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Unaudited Quarterly Financial Data | 12 Months Ended
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Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract] |
Unaudited Quarterly Financial Data | Unaudited Quarterly Financial Data (As Restated) Unaudited Quarterly Financial Data The following tables present the unaudited quarterly financial data (as restated). This information has been prepared on a basis consistent with that of the audited consolidated financial statements and all necessary material adjustments, consisting of normal recurring accruals and adjustments, have been included to present fairly the unaudited quarterly financial data. The quarterly results of operations for these periods are not necessarily indicative of future results of operations. Typically, the first quarter of each fiscal year has the lower results than the remainder of the year, representing the Company's weakest quarter due to seasonality at our businesses. The per share calculations for each of the quarters are based on the weighted average number of shares for each period using the two class method, which requires companies to allocate participating securities that have rights to earnings that otherwise would have been available only to common shareholders as a separate class of securities in calculating earnings per share; therefore, the sum of the quarters will not equal to the full year per share amount.
(in thousands) |  |  | March 31, 2024 |  |  |  | March 31, 2024
| Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 59,573 |  |  | $ | (68) |  |  | $ | 59,505 |
Accounts receivable, net | ADJ 1 |  | 328,230 |  |  | (135,142) |  |  | 193,088 |
Inventories, net | ADJ 2 |  | 772,701 |  |  | (238,348) |  |  | 534,353 |
Prepaid expenses and other current assets | ADJ 2 |  | 119,760 |  |  | (43,225) |  |  | 76,535 |
Current assets of discontinued operations |  |  | 38,334 |  |  | — |  |  | 38,334 |
Total current assets |  |  | 1,318,598 |  |  | (416,783) |  |  | 901,815 |
Property, plant and equipment, net |  |  | 190,730 |  |  | — |  |  | 190,730 |
Goodwill | ADJ 3 |  | 981,503 |  |  | (86,336) |  |  | 895,167 |
Intangible assets, net | ADJ 3 |  | 1,102,396 |  |  | (69,498) |  |  | 1,032,898 |
Other non-current assets |  |  | 185,917 |  |  | 6 |  |  | 185,923 |
Non-current assets of discontinued operations |  |  | 85,885 |  |  | — |  |  | 85,885 |
Total assets |  |  | $ | 3,865,029 |  |  | $ | (572,611) |  |  | $ | 3,292,418 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable |  |  | 79,997 |  |  | 2,045 |  |  | 82,042 |
Accrued expenses | ADJ 4 |  | 168,832 |  |  | 81,997 |  |  | 250,829 |
Due to related parties (refer to Note Q) |  |  | 17,202 |  |  | — |  |  | 17,202 |
Current portion, long-term debt |  |  | 10,000 |  |  | 1,705,982 |  |  | 1,715,982 |
Subsidiary financing arrangements | ADJ 5 |  | — |  |  | 112,905 |  |  | 112,905 |
Other current liabilities |  |  | 35,800 |  |  | — |  |  | 35,800 |
Current liabilities of discontinued operations |  |  | 11,125 |  |  | — |  |  | 11,125 |
Total current liabilities |  |  | 322,956 |  |  | 1,902,929 |  |  | 2,225,885 |
Deferred income taxes |  |  | 140,961 |  |  | (15,618) |  |  | 125,343 |
Long-term debt |  |  | 1,705,982 |  |  | (1,705,982) |  |  | — |
Other non-current liabilities |  |  | 202,006 |  |  | — |  |  | 202,006 |
Non-current liabilities of discontinued operations |  |  | (1,087) |  |  | — |  |  | (1,087) |
Total liabilities |  |  | 2,370,818 |  |  | 181,329 |  |  | 2,552,147 |
Stockholders’ equity |  |  |  |  |  |  |
Trust preferred shares, 50,000 authorized; 12,634 shares issued and outstanding at March 31, 2024 |  |  | 304,745 |  |  | — |  |  | 304,745 |
Trust common shares, no par value, 500,000 authorized; 75,807 shares issued and 75,234 shares outstanding at March 31, 2024 |  |  | 1,282,521 |  |  | — |  |  | 1,282,521 |
Treasury shares, at cost |  |  | (9,339) |  |  | — |  |  | (9,339) |
Accumulated other comprehensive income (loss) |  |  | (1,961) |  |  | (41) |  |  | (2,002) |
Accumulated deficit |  |  | (324,695) |  |  | (451,512) |  |  | (776,207) |
Total stockholders’ equity attributable to Holdings |  |  | 1,251,271 |  |  | (451,553) |  |  | 799,718 |
Noncontrolling interest | ADJ 6 |  | 226,261 |  |  | (302,387) |  |  | (76,126) |
Noncontrolling interest of discontinued operations |  |  | 16,679 |  |  | — |  |  | 16,679 |
Total stockholders’ equity |  |  | 1,494,211 |  |  | (753,940) |  |  | 740,271 |
Total liabilities and stockholders’ equity |  |  | 3,865,029 |  |  | (572,611) |  |  | 3,292,418 |
(in thousands) |  |  | June 30, 2024 |  |  |  | June 30, 2024
| Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 61,524 |  |  | $ | (68) |  |  | $ | 61,456 |
Accounts receivable, net | ADJ 1 |  | 344,515 |  |  | (154,214) |  |  | 190,301 |
Inventories, net | ADJ 2 |  | 830,235 |  |  | (295,031) |  |  | 535,204 |
Prepaid expenses and other current assets | ADJ 2 |  | 119,572 |  |  | (21,028) |  |  | 98,544 |
Current assets of discontinued operations |  |  | 40,715 |  |  | — |  |  | 40,715 |
Total current assets |  |  | 1,396,561 |  |  | (470,341) |  |  | 926,220 |
Property, plant and equipment, net |  |  | 179,770 |  |  | — |  |  | 179,770 |
Goodwill | ADJ 3 |  | 961,987 |  |  | (86,337) |  |  | 875,650 |
Intangible assets, net | ADJ 3 |  | 1,047,401 |  |  | (68,262) |  |  | 979,139 |
Other non-current assets |  |  | 187,362 |  |  | 5 |  |  | 187,367 |
Non-current assets of discontinued operations |  |  | 85,113 |  |  | — |  |  | 85,113 |
Total assets |  |  | $ | 3,858,194 |  |  | $ | (624,935) |  |  | $ | 3,233,259 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable |  |  | 91,831 |  |  | 2,762 |  |  | 94,593 |
Accrued expenses | ADJ 4 |  | 167,191 |  |  | 100,783 |  |  | 267,974 |
Due to related parties (refer to Note Q) |  |  | 17,928 |  |  | — |  |  | 17,928 |
Current portion, long-term debt |  |  | 10,000 |  |  | 1,712,084 |  |  | 1,722,084 |
Subsidiary financing arrangements | ADJ 5 |  | — |  |  | 130,526 |  |  | 130,526 |
Other current liabilities |  |  | 36,427 |  |  | — |  |  | 36,427 |
Current liabilities of discontinued operations |  |  | 10,911 |  |  | — |  |  | 10,911 |
Total current liabilities |  |  | 334,288 |  |  | 1,946,155 |  |  | 2,280,443 |
Deferred income taxes |  |  | 136,716 |  |  | (15,618) |  |  | 121,098 |
Long-term debt |  |  | 1,712,084 |  |  | (1,712,084) |  |  | — |
Other non-current liabilities |  |  | 204,066 |  |  | — |  |  | 204,066 |
Non-current liabilities of discontinued operations |  |  | 2,288 |  |  | — |  |  | 2,288 |
Total liabilities |  |  | 2,389,442 |  |  | 218,453 |  |  | 2,607,895 |
Stockholders’ equity |  |  |  |  |  |  |
Trust preferred shares, 50,000 authorized; 13,011 shares issued and outstanding at June 30, 2024 |  |  | 313,721 |  |  | — |  |  | 313,721 |
Trust common shares, no par value, 500,000 authorized; 75,958 shares issued and 75,476 shares outstanding at June 30, 2024 |  |  | 1,285,796 |  |  | — |  |  | 1,285,796 |
Treasury shares, at cost |  |  | (9,339) |  |  | — |  |  | (9,339) |
Accumulated other comprehensive income (loss) |  |  | (4,503) |  |  | (125) |  |  | (4,628) |
Accumulated deficit |  |  | (369,171) |  |  | (505,035) |  |  | (874,206) |
Total stockholders’ equity attributable to Holdings |  |  | 1,216,504 |  |  | (505,160) |  |  | 711,344 |
Noncontrolling interest | ADJ 6 |  | 235,557 |  |  | (338,228) |  |  | (102,671) |
Noncontrolling interest of discontinued operations |  |  | 16,691 |  |  | — |  |  | 16,691 |
Total stockholders’ equity |  |  | 1,468,752 |  |  | (843,388) |  |  | 625,364 |
Total liabilities and stockholders’ equity |  |  | 3,858,194 |  |  | (624,935) |  |  | 3,233,259 |
(in thousands) |  |  | September 30, 2024 |  |  |  | September 30, 2024
| Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 65,006 |  |  | $ | (68) |  |  | $ | 64,938 |
Accounts receivable, net | ADJ 1 |  | 402,024 |  |  | (183,087) |  |  | 218,937 |
Inventories, net | ADJ 2 |  | 925,146 |  |  | (367,695) |  |  | 557,451 |
Prepaid expenses and other current assets | ADJ 2 |  | 93,917 |  |  | 8,790 |  |  | 102,707 |
Current assets of discontinued operations |  |  | 38,454 |  |  | — |  |  | 38,454 |
Total current assets |  |  | 1,524,547 |  |  | (542,060) |  |  | 982,487 |
Property, plant and equipment, net |  |  | 185,126 |  |  | — |  |  | 185,126 |
Goodwill | ADJ 3 |  | 962,386 |  |  | (86,336) |  |  | 876,050 |
Intangible assets, net | ADJ 3 |  | 1,022,974 |  |  | (67,026) |  |  | 955,948 |
Other non-current assets |  |  | 182,514 |  |  | 5 |  |  | 182,519 |
Non-current assets of discontinued operations |  |  | 83,867 |  |  | — |  |  | 83,867 |
Total assets |  |  | $ | 3,961,414 |  |  | $ | (695,417) |  |  | $ | 3,265,997 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable |  |  | 93,506 |  |  | 611 |  |  | 94,117 |
Accrued expenses | ADJ 4 |  | 190,751 |  |  | 110,412 |  |  | 301,163 |
Due to related parties (refer to Note Q) |  |  | 18,116 |  |  | — |  |  | 18,116 |
Current portion, long-term debt |  |  | 12,500 |  |  | 1,763,687 |  |  | 1,776,187 |
Subsidiary financing arrangements | ADJ 5 |  | — |  |  | 151,058 |  |  | 151,058 |
Other current liabilities |  |  | 36,621 |  |  | — |  |  | 36,621 |
Current liabilities of discontinued operations |  |  | 9,726 |  |  | — |  |  | 9,726 |
Total current liabilities |  |  | 361,220 |  |  | 2,025,768 |  |  | 2,386,988 |
Deferred income taxes |  |  | 134,157 |  |  | (15,618) |  |  | 118,539 |
Long-term debt |  |  | 1,763,687 |  |  | (1,763,687) |  |  | — |
Other non-current liabilities |  |  | 197,848 |  |  | — |  |  | 197,848 |
Non-current liabilities of discontinued operations |  |  | 2,621 |  |  | — |  |  | 2,621 |
Total liabilities |  |  | 2,459,533 |  |  | 246,463 |  |  | 2,705,996 |
Stockholders’ equity |  |  |  |  |  |  |
Trust preferred shares, 50,000 authorized; 13,725 shares issued and outstanding at September 30, 2024 |  |  | 330,862 |  |  | — |  |  | 330,862 |
Trust common shares, no par value, 500,000 authorized; 76,135 shares issued and 75,652 shares outstanding at September 30, 2024 |  |  | 1,289,348 |  |  | — |  |  | 1,289,348 |
Treasury shares, at cost |  |  | (9,339) |  |  | — |  |  | (9,339) |
Accumulated other comprehensive income (loss) |  |  | (1,541) |  |  | (1,608) |  |  | (3,149) |
Accumulated deficit |  |  | (372,365) |  |  | (563,133) |  |  | (935,498) |
Total stockholders’ equity attributable to Holdings |  |  | 1,236,965 |  |  | (564,741) |  |  | 672,224 |
Noncontrolling interest | ADJ 6 |  | 248,585 |  |  | (377,139) |  |  | (128,554) |
Noncontrolling interest of discontinued operations |  |  | 16,331 |  |  | — |  |  | 16,331 |
Total stockholders’ equity |  |  | 1,501,881 |  |  | (941,880) |  |  | 560,001 |
Total liabilities and stockholders’ equity |  |  | 3,961,414 |  |  | (695,417) |  |  | 3,265,997 |
|  |  | Three months ended March 31, 2024
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Net revenues | ADJ 7 |  | $ | 503,072 |  |  | $ | (92,246) |  |  | $ | 410,826 |
Cost of revenues | ADJ 8 |  | 275,203 |  |  | (39,329) |  |  | 235,874 |
Gross profit |  |  | 227,869 |  |  | (52,917) |  |  | 174,952 |
Operating expenses: |  |  |  |  |  |  |
Selling, general and administrative expense |  |  | 137,724 |  |  | — |  |  | 137,724 |
Management fees |  |  | 17,942 |  |  | — |  |  | 17,942 |
Amortization expense |  |  | 24,447 |  |  | (1,236) |  |  | 23,211 |
Impairment expense |  |  | 8,182 |  |  | — |  |  | 8,182 |
Operating income (loss) |  |  | 39,574 |  |  | (51,681) |  |  | (12,107) |
Other income (expense): |  |  |  |  |  |  |
Interest expense, net | ADJ 9 |  | (23,575) |  |  | (1,692) |  |  | (25,267) |
Amortization of debt issuance costs |  |  | (1,005) |  |  | — |  |  | (1,005) |
Other income (expense), net | ADJ 10 |  | (2,879) |  |  | (44,563) |  |  | (47,442) |
Income (loss) from continuing operations before income taxes |  |  | 12,115 |  |  | (97,936) |  |  | (85,821) |
Provision for income taxes | ADJ 11 |  | 9,996 |  |  | (6,886) |  |  | 3,110 |
Income (loss) from continuing operations |  |  | 2,119 |  |  | (91,050) |  |  | (88,931) |
Income (loss) from discontinued operations, net of income tax |  |  | 317 |  |  | — |  |  | 317 |
