| Summary of Corrections to Impacted Financial Statements Line Items |
A summary of the corrections to the impacted financial statement line items in the Company’s previously issued June 30, 2024 unaudited condensed consolidated balance sheet and its unaudited condensed consolidated statement of operations and comprehensive income (loss), its unaudited condensed consolidated statement of shareholders’ equity (deficit) and its unaudited statement of cash flows for the three and six months ended June 30, 2024 is provided below. CONDENSED CONSOLIDATED BALANCE SHEET (unaudited)
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June 30, 2024 |
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Adjustment |
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(in thousands) |
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As Previously Reported |
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Noncontrolling Interest Re-allocation |
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As Revised |
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Liabilities and Stockholders’ Deficit |
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Accrued expenses |
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$ |
6,899 |
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$ |
(191 |
) |
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$ |
6,708 |
|
Accumulated deficit |
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(137,723 |
) |
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|
191 |
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(137,532 |
) |
biote Corp.’s stockholders’ deficit |
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(143,341 |
) |
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|
191 |
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(143,150 |
) |
Noncontrolling interest |
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$ |
1,690 |
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$ |
— |
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$ |
1,690 |
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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited)
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Three Months Ended June 30, 2024 |
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Adjustment |
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(in thousands) |
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As Previously Reported |
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Noncontrolling Interest Re-allocation |
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As Revised |
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Income tax expense |
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$ |
180 |
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$ |
(107 |
) |
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$ |
73 |
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Net loss |
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(10,475 |
) |
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107 |
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(10,368 |
) |
Less: Net loss attributable to noncontrolling interest |
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(4,153 |
) |
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872 |
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(3,281 |
) |
Net loss attributable to biote Corp. |
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$ |
(6,322 |
) |
|
$ |
(765 |
) |
|
$ |
(7,087 |
) |
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Basic |
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$ |
(0.19 |
) |
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$ |
(0.02 |
) |
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$ |
(0.21 |
) |
Diluted |
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$ |
(0.19 |
) |
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$ |
(0.02 |
) |
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$ |
(0.21 |
) |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited)
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Six Months Ended June 30, 2024 |
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Adjustment |
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(in thousands) |
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As Previously Reported |
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Noncontrolling Interest Re-allocation |
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As Revised |
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Income tax expense |
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$ |
2,666 |
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$ |
(191 |
) |
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$ |
2,475 |
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Net loss |
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(16,285 |
) |
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191 |
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(16,094 |
) |
Less: Net loss attributable to noncontrolling interest |
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(7,893 |
) |
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3,047 |
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(4,846 |
) |
Net loss attributable to biote Corp. |
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$ |
(8,392 |
) |
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$ |
(2,856 |
) |
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$ |
(11,248 |
) |
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Basic |
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$ |
(0.25 |
) |
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$ |
(0.08 |
) |
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$ |
(0.33 |
) |
Diluted |
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$ |
(0.25 |
) |
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$ |
(0.08 |
) |
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$ |
(0.33 |
) |
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (unaudited)
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Total |
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Total |
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Stockholders’ |
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Stockholders’ |
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Deficit |
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Deficit |
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Non- |
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Non- |
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Accumulated |
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Adjustment |
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Accumulated |
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Attributable to |
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Adjustment |
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Attributable to |
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controlling |
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Adjustment |
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controlling |
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Deficit |
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Noncontrolling Interest |
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Deficit |
|
biote Corp. |
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Noncontrolling Interest |
|
biote Corp. |
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Interest |
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Noncontrolling Interest |
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Interest |
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(in thousands) |
As Previously Reported |
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Re-allocation |
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As Revised |
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As Previously Reported |
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Re-allocation |
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As Revised |
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As Previously Reported |
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Re-allocation |
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As Revised |
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Balance at December 31, 2023 |
$ |
(29,391 |
) |
$ |
— |
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(29,391 |
) |
$ |
(29,397 |
) |
$ |
— |
|
$ |
(29,397 |
) |
$ |
(7,149 |
) |
$ |
— |
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$ |
(7,149 |
) |
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Distributions |
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— |
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— |
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— |
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— |
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— |
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— |
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(2,112 |
) |
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— |
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(2,112 |
) |
Net loss |
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(2,070 |
) |
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(2,091 |
) |
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(4,161 |
) |
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(2,070 |
) |
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(2,091 |
) |
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(4,161 |
) |
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(3,740 |
) |
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2,175 |
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(1,565 |
) |
Other comprehensive income (loss) |
