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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Amendment No. 1)

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

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)

Delaware

86-3988281

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

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:

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.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller reporting company

 

 

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 May 1, 2023, the number of outstanding shares of the registrant’s Class A Common Stock was 110,214,798 shares.


 

EXPLANATORY NOTE

 

Definitive Healthcare Corp. (“we,” “us,”, “our”, and the “Company”) is filing this Amendment No. 1 on Form 10-Q/A (the “Amendment”) to amend and restate certain items in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 4, 2023 (the “Original Report”).

In filing this Amendment, the Company is restating its previously issued unaudited condensed consolidated financial statements as of and for the quarterly periods ended March 31, 2023 and 2022, to account for material misstatements related to the collection of sales taxes on sales of services to customers as further described below (the “Misstatements”), along with other immaterial adjustments. Those previously issued financial statements should no longer be relied upon. In addition, we have filed an amendment to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (together with this Amendment, the “Amended Reports”) to account for the Misstatements during the periods presented therein (such periods, together with the periods presented herein, the “Affected Periods”). All material restatement information that relates to the Misstatements will be included in the Amended Reports, and we do not intend to separately amend other filings that the Company has previously filed with the SEC.

Accordingly, investors and other readers should rely only on the financial information and other disclosures regarding the periods described above in the Amended Reports and in any other future filings with the SEC (as applicable) and should not rely on any previously issued or filed reports, press releases, corporate presentations or similar communications relating to the Affected Periods described above.

Background and Effects of the Restatement

In the first quarter of 2023, the Company began a review of its sales tax positions, and related accounting matters, with the assistance of outside consultants. As a result of the review, subsequent to the filing of the Original Report, the Company determined during the second quarter of 2023 that sales in certain states were subject to sales tax and that the Company had not assessed such sales tax on sales of its services to customers. The Company determined that it did not accrue sales taxes and corrected these misstatements by recording sales tax accruals through general and administrative expense as of the end of the Affected Periods. These accrual amounts assume that (i) customers who have not yet provided certificates or other documentation of exemption from sales tax are taxable, (ii) maximum interest and penalty assessments may be imposed, and (iii) the Company will not receive waivers of interest and penalties or other benefits under agreements it may obtain with jurisdictions from its outreach with voluntary disclosures. The Company expects to make adjustments to the sales tax liability in future periods as and if it obtains any waivers of interest and penalties or other benefits from its voluntary disclosures and as and if it obtains additional documentation from customers supporting exemption from sales tax. In addition, the Company has corrected other immaterial errors. The Company has identified the Misstatements described below, and this Amendment restates the previously issued financial statements of the Company identified above and certain other related disclosures that were included in the Original Report.

The Misstatements that appeared in the previously issued financial statements of the Company were material. A summary of the impact of the adjustments described above, as of and for the three months ended March 31, 2023 and 2022, is as follows:

 

 

 

Three Months Ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

(in thousands)

 

As previously reported

 

 

As Restated

 

 

As previously reported

 

 

As Restated

 

Net loss

 

$

(15,600

)

 

$

(15,972

)

 

$

(13,057

)

 

$

(13,039

)

Net loss attributable to noncontrolling interests

 

 

(3,783

)

 

 

(3,909

)

 

 

(4,433

)

 

 

(4,458

)

Net loss attributable to Definitive Healthcare Corp.

 

 

(11,817

)

 

 

(12,063

)

 

 

(8,624

)

 

 

(8,581

)

 

 

 

As of

 

 

 

March 31, 2023

 

 

December 31, 2022

 

(in thousands)

 

As previously reported

 

 

As Restated

 

 

As previously reported

 

 

As Restated

 

Total assets

 

$

2,115,236

 

 

$

2,116,867

 

 

$

2,120,993

 

 

$

2,122,624

 

Total liabilities

 

 

645,785

 

 

 

653,009

 

 

 

633,772

 

 

 

640,679

 

Total equity

 

 

1,469,451

 

 

 

1,463,858

 

 

 

1,487,221

 

 

 

1,481,945

 

 

2


 

Restatement of Condensed Consolidated Financial Statements

This Amendment includes unaudited restated condensed consolidated financial statements for the fiscal quarters ended March 31, 2023 and 2022. In addition to correcting the Misstatements, the restated consolidated financial statements for the fiscal quarters ended March 31, 2023 and 2022 also correct previously identified misstatements that the Company determined to be immaterial, both individually and in the aggregate. For additional information, see Note 2 of “Notes to the Condensed Consolidated Financial Statements” in this Amendment.

