Avantax (AVTA) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	000-25131
Entity Registrant Name	Avantax, 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	AVTA
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		38,588,090
Document Fiscal Year Focus	2023
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, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 144,955	$ 263,928
Accounts receivable, net	25,671	24,117
Commissions and advisory fees receivable	21,115	20,679
Prepaid expenses and other current assets	19,754	15,027
Total current assets	211,495	323,751
Long-term assets:
Property, equipment, and software, net	51,996	53,041
Right-of-use assets, net	18,962	19,361
Goodwill, net	266,279	266,279
Acquired intangible assets, net	261,072	266,002
Other long-term assets	37,466	35,081
Total long-term assets	635,775	639,764
Total assets	847,270	963,515
Current liabilities:
Accounts payable	4,319	7,531
Commissions and advisory fees payable	13,528	13,829
Accrued expenses and other current liabilities	111,569	111,212
Current deferred revenue	6,729	4,583
Current lease liabilities	5,160	5,139
Current portion of long-term debt	5,313	0
Total current liabilities	146,618	142,294
Long-term liabilities:
Long-term debt, net	157,680	0
Long-term lease liabilities	29,483	30,332
Deferred tax liabilities, net	21,013	20,819
Long-term deferred revenue	4,164	4,396
Other long-term liabilities	20,268	22,476
Total long-term liabilities	232,608	78,023
Total liabilities	379,226	220,317
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, par value $0.0001 per share—900,000 shares authorized; 43,234 shares issued and 39,095 shares outstanding as of March 31, 2023; 51,260 shares issued and 48,079 shares outstanding as of December 31, 2022	4	5
Additional paid-in capital	1,384,331	1,636,134
Accumulated deficit	(827,869)	(829,542)
Treasury stock, at cost—4,139 shares as of March 31, 2023 and 3,181 shares as of December 31, 2022	(88,422)	(63,399)
Total stockholders’ equity	468,044	743,198
Total liabilities and stockholders’ equity	$ 847,270	$ 963,515

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	43,234,000	51,260,000
Common stock, shares outstanding (in shares)	39,095,000	48,079,000
Treasury stock (in shares)	4,139,000	3,181,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 177,980	$ 166,403
Operating expenses:
Cost of revenue	108,252	121,188
Engineering and technology	2,721	1,814
Sales and marketing	26,181	22,174
General and administrative	32,401	23,875
Acquisition and integration	122	1,666
Depreciation	3,588	2,443
Amortization of acquired intangible assets	6,338	6,631
Total operating expenses	179,603	179,791
Operating loss from continuing operations	(1,623)	(13,388)
Interest expense and other, net	894	(53)
Loss from continuing operations before income taxes	(729)	(13,441)
Income tax benefit	481	16,993
Income (loss) from continuing operations	(248)	3,552
Discontinued operations (Note 3)
Income from discontinued operations before gain on disposal and income taxes	0	50,643
Pre-tax gain on disposal	2,539	0
Income from discontinued operations before income taxes	2,539	50,643
Discontinued Operation, Tax Effect of Discontinued Operation	(618)	(19,575)
Income from discontinued operations	1,921	31,068
Net income	$ 1,673	$ 34,620
Basic net income (loss) per share:
Continuing operations (in dollars per share)	$ (0.01)	$ 0.07
Discontinued operations (in dollars per share)	0.05	0.64
Basic net income per share: (in dollars per share)	0.04	0.71
Diluted net income (loss) per share:
Continuing operations (in dollars per share)	(0.01)	0.07
Discontinued operations (in dollars per share)	0.05	0.63
Diluted net income per share: (in dollars per share)	$ 0.04	$ 0.70
Weighted average shares outstanding:
Basic (in shares)	44,645	48,513
Diluted (in shares)	44,645	49,747

