| Summary of Quarterly Results |
The following tables present selected unaudited condensed consolidated statements of income (loss) and total comprehensive income (loss) for each quarter of the fiscal years ended December 31, 2024 and 2023 indicated (amounts in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
December 31, 2024 |
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
Revenue |
$ |
100,398 |
|
|
$ |
62,872 |
|
|
$ |
62,968 |
|
|
$ |
58,659 |
|
Gross profit |
|
67,626 |
|
|
|
39,058 |
|
|
|
36,267 |
|
|
|
34,690 |
|
Operating income (loss) |
|
(47,856 |
) |
|
|
(14,377 |
) |
|
|
(34,418 |
) |
|
|
(22,458 |
) |
Net income (loss) |
|
(39,721 |
) |
|
|
(17,430 |
) |
|
|
(40,203 |
) |
|
|
(19,509 |
) |
Comprehensive income (loss) |
$ |
(29,378 |
) |
|
$ |
(30,965 |
) |
|
$ |
(40,872 |
) |
|
$ |
(16,958 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.77 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.97 |
) |
|
$ |
(0.47 |
) |
Diluted |
$ |
(0.77 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.97 |
) |
|
$ |
(0.47 |
) |
The sum of the quarterly EPS amounts differs from annual EPS disclosed due to the issuance of shares in conjunction with the Merger.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
December 31, 2023 |
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
Revenue |
$ |
76,467 |
|
|
$ |
59,072 |
|
|
$ |
60,712 |
|
|
$ |
55,850 |
|
Gross profit |
|
47,422 |
|
|
|
35,804 |
|
|
|
37,099 |
|
|
|
32,950 |
|
Operating income (loss) |
|
29,172 |
|
|
|
(17,502 |
) |
|
|
(93,676 |
) |
|
|
36,639 |
|
Net income (loss) |
|
19,410 |
|
|
|
(19,058 |
) |
|
|
(93,128 |
) |
|
|
34,999 |
|
Comprehensive income (loss) |
$ |
7,275 |
|
|
$ |
(8,690 |
) |
|
$ |
(101,765 |
) |
|
$ |
24,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.47 |
|
|
$ |
(0.46 |
) |
|
$ |
(2.24 |
) |
|
$ |
0.84 |
|
Diluted |
$ |
0.47 |
|
|
$ |
(0.46 |
) |
|
$ |
(2.24 |
) |
|
$ |
0.84 |
|
As discussed in Note 1, Restatement of previously issued financial statements, the Company discovered errors in its previously reported financial results. The Company will restate its previously reported quarterly financial information based on the summary presented below in its future filings with the SEC, as applicable, to correct for these errors to the Condensed Consolidated Financial Statements. A summary of the corrections to the affected financial statement line items in the unaudited Condensed Consolidated Statements of Income and Comprehensive Income (loss) is presented below for each quarterly period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
