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Accounting Changes and Error Corrections | 3 Months Ended
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Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract] |
Accounting Changes and Error Corrections | Restatement of Prior Period Financial Statements Subsequent to the original issuance of its Consolidated Financial Statements, the Company identified certain errors in its historical annual Consolidated Financial Statements, related to the accounting treatment of warrants. As such, the restated audited Consolidated Financial Statements for the years ended December 31, 2020 and 2019, and the unaudited interim Condensed Consolidated Financial Statements for the quarterly periods within these years commencing with the second quarter of 2019, are defined as the “Restated Periods." See Note 2 - Basis of Presentation, Note 26 - Quarterly Financial Data, and Note 28 - Restatement of Previously Issued Financial Statements, to the Consolidated Financial Statements in the Amendment No. 2 ("10-K Amendment No. 2") to the Form 10-K for the year ended December 31, 2020. The Company previously restated the accompanying interim Condensed Consolidated Financial Statements as of and for the quarter ended March 31, 2020 to correct for the impact of the misstatements. The applicable notes to the accompanying financial statements have also been corrected to reflect the impact of the restatement. Below, we have presented a reconciliation from the "As Originally Reported" to the "As Restated" amounts for each of our interim Condensed Consolidated Financial Statements as of and for the three months ended March 31, 2020. The amounts "As Originally Reported" are from the "As Originally Reported" amounts as disclosed in Note 26 - Quarterly Financial Data in the 10-K Amendment No. 2. The Company is filing this Amendment No. 1 ("Amendment No.1") to its Quarterly Report on Form 10-Q for the period ended March 31, 2021, filed with the SEC on May 10, 2021 (the “Original Form 10-Q"), to restate our Condensed Consolidated Financial Statements and related footnote disclosures as of and for the three months ended March 31, 2021. See Note 27 - Restatement of Previously Issued Financial Statements, for additional information related to the restatement, including descriptions of the misstatements and the impacts to previously reported financial information.
Interim Condensed Consolidated Statements of Operations (Unaudited)
| Three Months Ended March 31, 2020
| As Originally Reported |  | Reclassification (a) |  | Restatement Impacts |  | Restatement Reference |  | As Reclassified and Restated
Revenues, net | $ | 240,592 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 240,592 |
Operating expenses: |  |  |  |  |  |  |  |  |
Cost of revenues | (82,399) |  |  | (283) |  |  | — |  |  |  |  | (82,682) |
Selling, general and administrative costs | (86,948) |  |  | (46,107) |  |  | — |  |  |  |  | (133,055) |
Share-based compensation expense | (17,469) |  |  | 17,469 |  |  |  |  |  |  | — |
Depreciation | (2,329) |  |  | — |  |  | — |  |  |  |  | (2,329) |
Amortization | (49,112) |  |  | — |  |  | — |  |  |  |  | (49,112) |
Transaction expenses | (26,689) |  |  | 26,689 |  |  | — |  |  |  |  | — |
Transition, integration and other related expenses | (2,232) |  |  | 2,232 |  |  | — |  |  |  |  | — |
Restructuring and impairment | (7,754) |  |  | — |  |  | — |  |  |  |  | (7,754) |
Other operating income, net | 6,032 |  |  | — |  |  | — |  |  |  |  | 6,032 |
Total operating expenses | (268,900) |  |  | — |  |  | — |  |  |  |  | (268,900) |
Loss from operations | (28,308) |  |  | — |  |  | — |  |  |  |  | (28,308) |
Mark to market on financial instruments | — |  |  | — |  |  | (55,632) |  |  | (b) |  | (55,632) |
Loss before interest expense and income tax | (28,308) |  |  | — |  |  | (55,632) |  |  |  |  | (83,940) |