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, 2021		50,137
Beginning balance (in shares) at Dec. 31, 2021					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 and employee stock purchase plans (in shares)		247
Common stock issued pursuant to stock incentive 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 from discontinued operations	34,620			34,620
Ending balance (in shares) at Mar. 31, 2022		50,384
Ending balance (in shares) at Mar. 31, 2022					2,951
Ending balance at Mar. 31, 2022	$ 348,873	$ 5	1,622,973	(1,215,169)	$ (58,936)
Beginning balance (in shares) at Dec. 31, 2022	48,079	51,260
Beginning balance (in shares) at Dec. 31, 2022	3,181				3,181
Beginning balance at Dec. 31, 2022	$ 743,198	$ 5	1,636,134	(829,542)	$ (63,399)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued pursuant to stock incentive and employee stock purchase plans (in shares)		307
Common stock issued pursuant to stock incentive and employee stock purchase plans	1,135		1,135
Stock repurchases (in shares)					9,291
Stock repurchases	(279,562)				$ (279,562)
Retirement of common stock (in shares)		(8,333)			(8,333)
Retirement of common stock	0	$ (1)	(254,538)		$ 254,539
Stock-based compensation	4,714		4,714
Tax payments from shares withheld for equity awards	(3,114)		(3,114)
Net income from discontinued operations	$ 1,673			1,673
Ending balance (in shares) at Mar. 31, 2023	39,095	43,234
Ending balance (in shares) at Mar. 31, 2023	4,139				4,139
Ending balance at Mar. 31, 2023	$ 468,044	$ 4	$ 1,384,331	$ (827,869)	$ (88,422)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net income from discontinued operations	$ 1,673	$ 34,620
Less: Income from discontinued operations, net of income taxes	1,921	31,068
Income (loss) from continuing operations	(248)	3,552
Adjustments to reconcile income (loss) from continuing operations to net cash from operating activities:
Depreciation and amortization of acquired intangible assets	9,926	9,074
Stock-based compensation	7,802	5,380
Change in the fair value of acquisition-related contingent consideration	0	1,700
Reduction of right-of-use lease assets	399	353
Deferred income taxes	194	(652)
Amortization of debt discount and issuance costs	153	0
Accretion of lease liabilities	479	514
Other non-cash items	1,891	1,101
Changes in operating assets and liabilities, net of acquisitions and disposals:
Accounts receivable, net	(1,543)	5,489
Commissions and advisory fees receivable	(436)	2,183
Prepaid expenses and other current assets	(4,381)	(4,280)
Other long-term assets	(3,337)	(3,354)
Accounts payable	(3,212)	(2,302)
Commissions and advisory fees payable	(301)	(2,553)
Lease liabilities	(1,307)	(1,229)
Deferred revenue	1,914	1,892
Accrued expenses and other current and long-term liabilities	(7,005)	(9,815)
Net cash provided by operating activities from continuing operations	988	7,053
Investing activities:
Purchases of property, equipment, and software	(2,543)	(3,846)
Asset acquisitions	(2,018)	(751)
Net cash used by investing activities from continuing operations	(4,561)	(4,597)
Financing activities:
Proceeds from credit facilities, net of debt discount and issuance costs	161,543	0
Payments on credit facilities	0	(453)
Acquisition-related fixed and contingent consideration payments	(223)	0
Stock repurchases	(276,953)	(30,537)
Proceeds from stock option exercises	1,135	96
Tax payments from shares withheld for equity awards	(3,114)	(1,569)
Net cash used by financing activities from continuing operations	(117,612)	(32,463)
Net cash used by continuing operations	(121,185)	(30,007)
Net cash provided by operating activities from discontinued operations	0	10,788
Net cash provided (used) by investing activities from discontinued operations	2,212	(885)
Net cash provided by financing activities from discontinued operations	0	0
Net cash provided by discontinued operations	2,212	9,903
Net decrease in cash and cash equivalents	(118,973)	(20,104)
Cash and cash equivalents, beginning of period	263,928	100,629
Cash and cash equivalents, end of period	144,955	80,525
Supplemental cash flow information:
Cash paid for income taxes	0	850
Cash paid for interest	$ 108	$ 7,107

Description of the Business

Description of the Business	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Note 1: Description of the Business Avantax, Inc. (the “ Company, ” “ Avantax, ” “ we, ” “ our, ” or “ us ” ) is a leading provider of integrated tax-focused wealth management services and software, assisting consumers, small business owners, tax professionals, financial professionals, and certified public accounting ( “CPA” ) firms. Our integrated tax-focused wealth management services consist of the operations of Avantax Wealth Management and Avantax Planning Partners. Avantax Wealth Management provides tax-focused wealth management solutions for financial professionals, tax professionals, 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. Divestiture of Tax Software Business On October 31, 2022, we entered into a Stock Purchase Agreement (the “Purchase Agreement” ) with TaxAct Holdings, Inc. (f/k/a Avantax Holdings, Inc.), a Delaware corporation and a direct subsidiary of Avantax, Franklin Cedar Bidco, LLC, a Delaware limited liability company (the “Buyer” ), and, solely for purposes of certain provisions thereof, DS Admiral Bidco, LLC, a Delaware limited liability company, pursuant to which we sold our former tax software business to Buyer for an aggregate purchase price of $720.0 million in cash, subject to customary purchase price adjustments set forth in the Purchase Agreement (the “ TaxAct Sale ” ). This transaction subsequently closed on December 19, 2022. In accordance with ASC 205 ( “ASC 205” ), Presentation of Financial Statements , we determined that the sale of our tax software business represented a strategic shift that will have a major effect on our operations and financial results. As a result of the TaxAct Sale, the historical results of our former tax software business, and any adjustments to amounts previously reported in discontinued operations in a prior period (if applicable) have been reclassified as a discontinued operation and are excluded from continuing operations for all periods presented within the condensed consolidated financial statements. Segments Our Chief Executive Officer is our chief operating decision maker ( “CODM” ) and assesses performance and allocates resources on a consolidated basis. Given the similarities in economic characteristics between our operations and the common nature of the products, services, we currently operate in one reportable segment.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 accounting principles generally accepted in the United States ( “ 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, 2022. Interim results are not necessarily indicative of results for a full year.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Note 3: Discontinued Operations On October 31, 2022, we entered into the Purchase Agreement with the Buyer to sell our former tax software business for an aggregate purchase price of $720.0 million in cash, subject to customary purchase price adjustments set forth in the Purchase Agreement. The TaxAct Sale subsequently closed on December 19, 2022. This divestiture was considered part of our strategic shift to become a pure-play wealth management company and was determined to meet discontinued operations accounting criteria under ASC 205. During the three months ended March 31, 2023, we finalized our previously estimated closing date working capital balance, resulting in an incremental pre-tax gain of $2.5 million which is included within “Pre-tax gain on disposal” in the condensed consolidated statements of operations. The following table presents summarized information regarding certain components of income (in thousands): Three Months Ended March 31, 2023 2022 Revenues $ — $ 141,150 Operating expenses — 82,719 Interest expense and other, net — (7,788) Income from discontinued operations before gain on disposal and income taxes — 50,643 Pre-tax gain on disposal 2,539 — Income from discontinued operations before income taxes 2,539 50,643 Income tax expense (618) (19,575) Income from discontinued operations $ 1,921 $ 31,068

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note 4: Revenue Recognition Revenue primarily consists of advisory revenue, commission revenue, asset-based revenue, and transaction and fee revenue. Revenues by major category and the timing of revenue recognition was as follows (in thousands): Three Months Ended March 31, 2023 2022 Recognized upon transaction: Commission $ 18,801 $ 20,624 Transaction and fee 933 1,244 Total revenue recognized upon transaction $ 19,734 $ 21,868 Recognized over time: Advisory $ 97,525 $ 107,169 Commission 22,671 27,031 Asset-based 33,887 5,663 Transaction and fee 4,163 4,672 Total revenue recognized over time $ 158,246 $ 144,535 Total revenue: Advisory $ 97,525 $ 107,169 Commission 41,472 47,655 Asset-based 33,887 5,663 Transaction and fee 5,096 5,916 Total revenue $ 177,980 $ 166,403