Revenue |
$ |
62,742 |
|
|
$ |
130 |
|
|
$ |
62,872 |
|
|
$ |
62,985 |
|
|
$ |
(17 |
) |
|
$ |
62,968 |
|
|
$ |
59,293 |
|
|
$ |
(634 |
) |
|
$ |
58,659 |
|
Gross profit |
|
38,928 |
|
|
|
130 |
|
|
|
39,058 |
|
|
|
36,284 |
|
|
|
(17 |
) |
|
|
36,267 |
|
|
|
35,324 |
|
|
|
(634 |
) |
|
|
34,690 |
|
General and administrative |
|
18,205 |
|
|
|
160 |
|
|
|
18,365 |
|
|
|
17,069 |
|
|
|
325 |
|
|
|
17,394 |
|
|
|
18,635 |
|
|
|
(457 |
) |
|
|
18,178 |
|
Amortization |
|
8,131 |
|
|
|
2,877 |
|
|
|
11,008 |
|
|
|
8,321 |
|
|
|
2,873 |
|
|
|
11,194 |
|
|
|
7,962 |
|
|
|
2,874 |
|
|
|
10,836 |
|
Acquisition and integration costs |
|
8,438 |
|
|
|
350 |
|
|
|
8,788 |
|
|
|
21,895 |
|
|
|
582 |
|
|
|
22,477 |
|
|
|
7,753 |
|
|
|
(776 |
) |
|
|
6,977 |
|
Remeasurement of contingent consideration |
|
(300 |
) |
|
|
(1,600 |
) |
|
|
(1,900 |
) |
|
|
1,400 |
|
|
|
700 |
|
|
|
2,100 |
|
|
|
1,263 |
|
|
|
801 |
|
|
|
2,064 |
|
Total operating expenses |
|
51,648 |
|
|
|
1,787 |
|
|
|
53,435 |
|
|
|
66,205 |
|
|
|
4,480 |
|
|
|
70,685 |
|
|
|
54,706 |
|
|
|
2,442 |
|
|
|
57,148 |
|
Operating income (loss) |
|
(12,720 |
) |
|
|
(1,657 |
) |
|
|
(14,377 |
) |
|
|
(29,921 |
) |
|
|
(4,497 |
) |
|
|
(34,418 |
) |
|
|
(19,382 |
) |
|
|
(3,076 |
) |
|
|
(22,458 |
) |
Related party interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,591 |
) |
|
|
390 |
|
|
|
(6,201 |
) |
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,319 |
|
|
|
(1,085 |
) |
|
|
1,234 |
|
Income (loss) before provision of income taxes |
|
(19,339 |
) |
|
|
(1,657 |
) |
|
|
(20,996 |
) |
|
|
(34,740 |
) |
|
|
(4,497 |
) |
|
|
(39,237 |
) |
|
|
(23,436 |
) |
|
|
(3,771 |
) |
|
|
(27,207 |
) |
Benefit (provision) for income taxes |
|
3,682 |
|
|
|
(116 |
) |
|
|
3,566 |
|
|
|
(95 |
) |
|
|
(871 |
) |
|
|
(966 |
) |
|
|
2,955 |
|
|
|
4,743 |
|
|
|
7,698 |
|
Net income (loss) |
|
(15,657 |
) |
|
|
(1,773 |
) |
|
|
(17,430 |
) |
|
|
(34,835 |
) |
|
|
(5,368 |
) |
|
|
(40,203 |
) |
|
|
(20,481 |
) |
|
|
972 |
|
|
|
(19,509 |
) |
Total comprehensive income (loss) |
$ |
(29,192 |
) |
|
|
(1,773 |
) |
|
$ |
(30,965 |
) |
|
$ |
(35,504 |
) |
|
|
(5,368 |
) |
|
$ |
(40,872 |
) |
|
|
(17,930 |
) |
|
|
972 |
|
|
|
(16,958 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.38 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.84 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.97 |
) |
|
$ |
(0.49 |
) |
|
$ |
0.02 |
|
|
$ |
(0.47 |
) |
Diluted |
$ |
(0.38 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.84 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.97 |
) |
|
$ |
(0.49 |
) |
|
$ |
