Revision of Prior Period Financial Statements | Revision of Prior Period Financial Statements During the three months ended April 1, 2017, we identified errors related to the tax treatment of our share-based compensation expense and the inter-quarter allocation of a tax benefit associated with the release of a valuation allowance in a foreign jurisdiction that were reported for the year ended December 31, 2016. In evaluating whether our previously issued consolidated financial statements were materially misstated, we considered the guidance in ASC Topic 250, Accounting Changes and Error Corrections , ASC Topic 270, Interim Financial Reporting , ASC Topic 250-S99-1, Assessing Materiality , and ASC Topic 250-S99-2, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements . Based upon our evaluation of both quantitative and qualitative factors, we concluded that the effects of these errors and the other accumulated misstatements were not material individually or in the aggregate to our previously reported quarterly or annual periods for the year ended December 31, 2016. The cumulative amount of the prior period adjustments would have been material to our current statement of operations and comprehensive loss had we made the correction in the current period, and accordingly we will revise our previously issued financial statements to correct this misstatement. In addition, we also corrected the timing of other previously recorded immaterial out-of-period adjustments. As such, we will correct the applicable prior periods as such financial information is included in future filings with the SEC. The prior period financial statements included in this filing have been revised to reflect the correction of these errors and the other accumulated misstatements. The effects of correcting the error and the other accumulated misstatements on our prior year’s financial statements have been summarized below. December 31, 2016 (amounts in thousands, except per share data) As Reported Adjustment As Revised Consolidated Balance Sheet: Accounts receivable $ 407,620 $ (450 ) $ 407,170 Total current assets 875,810 (450 ) 875,360 Deferred tax assets 268,965 14,911 283,876 Intangible assets, net 117,795 (1,205 ) 116,590 Other assets 63,020 527 63,547 Total assets 2,516,296 13,783 2,530,079 Accrued expenses and other current liabilities 173,521 (294 ) 173,227 Total current liabilities 513,126 (294 ) 512,832 Total liabilities 2,323,417 (294 ) 2,323,123 Retained earnings 202,562 14,077 216,639 Total shareholders' equity 41,922 14,077 55,999 Total liabilities, convertible preferred shares, and shareholders’ equity 2,516,296 13,783 2,530,079 Three months ended December 31, 2016 (amounts in thousands, except per share data) As Reported Adjustment As Revised Consolidated Statement of Operations: Cost of sales $ 754,620 $ 8 $ 754,628 Gross margin 218,549 (8 ) 218,541 Selling, general and administrative 181,047 1,647 182,694 Operating income 32,700 (1,655 ) 31,045 Income before taxes, equity earnings and discontinued operations 12,700 (1,655 ) 11,045 Income tax benefit 219,963 20,699 240,662 Income from continuing operations, net of tax 232,663 19,044 251,707 Equity earnings on non-consolidated entities 814 527 1,341 Net income 232,998 19,571 252,569 Net loss attributable to common shareholders (93,243 ) 19,571 (73,672 ) Weighted Average Common Shares * Basic and diluted 18,086,012 18,086,012 Loss per share from continuing operations: Basic and diluted $ (5.13 ) $ 1.08 $ (4.05 ) Net loss per share: Basic and diluted $ (5.16 ) $ 1.08 $ (4.08 ) * Adjusted for 11 for 1 stock split Twelve months ended December 31, 2016 (amounts in thousands, except per share data) As Reported Adjustment As Revised Consolidated Statement of Operations: Cost of sales $ 2,866,805 $ 405 $ 2,867,210 Gross margin 799,994 (405 ) 799,589 Selling, general and administrative 589,407 1,250 590,657 Operating income 196,740 (1,655 ) 195,085 Income before taxes, equity earnings and discontinued operations 131,975 (1,655 ) 130,320 Income tax benefit 225,596 15,205 240,801 Income from continuing operations, net of tax 357,571 13,550 371,121 Equity earnings on non-consolidated entities 3,264 527 3,791 Net income 357,511 14,077 371,588 