Quarterly report pursuant to Section 13 or 15(d)

Organization and description of business (Tables)

v3.22.2.2
Organization and description of business (Tables)
6 Months Ended
Jun. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Schedule of Redeemable Noncontrolling Interests

From January 1, 2022 through June 30, 2022, we recorded adjustments to the value of our redeemable noncontrolling interests as shown below:

 

 

 

 

 

Redeemable Noncontrolling Interests

 

(in thousands)

 

2022

 

Balance as of January 1, 2022

 

$

 

Effect of corporate reorganization and reclassification to redeemable noncontrolling interest

 

 

382,050

 

Adjustment of redeemable noncontrolling interest to redemption amount at IPO (1)

 

 

1,438,348

 

Class A common stock issued to settle asset purchase

 

 

21,361

 

Net income after corporate reorganization

 

 

16,082

 

Stock-based compensation

 

 

660

 

Stock-based compensation related to deemed contribution

 

 

27,597

 

Accrued distribution related to income taxes

 

 

(15,644

)

Adjustment of redeemable noncontrolling interest to redemption amount (2)

 

 

154,233

 

Balance as of June 30, 2022

 

$

2,024,687

 

 

 

(1)

Based on 101,133,201 shares of Class B Common Stock outstanding and the $18.00 per share IPO price.

 

(2)

Based on 101,133,201 shares of Class B Common Stock outstanding and the 10-day VWAP of Class A Common Stock of $20.02 at June 30, 2022.