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Condensed Consolidated Statements of Mezzanine and Stockholders’ Deficit - USD ($)
$ in Thousands
Total
Class A Common Stock
Class B Common Stock
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Common Units
Capital Unit, Class A
Common Units
Capital Unit, Class A-1
Common Units
Capital Unit, Class B
Common Units
Capital Unit Class B-1
APIC
AOCI
Noncontrolling Interest
Retained
Earnings (Deficit)
Treasury Stock
Redeemable Preferred Stock                            
Issuance of Class C Units, net of offering costs (in units) [1] 6,500,000                          
Issuance of Class C Units, net of offering costs [1] $ 62,897                          
Reverse Recapitalization, net (in shares) [1] 152,000                          
Reverse Recapitalization, net [1] $ 2,089                          
Ending Balance (in shares) at Sep. 30, 2023 [2] 6,652,000                          
Ending Balance at Sep. 30, 2023 [1] $ 64,986                          
Increase (Decrease) In Noncontrolling Interest [Roll Forward]                            
Other comprehensive loss [3] 9                          
Net loss [3] 11,924                          
Fair value adjustment to redeemable noncontrolling interest [3] 344,371                          
Reverse Recapitalization, net [3] 36,873                          
Ending Balance at Sep. 30, 2023 [4] 369,329                          
Beginning balance (in units) at Dec. 31, 2022           19,495,000 1,843,000 4,704,000            
Beginning balance at Dec. 31, 2022 62,016         $ 7,725 $ 28,500 $ 80     $ (117) [3]   $ 25,828  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Other comprehensive loss 2                   2 [3]      
Equity-based compensation and NCI rebalancing (in shares)               911,000 1,047,000          
Equity-based compensation and NCI rebalancing 4,874             $ 10 $ 4,864          
Capital contributions from noncontrolling interest member 134                     $ 134    
Net loss (1,792)                       (1,792)  
Fair value adjustment to redeemable noncontrolling interest (344,371)                 $ (17,602) [3]     (326,769)  
Issuance of additional Class A-1 Units pursuant to the Anti-Dilution Feature (in shares)             1,157,000              
Issuance of additional Class A-1 Units pursuant to the Anti-Dilution Feature 9,725           $ 9,725              
Dividends, Preferred Stock (8,174)                       (8,174)  
Tax distributions (1,305)                       (1,305)  
Accumulated Other Comprehensive Income 178                   178 [3]      
Net loss (27,081)                     (26) (27,055)  
Reverse Recapitalization, net (in shares)       6,614,000 25,110,000 (19,495,000) (3,000,000) (5,615,000) (1,047,000)          
Reverse Recapitalization, net (35,429)     $ 1 $ 3 $ (7,725) $ (38,225) $ (90) $ (4,864) 17,602 [3] (42) [3]   (2,089)  
Ending balance (in shares) at Sep. 30, 2023       6,614,000 25,110,000                  
Ending balance at Sep. 30, 2023       $ 1 $ 3                  
Ending balance at Sep. 30, 2023 $ (341,223)                   21 [4] 108 (341,356)  
Beginning Balance (in shares) at Jun. 30, 2023 [2] 6,500,000                          
Beginning Balance at Jun. 30, 2023 [2] $ 62,897                          
Redeemable Preferred Stock                            
Reverse Recapitalization, net (in shares) [2] 152,000                          
Reverse Recapitalization, net [2] $ 2,089                          
Ending Balance (in shares) at Sep. 30, 2023 [2] 6,652,000                          
Ending Balance at Sep. 30, 2023 [1] $ 64,986                          
Increase (Decrease) In Noncontrolling Interest [Roll Forward]                            
Other comprehensive loss [4] 9                          
Net loss [4] 11,924                          
Fair value adjustment to redeemable noncontrolling interest [4] 344,371                          
Reverse Recapitalization, net [4] 36,873                          
Ending Balance at Sep. 30, 2023 [4] 369,329                          
Beginning balance (in units) at Jun. 30, 2023           19,495,000 2,282,000 4,704,000            
Beginning balance at Jun. 30, 2023 44,753         $ 7,725 $ 31,040 $ 80     (29) [4] 134 5,803  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Other comprehensive loss 2                   2 [4]      
Equity-based compensation and NCI rebalancing (in shares)               911,000 1,047,000          
Equity-based compensation and NCI rebalancing 4,874             $ 10 $ 4,864          
Net loss (1,792)                       (1,792)  
Fair value adjustment to redeemable noncontrolling interest (344,371)                 (17,602) [4]     (326,769)  
Issuance of additional Class A-1 Units pursuant to the Anti-Dilution Feature (in shares)             718,000              
Issuance of additional Class A-1 Units pursuant to the Anti-Dilution Feature 7,185           $ 7,185              
Tax distributions (1,045)                       (1,045)  
Accumulated Other Comprehensive Income 90                   90 [4]      
Net loss (15,490)                     (26) (15,464)  
Reverse Recapitalization, net (in shares)       6,614,000 25,110,000 (19,495,000) (3,000,000) (5,615,000) (1,047,000)          
Reverse Recapitalization, net (35,429)     $ 1 $ 3 $ (7,725) $ (38,225) $ (90) $ (4,864) 17,602 [4] (42) [4]   (2,089)  
Ending balance (in shares) at Sep. 30, 2023       6,614,000 25,110,000                  
