Avantax (AVTA) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	000-25131
Entity Registrant Name	Blucora, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	91-1718107
Entity Address, Address Line One	3200 Olympus Blvd, Suite 100
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75019
City Area Code	972
Local Phone Number	870-6400
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	BCOR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,671,126
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001068875

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 232,409	$ 150,125
Cash segregated under federal or other regulations	591	637
Accounts receivable, net of allowance	18,784	12,736
Commissions and advisory fees receivable	26,662	26,132
Other receivables	1,045	717
Prepaid expenses and other current assets, net	13,972	10,321
Total current assets	293,463	200,668
Long-term assets:
Property and equipment, net	65,004	58,500
Right-of-use assets, net	21,245	23,455
Goodwill, net	454,821	454,821
Other intangible assets, net	308,743	322,179
Other long-term assets	13,613	4,569
Total long-term assets	863,426	863,524
Total assets	1,156,889	1,064,192
Current liabilities:
Accounts payable	10,164	9,290
Commissions and advisory fees payable	19,170	19,021
Accrued expenses and other current liabilities	80,359	56,419
Deferred revenue—current	5,084	12,298
Lease liabilities—current	3,768	2,304
Current portion of long-term debt, net	1,788	1,784
Total current liabilities	120,333	101,116
Long-term liabilities:
Long-term debt, net	552,828	552,553
Deferred tax liability, net	29,700	30,663
Deferred revenue—long-term	5,784	6,247
Lease liabilities—long-term	34,765	36,404
Other long-term liabilities	30,972	24,919
Total long-term liabilities	654,049	650,786
Total liabilities	774,382	751,902
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, par value $0.0001 per share—900,000 authorized shares; 49,962 shares issued and 48,656 shares outstanding at June 30, 2021; 49,483 shares issued and 48,177 shares outstanding at December 31, 2020	5	5
Additional paid-in capital	1,609,193	1,598,230
Accumulated deficit	(1,198,292)	(1,257,546)
Treasury stock, at cost—1,306 shares at June 30, 2021 and December 31, 2020	(28,399)	(28,399)
Total stockholders’ equity	382,507	312,290
Total liabilities and stockholders’ equity	$ 1,156,889	$ 1,064,192

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	49,962,000	49,483,000
Common stock, shares outstanding (in shares)	48,656,000	48,177,000
Treasury stock (in shares)	1,306,000	1,306,000

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Total revenue	$ 254,312	$ 161,122	$ 532,695	$ 424,442
Cost of revenue:
Total cost of revenue	118,339	86,922	232,540	193,277
Engineering and technology	7,231	7,377	14,359	15,892
Sales and marketing	34,848	40,057	112,410	119,767
General and administrative	23,832	20,200	48,517	44,928
Acquisition and integration	18,169	2,824	26,272	8,506
Depreciation	3,204	1,675	5,504	3,471
Amortization of other acquired intangible assets	7,063	6,673	14,238	14,421
Impairment of goodwill	0	0	0	270,625
Total operating expenses	212,686	165,728	453,840	670,887
Operating income (loss)	41,626	(4,606)	78,855	(246,445)
Other loss, net	(8,024)	(5,288)	(15,907)	(11,423)
Income (loss) before income taxes	33,602	(9,894)	62,948	(257,868)
Income tax benefit (expense)	(1,994)	59,539	(3,694)	(7,981)
Net income (loss)	$ 31,608	$ 49,645	$ 59,254	$ (265,849)
Net income (loss) per share:
Basic (in USD per share)	$ 0.65	$ 1.04	$ 1.22	$ (5.55)
Diluted (in USD per share)	$ 0.64	$ 1.03	$ 1.20	$ (5.55)
Weighted average shares outstanding:
Basic (in shares)	48,508	47,941	48,384	47,884
Diluted (in shares)	49,385	48,092	49,241	47,884
Comprehensive income (loss):
Net income (loss)	$ 31,608	$ 49,645	$ 59,254	$ (265,849)
Other comprehensive income	0	0	0	272
Comprehensive income (loss)	31,608	49,645	59,254	(265,577)
Wealth Management Services
Revenues:
Total revenue	162,395	115,884	316,886	260,873
Cost of revenue:
Total cost of revenue	113,910	83,868	222,533	186,210
Tax Preparation Services
Revenues:
Total revenue	91,917	45,238	215,809	163,569
Cost of revenue:
Total cost of revenue	$ 4,429	$ 3,054	$ 10,007	$ 7,067

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Treasury stock
Balance (in shares) at Mar. 31, 2020		49,148				1,306
Balance at Dec. 31, 2019	$ 643,515	$ 5	$ 1,586,972	$ (914,791)	$ (272)	$ (28,399)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for stock options, restricted stock units (in shares)		89
Common stock issued for stock options and restricted stock units	0
Stock-based compensation	(1,201)		(1,201)
Tax payments from shares withheld for equity awards	(917)		(917)
Cumulative translation adjustment	272				272
Net income (loss)	(315,494)			(315,494)
Balance (in shares) at Dec. 31, 2019		49,059				1,306
Balance at Mar. 31, 2020	326,175	$ 5	1,584,854	(1,230,285)	0	$ (28,399)
Balance (in shares) at Jun. 30, 2020		49,340				1,306
Balance at Dec. 31, 2019	643,515	$ 5	1,586,972	(914,791)	(272)	$ (28,399)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(265,849)
Balance (in shares) at Dec. 31, 2019		49,059				1,306
Balance at Jun. 30, 2020	380,861	$ 5	1,589,895	(1,180,640)	0	$ (28,399)
Balance (in shares) at Jun. 30, 2020		49,340				1,306
Balance at Mar. 31, 2020	326,175	$ 5	1,584,854	(1,230,285)	0	$ (28,399)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for stock options, restricted stock units, and employee stock purchase plan (in shares)		192
Common stock issued for stock options, restricted stock units, and employee stock purchase plan	1,226		1,226
Stock-based compensation	3,904		3,904
Tax payments from shares withheld for equity awards	(89)		(89)
Net income (loss)	49,645			49,645
Balance (in shares) at Mar. 31, 2020		49,148				1,306
Balance at Jun. 30, 2020	380,861	$ 5	1,589,895	(1,180,640)	0	$ (28,399)
Balance (in shares) at Mar. 31, 2021		49,615				1,306
Balance at Dec. 31, 2020	312,290	$ 5	1,598,230	(1,257,546)	0	$ (28,399)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for stock options, restricted stock units (in shares)		132
Common stock issued for stock options and restricted stock units	63		63
Stock-based compensation	5,520		5,520
Tax payments from shares withheld for equity awards	(865)		(865)
Net income (loss)	27,646			27,646
Balance (in shares) at Dec. 31, 2020		49,483				1,306
Balance at Mar. 31, 2021	344,654	$ 5	1,602,948	(1,229,900)	0	$ (28,399)
Balance (in shares) at Jun. 30, 2021		49,962				1,306
Balance at Dec. 31, 2020	312,290	$ 5	1,598,230	(1,257,546)	0	$ (28,399)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	59,254
Balance (in shares) at Dec. 31, 2020		49,483				1,306
Balance at Jun. 30, 2021	382,507	$ 5	1,609,193	(1,198,292)	0	$ (28,399)
Balance (in shares) at Jun. 30, 2021		49,962				1,306
Balance at Mar. 31, 2021	344,654	$ 5	1,602,948	(1,229,900)	0	$ (28,399)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for stock options, restricted stock units, and employee stock purchase plan (in shares)		347
Common stock issued for stock options, restricted stock units, and employee stock purchase plan	1,989		1,989
Stock-based compensation	4,720		4,720
Tax payments from shares withheld for equity awards	(464)		(464)
Net income (loss)	31,608			31,608
Balance (in shares) at Mar. 31, 2021		49,615				1,306
Balance at Jun. 30, 2021	$ 382,507	$ 5	$ 1,609,193	$ (1,198,292)	$ 0	$ (28,399)

