Avantax (AVTA) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,247,539
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001068875

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 144,222	$ 134,824
Accounts receivable, net	26,618	21,906
Commissions and advisory fees receivable	22,890	25,073
Prepaid expenses and other current assets	21,695	18,476
Total current assets	215,425	200,279
Long-term assets:
Property, equipment, and software, net	73,687	73,638
Right-of-use assets, net	20,113	20,466
Goodwill, net	454,821	454,821
Acquired intangible assets, net	296,894	302,289
Other long-term assets	23,019	20,450
Total long-term assets	868,534	871,664
Total assets	1,083,959	1,071,943
Current liabilities:
Accounts payable	23,879	8,216
Commissions and advisory fees payable	15,387	17,940
Accrued expenses and other current liabilities	61,255	65,678
Current deferred revenue	8,459	13,180
Current lease liabilities	4,945	4,896
Current portion of long-term debt	1,812	1,812
Total current liabilities	115,737	111,722
Long-term liabilities:
Long-term debt, net	553,297	553,134
Long-term lease liabilities	32,504	33,267
Deferred tax liabilities, net	19,480	20,124
Long-term deferred revenue	5,090	5,322
Other long-term liabilities	8,978	6,752
Total long-term liabilities	619,349	618,599
Total liabilities	735,086	730,321
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, par value $0.0001 per share—900,000 shares authorized; 50,384 shares issued and 47,433 shares outstanding at March 31, 2022; 50,137 shares issued and 48,831 shares outstanding at December 31, 2021	5	5
Additional paid-in capital	1,622,973	1,619,805
Accumulated deficit	(1,215,169)	(1,249,789)
Treasury stock, at cost— 2,951 shares at March 31, 2022 and 1,306 shares at December 31, 2021	(58,936)	(28,399)
Total stockholders’ equity	348,873	341,622
Total liabilities and stockholders’ equity	$ 1,083,959	$ 1,071,943

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	50,384,000	50,137,000
Common stock, shares outstanding (in shares)	47,433,000	48,831,000
Treasury stock (in shares)	2,951,000	1,306,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Total revenue	$ 307,553	$ 278,383
Cost of revenue:
Total cost of revenue	129,300	114,201
Engineering and technology	8,504	7,128
Sales and marketing	84,403	77,562
General and administrative	29,075	24,685
Acquisition and integration	1,666	8,103
Depreciation	2,931	2,300
Amortization of acquired intangible assets	6,631	7,175
Total operating expenses	262,510	241,154
Operating income	45,043	37,229
Interest expense and other, net	(7,841)	(7,883)
Income before income taxes	37,202	29,346
Income tax expense	(2,582)	(1,700)
Net income	$ 34,620	$ 27,646
Net income per share:
Basic (in USD per share)	$ 0.71	$ 0.57
Diluted (in USD per share)	$ 0.70	$ 0.56
Weighted average shares outstanding:
Basic (in shares)	48,513	48,261
Diluted (in shares)	49,747	49,097
Wealth Management
Revenue:
Total revenue	$ 166,403	$ 154,491
Cost of revenue:
Total cost of revenue	119,874	108,623
Tax Software
Revenue:
Total revenue	141,150	123,892
Cost of revenue:
Total cost of revenue	$ 9,426	$ 5,578

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated deficit	Treasury stock
Beginning balance (in shares) at Dec. 31, 2020		49,483			1,306
Beginning balance at Dec. 31, 2020	$ 312,290	$ 5	$ 1,598,230	$ (1,257,546)	$ (28,399)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued pursuant to stock incentive plans and employee stock purchase plan (in shares)		132
Common stock issued pursuant to stock incentive plans and employee stock purchase plans	63		63
Stock-based compensation	5,520		5,520
Tax payments from shares withheld for equity awards	(865)		(865)
Net income	27,646			27,646
Ending balance (in shares) at Mar. 31, 2021		49,615			1,306
Ending balance at Mar. 31, 2021	$ 344,654	$ 5	1,602,948	(1,229,900)	$ (28,399)
Beginning balance (in shares) at Dec. 31, 2021	48,831	50,137			1,306
Beginning balance at Dec. 31, 2021	$ 341,622	$ 5	1,619,805	(1,249,789)	$ (28,399)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued pursuant to stock incentive plans and employee stock purchase plan (in shares)		247
Common stock issued pursuant to stock incentive plans and employee stock purchase plans	96		96
Stock repurchases (in shares)					1,645
Stock repurchases	(30,537)				$ (30,537)
Stock-based compensation	4,641		4,641
Tax payments from shares withheld for equity awards	(1,569)		(1,569)
Net income	$ 34,620			34,620
Ending balance (in shares) at Mar. 31, 2022	47,433	50,384			2,951
Ending balance at Mar. 31, 2022	$ 348,873	$ 5	$ 1,622,973	$ (1,215,169)	$ (58,936)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net income	$ 34,620	$ 27,646
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization of acquired intangible assets	11,305	10,418
Stock-based compensation	6,225	5,610
Change in the fair value of acquisition-related contingent consideration	1,700	6,300
Reduction of right-of-use lease assets	353	569
Deferred income taxes	(644)	(269)
Amortization of debt discount and issuance costs	681	640
Accretion of lease liabilities	514	514
Other non-cash items	1,101	(78)
Changes in operating assets and liabilities, net of acquisitions and disposals:
Accounts receivable, net	(4,647)	(11,541)
Commissions and advisory fees receivable	2,183	111
Prepaid expenses and other current assets	(2,741)	(1,163)
Other long-term assets	(3,363)	(828)
Accounts payable	15,663	12,729
Commissions and advisory fees payable	(2,553)	(259)
Lease liabilities	(1,229)	(172)
Deferred revenue	(4,953)	(7,250)
Accrued expenses and other current and long-term liabilities	(6,872)	10,745
Net cash provided by operating activities	47,343	53,722
Investing activities:
Purchases of property, equipment, and software	(4,731)	(8,598)
Asset acquisitions	(751)	(587)
Net cash used by investing activities	(5,482)	(9,185)
Financing activities:
Payments on credit facilities	(453)	(453)
Stock repurchases	(30,537)	0
Proceeds from stock option exercises	96	63
Tax payments from shares withheld for equity awards	(1,569)	(865)
Net cash used by financing activities	(32,463)	(1,255)
Net increase in cash, cash equivalents, and restricted cash	9,398	43,282
Cash, cash equivalents, and restricted cash, beginning of period	134,824	150,762
Cash, cash equivalents, and restricted cash, end of period	144,222	194,044
Supplemental cash flow information:
Cash paid for income taxes	850	0
Cash paid for interest	$ 7,107	$ 7,123

