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Restatement of Previously Issued Condensed Financial Statements (Tables)

9 Months Ended

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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- References

No definition available.

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X

- 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

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