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net income (loss)	$ 59,254	$ (265,849)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Stock-based compensation	10,770	2,703
Depreciation and amortization of acquired intangible assets	21,583	19,253
Impairment of goodwill	0	270,625
Reduction of right-of-use lease assets	1,420	3,196
Deferred income taxes	(963)	8,784
Amortization of debt issuance costs	740	644
Accretion of debt discounts	561	138
Change in fair value of acquisition-related contingent consideration	17,800	0
Accretion of lease liability	1,046	901
Other	481	670
Cash provided (used) by changes in operating assets and liabilities:
Accounts receivable	(5,948)	184
Commissions and advisory fees receivable	(530)	5,586
Other receivables	(406)	(2,809)
Prepaid expenses and other current assets	(3,651)	1,435
Other long-term assets	(9,239)	3,162
Accounts payable	874	2,942
Commissions and advisory fees payable	149	(5,210)
Lease liabilities	(431)	(2,572)
Deferred revenue	(7,677)	(8,299)
Accrued expenses and other current and long-term liabilities	11,438	(1,110)
Net cash provided by operating activities	97,271	34,374
Investing activities:
Purchases of property and equipment	(13,544)	(19,072)
Asset acquisitions	(881)	0
Net cash used by investing activities	(14,425)	(19,072)
Financing activities:
Proceeds from credit facilities, net of debt issuance costs and debt discounts	(502)	55,000
Payments on credit facilities	(906)	(65,625)
Proceeds from stock option exercises	284	25
Proceeds from issuance of stock through employee stock purchase plan	1,845	1,201
Tax payments from shares withheld for equity awards	(1,329)	(1,006)
Net cash used by financing activities	(608)	(10,405)
Net increase in cash, cash equivalents, and restricted cash	82,238	4,897
Cash, cash equivalents, and restricted cash, beginning of period	150,762	86,450
Cash, cash equivalents, and restricted cash, end of period	233,000	91,347
Supplemental cash flow information:
Cash paid for income taxes	596	1,189
Cash paid for interest	14,324	9,702
Non-cash investing activities:
Purchases of property and equipment through leasehold incentives (investing)	$ 0	$ 9,726

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Note 1: Description of the Business Blucora, Inc. (the “Company,” “Blucora,” “we,” “our,” or “us” ) operates two primary businesses: the Wealth Management business and the digital Tax Software business. Wealth Management The Wealth Management business consists of the operations of Avantax Wealth Management and Avantax Planning Partners (collectively, the “Wealth Management business” or the “Wealth Management segment” ). Avantax Wealth Management provides tax-focused wealth management solutions for financial professionals, tax professionals, certified public accounting ( “CPA” ) firms, and their clients. Avantax Wealth Management offers its services through its registered broker-dealer, registered investment advisor ( “RIA” ), and insurance agency subsidiaries and is the leading U.S. tax-focused independent broker-dealer. Avantax Wealth Management works with a nationwide network of financial professionals that operate as independent contractors. Avantax Wealth Management provides these financial professionals with an integrated platform of technical, practice, compliance, and product support tools that enable them to offer tax-advantaged investing and wealth management services to their clients. Avantax Planning Partners operates as an employee-based RIA and wealth management business that partners with CPA firms in order to provide their consumer and small business clients with holistic financial planning and advisory services, as well as retirement plan solutions through Avantax Retirement Plan Services. Avantax Planning Partners formerly operated as Honkamp Krueger Financial Services, Inc. ( “HKFS” ). On July 1, 2020, we acquired all of the issued and outstanding common stock of HKFS (the “HKFS Acquisition” ). The operations of HKFS are included in our operating results as part of the Wealth Management segment from the date of the HKFS Acquisition. Tax Software The Tax Software business consists of the operations of TaxAct, Inc. ( “TaxAct,” the “Tax Software business,” or the “Tax Software segment” ) and provides digital tax preparation services, packaged tax software, and ancillary services for consumers, small business owners, and tax professionals through its website www.TaxAct.com and its mobile applications. We had referred to this business as the “Tax Preparation business” and “Tax Preparation segment” in previous filings. The Tax Software segment is highly seasonal with a significant portion of its annual revenue typically earned in the first two quarters of the fiscal year. During the third and fourth quarters, the Tax Software segment typically reports losses because revenue from the segment is minimal while core operating expenses continue. In March 2020 and as a result of the COVID-19 pandemic, the Internal Revenue Service ( “IRS” ) extended the filing deadline for federal tax returns from April 15, 2020 to July 15, 2020. This filing extension resulted in the shifting of a significant portion of Tax Software segment revenue that is usually earned in the first and second quarters of 2020 to the third quarter of 2020. As a result of the continued impact of the COVID-19 pandemic, the IRS delayed the start of the 2021 tax season and extended the filing and payment deadline for tax year 2020 federal tax returns from April 15, 2021 to May 17, 2021. In addition, the IRS further extended the federal filing and payment deadline for Texas, Louisiana, and Oklahoma to June 15, 2021. This extension resulted in the shifting of a significant portion of Tax Software segment revenue that would typically have been expected to be earned in the first quarter of 2021 to the second quarter of 2021. Segments

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2: Summary of Significant Accounting Policies Interim financial information The accompanying condensed consolidated financial statements have been prepared by us under the rules and regulations of the SEC for interim financial reporting. These condensed consolidated financial statements are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals, necessary for a fair presentation of the consolidated financial position, results of operations, and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in conformity with United States generally accepted accounting principles ( “ GAAP” ) have been omitted in accordance with the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020. Interim results are not necessarily indicative of results for a full year. Cash, cash equivalents, and restricted cash The following table presents cash, cash equivalents, and restricted cash as reported on the condensed consolidated balance sheets and the condensed consolidated statements of cash flows (in thousands): June 30, 2021 December 31, 2020 Cash and cash equivalents $ 232,409 $ 150,125 Cash segregated under federal or other regulations 591 637 Total cash, cash equivalents, and restricted cash $ 233,000 $ 150,762 We generally invest our available cash in high-quality marketable investments. These investments include money market funds invested in securities issued by agencies of the U.S. government. We may invest, from time-to-time, in other vehicles, such as debt instruments issued by the U.S. federal government and its agencies, international governments, municipalities, and publicly held corporations, as well as commercial paper and insured time deposits with commercial banks. Specific holdings can vary from period to period depending upon our cash requirements. Such investments are reported at fair value on the condensed consolidated balance sheets. Cash segregated under federal and other regulations is held in a separate bank account for the exclusive benefit of our Avantax Wealth Management clients and is considered restricted cash. Goodwill Goodwill represents the cost of an acquisition less the fair value of the net identifiable assets of the acquired business. We evaluate goodwill for impairment annually, as of November 30, or more frequently when events or circumstances indicate it is more likely than not that the fair value of one or more of our reporting units is less than its carrying amount. To determine whether it is necessary to perform a goodwill impairment test, we first assess qualitative factors to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We may elect to perform a goodwill impairment test without completing a qualitative assessment. Beginning in March 2020, the COVID-19 pandemic had a significant negative impact on the U.S. and global economy and caused substantial disruption in the U.S. and global securities markets, and as a result, negatively impacted certain key Wealth Management business drivers, such as client asset levels and interest rates. These macroeconomic and Company-specific factors, in totality, served as a triggering event that resulted in the testing of the goodwill of the Wealth Management reporting unit and the Tax Software reporting unit for potential impairment. As part of the goodwill impairment test, we compared the estimated fair values of the Wealth Management and Tax Software reporting units to their respective carrying values. Estimated fair value was calculated using Level 3 inputs and utilized a blended valuation method that factored in the income approach and the market approach. The income approach estimated fair value by using the present value of future discounted cash flows. Significant estimates used in the discounted cash flow model included our forecasted cash flows, our long-term rates of growth, and our weighted average cost of capital. The weighted average cost of capital factors in the relevant risk associated with business-specific characteristics and the uncertainty related to the ability to achieve our projected cash flows. The market approach estimated fair value by taking income-based valuation multiples for a set of comparable companies and applying the valuation multiple to each reporting unit’s income. For the Wealth Management reporting unit, the carrying value of the reporting unit exceeded its fair value by $270.6 million. Therefore, we recorded an impairment of goodwill of $270.6 million in the first quarter of 2020. For the Tax Software reporting unit, the carrying value of the reporting unit was significantly below its fair value, and therefore, the goodwill of the Tax Software reporting unit was not considered impaired. While no goodwill impairment triggering events were identified during the six months ended June 30, 2021, the Wealth Management reporting unit is considered to be at risk for a future impairment of its goodwill in the event of a further decline in general economic, market, or business conditions, or any significant unfavorable changes in our forecasted revenue, expenses, cash flows, weighted average cost of capital, and/or market valuation multiples. We will continue to monitor for events and circumstances that could negatively impact the key assumptions in determining the fair value of the Wealth Management reporting unit.

