Quarterly Report (10-q)
10 November 2022 - 08:12AM
Edgar (US Regulatory)
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dr60.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the quarterly period ended
September 30,
2022
OR
|
|
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the transition period from to
Commission File Number:
001-38990
Advantage Solutions Inc.
(Exact name of registrant as specified in its charter)
|
|
|
|
Delaware
|
|
83-4629508
|
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification Number)
|
15310 Barranca Parkway,
Suite 100
Irvine,
CA
92618
(Address of principal executive offices)
(949)
797-2900
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the
Act:
|
|
|
|
|
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
|
Class A common stock, $0.0001 par value per share
|
|
ADV
|
|
Nasdaq Global Select Market
|
|
Warrants exercisable for one share of Class A common stock at an
exercise price of $11.50 per share
|
|
ADVWW
|
|
Nasdaq Global Select Market
|
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports) and (2) has been subject to such filing requirements
for the past 90 days.
Yes
No
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files).
Yes
No
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company or an emerging growth company. See
definition of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule
12b-2 of the Exchange Act.
|
|
|
|
Large accelerated filer
|
|
Accelerated filer
|
|
|
|
|
|
Non-accelerated filer
|
|
Smaller reporting company
|
|
|
|
|
|
Emerging growth company
|
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act.
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes
No
As of November 8, 2022, the registrant had
319,684,462
shares of Class A common stock outstanding.
Advantage Solutions Inc.
TABLE OF CONTENTS
2
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ADVANTAGE SOLUTIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
(in thousands, except share data)
|
|
2022
|
|
|
2021
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
96,215
|
|
|
$
|
164,622
|
|
|
Restricted cash
|
|
|
18,079
|
|
|
|
16,015
|
|
|
Accounts receivable, net of allowance for expected credit losses
of
$13,648 and
$15,916,
respectively
|
|
|
833,432
|
|
|
|
797,677
|
|
|
Prepaid expenses and other current assets
|
|
|
155,429
|
|
|
|
126,000
|
|
|
Total current assets
|
|
|
1,103,155
|
|
|
|
1,104,314
|
|
|
Property and equipment, net
|
|
|
69,084
|
|
|
|
63,696
|
|
|
Goodwill
|
|
|
2,246,053
|
|
|
|
2,206,004
|
|
|
Other intangible assets, net
|
|
|
2,150,075
|
|
|
|
2,287,514
|
|
|
Investments in unconsolidated affiliates
|
|
|
124,815
|
|
|
|
125,158
|
|
|
Other assets
|
|
|
120,644
|
|
|
|
67,582
|
|
|
Total assets
|
|
$
|
5,813,826
|
|
|
$
|
5,854,268
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
14,704
|
|
|
$
|
14,397
|
|
|
Accounts payable
|
|
|
267,684
|
|
|
|
277,366
|
|
|
Accrued compensation and benefits
|
|
|
109,935
|
|
|
|
139,157
|
|
|
Other accrued expenses
|
|
|
161,246
|
|
|
|
164,133
|
|
|
Deferred revenues
|
|
|
47,441
|
|
|
|
50,467
|
|
|
Total current liabilities
|
|
|
601,010
|
|
|
|
645,520
|
|
|
Long-term debt, net of current portion
|
|
|
2,024,591
|
|
|
|
2,028,882
|
|
|
Deferred income tax liabilities
|
|
|
456,755
|
|
|
|
483,165
|
|
|
Warrant liability
|
|
|
733
|
|
|
|
22,189
|
|
|
Other long-term liabilities
|
|
|
109,421
|
|
|
|
92,218
|
|
|
Total liabilities
|
|
|
3,192,510
|
|
|
|
3,271,974
|
|
|
Commitments and contingencies (Note
10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest
|
|
|
3,353
|
|
|
|
1,893
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to stockholders of Advantage Solutions
Inc.
