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Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue:        
Total revenue $ 198,491 $ 175,521 $ 388,757 $ 345,819
Operating expenses:        
Asset-based expenses 48,347 39,344 93,200 76,778
Spread-based expenses 341 292 730 585
Employee compensation 51,902 48,099 101,909 95,010
General and operating expenses 27,821 24,354 55,145 50,043
Professional fees 12,732 8,372 18,813 13,765
Depreciation and amortization 10,296 8,684 20,218 17,112
Total operating expenses 151,439 129,145 290,015 253,293
Interest expense 2,202 2,137 4,496 4,484
Other (income) expense, net (196) (288) (528) 19,577
Income before income taxes 45,046 44,527 94,774 68,465
Provision for income taxes 12,732 11,650 24,496 18,366
Net income 32,314 32,877 70,278 50,099
Net comprehensive income $ 32,314 $ 32,877 $ 70,278 $ 50,099
Net income per share attributable to common stockholders:        
Basic (in dollars per share) $ 0.43 $ 0.44 $ 0.94 $ 0.68
Diluted (in dollars per share) $ 0.43 $ 0.44 $ 0.94 $ 0.67
Weighted average number of common shares outstanding, basic (shares) 74,487,417 73,986,326 74,435,341 73,938,510
Weighted average number of common shares outstanding, diluted (shares) 75,283,986 74,505,158 75,109,611 74,325,580
Asset-based revenue        
Revenue:        
Total revenue $ 158,878 $ 137,336 $ 308,862 $ 268,375
Spread-based revenue        
Revenue:        
Total revenue 28,853 29,560 58,946 61,559
Subscription-based revenue        
Revenue:        
Total revenue 4,306 3,693 8,558 7,237
Other revenue        
Revenue:        
Total revenue $ 6,454 $ 4,932 $ 12,391 $ 8,648