Segment Information and Revenue

Segment Information and Revenues	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Information and Revenues	Note 3: Segment Information and Revenues We have two reportable segments: (1) the Wealth Management segment and (2) the Tax Software segment. Our Chief Executive Officer is the chief operating decision maker and reviews financial information presented on a disaggregated basis. This information is used for purposes of allocating resources and evaluating financial performance. We do not allocate certain general and administrative costs (including personnel and overhead costs), stock-based compensation, depreciation, amortization of acquired intangible assets, acquisition and integration costs, executive transition costs, headquarters relocation costs, contested proxy and other legal and consulting costs, or impairment of goodwill to the reportable segments. Such amounts are reflected in the table below under the heading “Corporate-level activity.” In addition, we do not allocate other loss, net, or income taxes to the reportable segments. We do not report assets or capital expenditures by segment to the chief operating decision maker. Information on reportable segments currently presented to our chief operating decision maker and a reconciliation to consolidated net income (loss) are presented below (in thousands): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Revenue: Wealth Management $ 162,395 $ 115,884 $ 316,886 $ 260,873 Tax Software 91,917 45,238 215,809 163,569 Total revenue 254,312 161,122 532,695 424,442 Operating income (loss): Wealth Management 21,396 11,731 40,792 34,329 Tax Software 63,448 6,659 114,336 44,412 Corporate-level activity (43,218) (22,996) (76,273) (325,186) Total operating income (loss) 41,626 (4,606) 78,855 (246,445) Other loss, net (8,024) (5,288) (15,907) (11,423) Income tax benefit (expense) (1,994) 59,539 (3,694) (7,981) Net income (loss) $ 31,608 $ 49,645 $ 59,254 $ (265,849) Revenues by major category within each segment are presented below (in thousands): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Wealth Management: Advisory $ 96,508 $ 66,303 $ 187,627 $ 145,060 Commission 51,702 39,836 104,236 90,416 Asset-based 5,526 3,981 10,855 14,560 Transaction and fee 8,659 5,764 14,168 10,837 Total Wealth Management revenue $ 162,395 $ 115,884 $ 316,886 $ 260,873 Tax Software: Consumer $ 88,846 $ 44,421 $ 199,413 $ 148,242 Professional 3,071 817 16,396 15,327 Total Tax Software revenue $ 91,917 $ 45,238 $ 215,809 $ 163,569 Wealth Management revenue recognition Wealth management revenue primarily consists of advisory revenue, commission revenue, asset-based revenue, and transaction and fee revenue. The timing of Wealth Management revenue recognition was as follows (in thousands): Three months ended June 30, 2021 2020 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Advisory revenue $ — $ 96,508 $ 96,508 $ — $ 66,303 $ 66,303 Commission revenue 21,076 30,626 51,702 14,803 25,033 39,836 Asset-based revenue — 5,526 5,526 — 3,981 3,981 Transaction and fee revenue 1,192 7,467 8,659 1,137 4,627 5,764 Total Wealth Management revenue $ 22,268 $ 140,127 $ 162,395 $ 15,940 $ 99,944 $ 115,884 Six months ended June 30, 2021 2020 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Advisory revenue $ — $ 187,627 $ 187,627 $ — $ 145,060 $ 145,060 Commission revenue 43,443 60,793 104,236 38,184 52,232 90,416 Asset-based revenue — 10,855 10,855 — 14,560 14,560 Transaction and fee revenue 2,566 11,602 14,168 2,996 7,841 10,837 Total Wealth Management revenue $ 46,009 $ 270,877 $ 316,886 $ 41,180 $ 219,693 $ 260,873 Tax Software revenue recognition We generate Tax Software revenue from the sale of tax preparation digital services, packaged tax preparation software, ancillary services, and multiple element arrangements that may include a combination of these items. The timing of Tax Software revenue recognition was as follows (in thousands): Three months ended June 30, 2021 2020 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Consumer revenue $ 88,846 $ — $ 88,846 $ 44,420 $ 1 $ 44,421 Professional revenue 2,128 943 3,071 187 630 817 Total Tax Software revenue $ 90,974 $ 943 $ 91,917 $ 44,607 $ 631 $ 45,238 Six months ended June 30, 2021 2020 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Consumer revenue $ 199,413 $ — $ 199,413 $ 148,241 $ 1 $ 148,242 Professional revenue 14,255 2,141 16,396 13,181 2,146 15,327 Total Tax Software revenue $ 213,668 $ 2,141 $ 215,809 $ 161,422 $ 2,147 $ 163,569

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Note 4: Debt Our debt consisted of the following as of the periods indicated in the table below (in thousands): June 30, 2021 December 31, 2020 Principal Discount Debt issuance costs Net Principal Discount Debt issuance costs Net Senior secured credit facility $ 562,250 $ (3,612) $ (4,022) $ 554,616 $ 563,156 $ (4,173) $ (4,646) $ 554,337 Less: Current portion of long-term debt, net (1,788) (1,784) Long-term debt, net $ 552,828 $ 552,553 In May 2017, we entered into a credit agreement (as the same has been amended, the “Credit Agreement” ) with a syndicate of lenders, which provides for a term loan facility (the “Term Loan” ) and a revolving line of credit (including a letter of credit sub-facility) (the “Revolver” ) for working capital, capital expenditures, and general business purposes (the “Senior Secured Credit Facility” ). On April 26, 2021, to ensure adequate liquidity and flexibility to support growth, we entered into Amendment No. 5 to the Credit Agreement (the “Credit Agreement Amendment” ). Pursuant to the Credit Agreement Amendment, the Credit Agreement was amended to, among other things, refinance the existing $65.0 million Revolver and add $25.0 million of additional revolving credit commitments, for an aggregate principal amount of $90.0 million in revolving credit commitments (the “New Revolver” ). As of June 30, 2021, the Senior Secured Credit Facility provided for up to $765.0 million of borrowings and consisted of a committed $90.0 million under the New Revolver and a $675.0 million Term Loan that mature on February 21, 2024 and May 22, 2024, respectively. Obligations under the Senior Secured Credit Facility are guaranteed by certain of the Company’s subsidiaries and secured by substantially all the assets of the Company and certain of its subsidiaries (including certain subsidiaries acquired in the HKFS Acquisition and certain other material subsidiaries). The Senior Secured Credit Facility includes financial and operating covenants (including a Consolidated Total Net Leverage Ratio), which are set forth in detail in the Credit Agreement. As of June 30, 2021, we had $562.3 million in principal amount outstanding under the Term Loan and no amounts outstanding under the New Revolver. Based on aggregate loan commitments as of June 30, 2021, approximately $90.0 million was available for future borrowing under the Senior Secured Credit Facility, subject to customary terms and conditions. The interest rate on the Term Loan is variable at the London Interbank Offered Rate, plus the applicable interest rate margin of 4.0% for Eurodollar Rate Loans (as defined in the Credit Agreement) and 3.0% for ABR Loans (as defined in the Credit Agreement). As of June 30, 2021, the applicable interest rate on the Term Loan was 5.0%. The Company is required to make mandatory annual prepayments on the Term Loan in certain circumstances, including in the event that the Company generates Excess Cash Flow (as defined in the Credit Agreement) in a given fiscal year. The Credit Agreement permits the Company to voluntarily prepay the Term Loan without premium or penalty. The Company is required to make principal amortization payments on the Term Loan quarterly on the last business day of each March, June, September, and December, in an amount equal to $0.5 million (subject to reduction for prepayments), with the remaining principal amount of the Term Loan due on the maturity date of May 22, 2024. Depending on the Consolidated First Lien Net Leverage Ratio (as defined in the Credit Agreement), the applicable interest rate margin on the New Revolver ranges from 2.0% to 2.5% for Eurodollar Rate Loans and 1.0% to 1.5% for ABR Loans. The Company is required to pay a commitment fee on the undrawn commitment under the New Revolver in a percentage that is dependent on the Consolidated First Lien Net Leverage Ratio that ranges from 0.35% to 0.4%. Interest is payable at the end of each interest period. Pursuant to the Credit Agreement Amendment, if the Company’s usage of the New Revolver exceeds 30% of the aggregate commitments under the New Revolver on the last day of any calendar quarter, the Company shall not permit the Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) to exceed (i) 4.75 to 1.00 for the period beginning on April 1, 2021 and ending on December 31, 2021, (ii) 4.25 to 1.00 for the period beginning on January 1, 2022 and ending on September 30, 2022, (iii) 4.00 to 1.00 for the period beginning on October 1, 2022 and ending on December 31, 2022, and (iv) 3.50 to 1.00 for the period beginning on January 1, 2023 and ending on February 21, 2024.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Note 5: Leases Our leases are primarily related to office space and are classified as operating leases. Operating lease expense, net of sublease income, is recognized in “General and administrative” expense (for net lease expense related to leases used in our operations) and “Acquisition and integration” expense (for net lease expense related to the unoccupied lease resulting from the acquisition of 1st Global, Inc. and 1st Global Insurance Services, Inc. (together, “1st Global” ) in 2019 (the “1st Global Acquisition” )) on the condensed consolidated statements of comprehensive income (loss). Lease expense, cash paid on operating lease liabilities, and lease liabilities obtained from new right-of-use assets for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Fixed lease expense $ 1,099 $ 2,050 $ 2,253 $ 4,086 Variable lease expense 102 286 245 587 Lease expense, before sublease income 1,201 2,336 2,498 4,673 Sublease income (116) (329) (232) (655) Total lease expense, net of sublease income $ 1,085 $ 2,007 $ 2,266 $ 4,018 Additional lease information: Cash paid on operating lease liabilities $ 228 $ 1,282 $ 445 $ 2,472 Lease liabilities obtained from new right-of-use assets (1) $ 93 $ — $ 93 $ 20,414 __________________________ (1) Lease liabilities obtained from new right-of-use assets for the six months ended June 30, 2020 resulted from the new corporate headquarters lease that commenced in January 2020. As of June 30, 2021, our weighted-average remaining operating lease term was approximately 10.8 years, and our weighted-average operating lease discount rate was 5.4%. Operating leases were recorded on the condensed consolidated balance sheets as follows (in thousands): June 30, 2021 December 31, 2020 Lease liabilities—current $ 3,768 $ 2,304 Lease liabilities—long-term 34,765 36,404 Total operating lease liabilities $ 38,533 $ 38,708 The scheduled maturities of our operating lease liabilities as of June 30, 2021 are as follows (in thousands): Undiscounted cash flows: Remainder of 2021 $ 1,407 2022 5,040 2023 5,172 2024 5,080 2025 5,013 Thereafter 30,324 Total undiscounted cash flows 52,036 Imputed interest (13,503) Present value of cash flows $ 38,533
Leases	Note 5: Leases Our leases are primarily related to office space and are classified as operating leases. Operating lease expense, net of sublease income, is recognized in “General and administrative” expense (for net lease expense related to leases used in our operations) and “Acquisition and integration” expense (for net lease expense related to the unoccupied lease resulting from the acquisition of 1st Global, Inc. and 1st Global Insurance Services, Inc. (together, “1st Global” ) in 2019 (the “1st Global Acquisition” )) on the condensed consolidated statements of comprehensive income (loss). Lease expense, cash paid on operating lease liabilities, and lease liabilities obtained from new right-of-use assets for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Fixed lease expense $ 1,099 $ 2,050 $ 2,253 $ 4,086 Variable lease expense 102 286 245 587 Lease expense, before sublease income 1,201 2,336 2,498 4,673 Sublease income (116) (329) (232) (655) Total lease expense, net of sublease income $ 1,085 $ 2,007 $ 2,266 $ 4,018 Additional lease information: Cash paid on operating lease liabilities $ 228 $ 1,282 $ 445 $ 2,472 Lease liabilities obtained from new right-of-use assets (1) $ 93 $ — $ 93 $ 20,414 __________________________ (1) Lease liabilities obtained from new right-of-use assets for the six months ended June 30, 2020 resulted from the new corporate headquarters lease that commenced in January 2020. As of June 30, 2021, our weighted-average remaining operating lease term was approximately 10.8 years, and our weighted-average operating lease discount rate was 5.4%. Operating leases were recorded on the condensed consolidated balance sheets as follows (in thousands): June 30, 2021 December 31, 2020 Lease liabilities—current $ 3,768 $ 2,304 Lease liabilities—long-term 34,765 36,404 Total operating lease liabilities $ 38,533 $ 38,708 The scheduled maturities of our operating lease liabilities as of June 30, 2021 are as follows (in thousands): Undiscounted cash flows: Remainder of 2021 $ 1,407 2022 5,040 2023 5,172 2024 5,080 2025 5,013 Thereafter 30,324 Total undiscounted cash flows 52,036 Imputed interest (13,503) Present value of cash flows $ 38,533

