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v3.23.1

Restatement (Unaudited) | 12 Months Ended
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Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract] |
Restatement (Unaudited) | Restatement (Unaudited) Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements During the preparation of the Company’s consolidated financial statements for the year ended December 31, 2022, the Company noted that intangible assets acquired and goodwill recognized in connection with the STI Acquisition were not initially recorded at proper amounts and were not allocated to the appropriate entities or maintained in the appropriate functional currency. In addition, an asset capitalized in connection with the STI Acquisition was identified that should have been expensed as incurred. The Company’s management and the audit committee of the Company’s Board of Directors concluded that it is appropriate to restate the unaudited quarterly condensed consolidated financial statements for the quarterly periods ended March 31, 2022, June 30, 2022 and September 30, 2022. The following presents the restated unaudited quarterly condensed financial statements as of March 31, 2022, June 30, 2022 and September 30, 2022 and for the three month period ended March 31, 2022, the three and six month periods ended June 30, 2022 and the three and nine month periods ended September 30, 2022. Consolidated Balance Sheets
| March 31, 2022
(in thousands, except per share and share amounts) (unaudited) | As Previously Reported |  | Restatement Adjustments |  | As Restated
ASSETS
Current assets |  |  |  |  |
Cash and cash equivalents | $ | 49,491 |  |  | $ | — |  |  | $ | 49,491 |
Accounts receivable, net | 390,921 |  |  | — |  |  | 390,921 |
Inventories, net | 299,010 |  |  | — |  |  | 299,010 |
Income tax receivables | 31,079 |  |  | — |  |  | 31,079 |
Prepaid expenses and other | 46,495 |  |  | (825) |  |  | 45,670 |
Total current assets | 816,996 |  |  | (825) |  |  | 816,171 |
Property, plant and equipment, net | 16,878 |  |  | — |  |  | 16,878 |
Goodwill | 379,840 |  |  | 62,382 |  |  | 442,222 |
Other intangible assets, net | 470,690 |  |  | 11,345 |  |  | 482,035 |
Deferred tax assets | — |  |  | — |  |  | — |
Other assets | 31,314 |  |  | (4,770) |  |  | 26,544 |
Total assets | $ | 1,715,718 |  |  | $ | 68,132 |  |  | $ | 1,783,850 |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities |  |  |  |  |
Accounts payable | $ | 187,466 |  |  | $ | — |  |  | $ | 187,466 |
Accounts payable - related party | 478 |  |  | — |  |  | 478 |
Accrued expenses and other | 54,837 |  |  | — |  |  | 54,837 |
Accrued warranty reserve | 3,201 |  |  | — |  |  | 3,201 |
Income tax payable | 6,452 |  |  |  |  | 6,452 |
Deferred revenue | 121,624 |  |  | — |  |  | 121,624 |
Current portion of contingent consideration | — |  |  | — |  |  | — |
Current portion of debt | 48,180 |  |  | — |  |  | 48,180 |
Other current liabilities | 10,886 |  |  | — |  |  | 10,886 |
Total current liabilities | 433,124 |  |  | — |  |  | 433,124 |
Long-term liabilities |  |  |  |  |
Deferred tax liability | 92,931 |  |  | 6,329 |  |  | 99,260 |
Contingent consideration, net of current portion | 9,363 |  |  | — |  |  | 9,363 |
Other long-term liabilities | 7,102 |  |  | — |  |  | 7,102 |
Long-term warranty | 4,743 |  |  | — |  |  | 4,743 |
Long-term debt, net of current portion | 778,248 |  |  | — |  |  | 778,248 |
Total long-term liabilities | 892,387 |  |  | 6,329 |  |  | 898,716 |
Total liabilities | 1,325,511 |  |  | 6,329 |  |  | 1,331,840 |
Commitments and contingencies (Note 16) |  |  |  |  |
Series A Redeemable Perpetual Preferred Stock of $0.001 par value - 500,000 authorized; 400,000 shares issued as of March 31, 2022; liquidation preference of $400.0 million as of March 31, 2022 | 281,792 |  |  | — |  |  | 281,792 |
Stockholders’ equity (deficit) |  |  |  |  |
Preferred stock of $0.001 par value - 4,500,000 shares authorized; none issued as of March 31, 2022 | — |  |  | — |  |  | — |
Common stock of $0.001 par value - 1,000,000,000 shares authorized; 150,173,507 shares issued as of March 31, 2022 | 150 |  |  | — |  |  | 150 |
Additional paid-in capital | 411,232 |  |  | — |  |  | 411,232 |
Accumulated deficit | (293,956) |  |  | (3,883) |  |  | (297,839) |
Accumulated other comprehensive (loss) income | (9,011) |  |  | 65,686 |  |  | 56,675 |
Total stockholders’ equity | 108,415 |  |  | 61,803 |  |  | 170,218 |
Total liabilities, redeemable perpetual preferred stock and stockholders’ equity | $ | 1,715,718 |  |  | $ | 68,132 |  |  | $ | 1,783,850 |
Consolidated Balance Sheets
| June 30, 2022
(in thousands, except per share and share amounts) (unaudited) | As Previously Reported |  | Restatement Adjustments |  | As Restated
ASSETS
Current assets |  |  |  |  |
Cash and cash equivalents | $ | 51,046 |  |  | $ | — |  |  | $ | 51,046 |
Accounts receivable, net | 452,836 |  |  | — |  |  | 452,836 |
Due from affiliates | — |  |  | — |  |  | — |
Inventories, net | 329,951 |  |  | — |  |  | 329,951 |
Income tax receivables | 16,217 |  |  | — |  |  | 16,217 |
Prepaid expenses and other | 52,831 |  |  | (825) |  |  | 52,006 |
Total current assets | 902,881 |  |  | (825) |  |  | 902,056 |
Property, plant and equipment, net | 17,802 |  |  | — |  |  | 17,802 |
Goodwill | 378,706 |  |  | 38,988 |  |  | 417,694 |
Other intangible assets, net | 421,862 |  |  | 14,687 |  |  | 436,549 |
Deferred tax assets | 18,521 |  |  | — |  |  | 18,521 |
Other assets | 30,573 |  |  | (4,564) |  |  | 26,009 |
Total assets | $ | 1,770,345 |  |  | $ | 48,286 |  |  | $ | 1,818,631 |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities |  |  |  |  |
Accounts payable | $ | 231,798 |  |  | $ | — |  |  | 231,798 |
Accounts payable - related party | 478 |  |  | — |  |  | 478 |
Accrued expenses and other | 51,072 |  |  | — |  |  | 51,072 |
Accrued warranty reserve | 2,911 |  |  | — |  |  | 2,911 |
Income tax payable | 419 |  |  |  |  | 419 |
Deferred revenue | 167,556 |  |  | — |  |  | 167,556 |