Gain on sale of discontinued operations, net of income tax |  |  | 3,345 |  |  | — |  |  | 3,345 |
Net income (loss) |  |  | 5,781 |  |  | (91,050) |  |  | (85,269) |
Less: Net income (loss) from continuing operations attributable to noncontrolling interest |  |  | 7,765 |  |  | (36,521) |  |  | (28,756) |
Less: Net loss from discontinued operations attributable to noncontrolling interest |  |  | (336) |  |  | — |  |  | (336) |
Net loss attributable to Holdings |  |  | $ | (1,648) |  |  | $ | (54,529) |  |  | $ | (56,177) |
Amounts attributable to common shares of Holdings: |  |  |  |  |  |  |
Loss from continuing operations |  |  | $ | (5,646) |  |  | $ | (54,529) |  |  | $ | (60,175) |
Income from discontinued operations, net of income tax |  |  | 653 |  |  | — |  |  | 653 |
Gain on sale of discontinued operations, net of income tax |  |  | 3,345 |  |  | — |  |  | 3,345 |
Net loss attributable to Holdings |  |  | $ | (1,648) |  |  | $ | (54,529) |  |  | $ | (56,177) |
Basic and fully diluted income (loss) per share attributable to Holdings |  |  |  |  |  |  |
Continuing operations |  |  | (0.90) |  |  | (0.67) |  |  | (1.57) |
Discontinued operations |  |  | 0.05 |  |  | — |  |  | 0.05 |
|  |  | $ | (0.85) |  |  | $ | (0.67) |  |  | $ | (1.52) |
|  |  | Three months ended June 30, 2024 |  | Six months ended June 30, 2024
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated |  | As Reported |  | Adjustments |  | As Restated
Net revenues | ADJ 7 |  | $ | 514,038 |  |  | $ | (87,333) |  |  | $ | 426,705 |  |  | $ | 1,017,110 |  |  | $ | (179,579) |  |  | $ | 837,531 |
Cost of revenues | ADJ 8 |  | 273,317 |  |  | (34,797) |  |  | 238,520 |  |  | 548,520 |  |  | (74,126) |  |  | 474,394 |
Gross profit |  |  | 240,721 |  |  | (52,536) |  |  | 188,185 |  |  | 468,590 |  |  | (105,453) |  |  | 363,137 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expense |  |  | 137,581 |  |  | — |  |  | 137,581 |  |  | 275,305 |  |  | — |  |  | 275,305 |
Management fees |  |  | 18,739 |  |  | — |  |  | 18,739 |  |  | 36,681 |  |  | — |  |  | 36,681 |
Amortization expense | ADJ 3 |  | 25,620 |  |  | (1,235) |  |  | 24,385 |  |  | 50,067 |  |  | (2,471) |  |  | 47,596 |
Impairment expense |  |  | — |  |  | — |  |  | — |  |  | 8,182 |  |  | — |  |  | 8,182 |
Operating income (loss) |  |  | 58,781 |  |  | (51,301) |  |  | 7,480 |  |  | 98,355 |  |  | (102,982) |  |  | (4,627) |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net | ADJ 9 |  | (26,561) |  |  | (3,035) |  |  | (29,596) |  |  | (50,136) |  |  | (4,727) |  |  | (54,863) |
Amortization of debt issuance costs |  |  | (1,004) |  |  | — |  |  | (1,004) |  |  | (2,009) |  |  | — |  |  | (2,009) |
Loss on sale of Crosman |  |  | (24,606) |  |  | — |  |  | (24,606) |  |  | (24,606) |  |  | — |  |  | (24,606) |
Other income (expense), net | ADJ 10 |  | (1,375) |  |  | (39,267) |  |  | (40,642) |  |  | (4,254) |  |  | (83,830) |  |  | (88,084) |
Income (loss) from continuing operations before income taxes |  |  | 5,235 |  |  | (93,603) |  |  | (88,368) |  |  | 17,350 |  |  | (191,539) |  |  | (174,189) |
Provision for income taxes | ADJ 11 |  | 19,830 |  |  | (4,237) |  |  | 15,593 |  |  | 29,826 |  |  | (11,123) |  |  | 18,703 |
Loss from continuing operations |  |  | (14,595) |  |  | (89,366) |  |  | (103,961) |  |  | (12,476) |  |  | (180,416) |  |  | (192,892) |
Income from discontinued operations, net of income tax |  |  | 872 |  |  | — |  |  | 872 |  |  | 1,189 |  |  | — |  |  | 1,189 |
Gain on sale of discontinued operations, net of income tax |  |  | — |  |  | — |  |  | — |  |  | 3,345 |  |  | — |  |  | 3,345 |
Net income |  |  | (13,723) |  |  | (89,366) |  |  | (103,089) |  |  | (7,942) |  |  | (180,416) |  |  | (188,358) |
Less: Net income (loss) from continuing operations attributable to noncontrolling interest |  |  | 6,041 |  |  | (35,843) |  |  | (29,802) |  |  | 13,806 |  |  | (72,364) |  |  | (58,558) |
Less: Net loss from discontinued operations attributable to noncontrolling interest |  |  | (235) |  |  | — |  |  | (235) |  |  | (571) |  |  | — |  |  | (571) |
Net income attributable to Holdings |  |  | $ | (19,529) |  |  | $ | (53,523) |  |  | $ | (73,052) |  |  | $ | (21,177) |  |  | $ | (108,052) |  |  | $ | (129,229) |
Amounts attributable to common shares of Holdings: |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from continuing operations |  |  | $ | (20,636) |  |  | $ | (53,523) |  |  | $ | (74,159) |  |  | $ | (26,282) |  |  | $ | (108,052) |  |  | $ | (134,334) |
Income from discontinued operations, net of income tax |  |  | 1,107 |  |  | — |  |  | 1,107 |  |  | 1,760 |  |  | — |  |  | 1,760 |
Gain on sale of discontinued operations, net of income tax |  |  | — |  |  | — |  |  | — |  |  | 3,345 |  |  | — |  |  | 3,345 |
Net loss attributable to Holdings |  |  | $ | (19,529) |  |  | $ | (53,523) |  |  | $ | (73,052) |  |  | $ | (21,177) |  |  | $ | (108,052) |  |  | $ | (129,229) |
Basic and fully diluted income (loss) per share attributable to Holdings |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  |  | (0.46) |  |  | (0.67) |  |  | (1.13) |  |  | (1.33) |  |  | (1.33) |  |  | (2.66) |
Discontinued operations |  |  | 0.01 |  |  | — |  |  | 0.01 |  |  | 0.07 |  |  | — |  |  | 0.07 |
|  |  | $ | (0.45) |  |  | $ | (0.67) |  |  | $ | (1.12) |  |  | $ | (1.26) |  |  | $ | (1.33) |  |  | $ | (2.59) |
|  |  | Three months ended September 30, 2024 |  | Nine months ended September 30, 2024
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated |  | As Reported |  | Adjustments |  | As Restated
Net revenues | ADJ 7 |  | $ | 560,868 |  |  | $ | (104,315) |  |  | $ | 456,553 |  |  | $ | 1,577,978 |  |  | $ | (283,894) |  |  | $ | 1,294,084 |
Cost of revenues | ADJ 8 |  | 300,115 |  |  | (40,195) |  |  | 259,920 |  |  | 848,635 |  |  | (114,321) |  |  | 734,314 |
Gross profit |  |  | 260,753 |  |  | (64,120) |  |  | 196,633 |  |  | 729,343 |  |  | (169,573) |  |  | 559,770 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expense |  |  | 145,959 |  |  | — |  |  | 145,959 |  |  | 421,264 |  |  | — |  |  | 421,264 |
Management fees |  |  | 18,633 |  |  | — |  |  | 18,633 |  |  | 55,314 |  |  | — |  |  | 55,314 |
Amortization expense | ADJ 3 |  | 24,958 |  |  | (1,237) |  |  | 23,721 |  |  | 75,025 |  |  | (3,708) |  |  | 71,317 |
Impairment expense |  |  | — |  |  | — |  |  | — |  |  | 8,182 |  |  | — |  |  | 8,182 |
Operating income (loss) |  |  | 71,203 |  |  | (62,883) |  |  | 8,320 |  |  | 169,558 |  |  | (165,865) |  |  | 3,693 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net | ADJ 9 |  | (27,358) |  |  | (4,262) |  |  | (31,620) |  |  | (77,494) |  |  | (8,989) |  |  | (86,483) |
Amortization of debt issuance costs |  |  | (1,005) |  |  | — |  |  | (1,005) |  |  | (3,014) |  |  | — |  |  | (3,014) |
Loss on sale of Crosman |  |  | 388 |  |  | — |  |  | 388 |  |  | (24,218) |  |  | — |  |  | (24,218) |
Other income (expense), net | ADJ 10 |  | (60) |  |  | (37,709) |  |  | (37,769) |  |  | (4,314) |  |  | (121,539) |  |  | (125,853) |
Income (loss) from continuing operations before income taxes |  |  | 43,168 |  |  | (104,854) |  |  | (61,686) |  |  | 60,518 |  |  | (296,393) |  |  | (235,875) |
Provision for income taxes | ADJ 11 |  | 10,619 |  |  | (7,847) |  |  | 2,772 |  |  | 40,445 |  |  | (18,970) |  |  | 21,475 |
Income (loss) from continuing operations |  |  | 32,549 |  |  | (97,007) |  |  | (64,458) |  |  | 20,073 |  |  | (277,423) |  |  | (257,350) |
Income (loss) from discontinued operations, net of income tax |  |  | (1,088) |  |  | — |  |  | (1,088) |  |  | 101 |  |  | — |  |  | 101 |
Gain on sale of discontinued operations, net of income tax |  |  | — |  |  | — |  |  | — |  |  | 3,345 |  |  | — |  |  | 3,345 |
Net income |  |  | 31,461 |  |  | (97,007) |  |  | (65,546) |  |  | 23,519 |  |  | (277,423) |  |  | (253,904) |
Less: Net income from continuing operations attributable to noncontrolling interest |  |  | 9,989 |  |  | (38,911) |  |  | (28,922) |  |  | 23,795 |  |  | (111,275) |  |  | (87,480) |
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest |  |  | (592) |  |  | — |  |  | (592) |  |  | (1,163) |  |  | — |  |  | (1,163) |
Net income (loss) attributable to Holdings |  |  | $ | 22,064 |  |  | $ | (58,096) |  |  | $ | (36,032) |  |  | $ | 887 |  |  | $ | (166,148) |  |  | $ | (165,261) |
Amounts attributable to common shares of Holdings: |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  |  | $ | 22,560 |  |  | $ | (58,096) |  |  | $ | (35,536) |  |  | $ | (3,722) |  |  | $ | (166,148) |  |  | $ | (169,870) |
Income (loss) from discontinued operations, net of income tax |  |  | (496) |  |  | — |  |  | (496) |  |  | 1,264 |  |  | — |  |  | 1,264 |
Gain on sale of discontinued operations, net of income tax |  |  | — |  |  | — |  |  | — |  |  | 3,345 |  |  | — |  |  | 3,345 |
Net income (loss) attributable to Holdings |  |  | $ | 22,064 |  |  | $ | (58,096) |  |  | $ | (36,032) |  |  | $ | 887 |  |  | $ | (166,148) |  |  | $ | (165,261) |
Basic and fully diluted income (loss) per share attributable to Holdings |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  |  | 0.09 |  |  | (0.70) |  |  | (0.61) |  |  | (1.20) |  |  | (2.02) |  |  | (3.22) |
Discontinued operations |  |  | (0.01) |  |  | — |  |  | (0.01) |  |  | 0.06 |  |  | — |  |  | 0.06 |
|  |  | $ | 0.08 |  |  | $ | (0.70) |  |  | $ | (0.62) |  |  | $ | (1.14) |  |  | $ | (2.02) |  |  | $ | (3.16) |
|  |  | Three months ended March 31, 2024
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income (loss) |  |  | $ | 5,781 |  |  | $ | (91,050) |  |  | $ | (85,269) |
Income from discontinued operations, net of income tax |  |  | 317 |  |  | — |  |  | 317 |
Gain on sale of discontinued operations, net of income tax |  |  | 3,345 |  |  | — |  |  | 3,345 |
Income (loss) from continuing operations |  |  | 2,119 |  |  | (91,050) |  |  | (88,931) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: |  |  |  |  |  |  |
Depreciation expense |  |  | 10,731 |  |  | — |  |  | 10,731 |
Amortization expense - intangibles | ADJ 3 |  | 24,447 |  |  | (1,236) |  |  | 23,211 |
Amortization expense - inventory step-up |  |  | 2,668 |  |  | — |  |  | 2,668 |
Amortization of debt issuance costs |  |  | 1,005 |  |  | — |  |  | 1,005 |
Impairment expense |  |  | 8,182 |  |  | — |  |  | 8,182 |
Loss on sale of Crosman |  |  | — |  |  | — |  |  | — |
Noncontrolling stockholder stock based compensation |  |  | 4,071 |  |  | — |  |  | 4,071 |
Provision for receivable and inventory reserves |  |  | (832) |  |  | 53 |  |  | (779) |
Deferred taxes |  |  | (5,571) |  |  | — |  |  | (5,571) |
Other |  |  | 413 |  |  | 63 |  |  | 476 |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |  |
Accounts receivable | ADJ 1 |  | (3,176) |  |  | 12,196 |  |  | 9,020 |
Inventories | ADJ 2 |  | (31,518) |  |  | 37,611 |  |  | 6,093 |
Other current and non-current assets |  |  | 2,547 |  |  | — |  |  | 2,547 |
Accounts payable and accrued expenses | ADJ 4 |  | (30,649) |  |  | 30,196 |  |  | (453) |
Net cash used in operating activities - continuing operations |  |  | (15,563) |  |  | (12,167) |  |  | (27,730) |
Net cash provided by operating activities - discontinued operations |  |  | 2,362 |  |  | — |  |  | 2,362 |
Net cash used in operating activities |  |  | (13,201) |  |  | (12,167) |  |  | (25,368) |
Cash flows from investing activities: |  |  |  |  |  |  |
Acquisitions, net of cash acquired |  |  | (379,524) |  |  | — |  |  | (379,524) |
Purchases of property and equipment |  |  | (7,725) |  |  | — |  |  | (7,725) |
Proceeds from sale of businesses |  |  | 3,345 |  |  | — |  |  | 3,345 |
Other investing activities |  |  | 1,505 |  |  | — |  |  | 1,505 |
Net cash used in investing activities - continuing operations |  |  | (382,399) |  |  | — |  |  | (382,399) |
Net cash used in investing activities - discontinued operations |  |  | (79) |  |  | — |  |  | (79) |
Net cash used in investing activities |  |  | (382,478) |  |  | — |  |  | (382,478) |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from the issuance of Trust common shares, net |  |  | 1,218 |  |  | — |  |  | 1,218 |
Proceeds and expenses from issuance of Trust preferred shares, net |  |  | 827 |  |  | — |  |  | 827 |
