v3.25.2
Business Overview and Basis of Presentation (Tables)
3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Corrections of Previously Reported Unaudited Condensed Consolidated Statement of Income (Loss) and Comprehensive Income (Loss)

Unaudited condensed consolidated statement of income (loss) and comprehensive income (loss):


 

Three months ended March 31, 2024

 

 

As Reported

 

 

Adjustment

 

 

As Restated

 

Revenue

$

59,293

 

 

$

(634

)

 

$

58,659

 

Gross profit

 

35,324

 

 

 

(634

)

 

 

34,690

 

General and administrative

 

18,635

 

 

 

(457

)

 

 

18,178

 

Amortization

 

7,962

 

 

 

2,874

 

 

 

10,836

 

Acquisition and integration costs

 

7,753

 

 

 

(776

)

 

 

6,977

 

Remeasurement of contingent consideration

 

1,263

 

 

 

801

 

 

 

2,064

 

Total operating expenses

 

54,706

 

 

 

2,442

 

 

 

57,148

 

Operating loss

 

(19,382

)

 

 

(3,076

)

 

 

(22,458

)

Related party interest expense

 

(6,591

)

 

 

390

 

 

 

(6,201

)

Interest income

 

2,319

 

 

 

(1,085

)

 

 

1,234

 

Loss before provision of income taxes

 

(23,436

)

 

 

(3,771

)

 

 

(27,207

)

Benefit for income taxes

 

2,955

 

 

 

4,743

 

 

 

7,698

 

Net loss

 

(20,481

)

 

 

972

 

 

 

(19,509

)

Total comprehensive loss

 

(17,930

)

 

 

972

 

 

 

(16,958

)

Net loss per common share:

 

 

 

 

 

 

 

 

Basic

$

(0.49

)

 

$

0.02

 

 

$

(0.47

)

Diluted

$

(0.49

)

 

$

0.02

 

 

$

(0.47

)

Summary of Corrections of Previously Reported Unaudited Condensed Consolidated Statement of Cash Flows

Unaudited condensed consolidated statement of cash flows:


 

Three months ended March 31, 2024

 

 

As Reported

 

 

Adjustment

 

 

As Restated

 

Operating activities:

 

 

 

 

 

 

 

 

Net loss

$

(20,481

)

 

$

972

 

 

$

(19,509

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Amortization

 

8,064

 

 

 

2,874

 

 

 

10,938

 

Provision for bad debt

 

814

 

 

 

(457

)

 

 

357

 

Deferred tax provision

 

(2,955

)

 

 

(5,283

)

 

 

(8,238

)

Remeasurement of contingent consideration

 

1,263

 

 

 

801

 

 

 

2,064

 

Net foreign exchange loss

 

-

 

 

 

(54

)

 

 

(54

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

(4,791

)

 

 

1,147

 

 

 

(3,644

)

Prepaid expenses and other current assets (liabilities)

 

191

 

 

 

(806

)

 

 

(615

)

Accrued expenses and other liabilities

 

(3,385

)

 

 

430

 

 

 

(2,955

)

Income tax payable

 

-

 

 

 

361

 

 

 

361

 

Contract liabilities

 

10,498

 

 

 

(548

)

 

 

9,950

 

Other assets (liabilities)

 

(241

)

 

 

363

 

 

 

122

 

Net cash used in operating activities

$

(1,553

)

 

$

(200

)

 

$

(1,753

)

Financing activities:

 

 

 

 

 

 

 

 

Cash pool arrangements with Parent

 

5,741

 

 

 

715

 

 

 

6,456

 

Net transfer to Parent

 

(3,540

)

 

 

(515

)

 

 

(4,055

)

Net cash provided by financing activities

$

2,201

 

 

$

200

 

 

$

2,401