Summary of Restatement to Previously Reported Condensed Consolidated Financial Statements |
The following tables present the effects of the aforementioned restatement to the specific line items presented in the Company’s previously reported unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2022 (in thousands, except per share amounts):
Condensed Consolidated Balance Sheet
|
|
As of March 31, 2022
|
|
|
|
As Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
Intangible assets, net
|
|
$
|
86,563
|
|
|
$
|
5,304
|
|
|
$
|
91,867
|
|
Goodwill
|
|
|
36,630
|
|
|
|
7,970
|
|
|
|
44,600
|
|
Total assets
|
|
|
469,004
|
|
|
|
13,274
|
|
|
|
482,278
|
|
Contingent consideration, non-current
|
|
|
35,416
|
|
|
|
265
|
|
|
|
35,681
|
|
Other non-current liabilities
|
|
|
16,440
|
|
|
|
776
|
|
|
|
17,216
|
|
Total liabilities
|
|
|
413,004
|
|
|
|
1,041
|
|
|
|
414,045
|
|
Accumulated deficit
|
|
|
(380,076
|
)
|
|
|
12,233
|
|
|
|
(367,843
|
)
|
Total stockholders' equity
|
|
|
56,000
|
|
|
|
12,233
|
|
|
|
68,233
|
|
Total liabilities and stockholders' equity
|
|
|
469,004
|
|
|
|
13,274
|
|
|
|
482,278
|
|
Condensed Consolidated Statement of Operations and Comprehensive Loss
|
|
Three Months Ended
|
|
|
|
March 31, 2022
|
|
|
|
As Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
General and administrative
|
|
$
|
28,917
|
|
|
$
|
(6,596
|
)
|
|
$
|
22,321
|
|
Amortization
|
|
|
4,693
|
|
|
|
323
|
|
|
|
5,016
|
|
Total operating expenses
|
|
|
61,485
|
|
|
|
(6,273
|
)
|
|
|
55,212
|
|
Loss from operations
|
|
|
(27,078
|
)
|
|
|
6,273
|
|
|
|
(20,805
|
)
|
Loss before provision for income taxes
|
|
|
(28,264
|
)
|
|
|
6,273
|
|
|
|
(21,991
|
)
|
Provision for income taxes
|
|
|
177
|
|
|
|
(39
|
)
|
|
|
138
|
|
Net loss
|
|
|
(28,441
|
)
|
|
|
6,312
|
|
|
|
(22,129
|
)
|
Basic and diluted net loss per share
|
|
|
(0.80
|
)
|
|
|
0.18
|
|
|
|
(0.62
|
)
|
Total comprehensive loss
|
|
|
(28,251
|
)
|
|
|
6,312
|
|
|
|
(21,939
|
)
|
Condensed Consolidated Statement of Stockholders’ Equity
|
|
Accumulated Deficit
|
|
|
|
As Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
Balance as of December 31, 2021
|
|
$
|
(350,958
|
)
|
|
$
|
5,921
|
|
|
$
|
(345,037
|
)
|
Net loss
|
|
|
(28,441
|
)
|
|
|
6,312
|
|
|
|
(22,129
|
)
|
Balance as of March 31, 2022
|
|
|
(380,076
|
)
|
|
|
12,233
|
|
|
|
(367,843
|
)
|
|
|
Total Stockholders' Equity
|
|
Balance as of December 31, 2021
|
|
|
80,579
|
|
|
|
5,921
|
|
|
|
86,500
|
|
Net loss
|
|
|
(28,441
|
)
|
|
|
6,312
|
|
|
|
(22,129
|
)
|
Balance as of March 31, 2022
|
|
|
56,000
|
|
|
|
12,233
|
|
|
|
68,233
|
|
Condensed Consolidated Statement of Cash Flows
|
|
Three Months Ended
|
|
|
|
March 31, 2022
|
|
|
|
As Reported
|
|
|
Adjustment
|
|
|
As Restated
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(28,441
|
)
|
|
$
|
6,312
|
|
|
$
|
(22,129
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
4,891
|
|
|
|
323
|
|
|
|
5,214
|
|
Change in fair value of contingent consideration
|
|
|
11,641
|
|
|
|
(6,596
|
)
|
|
|
5,045
|
|
Change in deferred taxes
|
|
|
(426
|
)
|
|
|
(39
|
)
|
|
|
(465
|
)
|
There was no impact on cash flows from investing or financing activities.