Borrowings under credit facility |  |  | 100,000 |  |  | — |  |  | 100,000 |
Repayments under credit facility |  |  | (54,000) |  |  | — |  |  | (54,000) |
Repayments - Term Loan |  |  | (2,500) |  |  | — |  |  | (2,500) |
Subsidiary financing arrangements - borrowings | ADJ 5 |  | — |  |  | 40,519 |  |  | 40,519 |
Subsidiary financing arrangements - repayments | ADJ 5 |  | — |  |  | (28,352) |  |  | (28,352) |
Distributions paid - common shares |  |  | (18,818) |  |  | — |  |  | (18,818) |
Distributions paid - preferred shares |  |  | (6,045) |  |  | — |  |  | (6,045) |
Net proceeds provided by noncontrolling shareholders |  |  | 41,674 |  |  | — |  |  | 41,674 |
Purchase of noncontrolling interest |  |  | (2,510) |  |  | — |  |  | (2,510) |
Distributions paid - Allocation Interests |  |  | (48,941) |  |  | — |  |  | (48,941) |
Other |  |  | — |  |  | — |  |  | — |
Net cash provided by financing activities |  |  | 10,905 |  |  | 12,167 |  |  | 23,072 |
Foreign currency impact on cash |  |  | (989) |  |  | — |  |  | (989) |
Net (decrease) in cash and cash equivalents |  |  | (385,763) |  |  | — |  |  | (385,763) |
Cash and cash equivalents — beginning of period (1) |  |  | 450,477 |  |  | (68) |  |  | 450,409 |
Cash and cash equivalents — end of period |  |  | $ | 64,714 |  |  | $ | (68) |  |  | $ | 64,646 |
|  |  | Six months ended June 30, 2024
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net loss |  |  | $ | (7,942) |  |  | $ | (180,416) |  |  | $ | (188,358) |
Income from discontinued operations, net of income tax |  |  | 1,189 |  |  | — |  |  | 1,189 |
Gain on sale of discontinued operations, net of income tax |  |  | 3,345 |  |  | — |  |  | 3,345 |
Loss from continuing operations |  |  | (12,476) |  |  | (180,416) |  |  | (192,892) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |  |  |  |  |  |  |
Depreciation expense |  |  | 21,071 |  |  | — |  |  | 21,071 |
Amortization expense - intangibles | ADJ 3 |  | 50,067 |  |  | (2,471) |  |  | 47,596 |
Amortization expense - inventory step-up |  |  | 3,689 |  |  | — |  |  | 3,689 |
Amortization of debt issuance costs |  |  | 2,009 |  |  | — |  |  | 2,009 |
Impairment expense |  |  | 8,182 |  |  | — |  |  | 8,182 |
Loss on sale of Crosman |  |  | 24,606 |  |  | — |  |  | 24,606 |
Noncontrolling stockholder stock based compensation |  |  | 7,751 |  |  | — |  |  | 7,751 |
Provision for receivable and inventory reserves |  |  | (5,385) |  |  | 830 |  |  | (4,555) |
Deferred taxes |  |  | (661) |  |  | — |  |  | (661) |
Other |  |  | 482 |  |  | (19) |  |  | 463 |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |  |
Accounts receivable | ADJ 1 |  | (31,757) |  |  | 27,678 |  |  | (4,079) |
Inventories | ADJ 2 |  | (112,739) |  |  | 93,514 |  |  | (19,225) |
Other current and non-current assets |  |  | 445 |  |  | — |  |  | 445 |
Accounts payable and accrued expenses | ADJ 4 |  | (10,630) |  |  | 22,639 |  |  | 12,009 |
Net cash used in operating activities - continuing operations |  |  | (55,346) |  |  | (38,245) |  |  | (93,591) |
Net cash provided by operating activities - discontinued operations |  |  | 6,963 |  |  | — |  |  | 6,963 |
Net cash used in operating activities |  |  | (48,383) |  |  | (38,245) |  |  | (86,628) |
Cash flows from investing activities: |  |  |  |  |  |  |
Acquisitions, net of cash acquired |  |  | (379,524) |  |  | — |  |  | (379,524) |
Purchases of property and equipment |  |  | (18,713) |  |  | — |  |  | (18,713) |
Proceeds from sale of businesses |  |  | 64,828 |  |  | — |  |  | 64,828 |
Other investing activities |  |  | (2,358) |  |  | — |  |  | (2,358) |
Net cash used in investing activities - continuing operations |  |  | (335,767) |  |  | — |  |  | (335,767) |
Net cash used in investing activities - discontinued operations |  |  | (307) |  |  | — |  |  | (307) |
Net cash used in investing activities |  |  | (336,074) |  |  | — |  |  | (336,074) |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from the issuance of Trust common shares, net |  |  | 4,493 |  |  | — |  |  | 4,493 |
Proceeds and expenses from issuance of Trust preferred shares, net |  |  | 9,803 |  |  | — |  |  | 9,803 |
Borrowings under credit facility |  |  | 237,000 |  |  | — |  |  | 237,000 |
Repayments under credit facility |  |  | (183,000) |  |  | — |  |  | (183,000) |
Repayments - Term Loan |  |  | (5,000) |  |  | — |  |  | (5,000) |
Subsidiary financing arrangements - borrowings | ADJ 5 |  | — |  |  | 84,081 |  |  | 84,081 |
Subsidiary financing arrangements - repayments | ADJ 5 |  | — |  |  | (45,836) |  |  | (45,836) |
Distributions paid - common shares |  |  | (37,664) |  |  | — |  |  | (37,664) |
Distributions paid - preferred shares |  |  | (12,146) |  |  | — |  |  | (12,146) |
Net proceeds provided by noncontrolling shareholders |  |  | 41,680 |  |  | — |  |  | 41,680 |
Purchase of noncontrolling interest |  |  | (2,859) |  |  | — |  |  | (2,859) |
Distributions paid - Allocation Interests |  |  | (48,941) |  |  | — |  |  | (48,941) |
Other |  |  | — |  |  | — |  |  | — |
Net cash provided by used in financing activities |  |  | 3,366 |  |  | 38,245 |  |  | 41,611 |
Foreign currency impact on cash |  |  | (1,017) |  |  | — |  |  | (1,017) |
Net (decrease) in cash and cash equivalents |  |  | (382,108) |  |  | — |  |  | (382,108) |
Cash and cash equivalents — beginning of period (1) |  |  | 450,477 |  |  | (68) |  |  | 450,409 |
Cash and cash equivalents — end of period |  |  | $ | 68,369 |  |  | $ | (68) |  |  | $ | 68,301 |
|  |  | Nine months ended September 30, 2024
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income (loss) |  |  | $ | 23,519 |  |  | $ | (277,423) |  |  | $ | (253,904) |
Income from discontinued operations, net of income tax |  |  | 101 |  |  | — |  |  | 101 |
Gain on sale of discontinued operations, net of income tax |  |  | 3,345 |  |  | — |  |  | 3,345 |
Income (loss) from continuing operations |  |  | 20,073 |  |  | (277,423) |  |  | (257,350) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: |  |  |  |  |  |  |
Depreciation expense |  |  | 31,249 |  |  | — |  |  | 31,249 |
Amortization expense - intangibles | ADJ 3 |  | 75,025 |  |  | (3,708) |  |  | 71,317 |
Amortization expense - inventory step-up |  |  | 3,689 |  |  | — |  |  | 3,689 |
Amortization of debt issuance costs |  |  | 3,014 |  |  | — |  |  | 3,014 |
Impairment expense |  |  | 8,182 |  |  | — |  |  | 8,182 |
Loss on sale of Crosman |  |  | 24,218 |  |  | — |  |  | 24,218 |
Noncontrolling stockholder stock based compensation |  |  | 12,288 |  |  | — |  |  | 12,288 |
Provision for receivable and inventory reserves |  |  | (6,784) |  |  | 1,323 |  |  | (5,461) |
Deferred taxes |  |  | (3,234) |  |  | — |  |  | (3,234) |
Other |  |  | 905 |  |  | (1,501) |  |  | (596) |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |  |
Accounts receivable | ADJ 1 |  | (88,874) |  |  | 53,088 |  |  | (35,786) |
Inventories | ADJ 2 |  | (206,145) |  |  | 165,687 |  |  | (40,458) |
Other current and non-current assets |  |  | 3,724 |  |  | — |  |  | 3,724 |
Accounts payable and accrued expenses | ADJ 4 |  | 35,697 |  |  | 5,164 |  |  | 40,861 |
Net cash used in operating activities - continuing operations |  |  | (86,973) |  |  | (57,370) |  |  | (144,343) |
Net cash provided by operating activities - discontinued operations |  |  | 9,363 |  |  | — |  |  | 9,363 |
Net cash used in operating activities |  |  | (77,610) |  |  | (57,370) |  |  | (134,980) |
Cash flows from investing activities: |  |  |  |  |  |  |
Acquisitions, net of cash acquired |  |  | (380,049) |  |  | — |  |  | (380,049) |
Purchases of property and equipment |  |  | (33,843) |  |  | — |  |  | (33,843) |
Proceeds from sale of businesses |  |  | 65,216 |  |  | — |  |  | 65,216 |
Other investing activities |  |  | (2,763) |  |  | — |  |  | (2,763) |
Net cash used in investing activities - continuing operations |  |  | (351,439) |  |  | — |  |  | (351,439) |
Net cash used in investing activities - discontinued operations |  |  | (812) |  |  | — |  |  | (812) |
Net cash used in investing activities |  |  | (352,251) |  |  | — |  |  | (352,251) |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from the issuance of Trust common shares, net |  |  | 8,045 |  |  | — |  |  | 8,045 |
Proceeds and expenses from issuance of Trust preferred shares, net |  |  | 26,944 |  |  | — |  |  | 26,944 |
Borrowings under credit facility |  |  | 349,000 |  |  | — |  |  | 349,000 |
Repayments under credit facility |  |  | (239,000) |  |  | — |  |  | (239,000) |
Repayments - Term Loan |  |  | (7,500) |  |  | — |  |  | (7,500) |
Subsidiary financing arrangements - borrowings | ADJ 5 |  | — |  |  | 119,062 |  |  | 119,062 |
Subsidiary financing arrangements - repayments | ADJ 5 |  | — |  |  | (61,692) |  |  | (61,692) |
Distributions paid - common shares |  |  | (56,577) |  |  | — |  |  | (56,577) |
Distributions paid - preferred shares |  |  | (18,491) |  |  | — |  |  | (18,491) |
Net proceeds provided by noncontrolling shareholders |  |  | 41,729 |  |  | — |  |  | 41,729 |
Purchase of noncontrolling interest |  |  | (4,327) |  |  | — |  |  | (4,327) |
Distributions paid - Allocation Interests |  |  | (48,941) |  |  | — |  |  | (48,941) |
Other |  |  | — |  |  | — |  |  | — |
Net cash provided by financing activities |  |  | 50,882 |  |  | 57,370 |  |  | 108,252 |
Foreign currency impact on cash |  |  | 449 |  |  | — |  |  | 449 |
Net (decrease) in cash and cash equivalents |  |  | (378,530) |  |  | — |  |  | (378,530) |
Cash and cash equivalents — beginning of period (1) |  |  | 450,477 |  |  | (68) |  |  | 450,409 |
Cash and cash equivalents — end of period |  |  | $ | 71,947 |  |  | $ | (68) |  |  | $ | 71,879 |
(in thousands) |  |  | March 31, 2023 |  |  |  | March 31, 2023
| Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 45,948 |  |  | $ | (68) |  |  | $ | 45,880 |
Accounts receivable, net | ADJ 1 |  | 280,605 |  |  | (91,499) |  |  | 189,106 |
Inventories, net | ADJ 2 |  | 704,826 |  |  | (123,230) |  |  | 581,596 |
Prepaid expenses and other current assets | ADJ 2 |  | 56,891 |  |  | (5,351) |  |  | 51,540 |
Current assets of discontinued operations |  |  | 120,348 |  |  | — |  |  | 120,348 |
Total current assets |  |  | 1,208,618 |  |  | (220,148) |  |  | 988,470 |
Property, plant and equipment, net |  |  | 187,198 |  |  | — |  |  | 187,198 |
Goodwill | ADJ 3 |  | 950,111 |  |  | (86,337) |  |  | 863,774 |
Intangible assets, net | ADJ 3 |  | 943,966 |  |  | (73,153) |  |  | 870,813 |
Other non-current assets |  |  | 173,194 |  |  | 7 |  |  | 173,201 |
Non-current assets of discontinued operations |  |  | $ | 294,838 |  |  | $ | — |  |  | $ | 294,838 |
Total assets |  |  | $ | 3,757,925 |  |  | $ | (379,631) |  |  | $ | 3,378,294 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable |  |  | 73,814 |  |  | (3,266) |  |  | 70,548 |
Accrued expenses | ADJ 4 |  | 184,030 |  |  | 56,919 |  |  | 240,949 |
Due to related parties (refer to Note Q) |  |  | 15,034 |  |  | — |  |  | 15,034 |
Current portion, long-term debt |  |  | 10,000 |  |  | — |  |  | 10,000 |
Subsidiary financing arrangements | ADJ 5 |  | — |  |  | 62,254 |  |  | 62,254 |
Other current liabilities |  |  | 35,776 |  |  | — |  |  | 35,776 |
Current liabilities of discontinued operations |  |  | 26,217 |  |  | — |  |  | 26,217 |
Total current liabilities |  |  | 344,871 |  |  | 115,907 |  |  | 460,778 |
Deferred income taxes |  |  | 136,432 |  |  | (20,414) |  |  | 116,018 |
Long-term debt |  |  | 1,675,571 |  |  | — |  |  | 1,675,571 |
Other non-current liabilities |  |  | 150,998 |  |  | — |  |  | 150,998 |
Non-current liabilities of discontinued operations |  |  | 5,420 |  |  | — |  |  | 5,420 |
Total liabilities |  |  | 2,313,292 |  |  | 95,493 |  |  | 2,408,785 |
Stockholders’ equity |  |  |  |  |  |  |
Trust preferred shares,50,000 authorized; 12,600 shares issued and outstanding at March 31, 2023 |  |  | 303,918 |  |  | — |  |  | 303,918 |
Trust common shares, no par value, 500,000 authorized; 71,993 shares issued and outstanding at March 31, 2023 |  |  | 1,206,996 |  |  | — |  |  | 1,206,996 |
Treasury shares, at cost |  |  | (3,954) |  |  | — |  |  | (3,954) |
Accumulated other comprehensive income (loss) |  |  | (414) |  |  | — |  |  | (414) |
