| 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):
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Three months ended June 30, 2024 |
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Six months ended June 30, 2024 |
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As Reported |
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Adjustment |
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As Restated |
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As Reported |
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Adjustment |
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As Restated |
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Revenue |
$ |
62,985 |
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$ |
(17 |
) |
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$ |
62,968 |
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$ |
122,278 |
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$ |
(651 |
) |
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$ |
121,627 |
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Gross profit |
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36,284 |
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(17 |
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36,267 |
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71,608 |
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(651 |
) |
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70,957 |
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General and administrative |
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17,069 |
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325 |
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17,394 |
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35,704 |
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(132 |
) |
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35,572 |
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Amortization |
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8,321 |
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2,873 |
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11,194 |
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16,283 |
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5,747 |
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22,030 |
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Acquisition and integration costs |
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21,895 |
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582 |
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22,477 |
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29,648 |
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(194 |
) |
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29,454 |
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Remeasurement of contingent consideration |
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1,400 |
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700 |
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2,100 |
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2,663 |
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1,501 |
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4,164 |
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Total operating expenses |
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66,205 |
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4,480 |
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70,685 |
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120,911 |
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6,922 |
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127,833 |
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Operating loss |
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(29,921 |
) |
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(4,497 |
) |
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(34,418 |
) |
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(49,303 |
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(7,573 |
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(56,876 |
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Interest expense on related party loans |
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(12,793 |
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390 |
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(12,403 |
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Interest income |
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3,549 |
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(1,085 |
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2,464 |
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Loss before provision of income taxes |
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(34,740 |
) |
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(4,497 |
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(39,237 |
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(58,176 |
) |
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(8,268 |
) |
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(66,444 |
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Benefit for income taxes |
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(95 |
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(871 |
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(966 |
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2,860 |
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3,872 |
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6,732 |
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Net loss |
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(34,835 |
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(5,368 |
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(40,203 |
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(55,316 |
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(4,396 |
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(59,712 |
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Total comprehensive loss |
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(35,504 |
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(5,368 |
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(40,872 |
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(53,434 |
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(4,396 |
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(57,830 |
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Net loss per common share: |
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Basic |
$ |
(0.84 |
) |
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$ |
(0.13 |
) |
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$ |
(0.97 |
) |
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$ |
(1.33 |
) |
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$ |
(0.10 |
) |
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$ |
(1.43 |
) |
Diluted |
$ |
(0.84 |
) |
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$ |
(0.13 |
) |
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$ |
(0.97 |
) |
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$ |
(1.33 |
) |
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$ |
(0.10 |
) |
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$ |
(1.43 |
) |
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| Summary of Corrections of Previously Reported Unaudited Condensed Consolidated Statement of Cash Flows |
Unaudited condensed consolidated statement of cash flows:
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Six months ended June 30, 2024 |
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As Reported |
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Adjustment |
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As Restated |
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Operating activities: |
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Net loss |
$ |
(55,316 |
) |
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$ |
(4,396 |
) |
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$ |
(59,712 |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Amortization |
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16,528 |
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5,747 |
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22,275 |
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Provision for bad debt |
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1,066 |
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(457 |
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609 |
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Deferred tax provision |
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(2,860 |
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(4,490 |
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(7,350 |
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Remeasurement of contingent consideration |
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2,663 |
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1,501 |
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4,164 |
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Net foreign exchange gain |
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- |
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(79 |
) |
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(79 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
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(3,356 |
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1,189 |
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(2,167 |
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Prepaid expenses and other current assets |
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(621 |
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98 |
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(523 |
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Related party receivables |
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475 |
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(904 |
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(429 |
) |
Accrued expenses and other current liabilities |
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(1,281 |
) |
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590 |
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(691 |
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Income tax payable |
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- |
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223 |
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223 |
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Contract liabilities |
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17,380 |
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(583 |
) |
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16,797 |
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Other assets (liabilities) |
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(218 |
) |
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733 |
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515 |
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Net cash used in operating activities |
$ |
(30,239 |
) |
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$ |
(828 |
) |
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$ |
(31,067 |
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Financing activities: |
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Cash pool arrangements with Parent |
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16,742 |
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764 |
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17,506 |
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Net transfer from Parent |
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18,623 |
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64 |
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18,687 |
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Net cash provided by financing activities |
$ |
31,385 |
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$ |
828 |
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$ |
32,213 |
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