XML 62 R52.htm IDEA: XBRL DOCUMENT v3.23.1
ORGANIZATION AND DESCRIPTION OF BUSINESS - Condensed Consolidated Statements of Cash Flows (Unaudited) (Details) - USD ($)
$ in Thousands
1 Months Ended 2 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Jan. 26, 2022
Mar. 31, 2022
Jun. 30, 2022
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2022
Jun. 30, 2021
Jan. 27, 2022
Dec. 31, 2021
Cash flows from Operating Activities:                    
Net income (loss) $ (37,061) $ (43,378) $ (33,844) $ 11,772 $ 6,743 $ (77,222)   $ 18,515    
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:                    
Depreciation and amortization 1,000   32,094 3,112   54,022   6,801    
Share-based compensation 23,705         57,470   224    
Amortization of debt issuance costs 0         2,226   1,131    
Noncash lease expense 115         694   0    
Change in fair value of contingent consideration and CEO equity profit interest 9         27   (4,331)    
Change in fair value of warrants 0   4,139     9,622   0    
Deferred tax benefits (816)         (22,746)   (603)    
Other 0         661   0    
Changes in operating assets and liabilities                    
Accounts receivable 11,118         (8,136)   (8,306)    
Prepaids and other assets 1,069         (2,002)   (1,864)    
Accounts payable (67,600)         6,535   8,568    
Accrued expenses and other liabilities 57,488         (11,225)   (1,978)    
Protected.net incentive plan liability 0         (5,694)   0    
Deferred revenue 311         7,211   494    
Other long-term liabilities 77         (31,080)   0    
Net cash (used in) operating activities (10,603)         (8,303)   27,313    
Cash flows from Investing Activities:                    
Purchases of property and equipment 0         (2,310)   0    
Capitalized software development costs (441)         (3,497)   (3,233)    
Acquisition of businesses, net of cash acquired 0         (444,074)   0    
Net cash used in investing activities (441)         (449,881)   (3,233)    
Cash flows from Financing Activities:                    
Proceeds from term loan and line of credit 0         449,000   0    
Repayment of term loan 0         (177,488)   (8,136)    
Payments for financing costs 0         (24,845)   0    
Payments for earnouts 0         (1,715)   0    
Redemptions of Class A common stock 0         (510,469)   0    
Proceeds from warrant exercises 0         5,027 $ 5,028 0    
Cash received from the Backstop 0         246,484   0    
Distributions to members 0         (1,501)   (2,691)    
Net cash used in financing activities 0         (15,507)   (18,892)    
Effect of exchange rate changes in cash, cash equivalent and restricted cash (19)         604   366    
Net increase (decrease) in cash, cash equivalents and restricted cash (11,063)         (473,087)   5,554    
Cash and cash equivalents and restricted cash, beginning of the period 48,639 37,576     $ 29,013 37,576 48,639 29,013    
Cash and cash equivalents and restricted cash, end of the period 37,576   44,466 34,567   44,466 44,466 34,567    
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:                    
Cash and cash equivalents 36,833   37,442 34,567   37,442 37,442 34,567   $ 47,896
Restricted cash 743   7,024 0   7,024 7,024 0    
Total cash, cash equivalents and restricted cash 37,576   44,466 $ 34,567   44,466 44,466 34,567 $ 517,553 48,639
Supplemental cash flow information:                    
ROU assets obtained in exchange for operating lease liabilities 7,987         2,064   0    
Equity issuance to settle intercompany loan 941         0   0    
Deferred consideration for acquisition 0         7,059   $ 0    
Previously Reported                    
Cash flows from Operating Activities:                    
Net income (loss) (40,460)   (34,065)     (72,124)        
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:                    
Depreciation and amortization 1,000         56,708        
Share-based compensation 27,698         49,219        
Amortization of debt issuance costs 0         2,226        
Noncash lease expense 115         (90)        
Change in fair value of contingent consideration and CEO equity profit interest 9         72        
Change in fair value of warrants 0         9,622        
Deferred tax benefits (816)         (20,893)        
Other 0         0        
Changes in operating assets and liabilities                    
Accounts receivable 11,118         (7,890)        
Prepaids and other assets 905         (978)        
Accounts payable (67,600)         6,535        
Accrued expenses and other liabilities 57,170         (5,466)        
Protected.net incentive plan liability 0         0        
Deferred revenue 311         7,211        
Other long-term liabilities 78         (30,217)        
Net cash (used in) operating activities (10,490)         (6,209)        
Cash flows from Investing Activities:                    
Purchases of property and equipment 0         (2,285)        
Capitalized software development costs (441)         (2,901)        
Acquisition of businesses, net of cash acquired 0         (445,893)        
Net cash used in investing activities (441)         (451,079)        
Cash flows from Financing Activities:                    
Proceeds from term loan and line of credit 0         449,000        
Repayment of term loan 0         (177,488)        
Payments for financing costs 0         (24,845)        
Payments for earnouts 0         (1,715)        
Redemptions of Class A common stock 0         (510,469)        
Proceeds from warrant exercises 0         5,029        
Cash received from the Backstop 0         246,484        
Distributions to members 0         (1,501)        
Net cash used in financing activities 0         (15,505)        
Effect of exchange rate changes in cash, cash equivalent and restricted cash (132)         (29)        
Net increase (decrease) in cash, cash equivalents and restricted cash (11,063)         (472,822)        
Cash and cash equivalents and restricted cash, beginning of the period 48,639 37,576       37,576 48,639      
Cash and cash equivalents and restricted cash, end of the period 37,576   44,731     44,731 44,731      
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:                    
Cash and cash equivalents     37,442     37,442 37,442      
Restricted cash     7,289     7,289 7,289      
Total cash, cash equivalents and restricted cash 37,576   44,731     44,731 44,731   517,553 48,639
Supplemental cash flow information:                    
ROU assets obtained in exchange for operating lease liabilities 7,987         2,064        
Equity issuance to settle intercompany loan 0         0        
Deferred consideration for acquisition 0         0        
Revision of Prior Period, Error Correction, Adjustment                    