Accumulated deficit |  |  | (291,605) |  |  | (284,556) |  |  | (576,161) |
Total stockholders’ equity attributable to Holdings |  |  | 1,214,941 |  |  | (284,556) |  |  | 930,385 |
Noncontrolling interest | ADJ 6 |  | 192,328 |  |  | (190,568) |  |  | 1,760 |
Noncontrolling interest of discontinued operations |  |  | 37,364 |  |  | — |  |  | 37,364 |
Total stockholders’ equity |  |  | 1,444,633 |  |  | (475,124) |  |  | 969,509 |
Total liabilities and stockholders’ equity |  |  | 3,757,925 |  |  | (379,631) |  |  | 3,378,294 |
(in thousands) |  |  | June 30, 2023 |  |  |  | June 30, 2023
| Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 58,922 |  |  | $ | (68) |  |  | $ | 58,854 |
Accounts receivable, net | ADJ 1 |  | 269,596 |  |  | (90,591) |  |  | 179,005 |
Inventories, net | ADJ 2 |  | 732,600 |  |  | (140,488) |  |  | 592,112 |
Prepaid expenses and other current assets | ADJ 2 |  | 88,701 |  |  | (28,986) |  |  | 59,715 |
Current assets of discontinued operations |  |  | 97,352 |  |  | — |  |  | 97,352 |
Total current assets |  |  | 1,247,171 |  |  | (260,133) |  |  | 987,038 |
Property, plant and equipment, net |  |  | 188,075 |  |  | — |  |  | 188,075 |
Goodwill | ADJ 3 |  | 949,308 |  |  | (86,337) |  |  | 862,971 |
Intangible assets, net | ADJ 3 |  | 922,306 |  |  | (71,948) |  |  | 850,358 |
Other non-current assets |  |  | 170,781 |  |  | 6 |  |  | 170,787 |
Non-current assets of discontinued operations |  |  | 318,052 |  |  | — |  |  | 318,052 |
Total assets |  |  | $ | 3,795,693 |  |  | $ | (418,412) |  |  | $ | 3,377,281 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable |  |  | 81,900 |  |  | (3,492) |  |  | 78,408 |
Accrued expenses | ADJ 4 |  | 162,948 |  |  | 62,171 |  |  | 225,119 |
Due to related parties (refer to Note Q) |  |  | 15,402 |  |  | — |  |  | 15,402 |
Current portion, long-term debt |  |  | 10,000 |  |  | 1,757,673 |  |  | 1,767,673 |
Subsidiary financing arrangements | ADJ 5 |  | — |  |  | 66,059 |  |  | 66,059 |
Other current liabilities |  |  | 33,825 |  |  | — |  |  | 33,825 |
Current liabilities of discontinued operations |  |  | 26,799 |  |  | — |  |  | 26,799 |
Total current liabilities |  |  | 330,874 |  |  | 1,882,411 |  |  | 2,213,285 |
Deferred income taxes |  |  | 133,519 |  |  | (20,414) |  |  | 113,105 |
Long-term debt |  |  | 1,757,673 |  |  | (1,757,673) |  |  | — |
Other non-current liabilities |  |  | 150,298 |  |  | — |  |  | 150,298 |
Non-current liabilities of discontinued operations |  |  | 5,724 |  |  | — |  |  | 5,724 |
Total liabilities |  |  | 2,378,088 |  |  | 104,324 |  |  | 2,482,412 |
Stockholders’ equity |  |  |  |  |  |  |
Trust preferred shares, 50,000 authorized; 12,600 shares issued and outstanding at June 30, 2023 |  |  | 303,918 |  |  | — |  |  | 303,918 |
Trust common shares, no par value, 500,000 authorized; 71,896 shares issued and outstanding at June 30, 2023 |  |  | 1,206,953 |  |  | — |  |  | 1,206,953 |
Treasury shares, at cost |  |  | (5,856) |  |  | — |  |  | (5,856) |
Accumulated other comprehensive income (loss) |  |  | 282 |  |  | — |  |  | 282 |
Accumulated deficit |  |  | (328,507) |  |  | (313,071) |  |  | (641,578) |
Total stockholders’ equity attributable to Holdings |  |  | 1,176,790 |  |  | (313,071) |  |  | 863,719 |
Noncontrolling interest | ADJ 6 |  | 198,436 |  |  | (209,665) |  |  | (11,229) |
Noncontrolling interest of discontinued operations |  |  | 42,379 |  |  | — |  |  | 42,379 |
Total stockholders’ equity |  |  | 1,417,605 |  |  | (522,736) |  |  | 894,869 |
Total liabilities and stockholders’ equity |  |  | 3,795,693 |  |  | (418,412) |  |  | 3,377,281 |
(in thousands) |  |  | September 30, 2023 |  |  |  | September 30, 2023
| Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 56,861 |  |  | $ | (68) |  |  | $ | 56,793 |
Accounts receivable, net | ADJ 1 |  | 310,687 |  |  | (104,322) |  |  | 206,365 |
Inventories, net | ADJ 2 |  | 745,607 |  |  | (174,368) |  |  | 571,239 |
Prepaid expenses and other current assets | ADJ 2 |  | 92,046 |  |  | (25,925) |  |  | 66,121 |
Current assets of discontinued operations |  |  | 110,236 |  |  | — |  |  | 110,236 |
Total current assets |  |  | 1,315,437 |  |  | (304,683) |  |  | 1,010,754 |
Property, plant and equipment, net |  |  | 185,339 |  |  | — |  |  | 185,339 |
Goodwill | ADJ 3 |  | 916,740 |  |  | (86,337) |  |  | 830,403 |
Intangible assets, net | ADJ 3 |  | 900,854 |  |  | (70,743) |  |  | 830,111 |
Other non-current assets |  |  | 176,053 |  |  | 7 |  |  | 176,060 |
Non-current assets of discontinued operations |  |  | $ | 316,389 |  |  | $ | — |  |  | $ | 316,389 |
Total assets |  |  | $ | 3,810,812 |  |  | $ | (461,756) |  |  | $ | 3,349,056 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable |  |  | 89,819 |  |  | 3,790 |  |  | 93,609 |
Accrued expenses | ADJ 4 |  | 171,246 |  |  | 66,101 |  |  | 237,347 |
Due to related parties (refer to Note Q) |  |  | 17,230 |  |  | — |  |  | 17,230 |
Current portion, long-term debt |  |  | 10,000 |  |  | 1,775,776 |  |  | 1,785,776 |
Subsidiary financing arrangements | ADJ 5 |  | — |  |  | 85,699 |  |  | 85,699 |
Other current liabilities |  |  | 33,268 |  |  | — |  |  | 33,268 |
Current liabilities of discontinued operations |  |  | 32,756 |  |  | — |  |  | 32,756 |
Total current liabilities |  |  | 354,319 |  |  | 1,931,366 |  |  | 2,285,685 |
Deferred income taxes |  |  | 127,734 |  |  | (20,414) |  |  | 107,320 |
Long-term debt |  |  | 1,775,776 |  |  | (1,775,776) |  |  | — |
Other non-current liabilities |  |  | 156,236 |  |  | — |  |  | 156,236 |
Non-current liabilities of discontinued operations |  |  | 6,998 |  |  | — |  |  | 6,998 |
Total liabilities |  |  | 2,421,063 |  |  | 135,176 |  |  | 2,556,239 |
Stockholders’ equity |  |  |  |  |  |  |
Trust preferred shares, 50,000 authorized; 12,600 shares issued and outstanding at September 30, 2023 |  |  | 303,918 |  |  | — |  |  | 303,918 |
Trust common shares, no par value, 500,000 authorized; 72,203 shares issued and 71,820 shares outstanding at September 30, 2023 |  |  | 1,206,917 |  |  | — |  |  | 1,206,917 |
Treasury shares, at cost |  |  | (7,389) |  |  | — |  |  | (7,389) |
Accumulated other comprehensive income (loss) |  |  | (1,186) |  |  | 106 |  |  | (1,080) |
Accumulated deficit |  |  | (362,680) |  |  | (357,568) |  |  | (720,248) |
Total stockholders’ equity attributable to Holdings |  |  | 1,139,580 |  |  | (357,462) |  |  | 782,118 |
Noncontrolling interest | ADJ 6 |  | 206,429 |  |  | (239,470) |  |  | (33,041) |
Noncontrolling interest of discontinued operations |  |  | 43,740 |  |  | — |  |  | 43,740 |
Total stockholders’ equity |  |  | 1,389,749 |  |  | (596,932) |  |  | 792,817 |
Total liabilities and stockholders’ equity |  |  | 3,810,812 |  |  | (461,756) |  |  | 3,349,056 |
|  |  | Three months ended March 31, 2023
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Net revenues | ADJ 7 |  | $ | 461,515 |  |  | $ | (55,458) |  |  | $ | 406,057 |
Cost of revenues | ADJ 8 |  | 270,566 |  |  | (25,001) |  |  | 245,565 |
Gross profit |  |  | 190,949 |  |  | (30,457) |  |  | 160,492 |
Operating expenses: |  |  |  |  |  |  |
Selling, general and administrative expense |  |  | 118,527 |  |  | — |  |  | 118,527 |
Management fees |  |  | 16,145 |  |  | — |  |  | 16,145 |
Amortization expense |  |  | 22,108 |  |  | (1,206) |  |  | 20,902 |
Operating income (loss) |  |  | 34,169 |  |  | (29,251) |  |  | 4,918 |
Other income (expense): |  |  |  |  |  |  |
Interest expense, net | ADJ 9 |  | (26,180) |  |  | (783) |  |  | (26,963) |
Amortization of debt issuance costs |  |  | (1,005) |  |  | — |  |  | (1,005) |
Other income (expense), net | ADJ 10 |  | 1,160 |  |  | (15,448) |  |  | (14,288) |
Income (loss) from continuing operations before income taxes |  |  | 8,144 |  |  | (45,482) |  |  | (37,338) |
Provision for income taxes | ADJ 11 |  | 7,471 |  |  | (3,383) |  |  | 4,088 |
Income (loss) from continuing operations |  |  | 673 |  |  | (42,099) |  |  | (41,426) |
Income (loss) from discontinued operations, net of income tax |  |  | 10,939 |  |  | — |  |  | 10,939 |
Gain on sale of discontinued operations, net of income tax |  |  | 97,989 |  |  | — |  |  | 97,989 |
Net income |  |  | 109,601 |  |  | (42,099) |  |  | 67,502 |
Less: Net income from continuing operations attributable to noncontrolling interest |  |  | 4,398 |  |  | (16,886) |  |  | (12,488) |
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest |  |  | (194) |  |  | — |  |  | (194) |
Net income attributable to Holdings |  |  | $ | 105,397 |  |  | $ | (25,213) |  |  | $ | 80,184 |
Amounts attributable to common shares of Holdings: |  |  |  |  |  |  |
Loss from continuing operations |  |  | $ | (3,725) |  |  | $ | (25,213) |  |  | $ | (28,938) |
Income (loss) from discontinued operations, net of income tax |  |  | 11,133 |  |  | — |  |  | 11,133 |
Gain on sale of discontinued operations, net of income tax |  |  | 97,989 |  |  | — |  |  | 97,989 |
Net income attributable to Holdings |  |  | $ | 105,397 |  |  | $ | (25,213) |  |  | $ | 80,184 |
Basic and fully diluted income (loss) per share attributable to Holdings |  |  |  |  |  |  |
Continuing operations |  |  | (0.20) |  |  | (0.33) |  |  | (0.53) |
Discontinued operations |  |  | 1.49 |  |  | — |  |  | 1.49 |
|  |  | $ | 1.29 |  |  | $ | (0.33) |  |  | $ | 0.96 |
|  |  | Three months ended June 30, 2023 |  | Six months ended June 30, 2023
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated |  | As Reported |  | Adjustments |  | As Restated
Net revenues | ADJ 7 |  | $ | 460,740 |  |  | $ | (55,241) |  |  | $ | 405,499 |  |  | $ | 922,255 |  |  | $ | (110,699) |  |  | $ | 811,556 |
Cost of revenues | ADJ 8 |  | 260,903 |  |  | (23,020) |  |  | 237,883 |  |  | 531,469 |  |  | (48,021) |  |  | 483,448 |
Gross profit |  |  | 199,837 |  |  | (32,221) |  |  | 167,616 |  |  | 390,786 |  |  | (62,678) |  |  | 328,108 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expense |  |  | 121,470 |  |  | — |  |  | 121,470 |  |  | 239,997 |  |  | — |  |  | 239,997 |
Management fees |  |  | 16,670 |  |  | — |  |  | 16,670 |  |  | 32,815 |  |  | — |  |  | 32,815 |
Amortization expense |  |  | 22,110 |  |  | (1,205) |  |  | 20,905 |  |  | 44,218 |  |  | (2,411) |  |  | 41,807 |
Operating income (loss) |  |  | 39,587 |  |  | (31,016) |  |  | 8,571 |  |  | 73,756 |  |  | (60,267) |  |  | 13,489 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net | ADJ 9 |  | (26,613) |  |  | (1,104) |  |  | (27,717) |  |  | (52,793) |  |  | (1,887) |  |  | (54,680) |
Amortization of debt issuance costs |  |  | (1,024) |  |  | — |  |  | (1,024) |  |  | (2,029) |  |  | — |  |  | (2,029) |
Other income (expense), net | ADJ 10 |  | (75) |  |  | (18,138) |  |  | (18,213) |  |  | 1,085 |  |  | (33,586) |  |  | (32,501) |
Income (loss) from continuing operations before income taxes |  |  | 11,875 |  |  | (50,258) |  |  | (38,383) |  |  | 20,019 |  |  | (95,740) |  |  | (75,721) |
Provision for income taxes | ADJ 11 |  | 4,421 |  |  | (2,646) |  |  | 1,775 |  |  | 11,892 |  |  | (6,029) |  |  | 5,863 |
Income (loss) from continuing operations |  |  | 7,454 |  |  | (47,612) |  |  | (40,158) |  |  | 8,127 |  |  | (89,711) |  |  | (81,584) |
Income (loss) from discontinued operations, net of income tax |  |  | 5,437 |  |  | — |  |  | 5,437 |  |  | 16,376 |  |  | — |  |  | 16,376 |
Gain on sale of discontinued operations, net of income tax |  |  | 4,232 |  |  | — |  |  | 4,232 |  |  | 102,221 |  |  | — |  |  | 102,221 |
Net income |  |  | 17,123 |  |  | (47,612) |  |  | (30,489) |  |  | 126,724 |  |  | (89,711) |  |  | 37,013 |
Less: Net income from continuing operations attributable to noncontrolling interest |  |  | 3,428 |  |  | (19,100) |  |  | (15,672) |  |  | 7,826 |  |  | (35,986) |  |  | (28,160) |
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest |  |  | 89 |  |  | — |  |  | 89 |  |  | (105) |  |  | — |  |  | (105) |
Net income attributable to Holdings |  |  | $ | 13,606 |  |  | $ | (28,512) |  |  | $ | (14,906) |  |  | $ | 119,003 |  |  | $ | (53,725) |  |  | $ | 65,278 |
Amounts attributable to common shares of Holdings: |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  |  | $ | 4,026 |  |  | $ | (28,512) |  |  | $ | (24,486) |  |  | $ | 301 |  |  | $ | (53,725) |  |  | $ | (53,424) |