0.02 |
|
|
$ |
(0.47 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
December 31, 2023 |
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
Revenue |
$ |
75,731 |
|
|
$ |
736 |
|
|
$ |
76,467 |
|
|
$ |
59,404 |
|
|
$ |
(332 |
) |
|
$ |
59,072 |
|
|
$ |
60,832 |
|
|
$ |
(120 |
) |
|
$ |
60,712 |
|
Cost of revenue |
|
(29,144 |
) |
|
|
99 |
|
|
|
(29,045 |
) |
|
|
(22,474 |
) |
|
|
(794 |
) |
|
|
(23,268 |
) |
|
|
(24,573 |
) |
|
|
960 |
|
|
|
(23,613 |
) |
Gross profit |
|
46,587 |
|
|
|
835 |
|
|
|
47,422 |
|
|
|
36,930 |
|
|
|
(1,126 |
) |
|
|
35,804 |
|
|
|
36,259 |
|
|
|
840 |
|
|
|
37,099 |
|
Selling and marketing |
|
14,574 |
|
|
|
(48 |
) |
|
|
14,526 |
|
|
|
13,274 |
|
|
|
398 |
|
|
|
13,672 |
|
|
|
13,962 |
|
|
|
(481 |
) |
|
|
13,481 |
|
General and administrative |
|
15,760 |
|
|
|
260 |
|
|
|
16,020 |
|
|
|
18,683 |
|
|
|
(1,348 |
) |
|
|
17,335 |
|
|
|
14,788 |
|
|
|
1,713 |
|
|
|
16,501 |
|
Product development |
|
2,744 |
|
|
|
(23 |
) |
|
|
2,721 |
|
|
|
2,305 |
|
|
|
195 |
|
|
|
2,500 |
|
|
|
3,188 |
|
|
|
(236 |
) |
|
|
2,952 |
|
Amortization |
|
7,917 |
|
|
|
2,771 |
|
|
|
10,688 |
|
|
|
7,687 |
|
|
|
2,857 |
|
|
|
10,544 |
|
|
|
7,576 |
|
|
|
2,901 |
|
|
|
10,477 |
|
Impairment of goodwill |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
130,132 |
|
|
|
9,513 |
|
|
|
139,645 |
|
Acquisition and integration costs |
|
545 |
|
|
|
135 |
|
|
|
680 |
|
|
|
3,195 |
|
|
|
104 |
|
|
|
3,299 |
|
|
|
|
|
|
|
|
|
|
Remeasurement of contingent consideration |
|
(11,743 |
) |
|
|
(15,501 |
) |
|
|
(27,244 |
) |
|
|
(2,400 |
) |
|
|
8,200 |
|
|
|
5,800 |
|
|
|
(12,100 |
) |
|
|
(41,200 |
) |
|
|
(53,300 |
) |
Total operating expenses |
|
30,656 |
|
|
|
(12,406 |
) |
|
|
18,250 |
|
|
|
42,900 |
|
|
|
10,406 |
|
|
|
53,306 |
|
|
|
158,565 |
|
|
|
(27,790 |
) |
|
|
130,775 |
|
Operating income (loss) |
|
15,931 |
|
|
|
13,241 |
|
|
|
29,172 |
|
|
|
(5,970 |
) |
|
|
(11,532 |
) |
|
|
(17,502 |
) |
|
|
(122,306 |
) |
|
|
28,630 |
|
|
|
(93,676 |
) |
Related party interest expense |
|
(6,080 |
) |
|
|
(188 |
) |
|
|
(6,268 |
) |
|
|
(6,109 |
) |
|
|
(124 |
) |
|
|
(6,233 |
) |
|
|
(6,072 |
) |
|
|
(78 |
) |
|
|
(6,150 |
) |
Interest income |
|
383 |
|
|
|
468 |
|
|
|
851 |
|
|
|
745 |
|
|
|
383 |
|
|
|
1,128 |
|
|
|
567 |
|
|
|
234 |
|
|
|
801 |
|
Income (loss) before provision of income taxes |
|
9,883 |
|
|
|
13,521 |
|
|
|
23,404 |
|
|
|
(10,867 |
) |
|
|
(11,273 |
) |
|
|
(22,140 |
) |
|
|
(128,433 |
) |
|
|
28,786 |
|
|
|
(99,647 |
) |
Benefit (provision) for income taxes |
|
(1,302 |
) |
|
|
(2,692 |
) |
|
|
(3,994 |
) |
|
|
860 |
|