Asset Acquisitions

Asset Acquisitions	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Asset Acquisitions	Note 5: Asset Acquisitions During the three months ended March 31, 2023, we completed an acquisition that met the criteria to be accounted for as an asset acquisition. Total initial purchase consideration, including acquisition costs and fixed deferred payments, was $1.3 million. This purchase consideration was allocated to client relationship intangibles. Client relationship intangibles are amortized on a straight-line basis over an amortization period of 15 years.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Note 6: Debt Our debt consisted of the following as of the periods indicated in the table below (in thousands): March 31, 2023 December 31, 2022 Delayed Draw Term Loan Facility Principal outstanding $ 170,000 $ — Unamortized debt issuance costs (5,682) — Unamortized debt discount (1,325) — Net carrying value $ 162,993 $ — In May 2017, we entered into a credit agreement (as the same has been amended, the “Credit Agreement” ) with a syndicate of lenders, which provided for a term loan facility and a revolving line of credit (including a letter of credit sub-facility) for working capital, capital expenditures, and general business purposes. Subject to the terms of the Credit Agreement, we repaid the remaining principal amount outstanding under the Credit Agreement in connection with the TaxAct Sale in the fourth quarter of 2022. On January 24, 2023 (the “Closing Date” ) , we entered into a restatement agreement (the “ Amended and Restated Credit Agreement” ), which amended and restated in its entirety our previous Credit Agreement. The Amended and Restated Credit Agreement provides for a new delayed draw term loan facility up to a maximum principal amount of $270.0 million (the “Delayed Draw Term Loan Facility” ) and a revolving credit facility with a commitment amount of $50.0 million (the “Revolving Credit Facility” ). We may borrow term loans under the Delayed Draw Term Loan Facility (the “Term Loans” ) until January 24, 2024. The stated maturity date of the Delayed Draw Term Loan Facility and the Revolving Credit Facility is January 24, 2028 (the “Maturity Date” ). The proceeds of any Term Loans may be used to fund shareholder distributions and for general corporate purposes. The proceeds of any loans under the Revolving Credit Facility may be used to finance working capital needs and for general corporate purposes. On February 24, 2023, we borrowed $170.0 million under the Delayed Draw Term Loan Facility. We capitalized approximately $8.5 million of debt discount and issuance costs in connection with the Amended and Restated Credit Agreement. A portion of these costs were allocated to the Revolving Credit Facility and are included in other long-term assets on the Company’s condensed consolidated balance sheets. As of March 31, 2023, we had $170.0 million in principal amount outstanding under the Delayed Draw Term Loan Facility and no amounts outstanding under the Revolving Credit Facility. As of March 31, 2023, $50.0 million was available for future borrowings under the Revolving Credit Facility, subject to customary terms and conditions. Subject to certain conditions set forth in the Amended and Restated Credit Agreement, we may borrow, prepay and reborrow under the Revolving Credit Facility and terminate or reduce the Lenders’ commitments at any time prior to the Maturity Date. We are required to make quarterly principal amortization payments on the Delayed Draw Term Loan Facility on the last business day of each fiscal quarter, beginning with the last business day of June 2022. These payments will amortize in equal quarterly installments based on the following aggregate annual amounts (expressed as a percentage of the principal amount of Term Loans borrowed): 2.5% during the first year ended December 31, 2023, 5% during years two and three, 7.5% during year four, and 10% during year five. Any remaining Term Loans outstanding are due on the Maturity Date. Commencing with the first year ending December 31, 2023, we may be required to make annual prepayments on the Term Loans in an amount equal to a percentage of Excess Cash Flow (as defined in the Amended and Restated Credit Agreement). The percentage of Excess Cash Flow ranges from 0% to 50% depending on our Consolidated First Lien Net Leverage Ratio (as defined in the Amended and Restated Credit Agreement). We may voluntarily prepay the Term Loans in whole or in part without premium or penalty. Subject to customary reference rate availability provisions, the borrowings under the Amended and Restated Credit Agreement will bear interest at a rate per annum equal to (i) the Term SOFR Rate (as defined in the Amended and Restated Credit Agreement, and which includes a 0.10% credit spread adjustment) plus a margin ranging from 2.25% to 2.75% (which margin would be 2.75% as of the Closing Date), or (ii) a base rate based on the highest of the Wall Street Journal prime