|
|
|
|
|
|
|
|
Common stock, $0.0001 par
value,
3,290,000,000 shares
authorized;
319,675,888 and
316,963,552 shares
issued and outstanding as of
September 30, 2022 and December 31,
2021, respectively
|
|
|
32
|
|
|
|
32
|
|
|
Additional paid in capital
|
|
|
3,398,477
|
|
|
|
3,373,278
|
|
|
Accumulated deficit
|
|
|
(823,212
|
)
|
|
|
(866,607
|
)
|
|
Loans to Karman Topco L.P.
|
|
|
(6,357
|
)
|
|
|
(6,340
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(29,978
|
)
|
|
|
(4,479
|
)
|
|
Treasury stock, at cost;
1,610,014 shares
as of September 30, 2022
and December 31, 2021
|
|
|
(12,567
|
)
|
|
|
(12,567
|
)
|
|
Total equity attributable to stockholders of Advantage Solutions
Inc.
|
|
|
2,526,395
|
|
|
|
2,483,317
|
|
|
Nonredeemable noncontrolling interest
|
|
|
91,568
|
|
|
|
97,084
|
|
|
Total stockholders’ equity
|
|
|
2,617,963
|
|
|
|
2,580,401
|
|
|
Total liabilities, redeemable noncontrolling interest, and
stockholders’ equity
|
|
$
|
5,813,826
|
|
|
$
|
5,854,268
|
|
See Notes to the Condensed Consolidated Financial
Statements.
3
ADVANTAGE SOLUTIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
(in thousands, except share and per share data)
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
Revenues
|
|
$
|
1,051,095
|
|
|
$
|
928,760
|
|
|
$
|
2,946,979
|
|
|
$
|
2,569,735
|
|
|
|
Cost of revenues (exclusive of depreciation and
amortization shown separately
below)
|
|
|
908,523
|
|
|
|
766,253
|
|
|
|
2,536,256
|
|
|
|
2,117,818
|
|
|
|
Selling, general, and administrative expenses
|
|
|
37,945
|
|
|
|
37,742
|
|
|
|
138,594
|
|
|
|
124,830
|
|
|
|
Depreciation and amortization
|
|
|
57,785
|
|
|
|
59,163
|
|
|
|
173,997
|
|
|
|
181,450
|
|
|
|
Total operating expenses
|
|
|
1,004,253
|
|
|
|
863,158
|
|
|
|
2,848,847
|
|
|
|
2,424,098
|
|
|
|
Operating income
|
|
|
46,842
|
|
|
|
65,602
|
|
|
|
98,132
|
|
|
|
145,637
|
|
|
|
Other (income) expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of warrant liability
|
|
|
(1,100
|
)
|
|
|
(3,491
|
)
|
|
|
(21,456
|
)
|
|
|
(5,024
|
)
|
|
|
Interest expense, net
|
|
|
23,557
|
|
|
|
36,490
|
|
|
|
63,628
|
|
|
|
104,544
|
|
|
|
Total other expenses
|
|
|
22,457
|
|
|
|
32,999
|
|
|
|
42,172
|
|
|
|
99,520
|
|
|
|
Income before income taxes
|
|
|
24,385
|
|
|
|
32,603
|
|
|
|
55,960
|
|
|
|
46,117
|
|
|
|
Provision for income taxes
|
|
|
1,158
|
|
|
|
8,276
|
|
|
|
11,523
|
|
|
|
16,582
|
|
|
|
Net income
|
|
|
23,227
|
|
|
|
24,327
|
|
|
|
44,437
|
|
|
|
29,535
|
|
|
|
Less: net income attributable to
noncontrolling interest
|
|
|
2,168
|
|
|
|
1,016
|
|
|
|
1,042
|
|
|
|
219
|
|
|
|
Net income attributable to stockholders of
Advantage Solutions Inc.