Current portion of debt | 51,494 |  |  | — |  |  | 51,494 |
Other current liabilities | 6,949 |  |  | — |  |  | 6,949 |
Total current liabilities | 512,677 |  |  | — |  |  | 512,677 |
Long-term liabilities |  |  |  |  |
Deferred tax liability | 84,819 |  |  | 1,771 |  |  | 86,590 |
Contingent consideration, net of current portion | 7,686 |  |  | — |  |  | 7,686 |
Other long-term liabilities | 9,723 |  |  | — |  |  | 9,723 |
Long-term warranty | 4,056 |  |  | — |  |  | 4,056 |
Long-term debt, net of current portion | 793,557 |  |  | — |  |  | 793,557 |
Total long-term liabilities | 899,841 |  |  | 1,771 |  |  | 901,612 |
Total liabilities | 1,412,518 |  |  | 1,771 |  |  | 1,414,289 |
Commitments and contingencies (Note 16) |  |  |  |  |
Series A Redeemable Perpetual Preferred Stock of $0.001 par value - 500,000 authorized; 412,606 shares issued as of June 30, 2022; liquidation preference of $413.0 million as of June 30, 2022. | 293,974 |  |  | — |  |  | 293,974 |
Stockholders’ equity |  |  |  |  | — |
Preferred stock of $0.001 par value - 4,500,000 shares authorized; none issued as of June 30, 2022 | — |  |  | — |  |  | — |
Common stock of $0.001 par value - 1,000,000,000 shares authorized; 150,279,160 shares issued as of June 30, 2022 | 150 |  |  | — |  |  | 150 |
Additional paid-in capital | 401,614 |  |  | — |  |  | 401,614 |
Accumulated deficit | (299,182) |  |  | (3,681) |  |  | (302,863) |
Accumulated other comprehensive (loss) income | (38,729) |  |  | 50,196 |  |  | 11,467 |
Total stockholders’ equity | 63,853 |  |  | 46,515 |  |  | 110,368 |
Total liabilities, redeemable perpetual preferred stock and stockholders’ equity | $ | 1,770,345 |  |  | $ | 48,286 |  |  | $ | 1,818,631 |
Consolidated Balance Sheets
| September 30, 2022
(in thousands, except per share and share amounts) (unaudited) | As Previously Reported |  | Restatement Adjustments |  | As Restated
ASSETS |  |  |  |  |
Current assets |  |  |  |  |
Cash and cash equivalents | $ | 62,778 |  |  | $ | — |  |  | $ | 62,778 |
Accounts receivable, net | 485,174 |  |  | — |  |  | 485,174 |
Inventories, net | 269,775 |  |  | — |  |  | 269,775 |
Income tax receivables | 12,765 |  |  | — |  |  | 12,765 |
Prepaid expenses and other | 41,309 |  |  | (825) |  |  | 40,484 |
Total current assets | 871,801 |  |  | (825) |  |  | 870,976 |
Property, plant and equipment, net | 20,024 |  |  | — |  |  | 20,024 |
Goodwill | 359,629 |  |  | 41,744 |  |  | 401,373 |
Other intangible assets, net | 384,084 |  |  | 15,799 |  |  | 399,883 |
Deferred tax assets | 18,785 |  |  | — |  |  | 18,785 |
Other assets | 27,502 |  |  | (4,357) |  |  | 23,145 |
Total assets | $ | 1,681,825 |  |  | $ | 52,361 |  |  | $ | 1,734,186 |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities |  |  |  |  |
Accounts payable | $ | 199,358 |  |  | $ | — |  |  | 199,358 |
Accounts payable - related party | 478 |  |  | — |  |  | 478 |
Accrued expenses and other | 91,102 |  |  | — |  |  | 91,102 |
Accrued warranty reserve | 4,237 |  |  | — |  |  | 4,237 |
Income tax payable | 10,587 |  |  |  |  | 10,587 |
Deferred revenue | 154,692 |  |  | — |  |  | 154,692 |
Current portion of contingent consideration | — |  |  | — |  |  | — |
Current portion of debt | 47,686 |  |  | — |  |  | 47,686 |
Other current liabilities | 4,981 |  |  | — |  |  | 4,981 |
Total current liabilities | 513,121 |  |  | — |  |  | 513,121 |
Long-term liabilities |  |  |  |  |
Deferred tax liability | 74,139 |  |  | 2,725 |  |  | 76,864 |
Contingent consideration, net of current portion | 7,113 |  |  | — |  |  | 7,113 |
Other long-term liabilities | 9,113 |  |  | — |  |  | 9,113 |
Long-term warranty | 3,852 |  |  | — |  |  | 3,852 |
Long-term debt, net of current portion | 725,109 |  |  | — |  |  | 725,109 |
Total long-term liabilities | 819,326 |  |  | 2,725 |  |  | 822,051 |
Total liabilities | 1,332,447 |  |  | 2,725 |  |  | 1,335,172 |
Commitments and contingencies (Note 16) |  |  |  |  |
Series A Redeemable Perpetual Preferred Stock of $0.001 par value - 500,000 authorized; 400,000 shares issued as of September 30, 2022; liquidation preference of $400.0 million as of September 30, 2022 | 287,561 |  |  | — |  |  | 287,561 |
Stockholders’ equity |  |  |  |  | — |
Preferred stock of $0.001 par value - 4,500,000 shares authorized; none issued as of September 30, 2022 | — |  |  | — |  |  | — |
Common stock of $0.001 par value - 1,000,000,000 shares authorized; 150,334,261 shares issued as of September 30, 2022 | 150 |  |  | — |  |  | 150 |
Additional paid-in capital | 392,862 |  |  | — |  |  | 392,862 |
Accumulated deficit | (258,360) |  |  | (3,859) |  |  | (262,219) |
Accumulated other comprehensive (loss) income | (72,835) |  |  | 53,495 |  |  | (19,340) |
Total stockholders’ equity | 61,817 |  |  | 49,636 |  |  | 111,453 |
Total liabilities, redeemable perpetual preferred stock and stockholders’ equity | $ | 1,681,825 |  |  | $ | 52,361 |  |  | $ | 1,734,186 |
Consolidated Statements of Operations
| Three Months Ended March 31, 2022
(in thousands, expect per share and share amounts) (unaudited) | As Previously Reported |  | Restatement Adjustment |  | As Restated
Revenue | $ | 300,586 |  |  | $ | — |  |  | $ | 300,586 |
Cost of revenue | 273,999 |  |  | — |  |  | 273,999 |
Gross profit | 26,587 |  |  | — |  |  | 26,587 |
Operating expenses |  |  |  |  |
General and administrative | 39,827 |  |  | 5,598 |  |  | 45,425 |
Contingent consideration | (3,731) |  |  | — |  |  | (3,731) |
Depreciation and amortization | 22,652 |  |  | 585 |  |  | 23,237 |
Total operating expenses | 58,748 |  |  | 6,183 |  |  | 64,931 |
Income (loss) from operations | (32,161) |  |  | (6,183) |  |  | (38,344) |
Other expense |  |  |  |  |
Other income (expense), net | 743 |  |  | — |  |  | 743 |
Foreign currency gain | 3,863 |  |  | — |  |  | 3,863 |
Interest expense | (6,942) |  |  | — |  |  | (6,942) |
Total other expense | (2,336) |  |  | — |  |  | (2,336) |
Income (loss) before income tax expense (benefit) | (34,497) |  |  | (6,183) |  |  | (40,680) |
Income tax expense (benefit) | (12,443) |  |  | (2,300) |  |  | (14,743) |
