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Revision of Previously Issued Financial Statements | 9 Months Ended
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Sep. 30, 2023
Prior Period Adjustment [Abstract] |
Revision of Previously Issued Financial Statements | 17. Revision of Previously Issued Financial Statements As disclosed in Note 1, after the three months ended September 30, 2023, the Company identified misstatements in its accounting for income taxes resulting primarily from the recording of a U.S. deferred tax liability related to a foreign branch of the U.S., partially offset by a U.S. deferred tax asset related to its U.S. leases, that should have been recorded in prior fiscal years. The Company concluded that these misstatements were not material, either individually or in aggregate, to its current or previously issued consolidated financial statements, and is revising its previously issued consolidated financial statements to correct for these misstatements. In connection with such revisions, the Company is also correcting for other previously identified immaterial misstatements that were previously corrected as out-of-period adjustments during the year ended December 31, 2022. Due to these misstatements, which originated prior to fiscal 2023, the opening retained earnings balance as of January 1, 2023 was overstated by $5,465 due to the net impact of the income tax misstatement of $1,965 and other previously identified misstatements of $3,500. Such previously identified misstatements were previously corrected through out-of-period adjustments and included income tax misstatements related to the reversal of (i) a basis difference related to goodwill and other intangibles and (ii) a U.S. federal income tax receivable, in addition to the release of a brand marketing accrual that should have been released in a prior year. The revisions to the accompanying unaudited consolidated statement of operations, consolidated statement of comprehensive loss and consolidated statement of cash flows for the nine months ended October 1, 2022 are presented below. There were no changes to the consolidated statements of operations or comprehensive loss for the three months ended October 1, 2022, or to the consolidated statements of changes in total deficit that have not otherwise been reflected in the consolidated statements of operations and comprehensive loss as detailed in the tables below.
| Nine Months Ended October 1, 2022 |
| As Previously Reported |  |  | Adjustments |  |  | As Revised |
CONSOLIDATED STATEMENT OF OPERATIONS |  |  |  |  |  |  |  |
Benefit from income taxes | $ | (75,431 | ) |  | $ | 2,185 |  |  | $ | (73,246 | )
Net loss | $ | (218,902 | ) |  | $ | (2,185 | ) |  | $ | (221,087 | )
Net loss per share |  |  |  |  |  |  |  |
Basic | $ | (3.12 | ) |  | $ | (0.03 | ) |  | $ | (3.15 | )
Diluted | $ | (3.12 | ) |  | $ | (0.03 | ) |  | $ | (3.15 | )
| Nine Months Ended October 1, 2022 |
| As Previously Reported |  |  | Adjustments |  |  | As Revised |
CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS |  |  |  |  |  |  |  |
Net loss | $ | (218,902 | ) |  | $ | (2,185 | ) |  | $ | (221,087 | )
Comprehensive loss | $ | (211,615 | ) |  | $ | (2,185 | ) |  | $ | (213,800 | )
| Nine Months Ended October 1, 2022 |
| As Previously Reported |  |  | Adjustments |  |  | As Revised |
CONSOLIDATED STATEMENT OF CASH FLOWS |  |  |  |  |  |  |  |
Net loss | $ | (218,902 | ) |  | $ | (2,185 | ) |  | $ | (221,087 | )
Changes in cash due to: |  |  |  |  |  |  |  |
Income taxes | $ | (392 | ) |  | $ | 2,185 |  |  | $ | 1,793 |
Cash provided by operating activities | $ | 80,546 |  |  | $ | — |  |  | $ | 80,546 |
The revisions to the unaudited consolidated statement of operations for the three months ended December 31, 2022 are as follows:
| Three Months Ended December 31, 2022 |
| As Previously Reported |  |  | Adjustments |  |  | As Revised |
CONSOLIDATED STATEMENT OF OPERATIONS |  |  |  |  |  |  |  |
Revenues, net | $ | 223,924 |  |  | $ | (1,021 | ) |  | $ | 222,903 |
Gross profit | $ | 126,990 |  |  | $ | (1,021 | ) |  | $ | 125,969 |
Operating loss | $ | (50,756 | ) |  | $ | (1,021 | ) |  | $ | (51,777 | )
Loss before income taxes | $ | (71,448 | ) |  | $ | (1,021 | ) |  | $ | (72,469 | )
Benefit from income taxes | $ | (38,948 | ) |  | $ | 2,259 |  |  | $ | (36,689 | )
Net loss | $ | (32,500 | ) |  | $ | (3,280 | ) |  | $ | (35,780 | )
Net loss per share |  |  |  |  |  |  |  |
Basic | $ | (0.46 | ) |  | $ | (0.05 | ) |  | $ | (0.51 | )
Diluted | $ | (0.46 | ) |  | $ | (0.05 | ) |  | $ | (0.51 | )
The revisions to the audited consolidated balance sheet, consolidated statement of operations, consolidated statement of comprehensive loss and consolidated statement of cash flows as of and for the year ended December 31, 2022 are presented below. Additionally, the Company will further present the revisions of its previously issued consolidated financial statements and relevant notes to the consolidated financial statements as of and for the year ended December 31, 2022 and prior in connection with the future filing of its 2023 Annual Report on Form 10-K. There were no changes to the consolidated statement of changes in total deficit that have not otherwise been reflected in the consolidated balance sheet and consolidated statements of operations and comprehensive loss as detailed in the tables below.