rate, the federal funds rate plus 0.50% and the Term SOFR (as defined in the Amended and Restated Credit Agreement, and which includes a 0.10% credit spread adjustment) rate plus 1.00%, in each case plus a margin ranging from 1.25% to 1.75% (which margin would be 1.75% as of the Closing Date). The margin is determined based on the Company’s Consolidated First Lien Net Leverage Ratio (as defined in the Amended and Restated Credit Agreement). We are required to pay a quarterly commitment fee on the daily amount of the undrawn portion of the revolving commitments under the Revolving Credit Facility ranging from 0.35% to 0.45%. Interest is payable at the end of each interest period, typically quarterly. The obligations of the Company under the Amended and Restated Credit Agreement are secured by a first-priority security interest in substantially all of the existing and future personal property of the Company and certain of its subsidiaries. Pursuant to the Amended and Restated Credit Agreement, we shall not permit (i) the Consolidated Total Net Leverage Ratio (as defined in the Amended and Restated Credit Agreement) to exceed 4.00 to 1.00 between March 31, 2023 and June 30, 2024, or 3.75 to 1.00 between July 1, 2024 and the Maturity Date, (ii) the Consolidated Fixed Charge Coverage Ratio (as defined in the Amended and Restated Credit Agreement) to be less than 1.25 to 1.00 or (iii) Liquidity (as defined in the Amended and Restated Credit Agreement) on the last day of any fiscal quarter to be less than $50 million. The Company was in compliance with the debt covenants of the Amended and Restated Credit Agreement as of March 31, 2023.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Note 7: 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. During the three months ended March 31, 2023, and in connection with the TaxAct Sale, we began subleasing a portion of our corporate headquarters in Dallas, Texas. This sublease was classified as an operating lease at inception, with sublease income recognized on a straight-line basis over the five-year sublease term. Operating lease cost, net of sublease income, and cash paid on operating lease liabilities for the three months ended March 31, 2023 and 2022 were as follows (in thousands): Three Months Ended March 31, 2023 2022 Fixed lease cost $ 962 $ 973 Variable lease cost 408 402 Operating lease cost, before sublease income 1,370 1,375 Sublease income (479) (234) Total operating lease cost, net of sublease income $ 891 $ 1,141 Additional lease information: Cash paid on operating lease liabilities $ 1,307 $ 1,229 Right-of-use assets and operating lease liabilities were recorded on the condensed consolidated balance sheets as follows (in thousands): March 31, 2023 December 31, 2022 Right-of-use assets, net $ 18,962 $ 19,361 Current lease liabilities $ 5,160 $ 5,139 Long-term lease liabilities 29,483 30,332 Total operating lease liabilities $ 34,643 $ 35,471 Weighted-average remaining lease term (in years) 9.2 9.4 Weighted-average discount rate 5.5 % 5.5 % The maturities of our operating lease liabilities as of March 31, 2023 were as follows (in thousands): Undiscounted cash flows: Remainder of 2023 $ 3,982 2024 5,184 2025 5,086 2026 4,256 2027 3,858 Thereafter 22,315 Total undiscounted cash flows 44,681 Imputed interest (10,038) Present value of cash flows $ 34,643
Leases	Note 7: 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. During the three months ended March 31, 2023, and in connection with the TaxAct Sale, we began subleasing a portion of our corporate headquarters in Dallas, Texas. This sublease was classified as an operating lease at inception, with sublease income recognized on a straight-line basis over the five-year sublease term. Operating lease cost, net of sublease income, and cash paid on operating lease liabilities for the three months ended March 31, 2023 and 2022 were as follows (in thousands): Three Months Ended March 31, 2023 2022 Fixed lease cost $ 962 $ 973 Variable lease cost 408 402 Operating lease cost, before sublease income 1,370 1,375 Sublease income (479) (234) Total operating lease cost, net of sublease income $ 891 $ 1,141 Additional lease information: Cash paid on operating lease liabilities $ 1,307 $ 1,229 Right-of-use assets and operating lease liabilities were recorded on the condensed consolidated balance sheets as follows (in thousands): March 31, 2023 December 31, 2022 Right-of-use assets, net $ 18,962 $ 19,361 Current lease liabilities $ 5,160 $ 5,139 Long-term lease liabilities 29,483 30,332 Total operating lease liabilities $ 34,643 $ 35,471 Weighted-average remaining lease term (in years) 9.2 9.4 Weighted-average discount rate 5.5 % 5.5 % The maturities of our operating lease liabilities as of March 31, 2023 were as follows (in thousands): Undiscounted cash flows: Remainder of 2023 $ 3,982 2024 5,184 2025 5,086 2026 4,256 2027 3,858 Thereafter 22,315 Total undiscounted cash flows 44,681 Imputed interest (10,038) Present value of cash flows $ 34,643

