Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| Net income (loss) |
$ 25,671
|
$ (7,812)
|
$ (420)
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
37,929
|
35,126
|
30,356
|
| Interest |
700
|
606
|
525
|
| Deferred income taxes |
(1,562)
|
(706)
|
1,497
|
| Share-based compensation |
53,637
|
53,837
|
36,202
|
| Debt acquisition cost write-down |
|
1,729
|
2,296
|
| Impairment of operating lease right-of-use assets and property, plant, and equipment |
|
2,520
|
|
| Changes in certain assets and liabilities: |
|
|
|
| Fees and other receivables, net |
163
|
1,525
|
(726)
|
| Receivables from related party |
(91)
|
(143)
|
|
| Prepaid expenses and other current assets |
2,460
|
2,401
|
(1,852)
|
| Accounts payable, accrued liabilities and other liabilities |
7,500
|
(7,534)
|
(9,719)
|
| Income tax receivable, net |
2,570
|
(4,602)
|
(3,076)
|
| Net cash provided by operating activities |
128,977
|
76,947
|
55,083
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Purchase of Voyant, net of cash received |
(124,161)
|
|
|
| Purchase of WBI OBS Financial, Inc., net of cash received |
|
(18,561)
|
|
| Purchase of Global Financial Private Capital, LLC |
|
|
(35,906)
|
| Purchase of investments |
(3,004)
|
(2,384)
|
(1,594)
|
| Sale of investments |
833
|
40
|
82
|
| Purchase of property and equipment |
(1,507)
|
(2,901)
|
(1,882)
|
| Purchase of computer software |
(33,145)
|
(26,164)
|
(20,614)
|
| Net cash used in investing activities |
(160,984)
|
(49,970)
|
(59,914)
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| Proceeds from exercise of stock options |
95
|
187
|
|
| Initial public offering proceeds |
|
|
124,068
|
| Proceeds from credit facility draw down |
75,000
|
73,019
|
|
| Payments on long-term debt |
(35,000)
|
(123,750)
|
(126,250)
|
| Payment of credit facility issuance costs |
|
(155)
|
|
| Net cash provided by (used in) financing activities |
40,095
|
(50,699)
|
(2,182)
|
| Net change in cash, cash equivalents, and restricted cash |
8,088
|
(23,722)
|
(7,013)
|
| Cash, cash equivalents, and restricted cash at beginning of period |
81,619
|
105,341
|
112,354
|
| Cash, cash equivalents, and restricted cash at end of period |
89,707
|
81,619
|
105,341
|
| SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
| Income taxes paid |
19,796
|
13,456
|
16,116
|
| Interest paid |
2,828
|
4,969
|
$ 11,728
|
| Non-cash operating, investing, and financing activities: |
|
|
|
| Non-cash changes to right-of-use assets |
933
|
38,796
|
|
| Non-cash changes to lease liabilities |
933
|
$ 40,140
|
|
| Common stock issued in acquisition of business |
$ 24,910
|
|
|