XML 18 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 24,563 $ 9,260
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 11,498 1,452
Non-cash incentive compensation 0 1,396
Depreciation expense 336 202
Amortization of intangibles 18,487 22,452
Amortization of debt issuance costs and debt discount 643 2,798
Income from unconsolidated subsidiaries (1,296) (781)
Deferred tax expense 7,830 2,127
Remeasurement of contingent consideration 1,367  
Post close purchase price adjustment 11 0
Change in operating assets and liabilities:    
Accounts receivable (2,552) (5,162)
Due from related parties (18,002) (273)
Prepaid expenses and other assets 1,093 14
Right-of-use assets 2,627 1,219
Accounts payable 1,500 157
Accrued expenses (1,051) (4,187)
Accrued compensation and benefits 1,156 4,339
Due to related parties (739) (550)
Other liabilities (1,206) 6,165
Deferred revenues (205) 1,455
Lease liabilities (2,114) (1,379)
Net cash provided by operating activities 43,946 40,704
CASH FLOWS FROM INVESTING ACTIVITIES    
Acquisitions, net of cash acquired 0 (43,926)
Purchase of intangible assets 0 (30)
Note receivable (1,456) (2,270)
Proceeds from note receivable 7 0
Investments in unconsolidated subsidiaries 0 (2,638)
Proceeds from investments in unconsolidated subsidiaries 962 3,600
Software capitalization (148) 0
Post-closing payments related to acquisitions 0 (1,519)
Purchases of property and equipment (919) (78)
Net cash used in investing activities (1,554) (46,861)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on debt obligations 0 35,952
Repayments on debt obligations (41,000) (12,321)
Repurchase of Class A common stock for employee tax withholding (1,683) 0
Payments to settle exercise of employee stock options (72) 0
Repurchase of Class A common stock (1,485) 0
Payment of preferred stock dividends 0 (720)
Payments of contingent consideration 0 (518)
Cash settlement of stock options (12,466) 0
Dividends paid (7,041) 0
Debt issuance costs (1,365) (942)
Net cash (used in) provided by financing activities (65,112) 21,451
Net change in cash, cash equivalents and restricted cash (22,720) 15,294
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 43,482 12,783
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 20,762 28,077
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 4,622 13,712
Net cash paid for income taxes 738 4,637
NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES    
Additions to right-of-use assets 890 1,823
Additions to lease liabilities 1,839 1,823
Additions to property and equipment 949 0
Dividends declared 1 0
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 19,415 21,656
Restricted cash 1,347 6,421
Total cash, cash equivalents and restricted cash $ 20,762 $ 28,077