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Shareholders' Equity, Non-Controlling Interest and Members' Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Shareholders' Equity, Non-Controlling Interest and Members' Equity Shareholders’ Equity, Non-Controlling Interest and Members’ Equity
Successor Period - The Company’s equity consists of a total of 831,000,000 authorized shares across all classes of capital stock, which the Company has the authority to issue. The 831,000,000 authorized shares consist of 1,000,000 authorized shares of Preferred Stock with a par value of $0.0001 per share, 520,000,000 authorized shares of Class A Common Stock with a par value of $0.0001 per share, and 310,000,000 shares of Class B Common Stock with a par value of $0.0001 per share.
As of September 30, 2023 (Successor), the Company had no outstanding shares of Preferred Stock, 71,014,190 outstanding shares of Class A Common Stock, and 141,529,513 outstanding shares of Class B Common Stock.
The table below demonstrates the calculation of net loss before income tax attributable to redeemable non-controlling interest holders for the July 1, 2023 through September 30, 2023 (Successor) period and the June 8, 2023 through September 30, 2023 (Successor) period:
Period from July 1 - September 30, 2023 (Successor)Period from June 8 - September 30, 2023 (Successor)
Net Loss before Income Tax$(91,976)$(203,232)
Redeemable non-controlling interest percentage - Class A OpCo Units67.4 %67.3 %
Net Loss before Income Tax attributable to Class A OpCo Units$(61,402)$(136,987)
On August 16, 2023, pursuant to the OpCo limited liability company agreement, all Class B OpCo Units converted into Class A OpCo Units on a one-for-one basis due to the exercise on such date by an OpCo Unitholder of its Class B OpCo Unit conversion right, which allowed the holder to convert its own Class B OpCo Units into Class A OpCo Units on a one-for-one basis.
During the three months ended September 30, 2023, the Company's Class A Common Stock achieved the $12.00 per share and $14.00 per share prices necessary to cause two-thirds of the Earnout Shares to vest and to remove the lock-up provision from two-thirds of the Price-Based Lock-Up Shares. As of September 30, 2023, 328,925 Class A OpCo units and a corresponding number of shares of Class B Common Stock included in the Earnout Shares remain unvested. Additionally, as of September 30, 2023, 14,848,184 Price-Based Lockup Shares remain restricted.
As of September 30, 2023, redeemable non-controlling interests are comprised of 140,228,066 vested Class A OpCo Units, of which 6,967,050 units were formerly vested Class B OpCo Units. Class A OpCo Units are exchangeable for shares of Class A Common Stock or redeemable for cash. Additionally, the Company holds a call right that enables it to redeem Class A OpCo Units for shares of Class A Common Stock or cash once the unit holder has elected to redeem the equity instrument.
Predecessor Period – The Company’s equity in the Predecessor Period comprised a single class of membership interests. The Company’s members’ equity as of September 30, 2022 (Predecessor) included 4,987,845 authorized membership interests, of which 3,718,931 were issued and outstanding.
Due to the absence of an active market for the Company’s membership interests, the Company utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid - Valuation of Privately-Held Company Equity Securities Issued as Compensation to estimate the fair value of its membership interests. The estimated fair value of the membership interests was determined at each grant date based upon a variety of factors, including price of equity issuances by the Company, the Company’s financial position, historical financial performance, the Company’s developed, external market conditions affecting any trends within the industry and the likelihood of achieving a liquidity event.