Description of the Business

Description of the Business	3 Months Ended
	Mar. 31, 2022
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 Our 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 a 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, operations, sales, and product support tools that enable them to offer tax-advantaged planning, investing, and wealth management services to their clients. Avantax Planning Partners is an in-house/employee-based RIA, insurance agency, 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” ). We acquired HKFS in July 2020 (the “HKFS Acquisition” ) and subsequently rebranded it in order to create tighter brand alignment through one common and recognizable brand. Any reference to Avantax Planning Partners in this Form 10-Q is inclusive of HKFS. Tax Software Our 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 and ancillary services for consumers, small business owners, and tax professionals through its website www.TaxAct.com and its mobile applications. Our 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 of the fiscal year, the Tax Software segment typically reports losses because revenue from the segment is minimal while core operating expenses continue. As a result of the continued impact of the COVID-19 pandemic, the Internal Revenue Service ( “IRS” ) delayed the start of the tax year 2020 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. Beyond federal filings, the majority of states also extended their filing and payment deadlines for tax year 2020 state tax returns. 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 to the second quarter of 2021. Segments

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2: Summary of Significant Accounting Policies Interim Financial Information The accompanying unaudited 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 condensed 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, 2021. Interim results are not necessarily indicative of results for a full year. A summary of our significant accounting policies is included in Note 2 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2021. There have been no significant changes in our significant accounting policies since December 31, 2021.

Segment Information and Revenue

Segment Information and Revenue	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information and Revenue	Note 3: Segment Information and Revenue 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, acquisition and integration costs, depreciation, amortization of acquired intangible assets, or contested proxy and other legal and consulting costs to the reportable segments. Such amounts are reflected under the heading “Corporate-level activity.” In addition, we do not allocate interest expense and other, 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 are presented below (in thousands): Three Months Ended March 31, 2022 2021 Revenue: Wealth Management $ 166,403 $ 154,491 Tax Software 141,150 123,892 Total revenue 307,553 278,383 Operating income (loss): Wealth Management 16,421 19,396 Tax Software 58,030 50,888 Corporate-level activity (29,408) (33,055) Total operating income 45,043 37,229 Interest expense and other, net (7,841) (7,883) Income before income taxes 37,202 29,346 Income tax expense (2,582) (1,700) Net income $ 34,620 $ 27,646 Wealth Management Revenue Recognition Wealth management revenue primarily consists of advisory revenue, commission revenue, asset-based revenue, and transaction and fee revenue. Revenues by major category within the Wealth Management segment and the timing of Wealth Management revenue recognition was as follows (in thousands): Three Months Ended March 31, 2022 2021 Recognized upon transaction: Commission $ 20,624 $ 22,367 Transaction and fee 1,244 1,374 Total Wealth Management revenue recognized upon transaction $ 21,868 $ 23,741 Recognized over time: Advisory $ 107,169 $ 91,119 Commission 27,031 30,167 Asset-based 5,663 5,329 Transaction and fee 4,672 4,135 Total Wealth Management revenue recognized over time $ 144,535 $ 130,750 Total Wealth Management revenue: Advisory $ 107,169 $ 91,119 Commission 47,655 52,534 Asset-based 5,663 5,329 Transaction and fee 5,916 5,509 Total Wealth Management revenue $ 166,403 $ 154,491 Tax Software Revenue Recognition We generate Tax Software revenue from the sale of digital tax preparation services, packaged tax preparation software, ancillary services, and multiple element arrangements that may include a combination of these items. Revenues by major category within the Tax Software segment and the timing of Tax Software revenue recognition was as follows (in thousands): Three Months Ended March 31, 2022 2021 Recognized upon transaction: Consumer $ 125,261 $ 110,567 Professional 13,784 12,127 Total Tax Software revenue recognized upon transaction $ 139,045 $ 122,694 Recognized over time: Professional $ 2,105 $ 1,198 Total Tax Software revenue recognized over time $ 2,105 $ 1,198 Total Tax Software revenue: Consumer $ 125,261 $ 110,567 Professional 15,889 13,325 Total Tax Software revenue $ 141,150 $ 123,892

