Annual report pursuant to Section 13 and 15(d)

Quarterly Results of Operations (Unaudited)

v3.22.1
Quarterly Results of Operations (Unaudited)
12 Months Ended
Jan. 31, 2022
Quarterly Results of Operations (Unaudited)  
Quarterly Results of Operations (Unaudited)

(26) Quarterly Results of Operations (unaudited)

On October 28, 2021, the FASB issued ASU 2021 08 – Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021 08”). ASU 2021 08 requires an acquirer in a business combination to recognize and measure deferred revenue from acquired contracts using the revenue recognition guidance in Accounting Standards Codification Topic 606, rather than the prior requirement to record deferred revenue at fair value. ASU 2021 08 allows for immediate adoption on a retrospective basis for all business combinations that have occurred since the beginning of the annual period that includes the interim period of adoption. The Company elected to adopt ASU 2021 08 on a retrospective basis, effective at the beginning of the Successor period on June 11, 2021 which

resulted in changes in the Successor information for the period from June 12, 2021 through July 31, 2021. The revised information for that period is shown below.

The following information has been derived from unaudited consolidated financial statements that, in the opinion of management, includes all normal recurring adjustments necessary for a fair presentation of such information.

Successor

Three Months

Three Months

From

Ended

Ended

June 12, 2021

    

January 31, 2022

    

October 31, 2021

    

to July 31, 2021

Revenues:

  

 

  

  

Total revenues

$

166,183

$

170,559

$

91,012

Operating expenses:

 

  

 

  

  

Costs of revenues

 

49,517

 

48,891

28,006

Content and software development

 

20,367

 

16,437

9,878

Selling and marketing

 

43,938

 

39,938

22,234

General and administrative

 

26,811

 

28,120

17,073

Amortization of intangible assets

 

38,835

 

37,064

20,023

Recapitalization and acquisition-related costs

6,512

3,687

9,995

Restructuring

2,603

777

316

Total operating expenses

188,583

174,914

107,525

Operating (loss) income

(22,400)

(4,355)

(16,513)

Other (expense) income, net

(542)

(611)

(697)

Fair value adjustment of warrants

37,164

(36,838)

17,115

Interest income

64

18

12

Interest expense

(7,000)

(7,510)

(9,856)

(Loss) income before (benefit from) provision for income taxes

 

7,286

 

(49,296)

(9,939)

(Benefit from) provision for income taxes

 

(617)

 

(6,441)

1,915

Net (loss) income

7,903

(42,855)

(11,854)

(Loss) income per share:

 

  

 

  

  

Ordinary – Basic and Diluted (Successor)

0.06

(0.32)

(0.09)

Weighted average common share outstanding:

 

  

 

  

  

Ordinary – Basic and Diluted (Successor)

 

133,216

 

133,116

133,059