Net income (loss) | (22,054) |  |  | (3,883) |  |  | (25,937) |
Preferred dividends and accretion | 11,606 |  |  | — |  |  | 11,606 |
Net income (loss) to common shareholders | $ | (33,660) |  |  | $ | (3,883) |  |  | $ | (37,543) |
Earnings (loss) per share |  |  |  |  |
Basic | $ | (0.23) |  |  | $ | (0.03) |  |  | $ | (0.25) |
Diluted | $ | (0.23) |  |  | $ | (0.03) |  |  | $ | (0.25) |
Weighted average number of shares |  |  |  |  |
Basic | 148,288 |  |  | — |  |  | 148,288 |
Diluted | 148,288 |  |  | — |  |  | 148,288 |
Consolidated Statements of Operations
| Three Months Ended June 30, 2022
(in thousands, expect per share and share amounts) (unaudited) | As Previously Reported |  | Restatement Adjustment |  | As Restated
Revenue | $ | 419,865 |  |  | $ | — |  |  | $ | 419,865 |
Cost of revenue | 379,919 |  |  | — |  |  | 379,919 |
Gross profit | 39,946 |  |  | — |  |  | 39,946 |
Operating expenses |  |  |  |  |
General and administrative | 29,143 |  |  | (207) |  |  | 28,936 |
Contingent consideration | (1,678) |  |  | — |  |  | (1,678) |
Depreciation and amortization | 24,389 |  |  | 1,631 |  |  | 26,020 |
Total operating expenses | 51,854 |  |  | 1,424 |  |  | 53,278 |
Income (loss) from operations | (11,908) |  |  | (1,424) |  |  | (13,332) |
Other expense |  |  |  |  |
Other income (expense), net | (371) |  |  | — |  |  | (371) |
Foreign currency gain (loss) | (1,736) |  |  | — |  |  | (1,736) |
Interest expense | (8,021) |  |  | — |  |  | (8,021) |
Total other expense | (10,128) |  |  | — |  |  | (10,128) |
Loss before income tax benefit | (22,036) |  |  | (1,424) |  |  | (23,460) |
Income tax benefit | (16,810) |  |  | (1,626) |  |  | (18,436) |
Net loss | (5,226) |  |  | 202 |  |  | (5,024) |
Preferred dividends and accretion | 12,182 |  |  | — |  |  | 12,182 |
Net loss to common shareholders | $ | (17,408) |  |  | $ | 202 |  |  | $ | (17,206) |
Loss per common share |  |  |  |  |
Basic | $ | (0.12) |  |  | $ | — |  |  | $ | (0.11) |
Diluted | $ | (0.12) |  |  | $ | — |  |  | $ | (0.11) |
Weighted average number of common shares |  |  |  |  |
Basic | 150,203 |  |  | — |  |  | 150,203 |
Diluted | 150,203 |  |  | — |  |  | 150,203 |
Consolidated Statements of Operations
| Three Months Ended September 30, 2022
(in thousands, expect per share and share amounts) (unaudited) | As Previously Reported |  | Restatement Adjustments |  | As Restated
Revenue | $ | 515,024 |  |  | $ | — |  |  | $ | 515,024 |
Cost of revenue | 434,801 |  |  | — |  |  | 434,801 |
Gross profit | 80,223 |  |  | — |  |  | 80,223 |
Operating expenses |  |  |  |  |
General and administrative | 38,911 |  |  | (208) |  |  | 38,703 |
Contingent consideration | (572) |  |  | — |  |  | (572) |
Depreciation and amortization | 23,364 |  |  | 1,534 |  |  | 24,898 |
Total operating expenses | 61,703 |  |  | 1,326 |  |  | 63,029 |
Income (loss) from operations | 18,520 |  |  | (1,326) |  |  | 17,194 |
Other income (expense) |  |  |  |  |
Other expense, net | (399) |  |  | — |  |  | (399) |
Legal settlement | 42,750 |  |  | — |  |  | 42,750 |
Foreign currency gain (loss) | (159) |  |  | — |  |  | (159) |
Interest expense | (8,746) |  |  | — |  |  | (8,746) |
Total other income (expense) | 33,446 |  |  | — |  |  | 33,446 |
Income (loss) before income tax (benefit) expense | 51,966 |  |  | (1,326) |  |  | 50,640 |
Income tax (benefit) expense | 11,144 |  |  | (1,148) |  |  | 9,996 |
Net income (loss) | 40,822 |  |  | (178) |  |  | 40,644 |
Preferred dividends and accretion | 12,257 |  |  | — |  |  | 12,257 |
Net income (loss) to common shareholders | $ | 28,565 |  |  | $ | (178) |  |  | $ | 28,387 |
Income (loss) per common share |  |  |  |  |
Basic | $ | 0.19 |  |  | $ | — |  |  | $ | 0.19 |
Diluted | $ | 0.19 |  |  | $ | — |  |  | $ | 0.19 |
Weighted average number of common shares |  |  |  |  |
Basic | 150,322 |  |  | — |  |  | 150,322 |
Diluted | 151,382 |  |  | — |  |  | 151,382 |
Consolidated Statements of Operations
| Six Months Ended June 30, 2022
(in thousands, expect per share and share amounts) (unaudited) | As Previously Reported |  | Restatement Adjustment |  | As Restated
Revenue | $ | 720,451 |  |  | $ | — |  |  | $ | 720,451 |
Cost of revenue | 653,918 |  |  | — |  |  | 653,918 |
Gross profit | 66,533 |  |  | — |  |  | 66,533 |
Operating expenses |  |  |  |  |
General and administrative | 68,970 |  |  | 5,391 |  |  | 74,361 |
Contingent consideration | (5,409) |  |  | — |  |  | (5,409) |
Depreciation and amortization | 47,041 |  |  | 2,216 |  |  | 49,257 |
Total operating expenses | 110,602 |  |  | 7,607 |  |  | 118,209 |
Income (loss) from operations | (44,069) |  |  | (7,607) |  |  | (51,676) |
Other expense |  |  |  |  |
Other income (expense), net | 372 |  |  | — |  |  | 372 |
Foreign currency gain (loss) | 2,127 |  |  | — |  |  | 2,127 |
Interest expense | (14,963) |  |  | — |  |  | (14,963) |
Total other expense | (12,464) |  |  | — |  |  | (12,464) |
Loss before income tax benefit | (56,533) |  |  | (7,607) |  |  | (64,140) |
Income tax benefit | (29,253) |  |  | (3,926) |  |  | (33,179) |
Net loss | (27,280) |  |  | (3,681) |  |  | (30,961) |
Preferred dividends and accretion | 23,788 |  |  | — |  |  | 23,788 |
Net loss to common shareholders | $ | (51,068) |  |  | $ | (3,681) |  |  | $ | (54,749) |
Loss per common share |  |  |  |  |
Basic | $ | (0.34) |  |  | $ | (0.02) |  |  | $ | (0.37) |
Diluted | $ | (0.34) |  |  | $ | (0.02) |  |  | $ | (0.37) |
Weighted average number of common shares |  |  |  |  |
Basic | 149,246 |  |  | — |  |  | 149,246 |
Diluted | 149,246 |  |  | — |  |  | 149,246 |
Consolidated Statements of Operations
| Nine Months Ended September 30, 2022
(in thousands, expect per share and share amounts) (unaudited) | As Previously Reported |  | Restatement Adjustments |  | As Restated
Revenue | $ | 1,235,475 |  |  | $ | — |  |  | $ | 1,235,475 |
Cost of revenue | 1,088,719 |  |  | — |  |  | 1,088,719 |
Gross profit | 146,756 |  |  | — |  |  | 146,756 |
Operating expenses |  |  |  |  |
General and administrative | 107,881 |  |  | 5,183 |  |  | 113,064 |
