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Fresh Start Accounting (Tables) | 9 Months Ended
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Sep. 30, 2025
Fresh-Start Balance Sheet [Abstract] |
Schedule of Reconciliation of Enterprise Value to Reorganization Value of Successor Assets | The following table reconciles the enterprise value to the reorganization value of Successor’s assets that has been allocated to the Company’s individual assets as of the Emergence Date:
| Emergence Date |
Enterprise value | $ | 700,000 |
Plus: Excess cash and cash equivalents |  | 90,585 |
Plus: Current liabilities excluding debt |  | 133,079 |
Plus: Long-term liabilities excluding debt |  | 46,419 |
Plus: Net working capital adjustment |  | 53,466 |
Reorganization value of Successor’s assets | $ | 1,023,549 |
Schedule of Reconciliation of Enterprise Value to Total Implied Equity Value | The following table reconciles the enterprise value to the total implied equity value of the Successor as of the Emergence Date:
| Emergence Date |
Enterprise value | $ | 700,000 |
Plus: Excess cash and cash equivalents |  | 90,585 |
Less: Fair value of exit debt facility net of deferred financing costs |  | (465,518 | )
Plus: Net working capital adjustment |  | 53,466 |
Total implied equity value | $ | 378,533 |
Schedule of Consolidated Balance Sheet as of Emergence Date | The consolidated balance sheet as of the Emergence Date was as follows:
|  | As of June 24, 2025 |
|  |  |  |  | Reorganization |  |  |  | Fresh Start |  |  |  |  |
|  | Predecessor |  |  | Adjustments |  |  |  | Adjustments |  |  |  | Successor |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 164,008 |  |  | $ | (23,423 | ) | (a) |  | $ | — |  |  |  | $ | 140,585 |
Restricted cash |  |  | 19,007 |  |  |  | 13,973 |  | (b) |  |  | — |  |  |  |  | 32,980 |
Receivables (net of allowances) |  |  | 12,115 |  |  |  | — |  |  |  |  | — |  |  |  |  | 12,115 |
Prepaid income taxes |  |  | 38,404 |  |  |  | — |  |  |  |  | 2,417 |  | (l) |  |  | 40,821 |
Prepaid marketing and advertising |  |  | 6,005 |  |  |  | — |  |  |  |  | — |  |  |  |  | 6,005 |
Prepaid expenses and other current assets |  |  | 19,961 |  |  |  | — |  |  |  |  | (131 | ) | (m) |  |  | 19,830 |
TOTAL CURRENT ASSETS |  |  | 259,500 |  |  |  | (9,450 | ) |  |  |  | 2,286 |  |  |  |  | 252,336 |
Property and equipment, net |  |  | 3,566 |  |  |  | — |  |  |  |  | 6,176 |  | (n) |  |  | 9,742 |
Operating lease assets |  |  | 5,117 |  |  |  | — |  |  |  |  | (1,626 | ) | (o) |  |  | 3,491 |
Goodwill |  |  | 242,422 |  |  |  | — |  |  |  |  | (43,369 | ) | (p) |  |  | 199,053 |
Other intangible assets, net |  |  | 82,145 |  |  |  | — |  |  |  |  | 446,855 |  | (q) |  |  | 529,000 |
Deferred income taxes |  |  | 16,988 |  |  |  | — |  |  |  |  | (407 | ) | (r) |  |  | 16,581 |
Other noncurrent assets |  |  | 18,229 |  |  |  | — |  |  |  |  | (4,883 | ) | (s) |  |  | 13,346 |
TOTAL ASSETS |  | $ | 627,967 |  |  | $ | (9,450 | ) |  |  | $ | 405,032 |  |  |  | $ | 1,023,549 |
LIABILITIES AND TOTAL EQUITY (DEFICIT) |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Portion of operating lease liabilities due within one year |  | $ | 514 |  |  | $ | 6,540 |  | (c) |  | $ | 2,040 |  | (t) |  | $ | 9,094 |
Accounts payable |  |  | 9,779 |  |  |  | — |  |  |  |  | — |  |  |  |  | 9,779 |
Salaries and wages payable |  |  | 21,768 |  |  |  | 10,670 |  | (d) |  |  | — |  |  |  |  | 32,438 |
Accrued marketing and advertising |  |  | 9,732 |  |  |  | — |  |  |  |  | — |  |  |  |  | 9,732 |
Accrued interest |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Other accrued liabilities |  |  | 30,840 |  |  |  | 8,415 |  | (e) |  |  | — |  |  |  |  | 39,255 |
Income taxes payable |  |  | 2,999 |  |  |  | — |  |  |  |  | — |  |  |  |  | 2,999 |
Deferred revenue |  |  | 29,782 |  |  |  | — |  |  |  |  | — |  |  |  |  | 29,782 |
TOTAL CURRENT LIABILITIES |  |  | 105,414 |  |  |  | 25,625 |  |  |  |  | 2,040 |  |  |  |  | 133,079 |
Long-term debt, net |  |  | — |  |  |  | 463,702 |  | (f) |  |  | 1,816 |  | (u) |  |  | 465,518 |
Long-term operating lease liabilities |  |  | 1,637 |  |  |  | 39,681 |  | (g) |  |  | (38,730 | ) | (v) |  |  | 2,588 |
Deferred income taxes |  |  | 10,759 |  |  |  | — |  |  |  |  | 32,408 |  | (r) |  |  | 43,167 |
Other noncurrent liabilities |  |  | 664 |  |  |  | — |  |  |  |  | — |  |  |  |  | 664 |
Liabilities subject to compromise |  |  | 1,678,867 |  |  |  | (1,678,867 | ) | (h) |  |  | — |  |  |  |  | — |
TOTAL LIABILITIES |  |  | 1,797,341 |  |  |  | (1,149,859 | ) |  |  |  | (2,466 | ) |  |  |  | 645,016 |
