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QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED)

3 Months Ended

Mar. 31, 2023

QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED)

QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED)

11. QUARTERLY FINANCIAL DATA (UNAUDITED AND REVISED)

The Company has revised quarterly and year-to-date unaudited consolidated financial statements for the quarters ended March 31, June 30, and September 30, 2022. See Note 2 – Revision of Previously Issued Financial Statements of the consolidated financial statements for further background.

Revised Consolidated Balance Sheets


		As of March 31, 2022 (unaudited)									As of June 30, 2022 (unaudited)									As of September 30, 2022 (unaudited)
		As Previously									As Previously									As Previously
		Reported			Adjustments			As Revised			Reported			Adjustments			As Revised			Reported			Adjustments			As Revised

		(In thousands)
ASSETS
CURRENT ASSETS:
Restricted cash		$	19,973		$	6,500		$	26,473		$	19,973		$	6,500		$	26,473		$	19,974		$	6,500		$	26,474
Other current assets			7,134			155			7,289			6,774			275			7,049			7,676			353			8,029
Total current assets			325,305			6,655			331,960			310,150			6,775			316,925			286,190			6,853			293,043
PROPERTY AND EQUIPMENT, net			26,243			500			26,743			26,913			500			27,413			27,529			500			28,029
Total assets		$	1,363,064		$	7,155		$	1,370,219		$	1,335,248		$	7,275		$	1,342,523		$	1,322,693		$	7,353		$	1,330,046
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Other current liabilities		$	33,776		$	13		$	33,789		$	29,582		$	13		$	29,595		$	38,624		$	133		$	38,757
Total current liabilities			100,162			13			100,175			109,997			13			110,010			112,999			133			113,132
OTHER LONG-TERM LIABILITIES			36,243			567			36,810			37,555			1,055			38,610			35,359			908			36,267
DEFERRED TAX LIABILITIES, net			26,843			(9)			26,834			30,368			(98)			30,270			31,284			(55)			31,229
Total liabilities			1,015,525			571			1,016,096			996,163			970			997,133			982,345			986			983,331
REDEEMABLE NONCONTROLLING INTERESTS			20,227			6,625			26,852			20,434			6,625			27,059			22,327			6,625			28,952
STOCKHOLDERS’ EQUITY:
Accumulated deficit			(753,824)			(41)			(753,865)			(737,251)			(320)			(737,571)			(733,844)			(258)			(734,102)
Total stockholders’ equity			327,312			(41)			327,271			318,651			(320)			318,331			318,021			(258)			317,763
Total liabilities, redeemable noncontrolling interests and stockholders’ equity		$	1,363,064		$	7,155		$	1,370,219		$	1,335,248		$	7,275		$	1,342,523		$	1,322,693		$	7,353		$	1,330,046

Revised Quarterly Consolidated Statements of Operations


		Three Months Ended March 31, 2022 (unaudited)									Three Months Ended June 30, 2022 (unaudited)									Three Months Ended September 30, 2022 (unaudited)
		As									As									As
		Previously						As			Previously						As			Previously						As
		Reported			Adjustments			Revised			Reported			Adjustments			Revised			Reported			Adjustments			Revised

		(In thousands)
OPERATING EXPENSES:
Corporate selling, general and administrative, including stock-based compensation of $124, $336 and $5,109, respectively		$	9,460		$	77		$	9,537		$	11,864		$	488		$	12,352		$	14,908		$	(22)		$	14,886
Total operating expenses			75,593			77			75,670			92,794			488			93,282			103,276			(22)			103,254
Operating income (loss)			36,538			(77)			36,461			25,863			(488)			25,375			17,974			22			17,996
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries			22,656			(77)			22,579			21,557			(488)			21,069			6,937			22			6,959
PROVISION FOR (BENEFIT FROM) INCOME TAXES			5,462			3			5,465			4,214			(89)			4,125			3,170			43			3,213
NET INCOME (LOSS)			17,194			(80)			17,114			17,343			(399)			16,944			3,767			(21)			3,746
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS			701			(75)			626			770			(120)			650			360			(83)			277
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	16,493		$	(5)		$	16,488		$	16,573		$	(279)		$	16,294		$	3,407		$	62		$	3,469

Revised Year to Date Consolidated Statements of Operations


		Six Months Ended June 30, 2022 (unaudited)									Nine Months Ended September 30, 2022 (unaudited)
		As Previously Reported			Adjustments			As Revised			As Previously Reported				Adjustments		As Revised

		(In thousands)
OPERATING EXPENSES:
Corporate selling, general and administrative, including stock-based compensation of $460 and $5,569, respectively		$	21,324		$	565		$	21,889		$	36,232		$	543		$	36,775
Total operating expenses			168,387			565			168,952			271,663			543			272,206
Operating income (loss)			62,401			(565)			61,836			80,375			(543)			79,832
Income (loss) before provision for (benefit from) income taxes and noncontrolling interests in income of subsidiaries			44,213			(565)			43,648			51,150			(543)			50,607
PROVISION FOR (BENEFIT FROM) INCOME TAXES			9,676			(86)			9,590			12,846			(43)			12,803
NET INCOME (LOSS)			34,537			(479)			34,058			38,304			(500)			37,804
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS			1,471			(195)			1,276			1,831			(278)			1,553
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	33,066		$	(284)		$	32,782		$	36,473		$	(222)		$	36,251