Asset Acquisitions

Asset Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Asset Acquisitions	Note 4: Asset Acquisitions During the three months ended March 31, 2022, we completed acquisitions in our Wealth Management business that met the criteria to be accounted for as asset acquisitions. Total initial purchase consideration, including acquisition costs and fixed deferred payments, was $1.2 million. This purchase consideration was

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Note 5: Debt Our debt consisted of the following as of the periods indicated in the table below (in thousands): March 31, December 31, Senior Secured Credit Facility Principal outstanding $ 560,891 $ 561,344 Unamortized debt issuance costs (3,047) (3,371) Unamortized debt discount (2,735) (3,027) Net carrying value $ 555,109 $ 554,946 In May 2017, we entered into a credit agreement (as the same has been amended, the “Credit Agreement” ) with a syndicate of lenders that 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 (as amended, the “Senior Secured Credit Facility” ). The Term Loan has a maturity date of May 22, 2024 (the “Term Loan Maturity Date” ). On April 26, 2021, to ensure adequate liquidity and flexibility to support the Company’s 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” ). The New Revolver has a maturity date of February 21, 2024 (the “New Revolver Maturity Date” ). The Company capitalized approximately $0.5 million of debt issuance costs paid in connection with the Credit Agreement Amendment, which are included in other long-term assets on the Company’s condensed consolidated balance sheets as part of the total deferred financing costs associated with the New Revolver. As of March 31, 2022, 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. As of March 31, 2022, we had $560.9 million in principal amount outstanding under the Term Loan and no amounts outstanding under the New Revolver. Based on aggregate loan commitments as of March 31, 2022, approximately $90.0 million was available for future borrowings under the Senior Secured Credit Facility, subject to customary terms and conditions. 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. In addition, 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 approximately $0.5 million (subject to reduction for prepayments), with the remaining principal amount of the Term Loan due on the Term Loan Maturity Date. The interest rate on the Term Loan is variable at the London Interbank Offered Rate (subject to a floor of 1.0%), 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 March 31, 2022, the applicable interest rate on the Term Loan was 5.0%. 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, typically quarterly. 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 acquisition of Avantax Planning Partners 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. 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. Except as described above, the New Revolver has substantially the same terms as the previous Revolver, including certain covenants and events of default. The Company was in compliance with the debt covenants of the Senior Secured Credit Facility as of March 31, 2022.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Note 6: Leases Our leases are primarily related to office space and are classified as operating leases. Operating lease cost, net of sublease income, is recognized in “General and administrative” expense for those net costs related to leases used in our operations and within “Acquisition and integration” expense for those net costs related to an unoccupied lease assumed in a previous acquisition on the condensed consolidated statements of operations. Operating lease cost, net of sublease income, and cash paid on operating lease liabilities for the three months ended March 31, 2022 and 2021 were as follows (in thousands): Three Months Ended March 31, 2022 2021 Fixed lease cost $ 973 $ 1,154 Variable lease cost 402 143 Operating lease cost, before sublease income 1,375 1,297 Sublease income (234) (116) Total operating lease cost, net of sublease income $ 1,141 $ 1,181 Additional lease information: Cash paid on operating lease liabilities $ 1,229 $ 217 Right-of-use assets and operating lease liabilities were recorded on the condensed consolidated balance sheets as follows (in thousands): March 31, 2022 December 31, 2021 Right-of-use assets, net $ 20,113 $ 20,466 Current lease liabilities $ 4,945 $ 4,896 Long-term lease liabilities 32,504 33,267 Total operating lease liabilities $ 37,449 $ 38,163 Weighted-average remaining lease term (in years) 10.1 10.3 Weighted-average discount rate 5.4 % 5.4 % The maturities of our operating lease liabilities as of March 31, 2022 were as follows (in thousands): Undiscounted cash flows: Remainder of 2022 $ 3,811 2023 5,172 2024 5,080 2025 5,013 2026 4,193 Thereafter 26,130 Total undiscounted cash flows 49,399 Imputed interest (11,950) Present value of cash flows $ 37,449
Leases	Note 6: Leases Our leases are primarily related to office space and are classified as operating leases. Operating lease cost, net of sublease income, is recognized in “General and administrative” expense for those net costs related to leases used in our operations and within “Acquisition and integration” expense for those net costs related to an unoccupied lease assumed in a previous acquisition on the condensed consolidated statements of operations. Operating lease cost, net of sublease income, and cash paid on operating lease liabilities for the three months ended March 31, 2022 and 2021 were as follows (in thousands): Three Months Ended March 31, 2022 2021 Fixed lease cost $ 973 $ 1,154 Variable lease cost 402 143 Operating lease cost, before sublease income 1,375 1,297 Sublease income (234) (116) Total operating lease cost, net of sublease income $ 1,141 $ 1,181 Additional lease information: Cash paid on operating lease liabilities $ 1,229 $ 217 Right-of-use assets and operating lease liabilities were recorded on the condensed consolidated balance sheets as follows (in thousands): March 31, 2022 December 31, 2021 Right-of-use assets, net $ 20,113 $ 20,466 Current lease liabilities $ 4,945 $ 4,896 Long-term lease liabilities 32,504 33,267 Total operating lease liabilities $ 37,449 $ 38,163 Weighted-average remaining lease term (in years) 10.1 10.3 Weighted-average discount rate 5.4 % 5.4 % The maturities of our operating lease liabilities as of March 31, 2022 were as follows (in thousands): Undiscounted cash flows: Remainder of 2022 $ 3,811 2023 5,172 2024 5,080 2025 5,013 2026 4,193 Thereafter 26,130 Total undiscounted cash flows 49,399 Imputed interest (11,950) Present value of cash flows $ 37,449