Cash flows from Operating Activities:                    
Net income (loss) 3,399   221     (5,098)        
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:                    
Depreciation and amortization 0                  
Amortization of debt issuance costs 0         0        
Noncash lease expense 0                  
Change in fair value of contingent consideration and CEO equity profit interest 0                  
Change in fair value of warrants 0         0        
Deferred tax benefits 0                  
Other 0                  
Changes in operating assets and liabilities                    
Accounts receivable 0                  
Accounts payable 0         0        
Protected.net incentive plan liability 0                  
Deferred revenue 0         0        
Net cash (used in) operating activities (113)         (2,094)        
Cash flows from Investing Activities:                    
Purchases of property and equipment 0                  
Capitalized software development costs 0                  
Acquisition of businesses, net of cash acquired 0                  
Net cash used in investing activities 0         1,198        
Cash flows from Financing Activities:                    
Proceeds from term loan and line of credit 0         0        
Repayment of term loan 0         0        
Payments for financing costs 0         0        
Payments for earnouts 0         0        
Redemptions of Class A common stock 0         0        
Proceeds from warrant exercises 0         (2)        
Cash received from the Backstop 0         0        
Distributions to members 0         0        
Net cash used in financing activities 0         (2)        
Net increase (decrease) in cash, cash equivalents and restricted cash 0         (265)        
Cash and cash equivalents and restricted cash, beginning of the period 0 $ 0       0 0      
Cash and cash equivalents and restricted cash, end of the period 0   (265)     (265) (265)      
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:                    
Cash and cash equivalents 0   0     0 0      
Restricted cash 0   (265)     (265) (265)      
Total cash, cash equivalents and restricted cash 0   (265)     (265) $ (265)   $ 0 $ 0
Supplemental cash flow information:                    
ROU assets obtained in exchange for operating lease liabilities 0         0        
Equity issuance to settle intercompany loan 941         0        
Deferred consideration for acquisition 0         7,059        
Revision of Prior Period, Error Correction, Adjustment A, F, G, H, J, K, L, M, O, P                    
Cash flows from Operating Activities:                    
Net income (loss)     $ 221     (5,098)        
Revision of Prior Period, Error Correction, Adjustment G, K, O                    
Cash flows from Operating Activities:                    
Net income (loss) 3,399                  
Revision of Prior Period, Error Correction, Adjustment A, J                    
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:                    
Depreciation and amortization           (2,686)        
Revision Of Prior Period, Error Correction, Adjustment G, H, O, Q                    
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:                    
Share-based compensation (3,993)         8,251        
Revision of Prior Period, Error Correction, Adjustment R                    
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:                    
Noncash lease expense           784        
Revision of Prior Period, Error Correction, Adjustment Q                    
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:                    
Share-based compensation           38        
Change in fair value of contingent consideration and CEO equity profit interest           (45)        
Changes in operating assets and liabilities                    
Accounts receivable           19        
Prepaids and other assets           (863)        
Accrued expenses and other liabilities           7,274        
Protected.net incentive plan liability           (5,694)        
Other long-term liabilities           (72)        
Cash flows from Investing Activities:                    
Purchases of property and equipment           (25)        
Capitalized software development costs           (77)        
Acquisition of businesses, net of cash acquired           (1,886)        
Revision of Prior Period, Error Correction, Adjustment M, Q                    
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:                    
Deferred tax benefits           (1,853)        
Revision of Prior Period, Error Correction, Adjustment G                    
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:                    
Other           661        
Revision of Prior Period, Error Correction, Adjustment N, Q                    
Changes in operating assets and liabilities                    
Accounts receivable           (246)        
Revision of Prior Period, Error Correction, Adjustment K, O, Q                    
Changes in operating assets and liabilities                    
Prepaids and other assets           (1,024)        
Revision of Prior Period, Error Correction, Adjustment K                    
Changes in operating assets and liabilities                    
Prepaids and other assets 164                  
Revision of Prior Period, Error Correction, Adjustment F, K, O, Q                    
Changes in operating assets and liabilities                    
Accrued expenses and other liabilities           (5,759)        
Revision of Prior Period, Error Correction, Adjustment K, O                    
Changes in operating assets and liabilities                    
Accrued expenses and other liabilities 318                  
Revision of Prior Period, Error Correction, Adjustment L, O, Q, R                    
Changes in operating assets and liabilities                    
Other long-term liabilities           (863)        
Revision of Prior Period, Error Correction, Adjustment O                    
Changes in operating assets and liabilities                    
Other long-term liabilities (1)                  
Revision of Prior Period, Error Correction, Adjustment J, Q                    
Cash flows from Investing Activities:                    
Capitalized software development costs           (596)        
Revision of Prior Period, Error Correction, Adjustment O, P, Q                    
Cash flows from Investing Activities:                    
Acquisition of businesses, net of cash acquired           1,819        
Revision of Prior Period, Error Correction, Adjustment P                    
Cash flows from Financing Activities:                    
Effect of exchange rate changes in cash, cash equivalent and restricted cash $ 113         $ 633