Avantax (AVTA) 10-Q 9 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		36,760,034
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 109,791	$ 263,928
Accounts receivable, net	25,127	24,117
Commissions and advisory fees receivable	22,005	20,679
Prepaid expenses and other current assets	30,054	15,027
Total current assets	186,977	323,751
Long-term assets:
Property, equipment, and software, net	51,363	53,041
Right-of-use assets, net	18,556	19,361
Goodwill, net	266,279	266,279
Acquired intangible assets, net	259,125	266,002
Other long-term assets	39,340	35,081
Total long-term assets	634,663	639,764
Total assets	821,640	963,515
Current liabilities:
Accounts payable	2,172	7,531
Commissions and advisory fees payable	14,883	13,829
Accrued expenses and other current liabilities	40,932	111,212
Current deferred revenue	5,663	4,583
Current lease liabilities	5,177	5,139
Current portion of long-term debt	10,125	0
Total current liabilities	78,952	142,294
Long-term liabilities:
Long-term debt, net	251,399	0
Long-term lease liabilities	28,622	30,332
Deferred tax liabilities, net	16,084	20,819
Long-term deferred revenue	3,933	4,396
Other long-term liabilities	31,450	22,476
Total long-term liabilities	331,488	78,023
Total liabilities	410,440	220,317
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, par value $0.0001 per share—900,000 shares authorized; 43,463 shares issued and 37,118 shares outstanding as of June 30, 2023; 51,260 shares issued and 48,079 shares outstanding as of December 31, 2022	4	5
Additional paid-in capital	1,387,591	1,636,134
Accumulated deficit	(824,288)	(829,542)
Accumulated other comprehensive loss	(12,061)	0
Treasury stock, at cost—6,345 shares as of June 30, 2023 and 3,181 shares as of December 31, 2022	(140,046)	(63,399)
Total stockholders’ equity	411,200	743,198
Total liabilities and stockholders’ equity	$ 821,640	$ 963,515

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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)	43,463,000	51,260,000
Common stock, shares outstanding (in shares)	37,118,000	48,079,000
Treasury stock (in shares)	6,345,000	3,181,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 186,928	$ 162,669	$ 364,908	$ 329,072
Operating expenses:
Cost of revenue	110,847	114,446	219,099	235,634
Engineering and technology	2,191	2,302	4,912	4,116
Sales and marketing	27,423	24,882	53,604	47,056
General and administrative	26,335	21,721	58,736	45,596
Acquisition and integration	(39)	(6,792)	83	(5,126)
Depreciation	3,588	2,642	7,176	5,085
Amortization of acquired intangible assets	6,231	6,462	12,569	13,093
Total operating expenses	176,576	165,663	356,179	345,454
Operating income (loss) from continuing operations	10,352	(2,994)	8,729	(16,382)
Interest expense and other, net	(4,698)	(212)	(3,804)	(265)
Income (loss) from continuing operations before income taxes	5,654	(3,206)	4,925	(16,647)
Income tax benefit (expense)	(2,073)	4,053	(1,592)	21,046
Income from continuing operations	3,581	847	3,333	4,399
Discontinued operations (Note 3)
Income from discontinued operations before gain on disposal and income taxes	0	45,874	0	96,517
Pre-tax gain on disposal	0	0	2,539	0
Income from discontinued operations before income taxes	0	45,874	2,539	96,517
Income tax benefit (expense)	0	(7,296)	(618)	(26,871)
Income from discontinued operations	0	38,578	1,921	69,646
Net income	$ 3,581	$ 39,425	$ 5,254	$ 74,045
Basic net income per share:
Continuing operations (in dollars per share)	$ 0.09	$ 0.02	$ 0.08	$ 0.09
Discontinued operations (in dollars per share)	0	0.81	0.05	1.45
Basic net income per share: (in dollars per share)	0.09	0.83	0.13	1.54
Diluted net income per share:
Continuing operations (in dollars per share)	0.09	0.02	0.08	0.09
Discontinued operations (in dollars per share)	0	0.79	0.04	1.41
Diluted net income per share: (in dollars per share)	$ 0.09	$ 0.81	$ 0.12	$ 1.50
Weighted average shares outstanding:
Basic (in shares)	38,349	47,582	41,497	48,048
Diluted (in shares)	39,201	48,690	42,515	49,220
Comprehensive income (loss):
Net income	$ 3,581	$ 39,425	$ 5,254	$ 74,045
Other comprehensive loss, net of tax	(12,061)	0	(12,061)	0
Comprehensive income (loss)	$ (8,480)	$ 39,425	$ (6,807)	$ 74,045

