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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 001-40815
Definitive Healthcare Corp.
(Exact name of registrant as specified in its charter)
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Delaware |
86-3988281 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
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492 Old Connecticut Path, Suite 401 Framingham, MA |
01701 |
(Address of principal executive offices) |
(Zip Code) |
(508) 720-4224
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class |
Trading Symbol(s) |
Name of each exchange on which registered |
Class A Common Stock, $0.001 par value |
DH |
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large Accelerated Filer |
☐ |
Accelerated Filer |
☐ |
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Non-accelerated Filer |
☒ |
Smaller reporting company |
☐ |
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Emerging growth company |
☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 1, 2022, the number of outstanding shares of the registrant’s Class A Common Stock was 105,080,062 shares.
Definitive Healthcare Corp.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2022
TABLE OF CONTENTS
2
GLOSSARY
As used in this quarterly report on Form 10-Q, the terms identified below have the meanings specified below unless otherwise noted or the context indicates otherwise. References in this Form 10-Q to “Definitive Healthcare Corp.” refer to Definitive Healthcare Corp. and not to any of its subsidiaries unless the context indicates otherwise. References in this Form 10-Q to “Definitive Healthcare”, "Definitive”, the “Company”, “we”, “us”, and “our” refer (1) prior to the consummation of the Reorganization Transactions, to Definitive OpCo and its consolidated subsidiaries, and (2) after the consummation of the Reorganization Transactions, to Definitive Healthcare Corp. and its consolidated subsidiaries unless the context indicates otherwise.
•“Advent” refers to funds affiliated with Advent International, a global private equity firm.
•“Advent Acquisition” refers to the purchase of a majority of the issued and outstanding units of DH Holdings by Advent on July 16, 2019. The acquisition was accounted for as a business combination and purchase accounting was applied.
•“AIDH Management Holdings, LLC” is a special purpose investment vehicle through which certain persons, primarily employees and certain legacy investors, indirectly hold interests in Definitive OpCo.
•“Amended LLC Agreement” refers to the second amended and restated limited liability company agreement entered into by Definitive Opco pursuant to which members have the right to exchange all or a portion of their LLC units for newly issued shares of Class A Common Stock in Definitive Healthcare Corp.
•“ARR” refers to annualized recurring revenue as of period end.
•“Blocker Company” or “Blocker Companies” refers to certain entities treated as corporations for U.S. tax purposes that held LLC units in Definitive OpCo which, through the Reorganization Transactions, were merged into Definitive Healthcare Corp. and are now holders of Class A Common Stock.
•“Class B Units” refers to units granted by AIDH Management Holdings, LLC prior to the Reorganization Transactions intended to be treated as “profit interests” for U.S. federal income tax purposes which have economic interests similar to Stock Appreciation Rights (“SARS”) and which are subject to vesting.
•“Continuing LLC Members” refers to holders of LLC Units under the Amended LLC Agreement.
•“Definitive OpCo” refers to AIDH TopCo, LLC, a Delaware limited liability company, and a subsidiary of Definitive Healthcare Corp., following the Reorganization Transactions.
•“Definitive OpCo Units” refers to unvested Class B Units held by employees of the Company or indirectly through Definitive OpCo at the time of the Reorganization Transactions that were exchanged for unvested Definitive OpCo units based on their respective participation thresholds and the IPO price of $27.00 per share.
•“DH Holdings” refers to Definitive Healthcare Holdings, LLC, a Delaware limited liability company and wholly-owned subsidiary of Definitive Healthcare Corp.
•“LLC Units” refers to limited liability company interests in Definitive OpCo.
•“IPO” refers to the initial public offering of Class A Common Stock of Definitive Healthcare Corp.
•“NDR” or “Net Dollar Retention Rate” refers to net dollar retention rate, which we calculate as the percentage of ARR retained from existing customers across a defined period, after accounting for upsell, down-sell, pricing changes and churn. We calculate net dollar retention as beginning ARR for a period, plus (i) expansion ARR (including, but not limited to, upsell and pricing increases), less (ii) churn (including, but not limited to, non-renewals and contractions), divided by (iii) beginning ARR for a period.
