Business Overview and Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Effect of Restatement on Business's Previously Reported Consolidated Balance Sheets

Consolidated Balance Sheet:


	As of December 31, 2023
	As Reported				Adjustment				As Restated
Assets
Current assets:
Accounts receivable, net of allowance for credit losses of $1,540		38,788				1,048				39,836
Related party trade receivables		4,140				(904	)			3,236
Related party loans receivables		104,249				1,085				105,334
Prepaid expenses and other current assets		6,320				904				7,224
Total current assets		164,286				2,133				166,419
Non-current assets:
Goodwill		467,476				8,338				475,814
Intangible assets, net		293,859				(17,315	)			276,544
Total non-current assets		770,074				(8,977	)			761,097
Total assets	$	934,360			$	(6,844	)		$	927,516
Liabilities and Parent's equity
Current liabilities:
Related party payables		32,390				103				32,493
Contract liabilities		24,489				2,664				27,153
Income taxes payable		3,485				(3,242	)			243
Related party short-term debt		502,872				390				503,262
Total current liabilities		594,659				(85	)			594,574
Non-current liabilities
Other liabilities		12,080				(6,344	)			5,736
Deferred tax liabilities		15,292				7,803				23,095
Contingent consideration		37,500				8,699				46,199
Total non-current liabilities		377,119				10,158				387,277
Total liabilities	$	971,778			$	10,073			$	981,851
Parent's equity:
Net parent investment (deficit)		(59,663	)			(16,917	)			(76,580	)
Total equity (deficit)		(37,418	)			(16,917	)			(54,335	)
Total liabilities and equity	$	934,360			$	(6,844	)		$	927,516

Summary of Effect of Restatement on Informa Intrepid Holdings Inc. Previously Reported Consolidated Statements of Income and Comprehensive Income (Loss)

Consolidated statements of income (loss) and comprehensive income (loss):


	For the Years Ended
	December 31, 2023												December 31, 2022
	As Reported				Adjustment				As Restated				As Reported				Adjustment				As Restated
Revenues from external customers		252,049				52				252,101				196,773				321				197,094
Cost of revenues		(99,170	)			344				(98,826	)			(72,608	)			300				(72,308	)
Gross profit		152,879				396				153,275				124,165				621				124,786
Operating expenses																						-
Selling and marketing		55,470				(170	)			55,300				38,963				(135	)			38,828
General and administrative		66,087				801				66,888				47,879				1,103				48,982
Product development		11,143				(83	)			11,060				8,004				(60	)			7,944
Amortization		30,723				11,429				42,152				15,838				5,707				21,545
Impairment of goodwill		130,132				9,513				139,645
Acquisition and integration costs		5,830				239				6,069				9,924				(135	)			9,789
Remeasurement of contingent consideration		(112,653	)			(11,291	)			(123,944	)			4,537				3,463				8,000
Total operating expenses		188,204				10,438				198,642				125,943				9,943				135,886
Operating income (loss)		(35,325	)			(10,042	)			(45,367	)			(1,778	)			(9,322	)			(11,100	)
Interest expense on related party loans		(24,259	)			(390	)			(24,649	)
Interest income		2,402				1,085				3,487
Income (loss) before provision of income taxes		(58,057	)			(9,347	)			(67,404	)			(11,820	)			(9,322	)			(21,142	)
Income tax benefit		5,777				3,850				9,627				15,138				1,719				16,857
Net income (loss)	$	(52,280	)		$	(5,497	)		$	(57,777	)		$	3,318			$	(7,603	)		$	(4,285	)
Total comprehensive income (loss)	$	(72,777	)		$	(5,497	)		$	(78,274	)		$	46,093			$	(7,603	)		$	38,490

Net income (loss) per common share:
Basic		(1.26	)			(0.13	)			(1.39	)			0.08				(0.18	)			(0.10	)
Diluted		(1.26	)			(0.13	)			(1.39	)			0.08				(0.18	)			(0.10	)

Summary of Effect of Restatement on Predecessor's Previously Reported Consolidated Statements of Cash Flows

Consolidated statements of cash flows:


	Years Ended December 31,
	2023												2022
	As Reported				Adjustment				As Restated				As Reported				Adjustment				As Restated
Operating activities:
Net income (loss)	$	(52,280	)		$	(5,497	)		$	(57,777	)		$	3,318			$	(7,603	)		$	(4,285	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization		30,774				11,429				42,203				15,838				5,707				21,545
Provision for bad debt														(1,113	)			457				(656	)
Deferred tax provision		(5,777	)			(7,723	)			(13,500	)			(15,138	)			(5,977	)			(21,115	)
Impairment of goodwill		130,132				9,513				139,645
Remeasurement of contingent consideration		(112,653	)			(11,291	)			(123,944	)			4,537				3,463				8,000
Net foreign exchange (gain)/loss		—				1,059				1,059				—				28				28
Change in assets and liabilities:
Accounts receivable		8,211				(678	)			7,533				421				(212	)			209
Prepaid expenses and other current assets														(2,656	)			(904	)			(3,560	)
Related party receivables														(1,052	)			904				(148	)
Income taxes payable		—				3,122				3,122				—				1,767				1,767
Accrued expenses and other liabilities		(1,350	)			135				(1,215	)			(14,415	)			7,687				(6,728	)
Contract liabilities		(8,880	)			514				(8,366	)			4,358				(7,822	)			(3,464	)
Other liabilities		(625	)			844				219				118				2,553				2,671
Related party payables		(104	)			104				—
Net cash (used in) provided by operating activities	$	(14,036	)		$	1,531			$	(12,505	)		$	28,012			$	48			$	28,060
Investing activities:
Contingent consideration settlement														(2,760	)			2,760				—
Net cash used in investing activities													$	(357,457	)		$	2,760			$	(354,697	)
Financing activities:
Contingent consideration settlement														—				(2,760	)			(2,760	)
Cash pool arrangements with Parent		45,333				(1,584	)			43,749				(9,813	)			(136	)			(9,949	)
Net transfers (to) from Parent		29,626				53				29,679				136,026				88				136,114
Net cash provided by financing activities	$	74,959			$	(1,531	)		$	73,428			$	333,123			$	(2,808	)		$	330,315
Supplementation disclosure of cash flow information:
Cash paid by Parent for taxes		3,173				(134	)			3,039				5,989				(1,696	)			4,293