Revised Quarterly Consolidated Statements of Comprehensive Income


		Three Months Ended March 31, 2022 (unaudited)									Three Months Ended June 30, 2022 (unaudited)									Three Months Ended September 30, 2022 (unaudited)
		As Previously									As Previously									As Previously
		Reported			Adjustments			As Revised			Reported			Adjustments			As Revised			Reported			Adjustments			As Revised

		(In thousands)
COMPREHENSIVE INCOME (LOSS)		$	25,090		$	(80)		$	25,010		$	17,418		$	(399)		$	17,019		$	(1,929)		$	(21)		$	(1,950)
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS			701			(75)			626			770			(120)			650			360			(83)			277
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	24,389		$	(5)		$	24,384		$	16,648		$	(279)		$	16,369		$	(2,289)		$	62		$	(2,227)

Revised Year to Date Consolidated Statements of Comprehensive Income


		Six Months Ended June 30, 2022 (unaudited)									Nine Months Ended September 30, 2022 (unaudited)
		As Previously						As			As Previously						As
		Reported			Adjustments			Revised			Reported			Adjustments			Revised

		(In thousands)
COMPREHENSIVE INCOME (LOSS)		$	42,508		$	(479)		$	42,029		$	40,579		$	(500)		$	40,079
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS			1,471			(195)			1,276			1,831			(278)			1,553
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	41,037		$	(284)		$	40,753		$	38,748		$	(222)		$	38,526

Revised Consolidated Statements of Changes in Stockholders’ Equity


		Convertible			Common			Common			Common			Common			Accumulated Other			Additional						Total
		Preferred			Stock			Stock			Stock			Stock			Comprehensive			Paid-In			Accumulated			Stockholders’
		Stock			Class A			Class B			Class C			Class D			Income			Capital			Deficit			Equity

For the three months ended March 31, 2022		(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2021		$	—		$	9		$	3		$	2		$	37		$	54,950		$	1,018,996		$	(770,317)		$	303,680
Net income			—			—			—			—			—			—			—			16,493			16,493
Stock-based compensation expense			—			—			—			—			—			—			124			—			124
Repurchase of 2,649 shares of Class D common stock			—			—			—			—			—			—			(10)			—			(10)
Adjustment of redeemable noncontrolling interests to estimated redemption value			—			—			—			—			—			—			(871)			—			(871)
Other comprehensive income, net of tax			—			—			—			—			—			7,896			—			—			7,896
BALANCE, as of March 31, 2022		$	—		$	9		$	3		$	2		$	37		$	62,846		$	1,018,239		$	(753,824)		$	327,312

Adjustments and Other Adjustments
BALANCE, as of December 31, 2021			—			—			—			—			—			—			—			(36)			(36)
Net loss			—			—			—			—			—			—			—			(5)			(5)
Total Adjustments March 31, 2022		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(41)		$	(41)

As Revised
BALANCE, as of December 31, 2021			—			9			3			2			37			54,950			1,018,996			(770,353)			303,644
Net income			—			—			—			—			—			—			—			16,488			16,488
Stock-based compensation expense			—			—			—			—			—			—			124			—			124
Repurchase of 2,649 shares of Class D common stock			—			—			—			—			—			—			(10)			—			(10)
Adjustment of redeemable noncontrolling interests to estimated redemption value			—			—			—			—			—			—			(871)			—			(871)
Other comprehensive income, net of tax			—			—			—			—			—			7,896			—			—			7,896
BALANCE, as of March 31, 2022		$	—		$	9		$	3		$	2		$	37		$	62,846		$	1,018,239		$	(753,865)		$	327,271


		Convertible			Common			Common			Common			Common			Accumulated Other			Additional						Total
		Preferred			Stock			Stock			Stock			Stock			Comprehensive			Paid-In			Accumulated			Stockholders’
		Stock			Class A			Class B			Class C			Class D			Income			Capital			Deficit			Equity

For the six months ended June 30, 2022		(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2021		$	—		$	9		$	3		$	2		$	37		$	54,950		$	1,018,996		$	(770,317)		$	303,680
Net income			—			—			—			—			—			—			—			33,066			33,066
Stock-based compensation expense			—			—			—			—			—			—			460			—			460
Repurchase of 4,684,419 shares of Class D common stock			—			—			—			—			(4)			—			(24,665)			—			(24,669)
Exercise of options for 60,240 shares of Class D common stock			—			—			—			—			—			—			50			—			50
Adjustment of redeemable noncontrolling interests to estimated redemption value			—			—			—			—			—			—			(1,907)			—			(1,907)
Other comprehensive income, net of tax			—			—			—			—			—			7,971			—			—			7,971
BALANCE, as of June 30, 2022		$	—		$	9		$	3		$	2		$	33		$	62,921		$	992,934		$	(737,251)		$	318,651