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Note 6: Balance Sheet Components Prepaid expenses and other current assets, net, consisted of the following (in thousands): June 30, 2021 December 31, 2020 Prepaid expenses $ 10,784 $ 9,643 Other current assets 3,188 678 Total prepaid expenses and other current assets, net $ 13,972 $ 10,321 Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2021 December 31, 2020 Salaries and related expenses $ 18,801 $ 19,317 HKFS Contingent Consideration liability (1)(2) 30,000 17,900 Contingent liability from 1st Global Acquisition (2) 16,828 11,328 Accrued vendor and advertising costs 3,445 2,606 Accrued taxes 4,525 240 Other current liabilities 6,760 5,028 Total accrued expenses and other current liabilities $ 80,359 $ 56,419 __________________________ (1) Represents the short-term portion of the HKFS Contingent Consideration liability. The long-term portion of the HKFS Contingent Consideration liability was classified in “Other long-term liabilities” on the condensed consolidated balance sheets. (2) For more information on contingent liabilities, see "Note 7—Commitments and Contingencies."

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 7: Commitments and Contingencies Contingent liability from 1st Global Acquisition On May 6, 2019, we closed the 1st Global Acquisition. As part of the 1st Global Acquisition, we assumed a contingent liability related to a regulatory inquiry and recorded the contingent liability as part of the opening balance sheet. We evaluated a range of probable losses, resulting in a contingent liability reserve balance (including accrued interest) of $11.3 million at December 31, 2020. In the second quarter of 2021, we re-evaluated the range of probable losses as a result of our on-going discussions with the SEC. While the regulatory inquiry, which is related to certain pre-acquisition matters, is still on-going, we increased our contingent liability reserve to $16.8 million as of June 30, 2021, and this $5.5 million increase to the contingent liability reserve was recognized in “Acquisition and integration” expense on the condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2021. As part of the 1st Global Acquisition, we purchased representation and warranty insurance from a third party to supplement the indemnification provisions of the stock purchase agreement, dated as of March 18, 2019, by and among 1G Acquisitions, LLC, an indirect wholly owned subsidiary of the Company, 1st Global, Inc. and 1st Global Insurance Services, Inc., certain selling stockholders named therein and joinder sellers (the “1st Global Sellers” ) and SAB Representative, LLC, as the Sellers’ representative, pursuant to which, the 1st Global Sellers agreed, among other things, to indemnify us from certain losses arising from breaches of representation, warranties, and covenants. At this time, we cannot yet estimate with reasonable probability the recovery related to these matters from insurance or the 1st Global Sellers, if any. Contingent consideration liability from HKFS Acquisition On July 1, 2020, we closed the HKFS Acquisition for an upfront cash purchase price of $104.4 million. The purchase price is subject to two post-closing earn-out payments (the “HKFS Contingent Consideration” ) by us. The amount of the HKFS Contingent Consideration is determined based on advisory asset levels and the achievement of certain performance goals (i) for the period beginning on July 1, 2020 and ending on July 1, 2021 and (ii) for the period beginning on July 1, 2021 and ending on July 1, 2022. Pursuant to the Stock Purchase Agreement, dated as of January 6, 2020, by and among the Company, HKFS, the selling stockholders named therein (the “Sellers” ), and JRD Seller Representative, LLC, as the Sellers’ representative (as amended on April 7, 2020, June 30, 2020, and June 29, 2021), the maximum aggregate amount that we would be required to pay for each earn-out period is $30.0 million. If the asset values on the applicable measurement date fall below certain specified thresholds, we would not be required to make any earn-out payment to the Sellers for such period. The HKFS Contingent Consideration liability was valued at $53.7 million on the condensed consolidated balance sheet as of June 30, 2021. Based on advisory asset levels and the achievement of performance goals for the first earn-out period, we will make the full $30.0 million payment in the third quarter of 2021. For additional information on the HKFS Contingent Consideration, see "Note 8—Fair Value Measurements." Litigation From time to time, we are subject to various legal proceedings, regulatory matters or fines, or claims that arise in the ordinary course of business. We accrue a liability when management believes both that it is probable that a liability has been incurred and that the amount of loss can be reasonably estimated. Aside from the contingent liability related to the 1st Global Acquisition and the HKFS Contingent Consideration liability, we are not currently party to any such matters for which we have recognized a material liability on our condensed consolidated balance sheets.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8—Fair Value Measurements In accordance with Accounting Standards Codification 820, Fair Value Measurements and Disclosures , certain of our assets and liabilities are carried at fair value and are valued using inputs that are classified in one of the following three categories: • Level 1: Quoted market prices in active markets for identical assets or liabilities. • Level 2: Observable market-based inputs, other than Level 1, or unobservable inputs that are corroborated by market data. • Level 3: Unobservable inputs that are not corroborated by market data and reflect our own assumptions. Assets and liabilities measured on a recurring basis The fair value hierarchy of our financial assets and liabilities carried at fair value and measured on a recurring basis was as follows (in thousands): Fair value measurements at the reporting date using June 30, 2021 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,292 $ 4,292 $ — $ — Total assets at fair value $ 4,292 $ 4,292 $ — $ — HKFS Contingent Consideration $ 53,700 $ — $ — $ 53,700 Total liabilities at fair value $ 53,700 $ — $ — $ 53,700 Fair value measurements at the reporting date using December 31, 2020 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,290 $ 4,290 $ — $ — Total assets at fair value $ 4,290 $ 4,290 $ — $ — HKFS Contingent Consideration $ 35,900 $ — $ — $ 35,900 Total liabilities at fair value $ 35,900 $ — $ — $ 35,900 Cash equivalents are classified within Level 1 of the fair value hierarchy because we value cash equivalents utilizing quoted prices in active markets. The HKFS Contingent Consideration liability relates to the two post-closing earn-out payments resulting from the HKFS Acquisition (see "Note 7—Commitments and Contingencies"). As of June 30, 2021, the fair value of the HKFS Contingent Consideration liability was $53.7 million. The portion of the HKFS Contingent Consideration liability related to the first earn-out period was $30.0 million as of June 30, 2021, and this value was based on the earn-out payment (calculated in accordance with the amended HKFS Purchase Agreement and based on actual advisory asset levels as of June 30, 2021) we will make in the third quarter of 2021. The estimated fair value of the portion of the HKFS Contingent Consideration liability related to the second earn-out period was $23.7 million as of June 30, 2021. The estimated fair value of the second earn-out payment was determined using a Monte Carlo simulation model in a risk neutral framework with the underlying simulated variable of advisory asset levels and the related achievement of certain advisory asset growth levels. The Monte Carlo simulation model utilized Level 3 inputs, which included forecasted advisory asset levels at July 1, 2022, a risk-adjusted discount rate (which reflects the risk in the advisory asset projection) of 12.2%, volatility of 27.3%, and a credit spread of 1.8%. Significant increases to the discount rate, volatility, or credit spread inputs would have resulted in a significantly lower fair value measurement, with a similar inverse relationship existing for significant decreases to these inputs. A significant increase to the forecasted advisory assets levels would have resulted in a significantly higher fair value measurement, while a significant decrease to the forecasted advisory asset levels would have resulted in a significantly lower fair value measurement. A reconciliation of the HKFS Contingent Consideration liability was as follows (in thousands): HKFS Contingent Consideration