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Note 7: Balance Sheet Components Prepaid expenses and other current assets consisted of the following (in thousands): March 31, 2022 December 31, 2021 Prepaid expenses $ 16,213 $ 13,138 Other current assets 5,482 5,338 Total prepaid expenses and other current assets $ 21,695 $ 18,476 Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Salaries and related benefit expenses $ 10,518 $ 26,417 HKFS Contingent Consideration liability (1) 30,000 28,300 Accrued legal costs 1,609 2,871 Accrued vendor and advertising costs 10,923 3,777 Accrued taxes 3,698 — Other 4,507 4,313 Total accrued expenses and other current liabilities $ 61,255 $ 65,678 __________________________ (1) For more information on the Company’s contingent liabilities, see "Note 9—Commitments and Contingencies."

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8: Fair Value Measurements 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 estimated fair value and measured on a recurring basis were as follows (in thousands): Fair value measurements at the reporting date using March 31, 2022 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,294 $ 4,294 $ — $ — Deferred compensation assets 905 905 — — Total assets at fair value $ 5,199 $ 5,199 $ — $ — HKFS Contingent Consideration liability $ 30,000 $ — $ — $ 30,000 Deferred compensation liabilities 905 905 — — Total liabilities at fair value $ 30,905 $ 905 $ — $ 30,000 Fair value measurements at the reporting date using December 31, 2021 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,293 $ 4,293 $ — $ — Total assets at fair value $ 4,293 $ 4,293 $ — $ — HKFS Contingent Consideration liability $ 28,300 $ — $ — $ 28,300 Total liabilities at fair value $ 28,300 $ — $ — $ 28,300 Cash equivalents are classified within Level 1 of the fair value hierarchy because we value them utilizing quoted prices in active markets. We offer non-qualified deferred compensation plans to our executive officers, board of directors, and certain independent financial professionals. Participants in these plans direct the investment of their accounts among the available investment options, which are generally the same as those available under our 401(k) plan. We have elected to fund these obligations through a rabbi trust which mirrors the investment elections made by participants. The assets in the rabbi trust are held for the purpose of satisfying our obligations to participants, however, remain subject to the claims of our creditors in the event we become insolvent. Our obligations and corresponding investments held under these non-qualified deferred compensation plans primarily consist of money market and mutual funds and are classified within Level 1 of the fair value hierarchy because we value them utilizing quoted prices in active markets. These investments, and the corresponding deferred compensation liabilities, are included within “Other long-term assets” and “Other long-term liabilities”, respectively, on the condensed consolidated balance sheets. The HKFS Contingent Consideration liability relates to post-closing earn-out payments resulting from the acquisition of Avantax Planning Partners, formerly “HKFS” (see “Note 9—Commitments and Contingencies”). Based on advisory asset levels and the achievement of performance goals for the first earn-out period, we made the full $30.0 million payment 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 (calculated in accordance with the amended HKFS Purchase Agreement and based on estimated advisory asset levels as of June 30, 2022) was $30.0 million as of March 31, 2022 and is included in “Accrued expenses and other current liabilities” on the condensed consolidated balance sheets. 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 as of June 30, 2022, a risk-adjusted discount rate (which reflects the risk in the advisory asset projection) of 12.2%, asset volatility of 24.6%, and a credit spread of 1.9%. Significant increases to the discount rate, asset volatility, or credit spread inputs would have resulted in a significantly lower fair value measurement, and a significant decrease to the forecasted advisory asset levels would have resulted in a significantly lower fair value measurement. A roll forward of the HKFS Contingent Consideration liability is as follows (in thousands): HKFS Contingent Consideration liability Balance as of December 31, 2020 $ 35,900 HKFS Contingent Consideration first earn-out payment (30,000) Valuation change recognized as expense 22,400 Balance as of December 31, 2021 28,300 Valuation change recognized as expense 1,700 Balance as of March 31, 2022 $ 30,000 Changes in the fair value of this contingent consideration are reflected in “Acquisition and integration” expense on the condensed consolidated statements of operations. Fair Value of Financial Instruments We consider the carrying values of accounts receivable, commissions receivable, other receivables, prepaid expenses, other current assets, financial professional loans, 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 March 31, 2022, the Term Loan’s principal amount was $560.9 million, and the fair value of the Term Loan’s principal amount was $560.2 million. As of December 31, 2021, the Term Loan’s principal amount was $561.3 million, and the fair value of the Term Loan’s principal amount was $559.9 million. The fair value of the Term Loan’s principal amount was based on Level 2 inputs from a third-party market quotation.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9: Commitments and Contingencies HKFS Contingent Consideration Liability On July 1, 2020, we closed the acquisition of Avantax Planning Partners, formerly “HKFS”, for an upfront cash purchase price of $104.4 million. The purchase price was subject to variable contingent consideration, or earn-out payments (the “HKFS Contingent Consideration” ) totaling a maximum of $60.0 million. The HKFS Contingent Consideration to be paid is determined based on advisory asset levels and the achievement of certain performance goals (i) for the period beginning July 1, 2020 and ending June 30, 2021 and (ii) for the period beginning July 1, 2021 and ending June 30, 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 “HKFS Purchase Agreement” ), the maximum aggregate amount that we would be required to pay for each earn-out period is $30.0 million. If the asset market values on the applicable measurement date fall below certain specified thresholds, no payment of consideration is owed to the Sellers for such period. Based on advisory asset levels and the achievement of performance goals for the first earn-out period specified in the HKFS Purchase Agreement, we paid the full $30.0 million to the Sellers in the third quarter of 2021. The estimated fair value of the HKFS Contingent Consideration liability for the second earn-out period was $30.0 million as of March 31, 2022. For additional information on the valuation of the HKFS Contingent Consideration liability, 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 that both it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Although we believe that resolving such claims, individually or in aggregate, will not have a material adverse impact on our financial statements, these matters are subject to inherent uncertainties. We are not currently a party to any such matters for which we have recognized a material liability on our condensed consolidated balance sheet as of March 31, 2022. We have entered into indemnification agreements in the ordinary course of business with our officers and directors. Pursuant to these agreements, we may be obligated to advance payment of legal fees and costs incurred by the defendants pursuant to our obligations under these indemnification agreements and applicable Delaware law.