Income (loss) from discontinued operations, net of income tax |  |  | 5,348 |  |  | — |  |  | 5,348 |  |  | 16,481 |  |  | — |  |  | 16,481 |
Gain on sale of discontinued operations, net of income tax |  |  | 4,232 |  |  | — |  |  | 4,232 |  |  | 102,221 |  |  | — |  |  | 102,221 |
Net income attributable to Holdings |  |  | $ | 13,606 |  |  | $ | (28,512) |  |  | $ | (14,906) |  |  | $ | 119,003 |  |  | $ | (53,725) |  |  | $ | 65,278 |
Basic and fully diluted income (loss) per share attributable to Holdings |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  |  | (0.47) |  |  | (0.38) |  |  | (0.85) |  |  | (0.65) |  |  | (0.69) |  |  | (1.34) |
Discontinued operations |  |  | 0.12 |  |  | 0.01 |  |  | 0.13 |  |  | 1.63 |  |  | — |  |  | 1.63 |
|  |  | $ | (0.35) |  |  | $ | (0.37) |  |  | $ | (0.72) |  |  | $ | 0.98 |  |  | $ | (0.69) |  |  | $ | 0.29 |
|  |  | Three months ended September 30, 2023 |  | Nine months ended September 30, 2023
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated |  | As Reported |  | Adjustments |  | As Restated
Net revenues | ADJ 7 |  | $ | 497,847 |  |  | $ | (70,784) |  |  | $ | 427,063 |  |  | $ | 1,420,102 |  |  | $ | (181,483) |  |  | $ | 1,238,619 |
Cost of revenues | ADJ 8 |  | 287,573 |  |  | (28,566) |  |  | 259,007 |  |  | 819,042 |  |  | (76,587) |  |  | 742,455 |
Gross profit |  |  | 210,274 |  |  | (42,218) |  |  | 168,056 |  |  | 601,060 |  |  | (104,896) |  |  | 496,164 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expense |  |  | 121,185 |  |  | — |  |  | 121,185 |  |  | 361,182 |  |  | — |  |  | 361,182 |
Management fees |  |  | 18,346 |  |  | — |  |  | 18,346 |  |  | 51,161 |  |  | — |  |  | 51,161 |
Amortization expense | ADJ 3 |  | 22,090 |  |  | (1,205) |  |  | 20,885 |  |  | 66,308 |  |  | (3,616) |  |  | 62,692 |
Impairment expense |  |  | 32,568 |  |  | — |  |  | 32,568 |  |  | 32,568 |  |  | — |  |  | 32,568 |
Operating income (loss) |  |  | 16,085 |  |  | (41,013) |  |  | (24,928) |  |  | 89,841 |  |  | (101,280) |  |  | (11,439) |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net | ADJ 9 |  | (27,559) |  |  | (1,292) |  |  | (28,851) |  |  | (80,352) |  |  | (3,179) |  |  | (83,531) |
Amortization of debt issuance costs |  |  | (1,005) |  |  | — |  |  | (1,005) |  |  | (3,034) |  |  | — |  |  | (3,034) |
Other income (expense), net | ADJ 10 |  | 1,044 |  |  | (36,157) |  |  | (35,113) |  |  | 2,129 |  |  | (69,743) |  |  | (67,614) |
Income (loss) from continuing operations before income taxes |  |  | (11,435) |  |  | (78,462) |  |  | (89,897) |  |  | 8,584 |  |  | (174,202) |  |  | (165,618) |
Provision for income taxes | ADJ 11 |  | 4,457 |  |  | (4,157) |  |  | 300 |  |  | 16,349 |  |  | (10,186) |  |  | 6,163 |
Income (loss) from continuing operations |  |  | (15,892) |  |  | (74,305) |  |  | (90,197) |  |  | (7,765) |  |  | (164,016) |  |  | (171,781) |
Income (loss) from discontinued operations, net of income tax |  |  | 10,858 |  |  | — |  |  | 10,858 |  |  | 27,234 |  |  | — |  |  | 27,234 |
Gain on sale of discontinued operations, net of income tax |  |  | 1,274 |  |  | — |  |  | 1,274 |  |  | 103,495 |  |  | — |  |  | 103,495 |
Net income |  |  | (3,760) |  |  | (74,305) |  |  | (78,065) |  |  | 122,964 |  |  | (164,016) |  |  | (41,052) |
Less: Net income from continuing operations attributable to noncontrolling interest |  |  | 5,769 |  |  | (29,801) |  |  | (24,032) |  |  | 13,595 |  |  | (65,787) |  |  | (52,192) |
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest |  |  | 625 |  |  | — |  |  | 625 |  |  | 520 |  |  | — |  |  | 520 |
Net income attributable to Holdings |  |  | $ | (10,154) |  |  | $ | (44,504) |  |  | $ | (54,658) |  |  | $ | 108,849 |  |  | $ | (98,229) |  |  | $ | 10,620 |
Amounts attributable to common shares of Holdings: |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  |  | $ | (21,661) |  |  | $ | (44,504) |  |  | $ | (66,165) |  |  | $ | (21,360) |  |  | $ | (98,229) |  |  | $ | (119,589) |
Income (loss) from discontinued operations, net of income tax |  |  | 10,233 |  |  | — |  |  | 10,233 |  |  | 26,714 |  |  | — |  |  | 26,714 |
Gain on sale of discontinued operations, net of income tax |  |  | 1,274 |  |  | — |  |  | 1,274 |  |  | 103,495 |  |  | — |  |  | 103,495 |
Net income attributable to Holdings |  |  | $ | (10,154) |  |  | $ | (44,504) |  |  | $ | (54,658) |  |  | $ | 108,849 |  |  | $ | (98,229) |  |  | $ | 10,620 |
Basic and fully diluted income (loss) per share attributable to Holdings |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  |  | (0.48) |  |  | (0.59) |  |  | (1.07) |  |  | (1.08) |  |  | (1.28) |  |  | (2.36) |
Discontinued operations |  |  | 0.15 |  |  | — |  |  | 0.15 |  |  | 1.77 |  |  | 0.02 |  |  | 1.79 |
|  |  | $ | (0.33) |  |  | $ | (0.59) |  |  | $ | (0.92) |  |  | $ | 0.69 |  |  | $ | (1.26) |  |  | $ | (0.57) |
|  |  | Three months ended March 31, 2023
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income |  |  | $ | 109,601 |  |  | $ | (42,099) |  |  | $ | 67,502 |
Income (loss) from discontinued operations, net of income tax |  |  | 10,939 |  |  | — |  |  | 10,939 |
Gain on sale of discontinued operations, net of income tax |  |  | 97,989 |  |  | — |  |  | 97,989 |
Income (loss) from continuing operations |  |  | 673 |  |  | (42,099) |  |  | (41,426) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |  |  |  |  |
Depreciation expense |  |  | 11,006 |  |  | — |  |  | 11,006 |
Amortization expense - intangibles | ADJ 3 |  | 22,108 |  |  | (1,206) |  |  | 20,902 |
Amortization expense - inventory step-up | ADJ 3 |  | 1,175 |  |  | (1,175) |  |  | — |
Amortization of debt issuance costs |  |  | 1,005 |  |  | — |  |  | 1,005 |
Noncontrolling stockholder stock based compensation |  |  | 1,329 |  |  | — |  |  | 1,329 |
Provision for receivable and inventory reserves |  |  | (1,267) |  |  | 1,611 |  |  | 344 |
Deferred taxes |  |  | (2,941) |  |  | — |  |  | (2,941) |
Other |  |  | 398 |  |  | — |  |  | 398 |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |  |
Accounts receivable | ADJ 1 |  | 9,319 |  |  | 5,799 |  |  | 15,118 |
Inventories | ADJ 2 |  | (47,450) |  |  | 26,751 |  |  | (20,699) |
Other current and non-current assets |  |  | 2,019 |  |  | — |  |  | 2,019 |
Accounts payable and accrued expenses | ADJ 4 |  | (859) |  |  | (4,251) |  |  | (5,110) |
Net cash provided by (used in) operating activities - continuing operations |  |  | (3,485) |  |  | (14,570) |  |  | (18,055) |
Net cash provided by operating activities - discontinued operations |  |  | 19,029 |  |  | — |  |  | 19,029 |
Net cash provided by (used in) operating activities |  |  | 15,544 |  |  | (14,570) |  |  | 974 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (14,874) |  |  | — |  |  | (14,874) |
Proceeds from sale of businesses |  |  | 103,042 |  |  | — |  |  | 103,042 |
Other investing activities |  |  | (219) |  |  | — |  |  | (219) |
Net cash provided by (used in) investing activities - continuing operations |  |  | 87,949 |  |  | — |  |  | 87,949 |
Net cash provided by (used in) investing activities - discontinued operations |  |  | 66,776 |  |  | — |  |  | 66,776 |
Net cash provided by (used in) investing activities |  |  | 154,725 |  |  | — |  |  | 154,725 |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from the issuance of Trust common shares, net |  |  | (48) |  |  | — |  |  | (48) |
Proceeds and expenses from issuance of Trust preferred shares, net |  |  | (3,954) |  |  | — |  |  | (3,954) |
Borrowings under credit facility |  |  | 76,000 |  |  | — |  |  | 76,000 |
Repayments under credit facility |  |  | (223,000) |  |  | — |  |  | (223,000) |
Repayments - Term Loan |  |  | (2,500) |  |  | — |  |  | (2,500) |
Subsidiary financing arrangements - borrowings | ADJ 5 |  | — |  |  | 31,477 |  |  | 31,477 |
Subsidiary financing arrangements - repayments | ADJ 5 |  | — |  |  | (16,907) |  |  | (16,907) |
Distributions paid - common shares |  |  | (18,051) |  |  | — |  |  | (18,051) |
Distributions paid - preferred shares |  |  | (6,045) |  |  | — |  |  | (6,045) |
Net proceeds provided by noncontrolling shareholders |  |  | 5 |  |  | — |  |  | 5 |
Purchase of noncontrolling interest |  |  | (848) |  |  | — |  |  | (848) |
Other |  |  | (5) |  |  | — |  |  | (5) |
Net cash provided by (used in) financing activities |  |  | (178,446) |  |  | 14,570 |  |  | (163,876) |
Foreign currency impact on cash |  |  | 562 |  |  | — |  |  | 562 |
Net increase (decrease) in cash and cash equivalents |  |  | (7,615) |  |  | — |  |  | (7,615) |
Cash and cash equivalents — beginning of period (1) |  |  | 61,271 |  |  | (68) |  |  | 61,203 |
Cash and cash equivalents — end of period |  |  | $ | 53,656 |  |  | $ | (68) |  |  | $ | 53,588 |
|  |  | Six months ended June 30, 2023
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income |  |  | $ | 126,724 |  |  | $ | (89,711) |  |  | $ | 37,013 |
Income (loss) from discontinued operations, net of income tax |  |  | 16,376 |  |  | — |  |  | 16,376 |
Gain on sale of discontinued operations, net of income tax |  |  | 102,221 |  |  | — |  |  | 102,221 |
Income (loss) from continuing operations |  |  | 8,127 |  |  | (89,711) |  |  | (81,584) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |  |  |  |  |
Depreciation expense |  |  | 22,965 |  |  | — |  |  | 22,965 |
Amortization expense - intangibles | ADJ 3 |  | 44,218 |  |  | (2,411) |  |  | 41,807 |
Amortization expense - inventory step-up | ADJ 3 |  | 1,175 |  |  | (1,175) |  |  | — |
Amortization of debt issuance costs |  |  | 2,029 |  |  | — |  |  | 2,029 |
Noncontrolling stockholder stock based compensation |  |  | 4,224 |  |  | — |  |  | 4,224 |
Provision for receivable and inventory reserves |  |  | (2,044) |  |  | 2,681 |  |  | 637 |
Deferred taxes |  |  | (5,291) |  |  | — |  |  | (5,291) |
Other |  |  | 1,097 |  |  | (2) |  |  | 1,095 |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |  |
Accounts receivable | ADJ 1 |  | 18,924 |  |  | 233 |  |  | 19,157 |
Inventories | ADJ 2 |  | (73,357) |  |  | 42,939 |  |  | (30,418) |
Other current and non-current assets |  |  | (2,993) |  |  | — |  |  | (2,993) |
Accounts payable and accrued expenses | ADJ 4 |  | (37,622) |  |  | 24,411 |  |  | (13,211) |
Net cash provided by (used in) operating activities - continuing operations |  |  | (18,548) |  |  | (23,035) |  |  | (41,583) |
Net cash provided by operating activities - discontinued operations |  |  | 55,788 |  |  | — |  |  | 55,788 |
Net cash provided by (used in) operating activities |  |  | 37,240 |  |  | (23,035) |  |  | 14,205 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (28,330) |  |  | — |  |  | (28,330) |
Proceeds from sale of businesses |  |  | 105,123 |  |  | — |  |  | 105,123 |
Other investing activities |  |  | (737) |  |  | — |  |  | (737) |
Net cash provided by (used in) investing activities - continuing operations |  |  | 76,056 |  |  | — |  |  | 76,056 |
Net cash provided by (used in) investing activities - discontinued operations |  |  | 41,773 |  |  | — |  |  | 41,773 |
Net cash provided by (used in) investing activities |  |  | 117,829 |  |  | — |  |  | 117,829 |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from the issuance of Trust common shares, net |  |  | (91) |  |  | — |  |  | (91) |
Proceeds and expenses from issuance of Trust preferred shares, net |  |  | (5,856) |  |  | — |  |  | (5,856) |
Borrowings under credit facility |  |  | 217,000 |  |  | — |  |  | 217,000 |
Repayments under credit facility |  |  | (280,000) |  |  | — |  |  | (280,000) |
Repayments - Term Loan |  |  | (5,000) |  |  | — |  |  | (5,000) |
Subsidiary financing arrangements - borrowings | ADJ 5 |  | — |  |  | 60,272 |  |  | 60,272 |
Subsidiary financing arrangements - repayments | ADJ 5 |  | — |  |  | (37,237) |  |  | (37,237) |
Distributions paid - common shares |  |  | (36,038) |  |  | — |  |  | (36,038) |
Distributions paid - preferred shares |  |  | (12,091) |  |  | — |  |  | (12,091) |
Net proceeds provided by noncontrolling shareholders |  |  | 57 |  |  | — |  |  | 57 |
Purchase of noncontrolling interest |  |  | (1,115) |  |  | — |  |  | (1,115) |
Distributions paid - Allocation Interests |  |  | (26,475) |  |  | — |  |  | (26,475) |