The following tables reflect the impact of the adjustments to the specific line items presented in the Company’s previously reported consolidated financial statements as of and for the year-ended December 31, 2021 (in thousands, except per share amounts):
Consolidated Balance Sheet
|
|
As of December 31, 2021
|
|
|
|
As Reported
|
|
|
Adjustment
|
|
|
As Adjusted
|
|
Intangible assets, net
|
|
$
|
88,247
|
|
|
$
|
5,625
|
|
|
$
|
93,872
|
|
Goodwill
|
|
|
34,058
|
|
|
|
7,970
|
|
|
$
|
42,028
|
|
Total assets
|
|
|
504,752
|
|
|
|
13,595
|
|
|
|
518,347
|
|
Contingent consideration, current
|
|
|
19,988
|
|
|
|
65
|
|
|
|
20,053
|
|
Total current liabilities
|
|
|
191,276
|
|
|
|
65
|
|
|
|
191,341
|
|
Contingent consideration, non-current
|
|
|
24,737
|
|
|
|
6,796
|
|
|
|
31,533
|
|
Other non-current liabilities
|
|
|
13,078
|
|
|
|
813
|
|
|
|
13,891
|
|
Total liabilities
|
|
|
424,173
|
|
|
|
7,674
|
|
|
|
431,847
|
|
Accumulated deficit
|
|
|
(350,958
|
)
|
|
|
5,921
|
|
|
|
(345,037
|
)
|
Total stockholders' equity
|
|
|
80,579
|
|
|
|
5,921
|
|
|
|
86,500
|
|
Total liabilities and stockholders' equity
|
|
|
504,752
|
|
|
|
13,595
|
|
|
|
518,347
|
|
Consolidated Statement of Operations and Comprehensive Loss
|
|
Year Ended
|
|
|
|
December 31, 2021
|
|
|
|
As Reported
|
|
|
Adjustment
|
|
|
As Adjusted
|
|
General and administrative
|
|
$
|
97,918
|
|
|
$
|
(6,251
|
)
|
|
$
|
91,667
|
|
Amortization
|
|
|
8,497
|
|
|
|
375
|
|
|
|
8,872
|
|
Total operating expenses
|
|
|
182,554
|
|
|
|
(5,876
|
)
|
|
|
176,678
|
|
Loss from operations
|
|
|
(67,249
|
)
|
|
|
5,876
|
|
|
|
(61,373
|
)
|
Loss before provision for income taxes
|
|
|
(67,849
|
)
|
|
|
5,876
|
|
|
|
(61,973
|
)
|
Provision for income taxes
|
|
|
2,744
|
|
|
|
(45
|
)
|
|
|
2,699
|
|
Net loss
|
|
|
(70,593
|
)
|
|
|
5,921
|
|
|
|
(64,672
|
)
|
Basic and diluted net loss per share
|
|
|
(2.12
|
)
|
|
|
0.18
|
|
|
|
(1.94
|
)
|
Total comprehensive loss
|
|
|
(70,763
|
)
|
|
|
5,921
|
|
|
|
(64,842
|
)
|
Consolidated Statement of Stockholders’ Equity
|
|
Accumulated Deficit
|
|
|
|
As Reported
|
|
|
Adjustment
|
|
|
As Adjusted
|
|
Net loss
|
|
$
|
(70,593
|
)
|
|
$
|
5,921
|
|
|
$
|
(64,672
|
)
|
Balance as of December 31, 2021
|
|
|
(350,958
|
)
|
|
|
5,921
|
|
|
|
(345,037
|
)
|
|
|
Total Stockholders' Equity
|
|
Net loss
|
|
|
(70,593
|
)
|
|
|
5,921
|
|
|
|
(64,672
|
)
|
Balance as of December 31, 2021
|
|
|
80,579
|
|
|
|
5,921
|
|
|
|
86,500
|
|
Consolidated Statement of Cash Flows
|
|
Year Ended
|
|
|
|
December 31, 2021
|
|
|
|
As Reported
|
|
|
Adjustment
|
|
|
As Adjusted
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(70,593
|
)
|
|
$
|
5,921
|
|
|
$
|
(64,672
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
9,035
|
|
|
|
375
|
|
|
|
9,410
|
|
Change in fair value of contingent consideration
|
|
|
18,325
|
|
|
|
(6,251
|
)
|
|
|
12,074
|
|
Change in deferred taxes
|
|
|
—
|
|
|
|
(45
|
)
|
|
|
(45
|
)
|
|