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)


		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)


		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)


		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)


		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)


		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