Other |  |  | (10) |  |  | — |  |  | (10) |
Net cash provided by (used in) financing activities |  |  | (149,619) |  |  | 23,035 |  |  | (126,584) |
Foreign currency impact on cash |  |  | 634 |  |  | — |  |  | 634 |
Net increase (decrease) in cash and cash equivalents |  |  | 6,084 |  |  | — |  |  | 6,084 |
Cash and cash equivalents — beginning of period (1) |  |  | 61,271 |  |  | (68) |  |  | 61,203 |
Cash and cash equivalents — end of period |  |  | $ | 67,355 |  |  | $ | (68) |  |  | $ | 67,287 |
|  |  | Nine months ended September 30, 2023
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income |  |  | $ | 122,964 |  |  | $ | (164,016) |  |  | $ | (41,052) |
Income (loss) from discontinued operations, net of income tax |  |  | 27,234 |  |  | — |  |  | 27,234 |
Gain on sale of discontinued operations, net of income tax |  |  | 103,495 |  |  | — |  |  | 103,495 |
Income (loss) from continuing operations |  |  | (7,765) |  |  | (164,016) |  |  | (171,781) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |  |  |  |  |
Depreciation expense |  |  | 34,817 |  |  | — |  |  | 34,817 |
Amortization expense - intangibles | ADJ 3 |  | 66,308 |  |  | (3,616) |  |  | 62,692 |
Amortization expense - inventory step-up | ADJ 3 |  | 1,175 |  |  | (1,175) |  |  | — |
Amortization of debt issuance costs |  |  | 3,034 |  |  | — |  |  | 3,034 |
Impairment expense |  |  | 32,568 |  |  | — |  |  | 32,568 |
Noncontrolling stockholder stock based compensation |  |  | 6,662 |  |  | — |  |  | 6,662 |
Provision for receivable and inventory reserves |  |  | (257) |  |  | 3,182 |  |  | 2,925 |
Deferred taxes |  |  | (10,995) |  |  | — |  |  | (10,995) |
Other |  |  | 880 |  |  | 108 |  |  | 988 |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |  |
Accounts receivable | ADJ 1 |  | (22,153) |  |  | 12,702 |  |  | (9,451) |
Inventories | ADJ 2 |  | (87,744) |  |  | 76,317 |  |  | (11,427) |
Other current and non-current assets |  |  | (3,692) |  |  | — |  |  | (3,692) |
Accounts payable and accrued expenses | ADJ 4 |  | (21,851) |  |  | 32,562 |  |  | 10,711 |
Net cash provided by (used in) operating activities - continuing operations |  |  | (9,013) |  |  | (43,936) |  |  | (52,949) |
Net cash provided by operating activities - discontinued operations |  |  | 65,965 |  |  | — |  |  | 65,965 |
Net cash provided by (used in) operating activities |  |  | 56,952 |  |  | (43,936) |  |  | 13,016 |
Cash flows from investing activities: |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (38,156) |  |  | — |  |  | (38,156) |
Proceeds from sale of businesses |  |  | 105,123 |  |  | — |  |  | 105,123 |
Other investing activities |  |  | (1,324) |  |  | — |  |  | (1,324) |
Net cash provided by (used in) investing activities - continuing operations |  |  | 65,643 |  |  | — |  |  | 65,643 |
Net cash provided by (used in) investing activities - discontinued operations |  |  | 38,648 |  |  | — |  |  | 38,648 |
Net cash provided by (used in) investing activities |  |  | 104,291 |  |  | — |  |  | 104,291 |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from the issuance of Trust common shares, net |  |  | (127) |  |  | — |  |  | (127) |
Proceeds and expenses from issuance of Trust preferred shares, net |  |  | (7,389) |  |  | — |  |  | (7,389) |
Borrowings under credit facility |  |  | 287,000 |  |  | — |  |  | 287,000 |
Repayments under credit facility |  |  | (330,000) |  |  | — |  |  | (330,000) |
Repayments - Term Loan |  |  | (7,500) |  |  | — |  |  | (7,500) |
Subsidiary financing arrangements - borrowings | ADJ 5 |  | — |  |  | 94,144 |  |  | 94,144 |
Subsidiary financing arrangements - repayments | ADJ 5 |  | — |  |  | (50,208) |  |  | (50,208) |
Distributions paid - common shares |  |  | (54,012) |  |  | — |  |  | (54,012) |
Distributions paid - preferred shares |  |  | (18,136) |  |  | — |  |  | (18,136) |
Net proceeds provided by noncontrolling shareholders |  |  | 350 |  |  | — |  |  | 350 |
Purchase of noncontrolling interest |  |  | (1,622) |  |  | — |  |  | (1,622) |
Distributions paid - Allocation Interests |  |  | (26,475) |  |  | — |  |  | (26,475) |
Other |  |  | (16) |  |  | — |  |  | (16) |
Net cash provided by (used in) financing activities |  |  | (157,927) |  |  | 43,936 |  |  | (113,991) |
Foreign currency impact on cash |  |  | 150 |  |  | — |  |  | 150 |
Net increase (decrease) in cash and cash equivalents |  |  | 3,466 |  |  | — |  |  | 3,466 |
Cash and cash equivalents — beginning of period (1) |  |  | 61,271 |  |  | (68) |  |  | 61,203 |
Cash and cash equivalents — end of period |  |  | $ | 64,737 |  |  | $ | (68) |  |  | $ | 64,669 |
(in thousands) |  |  | March 31, 2022 |  |  |  | March 31, 2022
| Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 87,082 |  |  | $ | (68) |  |  | $ | 87,014 |
Accounts receivable, net | ADJ 1 |  | 225,432 |  |  | (28,197) |  |  | 197,235 |
Inventories, net | ADJ 2 |  | 575,435 |  |  | (94,684) |  |  | 480,751 |
Prepaid expenses and other current assets | ADJ 2 |  | 58,335 |  |  | (21,196) |  |  | 37,139 |
Current assets of discontinued operations |  |  | 123,591 |  |  | — |  |  | 123,591 |
Total current assets |  |  | 1,069,875 |  |  | (144,145) |  |  | 925,730 |
Property, plant and equipment, net |  |  | 164,276 |  |  | — |  |  | 164,276 |
Goodwill | ADJ 3 |  | 651,528 |  |  | (63,009) |  |  | 588,519 |
Intangible assets, net | ADJ 3 |  | 709,446 |  |  | (75,467) |  |  | 633,979 |
Other non-current assets |  |  | 131,795 |  |  | 7 |  |  | 131,802 |
Non-current assets of discontinued operations |  |  | 410,609 |  |  | $ | — |  |  | $ | 410,609 |
Total assets |  |  | $ | 3,137,529 |  |  | $ | (282,614) |  |  | $ | 2,854,915 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable |  |  | 83,270 |  |  | (1,820) |  |  | 81,450 |
Accrued expenses | ADJ 4 |  | 171,384 |  |  | 19,262 |  |  | 190,646 |
Due to related parties (refer to Note Q) |  |  | 13,099 |  |  | — |  |  | 13,099 |
Current portion, long-term debt |  |  | — |  |  | — |  |  | — |
Subsidiary financing arrangements | ADJ 5 |  | — |  |  | 36,046 |  |  | 36,046 |
Other current liabilities |  |  | 30,772 |  |  | — |  |  | 30,772 |
Current liabilities of discontinued operations |  |  | 38,410 |  |  | — |  |  | 38,410 |
Total current liabilities |  |  | 336,935 |  |  | 53,488 |  |  | 390,423 |
Deferred income taxes |  |  | 70,765 |  |  | (20,416) |  |  | 50,349 |
Long-term debt |  |  | 1,285,304 |  |  | — |  |  | 1,285,304 |
Other non-current liabilities |  |  | 105,730 |  |  | — |  |  | 105,730 |
Non-current liabilities of discontinued operations |  |  | 35,367 |  |  | — |  |  | 35,367 |
Total liabilities |  |  | 1,834,101 |  |  | 33,072 |  |  | 1,867,173 |
Stockholders’ equity |  |  |  |  |  |  |
Trust preferred shares, 50,000 authorized; 12,600 shares issued and outstanding at March 31, 2022 |  |  | 303,918 |  |  | — |  |  | 303,918 |
Trust common shares, no par value, 500,000 authorized; 69,450 shares issued and outstanding at March 31, 2022 |  |  | 1,143,354 |  |  | — |  |  | 1,143,354 |
Accumulated other comprehensive income (loss) |  |  | (228) |  |  | — |  |  | (228) |
Accumulated deficit |  |  | (313,902) |  |  | (189,069) |  |  | (502,971) |
Total stockholders’ equity attributable to Holdings |  |  | 1,133,142 |  |  | (189,069) |  |  | 944,073 |
Noncontrolling interest | ADJ 6 |  | 135,246 |  |  | (126,617) |  |  | 8,629 |
Noncontrolling interest of discontinued operations |  |  | 35,040 |  |  | — |  |  | 35,040 |
Total stockholders’ equity |  |  | 1,303,428 |  |  | (315,686) |  |  | 987,742 |
Total liabilities and stockholders’ equity |  |  | 3,137,529 |  |  | (282,614) |  |  | 2,854,915 |
(in thousands) |  |  | June 30, 2022 |  |  |  | June 30, 2022
| Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 94,122 |  |  | $ | (68) |  |  | $ | 94,054 |
Accounts receivable, net | ADJ 1 |  | 242,675 |  |  | (37,871) |  |  | 204,804 |
Inventories, net | ADJ 2 |  | 643,255 |  |  | (105,295) |  |  | 537,960 |
Prepaid expenses and other current assets | ADJ 2 |  | 57,101 |  |  | (6,232) |  |  | 50,869 |
Current assets of discontinued operations |  |  | 111,941 |  |  | — |  |  | 111,941 |
Total current assets |  |  | 1,149,094 |  |  | (149,466) |  |  | 999,628 |
Property, plant and equipment, net |  |  | 167,217 |  |  | — |  |  | 167,217 |
Goodwill | ADJ 3 |  | 649,268 |  |  | (63,010) |  |  | 586,258 |
Intangible assets, net | ADJ 3 |  | 694,438 |  |  | (74,300) |  |  | 620,138 |
Other non-current assets |  |  | 136,586 |  |  | 6 |  |  | 136,592 |
Non-current assets of discontinued operations |  |  | 406,730 |  |  | — |  |  | 406,730 |
Total assets |  |  | $ | 3,203,333 |  |  | $ | (286,770) |  |  | $ | 2,916,563 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable |  |  | 95,520 |  |  | (1,350) |  |  | 94,170 |
Accrued expenses | ADJ 4 |  | 170,545 |  |  | 36,592 |  |  | 207,137 |
Due to related parties (refer to Note Q) |  |  | 13,501 |  |  | — |  |  | 13,501 |
Current portion, long-term debt |  |  | — |  |  | — |  |  | — |
Subsidiary financing arrangements | ADJ 5 |  | — |  |  | 40,114 |  |  | 40,114 |
Other current liabilities |  |  | 30,351 |  |  | — |  |  | 30,351 |
Current liabilities of discontinued operations |  |  | 36,594 |  |  | — |  |  | 36,594 |
Total current liabilities |  |  | 346,511 |  |  | 75,356 |  |  | 421,867 |
Deferred income taxes |  |  | 67,948 |  |  | (19,687) |  |  | 48,261 |
Long-term debt |  |  | 1,285,747 |  |  | — |  |  | 1,285,747 |
Other non-current liabilities |  |  | 114,981 |  |  | — |  |  | 114,981 |
Non-current liabilities of discontinued operations |  |  | 33,300 |  |  | — |  |  | 33,300 |
Total liabilities |  |  | 1,848,487 |  |  | 55,669 |  |  | 1,904,156 |
Stockholders’ equity |  |  |  |  |  |  |
Trust preferred shares, 50,000 authorized; 12,600 shares issued and outstanding at June 30, 2022 |  |  | 303,918 |  |  | — |  |  | 303,918 |
Trust common shares, no par value, 500,000 authorized; 71,268 shares issued and outstanding at June 30, 2022 |  |  | 1,185,348 |  |  | — |  |  | 1,185,348 |
Accumulated other comprehensive income (loss) |  |  | (665) |  |  | — |  |  | (665) |
Accumulated deficit |  |  | (311,092) |  |  | (205,091) |  |  | (516,183) |
Total stockholders’ equity attributable to Holdings |  |  | 1,177,509 |  |  | (205,091) |  |  | 972,418 |
Noncontrolling interest | ADJ 6 |  | 140,446 |  |  | (137,348) |  |  | 3,098 |
Noncontrolling interest of discontinued operations |  |  | 36,891 |  |  | — |  |  | 36,891 |
Total stockholders’ equity |  |  | 1,354,846 |  |  | (342,439) |  |  | 1,012,407 |
Total liabilities and stockholders’ equity |  |  | 3,203,333 |  |  | (286,770) |  |  | 2,916,563 |
(in thousands) |  |  | September 30, 2022 |  |  |  | September 30, 2022
| Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 50,685 |  |  | $ | (68) |  |  | $ | 50,617 |
Accounts receivable, net | ADJ 1 |  | 278,496 |  |  | (49,254) |  |  | 229,242 |
Inventories, net | ADJ 2 |  | 658,158 |  |  | (102,305) |  |  | 555,853 |
Prepaid expenses and other current assets | ADJ 2 |  | 70,838 |  |  | (11,172) |  |  | 59,666 |
Current assets of discontinued operations |  |  | 136,373 |  |  | — |  |  | 136,373 |
Total current assets |  |  | 1,194,550 |  |  | (162,799) |  |  | 1,031,751 |
Property, plant and equipment, net |  |  | 171,317 |  |  | — |  |  | 171,317 |
Goodwill | ADJ 3 |  | 991,475 |  |  | (63,009) |  |  | 928,466 |
Intangible assets, net | ADJ 3 |  | 929,787 |  |  | (73,131) |  |  | 856,656 |
Other non-current assets |  |  | 151,246 |  |  | — |  |  | 151,246 |
Non-current assets of discontinued operations |  |  | $ | 402,922 |  |  | $ | — |  |  | $ | 402,922 |
Total assets |  |  | $ | 3,841,297 |  |  | $ | (298,939) |  |  | $ | 3,542,358 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable |  |  | 88,281 |  |  | (1,837) |  |  | 86,444 |
Accrued expenses | ADJ 4 |  | 194,416 |  |  | 48,150 |  |  | 242,566 |
Due to related parties (refer to Note Q) |  |  | 14,993 |  |  | — |  |  | 14,993 |
Current portion, long-term debt |  |  | 10,000 |  |  | — |  |  | 10,000 |
Subsidiary financing arrangements | ADJ 5 |  | — |  |  | 45,977 |  |  | 45,977 |
Other current liabilities |  |  | 35,720 |  |  | — |  |  | 35,720 |
Current liabilities of discontinued operations |  |  | 33,480 |  |  | — |  |  | 33,480 |
