Noncontrolling Interest and Temporary Equity (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Recorded Adjustments to Temporary Equity

Temporary equity is recorded at the greater of the carrying value or redemption amount with a corresponding adjustment to retained earnings or if a retained deficit to additional paid-in capital. From the date of the Falcon Merger

through December 28, 2022, the Company recorded adjustments to the value of temporary equity as presented in the table below (in thousands):


	Temporary equity adjustments
Balance – June 7, 2022(1)	$	1,395,799
Share-based compensation	1,283
Conversion of Class C Common Stock to Class A Common Stock	(34,038)
Net income attributable to temporary equity	90,377
Distributions to holders of temporary equity	(115,375)
Adjustment of temporary equity to redemption amount	706,940
Reclassification to noncontrolling interest (2)	(2,044,986)
Balance – December 28, 2022	$	—

(1)Based on 71,752,285 shares of Class C Common Stock outstanding at June 7, 2022.

(2)Based on 70,390,316 shares of Class C Common Stock outstanding and Class A Common Stock 5-day volume-weighted average price of $29.05 at December 28, 2022. The December 28, 2022 redemption value of temporary equity became the carrying value of noncontrolling interest.