Contingent consideration | (5,981) |  |  | — |  |  | (5,981) |
Depreciation and amortization | 70,405 |  |  | 3,750 |  |  | 74,155 |
Total operating expenses | 172,305 |  |  | 8,933 |  |  | 181,238 |
Income (loss) from operations | (25,549) |  |  | (8,933) |  |  | (34,482) |
Other income (expense) |  |  |  |  |
Other expense, net | (27) |  |  | — |  |  | (27) |
Legal settlement | 42,750 |  |  | — |  |  | 42,750 |
Foreign currency gain (loss) | 1,968 |  |  | — |  |  | 1,968 |
Interest expense | (23,709) |  |  | — |  |  | (23,709) |
Total other income (expense) | 20,982 |  |  | — |  |  | 20,982 |
Income (loss) before income tax (benefit) expense | (4,567) |  |  | (8,933) |  |  | (13,500) |
Income tax (benefit) expense | (18,109) |  |  | (5,074) |  |  | (23,183) |
Net income (loss) | 13,542 |  |  | (3,859) |  |  | 9,683 |
Preferred dividends and accretion | 36,045 |  |  | — |  |  | 36,045 |
Net income (loss) to common shareholders | $ | (22,503) |  |  | $ | (3,859) |  |  | $ | (26,362) |
Income (loss) per common share |  |  |  |  |
Basic | $ | (0.15) |  |  | $ | (0.03) |  |  | $ | (0.18) |
Diluted | $ | (0.15) |  |  | $ | (0.03) |  |  | $ | (0.18) |
Weighted average number of common shares |  |  |  |  |
Basic | 149,604 |  |  | — |  |  | 149,604 |
Diluted | 149,604 |  |  | — |  |  | 149,604 |
Consolidated Statements of Comprehensive Income (Loss)
| Three Months Ended March 31, 2022
(in thousands) (unaudited) | As Previously Reported |  | Restatement Adjustment |  | As Restated
Net loss | $ | (22,054) |  |  | $ | (3,883) |  |  | $ | (25,937) |
Change in foreign currency translation adjustments | (9,011) |  |  | 65,686 |  |  | 56,675 |
Comprehensive income (loss) | $ | (31,065) |  |  | $ | 61,803 |  |  | $ | 30,738 |
Consolidated Statements of Comprehensive Loss
| Three Months Ended June 30, 2022
(in thousands) (unaudited) | As Previously Reported |  | Restatement Adjustment |  | As Restated
Net income (loss) | $ | (5,226) |  |  | $ | 202 |  |  | $ | (5,024) |
Change in foreign currency translation adjustments | (29,718) |  |  | (15,490) |  |  | (45,208) |
Comprehensive loss | $ | (34,944) |  |  | $ | (15,288) |  |  | $ | (50,232) |
Consolidated Statements of Comprehensive Income
| Three Months Ended September 30, 2022
(in thousands) (unaudited) | As Previously Reported |  | Restatement Adjustment |  | As Restated
Net income (loss) | $ | 40,822 |  |  | $ | (178) |  |  | $ | 40,644 |
Change in foreign currency translation adjustments | (34,106) |  |  | 3,299 |  |  | (30,807) |
Comprehensive income | $ | 6,716 |  |  | $ | 3,121 |  |  | $ | 9,837 |
Consolidated Statements of Comprehensive Income (Loss)
| Six Months Ended June 30, 2022
(in thousands) (unaudited) | As Previously Reported |  | Restatement Adjustment |  | As Restated
Net loss | $ | (27,280) |  |  | $ | (3,681) |  |  | $ | (30,961) |
Change in foreign currency translation adjustments | (38,729) |  |  | 50,196 |  |  | 11,467 |
Comprehensive income (loss) | $ | (66,009) |  |  | $ | 46,515 |  |  | $ | (19,494) |
Consolidated Statements of Comprehensive Income (Loss)
| Nine Months Ended September 30, 2022
(in thousands) (unaudited) | As Previously Reported |  | Restatement Adjustment |  | As Restated
Net income (loss) | $ | 13,542 |  |  | $ | (3,859) |  |  | $ | 9,683 |
Change in foreign currency translation adjustments | (72,835) |  |  | 53,495 |  |  | (19,340) |
Comprehensive income (loss) | $ | (59,293) |  |  | $ | 49,636 |  |  | $ | (9,657) |
Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (Deficit) - Three Months Ended March 31, 2022
| Temporary Equity |  |  | Permanent Equity |
(in thousands, share amounts) (unaudited) | Series A Redeemable Perpetual Preferred Stock |  |  | Preferred Stock |  | Common Stock |  |  |  |  |  |  |  |  |
As Previously Reported | Shares |  | Amount |  |  | Shares |  | Amount |  | Shares |  | Amount |  | Additional Paid-In Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Income (Loss) |  | Total Stockholders’ Equity (Deficit) |
Balance, December 31, 2021 | 350 |  |  | $ | 237,462 |  |  |  | — |  |  | $ | — |  |  | 135,027 |  |  | $ | 135 |  |  | $ | 202,562 |  |  | $ | (271,902) |  |  | $ | — |  |  | $ | (69,205) |  |
Equity-based compensation | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,413 |  |  | — |  |  | — |  |  | 4,413 |  |
Issuance of Series A Redeemable Perpetual Preferred Stock, net of fees | 50 |  |  | 32,724 |  |  |  | — |  |  | — |  |  | 15,147 |  |  | 15 |  |  | 215,863 |  |  | — |  |  | — |  |  | 215,878 |  |
Preferred cumulative dividends plus accretion | — |  |  | 11,606 |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11,606) |  |  | — |  |  | — |  |  | (11,606) |  |
Net loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (22,054) |  |  | — |  |  | (22,054) |  |
Other comprehensive loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9,011) |  |  | (9,011) |  |
Balance, March 31, 2022 | 400 |  |  | $ | 281,792 |  |  |  | — |  |  | $ | — |  |  | 150,174 |  |  | $ | 150 |  |  | $ | 411,232 |  |  | $ | (293,956) |  |  | $ | (9,011) |  |  | $ | 108,415 |  |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2021 | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Net loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,883) |  |  | — |  |  | (3,883) |  |
Other comprehensive income | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 65,686 |  |  | 65,686 |  |
Total Adjustments | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,883) |  |  | $ | 65,686 |  |  | $ | 61,803 |  |
As Restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2021 | 350 |  |  | $ | 237,462 |  |  |  | — |  |  | $ | — |  |  | 135,027 |  |  | $ | 135 |  |  | $ | 202,562 |  |  | $ | (271,902) |  |  | $ | — |  |  | $ | (69,205) |  |
Equity-based compensation | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,413 |  |  | — |  |  | — |  |  | 4,413 |  |
Issuance of Series A Redeemable Perpetual Preferred Stock, net of fees | 50 |  |  | 32,724 |  |  |  | — |  |  | — |  |  | 15,147 |  |  | 15 |  |  | 215,863 |  |  | — |  |  | — |  |  | 215,878 |  |