| At December 31, 2022 |
| As Previously Reported |  |  | Adjustments |  |  | As Revised |
CONSOLIDATED BALANCE SHEET |  |  |  |  |  |  |  |
Deferred income taxes | $ | 23,119 |  |  | $ | 1,965 |  |  | $ | 25,084 |
Total Liabilities | $ | 1,712,245 |  |  | $ | 1,965 |  |  | $ | 1,714,210 |
Retained earnings | $ | 2,418,959 |  |  | $ | (1,965 | ) |  | $ | 2,416,994 |
Total Deficit | $ | (683,815 | ) |  | $ | (1,965 | ) |  | $ | (685,780 | )
| Fiscal Year Ended December 31, 2022 |
| As Previously Reported |  |  | Adjustments |  |  | As Revised |
CONSOLIDATED STATEMENT OF OPERATIONS |  |  |  |  |  |  |  |
Revenues, net | $ | 1,040,856 |  |  | $ | (1,021 | ) |  | $ | 1,039,835 |
Gross profit | $ | 622,400 |  |  | $ | (1,021 | ) |  | $ | 621,379 |
Operating loss | $ | (282,950 | ) |  | $ | (1,021 | ) |  | $ | (283,971 | )
Loss before income taxes | $ | (365,782 | ) |  | $ | (1,021 | ) |  | $ | (366,803 | )
Benefit from income taxes | $ | (114,379 | ) |  | $ | 4,444 |  |  | $ | (109,935 | )
Net loss | $ | (251,403 | ) |  | $ | (5,465 | ) |  | $ | (256,868 | )
Net loss per share |  |  |  |  |  |  |  |
Basic | $ | (3.58 | ) |  | $ | (0.08 | ) |  | $ | (3.65 | )
Diluted | $ | (3.58 | ) |  | $ | (0.08 | ) |  | $ | (3.65 | )
| Fiscal Year Ended December 31, 2022 |
| As Previously Reported |  |  | Adjustments |  |  | As Revised |
CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS |  |  |  |  |  |  |  |
Net loss | $ | (251,403 | ) |  | $ | (5,465 | ) |  | $ | (256,868 | )
Comprehensive loss | $ | (238,269 | ) |  | $ | (5,465 | ) |  | $ | (243,734 | )
| Fiscal Year Ended December 31, 2022 |
| As Previously Reported |  |  | Adjustments |  |  | As Revised |
CONSOLIDATED STATEMENT OF CASH FLOWS |  |  |  |  |  |  |  |
Net loss | $ | (251,403 | ) |  | $ | (5,465 | ) |  | $ | (256,868 | )
Changes in cash due to: |  |  |  |  |  |  |  |
Prepaid expenses | $ | 9,599 |  |  | $ | (721 | ) |  | $ | 8,878 |
Accrued liabilities | $ | 19,904 |  |  | $ | 1,021 |  |  | $ | 20,925 |
Income taxes | $ | (588 | ) |  | $ | 5,165 |  |  | $ | 4,577 |
Cash provided by operating activities | $ | 76,646 |  |  | $ | — |  |  | $ | 76,646 |

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