•“Reorganization Transactions” refers to transactions completed in connection with the Company’s IPO as defined within Note 1 to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q.
•“Spectrum Equity” refers to investment funds associated with Spectrum Equity Management, L.P., a private equity firm.
•“Sponsors” refers collectively to Advent, 22C Capital, and Spectrum Equity.
•“22C Capital” refers to investment funds associated with 22C Capital LLC, a private equity firm.
3
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (“Quarterly Report”) contains forward-looking statements. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance, such as those contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, regional, national or global political, economic, business, competitive, market and regulatory conditions.
For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with Part I, Item 1A, “Risk Factors”, in our Annual Report on Form 10-K for the year ended December 31, 2021, or our “2021 Form 10-K”, and Part II, Item 1A in this Quarterly Report and the other cautionary statements that are included elsewhere in this Quarterly Report and in our public filings, including under “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Any forward-looking statement made by us speaks only as of the date on which we make it. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
4
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DEFINITIVE HEALTHCARE CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except number of shares and par value)
(Unaudited)
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September 30, 2022 |
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December 31, 2021 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
228,828 |
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$ |
387,498 |
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Short-term investments |
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120,798 |
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— |
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Accounts receivable, net |
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33,689 |
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43,336 |
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Prepaid expenses and other current assets |
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9,716 |
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6,518 |
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Current portion of deferred contract costs |
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9,179 |
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6,880 |
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Total current assets |
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402,210 |
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444,232 |
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Property and equipment, net |
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4,581 |
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5,069 |
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Operating lease right-of-use assets, net |
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10,051 |
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— |
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Other assets |
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5,105 |
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8,431 |
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Deferred contract costs, net of current portion |
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13,164 |
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11,667 |
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Investment in equity securities |
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— |
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32,675 |
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Intangible assets, net |
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361,703 |
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352,470 |
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Goodwill |
|
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1,322,959 |
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|
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1,261,444 |
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Total assets |
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$ |
2,119,773 |
|
|
$ |
2,115,988 |
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Liabilities and Equity |
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Current liabilities: |
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Accounts payable |