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	Accumulated other comprehensive loss	Treasury stock
Beginning balance (in shares) at Dec. 31, 2021		50,137
Beginning balance at Dec. 31, 2021	$ 341,622	$ 5	$ 1,619,805	$ (1,249,789)	$ 0	$ (28,399)
Beginning balance (in shares) at Dec. 31, 2021						1,306
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	34,620			34,620
Ending balance (in shares) at Mar. 31, 2022		50,384
Ending balance at Mar. 31, 2022	348,873	$ 5	1,622,973	(1,215,169)	0	$ (58,936)
Ending balance (in shares) at Mar. 31, 2022						2,951
Beginning balance (in shares) at Dec. 31, 2021		50,137
Beginning balance at Dec. 31, 2021	341,622	$ 5	1,619,805	(1,249,789)	0	$ (28,399)
Beginning balance (in shares) at Dec. 31, 2021						1,306
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss, net of tax	0
Net income	74,045
Ending balance (in shares) at Jun. 30, 2022		50,921
Ending balance at Jun. 30, 2022	389,453	$ 5	1,628,591	(1,175,744)	0	$ (63,399)
Ending balance (in shares) at Jun. 30, 2022						3,181
Beginning balance (in shares) at Mar. 31, 2022		50,384
Beginning balance at Mar. 31, 2022	348,873	$ 5	1,622,973	(1,215,169)	0	$ (58,936)
Beginning balance (in shares) at Mar. 31, 2022						2,951
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued pursuant to stock incentive and employee stock purchase plans (in shares)		537
Common stock issued pursuant to stock incentive and employee stock purchase plans	2,402		2,402
Stock repurchases (in shares)						230
Stock repurchases	(4,463)					$ (4,463)
Stock-based compensation	3,683		3,683
Tax payments from shares withheld for equity awards	(467)		(467)
Other comprehensive loss, net of tax	0
Net income	39,425			39,425
Ending balance (in shares) at Jun. 30, 2022		50,921
Ending balance at Jun. 30, 2022	$ 389,453	$ 5	1,628,591	(1,175,744)	0	$ (63,399)
Ending balance (in shares) at Jun. 30, 2022						3,181
Beginning balance (in shares) at Dec. 31, 2022	48,079	51,260
Beginning balance at Dec. 31, 2022	$ 743,198	$ 5	1,636,134	(829,542)	0	$ (63,399)
Beginning balance (in shares) at Dec. 31, 2022	3,181					3,181
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	1,673			1,673
Ending balance (in shares) at Mar. 31, 2023		43,234
Ending balance at Mar. 31, 2023	$ 468,044	$ 4	1,384,331	(827,869)	0	$ (88,422)
Ending balance (in shares) at Mar. 31, 2023						4,139
Beginning balance (in shares) at Dec. 31, 2022	48,079	51,260
Beginning balance at Dec. 31, 2022	$ 743,198	$ 5	1,636,134	(829,542)	0	$ (63,399)
Beginning balance (in shares) at Dec. 31, 2022	3,181					3,181
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss, net of tax	$ (12,061)
Net income	$ 5,254
Ending balance (in shares) at Jun. 30, 2023	37,118	43,463
Ending balance at Jun. 30, 2023	$ 411,200	$ 4	1,387,591	(824,288)	(12,061)	$ (140,046)
Ending balance (in shares) at Jun. 30, 2023	6,345					6,345
Beginning balance (in shares) at Mar. 31, 2023		43,234
Beginning balance at Mar. 31, 2023	$ 468,044	$ 4	1,384,331	(827,869)	0	$ (88,422)
Beginning balance (in shares) at Mar. 31, 2023						4,139
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued pursuant to stock incentive and employee stock purchase plans (in shares)		229
Common stock issued pursuant to stock incentive and employee stock purchase plans	1,506		1,506
Stock repurchases (in shares)						2,206
Stock repurchases	(51,624)					$ (51,624)
Stock-based compensation	2,910		2,910
Tax payments from shares withheld for equity awards	(1,156)		(1,156)
Other comprehensive loss, net of tax	(12,061)				(12,061)
Net income	$ 3,581			3,581
Ending balance (in shares) at Jun. 30, 2023	37,118	43,463
Ending balance at Jun. 30, 2023	$ 411,200	$ 4	$ 1,387,591	$ (824,288)	$ (12,061)	$ (140,046)
Ending balance (in shares) at Jun. 30, 2023	6,345					6,345