|
|
2,222 |
|
|
|
3,082 |
|
|
|
1,097 |
|
|
|
5,422 |
|
|
|
6,519 |
|
Net income (loss) |
|
8,581 |
|
|
|
10,829 |
|
|
|
19,410 |
|
|
|
(10,007 |
) |
|
|
(9,051 |
) |
|
|
(19,058 |
) |
|
|
(127,336 |
) |
|
|
34,208 |
|
|
|
(93,128 |
) |
Total comprehensive income (loss) |
$ |
(3,554 |
) |
|
$ |
10,829 |
|
|
$ |
7,275 |
|
|
$ |
361 |
|
|
$ |
(9,051 |
) |
|
$ |
(8,690 |
) |
|
$ |
(135,973 |
) |
|
$ |
34,208 |
|
|
$ |
(101,765 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.21 |
|
|
$ |
0.26 |
|
|
$ |
0.47 |
|
|
$ |
(0.24 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.46 |
) |
|
$ |
(3.06 |
) |
|
$ |
0.82 |
|
|
$ |
(2.24 |
) |
Diluted |
$ |
0.21 |
|
|
$ |
0.26 |
|
|
$ |
0.47 |
|
|
$ |
(0.24 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.46 |
) |
|
$ |
(3.06 |
) |
|
$ |
0.82 |
|
|
$ |
(2.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2023 |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
Revenue |
$ |
56,082 |
|
|
$ |
(232 |
) |
|
$ |
55,850 |
|
Cost of revenue |
|
(22,979 |
) |
|
|
79 |
|
|
|
(22,900 |
) |
Gross profit |
|
33,103 |
|
|
|
(153 |
) |
|
|
32,950 |
|
Selling and marketing |
|
13,660 |
|
|
|
(39 |
) |
|
|
13,621 |
|
General and administrative |
|
16,856 |
|
|
|
176 |
|
|
|
17,032 |
|
Product development |
|
2,906 |
|
|
|
(19 |
) |
|
|
2,887 |
|
Amortization |
|
7,543 |
|
|
|
2,900 |
|
|
|
10,443 |
|
Remeasurement of contingent consideration |
|
(86,410 |
) |
|
|
37,210 |
|
|
|
(49,200 |
) |
Total operating expenses |
|
(43,917 |
) |
|
|
40,228 |
|
|
|
(3,689 |
) |
Operating income (loss) |
|
77,020 |
|
|
|
(40,381 |
) |
|
|
36,639 |
|
Income (loss) before provision of income taxes |
|
71,360 |
|
|
|
(40,381 |
) |
|
|
30,979 |
|
Benefit (provision) for income taxes |
|
5,122 |
|
|
|
(1,102 |
) |
|
|
4,020 |
|
Net income (loss) |
|
76,482 |
|
|
|
(41,483 |
) |
|
|
34,999 |
|
Total comprehensive income (loss) |
$ |
66,389 |
|
|
$ |
(41,483 |
) |
|
$ |
24,906 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
Basic |
$ |
1.84 |
|
|
$ |
(1.00 |
) |
|
$ |
0.84 |
|
Diluted |
$ |
1.84 |
|
|
$ |
(1.00 |
) |
|
$ |
0.84 |
|
The following tables present the corrections to the affected financial statement line items in the unaudited Consolidated Statements of Cash Flows for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2024 |
|
|
Six months ended June 30, 2024 |
|
|
Three months ended March 31, 2024 |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
Operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(70,973 |
) |
|
$ |
(6,169 |
) |
|
$ |
(77,142 |
) |
|
$ |
(55,316 |
) |
|
$ |
(4,396 |
) |
|
$ |
(59,712 |
) |