Ending balance at Sep. 30, 2023       $ 1 $ 3                  
Ending balance at Sep. 30, 2023 $ (341,223)                   21 [4] 108 (341,356)  
Beginning Balance (in shares) at Dec. 31, 2023 6,652,000                          
Beginning Balance at Dec. 31, 2023 $ 64,986                          
Ending Balance (in shares) at Sep. 30, 2024 6,652,000                          
Ending Balance at Sep. 30, 2024 $ 64,986                          
Beginning Balance at Dec. 31, 2023 [4] 167,025                          
Increase (Decrease) In Noncontrolling Interest [Roll Forward]                            
Other comprehensive loss [4] 133                          
Equity based compensation & NCI rebalancing [4] 2,061                          
Net loss [4] (24,463)                          
Redemptions of Class B Common Stock to Class A Common Stock [4] (16,262)                          
Fair value adjustment to redeemable noncontrolling interest [4] (36,497)                          
Ending Balance at Sep. 30, 2024 [4] 91,731                          
Beginning balance (in shares) at Dec. 31, 2023   9,517,816 25,109,551 6,678,441,000 25,109,551,000                  
Beginning balance at Dec. 31, 2023 (161,298)     $ 1 $ 3         0 [4] 81 [4] 429 (161,812) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Other comprehensive loss (55)                   (55) [4]      
Equity-based compensation and NCI rebalancing (in shares)       2,122,132,000                    
Equity-based compensation and NCI rebalancing 10,854                 10,854 [4]        
Repurchases of Class A Common Stock (in shares)       (126,728,000)                    
Repurchases of Class A Common Stock (368)                         (368)
Capital contributions from noncontrolling interest member 380                     380    
Net loss (4,901)                     389 (5,290)  
Redemption of Class B Common Stock to Class A Common Stock (in shares)       (4,664,428,000) (4,664,428,000)                  
Redemptions of Class B Common Stock to Class A Common Stock 16,263                 16,263 [4]        
Fair value adjustment to redeemable noncontrolling interest 36,497                 (27,117) [4]     63,614  
Ending balance (in shares) at Sep. 30, 2024   16,177,647 20,445,123 13,338,273,000 20,445,123,000                  
Ending balance at Sep. 30, 2024 $ (102,628)     $ 1 $ 3         0 [4] 26 [4] 1,198 (103,488) (368)
Beginning Balance (in shares) at Jun. 30, 2024 6,652,000                          
Beginning Balance at Jun. 30, 2024 $ 64,986                          
Ending Balance (in shares) at Sep. 30, 2024 6,652,000                          
Ending Balance at Sep. 30, 2024 $ 64,986                          
Beginning Balance at Jun. 30, 2024 [4] 28,331                          
Increase (Decrease) In Noncontrolling Interest [Roll Forward]                            
Equity based compensation & NCI rebalancing [4] 1,632                          
Net loss [4] (888)                          
Redemptions of Class B Common Stock to Class A Common Stock [4] (160)                          
Fair value adjustment to redeemable noncontrolling interest [4] 62,816                          
Ending Balance at Sep. 30, 2024 [4] 91,731                          
Beginning balance (in shares) at Jun. 30, 2024       12,939,850,000 20,571,323,000                  
Beginning balance at Jun. 30, 2024 (39,466)     $ 1 $ 3         27,074 [4] 26 [4] 518 (66,720) (368)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Equity-based compensation and NCI rebalancing (in shares)       272,223,000                    
Equity-based compensation and NCI rebalancing (118)                 (118) [4]        
Net loss (389)                     680 (1,069)  
Redemption of Class B Common Stock to Class A Common Stock (in shares)       (126,200,000) (126,200,000)                  
Redemptions of Class B Common Stock to Class A Common Stock 161                 161 [4]        
Fair value adjustment to redeemable noncontrolling interest (62,816)                 (27,117) [4]     (35,699)  
Ending balance (in shares) at Sep. 30, 2024   16,177,647 20,445,123 13,338,273,000 20,445,123,000                  
Ending balance at Sep. 30, 2024 $ (102,628)     $ 1 $ 3         $ 0 [4] $ 26 [4] $ 1,198 $ (103,488) $ (368)
[1] This activity reflects the issuance of the AON LLC Class C Units, the conversion of AON LLC Class C Units to AON LLC Series A Preferred Units, and the exchange of AON LLC Series A Preferred Units for Series A Preferred Stock, in accordance with the Business Combination. Refer to Note - 1 for the description of the Business Combination and Note 13 for the summary of equity instruments.
[2] This activity reflects the issuance of the AON LLC Class C Units, the conversion of AON LLC Class C Units to AON LLC Series A Preferred Units, and the exchange of AON LLC Series A Preferred Units for Series A Preferred Stock, in accordance with the Business Combination. Refer to Note - 1 for the description of the Business Combination and Note 13 for the summary of equity instruments.
[3] The acronyms in the table above are defined as follows:
APIC - Accumulated paid in capital
AOCI - Accumulated other comprehensive income
NCI - Mezzanine equity classified noncontrolling interest
[4] The acronyms in the table above are defined as follows:
APIC - Accumulated paid in capital
AOCI - Accumulated other comprehensive income
NCI - Mezzanine equity classified noncontrolling interest