| Schedule of Consolidated Statements of Operations |
certain indirect costs on the Company’s Consolidated Financial Statements for the period from January 1, 2024 through July 29, 2024 (Predecessor) and the years ended December 31, 2023 and 2022 (Predecessor) are reflected below under the Presentation Adjustment column.
|
Consolidated Statements of Operations
|
| |
|
Predecessor
|
| |
|
January 1, 2024 to July 29, 2024
|
| |
|
Prior
Presentation
|
|
Restatement
|
|
As
Restated
|
|
Presentation
Adjustment
|
|
As Restated
and
Adjusted
|
|
Cost of revenue
|
|
|
521,484 |
|
|
|
—
|
|
|
|
521,484 |
|
|
|
(49,603 |
)
|
|
|
471,881 |
|
|
Gross profit
|
|
|
112,382 |
|
|
|
—
|
|
|
|
112,382 |
|
|
|
49,603 |
|
|
|
161,985 |
|
|
Selling, general and administrative expenses
|
|
|
71,030 |
|
|
|
736 |
|
|
|
71,766 |
|
|
|
49,603 |
|
|
|
121,369 |
|
|
Provision (benefit) for income taxes
|
|
|
(8,946 |
)
|
|
|
12,189 |
|
|
|
3,243 |
|
|
|
—
|
|
|
|
3,243 |
|
|
Net income (loss)
|
|
|
(2,778 |
)
|
|
|
(12,925 |
)
|
|
|
(15,703 |
)
|
|
|
—
|
|
|
|
(15,703 |
)
|
|
Foreign currency translation adjustments
|
|
|
(18,008 |
)
|
|
|
4 |
|
|
|
(18,004 |
)
|
|
|
—
|
|
|
|
(18,004 |
)
|
|
Total other comprehensive income (loss)
|
|
|
(18,008 |
)
|
|
|
4 |
|
|
|
(18,004 |
)
|
|
|
—
|
|
|
|
(18,004 |
)
|
|
Total comprehensive income
(loss)
|
|
|
(20,786 |
)
|
|
|
(12,921 |
)
|
|
|
(33,707 |
)
|
|
|
—
|
|
|
|
(33,707 |
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income (loss) per Common Share
|
|
$
|
(0.55 |
)
|
|
$
|
(2.58 |
)
|
|
$
|
(3.13 |
)
|
|
$
|
—
|
|
|
$
|
(3.13 |
)
|
|
Diluted income (loss) per Common Share
|
|
$
|
(0.55 |
)
|
|
$
|
(2.58 |
)
|
|
$
|
(3.13 |
)
|
|
$
|
—
|
|
|
$
|
(3.13 |
)
|
|
|
|
Predecessor
|
| |
|
Year ended December 31, 2023
|
| |
|
Prior
Presentation
|
|
Presentation
Adjustment
|
|
As Reported
|
|
Cost of revenue
|
|
$
|
891,247 |
|
$
|
(80,713 |
)
|
|
$
|
810,534 |
|
Gross profit
|
|
|
158,810 |
|
|
80,713 |
|
|
$
|
239,523 |
|
Selling, general and administrative expenses
|
|
|
104,309 |
|
|
80,713 |
|
|
$
|
185,022 |
|
|
|
Predecessor
|
| |
|
Year ended December 31, 2022
|
| |
|
Prior
Presentation
|
|
Presentation
Adjustment
|
|
As Reported
|
|
Cost of revenue
|
|
$
|
797,415 |
|
$
|
(72,040 |
)
|
|
$
|
725,375 |
|
Gross profit
|
|
|
130,911 |
|
|
72,040 |
|
|
$
|
202,951 |
|
Selling, general and administrative expenses
|
|
|
96,189 |
|
|
72,040 |
|
|
$
|
168,229 |
|
| Schedule of Consolidated Statement of Cash Flows |
|
Condensed Consolidated Statements of Cash Flows
|
| |
|
Predecessor
|
| |
|
January 1, 2024 to July 29, 2024
|
| |
|
Prior
Presentation
|
|
Restatement
Adjustment
|
|
As Restated
|
|
Net income (loss)
|
|
$
|
(2,778 |
)
|
|
$
|
(12,925 |
)
|
|
$
|
(15,703 |
)
|
|
Deferred income taxes
|
|
|
(20,565 |
)
|
|
|
12,189 |
|
|
|
(8,376 |
)
|
|
Accrued expenses and other current liabilities
|
|
|
17,481 |
|
|
|
367 |
|
|
|
17,848 |
|
|
Other assets and liabilities
|
|
|
(4,516 |
)
|
|
|
(1,235 |
)
|
|
|
(5,751 |
)
|
|
Net cash provided by operating activities
|
|
|
22,043 |
|
|
|
(1,604 |
)
|
|
|
20,439 |
|
|
Acquisition of businesses, net of cash acquired
|
|
|
(46,280 |
)
|
|
|
1,600 |
|
|
|
(44,680 |
)
|
|
Net cash used in investing activities
|
|
|
(59,585 |
)
|
|
|
1,600 |
|
|
|
(57,985 |
)
|
|
Net effect of exchange rate fluctuations on cash and cash equivalents
|
|
|
(7,881 |
)
|
|
|
4 |
|
|
|
(7,877 |
)
|
|