Liability Balance as of December 31, 2020 (1) $ 35,900 Valuation change recognized as expense (2) 17,800 Balance as of June 30, 2021 (1) $ 53,700 _________________________ (1) The short-term portion of the HKFS Contingent Consideration is recorded in “Accrued expenses and other current liabilities” on the condensed consolidated balance sheets and will be paid in the third quarter of 2021. The long-term portion of the HKFS Contingent Consideration is recorded in “Other long-term liabilities” on the condensed consolidated balance sheets and is expected to be paid in the third quarter of 2022. (2) Recognized in “Acquisition and integration” expense on the condensed consolidated statement of comprehensive income for the six months ended June 30, 2021. For the three months ended June 30, 2021, we recognized a valuation change of $11.5 million. Fair value of financial instruments We consider the carrying values of accounts receivable, commissions and advisory fees receivable, other receivables, prepaid expenses, other current assets, accounts payable, commissions and advisory fees payable, accrued expenses, and other current liabilities to approximate fair values primarily due to their short-term natures. As of June 30, 2021, the Term Loan’s principal amount was $562.3 million, which equaled its fair value. As of December 31, 2020, the Term Loan’s principal amount was $563.2 million, and the fair value of the Term Loan’s principal amount was $561.7 million. The fair value of the Term Loan’s principal amount was based on Level 2 inputs from a third-party market quotation.

Other Loss, Net

Other Loss, Net	6 Months Ended
	Jun. 30, 2021
Other Income and Expenses [Abstract]
Other Loss, Net	Note 9: Other Loss, Net “Other loss, net” on the condensed consolidated statements of comprehensive income (loss) consisted of the following (in thousands): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Interest expense $ 7,302 $ 4,840 $ 14,485 $ 10,156 Amortization of debt issuance costs 377 331 740 644 Accretion of debt discounts 284 70 561 138 Total interest expense 7,963 5,241 15,786 10,938 Interest income — (11) (2) (25) Other 61 58 123 510 Other loss, net $ 8,024 $ 5,288 $ 15,907 $ 11,423

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 10: Income Taxes Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Income tax benefit (expense) $ (1,994) $ 59,539 $ (3,694) $ (7,981) The Company recorded income tax expense of $2.0 million and $3.7 million for the three and six months ended June 30, 2021, respectively. For 2021, the Company has prepared its interim tax provision by applying a year-to-date effective tax rate. For 2020, the Company prepared its interim tax provision by applying an estimated annual effective tax rate. We believe using the actual year-to-date effective tax rate in 2021 resulted in the best estimate of the annual effective tax rate. The Company’s effective income tax rate for the three and six months ended June 30, 2021 differed from the 21% statutory rate primarily due to the release of valuation allowances and the effect of state income taxes. We currently expect to continue to release portions of valuation allowances, which were previously recorded in

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income Per Share	Note 11: Net Income Per Share “Basic net income (loss) per share” is calculated using the weighted average number of common shares outstanding during the period. “Diluted net income (loss) per share” is calculated using the weighted average number of common shares outstanding plus the number of dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of the incremental common shares issuable upon the exercise of outstanding stock options and the vesting of unvested restricted stock units. Dilutive potential common shares are excluded from the calculation of diluted net income (loss) per share if their effect is antidilutive. The calculation of basic and diluted net income (loss) per share is as follows (in thousands): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Numerator: Net income (loss) $ 31,608 $ 49,645 $ 59,254 $ (265,849) Denominator: Weighted average common shares outstanding—basic 48,508 47,941 48,384 47,884 Dilutive potential common shares (1) 877 151 857 — Weighted average common shares outstanding—diluted 49,385 48,092 49,241 47,884 Net income (loss) per share: Basic $ 0.65 $ 1.04 $ 1.22 $ (5.55) Diluted $ 0.64 $ 1.03 $ 1.20 $ (5.55) Shares excluded (1) 1,248 2,349 1,269 2,722 _________________________ (1) Potential common shares were excluded from the calculation of diluted net income (loss) per share for these periods because their effect would have been anti-dilutive. For the six months ended June 30, 2020, all potential common shares were excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive due to the net loss recognized for the period.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Segments	We have two reportable segments: (1) the Wealth Management segment and (2) the Tax Software segment.
Interim financial information	The accompanying condensed consolidated financial statements have been prepared by us under the rules and regulations of the SEC for interim financial reporting. These condensed consolidated financial statements are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals, necessary for a fair presentation of the consolidated financial position, results of operations, and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in conformity with United States generally accepted accounting principles ( “ GAAP” ) have been omitted in accordance with the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020. Interim results are not necessarily indicative of results for a full year.
Cash, cash equivalents, and restricted cash	We generally invest our available cash in high-quality marketable investments. These investments include money market funds invested in securities issued by agencies of the U.S. government. We may invest, from time-to-time, in other vehicles, such as debt instruments issued by the U.S. federal government and its agencies, international governments, municipalities, and publicly held corporations, as well as commercial paper and insured time deposits with commercial banks. Specific holdings can vary from period to period depending upon our cash requirements. Such investments are reported at fair value on the condensed consolidated balance sheets. Cash segregated under federal and other regulations is held in a separate bank account for the exclusive benefit of our Avantax Wealth Management clients and is considered restricted cash.
Goodwill	Goodwill represents the cost of an acquisition less the fair value of the net identifiable assets of the acquired business. We evaluate goodwill for impairment annually, as of November 30, or more frequently when events or circumstances indicate it is more likely than not that the fair value of one or more of our reporting units is less than its carrying amount. To determine whether it is necessary to perform a goodwill impairment test, we first assess qualitative factors to evaluate whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We may elect to perform a goodwill impairment test without completing a qualitative assessment. Beginning in March 2020, the COVID-19 pandemic had a significant negative impact on the U.S. and global economy and caused substantial disruption in the U.S. and global securities markets, and as a result, negatively impacted certain key Wealth Management business drivers, such as client asset levels and interest rates. These macroeconomic and Company-specific factors, in totality, served as a triggering event that resulted in the testing of the goodwill of the Wealth Management reporting unit and the Tax Software reporting unit for potential impairment.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table presents cash, cash equivalents, and restricted cash as reported on the condensed consolidated balance sheets and the condensed consolidated statements of cash flows (in thousands): June 30, 2021 December 31, 2020 Cash and cash equivalents $ 232,409 $ 150,125 Cash segregated under federal or other regulations 591 637 Total cash, cash equivalents, and restricted cash $ 233,000 $ 150,762
Schedule of Restrictions on Cash and Cash Equivalents	The following table presents cash, cash equivalents, and restricted cash as reported on the condensed consolidated balance sheets and the condensed consolidated statements of cash flows (in thousands): June 30, 2021 December 31, 2020 Cash and cash equivalents $ 232,409 $ 150,125 Cash segregated under federal or other regulations 591 637 Total cash, cash equivalents, and restricted cash $ 233,000 $ 150,762