Internal Control Considerations

Management has reassessed its evaluation of the effectiveness of its internal control over financial reporting as of March 31, 2023 as further described in Part I, Item 4 of this Amendment, and concluded that a material weakness existed and that internal control over financial reporting and disclosure controls and procedures were not effective during the quarter ended March 31, 2023.

Items Amended in this Filing

This Amendment amends and restates the following items of the Original Report as of and for the fiscal quarter ended March 31, 2023:

Part I — Item 1. Interim Financial Statements (Unaudited)
Part I — Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Part I — Item 4. Controls and Procedures
Part II — Item 1A. Risk Factors
Part II — Item 6. Exhibits

In accordance with Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), this Amendment includes new certifications specified in Rule 13a-14 under the Exchange Act, from the Company’s Chief Executive Officer and Chief Financial Officer dated as of the date of this Amendment.

Pursuant to Rule 12b-15 under the Exchange Act, this Amendment contains only the items and exhibits to the Original Report that are being amended and restated, and unaffected items and exhibits are not included herein. Accordingly, this Amendment should be read in conjunction with the Original Report and with our filings with the SEC made after the Original Report, including any amendment to those filings. This Amendment continues to describe the conditions as of the date of the Original Report and, except as contained herein, we have not updated or modified the disclosures contained in the Original Report to reflect any events that have occurred after the Original Report. Accordingly, forward-looking statements included in this Amendment may represent management’s views as of the Original Report and should not be assumed to be accurate as of any date thereafter.

3


 

Definitive Healthcare Corp.

Amendment No. 1 on Form 10-Q/A to Quarterly Report on Form 10-Q

For the Quarterly Period Ended March 31, 2023

TABLE OF CONTENTS

 

 

Page

 

 

 

 

 

 

 

 

 

 

Glossary

5

 

 

 

Cautionary Note Regarding Forward-Looking Statements

6

 

 

 

Part I.

FINANCIAL INFORMATION

7

Item 1.

Condensed Consolidated Balance Sheets

7

Condensed Consolidated Statements of Operations

8

 

Condensed Consolidated Statements of Comprehensive Loss

9

 

 

 

 

Condensed Consolidated Statements of Changes in Total Equity

10

Condensed Consolidated Statements of Cash Flows

11

Notes to the Condensed Consolidated Financial Statements

12

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

34

Item 4.

Controls and Procedures

47

Part II.

OTHER INFORMATION

49

Item 1A.

Risk Factors

49

 

 

 

Item 6.

Exhibits

50

Signatures

51

 

4


 

GLOSSARY

 

As used in this Amendment, the terms identified below have the meanings specified below unless otherwise noted or the context indicates otherwise. References in this Amendment to “Definitive Healthcare Corp.” refer to Definitive Healthcare Corp. and not to any of its subsidiaries unless the context indicates otherwise. References in this Amendment 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.

 

AIDH Buyer” refers to AIDH Buyer, LLC, which is a wholly owned subsidiary of Definitive OpCo and the direct parent company of DH Holdings.
Advent” refers to funds affiliated with Advent International, a global private equity firm.
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. federal income 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.
Continuing Pre-IPO LLC Members” refers to certain Pre-IPO LLC Members who retained their equity ownership in Definitive OpCo in the form of LLC Units immediately following the consummation of the Reorganization Transactions.
Definitive OpCo” refers to AIDH TopCo, LLC, a Delaware limited liability company, and a subsidiary of Definitive Healthcare Corp., following the Reorganization Transactions.
DH Holdings” refers to Definitive Healthcare Holdings, LLC, a Delaware limited liability company and wholly-owned subsidiary of AIDH Buyer.
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.
Pre-IPO LLC Members” refers to certain affiliates of Spectrum Equity, Jason Krantz, DH Holdings, AIDH Management Holdings, LLC, certain affiliates of 22C Capital, certain affiliates of Advent and certain other minority equity holders of Definitive OpCo prior to the Reorganization Transactions.
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 Amendment.
Reorganization Parties” refers to the shareholders of the Blocker Companies prior to the merger of the Blocker Companies into Definitive Healthcare Corp.
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.
Tax Receivable Agreement” refers to the Tax Receivable Agreement, dated September 14, 2021, between Definitive Healthcare Corp., Definitive OpCo, and the TRA Parties.
TRA Parties” refers to the Continuing Pre-IPO LLC Members, the Reorganization Parties, and any future party to the Tax Receivable Agreement.
22C Capital” refers to investment funds associated with 22C Capital LLC, a private equity firm.

