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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue:      
Total revenue $ 708,499 $ 611,695 $ 530,299
Operating expenses:      
Asset-based expenses 162,420 154,100 150,836
Spread-based expenses 1,244 1,571 1,427
Employee compensation 190,616 166,330 196,701
General and operating expenses 98,302 90,122 72,941
Professional fees 26,852 25,186 21,813
Depreciation and amortization 35,544 31,149 37,929
Total operating expenses 514,978 468,458 481,647
Interest expense 9,108 6,520 3,559
Other (income) expense, net 16,947 (43) 106
Income before income taxes 167,466 136,760 44,987
Provision for income taxes 44,347 33,499 19,316
Net income 123,119 103,261 25,671
Change in fair value of convertible notes receivable, net 143 (157) 0
Net comprehensive income $ 123,262 $ 103,104 $ 25,671
Net income per share attributable to common stockholders:      
Basic (in dollars per share) $ 1.66 $ 1.40 $ 0.36
Diluted (in dollars per share) $ 1.65 $ 1.40 $ 0.35
Weighted average number of common shares outstanding, basic (in shares) 74,113,591 73,724,341 72,137,174
Weighted average number of common shares outstanding, diluted (in shares) 74,438,332 73,872,828 72,399,213
Asset-based revenue      
Revenue:      
Total revenue $ 553,483 $ 534,182 $ 512,188
Spread-based revenue      
Revenue:      
Total revenue 120,262 56,798 8,568
Subscription-based revenue      
Revenue:      
Total revenue 15,179 13,020 6,381
Other revenue      
Revenue:      
Total revenue $ 19,575 $ 7,695 $ 3,162