Segment Information and Reven_2

Segment Information and Revenues (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Information on Reportable Segments for Reconciliation to Consolidated Net Income	Information on reportable segments currently presented to our chief operating decision maker and a reconciliation to consolidated net income (loss) are presented below (in thousands): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Revenue: Wealth Management $ 162,395 $ 115,884 $ 316,886 $ 260,873 Tax Software 91,917 45,238 215,809 163,569 Total revenue 254,312 161,122 532,695 424,442 Operating income (loss): Wealth Management 21,396 11,731 40,792 34,329 Tax Software 63,448 6,659 114,336 44,412 Corporate-level activity (43,218) (22,996) (76,273) (325,186) Total operating income (loss) 41,626 (4,606) 78,855 (246,445) Other loss, net (8,024) (5,288) (15,907) (11,423) Income tax benefit (expense) (1,994) 59,539 (3,694) (7,981) Net income (loss) $ 31,608 $ 49,645 $ 59,254 $ (265,849)
Schedule of Segment Reporting Information, by Segment	Revenues by major category within each segment are presented below (in thousands): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Wealth Management: Advisory $ 96,508 $ 66,303 $ 187,627 $ 145,060 Commission 51,702 39,836 104,236 90,416 Asset-based 5,526 3,981 10,855 14,560 Transaction and fee 8,659 5,764 14,168 10,837 Total Wealth Management revenue $ 162,395 $ 115,884 $ 316,886 $ 260,873 Tax Software: Consumer $ 88,846 $ 44,421 $ 199,413 $ 148,242 Professional 3,071 817 16,396 15,327 Total Tax Software revenue $ 91,917 $ 45,238 $ 215,809 $ 163,569
Schedule of Disaggregation of Revenue	The timing of Wealth Management revenue recognition was as follows (in thousands): Three months ended June 30, 2021 2020 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Advisory revenue $ — $ 96,508 $ 96,508 $ — $ 66,303 $ 66,303 Commission revenue 21,076 30,626 51,702 14,803 25,033 39,836 Asset-based revenue — 5,526 5,526 — 3,981 3,981 Transaction and fee revenue 1,192 7,467 8,659 1,137 4,627 5,764 Total Wealth Management revenue $ 22,268 $ 140,127 $ 162,395 $ 15,940 $ 99,944 $ 115,884 Six months ended June 30, 2021 2020 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Advisory revenue $ — $ 187,627 $ 187,627 $ — $ 145,060 $ 145,060 Commission revenue 43,443 60,793 104,236 38,184 52,232 90,416 Asset-based revenue — 10,855 10,855 — 14,560 14,560 Transaction and fee revenue 2,566 11,602 14,168 2,996 7,841 10,837 Total Wealth Management revenue $ 46,009 $ 270,877 $ 316,886 $ 41,180 $ 219,693 $ 260,873 The timing of Tax Software revenue recognition was as follows (in thousands): Three months ended June 30, 2021 2020 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Consumer revenue $ 88,846 $ — $ 88,846 $ 44,420 $ 1 $ 44,421 Professional revenue 2,128 943 3,071 187 630 817 Total Tax Software revenue $ 90,974 $ 943 $ 91,917 $ 44,607 $ 631 $ 45,238 Six months ended June 30, 2021 2020 Recognized Upon Transaction Recognized Over Time Total Recognized Upon Transaction Recognized Over Time Total Consumer revenue $ 199,413 $ — $ 199,413 $ 148,241 $ 1 $ 148,242 Professional revenue 14,255 2,141 16,396 13,181 2,146 15,327 Total Tax Software revenue $ 213,668 $ 2,141 $ 215,809 $ 161,422 $ 2,147 $ 163,569

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Company's Debt	Our debt consisted of the following as of the periods indicated in the table below (in thousands): June 30, 2021 December 31, 2020 Principal Discount Debt issuance costs Net Principal Discount Debt issuance costs Net Senior secured credit facility $ 562,250 $ (3,612) $ (4,022) $ 554,616 $ 563,156 $ (4,173) $ (4,646) $ 554,337 Less: Current portion of long-term debt, net (1,788) (1,784) Long-term debt, net $ 552,828 $ 552,553

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of Summary of Operating Lease Expense	Lease expense, cash paid on operating lease liabilities, and lease liabilities obtained from new right-of-use assets for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Fixed lease expense $ 1,099 $ 2,050 $ 2,253 $ 4,086 Variable lease expense 102 286 245 587 Lease expense, before sublease income 1,201 2,336 2,498 4,673 Sublease income (116) (329) (232) (655) Total lease expense, net of sublease income $ 1,085 $ 2,007 $ 2,266 $ 4,018 Additional lease information: Cash paid on operating lease liabilities $ 228 $ 1,282 $ 445 $ 2,472 Lease liabilities obtained from new right-of-use assets (1) $ 93 $ — $ 93 $ 20,414 __________________________ (1) Lease liabilities obtained from new right-of-use assets for the six months ended June 30, 2020 resulted from the new corporate headquarters lease that commenced in January 2020.
Schedule of Supplemental Balance Sheet Information Related to Leases	Operating leases were recorded on the condensed consolidated balance sheets as follows (in thousands): June 30, 2021 December 31, 2020 Lease liabilities—current $ 3,768 $ 2,304 Lease liabilities—long-term 34,765 36,404 Total operating lease liabilities $ 38,533 $ 38,708
Schedule of Maturities of Operating Lease Liabilities	The scheduled maturities of our operating lease liabilities as of June 30, 2021 are as follows (in thousands): Undiscounted cash flows: Remainder of 2021 $ 1,407 2022 5,040 2023 5,172 2024 5,080 2025 5,013 Thereafter 30,324 Total undiscounted cash flows 52,036 Imputed interest (13,503) Present value of cash flows $ 38,533

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets, net, consisted of the following (in thousands): June 30, 2021 December 31, 2020 Prepaid expenses $ 10,784 $ 9,643 Other current assets 3,188 678 Total prepaid expenses and other current assets, net $ 13,972 $ 10,321
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2021 December 31, 2020 Salaries and related expenses $ 18,801 $ 19,317 HKFS Contingent Consideration liability (1)(2) 30,000 17,900 Contingent liability from 1st Global Acquisition (2) 16,828 11,328 Accrued vendor and advertising costs 3,445 2,606 Accrued taxes 4,525 240 Other current liabilities 6,760 5,028 Total accrued expenses and other current liabilities $ 80,359 $ 56,419 __________________________ (1) Represents the short-term portion of the HKFS Contingent Consideration liability. The long-term portion of the HKFS Contingent Consideration liability was classified in “Other long-term liabilities” on the condensed consolidated balance sheets. (2) For more information on contingent liabilities, see "Note 7—Commitments and Contingencies."