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 5,254	$ 74,045
Less: Income from discontinued operations, net of income taxes	1,921	69,646
Income from continuing operations	3,333	4,399
Adjustments to reconcile income from continuing operations to net cash from operating activities:
Depreciation and amortization of acquired intangible assets	19,745	18,178
Stock-based compensation	11,093	9,818
Change in the fair value of acquisition-related contingent consideration	0	(5,320)
Reduction of right-of-use lease assets	805	715
Deferred income taxes	(858)	(1,023)
Amortization of debt discount and issuance costs	440	0
Accretion of lease liabilities	948	1,020
Other non-cash items	2,739	2,575
Changes in operating assets and liabilities, net of acquisitions and disposals:
Accounts receivable, net	(992)	4,430
Commissions and advisory fees receivable	(1,326)	3,859
Prepaid expenses and other current assets	(14,531)	(2,333)
Other long-term assets	(5,406)	(8,816)
Accounts payable	(5,359)	(4,178)
Commissions and advisory fees payable	1,054	(4,316)
Lease liabilities	(2,620)	(2,491)
Deferred revenue	617	(443)
Accrued expenses and other current and long-term liabilities	(84,901)	(1,166)
Net cash provided (used) by operating activities from continuing operations	(75,219)	14,908
Investing activities:
Purchases of property, equipment, and software	(5,499)	(9,019)
Asset acquisitions	(5,451)	(1,858)
Net cash used by investing activities from continuing operations	(10,950)	(10,877)
Financing activities:
Proceeds from credit facilities, net of debt discount and issuance costs	261,543	0
Payments on credit facilities	(1,688)	(906)
Acquisition-related fixed and contingent consideration payments	(287)	(98)
Stock repurchases	(328,119)	(35,000)
Proceeds from issuance of stock through employee stock purchase plan	1,584	2,324
Proceeds from stock option exercises	1,057	174
Tax payments from shares withheld for equity awards	(4,270)	(2,036)
Net cash used by financing activities from continuing operations	(70,180)	(35,542)
Net cash used by continuing operations	(156,349)	(31,511)
Net cash provided by operating activities from discontinued operations	0	32,980
Net cash provided (used) by investing activities from discontinued operations	2,212	(2,771)
Net cash provided by financing activities from discontinued operations	0	0
Net cash provided by discontinued operations	2,212	30,209
Net decrease in cash and cash equivalents	(154,137)	(1,302)
Cash and cash equivalents, beginning of period	263,928	100,629
Cash and cash equivalents, end of period	109,791	99,327
Supplemental cash flow information:
Cash paid for income taxes	97,420	1,958
Cash paid for interest	$ 6,041	$ 14,301