Total current liabilities |  |  | 376,890 |  |  | 92,290 |  |  | 469,180 |
Deferred income taxes |  |  | 128,318 |  |  | (18,954) |  |  | 109,364 |
Long-term debt |  |  | 1,784,365 |  |  | — |  |  | 1,784,365 |
Other non-current liabilities |  |  | 126,588 |  |  | — |  |  | 126,588 |
Non-current liabilities of discontinued operations |  |  | 33,153 |  |  | — |  |  | 33,153 |
Total liabilities |  |  | 2,449,314 |  |  | 73,336 |  |  | 2,522,650 |
Stockholders’ equity |  |  |  |  |  |  |
Trust preferred shares, 50,000 authorized; 12,600 shares issued and outstanding at September 30, 2022 |  |  | 303,918 |  |  | — |  |  | 303,918 |
Trust common shares, no par value, 500,000 authorized; 72,203 shares issued and outstanding at September 30, 2022 |  |  | 1,207,082 |  |  | — |  |  | 1,207,082 |
Accumulated other comprehensive income (loss) |  |  | (2,593) |  |  | — |  |  | (2,593) |
Accumulated deficit |  |  | (336,842) |  |  | (222,960) |  |  | (559,802) |
Total stockholders’ equity attributable to Holdings |  |  | 1,171,565 |  |  | (222,960) |  |  | 948,605 |
Noncontrolling interest | ADJ 6 |  | 181,581 |  |  | (149,315) |  |  | 32,266 |
Noncontrolling interest of discontinued operations |  |  | 38,837 |  |  | — |  |  | 38,837 |
Total stockholders’ equity |  |  | 1,391,983 |  |  | (372,275) |  |  | 1,019,708 |
Total liabilities and stockholders’ equity |  |  | 3,841,297 |  |  | (298,939) |  |  | 3,542,358 |
|  |  | Three months ended March 31, 2022
(in thousands) | Adj. Reference |  | As reported |  | Adjustments |  | As adjusted
Net revenues | ADJ 7 |  | $ | 438,211 |  |  | $ | (37,997) |  |  | $ | 400,214 |
Cost of revenues | ADJ 8 |  | 272,919 |  |  | (19,187) |  |  | 253,732 |
Gross profit |  |  | 165,292 |  |  | (18,810) |  |  | 146,482 |
Operating expenses: |  |  |  |  |  |  |
Selling, general and administrative expense |  |  | 97,082 |  |  | — |  |  | 97,082 |
Management fees |  |  | 14,186 |  |  | — |  |  | 14,186 |
Amortization expense |  |  | 17,031 |  |  | (1,079) |  |  | 15,952 |
Impairment expense |  |  | — |  |  | 2,879 |  |  | 2,879 |
Operating income (loss) |  |  | 36,993 |  |  | (20,610) |  |  | 16,383 |
Other income (expense): |  |  |  |  |  |  |
Interest expense, net | ADJ 9 |  | (17,419) |  |  | (445) |  |  | (17,864) |
Amortization of debt issuance costs |  |  | (866) |  |  | — |  |  | (866) |
Other income (expense), net | ADJ 10 |  | 230 |  |  | (23,632) |  |  | (23,402) |
Income (loss) from continuing operations before income taxes |  |  | 18,938 |  |  | (44,687) |  |  | (25,749) |
Provision for income taxes | ADJ 11 |  | 7,571 |  |  | (2,378) |  |  | 5,193 |
Income (loss) from continuing operations |  |  | 11,367 |  |  | (42,309) |  |  | (30,942) |
Income (loss) from discontinued operations, net of income tax |  |  | 12,380 |  |  | — |  |  | 12,380 |
Gain on sale of discontinued operations, net of income tax |  |  | 5,993 |  |  | — |  |  | 5,993 |
Net income (loss) |  |  | 29,740 |  |  | (42,309) |  |  | (12,569) |
Less: Net income (loss) from continuing operations attributable to noncontrolling interest |  |  | 4,658 |  |  | (16,970) |  |  | (12,312) |
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest |  |  | 1,320 |  |  | — |  |  | 1,320 |
Net income attributable to Holdings |  |  | $ | 23,762 |  |  | $ | (25,339) |  |  | $ | (1,577) |
Amounts attributable to common shares of Holdings: |  |  |  |  |  |  |
Income (loss) from continuing operations |  |  | $ | 6,709 |  |  | $ | (25,339) |  |  | $ | (18,630) |
Income from discontinued operations, net of income tax |  |  | 11,060 |  |  | — |  |  | 11,060 |
Gain on sale of discontinued operations, net of income tax |  |  | 5,993 |  |  | — |  |  | 5,993 |
Net income attributable to Holdings |  |  | $ | 23,762 |  |  | $ | (25,339) |  |  | $ | (1,577) |
Basic and fully diluted income (loss) per share attributable to Holdings |  |  |  |  |  |  |
Continuing operations |  |  | (0.08) |  |  | (0.34) |  |  | (0.42) |
Discontinued operations |  |  | 0.22 |  |  | 0.01 |  |  | 0.23 |
|  |  | $ | 0.14 |  |  | $ | (0.33) |  |  | $ | (0.19) |
|  |  | Three months ended June 30, 2022 |  | Six months ended June 30, 2022
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated |  | As Reported |  | Adjustments |  | As Restated
Net revenues | ADJ 7 |  | $ | 461,455 |  |  | $ | (34,198) |  |  | $ | 427,257 |  |  | $ | 899,666 |  |  | $ | (72,195) |  |  | $ | 827,471 |
Cost of revenues | ADJ 8 |  | 279,105 |  |  | (17,054) |  |  | 262,051 |  |  | 552,024 |  |  | (36,241) |  |  | 515,783 |
Gross profit |  |  | 182,350 |  |  | (17,144) |  |  | 165,206 |  |  | 347,642 |  |  | (35,954) |  |  | 311,688 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expense |  |  | 102,656 |  |  | — |  |  | 102,656 |  |  | 199,738 |  |  | — |  |  | 199,738 |
Management fees |  |  | 14,651 |  |  | — |  |  | 14,651 |  |  | 28,837 |  |  | — |  |  | 28,837 |
Amortization expense |  |  | 16,845 |  |  | (1,169) |  |  | 15,676 |  |  | 33,876 |  |  | (2,248) |  |  | 31,628 |
Impairment expense |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,879 |  |  | 2,879 |
Operating income (loss) |  |  | 48,198 |  |  | (15,975) |  |  | 32,223 |  |  | 85,191 |  |  | (36,585) |  |  | 48,606 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net | ADJ 9 |  | (17,507) |  |  | (323) |  |  | (17,830) |  |  | (34,926) |  |  | (769) |  |  | (35,695) |
Amortization of debt issuance costs |  |  | (865) |  |  | — |  |  | (865) |  |  | (1,731) |  |  | — |  |  | (1,731) |
Other income (expense), net |  |  | 717 |  |  | (11,522) |  |  | (10,805) |  |  | 947 |  |  | (35,153) |  |  | (34,206) |
Income (loss) from continuing operations before income taxes |  |  | 30,543 |  |  | (27,820) |  |  | 2,723 |  |  | 49,481 |  |  | (72,507) |  |  | (23,026) |
Provision for income taxes | ADJ 11 |  | 6,483 |  |  | (1,068) |  |  | 5,415 |  |  | 14,054 |  |  | (3,447) |  |  | 10,607 |
Income (loss) from continuing operations |  |  | 24,060 |  |  | (26,752) |  |  | (2,692) |  |  | 35,427 |  |  | (69,060) |  |  | (33,633) |
Income (loss) from discontinued operations, net of income tax |  |  | 7,476 |  |  | — |  |  | 7,476 |  |  | 19,856 |  |  | — |  |  | 19,856 |
Gain on sale of discontinued operations, net of income tax |  |  | (579) |  |  | — |  |  | (579) |  |  | 5,414 |  |  | — |  |  | 5,414 |
Net income |  |  | 30,957 |  |  | (26,752) |  |  | 4,205 |  |  | 60,697 |  |  | (69,060) |  |  | (8,363) |
Less: Net income from continuing operations attributable to noncontrolling interest |  |  | 3,519 |  |  | (10,731) |  |  | (7,212) |  |  | 8,177 |  |  | (27,701) |  |  | (19,524) |
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest |  |  | 1,071 |  |  | — |  |  | 1,071 |  |  | 2,391 |  |  | — |  |  | 2,391 |
Net income attributable to Holdings |  |  | $ | 26,367 |  |  | $ | (16,021) |  |  | $ | 10,346 |  |  | $ | 50,129 |  |  | $ | (41,359) |  |  | $ | 8,770 |
Amounts attributable to common shares of Holdings: |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  |  | $ | 20,541 |  |  | $ | (16,021) |  |  | $ | 4,520 |  |  | $ | 27,250 |  |  | $ | (41,359) |  |  | $ | (14,109) |
Income (loss) from discontinued operations, net of income tax |  |  | 6,405 |  |  | — |  |  | 6,405 |  |  | 17,465 |  |  | — |  |  | 17,465 |
Gain on sale of discontinued operations, net of income tax |  |  | (579) |  |  | — |  |  | (579) |  |  | 5,414 |  |  | — |  |  | 5,414 |
Net income attributable to Holdings |  |  | $ | 26,367 |  |  | $ | (16,021) |  |  | $ | 10,346 |  |  | $ | 50,129 |  |  | $ | (41,359) |  |  | $ | 8,770 |
Basic and fully diluted income (loss) per share attributable to Holdings |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  |  | 0.11 |  |  | (0.22) |  |  | (0.11) |  |  | 0.06 |  |  | (0.55) |  |  | (0.49) |
Discontinued operations |  |  | 0.06 |  |  | 0.01 |  |  | 0.07 |  |  | 0.31 |  |  | — |  |  | 0.31 |
|  |  | $ | 0.17 |  |  | $ | (0.21) |  |  | $ | (0.04) |  |  | $ | 0.37 |  |  | $ | (0.55) |  |  | $ | (0.18) |
|  |  | Three months ended September 30, 2022 |  | Nine months ended September 30, 2022
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated |  | As Reported |  | Adjustments |  | As Restated
Net revenues | ADJ 7 |  | $ | 511,526 |  |  | $ | (37,586) |  |  | $ | 473,940 |  |  | $ | 1,411,192 |  |  | $ | (109,782) |  |  | $ | 1,301,410 |
Cost of revenues | ADJ 8 |  | 319,993 |  |  | (18,914) |  |  | 301,079 |  |  | 872,017 |  |  | (55,155) |  |  | 816,862 |
Gross profit |  |  | 191,533 |  |  | (18,672) |  |  | 172,861 |  |  | 539,175 |  |  | (54,627) |  |  | 484,548 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expense |  |  | 119,361 |  |  | — |  |  | 119,361 |  |  | 319,099 |  |  | — |  |  | 319,099 |
Management fees |  |  | 16,342 |  |  | — |  |  | 16,342 |  |  | 45,179 |  |  | — |  |  | 45,179 |
Amortization expense |  |  | 20,340 |  |  | (1,168) |  |  | 19,172 |  |  | 54,216 |  |  | (3,416) |  |  | 50,800 |
Impairment expense |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,879 |  |  | 2,879 |
Operating income (loss) |  |  | 35,490 |  |  | (17,504) |  |  | 17,986 |  |  | 120,681 |  |  | (54,090) |  |  | 66,591 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net | ADJ 9 |  | (22,796) |  |  | (442) |  |  | (23,238) |  |  | (57,722) |  |  | (1,210) |  |  | (58,932) |
Amortization of debt issuance costs |  |  | (1,004) |  |  | — |  |  | (1,004) |  |  | (2,735) |  |  | — |  |  | (2,735) |
Loss on debt extinguishment |  |  | (534) |  |  | — |  |  | (534) |  |  | (534) |  |  | — |  |  | (534) |
Other income (expense), net | ADJ 10 |  | (1,916) |  |  | (12,346) |  |  | (14,262) |  |  | (969) |  |  | (47,499) |  |  | (48,468) |
Income (loss) from continuing operations before income taxes |  |  | 9,240 |  |  | (30,292) |  |  | (21,052) |  |  | 58,721 |  |  | (102,799) |  |  | (44,078) |
Provision for income taxes | ADJ 11 |  | 19,294 |  |  | (457) |  |  | 18,837 |  |  | 33,348 |  |  | (3,903) |  |  | 29,445 |
Income (loss) from continuing operations |  |  | (10,054) |  |  | (29,835) |  |  | (39,889) |  |  | 25,373 |  |  | (98,896) |  |  | (73,523) |
Income (loss) from discontinued operations, net of income tax |  |  | 11,160 |  |  | — |  |  | 11,160 |  |  | 31,016 |  |  | — |  |  | 31,016 |
Gain on sale of discontinued operations, net of income tax |  |  | 1,479 |  |  | — |  |  | 1,479 |  |  | 6,893 |  |  | — |  |  | 6,893 |
Net income |  |  | 2,585 |  |  | (29,835) |  |  | (27,250) |  |  | 63,282 |  |  | (98,896) |  |  | (35,614) |
Less: Net income from continuing operations attributable to noncontrolling interest |  |  | 3,436 |  |  | (11,967) |  |  | (8,531) |  |  | 11,613 |  |  | (39,668) |  |  | (28,055) |
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest |  |  | 923 |  |  | — |  |  | 923 |  |  | 3,314 |  |  | — |  |  | 3,314 |
Net income attributable to Holdings |  |  | $ | (1,774) |  |  | $ | (17,868) |  |  | $ | (19,642) |  |  | $ | 48,355 |  |  | $ | (59,228) |  |  | $ | (10,873) |
Amounts attributable to common shares of Holdings: |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  |  | $ | (13,490) |  |  | $ | (17,868) |  |  | $ | (31,358) |  |  | $ | 13,760 |  |  | $ | (59,228) |  |  | $ | (45,468) |
Income (loss) from discontinued operations, net of income tax |  |  | 10,237 |  |  | — |  |  | 10,237 |  |  | 27,702 |  |  | — |  |  | 27,702 |
Gain on sale of discontinued operations, net of income tax |  |  | 1,479 |  |  | — |  |  | 1,479 |  |  | 6,893 |  |  | — |  |  | 6,893 |
Net income attributable to Holdings |  |  | $ | (1,774) |  |  | $ | (17,868) |  |  | $ | (19,642) |  |  | $ | 48,355 |  |  | $ | (59,228) |  |  | $ | (10,873) |
Basic and fully diluted income (loss) per share attributable to Holdings |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  |  | (0.35) |  |  | (0.25) |  |  | (0.60) |  |  | (0.25) |  |  | (0.80) |  |  | (1.05) |
Discontinued operations |  |  | 0.14 |  |  | 0.01 |  |  | 0.15 |  |  | 0.45 |  |  | 0.02 |  |  | 0.47 |
|  |  | $ | (0.21) |  |  | $ | (0.24) |  |  | $ | (0.45) |  |  | $ | 0.20 |  |  | $ | (0.78) |  |  | $ | (0.58) |
|  |  | Three months ended March 31, 2022
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income |  |  | $ | 29,740 |  |  | $ | (42,309) |  |  | $ | (12,569) |