|
|
|
21,059
|
|
|
|
23,311
|
|
|
|
43,395
|
|
|
|
29,316
|
|
|
|
Other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
(13,616
|
)
|
|
|
(2,443
|
)
|
|
|
(25,499
|
)
|
|
|
(4,239
|
)
|
|
|
Total comprehensive income attributable to
stockholders of Advantage Solutions
Inc.
|
|
$
|
7,443
|
|
|
$
|
20,868
|
|
|
$
|
17,896
|
|
|
$
|
25,077
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
0.14
|
|
|
$
|
0.09
|
|
|
|
Diluted
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
|
$
|
0.14
|
|
|
$
|
0.09
|
|
|
|
Weighted-average number of common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
318,821,895
|
|
|
|
318,563,497
|
|
|
|
318,345,565
|
|
|
|
318,213,337
|
|
|
|
Diluted
|
|
|
319,725,065
|
|
|
|
320,120,634
|
|
|
|
319,190,804
|
|
|
|
319,654,817
|
|
|
See Notes to the Condensed Consolidated Financial
Statements.
4
ADVANTAGE SOLUTIONS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
Advantage
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
Treasury Stock
|
|
|
Additional
|
|
|
|
|
|
Loans
|
|
|
Other
|
|
|
Solutions Inc.
|
|
|
Nonredeemable
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in
|
|
|
Accumulated
|
|
|
to
|
|
|
Comprehensive
|
|
|
Stockholders'
|
|
|
Noncontrolling
|
|
|
Stockholders'
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit
|
|
|
Topco
|
|
|
Income (Loss)
|
|
|
Equity
|
|
|
Interests
|
|
|
Equity
|
|
|
(in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at July 1, 2022
|
|
318,465,449
|
|
|
$
|
32
|
|
|
|
1,610,014
|
|
|
$
|
(12,567
|
)
|
|
$
|
3,390,899
|
|
|
$
|
(844,271
|
)
|
|
$
|
(6,351
|
)
|
|
$
|
(16,362
|
)
|
|
$
|
2,511,380
|
|
|
$
|
90,109
|
|
|
$
|
2,601,489
|
|
|
Comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21,059
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21,059
|
|
|
|
2,092
|
|
|
|
23,151
|
|
|
Foreign currency translation adjustments
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(13,616
|
)
|
|
|
(13,616
|
)
|
|
|
(6,824
|
)
|
|
|
(20,440
|
)
|
|
Total comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,443
|
|
|
|
(4,732
|
)
|
|
|
2,711
|
|
|
Interest on loans to Karman Topco L.P.
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6
|
)
|
|
|
—
|
|
|
|
(6
|
)
|
|
|
—
|
|
|
|
(6
|
)
|
|
Increase in noncontrolling interest
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,191
|
|
|
|
6,191
|
|
|
Equity-based compensation of Karman
Topco L.P.
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(828
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(828
|
)
|
|
|
—
|
|
|
|
(828
|
)
|
|
Shares issued under 2020 Employee
Stock Purchase Plan
|
|
470,786
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,667
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,667
|
|
|
|
—
|
|
|
|
1,667
|
|
|
Shares issued under 2020 Incentive
Award Plan
|
|
739,653
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Stock-based compensation expense
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,739
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,739
|
|
|
|
—
|
|
|
|
6,739
|
|
|
Balance at September 30, 2022
|
|
319,675,888
|
|
|
$
|
32
|
|
|
$
|
1,610,014
|
|
|
$
|
(12,567
|
)
|
|
$
|
3,398,477
|
|
|
$
|
(823,212
|
)
|
|
$
|
(6,357
|
)
|
|
$
|
(29,978
|
)
|
|
$
|
2,526,395
|
|
|
$
|
91,568
|
|
|
$
|
2,617,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
Advantage
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
Additional
|
|
|
|
|
|
Loans
|
|
|
Other
|
|
|
Solutions Inc.