Interest Expense and Other, Net

Interest Expense and Other, Net	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Interest Expense and Other, Net	Note 10: Interest Expense and Other, Net “Interest expense and other, net” on the condensed consolidated statements of operations consisted of the following (in thousands): Three Months Ended March 31, 2022 2021 Interest expense $ 7,130 $ 7,183 Amortization of debt issuance costs 389 363 Amortization of debt discount 292 277 Total interest expense 7,811 7,823 Interest income and other 30 60 Interest expense and other, net $ 7,841 $ 7,883

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 11: Income Taxes For 2022, our provision for income taxes in interim periods is based on our estimated annual effective tax rate. We record cumulative adjustments in the quarter in which a change in the estimated annual effective rate is determined. The estimated annual effective tax rate does not include the effects of discrete events that may occur during the year. The effect of these events, if any, is recorded in the quarter in which the event occurs. We recorded income tax expense of $2.6 million and $1.7 million for the three months ended March 31, 2022 and 2021, respectively. Our effective income tax rate for the three months ended March 31, 2022 and March 31, 2021 differed from the 21% statutory rate primarily due to the release of valuation allowances and the effect of state income taxes. We maintain a valuation allowance for federal net operating loss carryforwards that we have concluded it is more likely than not that the related deferred tax benefits will not be realized. This valuation allowance does not prevent us from utilizing unexpired net operating losses to offset taxable income in future periods. The majority of these net operating losses will either be utilized or expire between 2022 and 2024.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Note 12: Net Income (Loss) Per Share “Basic net income per share” is calculated using the weighted average number of common shares outstanding during the applicable period. “Diluted net income per share” is calculated using the weighted average number of common shares outstanding plus the number of dilutive potential common shares outstanding during the applicable period. Dilutive potential common shares consist of the incremental common shares issuable upon the exercise of outstanding stock options and the vesting of outstanding restricted stock units using the treasury stock method. Cash-settled restricted stock units are not settled in common shares and are therefore excluded from dilutive potential common shares. Dilutive potential common shares are excluded from the calculation of diluted net income per share if their effect is antidilutive. Certain of our performance-based restricted stock units are considered contingently issuable shares and are excluded from the diluted weighted average common shares outstanding computation because the related performance-based criteria were not achieved as of the end of the reporting period. The calculations of basic and diluted net income per share were as follows (in thousands): Three Months Ended March 31, 2022 2021 Numerator: Net income $ 34,620 $ 27,646 Denominator: Basic weighted average common shares outstanding 48,513 48,261 Dilutive potential common shares (1) 1,234 836 Diluted weighted average common shares outstanding 49,747 49,097 Net income per share: Basic $ 0.71 $ 0.57 Diluted $ 0.70 $ 0.56 Shares excluded (1) 910 1,289 ________________________ (1) Potential common shares were excluded from the calculation of diluted net income per share for these periods because their effect would have been anti-dilutive.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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 unaudited 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 condensed 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, 2021. Interim results are not necessarily indicative of results for a full year. A summary of our significant accounting policies is included in Note 2 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2021. There have been no significant changes in our significant accounting policies since December 31, 2021.

