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v3.21.2

Restatement of Previously Issued Condensed Financial Statements (Tables) | 9 Months Ended
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Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments |
Interim Condensed Consolidated Statements of Operations (Unaudited)
| Three months ended September 30, 2020
| As Originally Reported |  | Reclassification (a) |  | Restatement Impacts |  | Restatement Reference |  | As Reclassified and Restated
Revenues, net | $ | 284,360 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 284,360 |
Operating expenses: |  |  |  |  |  |  |  |  |
Cost of revenues | (91,805) |  |  | (1,749) |  |  | — |  |  |  |  | (93,554) |
Selling, general and administrative costs | (91,319) |  |  | (40,207) |  |  | — |  |  |  |  | (131,526) |
Share-based compensation expense | (6,796) |  |  | 6,796 |  |  | — |  |  |  |  | — |
Depreciation | (2,918) |  |  | — |  |  | — |  |  |  |  | (2,918) |
Amortization | (65,696) |  |  | — |  |  | — |  |  |  |  | (65,696) |
Transaction expenses | (34,938) |  |  | 34,938 |  |  | — |  |  |  |  | — |
Transition, integration and other related expenses | (222) |  |  | 222 |  |  | — |  |  |  |  | — |
Restructuring and impairment | (3,192) |  |  | — |  |  | — |  |  |  |  | (3,192) |
Other operating income, net | (138) |  |  | — |  |  | — |  |  |  |  | (138) |
Total operating expenses | (297,024) |  |  | — |  |  | — |  |  |  |  | (297,024) |
Loss from operations | (12,664) |  |  | — |  |  | — |  |  |  |  | (12,664) |
Mark to market on financial instruments | — |  |  | — |  |  | (144,753) |  |  | (b) |  | (144,753) |
Loss before interest expense and income tax | (12,664) |  |  | — |  |  | (144,753) |  |  |  |  | (157,417) |
Interest expense and amortization of debt discount, net | (20,244) |  |  | — |  |  | — |  |  |  |  | (20,244) |
Loss before income tax | (32,908) |  |  | — |  |  | (144,753) |  |  | (b) |  | (177,661) |
Provision for income taxes | (4,325) |  |  | — |  |  | — |  |  |  |  | (4,325) |
Net loss | $ | (37,233) |  |  | $ | — |  |  | $ | (144,753) |  |  | (b) |  | $ | (181,986) |
Per share: |  |  |  |  |  |  |  |  |
Basic and diluted | $ | (0.10) |  |  |  |  | $ | (0.37) |  |  |  |  | $ | (0.47) |
Weighted average shares used to compute earnings per share: |  |  |  |  |  |  |  |  |
Basic and diluted | 387,845,438 |  |  |  |  | 387,845,438 |  |  |  |  | 387,845,438 |
(a) Reclassifications - The reclassifications are needed to conform to the current financial statement line items on the Condensed Consolidated Statements of Operations. (b) Mark to market adjustment on financial instruments - The correction of these misstatements resulted in an adjustment of $(144,753) that was recorded through the Statement of Operations, increasing the Net loss for the three months ended September 30, 2020.
