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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

OR

 

 

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: 001-36708

 

Uniti Group Inc.

(Exact name of registrant as specified in its charter)

 

Maryland

46-5230630

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

 

10802 Executive Center Drive

Benton Building Suite 300

Little Rock, Arkansas

72211

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (501) 850-0820

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

UNIT

The NASDAQ Global Select Market

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 every Interactive Data File required to be submitted 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 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 the definitions 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

 

  

  

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 May 1, 2020, the registrant had 194,116,016 shares of common stock, $0.0001 par value per share, outstanding.

 


Table of Contents

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q includes forward-looking statements as defined under U.S. federal securities law. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief or expectations, including, but not limited to, statements regarding: our expectations regarding the settlement we have announced with Windstream Holdings, Inc. (“Windstream Holdings”) and its subsidiaries (Windstream Holdings, together with its subsidiaries, “Windstream”) and our ability to satisfy the conditions precedent to its effectiveness, and Windstream’s ability to implement a successful plan of reorganization and emerge from bankruptcy(including the timing thereof); if the settlement is not effected, the bankruptcy and Windstream’s performance under its long-term exclusive triple-net lease with us (the “Master Lease”); if the settlement is not effected, our expectations with respect to the treatment of the Master Lease in Windstream’s petitions for relief under Chapter 11 of the Bankruptcy Code, including with respect to Windstream’s claims that the Master Lease should be recharacterized as a financing transaction, that the Master Lease is a lease of personal property and that rent payments and tenant capital improvements made by Windstream under the Master Lease constituted constructive fraudulent transfers and that we are in breach of certain of our obligations under the Master Lease;  our expectations regarding the effect of substantial doubt about our ability to continue as a going concern; our expectations about our ability to maintain our status as a real estate investment trust (“REIT”); our expectations regarding the effect of the COVID-19 pandemic on our results of operations and financial condition, including the potential need to perform an interim goodwill analysis and report an impairment charge related thereto; our expectations regarding the future growth and demand of the telecommunication industry, future financing plans, business strategies, growth prospects, operating and financial performance, and our future liquidity needs and access to capital; our expectations regarding the probability of our obligation to pay contingent consideration upon Tower Cloud, Inc.'s ("Tower Cloud") achievement of certain defined operational and financial milestones; expectations regarding future deployment of fiber strand miles and small cell networks and recognition of revenue related thereto; expectations regarding levels of capital expenditures; expectations regarding the deductibility of goodwill for tax purposes; expectations regarding reclassification of accumulated other comprehensive income (loss) related to derivatives to interest expense; expectations regarding the amortization of intangible assets; expectations regarding the impact of the operating company-property company partnership with Macquarie Infrastructure Partners (“MIP”) and related acquisition of Bluebird Network, LLC (“Bluebird”); our expectations regarding the wind down of the Consumer CLEC business; our expectations regarding the disposition of certain U.S. tower assets, the results of the “go-shop” process related thereto and the “off-take” tower arrangement with a wireless infrastructure partner we entered into in connection therewith and expectations regarding the payment of dividends.

 

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained. Factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to:

 

 

the future prospects of our largest customer, Windstream Holdings, which, following a finding that it is in default of certain of its debt, on February 25, 2019, and along with all of its subsidiaries, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code;

 

our ability to continue as a going concern if our settlement is not implemented and/or Windstream is not able to successfully emerge and the settlement is not implemented, and Windstream Holdings were to succeed in its recharacterization and fraudulent transfer claims against us, reject the Master Lease or be unable or unwilling to perform its obligations under the Master Lease;

 

adverse impacts of the COVID-19 pandemic on our employees, our business, the business of our customers and other business partners and the global financial markets;

 

the ability and willingness of our customers to meet and/or perform their obligations under any contractual arrangements entered into with us, including master lease arrangements; 

 

the ability of our customers to comply with laws, rules and regulations in the operation of the assets we lease to them; 

 

the ability and willingness of our customers to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant; 

 

our ability to renew, extend or retain our contracts or to obtain new contracts with significant customers (including customers of the businesses that we acquire); 

 

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the availability of and our ability to identify suitable acquisition opportunities and our ability to acquire and lease the respective properties on favorable terms or operate and integrate the acquired businesses; 