Preferred cumulative dividends plus accretion | — |  |  | 11,606 |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11,606) |  |  | — |  |  | — |  |  | (11,606) |  |
Net loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (25,937) |  |  | — |  |  | (25,937) |  |
Other comprehensive income | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 56,675 |  |  | 56,675 |  |
Balance, March 31, 2022 - As Restated | 400 |  |  | $ | 281,792 |  |  |  | — |  |  | $ | — |  |  | 150,174 |  |  | $ | 150 |  |  | $ | 411,232 |  |  | $ | (297,839) |  |  | $ | 56,675 |  |  | $ | 170,218 |  |
Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (Deficit) - Three Months Ended June 30, 2022
| Temporary Equity |  |  | Permanent Equity |
(in thousands, share amounts) (unaudited) | Series A Redeemable Perpetual Preferred Stock |  |  | Preferred Stock |  | Common Stock |  |  |  |  |  |  |  |  |
As Previously Reported | Shares |  | Amount |  |  | Shares |  | Amount |  | Shares |  | Amount |  | Additional Paid-In Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Income (Loss) |  | Total Stockholders’ Equity (Deficit) |
Balance at March 31, 2022 | 400 |  |  | $ | 281,792 |  |  |  | — |  |  | $ | — |  |  | 150,174 |  |  | $ | 150 |  |  | $ | 411,232 |  |  | $ | (293,956) |  |  | $ | (9,011) |  |  | $ | 108,415 |  |
Equity-based compensation | — |  |  | — |  |  |  | — |  |  | — |  |  | 105 |  |  | — |  |  | 2,944 |  |  | — |  |  | — |  |  | 2,944 |  |
Issuance of Series A Redeemable Perpetual Preferred Stock, net of fees | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (380) |  |  | — |  |  | — |  |  | (380) |  |
Preferred cumulative dividends plus accretion | 13 |  |  | 12,182 |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12,182) |  |  | — |  |  | — |  |  | (12,182) |  |
Net loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,226) |  |  | — |  |  | (5,226) |  |
Other comprehensive loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (29,718) |  |  | (29,718) |  |
Balance at June 30, 2022 | 413 |  |  | $ | 293,974 |  |  |  | — |  |  | $ | — |  |  | 150,279 |  |  | $ | 150 |  |  | $ | 401,614 |  |  | $ | (299,182) |  |  | $ | (38,729) |  |  | $ | 63,853 |  |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2022 | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,883) |  |  | $ | 65,686 |  |  | $ | 61,803 |  |
Net income | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 202 |  |  | — |  |  | 202 |  |
Other comprehensive loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (15,490) |  |  | (15,490) |  |
Total Adjustments | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,681) |  |  | $ | 50,196 |  |  | $ | 46,515 |  |
As Restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2022 | 400 |  |  | $ | 281,792 |  |  |  | — |  |  | $ | — |  |  | 150,174 |  |  | $ | 150 |  |  | $ | 411,232 |  |  | $ | (297,839) |  |  | $ | 56,675 |  |  | $ | 170,218 |  |
Equity-based compensation | — |  |  | — |  |  |  | — |  |  | — |  |  | 105 |  |  | — |  |  | 2,944 |  |  | — |  |  | — |  |  | 2,944 |  |
Issuance of Series A Redeemable Perpetual Preferred Stock, net of fees | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (380) |  |  | — |  |  | — |  |  | (380) |  |
Preferred cumulative dividends plus accretion | 13 |  |  | 12,182 |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12,182) |  |  | — |  |  | — |  |  | (12,182) |  |
Net loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5,024) |  |  | — |  |  | (5,024) |  |
Other comprehensive loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (45,208) |  |  | (45,208) |  |
Balance, June 30, 2022 - As Restated | 413 |  |  | $ | 293,974 |  |  |  | — |  |  | $ | — |  |  | 150,279 |  |  | $ | 150 |  |  | $ | 401,614 |  |  | $ | (302,863) |  |  | $ | 11,467 |  |  | $ | 110,368 |  |
Statement of Changes in Shareholders' Equity/(Deficit) - Three Months Ended September 30, 2022
| Temporary Equity |  |  | Permanent Equity |
(in thousands, share amounts) (unaudited) | Series A Redeemable Perpetual Preferred Stock |  |  | Preferred Stock |  | Common Stock |  |  |  |  |  |  |  |  |
As Previously Reported | Shares |  | Amount |  |  | Shares |  | Amount |  | Shares |  | Amount |  | Additional Paid-In Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Income (Loss) |  | Total Stockholders’ Equity (Deficit) |
Balance at June 30, 2022 | 413 |  |  | $ | 293,974 |  |  |  | — |  |  | $ | — |  |  | 150,279 |  |  | $ | 150 |  |  | $ | 401,614 |  |  | $ | (299,182) |  |  | $ | (38,729) |  |  | $ | 63,853 |  |
Equity-based compensation | — |  |  | — |  |  |  | — |  |  | — |  |  | 55 |  |  | — |  |  | 4,097 |  |  | — |  |  | — |  |  | 4,097 |  |
Issuance of Series A Redeemable Perpetual Preferred Stock, net of fees | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (592) |  |  | — |  |  | — |  |  | (592) |  |
Preferred cumulative dividends plus accretion | — |  |  | 12,257 |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12,257) |  |  | — |  |  | — |  |  | (12,257) |  |
Dividends paid | (13) |  |  | (18,670) |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Net income | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 40,822 |  |  | — |  |  | 40,822 |  |
Other comprehensive loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (34,106) |  |  | (34,106) |  |
Balance at September 30, 2022 | 400 |  |  | $ | 287,561 |  |  |  | — |  |  | $ | — |  |  | 150,334 |  |  | $ | 150 |  |  | $ | 392,862 |  |  | $ | (258,360) |  |  | $ | (72,835) |  |  | $ | 61,817 |  |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2022 | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,681) |  |  | $ | 50,196 |  |  | $ | 46,515 |  |
Net loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (178) |  |  | — |  |  | (178) |  |
Other comprehensive loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,299 |  |  | 3,299 |  |
Total Adjustments | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,859) |  |  | $ | 53,495 |  |  | $ | 49,636 |  |
As Restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2022 | 413 |  |  | $ | 293,974 |  |  |  | — |  |  | $ | — |  |  | 150,279 |  |  | $ | 150 |  |  | $ | 401,614 |  |  | $ | (302,863) |  |  | $ | 11,467 |  |  | $ | 110,368 |  |
Equity-based compensation | — |  |  | — |  |  |  | — |  |  | — |  |  | 55 |  |  | — |  |  | 4,097 |  |  | — |  |  | — |  |  | 4,097 |  |
Issuance of Series A Redeemable Perpetual Preferred Stock, net of fees | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (592) |  |  | — |  |  | — |  |  | (592) |  |
Preferred cumulative dividends plus accretion | — |  |  | 12,257 |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12,257) |  |  | — |  |  | — |  |  | (12,257) |  |
Dividends paid | (13) |  |  | (18,670) |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Net income | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 40,644 |  |  | — |  |  | 40,644 |  |
Other comprehensive loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (30,807) |  |  | (30,807) |  |
Balance, September 30, 2022 - As Restated | 400 |  |  | $ | 287,561 |  |  |  | — |  |  | $ | — |  |  | 150,334 |  |  | $ | 150 |  |  | $ | 392,862 |  |  | $ | (262,219) |  |  | $ | (19,340) |  |  | $ | 111,453 |  |
Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (Deficit) - Six Months Ended June 30, 2022
| Temporary Equity |  |  | Permanent Equity |
(in thousands, share amounts) (unaudited) | Series A Redeemable Perpetual Preferred Stock |  |  | Preferred Stock |  | Common Stock |  |  |  |  |  |  |  |  |
As Previously Reported | Shares |  | Amount |  |  | Shares |  | Amount |  | Shares |  | Amount |  | Additional Paid-In Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Income (Loss) |  | Total Stockholders’ Equity (Deficit) |
Balance at December 31, 2021 | 350 |  |  | $ | 237,462 |  |  |  | — |  |  | $ | — |  |  | 135,027 |  |  | $ | 135 |  |  | $ | 202,562 |  |  | $ | (271,902) |  |  | $ | — |  |  | $ | (69,205) |  |
Equity-based compensation | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,357 |  |  | — |  |  | — |  |  | 7,357 |  |
Issuance of Series A Redeemable Perpetual Preferred Stock, net of fees | 50 |  |  | 32,724 |  |  |  | — |  |  | — |  |  | 15,252 |  |  | 15 |  |  | 215,483 |  |  | — |  |  | — |  |  | 215,498 |  |
Preferred cumulative dividends plus accretion | 13 |  |  | 23,788 |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (23,788) |  |  | — |  |  | — |  |  | (23,788) |  |
Net loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (27,280) |  |  | — |  |  | (27,280) |  |
Other comprehensive loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (38,729) |  |  | (38,729) |  |
Balance at June 30, 2022 | 413 |  |  | $ | 293,974 |  |  |  | — |  |  | $ | — |  |  | 150,279 |  |  | $ | 150 |  |  | $ | 401,614 |  |  | $ | (299,182) |  |  | $ | (38,729) |  |  | $ | 63,853 |  |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2021 | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Net loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,681) |  |  | — |  |  | (3,681) |  |
Other comprehensive income | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 50,196 |  |  | 50,196 |  |
Total Adjustments | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,681) |  |  | $ | 50,196 |  |  | $ | 46,515 |  |
As Restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2021 | 350 |  |  | $ | 237,462 |  |  |  | — |  |  | $ | — |  |  | 135,027 |  |  | $ | 135 |  |  | $ | 202,562 |  |  | $ | (271,902) |  |  | $ | — |  |  | $ | (69,205) |  |
Equity-based compensation | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,357 |  |  | — |  |  | — |  |  | 7,357 |  |
Issuance of Series A Redeemable Perpetual Preferred Stock, net of fees | 50 |  |  | 32,724 |  |  |  | — |  |  | — |  |  | 15,252 |  |  | 15 |  |  | 215,483 |  |  | — |  |  | — |  |  | 215,498 |  |
Issuance of common stock, net | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Preferred cumulative dividends plus accretion | 13 |  |  | 23,788 |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (23,788) |  |  | — |  |  | — |  |  | (23,788) |  |
Net loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (30,961) |  |  | — |  |  | (30,961) |  |
Other comprehensive income | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,467 |  |  | 11,467 |  |
Balance, June 30, 2022 - As Restated | 413 |  |  | $ | 293,974 |  |  |  | — |  |  | $ | — |  |  | 150,279 |  |  | $ | 150 |  |  | $ | 401,614 |  |  | $ | (302,863) |  |  | $ | 11,467 |  |  | $ | 110,368 |  |
Consolidated Statements of Changes in Redeemable Perpetual Preferred Stock and Stockholders’ Equity (Deficit) - Nine Months Ended September 30, 2022
| Temporary Equity |  |  | Permanent Equity |
(in thousands, share amounts) (unaudited) | Series A Redeemable Perpetual Preferred Stock |  |  | Preferred Stock |  | Common Stock |  |  |  |  |  |  |  |  |
As Previously Reported | Shares |  | Amount |  |  | Shares |  | Amount |  | Shares |  | Amount |  | Additional Paid-In Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Income (Loss) |  | Total Stockholders’ Equity (Deficit) |
Balance at December 31, 2021 | 350 |  |  | $ | 237,462 |  |  |  | — |  |  | $ | — |  |  | 135,027 |  |  | $ | 135 |  |  | $ | 202,562 |  |  | $ | (271,902) |  |  | $ | — |  |  | $ | (69,205) |  |
Equity-based compensation | — |  |  | — |  |  |  | — |  |  | — |  |  | 161 |  |  | — |  |  | 11,454 |  |  | — |  |  | — |  |  | 11,454 |  |
Issuance of Series A Redeemable Perpetual Preferred Stock, net of fees | 50 |  |  | 32,724 |  |  |  | — |  |  | — |  |  | 15,146 |  |  | 15 |  |  | 214,891 |  |  | — |  |  | — |  |  | 214,906 |  |
Preferred cumulative dividends plus accretion | 13 |  |  | 36,045 |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (36,045) |  |  | — |  |  | — |  |  | (36,045) |  |
Dividends paid | (13) |  |  | (18,670) |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Net income | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,542 |  |  | — |  |  | 13,542 |  |
Other comprehensive loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (72,835) |  |  | (72,835) |  |