TOTAL EQUITY (DEFICIT) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Successor common stock |  |  | — |  |  |  | 378,533 |  | (i) |  |  | — |  |  |  |  | 378,533 |
Predecessor common stock |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Predecessor treasury stock |  |  | (3,000,164 | ) |  |  | 3,000,164 |  | (j) |  |  | — |  |  |  |  | — |
Retained earnings |  |  | 1,845,916 |  |  |  | (2,238,288 | ) | (k) |  |  | 392,372 |  | (w) |  |  | — |
Accumulated other comprehensive loss |  |  | (15,126 | ) |  |  | — |  |  |  |  | 15,126 |  | (x) |  |  | — |
TOTAL EQUITY (DEFICIT) |  |  | (1,169,374 | ) |  |  | 1,140,409 |  |  |  |  | 407,498 |  |  |  |  | 378,533 |
TOTAL LIABILITIES AND TOTAL EQUITY (DEFICIT) |  | $ | 627,967 |  |  | $ | (9,450 | ) |  |  | $ | 405,032 |  |  |  | $ | 1,023,549 |
Balance Sheet Reorganization Adjustments (a) Changes in cash and cash equivalents included the following:
Funding of professional fee escrow account | $ | (10,041 | )
Payment for bankruptcy-related professional fees and debt issuance costs |  | (9,425 | )
Restriction of cash related to Letter of Credit collateralization |  | (4,025 | )
Release of cash reserved for utilities |  | 93 |
Payment for continuing Letter of Credit fee |  | (25 | )
Changes in cash and cash equivalents | $ | (23,423 | )
(b) Changes in restricted cash included the following:
Funding of professional fee escrow account | $ | 10,041 |
Restriction of cash related to Letter of Credit collateralization |  | 4,025 |
Release of cash reserved for utilities |  | (93 | )
Changes in restricted cash | $ | 13,973 |
(c) Changes in the portion of operating lease liabilities due within one year were due to the reinstatement of the portion of operating lease liabilities due within one year from liabilities subject to compromise. (d) Changes in salaries and wages payable were due to the reinstatement of salaries and wages payable from liabilities subject to compromise. (e) Changes in other accrued liabilities included the following:
Accrual of bankruptcy-related professional fees | $ | 13,167 |
Payment for bankruptcy-related professional fees |  | (4,752 | )
Changes in other accrued liabilities | $ | 8,415 |
(f) Changes in long-term debt, net included the following:
Issuance of New Term Loan Facility (see Note 9) | $ | 465,000 |
Capitalization of debt issuance costs |  | (1,298 | )
Changes in long-term debt | $ | 463,702 |
(g) Changes in long-term operating lease liabilities were due to the reinstatement of the long-term portion of operating lease liabilities from liabilities subject to compromise. (h) Liabilities subject to compromise settled in accordance with the Plan:
Prepetition Term Loan Facility due April 13, 2028 | $ | 945,000 |
Prepetition Senior Secured Notes due April 15, 2029 |  | 500,000 |
Prepetition Revolving Credit Facility due April 23, 2026 |  | 171,341 |
Long-term portion of operating lease liabilities |  | 39,681 |
Accrued salaries and wages payable |  | 10,670 |
Portion of operating lease liabilities due within one year |  | 6,540 |
Accrued interest payable |  | 5,635 |
Total liabilities subject to compromise | $ | 1,678,867 |
Less: Issuance of New Term Loan Facility issued to holders of prepetition First Lien Claims |  | (465,000 | )
Less: Implied equity value issued to holders of prepetition First Lien Claims (9,100 Successor common shares) |  | (344,465 | )
Less: Reinstatement of long-term operating lease liabilities |  | (39,681 | )
Less: Reinstatement of salaries and wages payable |  | (10,670 | )
Less: Reinstatement of portion of operating lease liabilities due within one year |  | (6,540 | )
Gain on settlement of liabilities subject to compromise | $ | 812,511 |
(i) Reflects the Successor equity including the issuance o f 9,987 s hares of Successor Common Stock pursuant to the Plan. (j) Changes to Predecessor common stock and treasury stock were due to the cancellation of Predecessor common stock and treasury stock per the Plan. (k) Changes to retained earnings included the following:
Gain on settlement of liabilities subject to compromise | $ | 812,511 |
Accrual of bankruptcy-related professional fees |  | (13,167 | )
Accrual of continuing Letter of Credit fees |  | (25 | )
Payment for bankruptcy related professional fees |  | (3,374 | )
Total adjustments impacting reorganization items, net | $ | 795,945 |
Cancellation of Predecessor common stock and treasury stock |  | (3,000,164 | )
Implied equity value issued to Predecessor equity holders (900 Successor common shares) |  | (34,069 | )