Interim Condensed Consolidated Statements of Operations (Unaudited)
| Nine Months Ended September 30, 2020
| As Originally Reported |  | Reclassification (a) |  | Restatement Impacts |  | Restatement Reference |  | As Reclassified and Restated
Revenues, net | $ | 798,452 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 798,452 |
Operating expenses: |  |  |  |  |  |  |  |  |
Cost of revenues | (265,063) |  |  | (3,551) |  |  | — |  |  |  |  | (268,614) |
Selling, general and administrative costs | (266,749) |  |  | (101,498) |  |  | — |  |  |  |  | (368,247) |
Share-based compensation expense | (31,121) |  |  | 31,121 |  |  | — |  |  |  |  | — |
Depreciation | (8,151) |  |  | — |  |  | — |  |  |  |  | (8,151) |
Amortization | (168,049) |  |  | — |  |  | — |  |  |  |  | (168,049) |
Transaction expenses | (70,154) |  |  | 70,154 |  |  | — |  |  |  |  | — |
Transition, integration and other related expenses | (3,774) |  |  | 3,774 |  |  | — |  |  |  |  | — |
Restructuring and impairment | (26,792) |  |  | — |  |  | — |  |  |  |  | (26,792) |
Other operating income, net | 14,675 |  |  | — |  |  | — |  |  |  |  | 14,675 |
Total operating expenses | (825,178) |  |  | — |  |  | — |  |  |  |  | (825,178) |
Loss from operations | (26,726) |  |  | — |  |  | — |  |  |  |  | (26,726) |
Mark to market on financial instruments | — |  |  | — |  |  | (224,175) |  |  | (b) |  | (224,175) |
Loss before interest expense and income tax | (26,726) |  |  | — |  |  | (224,175) |  |  |  |  | (250,901) |
Interest expense and amortization of debt discount, net | (72,306) |  |  | — |  |  | — |  |  |  |  | (72,306) |
Loss before income tax | (99,032) |  |  | — |  |  | (224,175) |  |  | (b) |  | (323,207) |
Provision for income taxes | (13,693) |  |  | — |  |  | — |  |  |  |  | (13,693) |
Net loss | $ | (112,725) |  |  | $ | — |  |  | $ | (224,175) |  |  | (b) |  | $ | (336,900) |
Per share: |  |  |  |  |  |  |  |  |
Basic and diluted | $ | (0.31) |  |  |  |  | $ | (0.61) |  |  |  |  | $ | (0.91) |
Weighted average shares used to compute earnings per share: |  |  |  |  |  |  |  |  |
Basic and diluted | 369,019,802 |  |  |  |  | 369,019,802 |  |  |  |  | 369,019,802 |
(a) Reclassifications - The reclassifications are needed to conform to the current financial statement line items on the Condensed Consolidated Statements of Operations. (b) Mark to market adjustment on financial instruments - The correction of these misstatements resulted in an adjustment of $(224,175) that was recorded through the Statement of Operations, increasing the Net loss for the nine months ended September 30, 2020. Interim Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
| Three months ended September 30, 2020
| As Originally Reported |  | Restatement Impacts |  | As Restated
Net loss | $ | (37,233) |  |  | (144,753) |  |  | $ | (181,986) |
Other comprehensive income (loss), net of tax: |  |  |  |  |
Interest rate swaps | 1,092 |  |  | — |  |  | 1,092 |
Defined benefit pension plans, net of tax | (15) |  |  | — |  |  | (15) |
Foreign currency translation adjustment | 9,359 |  |  | — |  |  | 9,359 |
Total other comprehensive loss, net of tax | 10,436 |  |  | — |  |  | 10,436 |
Comprehensive loss | $ | (26,797) |  |  | $ | (144,753) |  |  | $ | (171,550) |
| Nine Months Ended September 30, 2020
| As Originally Reported |  | Restatement Impacts |  | As Restated
Net loss | $ | (112,725) |  |  | $ | (224,175) |  |  | $ | (336,900) |
Other comprehensive income (loss), net of tax: |  |  |  |  |
Interest rate swaps | (2,052) |  |  | — |  |  | (2,052) |
Defined benefit pension plans, net of tax | (57) |  |  | — |  |  | (57) |
Foreign currency translation adjustment | 1,795 |  |  | — |  |  | 1,795 |
Total other comprehensive loss, net of tax | (314) |  |  | — |  |  | (314) |