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Note 8: Balance Sheet Components Prepaid expenses and other current assets consisted of the following (in thousands): March 31, 2023 December 31, 2022 Prepaid expenses $ 12,406 $ 7,857 Forgivable loans 5,837 5,951 Other current assets 1,511 1,219 Total prepaid expenses and other current assets $ 19,754 $ 15,027 Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2023 December 31, 2022 Salaries and related benefit expenses $ 8,931 $ 17,481 Accrued legal costs 899 1,102 Accrued vendor and advertising costs 2,947 2,726 Accrued taxes 88,035 85,965 Accrued fixed and variable acquisition consideration 287 897 Accrued cash-settled stock-based compensation 7,371 2,121 Other 3,099 920 Total accrued expenses and other current liabilities $ 111,569 $ 111,212 Other long-term liabilities consisted of the following (in thousands): March 31, 2023 December 31, 2022 Deferred compensation $ 9,988 $ 7,974 Accrued cash-settled stock-based compensation 3,271 7,556 Accrued tax positions 3,952 3,616 Other 3,057 3,330 Other long-term liabilities $ 20,268 $ 22,476

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9: Commitments and Contingencies TaxAct Indemnification Obligations In connection with the TaxAct Sale, we have certain indemnification obligations to the Buyer, TaxAct Holdings, Inc. and their respective affiliates and representatives with respect to certain losses actually incurred or suffered as a result of any claim, action, suit, or proceeding against such indemnitees arising out of or relating to the use by us or any of our affiliates in the tax software business of website tracking and analytics technologies prior to the closing of the TaxAct Sale. Such indemnification obligations terminate on December 19, 2027 and may not exceed $5.4 million ($1.0 million of which is allocable to the deductible under our insurance policies). We believe that we will be able to recover from our insurers all or a substantial portion of any payments made pursuant to such indemnification obligations. The current carrying amount of the liability for these indemnification obligations is approximately $1.0 million as of March 31, 2023 and is included within “Other long-term liabilities” on the condensed consolidated balance sheets. 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 it is both 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, 2023. 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 10: 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, 2023 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,418 $ 4,418 $ — $ — Deferred compensation assets 10,448 10,448 — — Total assets at fair value $ 14,866 $ 14,866 $ — $ — Deferred compensation liabilities $ 10,448 $ 10,448 $ — $ — Total liabilities at fair value $ 10,448 $ 10,448 $ — $ — Fair value measurements at the reporting date using December 31, 2022 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,369 $ 4,369 $ — $ — Deferred compensation assets 7,974 7,974 — — Total assets at fair value $ 12,343 $ 12,343 $ — $ — Deferred compensation liabilities $ 7,974 $ 7,974 $ — $ — Total liabilities at fair value $ 7,974 $ 7,974 $ — $ — 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 primarily included within “Other long-term assets” and “Other long-term liabilities,” respectively, on the condensed consolidated balance sheets. 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.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	Note 11: Stockholders' Equity Capital Return Program On January 27, 2023, we commenced a modified “Dutch Auction” tender offer (the “Tender Offer” ) to purchase shares of our common stock for an aggregate purchase price of up to $250.0 million at a price per share not less than $27.00 and not greater than $31.00. The Tender Offer was in addition to, and separate from, the $200.0 million stock repurchase authorization discussed below. Upon the conclusion of the Tender Offer, we repurchased and subsequently retired approximately 8.3 million shares of our common stock at the purchase price of $30.00 per share, for aggregate cash consideration of $250.0 million. We incurred approximately $4.5 million for fees and expenses associated with the Tender Offer, including approximately $2.4 million for estimated excise taxes owed under the Inflation Reduction Act of 2022, which were recorded within stockholders’ equity. Repurchased common stock that is subsequently retired is deducted from common stock for par value and from additional paid-in capital for the excess over par value. Direct costs incurred to repurchase common stock are included in the total cost of the shares. Stock Repurchase Authorization On December 19, 2022, we announced that our board of directors authorized the Company to repurchase up to $200.0 million of our common stock. This repurchase authorization does not obligate us to repurchase any specific number of shares, may be suspended or discontinued at any time, and does not have a specified expiration date. For the three months ended March 31, 2023, we repurchased approximately 1.0 million shares of our common stock under the stock repurchase authorization for an aggregate purchase price of approximately $24.8 million. The remaining authorized amount under the stock repurchase authorization as of March 31, 2023, was approximately $175.2 million. For the three months ended March 31, 2022, we repurchased approximately 1.6 million shares of our common stock under our previous stock repurchase plan for an aggregate purchase price of approximately $30.5 million. Between April 1, 2023 and May 5, 2023, we repurchased approximately 0.7 million shares of our common stock under the stock repurchase authorization for an aggregate purchase price of approximately $17.0 million. The remaining authorized amount under the stock repurchase authorization as of May 5, 2023, was approximately $158.2 million.

Interest Expense and Other, Net

Interest Expense and Other, Net	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Interest Expense and Other, Net	Note 12: 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, 2023 2022 Interest expense $ 1,531 $ 24 Amortization of debt issuance costs 128 — Amortization of debt discount 25 — Total interest expense 1,684 24 Interest income and other (975) 29 Transition services agreement income (1,603) — Interest expense and other, net $ (894) $ 53

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 13: Income Taxes 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 an income tax benefit of $0.5 million and $17.0 million for the three months ended March 31, 2023, and 2022, respectively. Our effective income tax rate for the three months ended March 31, 2023 differed from the 21% statutory rate primarily due to non-deductible compensation and the effect of state taxes.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Note 14: Net Income (Loss) Per Share “Basic net income (loss) per share” is calculated using the weighted average number of common shares outstanding during the applicable 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 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 RSUs 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 (loss) per share if their effect is antidilutive, including when we report a loss from continuing operations. Performance-based RSUs are considered contingently issuable shares and are excluded from the diluted weighted average common shares outstanding computation if the related performance-based criteria are not expected to be achieved as of the end of the reporting period. The calculation of basic and diluted net income (loss) per share is as follows (in thousands, except per share amounts): Three Months Ended March 31, 2023 2022 Numerator: Income (loss) from continuing operations $ (248) $ 3,552 Income from discontinued operations 1,921 31,068 Net income $ 1,673 $ 34,620 Denominator: Basic weighted average common shares outstanding 44,645 48,513 Dilutive potential common shares (1) — 1,234 Diluted weighted average common shares outstanding 44,645 49,747 Basic net income (loss) per share: Continuing operations $ (0.01) $ 0.07 Discontinued operations 0.05 0.64 Basic net income per share: $ 0.04 $ 0.71 Diluted net income (loss) per share: Continuing operations $ (0.01) $ 0.07 Discontinued operations 0.05 0.63 Diluted net income per share: $ 0.04 $ 0.70 Shares excluded (1) 2,959 910 ________________________ (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. For the three months ended March 31, 2023 all potential common shares were excluded from the calculation of diluted net income per share as their effect would have been anti-dilutive due to the loss from continuing operations.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Note 15: Subsequent Events Between April 1, 2023 and May 5, 2023, we repurchased approximately 0.7 million shares of our common stock under our stock repurchase authorization for an aggregate purchase price of approximately $17.0 million. The remaining authorized amount under the stock repurchase authorization as of May 5, 2023, was approximately $158.2 million. On April 7, 2023, we borrowed an additional $50.0 million under the Delayed Draw Term Loan Facility.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Segments	Given the similarities in economic characteristics between our operations and the common nature of the products, services, we currently operate in one reportable 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 accounting principles generally accepted in the United States ( “ 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, 2022. Interim results are not necessarily indicative of results for a full year.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Summarized Financial Information	The following table presents summarized information regarding certain components of income (in thousands): Three Months Ended March 31, 2023 2022 Revenues $ — $ 141,150 Operating expenses — 82,719 Interest expense and other, net — (7,788) Income from discontinued operations before gain on disposal and income taxes — 50,643 Pre-tax gain on disposal 2,539 — Income from discontinued operations before income taxes 2,539 50,643 Income tax expense (618) (19,575) Income from discontinued operations $ 1,921 $ 31,068