|
$ |
(20,481 |
) |
|
$ |
972 |
|
|
$ |
(19,509 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization |
|
24,817 |
|
|
|
8,624 |
|
|
|
33,441 |
|
|
|
16,528 |
|
|
|
5,747 |
|
|
|
22,275 |
|
|
|
8,064 |
|
|
|
2,874 |
|
|
|
10,938 |
|
Release of provision for bad debt |
|
1,107 |
|
|
|
(457 |
) |
|
|
650 |
|
|
|
1,066 |
|
|
|
(457 |
) |
|
|
609 |
|
|
|
814 |
|
|
|
(457 |
) |
|
|
357 |
|
Deferred tax provision |
|
(6,542 |
) |
|
|
(5,850 |
) |
|
|
(12,392 |
) |
|
|
(2,860 |
) |
|
|
(4,490 |
) |
|
|
(7,350 |
) |
|
|
(2,955 |
) |
|
|
(5,283 |
) |
|
|
(8,238 |
) |
Remeasurement of contingent consideration |
|
2,363 |
|
|
|
(99 |
) |
|
|
2,264 |
|
|
|
2,663 |
|
|
|
1,501 |
|
|
|
4,164 |
|
|
|
1,263 |
|
|
|
801 |
|
|
|
2,064 |
|
Net foreign exchange (gain)/loss |
|
— |
|
|
|
793 |
|
|
|
793 |
|
|
|
— |
|
|
|
(79 |
) |
|
|
(79 |
) |
|
|
— |
|
|
|
(54 |
) |
|
|
(54 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
1,994 |
|
|
|
1,102 |
|
|
|
3,096 |
|
|
|
(3,356 |
) |
|
|
1,189 |
|
|
|
(2,167 |
) |
|
|
(4,791 |
) |
|
|
1,147 |
|
|
|
(3,644 |
) |
Prepaid expenses and other current assets |
|
(3,564 |
) |
|
|
98 |
|
|
|
(3,466 |
) |
|
|
(621 |
) |
|
|
98 |
|
|
|
(523 |
) |
|
|
191 |
|
|
|
(806 |
) |
|
|
(615 |
) |
Related party trade receivables |
|
(235 |
) |
|
|
(904 |
) |
|
|
(1,139 |
) |
|
|
475 |
|
|
|
(904 |
) |
|
|
(429 |
) |
|
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
(730 |
) |
|
|
457 |
|
|
|
(273 |
) |
|
|
(1,281 |
) |
|
|
590 |
|
|
|
(691 |
) |
|
|
(3,385 |
) |
|
|
430 |
|
|
|
(2,955 |
) |
Income tax payable |
|
— |
|
|
|
1,479 |
|
|
|
1,479 |
|
|
|
— |
|
|
|
223 |
|
|
|
223 |
|
|
|
— |
|
|
|
361 |
|
|
|
361 |
|
Contract liabilities |
|
15,294 |
|
|
|
(616 |
) |
|
|
14,678 |
|
|
|
17,380 |
|
|
|
(583 |
) |
|
|
16,797 |
|
|
|
10,498 |
|
|
|
(548 |
) |
|
|
9,950 |
|
Other liabilities |
|
(329 |
) |
|
|
899 |
|
|
|
570 |
|
|
|
(218 |
) |
|
|
733 |
|
|
|
515 |
|
|
|
(241 |
) |
|
|
363 |
|
|
|
122 |
|
Net cash (used in) provided by operating activities |
$ |
(35,004 |
) |
|
$ |
(643 |
) |
|
$ |
(35,647 |
) |
|
$ |
(30,239 |
) |
|
$ |
(828 |
) |
|
$ |
(31,067 |
) |
|
$ |
(1,553 |
) |
|
$ |
(200 |
) |
|
$ |
(1,753 |
) |
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash pool arrangements with Parent |
|
27,402 |
|
|
|
(64 |
) |
|
|
27,338 |
|
|
|
16,742 |
|
|
|
764 |
|
|
|
17,506 |
|
|
|
5,741 |
|
|
|
715 |
|
|
|
6,456 |
|
Net transfer (to) from parent |
|
27,159 |
|
|
|
707 |
|
|
|
27,866 |
|
|
|
18,623 |
|
|
|
64 |
|
|
|
18,687 |
|
|
|
(3,540 |
) |
|
|
(515 |
) |
|
|
(4,055 |
) |
Net cash provided by (used in) financing activities |