Net loss attributable to common shareholders (39,136 ) 14,077 (25,059 ) Weighted Average Common Shares * Basic and diluted 17,992,879 17,992,879 Loss per share from continuing operations: Basic and diluted $ (1.99 ) $ 0.78 $ (1.21 ) Net loss per share: Basic and diluted $ (2.17 ) $ 0.78 $ (1.39 ) * Adjusted for 11 for 1 stock split September 24, 2016 (amounts in thousands, except per share data) As Reported Adjustment As Revised Consolidated Balance Sheet: Accounts receivable $ 492,965 $ (441 ) $ 492,524 Total current assets 968,162 (441 ) 967,721 Deferred tax assets 50,698 (5,974 ) 44,724 Goodwill 510,658 (323 ) 510,335 Other assets 55,926 50 55,976 Total assets 2,435,813 (6,688 ) 2,429,125 Accrued payroll and benefits 144,941 (1,167 ) 143,774 Accrued expenses and other current liabilities 219,988 (1,082 ) 218,906 Total current liabilities 598,960 (2,249 ) 596,711 Deferred tax liabilities 10,397 245 10,642 Total liabilities 2,057,572 (2,004 ) 2,055,568 APIC 104,061 810 104,871 Accumulated deficit (30,436 ) (5,494 ) (35,930 ) Total shareholders' deficit (79,995 ) (4,684 ) (84,679 ) Total liabilities, convertible preferred shares, and shareholders’ equity 2,435,813 (6,688 ) 2,429,125 Three months ended September 24, 2016 (amounts in thousands, except per share data) As Reported Adjustment As Revised Consolidated Statement of Operations: Cost of sales $ 721,887 $ (186 ) $ 721,701 Gross margin 210,588 186 210,774 Selling, general and administrative 135,910 (1,001 ) 134,909 Operating income 70,733 1,187 71,920 Income before taxes, equity earnings and discontinued operations 59,917 1,187 61,104 Income tax (expense) benefit (14,358 ) 881 (13,477 ) Income from continuing operations, net of tax 45,559 2,068 47,627 Net income 44,016 2,068 46,084 Net income attributable to common shareholders 13,909 2,068 15,977 Weighted Average Common Shares * Basic 18,001,225 18,001,225 Diluted 84,737,235 84,737,235 Earnings per share from continuing operations: Basic $ 0.92 $ 0.12 $ 1.04 Diluted $ 0.55 $ 0.02 $ 0.57 Net earnings per share: Basic $ 0.77 $ 0.12 $ 0.89 Diluted $ 0.52 $ 0.02 $ 0.54 * Adjusted for 11 for 1 stock split June 25, 2016 (amounts in thousands, except per share data) As Reported Adjustment As Revised Consolidated Balance Sheet: Accounts receivable $ 473,187 $ (274 ) $ 472,913 Total current assets 944,833 (274 ) 944,559 Deferred tax assets 55,007 (6,926 ) 48,081 Total assets 2,369,909 (7,200 ) 2,362,709 Accounts payable 210,798 373 211,171 Accrued expenses and other current liabilities 191,144 (551 ) 190,593 Total current liabilities 571,841 (178 ) 571,663 Total liabilities 2,025,339 (178 ) 2,025,161 APIC 98,464 540 99,004 Accumulated deficit (74,452 ) (7,562 ) (82,014 ) Total shareholders' deficit (137,367 ) (7,022 ) (144,389 ) Total liabilities, convertible preferred shares, and shareholders’ equity 2,369,909 (7,200 ) 2,362,709 Three months ended June 25, 2016 (amounts in thousands, except per share data) As Reported Adjustment As Revised Consolidated Statement of Operations: Cost of sales $ 751,874 $ 583 $ 752,457 Gross margin 212,734 (583 ) 212,151 Selling, general and administrative 140,858 204 141,062 Operating income 69,757 (787 ) 68,970 Income before taxes, equity earnings and discontinued operations 52,095 (787 ) 51,308 Income tax (expense) benefit 22,197 (6,484 ) 15,713 Income from continuing operations, net of tax 74,292 (7,271 ) 67,021 Net income 74,161 (7,271 ) 66,890 Net income attributable to common shareholders 22,459 (7,271 ) 15,188 Weighted Average Common Shares * Basic 17,972,977 17,972,977 Diluted 82,947,084 82,947,084 Earnings per share from continuing operations: Basic $ 1.28 $ (0.40 ) $ 0.88 Diluted $ 0.91 $ (0.09 ) $ 0.82 Net earnings per share: Basic $ 1.25 $ (0.40 ) $ 0.85 Diluted $ 0.90 $ (0.09 ) $ 0.81 * Adjusted for 11 for 1 stock split March 26, 2016 (amounts in thousands, except per share data) As Reported Adjustment As Revised Consolidated Balance Sheet: Accrued expenses and other current liabilities $ 173,937 $ (109 ) $ 173,828 Total current liabilities 543,426 (109 ) 543,317 Total liabilities 1,997,357 (109 ) 1,997,248 APIC 90,922 400 91,322 Accumulated deficit (148,613 ) (291 ) (148,904 ) Total shareholders' deficit (208,838 ) 109 (208,729 ) Total liabilities, convertible preferred shares, and shareholders’ equity 2,270,456 — 2,270,456 Three months ended March 26, 2016 (amounts in thousands, except per share data) As Reported Adjustment As Revised Consolidated Statement of Operations: Selling, general and administrative $ 131,592 $ 400 $ 131,992 Operating income 23,550 (400 ) 23,150 Income before taxes, equity earnings and discontinued operations 7,263 (400 ) 6,863 Income tax (expense) benefit (2,206 ) 109 (2,097 ) Income from continuing operations, net of tax 5,057 (291 ) 4,766 Net income 6,336 (291 ) 6,045 Net loss attributable to common shareholders (20,070 ) (291 ) (20,361 ) Weighted Average Common Shares * Basic and diluted 17,936,853 17,936,853 Loss per share from continuing operations: Basic and diluted $ (1.15 ) $ (0.01 ) $ (1.16 ) Net loss per share: Basic and diluted $ (1.12 ) $ (0.01 ) $ (1.13 ) * Adjusted for 11 for 1 stock split Consolidated Statement of Cash Flow The error did not impact the subtotals for cash flows from operating activities, investing activities or financing activities for any of the periods affected. Reconciliation of pre-tax net income (loss) to Note 11 - Segment Information, Adjusted EBITDA Three months ended December 31, 2016 (dollars in thousands) As Reported Adjustment As Revised Net income $ 232,998 $ 19,571 $ 252,569 Equity earnings on non-consolidated entities (814 ) (527 ) (1,341 ) Income tax benefit (219,963 ) (20,699 ) (240,662 ) Depreciation and amortization 29,272 1,205 30,477 Share-based compensation expense 7,520 (810 ) 6,710 Adjusted EBITDA 103,033 (1,260 ) 101,773 Three months ended September 24, 2016 (dollars in thousands) As Reported Adjustment As Revised Net income $ 44,016 $ 2,068 $ 46,084 Income tax (benefit) expense 14,358 (881 ) 13,477 Share-based compensation expense 4,867 270 5,137 Adjusted EBITDA 116,549 1,457 118,006 Three months ended June 25, 2016 (dollars in thousands) As Reported Adjustment As Revised Net income $ 74,161 $ (7,271 ) $ 66,890 Income tax (benefit) expense (22,197 ) 6,484 (15,713 ) Share-based compensation expense 5,392 140 5,532 Adjusted EBITDA 113,394 (647 ) 112,747 Three months ended March 26, 2016 (dollars in thousands) As Reported Adjustment As Revised Net income $ 6,336 $ (291 ) $ 6,045 Income tax (benefit) expense 2,206 (109 ) 2,097 Share-based compensation expense 4,685 400 5,085 Adjusted EBITDA 61,156 — 61,156 Twelve months ended December 31, 2016 (dollars in thousands) As Reported Adjustment As Revised Net income $ 357,511 $ 14,077 $ 371,588 Equity earnings on non-consolidated entities (3,264 ) (527 ) (3,791 ) Income tax benefit (225,596 ) (15,205 ) (240,801 ) Depreciation and amortization 106,790 1,205 107,995 Share-based compensation expense 22,464 — 22,464 Adjusted EBITDA 394,132 (450 ) 393,682 Segment Information: Adjusted EBITDA Three months ended December 31, 2016 (dollars in thousands) North America Europe Australasia Total Operating Segments Corporate and Unallocated Costs Total Consolidated As Reported $ 66,139 $ 32,157 $ 19,273 $ 117,569 $ (14,536 ) $ 103,033 Adjustment (499 ) — (751 ) (1,250 ) (10 ) (1,260 ) As Revised $ 65,640 $ 32,157 $ 18,522 $ 116,319 $ (14,546 ) $ 101,773 Three months ended September 24, 2016 (dollars in thousands) North America Europe Australasia Total Operating Segments Corporate and Unallocated Costs Total Consolidated As Reported $ 78,207 $ 31,431 $ 17,088 $ 126,726 $ (10,177 ) $ 116,549 Adjustment 499 — 751 1,250 207 1,457 As Revised $ 78,706 $ 31,431 $ 17,839 $ 127,976 $ (9,970 ) $ 118,006 Three months ended June 25, 2016 (dollars in thousands) North America Europe Australasia Total Operating Segments Corporate and Unallocated Costs Total Consolidated As Reported $ 75,786 $ 34,290 $ 14,239 $ 124,315 $ (10,921 ) $ 113,394 Adjustment — — — — (647 ) (647 ) As Revised $ 75,786 $ 34,290 $ 14,239 $ 124,315 $ (11,568 ) $ 112,747 Twelve months ended December 31, 2016 (dollars in thousands) North America Europe Australasia Total Operating Segments Corporate and Unallocated Costs Total Consolidated As Reported $ 251,831 $ 122,574 $ 59,519 $ 433,924 $ (39,792 ) $ 394,132 Adjustment — — — — (450 ) (450 ) As Revised $ 251,831 $ 122,574 $ 59,519 $ 433,924 $ (40,242 ) $ 393,682 |