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Major Customers by Reporting Segments	Revenues by major category and the timing of revenue recognition was as follows (in thousands): Three Months Ended March 31, 2023 2022 Recognized upon transaction: Commission $ 18,801 $ 20,624 Transaction and fee 933 1,244 Total revenue recognized upon transaction $ 19,734 $ 21,868 Recognized over time: Advisory $ 97,525 $ 107,169 Commission 22,671 27,031 Asset-based 33,887 5,663 Transaction and fee 4,163 4,672 Total revenue recognized over time $ 158,246 $ 144,535 Total revenue: Advisory $ 97,525 $ 107,169 Commission 41,472 47,655 Asset-based 33,887 5,663 Transaction and fee 5,096 5,916 Total revenue $ 177,980 $ 166,403

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Delayed Draw Term Loan Facility Principal outstanding $ 170,000 $ — Unamortized debt issuance costs (5,682) — Unamortized debt discount (1,325) — Net carrying value $ 162,993 $ —

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022 were as follows (in thousands): Three Months Ended March 31, 2023 2022 Fixed lease cost $ 962 $ 973 Variable lease cost 408 402 Operating lease cost, before sublease income 1,370 1,375 Sublease income (479) (234) Total operating lease cost, net of sublease income $ 891 $ 1,141 Additional lease information: Cash paid on operating lease liabilities $ 1,307 $ 1,229
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, 2023 December 31, 2022 Right-of-use assets, net $ 18,962 $ 19,361 Current lease liabilities $ 5,160 $ 5,139 Long-term lease liabilities 29,483 30,332 Total operating lease liabilities $ 34,643 $ 35,471 Weighted-average remaining lease term (in years) 9.2 9.4 Weighted-average discount rate 5.5 % 5.5 %
Schedule of Maturities of Operating Lease Liabilities	The maturities of our operating lease liabilities as of March 31, 2023 were as follows (in thousands): Undiscounted cash flows: Remainder of 2023 $ 3,982 2024 5,184 2025 5,086 2026 4,256 2027 3,858 Thereafter 22,315 Total undiscounted cash flows 44,681 Imputed interest (10,038) Present value of cash flows $ 34,643

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Prepaid expenses $ 12,406 $ 7,857 Forgivable loans 5,837 5,951 Other current assets 1,511 1,219 Total prepaid expenses and other current assets $ 19,754 $ 15,027
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2023 December 31, 2022 Salaries and related benefit expenses $ 8,931 $ 17,481 Accrued legal costs 899 1,102 Accrued vendor and advertising costs 2,947 2,726 Accrued taxes 88,035 85,965 Accrued fixed and variable acquisition consideration 287 897 Accrued cash-settled stock-based compensation 7,371 2,121 Other 3,099 920 Total accrued expenses and other current liabilities $ 111,569 $ 111,212
Other Liabilities	Other long-term liabilities consisted of the following (in thousands): March 31, 2023 December 31, 2022 Deferred compensation $ 9,988 $ 7,974 Accrued cash-settled stock-based compensation 3,271 7,556 Accrued tax positions 3,952 3,616 Other 3,057 3,330 Other long-term liabilities $ 20,268 $ 22,476

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,418 $ 4,418 $ — $ — Deferred compensation assets 10,448 10,448 — — Total assets at fair value $ 14,866 $ 14,866 $ — $ — Deferred compensation liabilities $ 10,448 $ 10,448 $ — $ — Total liabilities at fair value $ 10,448 $ 10,448 $ — $ — Fair value measurements at the reporting date using December 31, 2022 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 4,369 $ 4,369 $ — $ — Deferred compensation assets 7,974 7,974 — — Total assets at fair value $ 12,343 $ 12,343 $ — $ — Deferred compensation liabilities $ 7,974 $ 7,974 $ — $ — Total liabilities at fair value $ 7,974 $ 7,974 $ — $ —

Interest Expense and Other, N_2

Interest Expense and Other, Net (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Interest expense $ 1,531 $ 24 Amortization of debt issuance costs 128 — Amortization of debt discount 25 — Total interest expense 1,684 24 Interest income and other (975) 29 Transition services agreement income (1,603) — Interest expense and other, net $ (894) $ 53

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule 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, except per share amounts): Three Months Ended March 31, 2023 2022 Numerator: Income (loss) from continuing operations $ (248) $ 3,552 Income from discontinued operations 1,921 31,068 Net income $ 1,673 $ 34,620 Denominator: Basic weighted average common shares outstanding 44,645 48,513 Dilutive potential common shares (1) — 1,234 Diluted weighted average common shares outstanding 44,645 49,747 Basic net income (loss) per share: Continuing operations $ (0.01) $ 0.07 Discontinued operations 0.05 0.64 Basic net income per share: $ 0.04 $ 0.71 Diluted net income (loss) per share: Continuing operations $ (0.01) $ 0.07 Discontinued operations 0.05 0.63 Diluted net income per share: $ 0.04 $ 0.70 Shares excluded (1) 2,959 910 ________________________ (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. For the three months ended March 31, 2023 all potential common shares were excluded from the calculation of diluted net income per share as their effect would have been anti-dilutive due to the loss from continuing operations.