Segment Information and Reven_2

Segment Information and Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
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 are presented below (in thousands): Three Months Ended March 31, 2022 2021 Revenue: Wealth Management $ 166,403 $ 154,491 Tax Software 141,150 123,892 Total revenue 307,553 278,383 Operating income (loss): Wealth Management 16,421 19,396 Tax Software 58,030 50,888 Corporate-level activity (29,408) (33,055) Total operating income 45,043 37,229 Interest expense and other, net (7,841) (7,883) Income before income taxes 37,202 29,346 Income tax expense (2,582) (1,700) Net income $ 34,620 $ 27,646
Schedule of Segment Reporting Information, by Segment	Revenues by major category within the Wealth Management segment and the timing of Wealth Management revenue recognition was as follows (in thousands): Three Months Ended March 31, 2022 2021 Recognized upon transaction: Commission $ 20,624 $ 22,367 Transaction and fee 1,244 1,374 Total Wealth Management revenue recognized upon transaction $ 21,868 $ 23,741 Recognized over time: Advisory $ 107,169 $ 91,119 Commission 27,031 30,167 Asset-based 5,663 5,329 Transaction and fee 4,672 4,135 Total Wealth Management revenue recognized over time $ 144,535 $ 130,750 Total Wealth Management revenue: Advisory $ 107,169 $ 91,119 Commission 47,655 52,534 Asset-based 5,663 5,329 Transaction and fee 5,916 5,509 Total Wealth Management revenue $ 166,403 $ 154,491
Schedule of Disaggregation of Revenue	Revenues by major category within the Tax Software segment and the timing of Tax Software revenue recognition was as follows (in thousands): Three Months Ended March 31, 2022 2021 Recognized upon transaction: Consumer $ 125,261 $ 110,567 Professional 13,784 12,127 Total Tax Software revenue recognized upon transaction $ 139,045 $ 122,694 Recognized over time: Professional $ 2,105 $ 1,198 Total Tax Software revenue recognized over time $ 2,105 $ 1,198 Total Tax Software revenue: Consumer $ 125,261 $ 110,567 Professional 15,889 13,325 Total Tax Software revenue $ 141,150 $ 123,892

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, December 31, Senior Secured Credit Facility Principal outstanding $ 560,891 $ 561,344 Unamortized debt issuance costs (3,047) (3,371) Unamortized debt discount (2,735) (3,027) Net carrying value $ 555,109 $ 554,946

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Summary of Operating Lease Expense	Operating lease cost, net of sublease income, and cash paid on operating lease liabilities for the three months ended March 31, 2022 and 2021 were as follows (in thousands): Three Months Ended March 31, 2022 2021 Fixed lease cost $ 973 $ 1,154 Variable lease cost 402 143 Operating lease cost, before sublease income 1,375 1,297 Sublease income (234) (116) Total operating lease cost, net of sublease income $ 1,141 $ 1,181 Additional lease information: Cash paid on operating lease liabilities $ 1,229 $ 217
Schedule of Supplemental Balance Sheet Information Related to Leases	Right-of-use assets and operating lease liabilities were recorded on the condensed consolidated balance sheets as follows (in thousands): March 31, 2022 December 31, 2021 Right-of-use assets, net $ 20,113 $ 20,466 Current lease liabilities $ 4,945 $ 4,896 Long-term lease liabilities 32,504 33,267 Total operating lease liabilities $ 37,449 $ 38,163 Weighted-average remaining lease term (in years) 10.1 10.3 Weighted-average discount rate 5.4 % 5.4 %
Schedule of Maturities of Operating Lease Liabilities	The maturities of our operating lease liabilities as of March 31, 2022 were as follows (in thousands): Undiscounted cash flows: Remainder of 2022 $ 3,811 2023 5,172 2024 5,080 2025 5,013 2026 4,193 Thereafter 26,130 Total undiscounted cash flows 49,399 Imputed interest (11,950) Present value of cash flows $ 37,449

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): March 31, 2022 December 31, 2021 Prepaid expenses $ 16,213 $ 13,138 Other current assets 5,482 5,338 Total prepaid expenses and other current assets $ 21,695 $ 18,476
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Salaries and related benefit expenses $ 10,518 $ 26,417 HKFS Contingent Consideration liability (1) 30,000 28,300 Accrued legal costs 1,609 2,871 Accrued vendor and advertising costs 10,923 3,777 Accrued taxes 3,698 — Other 4,507 4,313 Total accrued expenses and other current liabilities $ 61,255 $ 65,678 __________________________ (1) For more information on the Company’s contingent liabilities, see "Note 9—Commitments and Contingencies."

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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 estimated fair value and measured on a recurring basis were as follows (in thousands): Fair value measurements at the reporting date using March 31, 2022 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,294 $ 4,294 $ — $ — Deferred compensation assets 905 905 — — Total assets at fair value $ 5,199 $ 5,199 $ — $ — HKFS Contingent Consideration liability $ 30,000 $ — $ — $ 30,000 Deferred compensation liabilities 905 905 — — Total liabilities at fair value $ 30,905 $ 905 $ — $ 30,000 Fair value measurements at the reporting date using December 31, 2021 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,293 $ 4,293 $ — $ — Total assets at fair value $ 4,293 $ 4,293 $ — $ — HKFS Contingent Consideration liability $ 28,300 $ — $ — $ 28,300 Total liabilities at fair value $ 28,300 $ — $ — $ 28,300
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	A roll forward of the HKFS Contingent Consideration liability is as follows (in thousands): HKFS Contingent Consideration liability Balance as of December 31, 2020 $ 35,900 HKFS Contingent Consideration first earn-out payment (30,000) Valuation change recognized as expense 22,400 Balance as of December 31, 2021 28,300 Valuation change recognized as expense 1,700 Balance as of March 31, 2022 $ 30,000

Interest Expense and Other, N_2

Interest Expense and Other, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Summary of Other Loss, Net	“Interest expense and other, net” on the condensed consolidated statements of operations consisted of the following (in thousands): Three Months Ended March 31, 2022 2021 Interest expense $ 7,130 $ 7,183 Amortization of debt issuance costs 389 363 Amortization of debt discount 292 277 Total interest expense 7,811 7,823 Interest income and other 30 60 Interest expense and other, net $ 7,841 $ 7,883

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Dilutive Effect for Awards with Exercise Price Less Than Average Stock Price	The calculations of basic and diluted net income per share were as follows (in thousands): Three Months Ended March 31, 2022 2021 Numerator: Net income $ 34,620 $ 27,646 Denominator: Basic weighted average common shares outstanding 48,513 48,261 Dilutive potential common shares (1) 1,234 836 Diluted weighted average common shares outstanding 49,747 49,097 Net income per share: Basic $ 0.71 $ 0.57 Diluted $ 0.70 $ 0.56 Shares excluded (1) 910 1,289 ________________________ (1) Potential common shares were excluded from the calculation of diluted net income per share for these periods because their effect would have been anti-dilutive.