Interest expense and amortization of debt discount, net | (30,940) |  |  | — |  |  | — |  |  |  |  | (30,940) |
Loss before income tax | (59,248) |  |  | — |  |  | (55,632) |  |  | (b) |  | (114,880) |
Provision for income taxes | (14,753) |  |  | — |  |  | — |  |  |  |  | (14,753) |
Net loss | $ | (74,001) |  |  | $ | — |  |  | $ | (55,632) |  |  | (b) |  | $ | (129,633) |
Per share: |  |  |  |  |  |  |  |  |
Basic and diluted | $ | (0.22) |  |  |  |  | $ | (0.16) |  |  |  |  | $ | (0.38) |
Weighted average shares used to compute earnings per share: |  |  |  |  |  |  |  |  |
Basic and diluted | 343,129,833 |  |  |  |  | 343,129,833 |  |  |  |  | 343,129,833 |
(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 $55,632 that was recorded through the Statement of Operations, increasing the Net loss. Interim Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
| Three Months Ended March 31, 2020
| As Originally Reported |  | Restatement Impacts |  | As Restated
Net loss | $ | (74,001) |  |  | (55,632) |  |  | $ | (129,633) |
Other comprehensive income (loss), net of tax: |  |  |  |  |
Interest rate swaps | (2,890) |  |  | — |  |  | (2,890) |
Defined benefit pension plans, net of tax | (67) |  |  | — |  |  | (67) |
Foreign currency translation adjustment | (5,513) |  |  | — |  |  | (5,513) |
Total other comprehensive loss, net of tax | (8,470) |  |  | — |  |  | (8,470) |
Comprehensive loss | $ | (82,471) |  |  | $ | (55,632) |  |  | $ | (138,103) |
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 (As Restated) | (c) | 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 |
(c) - The correction of these misstatements resulted in reduction to ordinary shares within equity in the amount of $64,157 to a liability on the Condensed Consolidated Balance Sheet. The correction also includes the mark to market adjustment on financial instruments. The correction of these misstatements resulted in an adjustment of $55,632 that was recorded through the Statement of Operations, increasing the Net (loss). Interim Condensed Consolidated Statement of Cash Flows (Unaudited)
| Three Months Ended March 31, 2020
| As Originally Reported |  | Restatement Impacts |  | As Restated
Cash Flows From Operating Activities |  |  |  |  |
Net loss | $ | (74,001) |  |  | (55,632) |  |  | $ | (129,633) |
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 51,441 |  |  | — |  |  | 51,441 |
Deferred income tax benefit | 4,214 |  |  | — |  |  | 4,214 |
Share-based compensation | 16,502 |  |  | — |  |  | 16,502 |
Mark to market adjustment on contingent and phantom shares (1) | 1,187 |  |  | — |  |  | 1,187 |
Mark to market adjustment on financial instruments (As Restated) | — |  |  | 55,632 |  |  | 55,632 |
Deferred finance charges | 1,008 |  |  | — |  |  | 1,008 |
Other operating activities | (7,015) |  |  | — |  |  | (7,015) |
Changes in operating assets and liabilities: |  |  |  |  |
Accounts receivable | 29,279 |  |  | — |  |  | 29,279 |
Prepaid expenses | (7,349) |  |  | — |  |  | (7,349) |
Other assets | 54,644 |  |  | — |  |  | 54,644 |
Accounts payable | 758 |  |  | — |  |  | 758 |
Accrued expenses and other current liabilities (1) | (13,222) |  |  | — |  |  | (13,222) |
Deferred revenues | 40,726 |  |  | — |  |  | 40,726 |
Operating lease right of use assets | 5,919 |  |  | — |  |  | 5,919 |
Operating lease liabilities | (5,876) |  |  | — |  |  | (5,876) |
Other liabilities | (52,109) |  |  | — |  |  | (52,109) |
Net cash provided by operating activities | 46,106 |  |  | — |  |  | 46,106 |
Cash Flows From Investing Activities |  |  |  |  |
Capital expenditures | (19,395) |  |  | — |  |  | (19,395) |
Acquisitions, net of cash acquired | (885,323) |  |  | — |  |  | (885,323) |
Proceeds from sale of product line, net of restricted cash | 3,751 |  |  | — |  |  | 3,751 |
Net cash used in investing activities | (900,967) |  |  | — |  |  | (900,967) |
Cash Flows From Financing Activities |  |  |  |  |
