| Schedule of Annual Revisions |
The tables below set forth the impact of the Restatement Adjustments and Immaterial Error Corrections on the Company’s Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024:
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Three Months Ended June 30, 2024 |
| (In thousands, except share and per share data) |
Reported |
|
Restatement Adjustments |
|
Immaterial Error Corrections |
|
As Restated |
| Operating expenses |
|
|
|
|
|
|
|
| Selling, general, and administrative expenses |
$ |
35,810 |
|
|
$ |
— |
|
|
$ |
(933) |
|
|
$ |
34,877 |
|
| Goodwill impairment |
45,381 |
|
|
17,699 |
|
|
2,784 |
|
|
65,864 |
|
| Total operating expenses |
95,773
|
|
|
17,699
|
|
|
1,851
|
|
|
115,323
|
|
| Operating loss |
(57,150) |
|
|
(17,699) |
|
|
(1,851) |
|
|
(76,700) |
|
| Loss before income taxes |
(65,737) |
|
|
(17,699) |
|
|
(1,851) |
|
|
(85,287) |
|
| Income tax benefit |
(1,437) |
|
|
303 |
|
|
(520) |
|
|
(1,654) |
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| Net loss |
$ |
(64,300) |
|
|
$ |
(18,002) |
|
|
$ |
(1,331) |
|
|
$ |
(83,633) |
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|
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| Loss per share: |
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|
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|
|
|
| Basic and diluted |
$ |
(3.36) |
|
|
$ |
(0.94) |
|
|
$ |
(0.07) |
|
|
$ |
(4.37) |
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|
|
|
|
|
|
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| Comprehensive loss |
$ |
(63,823) |
|
|
$ |
(18,002) |
|
|
$ |
(1,331) |
|
|
$ |
(83,156) |
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Six Months Ended June 30, 2024 |
| (In thousands, except share and per share data) |
Reported |
|
Restatement Adjustments |
|
Immaterial Error Corrections |
|
As Restated |
| Operating expenses |
|
|
|
|
|
|
|
| Selling, general, and administrative expenses |
$ |
71,177 |
|
|
$ |
— |
|
|
$ |
(933) |
|
|
$ |
70,244 |
|
| Goodwill impairment |
45,381 |
|
|
17,699 |
|
|
2,784 |
|
|
65,864 |
|
| Total operating expenses |
144,916
|
|
|
17,699
|
|
|
1,851
|
|
|
164,466
|
|
| Operating loss |
(64,531) |
|
|
(17,699) |
|
|
(1,851) |
|
|
(84,081) |
|
| Loss before income taxes |
(83,744) |
|
|
(17,699) |
|
|
(1,851) |
|
|
(103,294) |
|
| Income tax benefit |
(1,857) |
|
|
303 |
|
|
(520) |
|
|
(2,074) |
|
| Net loss |
$ |
(81,887) |
|
|
$ |
(18,002) |
|
|
$ |
(1,331) |
|
|
$ |
(101,220) |
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|
|
|
|
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|
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| Loss per share: |
|
|
|
|
|
|
|
| Basic and diluted |
$ |
(4.29) |
|
|
$ |
(0.95) |
|
|
$ |
(0.07) |
|
|
$ |
(5.31) |
|
|
|
|
|
|
|
|
|
| Comprehensive loss |
$ |
(81,170) |
|
|
$ |
(18,002) |
|
|
$ |
(1,331) |
|
|
$ |
(100,503) |
|
The table below sets forth the impact of the Restatement Adjustments and Immaterial Error Corrections on the Company’s Unaudited Condensed Consolidated Balance Sheet as of June 30, 2024:
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June 30, 2024 |
| (in thousands) |
Reported |
|
Restatement Adjustments |
|
Immaterial Error Corrections |
|
As Restated |
| Current assets: |
|
|
|
|
|
|
|
| Accounts receivable, net |
$ |
46,667 |
|
|
$ |
— |
|
|
$ |
(1,519) |
|
|
$ |
45,148 |
|
| Prepaid expenses and other current assets |
11,443 |
|
|
(74) |
|
|
— |
|
|
11,369 |
|
| Total current assets |
88,212
|
|
|
(74) |
|
|
(1,519) |
|
|
86,619
|
|
| Noncurrent assets: |
|
|
|
|
|
|
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| Goodwill |
249,324 |
|
|
(17,699) |
|
|
(2,784) |
|
|
228,841 |
|
| Total assets |
$ |
509,794
|
|
|
$ |
(17,773) |
|
|
$ |
(4,303) |
|
|
$ |
487,718
|
|
|
|
|
|
|
|
|
|
| Current liabilities: |
|
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|
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| Accrued liabilities |
$ |
26,713 |
|
|
$ |
90 |
|
|
$ |
(2,453) |
|
|
$ |
24,350 |
|
| Total current liabilities |
64,975
|
|
|
90
|
|
|
(2,453) |
|
|
62,612
|
|
| Noncurrent liabilities: |
|
|
|
|
|
|
|
| Deferred tax liabilities, net |
7,854 |
|
|
139 |
|
|
(519) |
|
|
7,474 |
|
| Total liabilities |
547,621
|
|
|
229
|
|
|
(2,972) |
|
|
544,878
|
|
| Stockholders’ (deficit) equity |
|
|
|
|
|
|
|
| Accumulated deficit |
(497,167) |
|
|
$ |
(18,002) |
|
|
$ |
(1,331) |
|
|
(516,500) |
|
| Total stockholders’ equity |
(37,827) |
|
|
(18,002) |
|
|
(1,331) |
|
|
(57,160) |
|
| Total liabilities and stockholders’ equity |
$ |
509,794
|
|
|
$ |
(17,773) |
|
|
$ |
(4,303) |
|
|
$ |
487,718
|
|
The tables below set forth the impact of the Restatement Adjustments and Immaterial Error Corrections on the Company’s Unaudited Condensed Consolidated Statements of Changes in Stockholders’ (Deficit) Equity for the three and six months ended June 30, 2024:
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Three Months Ended June 30, 2024 |
| (in thousands) |
Reported |
|
Restatement Adjustments |
|
Immaterial Error Corrections |
|
As Restated |
| Accumulated Deficit |
|
|
|
|
|
|
|
| Net Loss |
$ |
(64,300) |
|
|
$ |
(18,002) |
|
|
$ |
(1,331) |
|
|
$ |
(83,633) |
|
| Balance, end of period |
(497,167) |
|
|
(18,002) |
|
|
(1,331) |
|
|
(516,500) |
|
| Total Stockholders’ (Deficit) Equity |
$ |
(37,827) |
|
|
$ |
(18,002) |
|
|
$ |
(1,331) |
|
|
$ |
(57,160) |
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2024 |
| (in thousands) |
Reported |
|
Restatement Adjustments |
|
Immaterial Error Corrections |
|
As Restated |
| Accumulated Deficit |
|
|
|
|
|
|
|
| Net Loss |
$ |
(81,887) |
|
|
$ |
(18,002) |
|
|
$ |
(1,331) |
|
|
$ |
(101,220) |
|
| Balance, end of period |
(497,167) |
|
|
(18,002) |
|
|
(1,331) |
|
|
(516,500) |
|
| Total Stockholders’ (Deficit) Equity |
$ |
(37,827) |
|
|
$ |
(18,002) |
|
|
$ |
(1,331) |
|
|
$ |
(57,160) |
|
|