 

5


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Amendment 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 Amendment No. 1 on Form 10-K/A to Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K/A”) filed with the SEC on August 14, 2023, and Part II, Item 1A in this Amendment and the other cautionary statements that are included elsewhere in this Amendment 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.

6


 

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)

 

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

(As Restated)

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

124,961

 

 

$

146,934

 

Short-term investments

 

 

218,955

 

 

 

184,939

 

Accounts receivable, net

 

 

51,801

 

 

 

58,799

 

Prepaid expenses and other current assets

 

 

14,711

 

 

 

12,686

 

Current portion of deferred contract costs

 

 

11,064

 

 

 

10,387

 

Total current assets

 

 

421,492

 

 

 

413,745

 

Property and equipment, net

 

 

4,452

 

 

 

4,464

 

Operating lease right-of-use assets, net

 

 

9,118

 

 

 

9,681

 

Other assets

 

 

3,697

 

 

 

4,683

 

Deferred contract costs, net of current portion

 

 

15,080

 

 

 

14,596

 

Intangible assets, net

 

 

338,295

 

 

 

350,722

 

Goodwill

 

 

1,324,733

 

 

 

1,324,733

 

Total assets

 

$

2,116,867

 

 

$

2,122,624

 

Liabilities and Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

 

4,535

 

 

 

3,948

 

Accrued expenses and other current liabilities

 

 

29,316

 

 

 

26,855

 

Current portion of deferred revenue

 

 

105,362

 

 

 

99,692

 

Current portion of term loan

 

 

10,313

 

 

 

8,594

 

Current portion of operating lease liabilities

 

 

1,640

 

 

 

1,521

 

Total current liabilities

 

 

151,166

 

 

 

140,610

 

Long term liabilities:

 

 

 

 

 

 

Deferred revenue, net of current portion

 

 

138

 

 

 

236

 

Term loan, net of current portion

 

 

252,465

 

 

 

255,765

 

Operating lease liabilities, net of current portion

 

 

9,491

 

 

 

9,969

 

Tax receivable agreements liability, net of current portion

 

 

160,399

 

 

 

155,111

 

Deferred tax liabilities

 

 

78,315

 

 

 

75,737

 

Other long-term liabilities

 

 

1,035

 

 

 

3,251

 

Total liabilities

 

 

653,009

 

 

 

640,679

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Class A Common Stock, par value $0.001, 600,000,000 shares authorized, 110,162,665 and 105,138,273 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively

 

 

110

 

 

 

105

 

Class B Common Stock, par value $0.00001, 65,000,000 shares authorized, 45,626,933 and 44,217,344 shares issued and outstanding, respectively, at March 31, 2023, and 50,433,101 and 48,923,952 shares issued and outstanding, respectively at December 31, 2022

 

 

 

 

 

 

Additional paid-in capital

 

 

1,018,692

 

 

 

970,207

 

Accumulated other comprehensive income

 

 

2,793

 

 

 

3,668

 

Accumulated deficit

 

 

(37,125

)

 

 

(25,062

)

Noncontrolling interests

 

 

479,388

 

 

 

533,027

 

Total equity

 

 

1,463,858

 

 

 

1,481,945

 

Total liabilities and equity

 

$

2,116,867

 

 

$

2,122,624

 

See notes to condensed consolidated financial statements

7


 

DEFINITIVE HEALTHCARE CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except share amounts and per share data)

(Unaudited)

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

(As Restated)

 

Revenue

 

$

59,201

 

 

$

50,124

 

Cost of revenue:

 

 

 

 

 

 

Cost of revenue exclusive of amortization

 

 

8,552

 

 

 

5,950

 

Amortization

 

 

3,354

 

 

 

5,378

 

Gross profit

 

 

47,295

 

 

 

38,796

 

Operating expenses:

 

 

 

 

 

 

Sales and marketing

 

 

23,423

 

 

 

21,293

 

Product development

 

 

9,884

 

 

 

6,850

 

General and administrative

 

 

14,079

 

 

 

11,035

 

Depreciation and amortization

 

 

9,590

 

 

 

9,874

 

Transaction, integration, and restructuring expenses

 

 

2,590

 

 

 

1,310

 

