v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Summary of Information about Reported Segment Revenue, Segment Profit or Loss, and Significant Segment Expenses

The following table presents information about reported segment revenue, segment profit or loss, and significant segment expenses for the three and six months ended June 30, 2026 and 2025:

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total Revenues

 

$

80,914

 

 

$

72,704

 

 

$

155,938

 

 

$

140,371

 

Less: cash compensation and benefits, net of one-time expenses

 

 

(28,329

)

 

 

(25,571

)

 

 

(56,584

)

 

 

(51,204

)

Less: stock-based compensation

 

 

(9,167

)

 

 

(11,056

)

 

 

(18,012

)

 

 

(17,621

)

Less: management profit share (2)

 

 

(1,246

)

 

 

(991

)

 

 

(2,395

)

 

 

(2,153

)

Less: professional fees, net of one-time expenses

 

 

(3,537

)

 

 

(3,868

)

 

 

(7,808

)

 

 

(7,318

)

Less: general, administrative and other, net of one-time expenses

 

 

(7,079

)

 

 

(6,479

)

 

 

(13,890

)

 

 

(12,224

)

Less: placement agent expenses

 

 

(2,526

)

 

 

(1,811

)

 

 

(4,674

)

 

 

(2,534

)

Less: other segment items (1)

 

 

(20,545

)

 

 

(18,728

)

 

 

(34,401

)

 

 

(38,421

)

Net income

 

$

8,485

 

 

$

4,200

 

 

$

18,174

 

 

$

8,896

 

(1) Other segment items included in net income include (i) remeasurement of contingent consideration, amortization of intangibles, strategic alliance expense, income tax expense, interest expense, net, as well as other income, and (ii) one-time expenses excluded from the significant segment expenses.

(2) Management profit share represents compensation expense attributable to variable compensation structures tied to the profitability of our business, paid to senior employees.

Schedule of Cash Compensation and Benefits, Net of One-Time Expenses

The following table reconciles the components of cash compensation and benefits, net of one-time expenses to their equivalent GAAP measures, reported in the Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Compensation and benefits

 

$

38,743

 

 

$

32,145

 

 

$

77,229

 

 

$

69,225

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

(9,167

)

 

 

(11,056

)

 

 

(18,012

)

 

 

(17,621

)

Management profit share (2)

 

 

(1,246

)

 

 

(991

)

 

 

(2,395

)

 

 

(2,153

)

One-time expenses (1)

 

 

(1

)

 

 

5,473

 

 

 

(238

)

 

 

1,753

 

Cash compensation and benefits, net of one-time expenses

 

$

28,329

 

 

$

25,571

 

 

$

56,584

 

 

$

51,204

 

(1) The adjustments for one-time expenses relate primarily to (i) restructuring of the management team including signing bonus and severance; and (ii) acquisition-related expenses which reflect the actual costs incurred during the period for the acquisition of new businesses, which primarily consist of bonuses paid to employees directly related to the acquisition of new businesses.

(2) Management profit share represents compensation expense attributable to variable compensation structures tied to the profitability of our business, paid to senior employees.

Schedule of Components of Professional Fees Net of One-Time Expenses

The following table reconciles the components of professional fees, net of one-time expenses to their equivalent GAAP measures, reported in the Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Professional fees

 

$

6,078

 

 

$

6,743

 

 

$

11,900

 

 

$

13,258

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

One-time expenses (1)

 

 

(2,541

)

 

 

(2,875

)

 

 

(4,092

)

 

 

(5,940

)

Professional fees, net of one-time expenses

 

$

3,537

 

 

$

3,868

 

 

$

7,808

 

 

$

7,318

 

(1) The adjustments for one-time expenses relate primarily to (i) restructuring of the management team including placement/search fees; (ii) acquisition-related expenses which reflect the actual costs incurred during the period for the acquisition of new businesses, which primarily consist of fees for professional services including legal, accounting, and advisory related to the acquisition; (iii) the cost of financing our business; and (iv) one-time advisory services related to technical accounting matters.
Schedule of Reconciles of Components of General, Administrative and Other, Net of One-Time Expenses

The following table reconciles the components of general, administrative and other, net of one-time expenses to their equivalent GAAP measures, reported in the Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025:

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

General, administrative and other

 

$

10,331

 

 

$

8,824

 

 

$

20,012

 

 

$

15,649

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

     Placement agent expenses

 

 

(2,526

)

 

 

(1,811

)

 

 

(4,674

)

 

 

(2,534

)

One-time expenses (1)

 

 

(726

)

 

 

(534

)

 

 

(1,448

)

 

 

(891

)

General, administrative and other, net of one-time expenses

 

$

7,079

 

 

$

6,479

 

 

$

13,890

 

 

$

12,224

 

(1) The adjustments for one-time expenses relate primarily to (i) expenses that typically do not require us to pay them in cash in the current period (such as depreciation and amortization); (ii) the cost of financing our business; and (iii) acquisition-related expenses which reflect the actual costs incurred during the period for the acquisition of new businesses.