 

our ability to generate sufficient cash flows to service our outstanding indebtedness and fund our capital funding commitments; 

 

our ability to access debt and equity capital markets; 

 

adverse impacts of changes to our business, economic trends or key assumptions regarding our estimates of fair value, including potential impacts of recent developments surrounding Windstream that could result in an impairment charge in the future, which could have a significant impact to our reported earnings;

 

the impact on our business or the business of our customers as a result of credit rating downgrades, and fluctuating interest rates; 

 

adverse impacts of litigation or disputes involving us or our customers;

 

our ability to retain our key management personnel; 

 

our ability to maintain our status as a REIT, including as a result of the effects of the recent events with respect to our largest customer, Windstream Holdings;

 

changes in the U.S. tax law and other federal, state or local laws, whether or not specific to REITs, including the impact of the 2017 U.S. tax reform legislation; 

 

covenants in our debt agreements that may limit our operational flexibility; 

 

the possibility that we may experience equipment failures, natural disasters, cyber attacks or terrorist attacks for which our insurance may not provide adequate coverage; 

 

the risk that we fail to fully realize the potential benefits of or have difficulty in integrating the companies we acquire; 

 

other risks inherent in the communications industry and in the ownership of communications distribution systems, including potential liability relating to environmental matters and illiquidity of real estate investments;

 

the risk that the agreements regarding the announced disposition of U.S. towers assets may be modified or terminated prior to expiration or that the conditions to such disposition may not be satisfied; and

 

additional factors discussed in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A “Risk Factors” of this Quarterly Report on Form 10-Q and in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2019, as well as those described from time to time in our future reports filed with the U.S. Securities and Exchange Commission (“SEC”).

Forward-looking statements speak only as of the date of this Quarterly Report. Except in the normal course of our public disclosure obligations, we expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.

 

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Uniti Group Inc.

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements (Unaudited)

5

 

Uniti Group Inc.

 

 

Condensed Consolidated Balance Sheets

5

 

Condensed Consolidated Statements of (Loss) Income

6

 

Condensed Consolidated Statements of Comprehensive Loss

7

 

Condensed Consolidated Statements of Shareholders’ Deficit

8

 

Condensed Consolidated Statements of Cash Flows

9

 

Notes to Condensed Consolidated Financial Statements

10

 

1.Organization and Description of Business

10

 

2.Basis of Presentation and Summary of Significant Accounting Policies

10

 

3.Revenues

13

 

4.Leases

16

 

5.Assets and Liabilities Held for Sale

19

 

6.Fair Value of Financial Instruments

19

 

7.Property Plant and Equipment

21

 

8.Derivative Instruments and Hedging Activities

22

 

9.Goodwill and Intangible Assets and Liabilities

23

 

10.Notes and Other Debt

24

 

11.Earnings Per Share

28

 

12.Segment Information

29

 

13.Commitments and Contingencies

30

 

14.Accumulated Other Comprehensive (Loss) Income

35

 

15.Subsequent Events

36

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

 

1.Overview

37

 

2.Comparison of the three months ended March 31, 2020 and 2019

41

 

3.Non-GAAP Financial Measures

48

 

4.Liquidity and Capital Resources

49

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

54

Item 4.

Controls and Procedures

54

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

56

Item 1A.

Risk Factors

59

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

60

Item 3.

Defaults Upon Senior Securities

61

Item 4.

Mine Safety Disclosures

61

Item 5.

Other Information

61

Item 6.

Exhibits

62

 

 

 

Signatures

63

 

 

 

 

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Uniti Group Inc.

Condensed Consolidated Balance Sheets

 

(Thousands, except par value)

 

(Unaudited)

March 31, 2020

 

 

December 31, 2019

 

Assets:

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

$

3,254,600

 

 

$

3,409,945

 

Cash and cash equivalents

 

 

109,329

 

 

 

142,813

 

Accounts receivable, net

 

 

74,763

 

 

 

77,623

 

Goodwill

 

 

690,672

 

 

 

690,672

 

Intangible assets, net

 

 

523,718

 

 

 

531,979

 

Straight-line revenue receivable

 

 

3,511

 

 

 

2,408

 

Other assets, net

 

 

145,636

 

 

 

161,560

 

Assets held for sale

 

