Trilogy International Partners Inc.

CIK:0001689382|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Revenues	$ 0	$ 0	$ 0	$ 238,517
Operating expenses (income)
Cost of service, exclusive of depreciation, amortization and accretion shown separately	0	0	0	81,045
Cost of equipment sales	0	0	0	39,157
Sales and marketing	0	0	0	30,800
General and administrative	742	3,407	4,010	60,367
Depreciation, amortization and accretion	0	1	2	18,417
Loss (gain) on sale of operations and disposal of assets	0	0	11	(457,590)
Total operating expenses (income)	742	3,408	4,023	(227,804)
Operating (loss) income	(742)	(3,408)	(4,023)	466,321
Other income (expenses)
Interest expense	0	0	0	(22,887)
Change in fair value of warrant liability	0	0	0	105
Debt extinguishment costs	0	0	0	(8,527)
Other, net	97	(2,018)	594	13,607
Total other income (expenses)	97	(2,018)	594	(17,702)
(Loss) income before income taxes	(645)	(5,426)	(3,429)	448,619
Income tax expense	(1)	0	(70)	(11,337)
Net (loss) income	(646)	(5,426)	(3,499)	437,282
Less: Net income attributable to noncontrolling interests	0	0	0	(3,578)
Net (loss) income attributable to Trilogy International Partners Inc.	(646)	(5,426)	(3,499)	433,704
Comprehensive (loss) income
Net (loss) income	(646)	(5,426)	(3,499)	437,282
Other comprehensive income (loss):
Foreign currency translation adjustments	0	0	0	(13,197)
Net income on short-term investments	0	56	0	56
Other comprehensive income (loss)	0	56	0	(13,141)
Comprehensive (loss) income	(646)	(5,370)	(3,499)	424,141
Comprehensive income attributable to noncontrolling interests	0	0	0	(59)
Comprehensive (loss) income attributable to Trilogy International Partners Inc.	$ (646)	$ (5,370)	$ (3,499)	$ 424,082
Net (loss) income attributable to Trilogy International Partners Inc. per share:
Basic (see Note 9 - Earnings per Share) (in dollars per share)	$ (0.01)	$ (0.06)	$ (0.04)	$ 4.95
Diluted (see Note 9 - Earnings per Share) (in dollars per share)	$ (0.01)	$ (0.06)	$ (0.04)	$ 4.91
Weighted average common shares:
Basic (in shares)	88,627,593	88,627,603	88,627,593	87,580,236
Diluted (in shares)	88,627,593	88,627,603	88,627,593	88,314,955
Wireless service revenues [Member]
Revenues
Revenues	$ 0	$ 0	$ 0	$ 154,752
Fixed broadband service revenues [Member]
Revenues
Revenues	0	0	0	42,498
Equipment sales [Member]
Revenues
Revenues	0	0	0	38,096
Non-subscriber international long distance and other revenues [Member]
Revenues
Revenues	$ 0	$ 0	$ 0	$ 3,171

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net (loss) income	$ (3,499)	$ 437,282
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Provision for doubtful accounts	0	2,759
Depreciation, amortization and accretion	2	18,417
Equity-based compensation	0	3,572
Loss (gain) on sale of operations and disposal of assets	11	(457,590)
Non-cash right-of-use ("ROU") asset lease expense	0	3,686
Non-cash interest expense	0	3,385
Settlement of cash flow hedges	0	(335)
Change in fair value of warrant liability	0	(105)
Debt extinguishment costs	0	8,527
Non-cash gain from change in fair value on cash flow hedges	0	(2,946)
Loss (gain) on forward exchange contracts and unrealized foreign exchange transactions	228	(14,789)
Deferred income taxes	0	396
Changes in operating assets and liabilities:
Accounts receivable	0	(6,460)
Equipment Installment Plan ("EIP") receivables	0	5,207
Inventory	0	(1,470)
Prepaid expenses and other current assets	12	(12,693)
Other assets	52	(1,546)
Accounts payable	(39)	(6,989)
Operating lease liabilities	0	(7,376)
Other current liabilities and accrued expenses	(6,091)	23,738
Customer deposits and unearned revenue	0	(1,866)
Net cash used in operating activities	(9,324)	(7,196)
Investing activities:
Proceeds from the sale of operations, inclusive of proceeds from forward exchange contracts of $0.1 million and $16.6 million, net of cash sold of $51.1 million	13,889	552,210
Purchase of property and equipment	0	(32,429)
Purchase of short-term investments	0	(13,837)
Other, net	0	(687)
Net cash provided by investing activities	13,889	505,257
Financing activities:
Return of capital, net of distribution repaid	(20,324)	(112,967)
Payments of debt, including sale-leaseback and EIP receivables financing obligations	0	(438,807)
Proceeds from debt	0	10,000
Proceeds from EIP receivables financing obligation	0	7,290
Other, net	0	(2,778)
Net cash used in financing activities	(20,324)	(537,262)
Net decrease in cash, cash equivalents and restricted cash	(15,759)	(39,201)
Cash, cash equivalents and restricted cash, beginning of period	25,067	55,010
Effect of exchange rate changes	0	(3,185)
Cash, cash equivalents and restricted cash, end of period	$ 9,308	$ 12,624

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 9,308	$ 25,067
Sale proceeds held in escrow	0	14,115
Prepaid expenses and other current assets	260	573
Total current assets	9,568	39,755
Property and equipment, net	9	12
Other assets	1,164	1,403
Total assets	10,741	41,170
Current liabilities:
Accounts payable	10	49
Other current liabilities and accrued expenses	881	7,317
Total current liabilities	891	7,366
Non-current liabilities	217	348
Total liabilities	1,108	7,714
Commitments and contingencies
Shareholders' equity:
Common shares, no par value, and additional paid-in capital; unlimited authorized, 88,627,593 and 88,627,593 shares issued and outstanding	0	0
Accumulated earnings	9,633	33,456
Total shareholders' equity	9,633	33,456
Total liabilities and shareholders' equity	$ 10,741	$ 41,170