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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 2,871 $ 18,946
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 15,171 4,232
Depreciation expense 329 205
Amortization of intangibles 14,574 12,334
Amortization of debt issuance costs and debt discount 723 425
Income from unconsolidated subsidiaries (531) (1,110)
Deferred tax expense (benefit) 485 5,775
Amortization of contingent payment to customers 722 0
Remeasurement of contingent consideration 470 (13)
Post close purchase price adjustment 0 11
Change in operating assets and liabilities:    
Accounts receivable (2,748) (3,816)
Due from related parties (8,339) (11,259)
Prepaid expenses and other assets 88 1,025
Right-of-use assets 1,510 2,088
Accounts payable 166 789
Accrued expenses 1,588 (1,102)
Accrued compensation and benefits 12,907 894
Due to related parties (1,570) (1,458)
Other liabilities (7,951) (825)
Deferred revenues (444) (430)
Lease liabilities (814) (1,752)
Net cash provided by operating activities 29,207 23,171
CASH FLOWS (USED IN) INVESTING ACTIVITIES    
Purchase of intangible assets (22) 0
Draw on note receivable (211) (266)
Proceeds from note receivable 2 7
Proceeds from investments in unconsolidated subsidiaries 466 660
Software capitalization (9) (87)
Purchases of property and equipment (853) (634)
Net cash (used in) investing activities (627) (320)
CASH FLOWS (USED IN) FINANCING ACTIVITIES    
Borrowings on debt obligations 22,000 0
Repayments on debt obligations (40,213) (25,000)
Repurchase of Class A common stock for employee tax withholding (4,996) 0
Repurchase of Class B common stock (851) 0
Payment of contingent consideration (1,588) 0
Cash settlement of stock options 0 (12,466)
Dividends paid (7,251) (3,515)
Distributions to partners (312) 0
Debt issuance costs 0 (8)
Net cash (used in) financing activities (33,211) (40,989)
Net change in cash, cash equivalents and restricted cash (4,631) (18,138)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 29,492 43,482
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 24,861 25,344
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 10,003 2,290
Net cash paid for income taxes 1,088 428
NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES    
Additions to right-of-use assets 3,475 890
Additions to lease liabilities 3,475 1,839
Additions to property and equipment 853 949
Additions to accrued compensation and benefits 18,230 0
Additions to contingent consideration 470 0
Dividends declared 1 1
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 23,361 23,613
Restricted Cash 1,500 1,731
Total cash, cash equivalents and restricted cash $ 24,861 $ 25,344