Principal payments on term loan | (3,150) |  |  | — |  |  | (3,150) |
Repayments of revolving credit facility | (65,000) |  |  | — |  |  | (65,000) |
Payment of debt issuance costs | (5,014) |  |  | — |  |  | (5,014) |
Contingent purchase price payment | (4,115) |  |  | — |  |  | (4,115) |
Proceeds from issuance of debt | 360,000 |  |  | — |  |  | 360,000 |
Proceeds from issuance of ordinary shares | 540,597 |  |  | — |  |  | 540,597 |
Proceeds from warrant exercises | 277,526 |  |  | — |  |  | 277,526 |
Proceeds from stock options exercised | 1,182 |  |  | — |  |  | 1,182 |
Payments related to tax withholding for stock-based compensation | (10,420) |  |  | — |  |  | (10,420) |
Net cash provided by (used in) financing activities | 1,091,606 |  |  | — |  |  | 1,091,606 |
Effects of exchange rates | (2,013) |  |  | — |  |  | (2,013) |
Net increase in cash and cash equivalents, and restricted cash | 234,732 |  |  | — |  |  | 234,732 |
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 | 310,871 |  |  | — |  |  | 310,871 |
End of period: |  |  |  |  |
Cash and cash equivalents | 308,021 |  |  | — |  |  | 308,021 |
Restricted cash | 2,850 |  |  | — |  |  | 2,850 |
Total cash and cash equivalents, and restricted cash, end of period | $ | 310,871 |  |  | $ | — |  |  | $ | 310,871 |
Supplemental Cash Flow Information |  |  |  |  |
Cash paid for interest | $ | 11,405 |  |  | $ | — |  |  | $ | 11,405 |
Cash paid for income tax | $ | 4,797 |  |  | $ | — |  |  | $ | 4,797 |
Capital expenditures included in accounts payable | $ | 9,528 |  |  | $ | — |  |  | $ | 9,528 |
(1) "Accrued expenses and other current liabilities" of $12,035 has been updated to $13,222, which represents a change of $1,187. This amount has been reclassified to "Mark to market adjustment on contingent and phantom shares" in order to conform to the current financial statement line items presented on the Interim Condensed Consolidated Statement of Cash Flows (Unaudited). Restatement of Previously Issued Financial Statements As disclosed in the Form 10-K Amendment No. 2 filed with the SEC on February 3, 2022, the Company identified certain errors in its historical annual Consolidated Financial Statements related to the accounting treatment of certain awards made by CPA Global under the CPA Global Phantom Equity Plan that were incorrectly included as part of the acquisition accounting for the CPA Global Transaction. For the majority of these awards, the Company concluded that expenses should have been recognized as share-based compensation charges over the vesting period from October 1, 2020 to October 1, 2021 with only a portion of the liability recorded as part of acquisition accounting. The Company concluded that the financial statements previously issued as of and for the year ended December 31, 2020, and the quarterly period ended December 31, 2020 were misstated. We also concluded that the impact was material to the Company’s financial statements prepared according to U.S. GAAP. As such, the restated unaudited Consolidated Financial Statements for the quarterly period ended March 31, 2021, are defined as the “Restated Periods." This Note 27 to the Company’s Consolidated Financial Statements discloses the restatement impact on the originally reported financial statements for the quarterly period ended March 31, 2021 and the nature of the associated adjustments. The corrections included in the Condensed Consolidated Financial Statements contained herein are further described below. The restatement included in these Condensed Consolidated Financial Statements was prepared following an independent review by the Audit Committee of the Company’s Board. See Note 26 - Quarterly Financial Data and Note 28 - Restatement of Previously Issued Financial Statements, to the Consolidated Financial Statements in 10-K Amendment No. 2 for additional information related to the restatements.
