v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 8,896 $ 12,633
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 17,621 13,391
Depreciation expense 781 428
Amortization of intangibles 11,468 12,875
Amortization of debt issuance costs and debt discount 738 699
Income from unconsolidated subsidiaries (853) (436)
Deferred tax expense 670 4,168
Loss on issuance of noncontrolling interests 6,524 0
Remeasurement of contra-revenue put option 240 0
Amortization of contingent payment to customers 306 820
Remeasurement of contingent consideration 1,109 121
Change in operating assets and liabilities:    
Accounts receivable 11,849 (2,825)
Due from related parties (12,435) (11,000)
Prepaid expenses and other assets (10,849) 10,086
Right-of-use assets 2,183 1,984
Accounts payable and accrued expenses (6,666) 2,451
Accrued compensation and benefits (18,500) 5,730
Due to related parties (2,200) (1,084)
Other liabilities 110 (633)
Contingent consideration (2,214) 0
Deferred revenues 98 (1,268)
Lease liabilities (219) (2,354)
Net cash provided by operating activities 8,657 45,786
CASH FLOWS USED IN INVESTING ACTIVITIES    
Acquisitions, net of cash acquired (40,237) 0
Funding of notes receivable (58) (323)
Proceeds from notes receivable 358 45
Investments in unconsolidated subsidiaries (636) (3)
Distributions from investments in unconsolidated subsidiaries 895 501
Software capitalization (164) (160)
Purchases of property and equipment (3,093) (1,195)
Net cash used in investing activities (42,935) (1,135)
CASH FLOWS USED IN FINANCING ACTIVITIES    
Borrowings on debt obligations 59,500 64,000
Repayments on debt obligations (7,000) (53,912)
Repurchase of Class A common stock for employee tax withholding (5,559) (2,677)
Payment of contingent consideration 0 (1,244)
Dividends paid (8,094) (7,708)
Issuance of noncontrolling interests 3,001 0
Distributions to non-controlling interests (311) (462)
Net cash provided by (used in) financing activities 306 (44,506)
Effect of foreign currency exchange rate changes on cash and cash equivalents 71 0
Net change in cash, cash equivalents and restricted cash (33,901) 145
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 68,115 32,057
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 34,214 32,202
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 12,937 11,042
Net cash paid for income taxes 2,314 1,049
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Additions to right-of-use assets 10,019 3,968
Additions to lease liabilities 10,019 3,968
Loss on issuance of noncontrolling interests 6,524 0
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 33,440 31,244
Restricted Cash 774 958
Total cash, cash equivalents and restricted cash 34,214 32,202
Class A Common Stock    
CASH FLOWS USED IN FINANCING ACTIVITIES    
Repurchase of Class A common stock $ (41,231) $ (42,503)