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Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue:        
Total revenue $ 183,232 $ 151,207 $ 359,794 $ 299,510
Operating expenses:        
Asset-based expenses 39,344 40,266 76,778 81,953
Spread-based expenses 8,003 641 14,560 1,046
Employee compensation 48,099 39,973 95,010 80,263
General and operating expenses 24,354 22,223 50,043 44,282
Professional fees 8,372 5,494 13,765 11,227
Depreciation and amortization 8,684 7,711 17,112 15,180
Total operating expenses 136,856 116,308 267,268 233,951
Interest expense 2,137 1,488 4,484 2,647
Other expense (income), net (288) 78 19,577 206
Income before income taxes 44,527 33,333 68,465 62,706
Provision for income taxes 11,650 7,993 18,366 15,147
Net income 32,877 25,340 50,099 47,559
Net comprehensive income $ 32,877 $ 25,340 $ 50,099 $ 47,559
Net income per share attributable to common stockholders:        
Basic (in dollars per share) $ 0.44 $ 0.34 $ 0.68 $ 0.65
Diluted (in dollars per share) $ 0.44 $ 0.34 $ 0.67 $ 0.65
Weighted average number of common shares outstanding, basic (shares) 73,986,326 73,631,588 73,938,510 73,601,852
Weighted average number of common shares outstanding, diluted (shares) 74,505,158 73,692,278 74,325,580 73,651,172
Asset-based revenue        
Revenue:        
Total revenue $ 137,336 $ 139,249 $ 268,375 $ 281,325
Spread-based revenue        
Revenue:        
Total revenue 37,271 7,150 75,534 9,105
Subscription-based revenue        
Revenue:        
Total revenue 3,693 3,259 7,237 6,577
Other revenue        
Revenue:        
Total revenue $ 4,932 $ 1,549 $ 8,648 $ 2,503