|
|
|
Nonredeemable
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
Paid-in
|
|
|
Accumulated
|
|
|
to
|
|
|
Comprehensive
|
|
|
Stockholders'
|
|
|
Noncontrolling
|
|
|
Stockholders'
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit
|
|
|
Topco
|
|
|
Income (Loss)
|
|
|
Equity
|
|
|
Interests
|
|
|
Equity
|
|
|
(in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at July 1, 2021
|
|
318,496,390
|
|
|
$
|
32
|
|
|
$
|
3,361,262
|
|
|
$
|
(915,096
|
)
|
|
$
|
(6,328
|
)
|
|
$
|
(1,122
|
)
|
|
$
|
2,438,748
|
|
|
$
|
95,916
|
|
|
$
|
2,534,664
|
|
|
Comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
23,311
|
|
|
|
—
|
|
|
|
—
|
|
|
|
23,311
|
|
|
|
973
|
|
|
|
24,284
|
|
|
Foreign currency translation adjustments
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,443
|
)
|
|
|
(2,443
|
)
|
|
|
(2,305
|
)
|
|
|
(4,748
|
)
|
|
Total comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,868
|
|
|
|
(1,332
|
)
|
|
|
19,536
|
|
|
Interest on loans to Karman Topco L.P.
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6
|
)
|
|
|
—
|
|
|
|
(6
|
)
|
|
|
—
|
|
|
|
(6
|
)
|
|
Redemption of noncontrolling interest
|
|
—
|
|
|
|
—
|
|
|
|
(16
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(16
|
)
|
|
|
—
|
|
|
|
(16
|
)
|
|
Equity-based compensation of Karman
Topco L.P.
|
|
—
|
|
|
|
—
|
|
|
|
(6,030
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,030
|
)
|
|
|
—
|
|
|
|
(6,030
|
)
|
|
Shares issued upon exercise of
warrants
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Shares issued under 2020 Employee Stock Purchase
Plan
|
|
77,172
|
|
|
|
—
|
|
|
|
736
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
736
|
|
|
|
—
|
|
|
|
736
|
|
|
Stock-based compensation expense
|
|
—
|
|
|
|
—
|
|
|
|
8,413
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,413
|
|
|
|
—
|
|
|
|
8,413
|
|
|
Balance at September 30, 2021
|
|
318,573,563
|
|
|
$
|
32
|
|
|
$
|
3,364,365
|
|
|
$
|
(891,785
|
)
|
|
$
|
(6,334
|
)
|
|
$
|
(3,565
|
)
|
|
$
|
2,462,713
|
|
|
$
|
94,584
|
|
|
$
|
2,557,297
|
|
See Notes to the Condensed Consolidated Financial
Statements.
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
Advantage
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
Treasury Stock
|
|
|
Additional
|
|
|
|
|
|
Loans
|
|
|
Other
|
|
|
Solutions Inc.
|
|
|
Nonredeemable
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in
|
|
|
Accumulated
|
|
|
to
|
|
|
Comprehensive
|
|
|
Stockholders'
|
|
|
Noncontrolling
|
|
|
Stockholders'
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Deficit
|
|
|
Topco
|
|
|
Income (Loss)
|
|
|
Equity
|
|
|
Interests
|
|
|
Equity
|
|
|
(in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2022
|
|
316,963,552
|
|
|
$
|
32
|
|
|
|
1,610,014
|
|
|
$
|
(12,567
|
)
|
|
$
|
3,373,278
|
|
|
$
|
(866,607
|
)
|
|
$
|
(6,340
|
)
|
|
$
|
(4,479
|
)
|
|
$
|
2,483,317
|
|
|
$
|
97,084
|
|
|
$
|
2,580,401
|
|
|
Comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
43,395
|
|
|
|
—
|
|
|
|
—
|
|
|
|
43,395
|
|
|
|
918
|
|
|
|
44,313
|
|
|
Foreign currency translation adjustments
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(25,499
|
)
|
|
|
(25,499
|
)
|
|
|
(12,625
|
)
|
|
|
(38,124
|
)
|
|
Total comprehensive income (loss)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|