 

211,851

 

 

 

-

 

Total Assets

 

$

5,014,080

 

 

$

5,017,000

 

 

Liabilities and Shareholders' Deficit:

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities, net

 

$

171,149

 

 

$

227,121

 

Accrued interest payable

 

 

97,816

 

 

 

28,800

 

Deferred revenue

 

 

1,102,118

 

 

 

1,070,671

 

Derivative liability, net

 

 

30,446

 

 

 

23,679

 

Dividends payable

 

 

29,648

 

 

 

43,282

 

Deferred income taxes

 

 

19,512

 

 

 

24,431

 

Finance lease obligations

 

 

51,487

 

 

 

52,994

 

Contingent consideration

 

 

5,916

 

 

 

11,507

 

Notes and other debt, net

 

 

5,060,696

 

 

 

5,017,679

 

Liabilities held for sale

 

 

40,743

 

 

 

-

 

      Total liabilities

 

 

6,609,531

 

 

 

6,500,164

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' Deficit:

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 50,000 shares authorized, no shares issued and outstanding

 

 

-

 

 

 

-

 

Common stock, $0.0001 par value, 500,000 shares authorized, issued and outstanding: 192,281 shares at March 31, 2020 and 192,142 at December 31, 2019

 

 

19

 

 

 

19

 

Additional paid-in capital

 

 

954,223

 

 

 

951,295

 

Accumulated other comprehensive loss

 

 

(28,717

)

 

 

(23,442

)

Distributions in excess of accumulated earnings

 

 

(2,602,777

)

 

 

(2,494,740

)

Total Uniti shareholders' deficit

 

 

(1,677,252

)

 

 

(1,566,868

)

Noncontrolling interests:

 

 

 

 

 

 

 

 

Operating partnership units

 

 

81,676

 

 

 

83,704

 

Cumulative non-voting convertible preferred stock, $0.01 par value, 3 shares authorized, 1 issued and outstanding

 

 

125

 

 

 

-

 

      Total shareholders' deficit

 

 

(1,595,451

)

 

 

(1,483,164

)

Total Liabilities and Shareholders' Deficit

 

$

5,014,080

 

 

$

5,017,000

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

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Uniti Group Inc.

Condensed Consolidated Statements of (Loss) Income

(unaudited)

 

 

 

Three Months Ended March 31,

 

(Thousands, except per share data)

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

Leasing

 

$

184,352

 

 

$

176,083

 

Fiber Infrastructure

 

 

77,407

 

 

 

76,833

 

Tower

 

 

3,720

 

 

 

5,080

 

Consumer CLEC

 

 

683

 

 

 

3,035

 

Total revenues

 

 

266,162

 

 

 

261,031

 

Costs and Expenses:

 

 

 

 

 

 

 

 

Interest expense

 

 

178,393

 

 

 

84,458

 

Depreciation and amortization

 

 

86,121

 

 

 

103,827

 

General and administrative expense

 

 

27,133

 

 

 

24,226

 

Operating expense (exclusive of depreciation and amortization)

 

 

40,310

 

 

 

38,418

 

Transaction related and other costs

 

 

15,972

 

 

 

6,669

 

Other (income) expense

 

 

3,075

 

 

 

(3,113

)

      Total costs and expenses

 

 

351,004

 

 

 

254,485

 

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

 

(84,842

)

 

 

6,546

 

Income tax (benefit) expense

 

 

(4,576

)

 

 

4,054

 

Net (loss) income

 

 

(80,266

)

 

 

2,492

 

Net (loss) income attributable to noncontrolling interests

 

 

(1,413

)

 

 

50

 

Net (loss) income attributable to shareholders

 

 

(78,853

)

 

 

2,442

 

Participating securities' share in earnings

 

 

(200

)

 

 

(28

)

Dividends declared on convertible preferred stock

 

 

(3

)

 

 

(656

)

Amortization of discount on convertible preferred stock

 

 

-

 

 

 

(745

)

Net (loss) income attributable to common shareholders

 

$

(79,056

)

 

$

1,013

 

 

 

 

 

 

 

 

 

 

(Loss) earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

(0.41

)

 

$

0.01

 

Diluted

 

$

(0.41

)

 

$

0.01

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

192,236

 

 

 

182,219

 

Diluted

 

 

192,236

 

 

 

182,222

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

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Uniti Group Inc.

