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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income/(loss) $ 13,966 $ (5,879)
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 23,039 18,607
Depreciation expense 646 535
Amortization of intangibles 19,312 21,893
Amortization of debt issuance costs and debt discount 1,063 1,080
(Income)/loss from unconsolidated subsidiaries (668) 220
Deferred tax expense 4,809 1,926
Loss on extinguishment of debt 132 0
Amortization of contingent payment to customers 1,235 1,098
Remeasurement of contingent consideration 160 550
Change in operating assets and liabilities:    
Accounts receivable (6,508) (3,149)
Due from related parties (16,366) (16,326)
Prepaid expenses and other assets 10,289 310
Right-of-use assets 2,828 2,086
Accounts payable and accrued expenses 9,179 4,662
Accrued compensation and benefits 14,681 31,664
Due to related parties (412) (1,351)
Other liabilities (274) (7,276)
Contingent consideration 0 (3,210)
Deferred revenues (689) (232)
Lease liabilities (3,164) (1,401)
Net cash provided by operating activities 73,258 45,807
CASH FLOWS USED IN INVESTING ACTIVITIES    
Purchase of intangible assets 0 (20)
Funding of notes receivable (382) (212)
Proceeds from notes receivable 46 14
Investments in unconsolidated subsidiaries (4) 0
Distributions from investments in unconsolidated subsidiaries 683 516
Software capitalization (261) 0
Purchases of property and equipment (3,440) (1,025)
Net cash used in investing activities (3,358) (727)
CASH FLOWS USED IN FINANCING ACTIVITIES    
Borrowings on debt obligations 386,805 28,000
Repayments on debt obligations (356,575) (56,369)
Repurchase of Class A common stock for employee tax withholding (3,574) (5,181)
Payment of contingent consideration (2,565) (6,476)
Dividends paid (11,597) (11,031)
Distributions to non-controlling interests (634) (446)
Debt issuance costs (1,858) 0
Net cash used in financing activities (38,689) (52,354)
Net change in cash, cash equivalents and restricted cash 31,211 (7,274)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 32,057 29,492
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 63,268 22,218
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 15,231 15,051
Net cash paid for income taxes 1,437 1,332
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Additions to right-of-use assets 3,968 3,538
Dividends declared 71 0
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 61,451 20,041
Restricted Cash 1,817 2,177
Total cash, cash equivalents and restricted cash 63,268 22,218
Class A Common Stock    
CASH FLOWS USED IN FINANCING ACTIVITIES    
Repurchase of common stock (48,691) 0
Class B Common Stock    
CASH FLOWS USED IN FINANCING ACTIVITIES    
Repurchase of common stock $ 0 $ (851)