v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 18,174 $ 8,896
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 18,012 17,621
Depreciation expense 992 781
Amortization of intangibles 11,224 11,468
Amortization of debt issuance costs and debt discount 736 738
Income from unconsolidated subsidiaries (33) (853)
Deferred tax expense 3,655 670
Loss on issuance of noncontrolling interests 0 6,524
Remeasurement of contra-revenue put option 0 240
Amortization of contingent payment to customers 492 306
Remeasurement of contingent consideration (1,793) 1,109
Change in operating assets and liabilities:    
Accounts receivable 1,012 11,849
Due from related parties (4,579) (12,435)
Prepaid expenses and other assets 7,051 (10,849)
Right-of-use assets 1,968 2,183
Accounts payable and accrued expenses (11,628) (6,666)
Accrued compensation and benefits 1,663 (18,500)
Due to related parties (2,498) (2,200)
Other liabilities 405 110
Derivative assets (795) 0
Contingent consideration 0 (2,214)
Deferred revenues (1,036) 98
Lease liabilities (1,582) (219)
Net cash provided by operating activities 41,440 8,657
CASH FLOWS USED IN INVESTING ACTIVITIES    
Acquisitions, net of cash acquired (127,175) (40,237)
Funding of notes receivable (394) (58)
Proceeds from notes receivable 686 358
Investments in unconsolidated subsidiaries (3) (636)
Distributions from investments in unconsolidated subsidiaries 13 895
Software capitalization (227) (164)
Purchases of property and equipment (558) (3,093)
Net cash used in investing activities (127,658) (42,935)
CASH FLOWS USED IN FINANCING ACTIVITIES    
Borrowings on debt obligations 161,000 59,500
Repayments on debt obligations (44,125) (7,000)
Repurchase of Class A common stock for employee tax withholding (3,000) (5,559)
Dividends paid (8,414) (8,094)
Issuance of noncontrolling interests 0 3,001
Distributions to noncontrolling interests (2,080) (311)
Debt issuance costs (44) 0
Net cash provided by financing activities 94,525 306
Effect of foreign currency exchange rate changes on cash and cash equivalents 583 71
Net change in cash, cash equivalents and restricted cash 8,890 (33,901)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 28,886 68,115
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 37,776 34,214
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 12,158 12,937
Net cash paid for income taxes 4,155 2,314
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Additions to right-of-use assets 11 10,019
Additions to lease liabilities 11 10,019
Loss on issuance of noncontrolling interests 0 6,524
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 36,637 33,440
Restricted Cash 1,139 774
Total cash, cash equivalents and restricted cash 37,776 34,214
Class A Common Stock    
CASH FLOWS USED IN FINANCING ACTIVITIES    
Repurchase of Class A common stock (6,005) (41,231)
Restricted Stock Units, Bonaccord Units    
CASH FLOWS USED IN FINANCING ACTIVITIES    
Cash settlement for Additional Bonaccord Units $ (2,807) $ 0