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy of Financial Assets Carried at Fair Value and Measured on Recurring Basis	The fair value hierarchy of our financial assets and liabilities carried at fair value and measured on a recurring basis was as follows (in thousands): Fair value measurements at the reporting date using June 30, 2021 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,292 $ 4,292 $ — $ — Total assets at fair value $ 4,292 $ 4,292 $ — $ — HKFS Contingent Consideration $ 53,700 $ — $ — $ 53,700 Total liabilities at fair value $ 53,700 $ — $ — $ 53,700 Fair value measurements at the reporting date using December 31, 2020 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,290 $ 4,290 $ — $ — Total assets at fair value $ 4,290 $ 4,290 $ — $ — HKFS Contingent Consideration $ 35,900 $ — $ — $ 35,900 Total liabilities at fair value $ 35,900 $ — $ — $ 35,900
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	A reconciliation of the HKFS Contingent Consideration liability was as follows (in thousands): HKFS Contingent Consideration Liability Balance as of December 31, 2020 (1) $ 35,900 Valuation change recognized as expense (2) 17,800 Balance as of June 30, 2021 (1) $ 53,700 _________________________ (1) The short-term portion of the HKFS Contingent Consideration is recorded in “Accrued expenses and other current liabilities” on the condensed consolidated balance sheets and will be paid in the third quarter of 2021. The long-term portion of the HKFS Contingent Consideration is recorded in “Other long-term liabilities” on the condensed consolidated balance sheets and is expected to be paid in the third quarter of 2022. (2) Recognized in “Acquisition and integration” expense on the condensed consolidated statement of comprehensive income for the six months ended June 30, 2021. For the three months ended June 30, 2021, we recognized a valuation change of $11.5 million.

Other Loss, Net (Tables)

Other Loss, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Other Income and Expenses [Abstract]
Summary of Other Loss, Net	“Other loss, net” on the condensed consolidated statements of comprehensive income (loss) consisted of the following (in thousands): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Interest expense $ 7,302 $ 4,840 $ 14,485 $ 10,156 Amortization of debt issuance costs 377 331 740 644 Accretion of debt discounts 284 70 561 138 Total interest expense 7,963 5,241 15,786 10,938 Interest income — (11) (2) (25) Other 61 58 123 510 Other loss, net $ 8,024 $ 5,288 $ 15,907 $ 11,423

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Income tax benefit (expense) $ (1,994) $ 59,539 $ (3,694) $ (7,981)

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Summary of Dilutive Effect for Awards with Exercise Price Less Than Average Stock Price	The calculation of basic and diluted net income (loss) per share is as follows (in thousands): Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Numerator: Net income (loss) $ 31,608 $ 49,645 $ 59,254 $ (265,849) Denominator: Weighted average common shares outstanding—basic 48,508 47,941 48,384 47,884 Dilutive potential common shares (1) 877 151 857 — Weighted average common shares outstanding—diluted 49,385 48,092 49,241 47,884 Net income (loss) per share: Basic $ 0.65 $ 1.04 $ 1.22 $ (5.55) Diluted $ 0.64 $ 1.03 $ 1.20 $ (5.55) Shares excluded (1) 1,248 2,349 1,269 2,722 _________________________ (1) Potential common shares were excluded from the calculation of diluted net income (loss) per share for these periods because their effect would have been anti-dilutive. For the six months ended June 30, 2020, all potential common shares were excluded from the calculation of diluted net loss per share as their effect would have been anti-dilutive due to the net loss recognized for the period.

Description of the Business (De

Description of the Business (Details)	6 Months Ended
	Jun. 30, 2021segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 232,409	$ 150,125
Cash segregated under federal or other regulations	591	637
Total cash, cash equivalents, and restricted cash	$ 233,000	$ 150,762	$ 91,347	$ 86,450

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Accounting Policies [Abstract]
Impairment of goodwill	$ 270.6

Segment Information and Reven_3

Segment Information and Revenues - Information on Reportable Segments (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment					2
Revenue:
Revenues	$ 254,312		$ 161,122		$ 532,695	$ 424,442
Operating income (loss):
Total operating income (loss)	41,626		(4,606)		78,855	(246,445)
Other loss, net	(8,024)		(5,288)		(15,907)	(11,423)
Income tax benefit (expense)	(1,994)		59,539		(3,694)	(7,981)
Net income (loss)	31,608	$ 27,646	49,645	$ (315,494)	59,254	(265,849)
Corporate-level activity
Operating income (loss):
Total operating income (loss)	(43,218)		(22,996)		(76,273)	(325,186)
Segment Reconciling Items
Operating income (loss):
Other loss, net	(8,024)		(5,288)		(15,907)	(11,423)
Income tax benefit (expense)	(1,994)		59,539		(3,694)	(7,981)
Wealth Management
Revenue:
Revenues	162,395		115,884		316,886	260,873
Wealth Management | Operating Segments
Operating income (loss):
Total operating income (loss)	21,396		11,731		40,792	34,329
Tax Software
Revenue:
Revenues	91,917		45,238		215,809	163,569
Tax Software | Operating Segments
Operating income (loss):
Total operating income (loss)	$ 63,448		$ 6,659		$ 114,336	$ 44,412

Segment Information and Reven_4

Segment Information and Revenues - Details of Wealth Management Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 254,312	$ 161,122	$ 532,695	$ 424,442
Wealth Management
Disaggregation of Revenue [Line Items]
Revenues	162,395	115,884	316,886	260,873
Wealth Management | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues	22,268	15,940	46,009	41,180
Wealth Management | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	140,127	99,944	270,877	219,693
Wealth Management | Advisory
Disaggregation of Revenue [Line Items]
Revenues	96,508	66,303	187,627	145,060
Wealth Management | Advisory | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Wealth Management | Advisory | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	96,508	66,303	187,627	145,060
Wealth Management | Commission
Disaggregation of Revenue [Line Items]
Revenues	51,702	39,836	104,236	90,416
Wealth Management | Commission | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues	21,076	14,803	43,443	38,184
Wealth Management | Commission | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	30,626	25,033	60,793	52,232
Wealth Management | Asset-based
Disaggregation of Revenue [Line Items]
Revenues	5,526	3,981	10,855	14,560
Wealth Management | Asset-based | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Wealth Management | Asset-based | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	5,526	3,981	10,855	14,560
Wealth Management | Transaction and fee
Disaggregation of Revenue [Line Items]
Revenues	8,659	5,764	14,168	10,837
Wealth Management | Transaction and fee | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues	1,192	1,137	2,566	2,996
Wealth Management | Transaction and fee | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	$ 7,467	$ 4,627	$ 11,602	$ 7,841

Segment Information and Reven_5

Segment Information and Revenues - Details of Tax Preparation Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 254,312	$ 161,122	$ 532,695	$ 424,442
Tax Software
Disaggregation of Revenue [Line Items]
Revenues	91,917	45,238	215,809	163,569
Tax Software | Consumer
Disaggregation of Revenue [Line Items]
Revenues	88,846	44,421	199,413	148,242
Tax Software | Professional
Disaggregation of Revenue [Line Items]
Revenues	3,071	817	16,396	15,327
Tax Software | Recognized Upon Transaction
Disaggregation of Revenue [Line Items]
Revenues	90,974	44,607	213,668	161,422
Tax Software | Recognized Upon Transaction | Consumer
Disaggregation of Revenue [Line Items]
Revenues	88,846	44,420	199,413	148,241
Tax Software | Recognized Upon Transaction | Professional
Disaggregation of Revenue [Line Items]
Revenues	2,128	187	14,255	13,181
Tax Software | Recognized Over Time
Disaggregation of Revenue [Line Items]
Revenues	943	631	2,141	2,147
Tax Software | Recognized Over Time | Consumer
Disaggregation of Revenue [Line Items]
Revenues	0	1	0	1
Tax Software | Recognized Over Time | Professional
Disaggregation of Revenue [Line Items]
Revenues	$ 943	$ 630	$ 2,141	$ 2,146

Debt - Schedule of Company's De

Debt - Schedule of Company's Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Less: Current portion of long-term debt, net	$ (1,788)	$ (1,784)
Long-term debt, net	552,828	552,553
Senior secured credit facility
Debt Instrument [Line Items]
Principal amount	562,250	563,156
Discount	(3,612)	(4,173)
Debt issuance costs	(4,022)	(4,646)
Net  carrying value	$ 554,616	$ 554,337