Consolidated Balance Sheets
|  | As of March 31,
|  | 2021
|  | As Originally Reported |  | Restatement Impacts |  | As Restated
Assets |  |  |  |  |  |
Current assets: |  |  |  |  |  |
Cash and cash equivalents |  | 399,006 |  |  | — |  |  | 399,006 |
Restricted cash(1) |  | 13,513 |  |  | 3,400 |  |  | 16,913 |
Accounts receivable, net of allowance of $8,340 and $8,745 at March 31, 2021 and December 31, 2020, respectively |  | 706,879 |  |  | — |  |  | 706,879 |
Prepaid expenses |  | 64,392 |  |  | — |  |  | 64,392 |
Other current assets(2) |  | 230,218 |  |  | (166,048) |  |  | 64,170 |
Total current assets |  | 1,414,008 |  |  | (162,648) |  |  | 1,251,360 |
Property and equipment, net |  | 33,565 |  |  | — |  |  | 33,565 |
Other intangible assets, net |  | 7,266,497 |  |  | — |  |  | 7,266,497 |
Goodwill(3) |  | 6,246,384 |  |  | (209,869) |  |  | 6,036,515 |
Other non-current assets(2) |  | 42,504 |  |  | (14,894) |  |  | 27,610 |
Deferred income taxes |  | 27,348 |  |  | 76 |  |  | 27,424 |
Operating lease right-of-use assets |  | 84,052 |  |  | — |  |  | 84,052 |
Total Assets |  | $ | 15,114,358 |  |  | $ | (387,335) |  |  | $ | 14,727,023 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Accounts payable |  | 94,548 |  |  | — |  |  | 94,548 |
Accrued expenses and other current liabilities(3) |  | 541,351 |  |  | (99,694) |  |  | 441,657 |
Current portion of deferred revenues |  | 769,030 |  |  | — |  |  | 769,030 |
Current portion of operating lease liability |  | 33,896 |  |  | — |  |  | 33,896 |
Current portion of long-term debt |  | 28,600 |  |  | — |  |  | 28,600 |
Total current liabilities |  | 1,467,425 |  |  | (99,694) |  |  | 1,367,731 |
Long-term debt |  | 3,453,082 |  |  | — |  |  | 3,453,082 |
Warrant liabilities |  | 257,944 |  |  | — |  |  | 257,944 |
Non-current portion of deferred revenues |  | 45,404 |  |  | — |  |  | 45,404 |
Other non-current liabilities(3) |  | 62,143 |  |  | (14,363) |  |  | 47,780 |
Deferred income taxes(4) |  | 351,937 |  |  | 4,897 |  |  | 356,834 |
Operating lease liabilities |  | 79,651 |  |  | — |  |  | 79,651 |
Total liabilities |  | 5,717,586 |  |  | (109,160) |  |  | 5,608,426 |
Commitments and contingencies |  |  |  |  |  |
Shareholders’ equity: |  |  |  |  |  |
Ordinary Shares, no par value; unlimited shares authorized at March 31, 2021 and December 31, 2020; 611,355,226 and 606,329,598 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively |  | 10,109,449 |  |  | — |  |  | 10,109,449 |
Treasury Shares, at cost; 6,325,860 and 6,325,860 at March 31, 2021 and December 31, 2020, respectively(2) |  | — |  |  | (196,038) |  |  | (196,038) |
Accumulated other comprehensive income |  | 523,359 |  |  | (11,384) |  |  | 511,975 |
Accumulated deficit(3) |  | (1,236,036) |  |  | (70,753) |  |  | (1,306,789) |
Total shareholders’ equity |  | 9,396,772 |  |  | (278,175) |  |  | 9,118,597 |
Total Liabilities and Shareholders’ Equity |  | $ | 15,114,358 |  |  | $ | (387,335) |  |  | $ | 14,727,023 |
(1) Represents restricted cash acquired to fund fixed cash awards and certain taxes related to the phantom equity compensation plan as part of CPA Global acquisition accounting. (2) Includes correction for 6,325,860 shares that were transferred from Leonard Green & Partners, L. P. to an Employee Benefit Trust established for the CPA Equity Plan that should have been excluded from the purchase price consideration in the amount of $196,038. (3) In connection with Amendment No. 2, the Company concluded that expenses should have been recognized as share-based compensation charges over the vesting period from October 1, 2020 to October 1, 2021, with only a portion of the liability recorded as part of acquisition accounting as described in Note 2 - Basis of Presentation. (4) Separate from the CPA Global Equity Plan restatement in Amendment No 2, the Company has corrected the acquisition accounting understatement of deferred tax liabilities of $3,328 with an offset to goodwill relating to the CPA Global acquisition opening balance sheet on October 1, 2020, as well as an understatement of deferred tax liabilities of $1,936 with an offset to goodwill relating to the DRG acquisition opening balance sheet on February 28, 2020.