$ |
50,368 |
|
|
$ |
643 |
|
|
$ |
51,011 |
|
|
$ |
31,385 |
|
|
$ |
828 |
|
|
$ |
32,213 |
|
|
$ |
2,201 |
|
|
$ |
200 |
|
|
$ |
2,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2023 |
|
|
Six months ended June 30, 2023 |
|
|
Three months ended March 31, 2023 |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
|
As Reported |
|
|
Adjustment |
|
|
As Restated |
|
Operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(60,861 |
) |
|
$ |
(16,326 |
) |
|
$ |
(77,187 |
) |
|
$ |
(50,854 |
) |
|
$ |
(7,275 |
) |
|
$ |
(58,129 |
) |
|
$ |
76,482 |
|
|
$ |
(41,483 |
) |
|
$ |
34,999 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization |
|
22,827 |
|
|
|
8,658 |
|
|
|
31,485 |
|
|
|
15,119 |
|
|
|
5,801 |
|
|
|
20,920 |
|
|
|
7,543 |
|
|
|
2,900 |
|
|
|
10,443 |
|
Impairment of goodwill |
|
130,132 |
|
|
|
9,513 |
|
|
|
139,645 |
|
|
|
130,132 |
|
|
|
9,513 |
|
|
|
139,645 |
|
|
|
|
|
|
|
|
|
|
Deferred tax provision |
|
(7,079 |
) |
|
|
(9,993 |
) |
|
|
(17,072 |
) |
|
|
(6,219 |
) |
|
|
(6,785 |
) |
|
|
(13,004 |
) |
|
|
(5,122 |
) |
|
|
(1,116 |
) |
|
|
(6,238 |
) |
Remeasurement of contingent consideration |
|
(100,910 |
) |
|
|
4,210 |
|
|
|
(96,700 |
) |
|
|
(98,510 |
) |
|
|
(3,990 |
) |
|
|
(102,500 |
) |
|
|
(86,410 |
) |
|
|
37,210 |
|
|
|
(49,200 |
) |
Net foreign exchange (gain)/loss |
|
— |
|
|
|
588 |
|
|
|
588 |
|
|
|
— |
|
|
|
922 |
|
|
|
922 |
|
|
|
— |
|
|
|
354 |
|
|
|
354 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
3,305 |
|
|
|
631 |
|
|
|
3,936 |
|
|
|
2,311 |
|
|
|
342 |
|
|
|
2,653 |
|
|
|
8,214 |
|
|
|
221 |
|
|
|
8,435 |
|
Income tax payable |
|
— |
|
|
|
2,834 |
|
|
|
2,834 |
|
|
|
— |
|
|
|
2,057 |
|
|
|
2,057 |
|
|
|
— |
|
|
|
2,016 |
|
|
|
2,016 |
|
Other liabilities |
|
(568 |
) |
|
|
762 |
|
|
|
194 |
|
|
|
153 |
|
|
|
484 |
|
|
|
637 |
|
|
|
21 |
|
|
|
240 |
|
|
|
261 |
|
Related party payables |
|
18,073 |
|
|
|
104 |
|
|
|
18,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by operating activities |
$ |
3,932 |
|
|
$ |
981 |
|
|
$ |
4,913 |
|
|
$ |
17,700 |
|
|
$ |
1,069 |
|
|
$ |
18,769 |
|
|
$ |
3,599 |
|
|
$ |
342 |
|
|
$ |
3,941 |
|
Financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash pool arrangements with Parent |
|
(512 |
) |
|
|
(981 |
) |
|
|
(1,493 |
) |
|
|
(14,480 |
) |
|
|
(1,069 |
) |
|
|
(15,549 |
) |
|
|
(7,356 |
) |
|
|
(342 |
) |
|
|
(7,698 |
) |
Net cash provided by (used in) financing activities |
$ |
54,470 |
|
|
$ |
(981 |
) |
|
$ |
53,489 |
|
|
$ |
(15,486 |
) |
|
$ |
(1,069 |
) |
|
$ |
(16,555 |
) |
|
$ |
(3,180 |
) |
|
$ |
(342 |
) |
|
$ |
(3,522 |
) |
|