Total operating expenses

 

 

59,566

 

 

 

50,362

 

Loss from operations

 

 

(12,271

)

 

 

(11,566

)

Other income (expense), net:

 

 

 

 

 

 

Interest income

 

 

2,834

 

 

 

70

 

Interest expense

 

 

(3,614

)

 

 

(1,954

)

Other expense, net

 

 

(3,631

)

 

 

(15

)

Total other expense, net

 

 

(4,411

)

 

 

(1,899

)

Net loss before income taxes

 

 

(16,682

)

 

 

(13,465

)

Benefit from income taxes

 

 

710

 

 

 

426

 

Net loss

 

 

(15,972

)

 

 

(13,039

)

Less: Net loss attributable to noncontrolling interests

 

 

(3,909

)

 

 

(4,458

)

Net loss attributable to Definitive Healthcare Corp.

 

$

(12,063

)

 

$

(8,581

)

Net loss per share of Class A Common Stock:

 

 

 

 

 

 

Basic and diluted

 

$

(0.11

)

 

$

(0.09

)

Weighted average Class A Common Stock outstanding:

 

 

 

 

 

 

Basic and diluted

 

 

108,234,043

 

 

 

97,158,823

 

See notes to condensed consolidated financial statements

8


 

DEFINITIVE HEALTHCARE CORP.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(amounts in thousands)

(Unaudited)

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

(As Restated)

 

Net loss

 

$

(15,972

)

 

$

(13,039

)

Other comprehensive loss:

 

 

 

 

Foreign currency translation adjustments

 

 

19

 

 

 

6

 

Unrealized gain (loss) on available-for-sale securities

 

 

89

 

 

 

(309

)

Unrealized (loss) gain on interest rate hedging instruments

 

 

(1,355

)

 

 

1,646

 

Comprehensive loss

 

 

(17,219

)

 

 

(11,696

)

Less: Comprehensive loss attributable to noncontrolling interests

 

 

(4,281

)

 

 

(3,971

)

Comprehensive loss attributable to Definitive Healthcare Corp.

 

$

(12,938

)

 

$

(7,725

)

See notes to condensed consolidated financial statements

9


 

 

DEFINITIVE HEALTHCARE CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY

(amounts in thousands, except share amounts)

(Unaudited)

 

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2023, as restated

 

105,138,273

 

$

105

 

 

50,433,101

 

$

 

$

970,207

 

$

(25,062

)

$

3,668

 

$

533,027

 

$

1,481,945

 

Net loss, as restated

 

 

 

 

 

 

 

 

 

 

 

(12,063

)

 

 

 

(3,909

)

 

(15,972

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(875

)

 

(372

)

 

(1,247

)

Vested incentive units

 

 

 

 

 

 

 

 

 

(505

)

 

 

 

 

 

505

 

 

 

Issuance of Class A Common Stock upon vesting of RSUs

 

380,676

 

 

 

 

 

 

 

 

828

 

 

 

 

 

 

(828

)

 

 

Shares withheld related to net share settlement

 

(127,829

)

 

 

 

 

 

 

 

(1,530

)

 

 

 

 

 

 

 

(1,530

)

Effect of LLC unit exchanges, as restated

 

4,771,545

 

 

5

 

 

(4,771,545

)

 

 

 

41,881

 

 

 

 

 

 

(52,352

)

 

(10,466

)

Forfeited unvested incentive units

 

 

 

 

 

(34,623

)

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation

 

 

 

 

 

 

 

 

 

7,811

 

 

 

 

 

 

3,317

 

 

11,128

 

Balance at March 31, 2023, as restated

 

110,162,665

 

$

110

 

 

45,626,933

 

$

 

$

1,018,692

 

$

(37,125

)

$

2,793

 

$

479,388

 

$

1,463,858

 

 

 

 

Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, as restated

 

97,030,095

 

$

97

 

 

58,244,627

 

$

 

$

888,992

 

$

(17,840

)

$

62

 

$

628,525

 

$

1,499,836

 

Net loss, as restated

 

 

 

 

 

 

 

 

 

 

 

(8,581

)

 

 

 

(4,458

)

 

(13,039

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

856

 

 

487

 

 

1,343

 

Vested incentive units

 

 

 

 

 

 

 

 

 

(696

)

 

 

 

 

 

696

 

 

 

Effect of LLC unit exchanges, as restated

 

544,302

 

 

1

 

 

(544,302

)