Adjustments and Other Adjustments
BALANCE, as of December 31, 2021			—			—			—			—			—			—			—			(36)			(36)
Net income			—			—			—			—			—			—			—			(284)			(284)
Total Adjustments June 30, 2022		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(320)		$	(320)

As Revised
BALANCE, as of December 31, 2021			—			9			3			2			37			54,950			1,018,996			(770,353)			303,644
Net income			—			—			—			—			—			—			—			32,782			32,782
Stock-based compensation expense			—			—			—			—			—			—			460			—			460
Repurchase of 4,684,419 shares of Class D common stock			—			—			—			—			(4)			—			(24,665)			—			(24,669)
Exercise of options for 60,240 shares of Class D common stock			—			—			—			—			—			—			50			—			50
Adjustment of redeemable noncontrolling interests to estimated redemption value			—			—			—			—			—			—			(1,907)			—			(1,907)
Other comprehensive income, net of tax			—			—			—			—			—			7,971			—			—			7,971
BALANCE, as of June 30, 2022		$	—		$	9		$	3		$	2		$	33		$	62,921		$	992,934		$	(737,571)		$	318,331


		Convertible			Common			Common			Common			Common			Accumulated Other			Additional						Total
		Preferred			Stock			Stock			Stock			Stock			Comprehensive			Paid-In			Accumulated			Stockholders’
		Stock			Class A			Class B			Class C			Class D			Income			Capital			Deficit			Equity

For the nine months ended September 30, 2022		(In thousands, except share data)
As Previously Reported
BALANCE, as of December 31, 2021		$	—		$	9		$	3		$	2		$	37		$	54,950		$	1,018,996		$	(770,317)		$	303,680
Net income			—			—			—			—			—			—			—			36,473			36,473
Stock-based compensation expense			—			1			—			—			1			—			5,467			—			5,469
Repurchase of 4,684,419 shares of Class D common stock			—			—			—			—			(4)			—			(26,482)			—			(26,486)
Exercise of options for 60,240 shares of Class D common stock			—			—			—			—			—			—			50			—			50
Adjustment of redeemable noncontrolling interests to estimated redemption value			—			—			—			—			—			—			(3,440)			—			(3,440)
Other comprehensive income, net of tax			—			—			—			—			—			2,275			—			—			2,275
BALANCE, as of September 30, 2022		$	—		$	10		$	3		$	2		$	34		$	57,225		$	994,591		$	(733,844)		$	318,021

Adjustments and Other Adjustments
BALANCE, as of December 31, 2021			—			—			—			—			—			—			—			(36)			(36)
Net income			—			—			—			—			—			—			—			(222)			(222)
Total Adjustments September 30, 2022		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(258)		$	(258)

As Revised
BALANCE, as of December 31, 2021			—			9			3			2			37			54,950			1,018,996			(770,353)			303,644
Net income			—			—			—			—			—			—			—			36,251			36,251
Stock-based compensation expense			—			1			—			—			1			—			5,467			—			5,469
Repurchase of 4,684,419 shares of Class D common stock			—			—			—			—			(4)			—			(26,482)			—			(26,486)
Exercise of options for 60,240 shares of Class D common stock			—			—			—			—			—			—			50			—			50
Adjustment of redeemable noncontrolling interests to estimated redemption value			—			—			—			—			—			—			(3,440)			—			(3,440)
Other comprehensive income, net of tax			—			—			—			—			—			2,275			—			—			2,275
BALANCE, as of September 30, 2022		$	—		$	10		$	3		$	2		$	34		$	57,225		$	994,591		$	(734,102)		$	317,763

Revised Consolidated Statements of Cash Flows


		Three Months Ended March 31, 2022 (unaudited)									Six Months Ended June 30, 2022 (unaudited)									Nine Months Ended September 30, 2022 (unaudited)
		As									As									As
		Previously						As			Previously						As			Previously						As
		Reported			Adjustments			Revised			Reported			Adjustments			Revised			Reported			Adjustments			Revised

		(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	17,194		$	(80)		$	17,114		$	34,537		$	(479)		$	34,058		$	38,304		$	(500)		$	37,804

Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes			5,462			3			5,465			8,962			(86)			8,876			11,682			(43)			11,639
Stock-based compensation			124			—			124			460			—			460			5,469			105			5,574

Effect of change in operating assets and liabilities, net of assets acquired:
Prepaid expenses and other current assets			(592)			263			(329)			(394)			143			(251)			(2,279)			65			(2,214)
Other liabilities			(3,491)			(464)			(3,955)			(5,017)			24			(4,993)			3,317			(108)			3,209
Net cash flows provided by (used in) operating activities			15,734			(278)			15,456			43,624			(398)			43,226			54,067			(481)			53,586
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from noncontrolling interest members of RVAEH			—			278			278			—			398			398						481			481
Net cash flows provided by (used in) financing activities			(10)			278			268			(48,968)			398			(48,570)			(73,562)			481			(73,081)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period			152,218			6,500			158,718			152,218			6,500			158,718			152,218			6,500			158,718
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period		$	166,366		$	6,500		$	172,866		$	143,003		$	6,500		$	149,503		$	105,547		$	6,500		$	112,047