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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net (loss)/income $ (7,772) $ 29,399 $ 10,767
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:      
Stock-based compensation 34,653 18,616 3,528
Non-cash incentive compensation 0 0 1,396
Depreciation expense 738 485 272
Amortization of intangibles 29,221 26,867 30,431
Amortization of debt issuance costs and debt discount 1,445 1,116 4,748
Income from unconsolidated subsidiaries (161) (1,532) (1,087)
Deferred tax expense/(benefits) 3,757 3,693 (8,140)
Loss on extinguishment of debt 0 0 10,499
Amortization of contingent payment to customers 1,512 676 0
Remeasurement of contingent consideration 560 1,717 3,472
Post close purchase price adjustment 0 11 0
Change in operating assets and liabilities:      
Accounts receivable (4,069) (1,066) 407
Due from related parties (21,158) (24,181) (9,782)
Prepaid expenses and other assets (9,658) 2,871 (1,390)
Right-of-use assets 2,700 2,912 1,651
Accounts payable (1,085) (10,889) (702)
Accrued expenses 5,538 1,556 (2,674)
Accrued compensation and benefits 24,601 8,014 3,335
Due to related parties (41) (101) 58
Other liabilities (7,861) 3,950 1,554
Contingent consideration (3,210) 0 0
Deferred revenues 119 (302) 2,606
Lease liabilities (2,144) (2,137) (1,930)
Net cash provided by operating activities 47,685 61,675 49,019
CASH FLOWS USED IN INVESTING ACTIVITIES      
Acquisitions, net of cash acquired 0 (96,455) (44,612)
Purchase of intangible assets (14) (36) (30)
Funding of notes receivable (1,539) (1,687) (2,552)
Proceeds from notes receivable 15 7 0
Investments in unconsolidated subsidiaries (3) 0 (2,638)
Proceeds from investments in unconsolidated subsidiaries 747 1,014 4,080
Software capitalization (271) (138) 0
Post-closing payments related to acquisitions 0 0 (1,519)
Purchases of property and equipment (1,185) (1,295) (129)
Net cash used in investing activities (2,250) (98,590) (47,400)
CASH FLOWS USED IN FINANCING ACTIVITIES      
Repayment of notes payable to sellers 0 0 (9,406)
Repayment of loans payable 0 0 (31,658)
Borrowings on debt obligations 62,200 120,662 252,873
Repayments on debt obligations (63,025) (43,162) (295,376)
Cash paid for extinguishment of debt 0 0 (4,813)
Repurchase of Class A common stock for employee tax withholding (9,482) (454) 0
Payment of preferred stock dividends 0 0 (2,313)
Proceeds from initial public offering 0 0 138,000
Payment of initial public offering underwriting fees 0 0 (8,626)
Payments of contingent consideration (7,994) (7,344) (727)
Deferred offering costs 0 0 (3,361)
Cash settlement of stock options 0 (12,466) (1,112)
Dividends paid (14,832) (10,522) 0
Distributions to partners (574) 0 0
Debt issuance costs 0 (1,888) (4,401)
Net cash (used in)/provided by financing activities (42,870) 22,925 29,080
Net change in cash, cash equivalents and restricted cash 2,565 (13,990) 30,699
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 29,492 43,482 12,783
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 32,057 29,492 43,482
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Cash paid for interest 20,100 6,784 18,719
Cash paid for extinguishment of debt 0 0 4,813
Net cash paid for income taxes 1,539 2,480 5,039
NON-CASH INVESTING AND FINANCING ACTIVITIES      
Issuance of noncontrolling interests in acquisition 0 40,745 0
Additions to right-of-use assets 3,864 4,046 9,949
Additions to lease liabilities 3,864 4,995 9,949
Additions to contingent payments to customers 1,917 14,305 0
Additions to accrued contingent liability 1,917 14,305 0
Additions to property and equipment 0 949 0
Additions to contingent consideration 0 0 19,160
Dividends declared 13 1 0
Fair value adjustment to contingent consideration 560 0 0
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents 30,467 20,021 40,916
Restricted Cash 1,590 9,471 2,566
Total cash, cash equivalents and restricted cash 32,057 29,492 43,482
Class A Common Stock      
CASH FLOWS USED IN FINANCING ACTIVITIES      
Repurchase of common stock (7,662) (9,653) 0
Class B Common Stock      
CASH FLOWS USED IN FINANCING ACTIVITIES      
Repurchase of common stock $ (1,501) $ (12,248) $ 0