
|
$ |
2 |
|
|
$ |
177,021 |
|
|
$ |
(168,726 |
) |
|
$ |
(3,269 |
) |
|
$ |
(288 |
) |
|
$ |
4,740 |
|
|
$ |
5,464 |
|
|
$ |
10,204 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
Six Months Ended June 30, |
|
||||||
|
|
|
2018 |
|
|
2017 |
|
||
|
Operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(34,820 |
) |
|
$ |
(9,013 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
4,868 |
|
|
|
6,400 |
|
|
Equity-based compensation |
|
|
2,641 |
|
|
|
1,265 |
|
|
Gain on disposal of property and equipment |
|
|
(185 |
) |
|
|
(83 |
) |
|
Provision for doubtful accounts |
|
|
19,120 |
|
|
|
— |
|
|
Amortization of loan issuance costs and debt discounts |
|
|
1,901 |
|
|
|
10,523 |
|
|
Payment in kind interest |
|
|
— |
|
|
|
4,469 |
|
|
Unrealized loss on foreign currency transactions |
|
|
2,131 |
|
|
|
135 |
|
|
Gain on debt extinguishment |
|
|
(53 |
) |
|
|
— |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(6,605 |
) |
|
|
17,288 |
|
|
Prepaid expenses and other current assets |
|
|
445 |
|
|
|
(559 |
) |
|
Deferred costs on contracts |
|
|
1,627 |
|
|
|
8,208 |
|
|
Accounts payable |
|
|
1,821 |
|
|
|
(4,424 |
) |
|
Accrued liabilities |
|
|
1,161 |
|
|
|
(2,233 |
) |
|
Income and other taxes payable |
|
|
(2,633 |
) |
|
|
(6,863 |
) |
|
Deferred revenue |
|
|
(1,491 |
) |
|
|
(7,975 |
) |
|
Other, net |
|
|
1 |
|
|
|
(14 |
) |
|
Net cash (used in) provided by operating activities |
|
|
(10,071 |
) |
|
|
17,124 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(703 |
) |
|
|
(2,218 |
) |
|
Proceeds from sale of property and equipment |
|
|
193 |
|
|
|
1,962 |
|
|
Net cash used in investing activities |
|
|
(510 |
) |
|
|
(256 |
) |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Long-term debt repayments |
|
|
(995 |
) |
|
|
(33,822 |
) |
|
Long-term debt borrowings |
|
|
15,000 |
|
|
|
30,845 |
|
|
Capital lease repayments |
|
|
— |
|
|
|
(55 |
) |
|
Stock issuance costs |
|
|
(2,179 |
) |
|
|
— |
|
|
Purchase of treasury stock |
|
|
(175 |
) |
|
|
— |
|
|
Distribution to noncontrolling interest |
|
|
— |
|
|
|
(291 |
) |
|
Net cash provided by (used in) financing activities |
|
|
11,651 |
|
|
|
(3,323 |
) |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(183 |
) |
|
|
(189 |
) |
|
Net change in cash, cash equivalents and restricted cash |
|
|
887 |
|
|
|
13,356 |
|
|
Cash, cash equivalents and restricted cash at the beginning of period |
|
|
3,654 |
|
|
|
11,996 |
|
|
Cash, cash equivalents and restricted cash at the end of period |
|
$ |
4,541 |
|
|
$ |
25,352 |
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
5
SAExploration Holdings, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of the Business
SAExploration Holdings, Inc. (“we,” “our” or “us) is an internationally–focused oilfield services company offering seismic data acquisition and logistical support services in North America, South America, West Africa and Southeast Asia to the oil and natural gas industry.
Basis of Presentation
Our unaudited condensed consolidated financial statements included herein include our accounts and those of our subsidiaries, which are wholly–owned or controlled by us, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. We believe that the presentations and disclosures herein are adequate to make the information not misleading. The unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in Item 8 of our Annual Report on Form 10–K for the year ended December 31, 2017.
All intercompany accounts and transaction have been eliminated in consolidation. In the Notes to Unaudited Condensed Consolidated Financial Statements, all dollar and share amounts in tabulations are in thousands of dollars and shares, respectively, unless otherwise indicated.
Recently Adopted Accounting Pronouncements
On January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014–09, Revenue from Contracts with Customers, and the related amendments. This ASU amended the existing accounting standards for revenue recognition and requires companies to recognize revenue when control of the promised goods or services is transferred to a customer at an amount that reflects the consideration a company expects to receive in exchange for those goods or services.
We elected to adopt ASU 2014–09 using the modified retrospective approach applied to those contracts that were not completed as of January 1, 2018. Prior period amounts have not been adjusted and continue to be reflected in accordance with our historical accounting.
6
SAExploration Holdings, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements (continued)
The impact of the adoption on our unaudited condensed consolidated statements of operations was as follows:
|
|
|
Balances Without Adoption of ASU 2014-09 |
|
|
Impact of Adoption of ASU 2014-09 |
|
|
As Reported |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from services |
|
$ |
15,889 |
|
|
$ |
994 |
|
|
$ |
16,883 |
|
|
Cost of services |
|
|
19,093 |
|
|
|
617 |
|
|
|
19,710 |
|
|
Income taxes |
|
|
(1,871 |
) |
|
|
(10 |
) |
|
|
(1,881 |
) |
|
Net loss |
|
|
(33,733 |
) |
|
|
387 |
|
|
|
(33,346 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2018: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from services |
|
$ |
52,635 |
|
|
$ |
1,371 |
|
|
$ |
54,006 |
|
|
Cost of services |
|
|
44,465 |
|
|
|
1,250 |
|
|
|
45,715 |
|
|
Income taxes |
|
|
(1,302 |
) |
|
|
45 |
|
|
|
(1,257 |
) |
|
Net loss |
|
|
(34,896 |
) |
|
|
76 |
|
|
|
(34,820 |
) |
The impact of the adoption on our unaudited condensed consolidated balance sheet was as follows:
|
|
|
June 30, 2018 |
|
|||||||||
|
|
|
Balances Without Adoption of ASU 2014-09 |
|
|
Impact of Adoption of ASU 2014-09 |
|
|
As Reported |
|
|||
|
Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
$ |
11,193 |
|
|
$ |
1,371 |
|
|
$ |
12,564 |
|
|
Deferred costs on contracts |
|
|
489 |
|
|
|
— |
|
|
|
489 |
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued liabilities |
|
|
6,194 |
|
|
|
1,250 |
|
|
|
7,444 |
|
|
Income and other taxes payable |
|
|
5,223 |
|
|
|
45 |
|||||