Description of the Business (De

Description of the Business (Details) $ in Millions		3 Months Ended
	Oct. 31, 2022 USD ($)	Mar. 31, 2023 segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of reportable segments | segment		1
Discontinued Operations, Disposed of by Sale | Former Tax Software Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from sale of business | $	$ 720

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Oct. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain on disposal		$ 2,539	$ 0
Discontinued Operations, Disposed of by Sale | Former Tax Software Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from sale of business	$ 720,000
Pre-tax gain on disposal		$ 2,539	$ 0

Discontinued Operations- Income

Discontinued Operations- Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain on disposal	$ 2,539	$ 0
Income from discontinued operations before income taxes	2,539	50,643
Income tax expense	(618)	(19,575)
Income from discontinued operations	1,921	31,068
Discontinued Operations, Disposed of by Sale | Former Tax Software Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0	141,150
Operating expenses	0	82,719
Interest expense and other, net	0	(7,788)
Income from discontinued operations before gain on disposal and income taxes	0	50,643
Pre-tax gain on disposal	2,539	0
Income from discontinued operations before income taxes	2,539	50,643
Income tax expense	(618)	(19,575)
Income from discontinued operations	$ 1,921	$ 31,068

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 177,980	$ 166,403
Recognized upon transaction:
Disaggregation of Revenue [Line Items]
Total revenue	19,734	21,868
Recognized over time:
Disaggregation of Revenue [Line Items]
Total revenue	158,246	144,535
Commission
Disaggregation of Revenue [Line Items]
Total revenue	41,472	47,655
Commission | Recognized upon transaction:
Disaggregation of Revenue [Line Items]
Total revenue	18,801	20,624
Commission | Recognized over time:
Disaggregation of Revenue [Line Items]
Total revenue	22,671	27,031
Transaction and fee
Disaggregation of Revenue [Line Items]
Total revenue	5,096	5,916
Transaction and fee | Recognized upon transaction:
Disaggregation of Revenue [Line Items]
Total revenue	933	1,244
Transaction and fee | Recognized over time:
Disaggregation of Revenue [Line Items]
Total revenue	4,163	4,672
Advisory
Disaggregation of Revenue [Line Items]
Total revenue	97,525	107,169
Advisory | Recognized over time:
Disaggregation of Revenue [Line Items]
Total revenue	97,525	107,169
Asset-based
Disaggregation of Revenue [Line Items]
Total revenue	33,887	5,663
Asset-based | Recognized over time:
Disaggregation of Revenue [Line Items]
Total revenue	$ 33,887	$ 5,663

Asset Acquisitions (Details)

Asset Acquisitions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Asset acquisition, consideration transferred	$ 1.3
Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Maximum future contingent payments	$ 23.1
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) - Delayed Draw Term Loan Facility - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal outstanding	$ 170,000	$ 0
Unamortized debt issuance costs	(5,682)	0
Unamortized debt discount	(1,325)	0
Net carrying value	$ 162,993	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Feb. 24, 2023	Jan. 24, 2023	Mar. 31, 2023
Term Loan
Debt Instrument [Line Items]
Debt outstanding			$ 170,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding			0
Amended and Restate Credit Facility
Debt Instrument [Line Items]
Payments of debt issuance costs		$ 8,500,000
Amount available for future borrowings			$ 50,000,000
Liquidity requirement		$ 50,000,000
Amended and Restate Credit Facility | April 1, 2021 Through December 31, 2021
Debt Instrument [Line Items]
Line of credit facility, leverage ratio		4
Amended and Restate Credit Facility | January 1, 2022 Through September 30, 2022
Debt Instrument [Line Items]
Line of credit facility, leverage ratio		3.75
Amended and Restate Credit Facility | October 1, 2022 Through December 31, 2022
Debt Instrument [Line Items]
Line of credit facility, leverage ratio		1.25
Amended and Restate Credit Facility | Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.35%
Amended and Restate Credit Facility | Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.45%
Amended and Restate Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Credit spread adjustment (as a percent)		0.10%
Variable interest rate		2.75%
Amended and Restate Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Debt Instrument [Line Items]
Variable interest rate		2.25%
Amended and Restate Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Debt Instrument [Line Items]
Variable interest rate		2.75%
Amended and Restate Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Variable interest rate		0.50%
Amended and Restate Credit Facility | Base rate
Debt Instrument [Line Items]
Credit spread adjustment (as a percent)		0.10%
Variable interest rate		1%
Amended and Restate Credit Facility | Base rate | Minimum
Debt Instrument [Line Items]
Variable interest rate		1.25%
Amended and Restate Credit Facility | Base rate | Maximum
Debt Instrument [Line Items]
Variable interest rate		1.75%
Amended and Restate Credit Facility | Term Loan
Debt Instrument [Line Items]
Credit facility		$ 270,000,000
Proceeds from credit facilities, net of debt discount and issuance costs	$ 170,000,000
Quarterly amortization, year one (as a percent)			2.50%
Quarterly amortization, years two and three (as a percent)			5%
Quarterly amortization, year four (as a percent)			7.50%
Quarterly amortization, year five (as a percent)			10%
Amended and Restate Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility		$ 50,000,000

Leases - Operating Lease Expens

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Sublease term	5 years
Lease, Cost [Abstract]
Fixed lease cost	$ 962	$ 973
Variable lease cost	408	402
Operating lease cost, before sublease income	1,370	1,375
Sublease income	(479)	(234)
Total operating lease cost, net of sublease income	891	1,141
Additional lease information:
Cash paid on operating lease liabilities	$ 1,307	$ 1,229

Leases - Supplement Balance She

Leases - Supplement Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use assets, net	$ 18,962	$ 19,361
Current lease liabilities	5,160	5,139
Long-term lease liabilities	29,483	30,332
Total operating lease liabilities	$ 34,643	$ 35,471
Weighted-average remaining lease term (in years)	9 years 2 months 12 days	9 years 4 months 24 days
Weighted-average discount rate	5.50%	5.50%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of 2023	$ 3,982
2024	5,184
2025	5,086
2026	4,256
2027	3,858
Thereafter	22,315
Total undiscounted cash flows	44,681
Imputed interest	(10,038)
Present value of cash flows	$ 34,643	$ 35,471