|
|
10,266 |
|
|
|
4,651 |
|
Accrued expenses and other current liabilities |
|
|
18,885 |
|
|
|
22,658 |
|
Current portion of deferred revenue |
|
|
83,820 |
|
|
|
83,611 |
|
Current portion of term loan |
|
|
6,875 |
|
|
|
6,875 |
|
Current portion of operating lease liabilities |
|
|
1,706 |
|
|
|
— |
|
Total current liabilities |
|
|
121,552 |
|
|
|
117,795 |
|
Long term liabilities: |
|
|
|
|
|
|
Deferred revenue |
|
|
504 |
|
|
|
412 |
|
Term loan, net of current portion |
|
|
259,064 |
|
|
|
263,808 |
|
Operating lease liabilities, net of current portion |
|
|
10,450 |
|
|
|
— |
|
Tax receivable agreements liability |
|
|
157,175 |
|
|
|
153,529 |
|
Deferred tax liabilities |
|
|
91,533 |
|
|
|
75,888 |
|
Other long-term liabilities |
|
|
1,973 |
|
|
|
1,294 |
|
Total liabilities |
|
|
642,251 |
|
|
|
612,726 |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
Class A Common Stock, par value $0.001, 600,000,000 shares authorized, 104,961,965 and 97,030,095 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively |
|
|
105 |
|
|
|
97 |
|
Class B Common Stock, par value $0.00001, 65,000,000 shares authorized, 50,566,898 and 48,778,774 shares issued and outstanding, respectively, at September 30, 2022, and 58,244,627 and 55,488,221 shares issued and outstanding, respectively at December 31, 2021 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
962,874 |
|
|
|
890,724 |
|
Accumulated other comprehensive income |
|
|
3,911 |
|
|
|
62 |
|
Accumulated deficit |
|
|
(34,140 |
) |
|
|
(17,677 |
) |
Noncontrolling interests |
|
|
544,772 |
|
|
|
630,056 |
|
Total equity |
|
|
1,477,522 |
|
|
|
1,503,262 |
|
Total liabilities and equity |
|
$ |
2,119,773 |
|
|
$ |
2,115,988 |
|
See notes to condensed consolidated financial statements
5
DEFINITIVE HEALTHCARE CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except share amounts and per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
|
$ |
57,382 |
|
|
$ |
43,084 |
|
|
$ |
162,054 |
|
|
$ |
119,841 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue exclusive of amortization |
|
|
6,569 |
|
|
|
5,129 |
|
|
|
18,717 |
|
|
|
13,895 |
|
Amortization |
|
|
3,155 |
|
|
|
5,356 |
|
|
|
14,113 |
|
|
|
15,896 |
|
Gross profit |
|
|
47,658 |
|
|
|
32,599 |
|
|
|
129,224 |
|
|
|
90,050 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
21,184 |
|
|
|
14,376 |
|
|
|
66,062 |
|
|
|
39,003 |
|
Product development |
|
|
9,205 |
|
|
|
4,746 |
|
|
|
24,761 |
|
|
|
12,817 |
|
General and administrative |
|
|
13,718 |
|
|
|
7,880 |
|
|
|
33,564 |
|
|
|
18,891 |
|
Depreciation and amortization |
|
|
10,037 |
|
|
|
9,760 |
|
|
|
30,105 |
|
|
|
28,814 |
|
Transaction, integration and restructuring expenses |
|
|
2,945 |
|
|
|
(137 |
) |
|
|
6,362 |
|
|
|
3,332 |
|
Total operating expenses |
|
|
57,089 |
|
|
|
36,625 |
|
|
|
160,854 |
|
|
|
102,857 |
|
Loss from operations |
|
|
(9,431 |
) |
|
|
(4,026 |
) |
|
|
(31,630 |
) |
|
|
(12,807 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net |
|
|
5,528 |
|
|
|
119 |
|
|
|
9,429 |
|
|
|
143 |
|
Interest expense, net |
|
|
(2,466 |
) |
|
|
(7,186 |
) |
|
|
(6,930 |
) |
|
|
(23,956 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
(9,873 |
) |
|
|
— |
|
|
|
(9,873 |
) |
Total other income (expense), net |
|
|
3,062 |
|
|
|
(16,940 |
) |
|
|
2,499 |
|
|
|
(33,686 |
) |
Net loss before income taxes |
|
|
(6,369 |
) |
|
|
(20,966 |
) |
|
|
(29,131 |
) |
|
|
(46,493 |
) |
Income tax benefit |
|
|
15 |
|
|
|
— |
|
|
|
141 |
|
|
|
— |
|
Net loss |
|
|
(6,354 |
) |
|
|
(20,966 |
) |
|
|
(28,990 |
) |
|
|
(46,493 |
) |
Less: Net loss attributable to Definitive OpCo prior to the Reorganization Transactions |
|
|
— |
|
|
|
(7,816 |
) |
|
|
— |
|
|
|
(33,343 |
) |
Less: Net loss attributable to noncontrolling interests |
|
|
(3,665 |
) |
|
|
(5,172 |
) |
|
|
(12,527 |
) |
|
|
(5,172 |
) |
Net loss attributable to Definitive Healthcare Corp. |
|
$ |
(2,689 |
) |
|
$ |
(7,978 |
) |
|
$ |
(16,463 |
) |
|
$ |
(7,978 |
) |
Net loss per share of Class A Common Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted (1) |
|
$ |
(0.03 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.09 |
) |
Weighted average Class A Common Stock outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted (1) |
|
|
102,904,565 |
|
|
|
88,263,333 |
|
|
|
99,776,742 |
|
|
|
88,263,333 |
|
(1) Basic and diluted net loss per share of Class A Common Stock is applicable only for the periods beginning from September 15, 2021, which is the period following the IPO and related Reorganization Transactions. See Note 19 for the number of shares used in the computation of net loss per share of Class A Common Stock and the basis for the computation of net loss per share.