Comprehensive loss | $ | (113,039) |  |  | $ | (224,175) |  |  | $ | (337,214) |
Interim Condensed Consolidated Statement of Changes in Equity (Unaudited)
|  | Share Capital |  | Accumulated Other Comprehensive Income (Loss) |  | Accumulated Deficit |  | Total Shareholders’ Equity
| Restatement Reference | Shares |  | Amount |  |  |
Balance at December 31, 2019 |  | 306,874,115 |  |  | $ | 2,144,372 |  |  | $ | (4,879) |  |  | $ | (890,894) |  |  | $ | 1,248,599 |
Adjustment to opening Accumulated deficit related to adoption of ASC Topic 326 |  | — |  |  | — |  |  | — |  |  | (9,319) |  |  | (9,319) |
Exercise of public warrants (As Restated) |  | 28,880,098 |  |  | 277,526 |  |  | — |  |  | — |  |  | 277,526 |
Exercise of stock options |  | 3,715,455 |  |  | 1,182 |  |  | — |  |  | — |  |  | 1,182 |
Vesting of restricted stock units |  | 169,842 |  |  | — |  |  | — |  |  | — |  |  | — |
Shares returned to the Company for net share settlements |  | (2,301,458) |  |  | (10,302) |  |  | — |  |  | — |  |  | (10,302) |
Issuance of ordinary shares, net |  | 27,600,000 |  |  | 539,714 |  |  | — |  |  | — |  |  | 539,714 |
Share-based award activity |  | — |  |  | 16,384 |  |  | — |  |  | — |  |  | 16,384 |
Net loss (As Restated) | (c) | — |  |  | — |  |  | — |  |  | (129,633) |  |  | (129,633) |
Other comprehensive income (loss) |  | — |  |  | — |  |  | (8,470) |  |  | — |  |  | (8,470) |
Balance at March 31, 2020 (As Restated) | (c) | 364,938,052 |  |  | 2,968,876 |  |  | (13,349) |  |  | (1,029,846) |  |  | 1,925,681 |
Exercise of stock options |  | 3,723,332 |  |  | — |  |  | — |  |  | — |  |  | — |
Vesting of restricted stock units |  | 2,528 |  |  | — |  |  | — |  |  | — |  |  | — |
Shares returned to the Company for net share settlements |  | (2,311,293) |  |  | (15,118) |  |  | — |  |  | — |  |  | (15,118) |
Issuance of ordinary shares, net |  | 20,982,500 |  |  | 304,030 |  |  | — |  |  | — |  |  | 304,030 |
Share-based award activity |  | — |  |  | 4,322 |  |  | — |  |  | — |  |  | 4,322 |
Net loss (As Restated) | (c) | — |  |  | — |  |  | — |  |  | (25,281) |  |  | (25,281) |
Other comprehensive income (loss) |  | — |  |  | — |  |  | (2,280) |  |  | — |  |  | (2,280) |
Balance at June 30, 2020 (As Restated) | (c) | 387,335,119 |  |  | 3,262,110 |  |  | (15,629) |  |  | (1,055,127) |  |  | 2,191,354 |
Exercise of stock options |  | 4,068,307 |  |  | 125 |  |  | — |  |  | — |  |  | 125 |
Vesting of restricted stock units |  | 2,459 |  |  | — |  |  | — |  |  | — |  |  | — |
Shares returned to the Company for net share settlements |  | (2,184,918) |  |  | (3,136) |  |  | — |  |  | — |  |  | (3,136) |
Share-based award activity |  | — |  |  | 5,520 |  |  | — |  |  | — |  |  | 5,520 |
Net loss (As Restated) | (c) | — |  |  | — |  |  | — |  |  | (181,986) |  |  | (181,986) |
Other comprehensive income (loss) |  | — |  |  | — |  |  | 10,436 |  |  | — |  |  | 10,436 |
Balance at September 30, 2020 (As Restated) | (c) | 389,220,967 |  |  | $ | 3,264,619 |  |  | $ | (5,193) |  |  | $ | (1,237,113) |  |  | $ | 2,022,313 |
(c) The correction of these misstatements include the mark to market adjustment on financial instruments. The correction of these misstatements resulted in an adjustment of $(144,753) and $(224,175) for the three and nine months ended September 30, 2020, respectively, that was recorded through the Statement of Operations, increasing the Net (loss). Interim Condensed Consolidated Statement of Cash Flows (Unaudited)
| Nine months ended September 30, 2020
| As Originally Reported |  | Restatement Impacts |  | As Restated
Cash Flows From Operating Activities |  |  |  |  |
Net loss | $ | (112,725) |  |  | $ | (224,175) |  |  | $ | (336,900) |
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 176,200 |  |  | — |  |  | 176,200 |