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 12,406	$ 7,857
Forgivable loans	5,837	5,951
Other current assets	1,511	1,219
Total prepaid expenses and other current assets	$ 19,754	$ 15,027

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Salaries and related benefit expenses	$ 8,931	$ 17,481
Accrued legal costs	899	1,102
Accrued vendor and advertising costs	2,947	2,726
Accrued taxes	88,035	85,965
Accrued fixed and variable acquisition consideration	287	897
Accrued cash-settled stock-based compensation	7,371	2,121
Other	3,099	920
Total accrued expenses and other current liabilities	$ 111,569	$ 111,212

Balance Sheet Components - Ac_2

Balance Sheet Components - Accrued Other Long Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred compensation	$ 9,988	$ 7,974
Accrued cash-settled stock-based compensation	3,271	7,556
Accrued tax positions	3,952	3,616
Other	3,057	3,330
Other long-term liabilities	$ 20,268	$ 22,476

Commitments and Contingencies (

Commitments and Contingencies (Details) - Indemnification Agreement $ in Millions	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Maximum obligation	$ 5.4
Deductible amount	1
Loss contingency accrual	$ 1

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) - Fair Value Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Deferred compensation assets	$ 10,448	$ 7,974
Total assets at fair value	14,866	12,343
Liabilities
Deferred compensation liabilities	10,448	7,974
Total liabilities at fair value	10,448	7,974
Money market and other funds
ASSETS
Cash equivalents: money market and other funds	4,418	4,369
Quoted prices in active markets using identical  assets (Level 1)
ASSETS
Deferred compensation assets	10,448	7,974
Total assets at fair value	14,866	12,343
Liabilities
Deferred compensation liabilities	10,448	7,974
Total liabilities at fair value	10,448	7,974
Quoted prices in active markets using identical  assets (Level 1) | Money market and other funds
ASSETS
Cash equivalents: money market and other funds	4,418	4,369
Significant other observable inputs (Level 2)
ASSETS
Deferred compensation assets	0	0
Total assets at fair value	0	0
Liabilities
Deferred compensation liabilities	0	0
Total liabilities at fair value	0	0
Significant other observable inputs (Level 2) | Money market and other funds
ASSETS
Cash equivalents: money market and other funds	0	0
Significant unobservable inputs (Level 3)
ASSETS
Deferred compensation assets	0	0
Total assets at fair value	0	0
Liabilities
Deferred compensation liabilities	0	0
Total liabilities at fair value	0	0
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) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Delayed Draw Term Loan Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Principal outstanding	$ 170,000	$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions			1 Months Ended	3 Months Ended
	Feb. 24, 2023	Jan. 27, 2023	May 05, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 19, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock		$ 250,000,000		$ 279,562,000	$ 30,537,000
Stock repurchase authorization				200,000,000
Stock repurchased and retired during period (in shares)	8.3
Common stock purchase price (in dollars per share)		$ 30
Stock repurchased fees and expenses		$ 4,500,000
Stock repurchased excise taxes		$ 2,400,000
Stock Repurchase Authorization Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock				$ 24,800,000	$ 30,500,000
Stock repurchase authorization						$ 200,000,000
Stock repurchases (in shares)				1	1.6
Stock repurchase program, remaining authorized repurchase amount				$ 175,200,000
Stock Repurchase Authorization Program | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock			$ 17,000,000
Stock repurchases (in shares)			0.7
Stock repurchase program, remaining authorized repurchase amount			$ 158,200,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (USD per share)		$ 27
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (USD per share)		$ 31

Interest Expense and Other, N_3

Interest Expense and Other, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Interest expense	$ 1,531	$ 24
Amortization of debt issuance costs	128	0
Amortization of debt discount	25	0
Total interest expense	1,684	24
Interest income and other	(975)	29
Transition services agreement income	(1,603)	0
Interest expense and other, net	$ (894)	$ 53

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax benefit	$ 481	$ 16,993

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Income (loss) from continuing operations	$ (248)	$ 3,552
Income from discontinued operations	1,921	31,068
Net income	$ 1,673	$ 34,620
Denominator:
Basic weighted average common shares outstanding (in shares)	44,645	48,513
Dilutive potential common shares (in shares)	0	1,234
Diluted weighted average common shares outstanding (in shares)	44,645	49,747
Basic net income (loss) per share:
Continuing operations (in dollars per share)	$ (0.01)	$ 0.07
Discontinued operations (in dollars per share)	0.05	0.64
Basic net income per share: (in dollars per share)	0.04	0.71
Diluted net income (loss) per share:
Continuing operations (in dollars per share)	(0.01)	0.07
Discontinued operations (in dollars per share)	0.05	0.63
Diluted net income per share: (in dollars per share)	$ 0.04	$ 0.70
Shares excluded (in shares)	2,959	910

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ in Thousands, shares in Millions			1 Months Ended	3 Months Ended
	Apr. 07, 2023	Jan. 27, 2023	May 05, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Treasury stock		$ 250,000		$ 279,562	$ 30,537
Stock Repurchase Authorization Program
Subsequent Event [Line Items]
Stock repurchases (in shares)				1	1.6
Treasury stock				$ 24,800	$ 30,500
Stock repurchase program, remaining authorized repurchase amount				$ 175,200
Subsequent Event | Delayed Draw Term Loan Facility
Subsequent Event [Line Items]
Proceeds from credit facilities, net of debt discount and issuance costs	$ 50,000
Subsequent Event | Stock Repurchase Authorization Program
Subsequent Event [Line Items]
Stock repurchases (in shares)			0.7
Treasury stock			$ 17,000
Stock repurchase program, remaining authorized repurchase amount			$ 158,200