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Revision to Previously Reported Financial Information (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated balance sheet as of December 31, 2022:

		December 31, 2022
		As Reported				Adjustments				As Revised
		(In thousands)
Trade receivables, net		$	91,504			$	(643	)		$	90,861
Other current assets			34,359				(1,921	)			32,438
Total current assets			752,588				(2,564	)			750,024
Total assets			972,515				(2,564	)			969,951
Total stockholders' equity			874,916				(2,564	)			872,352

The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated statement of income (loss) for the twelve months ended December 31, 2022:

		Twelve months ended December 31, 2022
		As Reported				Adjustments				As Revised
		(In thousands, except per share data)
Total revenues		$	362,070			$	(146	)		$	361,924
Restructuring and other charges			11,443				1,921				13,364
Operating income			2,521				(2,067	)			454
Income before income taxes			6,770				(2,067	)			4,703
Net income (loss)			443				(2,067	)			(1,624	)
Income (loss) per common share:
Basic			0.01				(0.06	)			(0.05	)
Diluted			0.01				(0.06	)			(0.05	)

The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated balance sheet as of September 30, 2022:

		September 30, 2022
		As Reported				Adjustments				As Revised
		(In thousands)
Other current assets		$	49,457			$	(1,921	)		$	47,536
Total current assets			745,758				(1,921	)			743,837
Total assets			970,524				(1,921	)			968,603
Total stockholders' equity			864,837				(1,921	)			862,916

The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated statement of income (loss) for the three months ended September 30, 2022:

		Three months ended September 30, 2022
		As Reported				Adjustments				As Revised
		(In thousands, except per share data)
Restructuring and other charges		$	2,180			$	1,921			$	4,101
Operating income (loss)			14,352				(1,921	)			12,431
Income (loss) before income taxes			14,600				(1,921	)			12,679
Net income (loss)			15,210				(1,921	)			13,289
Income (loss) per common share:
Basic			0.45				(0.06	)			0.39
Diluted			0.44				(0.06	)			0.38

The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated statement of income (loss) for the nine months ended September 30, 2022:

		Nine months ended September 30, 2022
		As Reported				Adjustments				As Revised
		(In thousands, except per share data)
Restructuring and other charges		$	7,977			$	1,921			$	9,898
Operating income (loss)			4,892				(1,921	)			2,971
Income (loss) before income taxes			5,763				(1,921	)			3,842
Net income (loss)			702				(1,921	)			(1,219	)
Income (loss) per common share:
Basic			0.02				(0.06	)			(0.04	)
Diluted			0.02				(0.06	)			(0.04	)

The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated balance sheet as of December 31, 2021:

		December 31, 2021
		As Reported				Adjustments				As Revised
		(In thousands)
Trade receivables, net		$	100,987			$	(497	)		$	100,490
Total current assets			745,549				(497	)			745,052
Total assets			1,010,426				(497	)			1,009,929
Total stockholders' equity			897,108				(497	)			896,611

The following table presents the impact of correcting the errors on the affected line items of our condensed consolidated statement of income (loss) for the twelve months ended December 31, 2021:

		Twelve months ended December 31, 2021
		As Reported				Adjustments				As Revised
		(In thousands, except per share data)
Total revenues		$	322,945			$	(497	)		$	322,448
Operating income (loss)			(124,838	)			(497	)			(125,335	)
Income (loss) before income taxes			(125,050	)			(497	)			(125,547	)
Net income (loss)			(127,996	)			(497	)			(128,493	)
Income (loss) per common share:											-
Basic			(3.62	)			(0.01	)			(3.63	)
Diluted			(3.62	)			(0.01	)			(3.63	)

The condensed consolidated statement of stockholders’ equity for the period from January 1, 2022 to June 30, 2022 and the period from April 1, 2022 to June 30, 2022 has also been revised to reflect the impacts to net earnings. The impact of the error arising in 2021, as reflected above, has been reflected as a reduction to opening retained earnings in the amount of $0.5 million in the condensed consolidated statement of stockholders’ equity.

The Company also assessed the impact of all these errors on the statement of cash flows and noted that there was no impact to the net cash provided by (used in) operating activities as the changes in assets and net income offset completely.

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- References

No definition available.

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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
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

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