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— |
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— |
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— |
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(2 |
) |
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— |
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(2 |
) |
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(3 |
) |
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— |
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(3 |
) |
Share-based compensation |
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1,763 |
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— |
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|
1,763 |
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1,763 |
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— |
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1,763 |
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— |
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— |
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— |
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Vesting of RSUs |
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(155 |
) |
|
65 |
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(90 |
) |
|
(155 |
) |
|
65 |
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(90 |
) |
|
155 |
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(65 |
) |
|
90 |
|
Exercise of stock options |
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(1,831 |
) |
|
900 |
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(931 |
) |
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(1,831 |
) |
|
900 |
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(931 |
) |
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2,155 |
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(900 |
) |
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1,255 |
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Class A common stock repurchased |
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— |
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— |
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— |
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(4,088 |
) |
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— |
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(4,088 |
) |
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— |
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— |
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— |
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Shares issued in connection with acquisition |
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381 |
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|
498 |
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|
879 |
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|
381 |
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|
498 |
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|
879 |
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1,193 |
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(498 |
) |
|
695 |
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Balance at March 31, 2024 |
$ |
(31,303 |
) |
$ |
(628 |
) |
$ |
(31,931 |
) |
$ |
(35,399 |
) |
$ |
(628 |
) |
$ |
(36,027 |
) |
$ |
(9,501 |
) |
$ |
712 |
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$ |
(8,789 |
) |
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Distributions |
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— |
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— |
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— |
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— |
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— |
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— |
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(2,091 |
) |
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— |
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(2,091 |
) |
Net loss |
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(6,322 |
) |
|
(765 |
) |
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(7,087 |
) |
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(6,322 |
) |
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(765 |
) |
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(7,087 |
) |
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(4,153 |
) |
|
872 |
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(3,281 |
) |
Other comprehensive income (loss) |
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— |
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— |
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— |
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(3 |
) |
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— |
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(3 |
) |
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— |
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— |
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— |
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Share-based compensation |
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2,841 |
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— |
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|
2,841 |
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2,841 |
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— |
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2,841 |
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— |
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— |
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— |
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Vesting of RSUs |
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(19,536 |
) |
|
1,777 |
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(17,759 |
) |
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(19,543 |
) |
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1,777 |
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(17,766 |
) |
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19,543 |
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(1,777 |
) |
|
17,766 |
|
Issuance of stock under purchase plans |
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(812 |
) |
|
87 |
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(725 |
) |
|
(812 |
) |
|
87 |
|
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(725 |
) |
|
958 |
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(87 |
) |
|
871 |
|
Exercise of stock options |
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(2,827 |
) |
|
278 |
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(2,549 |
) |
|
(2,828 |
) |
|
278 |
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(2,550 |
) |
|
3,066 |
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(278 |
) |
|
2,788 |
|
Class A common stock repurchased |
|
— |
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— |
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(1,511 |
) |
|
— |
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(1,511 |
) |
|
— |
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|
— |
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|
— |
|
Shares issued in connection with acquisition |
|
267 |
|
|
— |
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|
267 |
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|
267 |
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|
— |
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|
267 |
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|
— |
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|
— |
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|
— |
|
Exchanges of Class V voting stock |
|
4,022 |
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(366 |
) |
|
3,656 |
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|
4,024 |
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(366 |
) |
|
3,658 |
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(4,024 |
) |
|
366 |
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(3,658 |
) |
Legal Settlement - Repurchase of Shares |
|
(126,306 |
) |
|
(192 |
) |
|
(126,498 |
) |
|
(126,308 |
) |
|
(192 |
) |
|
(126,500 |
) |
|
(2,108 |
) |
|
192 |
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(1,916 |
) |
Legal Settlement - Liabilities |
|
41,424 |
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|
— |
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|
41,424 |
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|
41,424 |
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|
— |
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|
41,424 |
|
|
— |
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|
— |
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|
— |
|
TRA liability |
|
829 |
|
|
— |
|
|
829 |
|
|
829 |
|
|
— |
|
|
829 |
|
|
— |
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|
— |
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|
— |
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Balance at June 30, 2024 |
$ |
(137,723 |
) |
$ |
191 |
|
$ |
(137,532 |
) |
$ |
(143,341 |
) |
$ |
191 |
|
$ |
(143,150 |
) |
$ |
1,690 |
|
$ |
— |
|
$ |
1,690 |
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
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|
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|
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|
Six Months Ended June 30, 2024 |
|
|
|
|
|
|
Adjustment |
|
|
|
|
|
|
As previously Reported |
|
|
Noncontrolling Interest Re-allocation |
|
|
As Revised |
|
Operating Activities |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(16,285 |
) |
|
$ |
191 |
|
|
$ |
(16,094 |
) |
Accrued expenses |
|
|
(1,262 |
) |
|
|
(191 |
) |
|
|
(1,453 |
) |
Net cash provided by operating activities |
|
$ |
17,319 |
|
|
$ |
— |
|
|
$ |
17,319 |
|
|