See notes to condensed consolidated financial statements
6
DEFINITIVE HEALTHCARE CORP.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(amounts in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net loss |
|
$ |
(6,354 |
) |
|
$ |
(20,966 |
) |
|
$ |
(28,990 |
) |
|
$ |
(46,493 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(528 |
) |
|
|
11 |
|
|
|
(417 |
) |
|
|
155 |
|
Unrealized gain (loss) on available-for-sale securities |
|
|
46 |
|
|
|
— |
|
|
|
(406 |
) |
|
|
— |
|
Unrealized gain on interest rate hedging instruments |
|
|
3,333 |
|
|
|
— |
|
|
|
6,673 |
|
|
|
— |
|
Comprehensive loss |
|
|
(3,503 |
) |
|
|
(20,955 |
) |
|
|
(23,140 |
) |
|
|
(46,338 |
) |
Less: Comprehensive loss attributable to Definitive OpCo prior to the Reorganization Transactions |
|
|
— |
|
|
|
(7,818 |
) |
|
|
— |
|
|
|
(33,201 |
) |
Less: Comprehensive loss attributable to noncontrolling interests |
|
|
(2,731 |
) |
|
|
(5,167 |
) |
|
|
(10,526 |
) |
|
|
(5,167 |
) |
Comprehensive loss attributable to Definitive Healthcare Corp. |
|
$ |
(772 |
) |
|
$ |
(7,970 |
) |
|
$ |
(12,614 |
) |
|
$ |
(7,970 |
) |
See notes to condensed consolidated financial statements
7
DEFINITIVE HEALTHCARE CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS’ EQUITY AND TOTAL EQUITY
(amounts in thousands, except share and unit amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
Other |
|
|
|
|
|
|
Class A |
|
Class A |
|
Class B |
|
Class B |
|
Paid-In |
|
Accumulated |
|
Comprehensive |
|
Noncontrolling |
|
Total |
|
|
Stock |
|
Amount |
|
Stock |
|
Amount |
|
Capital |
|
Deficit |
|
Income |
|
Interests |
|
Equity |
|
Balance at January 1, 2022 |
|
97,030,095 |
|
$ |
97 |
|
|
58,244,627 |
|
$ |
— |
|
$ |
890,724 |
|
$ |
(17,677 |
) |
$ |
62 |
|
$ |
630,056 |
|
$ |
1,503,262 |
|
Net loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(8,624 |
) |
|
— |
|
|
(4,433 |
) |
|
(13,057 |
) |
Other comprehensive income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
856 |
|
|
487 |
|
|
1,343 |
|
Vested incentive units |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(696 |
) |
|
— |
|
|
— |
|
|
696 |
|
|
— |
|
Effect of LLC unit exchanges |
|
544,302 |
|
|
1 |
|
|
(544,302 |
) |
|
— |
|
|
5,080 |
|
|
— |
|
|
— |
|
|
(5,978 |
) |
|
(897 |
) |
Forfeited unvested incentive units |
|
— |
|
|
— |
|
|
(33,549 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Equity-based compensation |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,377 |
|
|
— |
|
|
— |
|
|
2,495 |
|
|
6,872 |
|
Distributions to noncontrolling interests |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(258 |
) |
|
(258 |
) |
Balance at March 31, 2022 |
|
97,574,397 |
|
$ |
98 |
|
|
57,666,776 |
|
$ |
— |
|
$ |
899,485 |
|
$ |
(26,301 |
) |
$ |
918 |
|
$ |
623,065 |
|
$ |
1,497,265 |
|
Net loss |
|
— |
|
|
— |
|
|
— |
