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Revision of Previously Issued Financial Statements (Tables)
 9 Months Ended
Sep. 30, 2023
Prior Period Adjustment [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments

 

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