PARENT COMPANY INFORMATION (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Condensed Financial Information Disclosure [Abstract] |
|
| Condensed Balance Sheet |
CONDENSED BALANCE SHEET (SUCCESSOR)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2021 |
|
|
|
| Assets |
|
|
|
|
| Current assets: |
|
|
|
|
| Cash and cash equivalents |
$ |
216,413 |
|
|
|
|
| Intercompany receivable |
14,325 |
|
|
|
|
| Prepaid expenses and other current assets |
8,195 |
|
|
|
|
| Total current assets |
238,933 |
|
|
|
|
| Other assets: |
|
|
|
|
| Investment in subsidiaries |
1,352,389 |
|
|
|
|
| Intercompany note receivable |
20,000 |
|
|
|
|
| Total assets |
$ |
1,611,322 |
|
|
|
|
| Liabilities and Shareholders’ Equity |
|
|
|
|
| Current Liabilities: |
|
|
|
|
| Accounts payable |
$ |
455 |
|
|
|
|
| Intercompany payable |
60,566 |
|
|
|
|
| Founders advisory fees payable - related party |
53,547 |
|
|
|
|
| Accrued expenses and other current liabilities |
636 |
|
|
|
|
| Total current liabilities |
115,204 |
|
|
|
|
| Founders advisory fees payable - related party |
312,242 |
|
|
|
|
| Redeemable preferred shares |
96,867 |
|
|
|
|
| Redeemable preferred shares - related party |
3,699 |
|
|
|
|
| Total liabilities |
528,012 |
|
|
|
|
| Shareholders’ equity: |
|
|
|
|
| Total shareholders’ equity |
1,083,310 |
|
|
|
|
| Total liabilities and shareholders’ equity |
$ |
1,611,322 |
|
|
|
|
|
| Condensed Income Statement |
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (SUCCESSOR)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 9, 2021 through
December 31, 2021 |
|
|
|
| Operating expenses: |
|
|
|
|
| Selling, general and administrative expense |
$ |
2,254 |
|
|
|
|
| Founders advisory fees - related party |
652,990 |
|
|
|
|
| Total operating expenses |
655,244 |
|
|
|
|
| Operating loss |
(655,244) |
|
|
|
|
| Other expenses |
934 |
|
|
|
|
| Loss before undistributed earnings of subsidiaries |
(656,178) |
|
|
|
|
| Undistributed earnings of subsidiaries |
(24,279) |
|
|
|
|
| Net loss |
(680,457) |
|
|
|
|
| Total comprehensive loss |
$ |
(680,457) |
|
|
|
|
|
| Condensed Statement of Comprehensive Income |
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (SUCCESSOR)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 9, 2021 through
December 31, 2021 |
|
|
|
| Operating expenses: |
|
|
|
|
| Selling, general and administrative expense |
$ |
2,254 |
|
|
|
|
| Founders advisory fees - related party |
652,990 |
|
|
|
|
| Total operating expenses |
655,244 |
|
|
|
|
| Operating loss |
(655,244) |
|
|
|
|
| Other expenses |
934 |
|
|
|
|
| Loss before undistributed earnings of subsidiaries |
(656,178) |
|
|
|
|
| Undistributed earnings of subsidiaries |
(24,279) |
|
|
|
|
| Net loss |
(680,457) |
|
|
|
|
| Total comprehensive loss |
$ |
(680,457) |
|
|
|
|
|
| Condensed Cash Flow Statement |
CONDENSED STATEMENT OF CASH FLOWS (SUCCESSOR)
(in thousands)
|
|
|
|
|
|
|
November 9, 2021 through
December 31, 2021 |
| Cash flows from operating activities: |
|
| Net loss |
$ |
(680,457) |
|
| Adjustments to reconcile net loss to net cash used in operating activities |
|
| Equity in earnings of subsidiaries |
24,279 |
|
| Interest and payment-in-kind on preferred shares |
944 |
|
| Share-based compensation |
1,182 |
|
| Share-based compensation - Founders advisory fees - related party (equity settled) |
287,200 |
|
| Changes in operating assets and liabilities, net of acquisitions: |
|
| Intercompany receivable |
(14,325) |
|
| Prepaid expenses and current other assets |
(8,195) |
|
| Accounts payable |
455 |
|
| Accrued expenses and other current liabilities |
889 |
|
| Founders advisory fees - related party (cash settled) |
365,789 |
|
| Net cash used in operating activities |
(22,239) |
|
| Cash flows from investing activities: |
|
| Investment in subsidiaries |
(1,209,155) |
|
| Intercompany note receivable |
(20,000) |
|
| Net cash used in investing activities |
(1,229,155) |
|
| Cash flows from financing activities: |
|
| Sale of PSSA Ordinary Shares issued to Director Subscribers |
2,000 |
|
| Net cash provided by financing activities |
2,000 |
|
| Net change in cash and cash equivalents |
(1,249,394) |
|
| Cash and cash equivalents, beginning of period |
1,465,807 |
|
| Cash and cash equivalents, end of period |
$ |
216,413 |
|
| Non-cash investing and financing activities: |
|
| Redeemable preferred shares issued as consideration for business combination |
$ |
100,000 |
|
| Management Subscribers rollover contribution |
$ |
11,048 |
|
|