Description of the Business (De

Description of the Business (Details)	3 Months Ended
	Mar. 31, 2022segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Segment Information and Reven_3

Segment Information and Revenue - Information on Reportable Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Revenue:
Total revenue	$ 307,553	$ 278,383
Operating income (loss):
Total operating income (loss)	45,043	37,229
Interest expense and other, net	(7,841)	(7,883)
Income before income taxes	37,202	29,346
Income tax expense	(2,582)	(1,700)
Net income	34,620	27,646
Corporate-level activity
Operating income (loss):
Total operating income (loss)	(29,408)	(33,055)
Wealth Management
Revenue:
Total revenue	166,403	154,491
Wealth Management | Operating Segments
Revenue:
Total revenue	166,403	154,491
Operating income (loss):
Total operating income (loss)	16,421	19,396
Tax Software
Revenue:
Total revenue	141,150	123,892
Tax Software | Operating Segments
Revenue:
Total revenue	141,150	123,892
Operating income (loss):
Total operating income (loss)	$ 58,030	$ 50,888

Segment Information and Reven_4

Segment Information and Revenue - Revenue by Major Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 307,553	$ 278,383
Wealth Management
Segment Reporting Information [Line Items]
Total revenue	166,403	154,491
Wealth Management | Commission
Segment Reporting Information [Line Items]
Total revenue	47,655	52,534
Wealth Management | Advisory
Segment Reporting Information [Line Items]
Total revenue	107,169	91,119
Wealth Management | Asset-based
Segment Reporting Information [Line Items]
Total revenue	5,663	5,329
Wealth Management | Transaction and fee
Segment Reporting Information [Line Items]
Total revenue	5,916	5,509
Recognized upon transaction: | Wealth Management
Segment Reporting Information [Line Items]
Total revenue	21,868	23,741
Recognized upon transaction: | Wealth Management | Commission
Segment Reporting Information [Line Items]
Total revenue	20,624	22,367
Recognized upon transaction: | Wealth Management | Transaction and fee
Segment Reporting Information [Line Items]
Total revenue	1,244	1,374
Recognized over time: | Wealth Management
Segment Reporting Information [Line Items]
Total revenue	144,535	130,750
Recognized over time: | Wealth Management | Commission
Segment Reporting Information [Line Items]
Total revenue	27,031	30,167
Recognized over time: | Wealth Management | Advisory
Segment Reporting Information [Line Items]
Total revenue	107,169	91,119
Recognized over time: | Wealth Management | Asset-based
Segment Reporting Information [Line Items]
Total revenue	5,663	5,329
Recognized over time: | Wealth Management | Transaction and fee
Segment Reporting Information [Line Items]
Total revenue	$ 4,672	$ 4,135

Segment Information and Reven_5

Segment Information and Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 307,553	$ 278,383
Tax Software
Disaggregation of Revenue [Line Items]
Total revenue	141,150	123,892
Tax Software | Consumer
Disaggregation of Revenue [Line Items]
Total revenue	125,261	110,567
Tax Software | Professional
Disaggregation of Revenue [Line Items]
Total revenue	15,889	13,325
Tax Software | Recognized upon transaction:
Disaggregation of Revenue [Line Items]
Total revenue	139,045	122,694
Tax Software | Recognized upon transaction: | Consumer
Disaggregation of Revenue [Line Items]
Total revenue	125,261	110,567
Tax Software | Recognized upon transaction: | Professional
Disaggregation of Revenue [Line Items]
Total revenue	13,784	12,127
Tax Software | Recognized over time:
Disaggregation of Revenue [Line Items]
Total revenue	2,105	1,198
Tax Software | Recognized over time: | Professional
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,105	$ 1,198

Asset Acquisitions (Details)

Asset Acquisitions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Asset acquisition, consideration transferred	$ 1.2
Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Maximum future contingent payments	$ 17
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life	15 years

Debt - Schedule of Company's De

Debt - Schedule of Company's Debt (Details) - Senior Secured Credit Facility - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal outstanding	$ 560,891	$ 561,344
Unamortized debt issuance costs	(3,047)	(3,371)
Unamortized debt discount	(2,735)	(3,027)
Net carrying value	$ 555,109	$ 554,946

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Apr. 26, 2021	Mar. 31, 2022	Dec. 31, 2021	Apr. 25, 2021
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding		$ 0
Term Loan
Debt Instrument [Line Items]
Debt outstanding		560,900,000
Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit facility		765,000,000
Principal outstanding		560,891,000	$ 561,344,000
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
Payments of debt issuance costs	$ 500,000
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 outstanding		$ 675,000,000
Debt instrument, periodic payment, principal		$ 500,000
Variable interest rate		5.00%
Senior Secured Credit Facility | Term Loan | Eurodollar
Debt Instrument [Line Items]
Variable interest rate		4.00%
Senior Secured Credit Facility | Term Loan | Eurodollar | Minimum
Debt Instrument [Line Items]
Variable interest rate		1.00%
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
	Mar. 31, 2022	Mar. 31, 2021
Lease, Cost [Abstract]
Fixed lease cost	$ 973	$ 1,154
Variable lease cost	402	143
Operating lease cost, before sublease income	1,375	1,297
Sublease income	(234)	(116)
Total operating lease cost, net of sublease income	1,141	1,181
Additional lease information:
Cash paid on operating lease liabilities	$ 1,229	$ 217

