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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss)/income $ (5,879) $ 24,563
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:    
Stock-based compensation 18,607 11,498
Depreciation expense 535 336
Amortization of intangibles 21,893 18,487
Amortization of debt issuance costs and debt discount 1,080 643
Loss/(income) from unconsolidated subsidiaries 220 (1,296)
Deferred tax expense 1,926 7,830
Amortization of contingent payment to customers 1,098 0
Remeasurement of contingent consideration 550 1,367
Post close purchase price adjustment 0 11
Change in operating assets and liabilities:    
Accounts receivable (3,149) (2,552)
Due from related parties (16,326) (18,002)
Prepaid expenses and other assets 310 1,093
Right-of-use assets 2,086 2,627
Accounts payable (471) 1,500
Accrued expenses 5,133 (1,051)
Accrued compensation and benefits 31,664 1,156
Due to related parties (1,351) (739)
Other liabilities (7,276) (1,206)
Contingent consideration (3,210) 0
Deferred revenues (232) (205)
Lease liabilities (1,401) (2,114)
Net cash provided by operating activities 45,807 43,946
CASH FLOWS USED IN INVESTING ACTIVITIES    
Purchase of intangible assets (20) 0
Draw on notes receivable (212) (1,456)
Proceeds from notes receivable 14 7
Proceeds from investments in unconsolidated subsidiaries 516 962
Software capitalization 0 (148)
Purchases of property and equipment (1,025) (919)
Net cash used in investing activities (727) (1,554)
CASH FLOWS USED IN FINANCING ACTIVITIES    
Borrowings on debt obligations 28,000 0
Repayments on debt obligations (56,369) (41,000)
Repurchase of Class A common stock for employee tax withholding (5,181) (1,683)
Payments to settle exercise of employee stock options 0 (72)
Payment of contingent consideration (6,476) 0
Cash settlement of stock options 0 (12,466)
Dividends paid (11,031) (7,041)
Distributions to partners (446) 0
Debt issuance costs 0 (1,365)
Net cash used in financing activities (52,354) (65,112)
Net change in cash, cash equivalents and restricted cash (7,274) (22,720)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 29,492 43,482
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 22,218 20,762
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 15,051 4,622
Net cash paid for income taxes 1,332 738
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Additions to right-of-use assets 3,538 890
Additions to lease liabilities 3,538 1,839
Additions to property and equipment 0 949
Additions to contingent consideration 550 0
Dividends declared 0 1
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 20,041 19,415
Restricted Cash 2,177 1,347
Total cash, cash equivalents and restricted cash 22,218 20,762
Class B Common Stock    
CASH FLOWS USED IN FINANCING ACTIVITIES    
Repurchase of common stock (851) 0
Class A Common Stock    
CASH FLOWS USED IN FINANCING ACTIVITIES    
Repurchase of common stock $ 0 $ (1,485)