Income (loss) from discontinued operations, net of income tax |  |  | 12,380 |  |  | — |  |  | 12,380 |
Gain on sale of discontinued operations, net of income tax |  |  | 5,993 |  |  | — |  |  | 5,993 |
Income (loss) from continuing operations |  |  | 11,367 |  |  | (42,309) |  |  | (30,942) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |  |  |  |  |
Depreciation expense |  |  | 9,316 |  |  | — |  |  | 9,316 |
Amortization expense - intangibles | ADJ 3 |  | 17,031 |  |  | (1,079) |  |  | 15,952 |
Amortization expense - inventory step-up | ADJ 3 |  | 799 |  |  | (799) |  |  | — |
Amortization of debt issuance costs |  |  | 866 |  |  | — |  |  | 866 |
Impairment expense |  |  | — |  |  | 2,879 |  |  | 2,879 |
Noncontrolling stockholder stock based compensation |  |  | 1,992 |  |  | — |  |  | 1,992 |
Provision for receivable and inventory reserves |  |  | (1,502) |  |  | 2,704 |  |  | 1,202 |
Deferred taxes |  |  | (860) |  |  | 512 |  |  | (348) |
Other |  |  | 187 |  |  | — |  |  | 187 |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |  |
Accounts receivable | ADJ 1 |  | 9,897 |  |  | 2,645 |  |  | 12,542 |
Inventories | ADJ 2 |  | (61,542) |  |  | 15,269 |  |  | (46,273) |
Other current and non-current assets |  |  | (2,588) |  |  | — |  |  | (2,588) |
Accounts payable and accrued expenses | ADJ 4 |  | (25,652) |  |  | 13,937 |  |  | (11,715) |
Net cash provided by (used in) operating activities - continuing operations |  |  | (40,689) |  |  | (6,241) |  |  | (46,930) |
Net cash provided by operating activities - discontinued operations |  |  | 7,160 |  |  | — |  |  | 7,160 |
Net cash provided by (used in) operating activities |  |  | (33,529) |  |  | (6,241) |  |  | (39,770) |
Cash flows from investing activities: |  |  |  |  |  |  |
Acquisitions, net of cash acquired |  |  | (3,937) |  |  | — |  |  | (3,937) |
Purchases of property and equipment |  |  | (9,734) |  |  | — |  |  | (9,734) |
Proceeds from sale of businesses |  |  | 5,993 |  |  | — |  |  | 5,993 |
Other investing activities |  |  | (146) |  |  | — |  |  | (146) |
Net cash provided by (used in) investing activities - continuing operations |  |  | (7,824) |  |  | — |  |  | (7,824) |
Net cash provided by (used in) investing activities - discontinued operations |  |  | (468) |  |  | — |  |  | (468) |
Net cash provided by (used in) investing activities |  |  | (8,292) |  |  | — |  |  | (8,292) |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from the issuance of Trust common shares, net |  |  | 20,161 |  |  | — |  |  | 20,161 |
Subsidiary financing arrangements - borrowings | ADJ 5 |  | — |  |  | 18,278 |  |  | 18,278 |
Subsidiary financing arrangements - repayments | ADJ 5 |  | — |  |  | (12,037) |  |  | (12,037) |
Distributions paid - common shares |  |  | (17,352) |  |  | — |  |  | (17,352) |
Distributions paid - preferred shares |  |  | (6,045) |  |  | — |  |  | (6,045) |
Net proceeds provided by noncontrolling shareholders |  |  | 390 |  |  | — |  |  | 390 |
Purchase of noncontrolling interest |  |  | (309) |  |  | — |  |  | (309) |
Distributions paid - Allocation Interests |  |  | (11,292) |  |  | — |  |  | (11,292) |
Other |  |  | (5) |  |  | — |  |  | (5) |
Net cash provided by (used in) financing activities |  |  | (14,452) |  |  | 6,241 |  |  | (8,211) |
Foreign currency impact on cash |  |  | (259) |  |  | — |  |  | (259) |
Net increase (decrease) in cash and cash equivalents |  |  | (56,532) |  |  | — |  |  | (56,532) |
Cash and cash equivalents — beginning of period (1) |  |  | 160,733 |  |  | (68) |  |  | 160,665 |
Cash and cash equivalents — end of period |  |  | $ | 104,201 |  |  | $ | (68) |  |  | $ | 104,133 |
|  |  | Six months ended June 30, 2022
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income |  |  | $ | 60,697 |  |  | $ | (69,060) |  |  | $ | (8,363) |
Income (loss) from discontinued operations, net of income tax |  |  | 19,856 |  |  | — |  |  | 19,856 |
Gain on sale of discontinued operations, net of income tax |  |  | 5,414 |  |  | — |  |  | 5,414 |
Income (loss) from continuing operations |  |  | 35,427 |  |  | (69,060) |  |  | (33,633) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |  |  |  |  |
Depreciation expense |  |  | 18,925 |  |  | — |  |  | 18,925 |
Amortization expense - intangibles | ADJ 3 |  | 33,876 |  |  | (2,248) |  |  | 31,628 |
Amortization expense - inventory step-up | ADJ 3 |  | 2,349 |  |  | (2,349) |  |  | — |
Amortization of debt issuance costs |  |  | 1,731 |  |  | — |  |  | 1,731 |
Impairment expense |  |  | — |  |  | 2,879 |  |  | 2,879 |
Noncontrolling stockholder stock based compensation |  |  | 4,017 |  |  | — |  |  | 4,017 |
Provision for receivable and inventory reserves |  |  | (2,383) |  |  | 2,822 |  |  | 439 |
Deferred taxes |  |  | (4,626) |  |  | 1,241 |  |  | (3,385) |
Other |  |  | 343 |  |  | — |  |  | 343 |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |  |
Accounts receivable | ADJ 1 |  | (5,975) |  |  | 12,319 |  |  | 6,344 |
Inventories | ADJ 2 |  | (131,240) |  |  | 27,311 |  |  | (103,929) |
Other current and non-current assets |  |  | (14,411) |  |  | — |  |  | (14,411) |
Accounts payable and accrued expenses | ADJ 4 |  | 3,450 |  |  | 16,772 |  |  | 20,222 |
Net cash provided by (used in) operating activities - continuing operations |  |  | (58,517) |  |  | (10,313) |  |  | (68,830) |
Net cash provided by operating activities - discontinued operations |  |  | 23,180 |  |  | — |  |  | 23,180 |
Net cash provided by (used in) operating activities |  |  | (35,337) |  |  | (10,313) |  |  | (45,650) |
Cash flows from investing activities: |  |  |  |  |  |  |
Acquisitions, net of cash acquired |  |  | (3,937) |  |  | — |  |  | (3,937) |
Purchases of property and equipment |  |  | (22,162) |  |  | — |  |  | (22,162) |
Proceeds from sale of businesses |  |  | 6,898 |  |  | — |  |  | 6,898 |
Other investing activities |  |  | (844) |  |  | — |  |  | (844) |
Net cash provided by (used in) investing activities - continuing operations |  |  | (20,045) |  |  | — |  |  | (20,045) |
Net cash provided by (used in) investing activities - discontinued operations |  |  | (2,193) |  |  | — |  |  | (2,193) |
Net cash provided by (used in) investing activities |  |  | (22,238) |  |  | — |  |  | (22,238) |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from the issuance of Trust common shares, net |  |  | 62,155 |  |  | — |  |  | 62,155 |
Borrowings under credit facility |  |  | 24,000 |  |  | — |  |  | 24,000 |
Repayments under credit facility |  |  | (24,000) |  |  | — |  |  | (24,000) |
Subsidiary financing arrangements - borrowings | ADJ 5 |  | — |  |  | 32,712 |  |  | 32,712 |
Subsidiary financing arrangements - repayments | ADJ 5 |  | — |  |  | (22,399) |  |  | (22,399) |
Distributions paid - common shares |  |  | (34,863) |  |  | — |  |  | (34,863) |
Distributions paid - preferred shares |  |  | (12,091) |  |  | — |  |  | (12,091) |
Net proceeds provided by noncontrolling shareholders |  |  | 440 |  |  | — |  |  | 440 |
Purchase of noncontrolling interest |  |  | (703) |  |  | — |  |  | (703) |
Distributions paid - Allocation Interests |  |  | (11,292) |  |  | — |  |  | (11,292) |
Debt issuance costs |  |  | (35) |  |  | — |  |  | (35) |
Other |  |  | (14) |  |  | — |  |  | (14) |
Net cash provided by (used in) financing activities |  |  | 3,597 |  |  | 10,313 |  |  | 13,910 |
Foreign currency impact on cash |  |  | (1,132) |  |  | — |  |  | (1,132) |
Net increase (decrease) in cash and cash equivalents |  |  | (55,110) |  |  | — |  |  | (55,110) |
Cash and cash equivalents — beginning of period (1) |  |  | 160,733 |  |  | (68) |  |  | 160,665 |
Cash and cash equivalents — end of period |  |  | $ | 105,623 |  |  | $ | (68) |  |  | $ | 105,555 |
|  |  | Nine months ended September 30, 2022
(in thousands) | Adj. Reference |  | As Reported |  | Adjustments |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income |  |  | $ | 63,282 |  |  | $ | (98,896) |  |  | $ | (35,614) |
Income (loss) from discontinued operations, net of income tax |  |  | 31,016 |  |  | — |  |  | 31,016 |
Gain on sale of discontinued operations, net of income tax |  |  | 6,893 |  |  | — |  |  | 6,893 |
Income (loss) from continuing operations |  |  | 25,373 |  |  | (98,896) |  |  | (73,523) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |  |  |  |  |
Depreciation expense |  |  | 28,929 |  |  | — |  |  | 28,929 |
Amortization expense - intangibles | ADJ 3 |  | 54,216 |  |  | (3,416) |  |  | 50,800 |
Amortization expense - inventory step-up | ADJ 3 |  | 4,546 |  |  | (3,916) |  |  | 630 |
Amortization of debt issuance costs |  |  | 2,735 |  |  | — |  |  | 2,735 |
Impairment expense |  |  | — |  |  | 2,879 |  |  | 2,879 |
Loss on debt extinguishment |  |  | 534 |  |  | — |  |  | 534 |
Noncontrolling stockholder stock based compensation |  |  | 6,236 |  |  | — |  |  | 6,236 |
Provision for receivable and inventory reserves |  |  | 585 |  |  | 3,291 |  |  | 3,876 |
Deferred taxes |  |  | 7,280 |  |  | 1,946 |  |  | 9,226 |
Other |  |  | 869 |  |  | — |  |  | 869 |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |  |
Accounts receivable | ADJ 1 |  | (36,322) |  |  | 23,702 |  |  | (12,620) |
Inventories | ADJ 2 |  | (143,810) |  |  | 25,423 |  |  | (118,387) |
Other current and non-current assets |  |  | (17,013) |  |  | — |  |  | (17,013) |
Accounts payable and accrued expenses | ADJ 4 |  | 11,600 |  |  | 32,812 |  |  | 44,412 |
Net cash provided by (used in) operating activities - continuing operations |  |  | (54,242) |  |  | (16,175) |  |  | (70,417) |
Net cash provided by operating activities - discontinued operations |  |  | 14,319 |  |  | — |  |  | 14,319 |
Net cash provided by (used in) operating activities |  |  | (39,923) |  |  | (16,175) |  |  | (56,098) |
Cash flows from investing activities: |  |  |  |  |  |  |
Acquisitions, net of cash acquired |  |  | (564,664) |  |  | — |  |  | (564,664) |
Purchases of property and equipment |  |  | (36,529) |  |  | — |  |  | (36,529) |
Proceeds from sale of businesses |  |  | 6,893 |  |  | — |  |  | 6,893 |
Other investing activities |  |  | (1,133) |  |  | — |  |  | (1,133) |
Net cash provided by (used in) investing activities - continuing operations |  |  | (595,433) |  |  | — |  |  | (595,433) |
Net cash provided by (used in) investing activities - discontinued operations |  |  | (3,518) |  |  | — |  |  | (3,518) |
Net cash provided by (used in) investing activities |  |  | (598,951) |  |  | — |  |  | (598,951) |
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from the issuance of Trust common shares, net |  |  | 83,889 |  |  | — |  |  | 83,889 |
Borrowings under credit facility |  |  | 169,000 |  |  | — |  |  | 169,000 |
Repayments under credit facility |  |  | (56,000) |  |  | — |  |  | (56,000) |
Issuance of term loan |  |  | 400,000 |  |  | — |  |  | 400,000 |
Repayments - Term Loan |  |  | (2,500) |  |  | — |  |  | (2,500) |
Subsidiary financing arrangements - borrowings | ADJ 5 |  | — |  |  | 49,618 |  |  | 49,618 |
Subsidiary financing arrangements - repayments | ADJ 5 |  | — |  |  | (33,443) |  |  | (33,443) |
Distributions paid - common shares |  |  | (52,794) |  |  | — |  |  | (52,794) |
Distributions paid - preferred shares |  |  | (18,136) |  |  | — |  |  | (18,136) |
Net proceeds provided by noncontrolling shareholders |  |  | 1,082 |  |  | — |  |  | 1,082 |
Purchase of noncontrolling interest |  |  | (1,127) |  |  | — |  |  | (1,127) |
Net proceeds provided by noncontrolling shareholders - acquisitions |  |  | 35,263 |  |  | — |  |  | 35,263 |
Distributions paid - Allocation Interests |  |  | (11,292) |  |  | — |  |  | (11,292) |
Debt issuance costs |  |  | (5,276) |  |  | — |  |  | (5,276) |
Other |  |  | 19 |  |  | — |  |  | 19 |
Net cash provided by (used in) financing activities |  |  | 542,128 |  |  | 16,175 |  |  | 558,303 |
Foreign currency impact on cash |  |  | (2,735) |  |  | — |  |  | (2,735) |
Net increase (decrease) in cash and cash equivalents |  |  | (99,481) |  |  | — |  |  | (99,481) |
Cash and cash equivalents — beginning of period (1) |  |  | 160,733 |  |  | (68) |  |  | 160,665 |
Cash and cash equivalents — end of period |  |  | $ | 61,252 |  |  | $ | (68) |  |  | $ | 61,184 |

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