Leases - Supplement Balance She

Leases - Supplement Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets, net	$ 20,113	$ 20,466
Current lease liabilities	4,945	4,896
Long-term lease liabilities	32,504	33,267
Total operating lease liabilities	$ 37,449	$ 38,163
Weighted-average remaining lease term (in years)	10 years 1 month 6 days	10 years 3 months 18 days
Weighted-average discount rate	5.40%	5.40%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Remainder of 2022	$ 3,811
2023	5,172
2024	5,080
2025	5,013
2026	4,193
Thereafter	26,130
Total undiscounted cash flows	49,399
Imputed interest	(11,950)
Total operating lease liabilities	$ 37,449	$ 38,163

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 16,213	$ 13,138
Other current assets	5,482	5,338
Total prepaid expenses and other current assets	$ 21,695	$ 18,476

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Salaries and related benefit expenses	$ 10,518	$ 26,417
Accrued legal costs	1,609	2,871
Accrued vendor and advertising costs	10,923	3,777
Accrued taxes	3,698	0
Other	4,507	4,313
Total accrued expenses and other current liabilities	61,255	65,678
Honkamp Krueger Financial Services, Inc.
Business Acquisition [Line Items]
Contingent liability	$ 30,000	$ 28,300

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	Mar. 31, 2022	Dec. 31, 2021
Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration liability	$ 30,000
Fair Value Measurements, Recurring
ASSETS
Deferred compensation assets	905
Total assets at fair value	5,199	$ 4,293
Liabilities
Deferred compensation liabilities	905
Total liabilities at fair value	30,905	28,300
Fair Value Measurements, Recurring | Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration liability	30,000	28,300
Fair Value Measurements, Recurring | Money market and other funds
ASSETS
Cash equivalents: money market and other funds	4,294	4,293
Fair Value Measurements, Recurring | Quoted prices in active markets using identical  assets (Level 1)
ASSETS
Deferred compensation assets	905
Total assets at fair value	5,199	4,293
Liabilities
Deferred compensation liabilities	905
Total liabilities at fair value	905	0
Fair Value Measurements, Recurring | Quoted prices in active markets using identical  assets (Level 1) | Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration liability	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	4,294	4,293
Fair Value Measurements, Recurring | Significant other observable inputs (Level 2)
ASSETS
Deferred compensation assets	0
Total assets at fair value	0	0
Liabilities
Deferred compensation liabilities	0
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 liability	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
Deferred compensation assets	0
Total assets at fair value	0
Liabilities
Deferred compensation liabilities	0
Total liabilities at fair value	30,000	28,300
Fair Value Measurements, Recurring | Significant unobservable inputs (Level 3) | Honkamp Krueger Financial Services, Inc.
Liabilities
HKFS Contingent Consideration liability	30,000	28,300
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) $ in Millions	3 Months Ended
	Sep. 30, 2021USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Carrying Value | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure		$ 560.9	$ 561.3
Fair Value | Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure		$ 560.2	$ 559.9
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		0.246
Measurement Input, Credit Spread
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business combination, contingent consideration, liability, measurement input		0.019
Honkamp Krueger Financial Services, Inc.
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Payment of contingent consideration	$ 30
HKFS Contingent Consideration liability		$ 30

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 28,300	$ 35,900
HKFS Contingent Consideration first earn-out payment		(30,000)
Valuation change recognized as expense	1,700	22,400
Ending balance	$ 30,000	$ 28,300

Commitments and Contingencies (

Commitments and Contingencies (Details) - Honkamp Krueger Financial Services, Inc. - USD ($) $ in Millions	Jul. 01, 2020	Sep. 30, 2021	Mar. 31, 2022
Business Acquisition [Line Items]
Business combination purchase price	$ 104.4
Undiscounted contingent consideration	60
Contingent consideration arrangement, maximum range per earn-out period	$ 30
Payment For Contingent Consideration Liability		$ 30
HKFS Contingent Consideration liability			$ 30

Interest Expense and Other, N_3

Interest Expense and Other, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Interest expense	$ 7,130	$ 7,183
Amortization of debt issuance costs	389	363
Amortization of debt discount	292	277
Total interest expense	7,811	7,823
Interest income and other	30	60
Interest expense and other, net	$ 7,841	$ 7,883

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 2,582	$ 1,700

Net Income (Loss) Per Share - S

Net Income (Loss) 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
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income	$ 34,620	$ 27,646
Denominator:
Basic weighted average common shares outstanding (in shares)	48,513	48,261
Dilutive potential common shares (in shares)	1,234	836
Diluted weighted average common shares outstanding (in shares)	49,747	49,097
Net income per share:
Basic (in USD per share)	$ 0.71	$ 0.57
Diluted (in USD per share)	$ 0.70	$ 0.56
Shares excluded (in shares)	910	1,289