Changes in retained earnings | $ | (2,238,288 | )
Balance Sheet Fresh Start Adjustments (l) The change in prepaid income taxes reflects the net change in the federal and state tax deductions for the lease termination liability and write-off of sublease asset associated with the Corporate Headquarters Lease (as defined below) due to the adoption of fresh start accounting. (m) The change in prepaid expenses and other current assets represents the fair value adjustment to the Company’s other current assets relating to the write-off of a sublease asset associated with the Corporate Headquarters Lease. (n) The change in property and equipment, net primarily represents the fair value adjustment to the Company’s leasehold improvements, office furniture and equipment and computer hardware and software. The Company valued the property and equipment, net using the indirect cost method under the cost approach. The indirect cost method considers historical acquisition costs for the assets adjusted for inflation, as well as factors in any potential obsolescence based on the current condition of the assets. (o) The change in operating lease assets reflects the adjustment to the Company’s operating lease assets relating to the recognition of sublease interest, decrease in short term leases due to applying the short term lease exemption, and the impact of changes to the incremental borrowing rate (“IBR”). (p) The change in goodwill reflects the adjustment to record excess reorganization value not attributable to a specific assets class. (q) Changes to other intangible assets, net included the following:
Recognition of other intangible assets recorded at fair value (see Note 8) | $ | 529,000 |
Adjustment to write-off capitalized cost and related accumulated amortization of other intangible assets as part of fresh start accounting |  | (82,145 | )
Changes in other intangible assets, net | $ | 446,855 |
(r) The change to deferred income taxes was due to the increase of the net deferred tax liability by $32,815 re sulting from the changes in fair value of assets and liabilities due to the adoption of fresh start accounting. (s) The change in other noncurrent assets reflects the fair value adjustment to the Company’s noncurrent assets relating to the write-off of a sublease asset associated with the Corporate Headquarters Lease. (t) The change in operating lease liabilities due within one year reflects the fair value adjustment to the Company’s operating lease liabilities, including the ad justments associated with the Corporate Headquarters Lease (see Note 6 “Leases” for further discussion). As part of adjusting the Corporate Headquarters Lease to the allowable claim, the operating lease liability due within one year increased by $3,749. D ecreases in operating lease liabilities due within one year reflect the decrease in short term leases due to applying the short term lease exemption, and the impact of changes to the IBR. (u) The change in long-term debt, net reflects the fair value adjustment to the Company’s long-term debt due to the New Term Loan Facility (see Note 9 “Long-term Debt”). (v) Changes to long-term operating lease liabilities included the following:
Adjustment to long-term operating lease liability associated with the Corporate Headquarters Lease (See Note 6) | $ | (38,545 | )
Other adjustment to record long-term operating lease liabilities at fair value |  | (185 | )
Changes in long-term operating lease liabilities | $ | (38,730 | )
(w) Changes to retained earnings reflect the net cumulative impact of the fresh start adjustments on retained earnings as follows:
Other intangible assets | $ | 446,855 |
Long-term operating lease liabilities |  | 38,730 |
Goodwill |  | (43,369 | )
Accumulated other comprehensive loss |  | (17,206 | )
Property and equipment |  | 6,176 |
Other current and noncurrent assets |  | (5,013 | )
Portion of operating lease liabilities within one year |  | (2,040 | )
Long-term debt |  | (1,816 | )
Operating lease assets |  | (1,626 | )
Total fresh start adjustments impacting reorganization items, net | $ | 420,691 |
Income tax effects on deferred income taxes |  | (32,815 | )
Income tax effects on accumulated other comprehensive income |  | 2,079 |
Income tax effects on prepaid income taxes |  | 2,417 |
Changes in retained earnings | $ | 392,372 |
(x) Changes to accumulated other comprehensive income (loss) represent the reset of the Predecessor balance due to the adoption of fresh start accounting.

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