Balance at September 30, 2022 | 400 |  |  | $ | 287,561 |  |  |  | — |  |  | $ | — |  |  | 150,334 |  |  | $ | 150 |  |  | $ | 392,862 |  |  | $ | (258,360) |  |  | $ | (72,835) |  |  | $ | 61,817 |  |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2021 | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Net loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,859) |  |  | — |  |  | (3,859) |  |
Other comprehensive income | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 53,495 |  |  | 53,495 |  |
Total Adjustments | — |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,859) |  |  | $ | 53,495 |  |  | $ | 49,636 |  |
As Restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2021 | 350 |  |  | $ | 237,462 |  |  |  | — |  |  | $ | — |  |  | 135,027 |  |  | $ | 135 |  |  | $ | 202,562 |  |  | $ | (271,902) |  |  | $ | — |  |  | $ | (69,205) |  |
Equity-based compensation | — |  |  | — |  |  |  | — |  |  | — |  |  | 161 |  |  | — |  |  | 11,454 |  |  | — |  |  | — |  |  | 11,454 |  |
Issuance of Series A Redeemable Perpetual Preferred Stock, net of fees | 50 |  |  | 32,724 |  |  |  | — |  |  | — |  |  | 15,146 |  |  | 15 |  |  | 214,891 |  |  | — |  |  | — |  |  | 214,906 |  |
Issuance of common stock, net | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Preferred cumulative dividends plus accretion | 13 |  |  | 36,045 |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (36,045) |  |  | — |  |  | — |  |  | (36,045) |  |
Dividends paid | (13) |  |  | (18,670) |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |
Net income | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,683 |  |  | — |  |  | 9,683 |  |
Other comprehensive loss | — |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (19,340) |  |  | (19,340) |  |
Balance, September 30, 2022 - As Restated | 400 |  |  | $ | 287,561 |  |  |  | — |  |  | $ | — |  |  | 150,334 |  |  | $ | 150 |  |  | $ | 392,862 |  |  | $ | (262,219) |  |  | $ | (19,340) |  |  | $ | 111,453 |  |
Consolidated Statements of Cash Flows
| Three Months Ended March 31, 2022
(in thousands) (unaudited) | As Previously Reported |  | Restatement Adjustments |  | As Restated
Cash flows from operating activities |  |  |  |  |
Net income (loss) | $ | (22,054) |  |  | $ | (3,883) |  |  | $ | (25,937) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |  |  |
Provision for (recovery of) bad debts | 145 |  |  | — |  |  | 145 |
Deferred tax expense (benefit) | 6,649 |  |  | (2,300) |  |  | 4,349 |
Depreciation and amortization | 23,023 |  |  | 585 |  |  | 23,608 |
Amortization of debt discount and issuance costs | 1,710 |  |  | — |  |  | 1,710 |
Equity-based compensation | 4,508 |  |  | — |  |  | 4,508 |
Contingent consideration | (3,731) |  |  | — |  |  | (3,731) |
Warranty provision | 594 |  |  | — |  |  | 594 |
Provision for inventory obsolescence | 409 |  |  | — |  |  | 409 |
Changes in operating assets and liabilities, net of business acquisition |  |  |  |  |
Accounts receivable | (44,268) |  |  | — |  |  | (44,268) |
Inventories | (46,250) |  |  | — |  |  | (46,250) |
Income tax receivables | (21,924) |  |  | — |  |  | (21,924) |
Prepaid expenses and other | 5,960 |  |  | 5,598 |  |  | 11,558 |
Accounts payable | 59,551 |  |  | — |  |  | 59,551 |
Accounts payable - related party | (132) |  |  | — |  |  | (132) |
Accrued expenses and other | 7,027 |  |  | — |  |  | 7,027 |
Income tax payable | (8,760) |  |  | — |  |  | (8,760) |
Lease liabilities | 6,085 |  |  | — |  |  | 6,085 |
Deferred revenue | (18,639) |  |  | — |  |  | (18,639) |
Net cash used in operating activities | (50,097) |  |  | — |  |  | (50,097) |
Cash flows from investing activities |  |  |  |  |
Purchase of property, plant and equipment | (2,357) |  |  | — |  |  | (2,357) |
Acquisition of STI, net of cash acquired | (373,816) |  |  | — |  |  | (373,816) |
Investment in equity security | — |  |  | — |  |  | — |
Net cash used in investing activities | (376,173) |  |  | — |  |  | (376,173) |
Cash flows from financing activities |  |  |  |  |
Proceeds from Series A issuance | 33,098 |  |  | — |  |  | 33,098 |
Proceeds from common stock issuance | 15,885 |  |  | — |  |  | 15,885 |
Series A equity issuance costs | (175) |  |  | — |  |  | (175) |
Common stock issuance costs | (450) |  |  | — |  |  | (450) |
Proceeds from revolving credit facility | 52,000 |  |  | — |  |  | 52,000 |
Payments on revolving credit facility | — |  |  | — |  |  | — |
Proceeds from issuance of other debt | 6,229 |  |  | — |  |  | 6,229 |
Principal payments on debt | (4,368) |  |  | — |  |  | (4,368) |
Contingent consideration | (1,483) |  |  | — |  |  | (1,483) |
Debt issuance costs | — |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | 100,736 |  |  | — |  |  | 100,736 |
Effect of exchange rate changes on cash and cash equivalent balances | 7,355 |  |  | — |  |  | 7,355 |
Net change in cash and cash equivalents | (318,179) |  |  | — |  |  | (318,179) |
Cash and cash equivalents, beginning of period | 367,670 |  |  |  |  | 367,670 |
Cash and cash equivalents, end of period | $ | 49,491 |  |  | $ | — |  |  | $ | 49,491 |
Supplemental Cash Flow Information |  |  |  |  |
Stock consideration paid for acquisition of STI | $ | 200,224 |  |  | — |  |  | 200,224 |
Consolidated Statements of Cash Flows
| Six Months Ended June 30, 2022
(in thousands) (unaudited) | As Previously Reported |  | Restatement Adjustments |  | As Restated
Cash flows from operating activities |  |  |  |  |
Net loss | $ | (27,280) |  |  | $ | (3,681) |  |  | $ | (30,961) |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |
Provision for (recovery of) bad debts | 510 |  |  | — |  |  | 510 |
Deferred tax benefit | (19,984) |  |  | (3,926) |  |  | (23,910) |
Depreciation and amortization | 47,579 |  |  | 2,216 |  |  | 49,795 |
Amortization of debt discount and issuance costs | 3,286 |  |  | — |  |  | 3,286 |
Equity-based compensation | 7,472 |  |  | — |  |  | 7,472 |
Contingent consideration | (5,409) |  |  | — |  |  | (5,409) |
Warranty provision | 1,215 |  |  | — |  |  | 1,215 |
Provision for inventory obsolescence | 409 |  |  | — |  |  | 409 |
Changes in operating assets and liabilities, net of business acquisition |  |  |  |  |