Condensed Consolidated Statements of Comprehensive Loss

(unaudited)

 

 

 

Three Months Ended March 31,

 

(Thousands)

 

2020

 

 

2019

 

Net (loss) income

 

$

(80,266

)

 

$

2,492

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

Unrealized loss on derivative contracts

 

 

(7,036

)

 

 

(21,686

)

Changes in foreign currency translation

 

 

-

 

 

 

780

 

Interest rate swap termination

 

 

1,666

 

 

 

-

 

Other comprehensive loss:

 

 

(5,370

)

 

 

(20,906

)

Comprehensive loss

 

 

(85,636

)

 

 

(18,414

)

Comprehensive loss attributable to noncontrolling interest

 

 

(1,508

)

 

 

(412

)

Comprehensive loss attributable to common shareholders

 

$

(84,128

)

 

$

(18,002

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.


 

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Uniti Group Inc.

Condensed Consolidated Statements of Shareholders’ Deficit

(unaudited)

 

 

For the Three Months Ended March 31,

 

(Thousands, except share data)

 

Preferred Stock

 

 

Common Stock

 

 

Additional Paid-in Capital

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Distributions in Excess of Accumulated Earnings

 

 

Noncontrolling Interest - OP Units

 

 

Noncontrolling Interest - Non-voting Preferred Shares

 

 

Total Shareholders' Deficit

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

 

-

 

 

$

-

 

 

 

180,535,971

 

 

$

18

 

 

$

757,517

 

 

$

30,105

 

 

$

(2,373,218

)

 

$

92,375

 

 

$

-

 

 

$

(1,493,203

)

Impact of change in accounting standard, net of tax

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(63,110

)

 

 

-

 

 

 

-

 

 

 

(63,110

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,442

 

 

 

50

 

 

 

-

 

 

 

2,492

 

At-the-market issuance of common stock, net of offering costs

 

 

-

 

 

 

-

 

 

 

1,176,186

 

 

 

-

 

 

 

21,641

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

21,641

 

Amortization of discount of convertible preferred stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(745

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(745

)

Other comprehensive loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(20,444

)

 

 

-

 

 

 

(462

)

 

 

-

 

 

 

(20,906

)

Common stock dividends declared ($0.05 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,022

)

 

 

-

 

 

 

-

 

 

 

(8,022

)

Distributions to noncontrolling interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(207

)

 

 

-

 

 

 

(207

)

Convertible preferred stock dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(656

)

 

 

-

 

 

 

-

 

 

 

(656

)

Net share settlement

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,579

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,579

)

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

279,152

 

 

 

-

 

 

 

1,888

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,888

 

Equity settled contingent consideration

 

 

-

 

 

 

-

 

 

 

645,385

 

 

 

-

 

 

 

11,178

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

11,178

 

Issuance of common stock - employee stock purchase plan

 

 

-

 

 

 

-

 

 

 

33,800

 

 

 

-

 

 

 

447

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

447

 

Balance at March 31, 2019

 

 

-

 

 

$

-

 

 

 

182,670,494

 

 

$

18

 

 

$

790,347

 

 

$

9,661

 

 

$

(2,442,564

)

 

$

91,756

 

 

$

-

 

 

$

(1,550,782

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

-

 

 

$

-

 

 

 

192,141,634

 

 

$

19

 

 

$

951,295

 

 

$

(23,442

)

 

$

(2,494,740

)

 

$

83,704

 

 

$

-

 

 

$

(1,483,164

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(78,853

)

 

 

(1,413

)

 

 

-

 

 

 

(80,266

)

Other comprehensive loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5,275

)

 

 

-

 

 

 

(95

)

 

 

-

 

 

 

(5,370

)

Common stock dividends declared ($0.15 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(29,184

)

 

 

-

 

 

 

-

 

 

 

(29,184

)

Distributions to noncontrolling interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(520

)

 

 

-

 

 

 

(520

)

Cumulative non-voting convertible preferred stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

125

 

 

 

125

 

Net share settlement

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(373

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(373

)

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

95,609

 

 

 

-

 

 

 

2,995

 

 

 

-

 

 

 

-