Consolidated Statements of Operations
| Three Months Ended March 31,
| 2021
| As Originally Reported |  | Restatement Impacts |  | As Restated
Revenues, net | $ | 428,430 |  |  | $ | — |  |  | $ | 428,430 |
Operating expenses: |  |  |  |  |
Cost of revenues(1) | (138,741) |  |  | (9,134) |  |  | (147,875) |
Selling, general and administrative costs(1) | (111,345) |  |  | (22,941) |  |  | (134,286) |
Depreciation | (3,333) |  |  | — |  |  | (3,333) |
Amortization | (128,321) |  |  | — |  |  | (128,321) |
Restructuring and impairment(1) | (64,667) |  |  | (3,228) |  |  | (67,895) |
Other operating income (expense), net | (16,230) |  |  | — |  |  | (16,230) |
Total operating expenses | (462,637) |  |  | (35,303) |  |  | (497,940) |
Loss from operations | (34,207) |  |  | (35,303) |  |  | (69,510) |
Mark to market adjustment on financial instruments | 51,215 |  |  | — |  |  | 51,215 |
Income (loss) before interest expense and income tax | 17,008 |  |  | (35,303) |  |  | (18,295) |
Interest expense and amortization of debt discount, net | (37,393) |  |  | — |  |  | (37,393) |
Loss before income tax | (20,385) |  |  | (35,303) |  |  | (55,688) |
Provision for income taxes | (3,569) |  |  | 3,306 |  |  | (263) |
Net loss | $ | (23,954) |  |  | $ | (31,997) |  |  | $ | (55,951) |
Per share: |  |  |  |  |
Basic and Diluted | $ | (0.04) |  |  | $ | (0.05) |  |  | $ | (0.09) |
Weighted average shares used to compute earnings per share: |  |  |  |  |
Basic and diluted | 608,598,235 |  |  | 602,272,375 |  |  | 602,272,375 |
(1) Includes correction and recording of share-based compensation charges over the vesting period within the Selling, general and administrative and Cost of revenues line items as well as accelerated charges for involuntarily terminated participants within the Restructuring and impairment line item as described in Note 2 - Basis of Presentation.
Consolidated Statements of Comprehensive Income (Loss)
| Three Months Ended March 31,
| 2021
| As Originally Reported |  | Restatement Impacts |  | As Restated
Net loss | $ | (23,954) |  |  | $ | (31,997) |  |  | $ | (55,951) |
Other comprehensive income (loss), net of tax: |  |  |  |  |
Interest rate swaps | 1,340 |  |  | — |  |  | 1,340 |
Defined benefit pension plans | (4) |  |  | — |  |  | (4) |
Foreign currency translation adjustment | 18,502 |  |  | (245) |  |  | 18,257 |
Total other comprehensive income (loss), net of tax | 19,838 |  |  | (245) |  |  | 19,593 |
Comprehensive loss | $ | (4,116) |  |  | $ | (32,242) |  |  | $ | (36,358) |
Consolidated Statements of Changes in Equity
|  | As Restated
|  | Share Capital |  | Treasury Shares |  | Accumulated Other Comprehensive Income (Loss) |  | Accumulated Deficit |  | Total Shareholders’ Equity
|  | Shares |  | Amount |  | Shares |  | Amount |
Balance at December 31, 2020 (As Restated) |  | 606,329,598 |  |  | $ | 9,989,284 |  |  | 6,325,860 |  |  | $ | (196,038) |  |  | $ | 492,382 |  |  | $ | (1,250,838) |  |  | $ | 9,034,790 |
Exercise of Private Placement Warrants |  | 212,174 |  |  | 3,592 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,592 |
Exercise of stock options |  | 835,917 |  |  | 5,074 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,074 |
Vesting of restricted stock units |  | 15,958 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Shares returned to the Company for net share settlements |  | (434,059) |  |  | (4,489) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,489) |
Issuance of ordinary shares, net |  | 4,395,638 |  |  | 105,509 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 105,509 |
Share-based award activity |  | — |  |  | 10,479 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,479 |
Net loss |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (55,951) |  |  | (55,951) |
Other comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,593 |  |  | — |  |  | 19,593 |
Balance at March 31, 2021 (As Restated) |  | 611,355,226 |  | $ | 10,109,449 |  |  | 6,325,860 |  | $ | (196,038) |  |  | $ | 511,975 |  |  | $ | (1,306,789) |  |  | $ | 9,118,597 |