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Apr. 26, 2021	Jun. 30, 2021	Apr. 25, 2021	Dec. 31, 2020
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding		$ 0		$ 0
Term Loan
Debt Instrument [Line Items]
Debt outstanding		562,300,000
Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility		765,000,000
Principal amount		562,250,000		$ 563,156,000
Amount available for future borrowings		90,000,000
Senior Secured Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 90,000,000	$ 90,000,000	$ 65,000,000
Additional revolving credit commitments	$ 25,000,000
Percentage of aggregate commitments draw		30.00%
Senior Secured Credit Facility | Revolving Credit Facility | April 1, 2021 Through December 31, 2021
Debt Instrument [Line Items]
Line of credit facility, leverage ratio		4.75
Senior Secured Credit Facility | Revolving Credit Facility | January 1, 2022 Through September 30, 2022
Debt Instrument [Line Items]
Line of credit facility, leverage ratio		4.25
Senior Secured Credit Facility | Revolving Credit Facility | October 1, 2022 Through December 31, 2022
Debt Instrument [Line Items]
Line of credit facility, leverage ratio		4
Senior Secured Credit Facility | Revolving Credit Facility | January 1, 2023 Through February 21, 2024
Debt Instrument [Line Items]
Line of credit facility, leverage ratio		3.50
Senior Secured Credit Facility | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.35%
Senior Secured Credit Facility | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.40%
Senior Secured Credit Facility | Revolving Credit Facility | Eurodollar | Minimum
Debt Instrument [Line Items]
Variable interest rate		2.00%
Senior Secured Credit Facility | Revolving Credit Facility | Eurodollar | Maximum
Debt Instrument [Line Items]
Variable interest rate		2.50%
Senior Secured Credit Facility | Revolving Credit Facility | ABR | Minimum
Debt Instrument [Line Items]
Variable interest rate		1.00%
Senior Secured Credit Facility | Revolving Credit Facility | ABR | Maximum
Debt Instrument [Line Items]
Variable interest rate		1.50%
Senior Secured Credit Facility | Term Loan
Debt Instrument [Line Items]
Principal amount		$ 675,000,000
Variable interest rate		5.00%
Debt instrument, periodic payment, principal		$ 500,000
Senior Secured Credit Facility | Term Loan | Eurodollar
Debt Instrument [Line Items]
Variable interest rate		4.00%
Senior Secured Credit Facility | Term Loan | ABR
Debt Instrument [Line Items]
Variable interest rate		3.00%

Leases - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease, Cost [Abstract]
Fixed lease expense	$ 1,099	$ 2,050	$ 2,253	$ 4,086
Variable lease expense	102	286	245	587
Lease expense, before sublease income	1,201	2,336	2,498	4,673
Sublease income	(116)	(329)	(232)	(655)
Total lease expense, net of sublease income	1,085	2,007	2,266	4,018
Additional lease information:
Cash paid on operating lease liabilities	228	1,282	445	2,472
Lease liabilities obtained from new right-of-use assets	$ 93	$ 0	$ 93	$ 20,414
Weighted-average remaining operating lease term	10 years 9 months 18 days		10 years 9 months 18 days
Weighted-average operating lease discount rate	5.40%		5.40%

Leases - Supplement Balance She

Leases - Supplement Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Lease liabilities—current	$ 3,768	$ 2,304
Lease liabilities—long-term	34,765	36,404
Total operating lease liabilities	$ 38,533	$ 38,708

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2021USD ($)
Leases [Abstract]
Remainder of 2021	$ 1,407
2022	5,040
2023	5,172
2024	5,080
2025	5,013
Thereafter	30,324
Total undiscounted cash flows	52,036
Imputed interest	(13,503)
Present value of cash flows	$ 38,533

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 10,784	$ 9,643
Other current assets	3,188	678
Total prepaid expenses and other current assets, net	$ 13,972	$ 10,321

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Salaries and related expenses	$ 18,801	$ 19,317
Accrued vendor and advertising costs	3,445	2,606
Accrued taxes	4,525	240
Other current liabilities	6,760	5,028
Total accrued expenses and other current liabilities	80,359	56,419
Honkamp Krueger Financial Services, Inc.
Business Acquisition [Line Items]
Contingent liability	30,000	17,900
1st Global
Business Acquisition [Line Items]
Contingent liability	$ 16,828	$ 11,328

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Jul. 01, 2020USD ($)earn_out_payment	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Change in fair value of acquisition-related contingent consideration			$ 17,800	$ 0
1st Global
Business Acquisition [Line Items]
Contingent liability		$ 16,828	16,828		$ 11,328
Change in fair value of acquisition-related contingent consideration		5,500	5,500
Honkamp Krueger Financial Services, Inc.
Business Acquisition [Line Items]
Contingent liability		30,000	30,000		$ 17,900
Purchase price	$ 104,400
Number of potential earn-out payments | earn_out_payment	2
Undiscounted contingent consideration		30,000	30,000
HKFS Contingent Consideration		53,700	53,700
Honkamp Krueger Financial Services, Inc, Earn-Out Period One
Business Acquisition [Line Items]
HKFS Contingent Consideration		$ 30,000	$ 30,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Hierarchy of Financial Assets Carried at Fair Value and Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration	$ 53,700
Fair Value Measurements, Recurring
ASSETS
Total assets at fair value	4,292	$ 4,290
Liabilities
Total liabilities at fair value	53,700	35,900
Fair Value Measurements, Recurring | Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration	53,700	35,900
Fair Value Measurements, Recurring | Money market and other funds
ASSETS
Cash equivalents: money market and other funds	4,292	4,290
Fair Value Measurements, Recurring | Quoted prices in active markets using identical  assets (Level 1)
ASSETS
Total assets at fair value	4,292	4,290
Liabilities
Total liabilities at fair value	0	0
Fair Value Measurements, Recurring | Quoted prices in active markets using identical  assets (Level 1) | Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration	0	0
Fair Value Measurements, Recurring | Quoted prices in active markets using identical  assets (Level 1) | Money market and other funds
ASSETS
Cash equivalents: money market and other funds	4,292	4,290
Fair Value Measurements, Recurring | Significant other observable inputs (Level 2)
ASSETS
Total assets at fair value	0	0
Liabilities
Total liabilities at fair value	0	0
Fair Value Measurements, Recurring | Significant other observable inputs (Level 2) | Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration	0	0
Fair Value Measurements, Recurring | Significant other observable inputs (Level 2) | Money market and other funds
ASSETS
Cash equivalents: money market and other funds	0	0
Fair Value Measurements, Recurring | Significant unobservable inputs (Level 3)
ASSETS
Total assets at fair value	0
Liabilities
Total liabilities at fair value	53,700	35,900
Fair Value Measurements, Recurring | Significant unobservable inputs (Level 3) | Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration	53,700	35,900
Fair Value Measurements, Recurring | Significant unobservable inputs (Level 3) | Money market and other funds
ASSETS
Cash equivalents: money market and other funds	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Jun. 30, 2021USD ($)earn_out_payment	Dec. 31, 2020USD ($)
Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding	$ 562,300,000
Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt outstanding	0	$ 0
Carrying Value | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 562,300,000	563,200,000
Fair Value | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure		$ 561,700,000
Measurement Input, Discount Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business combination, contingent consideration, liability, measurement input	0.122
Measurement Input, Price Volatility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business combination, contingent consideration, liability, measurement input	0.273
Measurement Input, Credit Spread
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business combination, contingent consideration, liability, measurement input	0.018
Honkamp Krueger Financial Services, Inc.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of post closing earn out payments | earn_out_payment	2
HKFS Contingent Consideration	$ 53,700,000
Honkamp Krueger Financial Services, Inc, Earn-Out Period One
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
HKFS Contingent Consideration	30,000,000
Honkamp Krueger Financial Services, Inc, Earn-Out Period Two
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
HKFS Contingent Consideration	$ 23,700,000

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Fair Value Measured on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 35,900
Valuation change recognized as expense	$ 11,500	17,800
Ending balance	$ 53,700	$ 53,700

Other Loss, Net - Schedule of O

Other Loss, Net - Schedule of Other Loss, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Abstract]
Interest expense	$ 7,302	$ 4,840	$ 14,485	$ 10,156
Amortization of debt issuance costs	377	331	740	644
Accretion of debt discounts	284	70	561	138
Total interest expense	7,963	5,241	15,786	10,938
Interest income	0	(11)	(2)	(25)
Other	61	58	123	510
Other loss, net	$ 8,024	$ 5,288	$ 15,907	$ 11,423

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax benefit (expense)	$ (1,994)	$ 59,539	$ (3,694)	$ (7,981)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,994	$ (59,539)	$ 3,694	$ 7,981

Net Income Per Share - Summary

Net Income Per Share - Summary of Dilutive Effect for Awards with Exercise Price Less than Average Stock Price (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income (loss)	$ 31,608	$ 49,645	$ 59,254	$ (265,849)
Denominator:
Weighted average common shares outstanding—basic (in shares)	48,508	47,941	48,384	47,884
Dilutive potential common shares (in shares)	877	151	857	0
Weighted average common shares outstanding—diluted (in shares)	49,385	48,092	49,241	47,884
Net income (loss) per share:
Basic (in USD per share)	$ 0.65	$ 1.04	$ 1.22	$ (5.55)
Diluted (in USD per share)	$ 0.64	$ 1.03	$ 1.20	$ (5.55)
Shares excluded (in shares)	1,248	2,349	1,269	2,722