Bad debt expense | 1,830 |  |  | — |  |  | 1,830 |
Gain on sale of line of business | (1,052) |  |  |  |  | (1,052) |
Restructuring and impairment | 4,880 |  |  | — |  |  | 4,880 |
Gain on foreign currency forward contracts | (2,903) |  |  | — |  |  | (2,903) |
Deferred income tax benefit | (7,420) |  |  | — |  |  | (7,420) |
Share-based compensation | 26,344 |  |  | — |  |  | 26,344 |
Mark to market adjustment on contingent and phantom shares (1) | 30,839 |  |  | — |  |  | 30,839 |
Mark to market adjustment on financial instruments (As Restated) | — |  |  | 224,175 |  |  | 224,175 |
Deferred finance charges | 3,140 |  |  | — |  |  | 3,140 |
Other operating activities | (3,902) |  |  | — |  |  | (3,902) |
Changes in operating assets and liabilities: |  |  |  |  |
Accounts receivable | 129,398 |  |  | — |  |  | 129,398 |
Prepaid expenses | (13,335) |  |  | — |  |  | (13,335) |
Other assets | 62,818 |  |  | — |  |  | 62,818 |
Accounts payable | (8,394) |  |  | — |  |  | (8,394) |
Accrued expenses and other current liabilities | (65,062) |  |  | — |  |  | (65,062) |
Deferred revenues | (93,926) |  |  | — |  |  | (93,926) |
Operating lease right of use assets | 5,826 |  |  | — |  |  | 5,826 |
Operating lease liabilities | (6,611) |  |  | — |  |  | (6,611) |
Other liabilities | 2,077 |  |  | — |  |  | 2,077 |
Net cash provided by operating activities | 128,022 |  |  | — |  |  | 128,022 |
Cash Flows From Investing Activities |  |  |  |  |
Capital expenditures | (78,597) |  |  | — |  |  | (78,597) |
Acquisitions, net of cash acquired | (885,323) |  |  | — |  |  | (885,323) |
Acquisition of intangible assets | (5,982) |  |  | — |  |  | (5,982) |
Proceeds from sale of product line, net of restricted cash | 3,751 |  |  | — |  |  | 3,751 |
Net cash used in investing activities | (966,151) |  |  | — |  |  | (966,151) |
Cash Flows From Financing Activities |  |  |  |  |
Principal payments on term loan | (9,450) |  |  | — |  |  | (9,450) |
Repayments of revolving credit facility | (65,000) |  |  | — |  |  | (65,000) |
Payment of debt issuance costs | (5,267) |  |  | — |  |  | (5,267) |
Contingent purchase price payment | (4,115) |  |  | — |  |  | (4,115) |
Proceeds from issuance of debt | 360,000 |  |  | — |  |  | 360,000 |
Proceeds from issuance of ordinary shares | 843,752 |  |  | — |  |  | 843,752 |
Proceeds from warrant exercises | 277,526 |  |  | — |  |  | 277,526 |
Proceeds from stock options exercised | 1,307 |  |  | — |  |  | 1,307 |
Payments related to tax withholding for stock-based compensation | (28,674) |  |  | — |  |  | (28,674) |
Net cash provided by (used in) financing activities | 1,370,079 |  |  | — |  |  | 1,370,079 |
Effects of exchange rates | (6,447) |  |  | — |  |  | (6,447) |
Net increase in cash and cash equivalents, and restricted cash | 525,503 |  |  | — |  |  | 525,503 |
Beginning of period: |  |  |  |  |
Cash and cash equivalents | 76,130 |  |  | — |  |  | 76,130 |
Restricted cash | 9 |  |  | — |  |  | 9 |
Total cash and cash equivalents, and restricted cash, beginning of period | 76,139 |  |  | — |  |  | 76,139 |
Cash and cash equivalents, and restricted cash, end of period | 601,642 |  |  | — |  |  | 601,642 |
End of period: |  |  |  |  |
Cash and cash equivalents | 601,075 |  |  | — |  |  | 601,075 |
Restricted cash | 567 |  |  | — |  |  | 567 |
Total cash and cash equivalents, and restricted cash, end of period | $ | 601,642 |  |  | $ | — |  |  | $ | 601,642 |
Supplemental Cash Flow Information |  |  |  |  |
Cash paid for interest | $ | 61,796 |  |  | $ | — |  |  | $ | 61,796 |
Cash paid for income tax | $ | 20,147 |  |  | $ | — |  |  | $ | 20,147 |
Capital expenditures included in accounts payable | $ | 922 |  |  | $ | — |  |  | $ | 922 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
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