Consolidated Statements of Cash Flows
| Three Months Ended March 31,
| 2021
| As Originally Reported |  | Restatement Impacts |  | As Restated
Cash Flows From Operating Activities |  |  |  |  |
Net loss | $ | (23,954) |  |  | $ | (31,997) |  |  | $ | (55,951) |
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 131,654 |  |  | — |  |  | 131,654 |
Bad debt expense | 3,122 |  |  | — |  |  | 3,122 |
Deferred income tax benefit | 162 |  |  | 1 |  |  | 163 |
Share-based compensation | 10,479 |  |  | (9,289) |  |  | 1,190 |
Restructuring and impairment | 40,984 |  |  | (2,073) |  |  | 38,911 |
Gain on foreign currency forward contracts | (1,023) |  |  | — |  |  | (1,023) |
Mark to market adjustment on contingent and phantom shares | (27,680) |  |  | 2,595 |  |  | (25,085) |
Mark to market adjustment on financial instruments | (51,215) |  |  | — |  |  | (51,215) |
Loss on disposal of business | 586 |  |  | — |  |  | 586 |
Deferred finance charges | 2,332 |  |  | — |  |  | 2,332 |
Other operating activities | 3,494 |  |  | — |  |  | 3,494 |
Changes in operating assets and liabilities: |  |  |  |  |
Accounts receivable | 44,221 |  |  | — |  |  | 44,221 |
Prepaid expenses | (7,170) |  |  | — |  |  | (7,170) |
Other assets | (927) |  |  | — |  |  | (927) |
Accounts payable | 13,746 |  |  | — |  |  | 13,746 |
Accrued expenses and other current liabilities | (9,725) |  |  | 38,807 |  |  | 29,082 |
Deferred revenues | 65,988 |  |  | — |  |  | 65,988 |
Operating lease right of use assets | 7,468 |  |  | — |  |  | 7,468 |
Operating lease liabilities | (25,666) |  |  | — |  |  | (25,666) |
Other liabilities | (2,839) |  |  | 1,956 |  |  | (883) |
Net cash provided by operating activities | 174,037 |  |  | — |  |  | 174,037 |
Cash Flows From Investing Activities |  |  |  |  |
Capital expenditures | (32,972) |  |  | — |  |  | (32,972) |
Acquisitions, net of cash acquired | 433 |  |  | — |  |  | 433 |
Net cash used in investing activities | (32,539) |  |  | — |  |  | (32,539) |
Cash Flows From Financing Activities |  |  |  |  |
Principal payments on term loan | (7,150) |  |  | — |  |  | (7,150) |
Proceeds from stock options exercised | 5,074 |  |  | — |  |  | 5,074 |
Payments related to tax withholding for stock-based compensation | (4,489) |  |  | — |  |  | (4,489) |
Net cash (used in) provided by financing activities | (6,565) |  |  | — |  |  | (6,565) |
Effects of exchange rates | 8,578 |  |  | — |  |  | 8,578 |
Net increase in cash and cash equivalents, and restricted cash | 143,511 |  |  | — |  |  | 143,511 |
Beginning of period: |  |  |  |  |
Consolidated Statements of Cash Flows
| Three Months Ended March 31,
| 2021
| As Originally Reported |  | Restatement Impacts |  | As Restated
Cash and cash equivalents | 257,730 |  |  | — |  |  | 257,730 |
Restricted cash | 11,278 |  |  | 3,400 |  |  | 14,678 |
Total cash and cash equivalents, and restricted cash, beginning of period | 269,008 |  |  | 3,400 |  |  | 272,408 |
Cash and cash equivalents, and restricted cash, end of period | 412,519 |  |  | 3,400 |  |  | 415,919 |
End of period: |  |  |  |  |
Cash and cash equivalents | 399,006 |  |  | — |  |  | 399,006 |
Restricted cash | 13,513 |  |  | 3,400 |  |  | 16,913 |
Total cash and cash equivalents, and restricted cash, end of period | $ | 412,519 |  |  | $ | 3,400 |  |  | $ | 415,919 |
Supplemental Cash Flow Information |  |  |  |  |
Cash paid for interest | $ | 27,334 |  |  | $ | — |  |  | $ | 27,334 |
Cash paid for income tax | $ | 2,583 |  |  | $ | — |  |  | $ | 2,583 |
Capital expenditures included in accounts payable | $ | 6,138 |  |  | $ | — |  |  | $ | 6,138 |
Non-Cash Financing Activities: |  |  |  |  |
Shares issued as contingent stock consideration associated with the DRG acquisition | — |  |  | 61,619 |  |  | 61,619 |
Shares issued as contingent stock consideration associated with the CPA Global acquisition | — |  |  | 43,890 |  |  | 43,890 |
Total Non-Cash Financing Activities | — |  |  | 105,509 |  |  | 105,509 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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