Accounts receivable | (106,548) |  |  | — |  |  | (106,548) |
Inventories | (77,191) |  |  | — |  |  | (77,191) |
Income tax receivables | (7,062) |  |  | — |  |  | (7,062) |
Prepaid expenses and other | (376) |  |  | 5,391 |  |  | 5,015 |
Accounts payable | 74,645 |  |  | — |  |  | 74,645 |
Accounts payable - related party | (132) |  |  | — |  |  | (132) |
Accrued expenses and other | 3,356 |  |  | — |  |  | 3,356 |
Income tax payable | (7,217) |  |  | — |  |  | (7,217) |
Lease liabilities | 4,700 |  |  | — |  |  | 4,700 |
Deferred revenue | 47,263 |  |  | — |  |  | 47,263 |
Net cash used in operating activities | (60,764) |  |  | — |  |  | (60,764) |
Cash flows from investing activities |  |  |  |  |
Purchase of property, plant and equipment | (3,895) |  |  | — |  |  | (3,895) |
Acquisition of STI, net of cash acquired | (373,818) |  |  | — |  |  | (373,818) |
Investment in equity security | — |  |  | — |  |  | — |
Net cash used in investing activities | (377,713) |  |  | — |  |  | (377,713) |
Cash flows from financing activities |  |  |  |  |
Proceeds from Series A issuance | 33,098 |  |  | — |  |  | 33,098 |
Proceeds from common stock issuance | 15,885 |  |  | — |  |  | 15,885 |
Series A equity issuance costs | (575) |  |  | — |  |  | (575) |
Common stock issuance costs | (450) |  |  | — |  |  | (450) |
Payments on revolving credit facility | (33,000) |  |  | — |  |  | (33,000) |
Proceeds from issuance of other debt | 30,599 |  |  | — |  |  | 30,599 |
Proceeds from revolving credit facility | 101,000 |  |  | — |  |  | 101,000 |
Principal payments on debt | (22,377) |  |  | — |  |  | (22,377) |
Contingent consideration | (1,483) |  |  | — |  |  | (1,483) |
Debt issuance costs | — |  |  | — |  |  | — |
Net cash provided by financing activities | 122,697 |  |  | — |  |  | 122,697 |
Effect of exchange rate changes on cash and cash equivalent balances | (844) |  |  | — |  |  | (844) |
Net change in cash and cash equivalents | (316,624) |  |  | — |  |  | (316,624) |
Cash and cash equivalents, beginning of period | 367,670 |  |  |  |  | 367,670 |
Cash and cash equivalents, end of period | $ | 51,046 |  |  | $ | — |  |  | $ | 51,046 |
Supplemental Cash Flow Information |  |  |  |  |
Stock consideration paid for acquisition of STI | $ | 200,224 |  |  | — |  |  | 200,224 |
Consolidated Statements of Cash Flows
| Nine Months Ended September 30, 2022
(in thousands) (unaudited) | As Previously Reported |  | Restatement Adjustments |  | As Restated
Cash flows from operating activities |  |  |  |  |
Net income (loss) | $ | 13,542 |  |  | $ | (3,859) |  |  | $ | 9,683 |
Adjustments to reconcile net income (loss) to net cash provided by, (used in) operating activities: |  |  |  |  |
Provision for (recovery of) bad debts | 660 |  |  | — |  |  | 660 |
Deferred tax benefit | (30,928) |  |  | (5,074) |  |  | (36,002) |
Depreciation and amortization | 71,207 |  |  | 3,750 |  |  | 74,957 |
Amortization of debt discount and issuance costs | 5,003 |  |  | — |  |  | 5,003 |
Equity-based compensation | 11,677 |  |  | — |  |  | 11,677 |
Contingent consideration | (5,981) |  |  | — |  |  | (5,981) |
Warranty provision | 4,341 |  |  | — |  |  | 4,341 |
Provision for inventory obsolescence | (2,333) |  |  | — |  |  | (2,333) |
Changes in operating assets and liabilities, net of business acquisition |  |  |  |  |
Accounts receivable | (139,036) |  |  | — |  |  | (139,036) |
Inventories | (14,273) |  |  | — |  |  | (14,273) |
Income tax receivables | (3,610) |  |  | — |  |  | (3,610) |
Prepaid expenses and other | 11,146 |  |  | 5,183 |  |  | 16,329 |
Accounts payable | 42,205 |  |  | — |  |  | 42,205 |
Accounts payable - related party | (132) |  |  | — |  |  | (132) |
Accrued expenses and other | 41,271 |  |  | — |  |  | 41,271 |
Warranty payments | (373) |  |  | — |  |  | (373) |
Income tax payable | 2,951 |  |  | — |  |  | 2,951 |
Lease liabilities | 1,914 |  |  | — |  |  | 1,914 |
Deferred revenue | 34,772 |  |  | — |  |  | 34,772 |
Net cash provided by, (used in) operating activities | 44,023 |  |  | — |  |  | 44,023 |
Cash flows from investing activities |  |  |  |  |
Purchase of property, plant and equipment | (6,690) |  |  | — |  |  | (6,690) |
Acquisition of STI, net of cash acquired | (373,816) |  |  | — |  |  | (373,816) |
Investment in equity security | — |  |  | — |  |  | — |
Net cash used in investing activities | (380,506) |  |  | — |  |  | (380,506) |
Cash flows from financing activities |  |  |  |  |
Proceeds from Series A issuance | 33,098 |  |  | — |  |  | 33,098 |
Proceeds from common stock issuance | 15,885 |  |  | — |  |  | 15,885 |
Series A equity issuance costs | (1,167) |  |  | — |  |  | (1,167) |
Common stock issuance costs | (450) |  |  | — |  |  | (450) |
Dividends paid on Series A Preferred | (18,670) |  |  | — |  |  | (18,670) |
Payments on revolving credit facility | (116,000) |  |  | — |  |  | (116,000) |
Proceeds from issuance of other debt | 39,219 |  |  | — |  |  | 39,219 |
Proceeds from revolving credit facility | 116,000 |  |  | — |  |  | 116,000 |
Principal payments on debt | (33,286) |  |  | — |  |  | (33,286) |
Contingent consideration | (1,483) |  |  | — |  |  | (1,483) |
Net cash provided by financing activities | 33,146 |  |  | — |  |  | 33,146 |
Effect of exchange rate changes on cash and cash equivalent balances | (1,555) |  |  | — |  |  | (1,555) |
Net change in cash and cash equivalents | (304,892) |  |  | — |  |  | (304,892) |
Cash and cash equivalents, beginning of period | 367,670 |  |  |  |  | 367,670 |
Cash and cash equivalents, end of period | $ | 62,778 |  |  | $ | — |  |  | $ | 62,778 |
Supplemental Cash Flow Information |  |  |  |  |
Stock consideration paid for acquisition of STI | $ | 200,224 |  |  | — |  |  | 200,224 |

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- Definition The entire disclosure for reporting error correction. + 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 https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 + Details
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