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 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-intelligent wealth management services and software, assisting consumers, small business owners, tax professionals, financial professionals, and certified public accounting ( “CPA” ) firms. Our integrated tax-intelligent wealth management services consist of the operations of Avantax Wealth Management and Avantax Planning Partners. Avantax Wealth Management provides tax-intelligent wealth management solutions for financial professionals, tax professionals, CPA firms, and their clients. Avantax Wealth Management offers its services through its registered broker-dealer, which is a leading U.S. tax-focused independent broker-dealer, registered investment advisor ( “RIA” ), and insurance agency subsidiaries. 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-intelligent 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 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	6 Months Ended
	Jun. 30, 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. 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, 2022. Other than below, there have been no significant changes in our significant accounting policies since December 31, 2022. Derivative Financial Instruments We primarily enter into derivative financial instruments as part of our strategy to manage our exposure to changes in interest rates. Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying term (such as an interest rate or index) as specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying term. We do not enter into derivative instruments for any purpose other than hedging interest rate risk, and none of our derivative instruments are used for trading purposes. We recognize derivatives as assets or liabilities on our consolidated balance sheets at their fair value in accordance with ASC 815, Derivatives and Hedging . The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Currently, we have only designated derivative instruments as cash flow hedges. We may also enter into derivative contracts that are intended to economically hedge interest rate risk, even though hedge accounting does not apply or we elect not to apply hedge accounting. To qualify for hedge accounting, concurrent with the execution of a derivative contract, we formally document our risk management objective and strategy for undertaking the hedging transaction, how the hedging instrument is expected to hedge the designated risk related to the hedged item, and the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. For derivatives designated as cash flow hedging instruments, changes in fair value are initially recorded net of tax in accumulated other comprehensive income (loss) and subsequently reclassified into earnings when the hedged transaction affects earnings. Additionally, changes in the fair value of amounts excluded from the assessment of effectiveness are recorded net of tax in accumulated other comprehensive income (loss) and recognized in earnings using a straight-line amortization method over the term of instrument. Changes in fair value for derivative contracts that do not qualify for hedge accounting (or for those that we elect to not apply hedge accounting), are immediately recognized within earnings. Realized and unrealized gains and losses for derivatives are presented in the statements of comprehensive income (loss) based on the nature and use of the instrument.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 comprehensive income (loss). The following table presents summarized information regarding certain components of income (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues $ — $ 94,214 $ — $ 235,364 Operating expenses — 40,435 — 123,154 Interest expense and other, net — (7,905) — (15,693) Income from discontinued operations before gain on disposal and income taxes — 45,874 — 96,517 Pre-tax gain on disposal — — 2,539 — Income from discontinued operations before income taxes — 45,874 2,539 96,517 Income tax expense — (7,296) (618) (26,871) Income from discontinued operations $ — $ 38,578 $ 1,921 $ 69,646

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Recognized upon transaction: Commission $ 18,084 $ 17,881 $ 36,885 $ 38,505 Transaction and fee 1,079 1,262 2,012 2,506 Total revenue recognized upon transaction $ 19,163 $ 19,143 $ 38,897 $ 41,011 Recognized over time: Advisory $ 103,316 $ 104,155 $ 200,841 $ 211,324 Commission 23,755 24,954 46,426 51,985 Asset-based 33,193 6,964 67,080 12,627 Transaction and fee 7,501 7,453 11,664 12,125 Total revenue recognized over time $ 167,765 $ 143,526 $ 326,011 $ 288,061 Total revenue: Advisory $ 103,316 $ 104,155 $ 200,841 $ 211,324 Commission 41,839 42,835 83,311 90,490 Asset-based 33,193 6,964 67,080 12,627 Transaction and fee 8,580 8,715 13,676 14,631 Total revenue $ 186,928 $ 162,669 $ 364,908 $ 329,072

Asset Acquisitions

Asset Acquisitions	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Asset Acquisitions	Note 5: Asset Acquisitions During the six months ended June 30, 2023, we completed acquisitions that met the criteria to be accounted for as asset acquisitions. Total initial purchase consideration, including acquisition costs and fixed deferred payments, was $4.9 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	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Delayed Draw Term Loan Facility Principal outstanding $ 268,313 $ — Unamortized debt issuance costs (5,505) — Unamortized debt discount (1,284) — Net carrying value $ 261,524 $ — 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. During the second quarter of 2023, we borrowed the remaining $100.0 million available 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 June 30, 2023, we had $268.3 million in principal amount outstanding under the Delayed Draw Term Loan Facility and no amounts outstanding under the Revolving Credit Facility. As of June 30, 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 2023. 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 June 30, 2023.

Leases

Leases	6 Months Ended
	Jun. 30, 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 comprehensive income (loss). During the three and six months ended June 30, 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 and six months ended June 30, 2023 and 2022 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed lease cost $ 974 $ 947 $ 1,936 $ 1,920 Variable lease cost 340 363 748 765 Operating lease cost, before sublease income 1,314 1,310 2,684 2,685 Sublease income (479) (234) (958) (468) Total operating lease cost, net of sublease income $ 835 $ 1,076 $ 1,726 $ 2,217 Additional lease information: Cash paid on operating lease liabilities $ 1,312 $ 1,262 $ 2,619 $ 2,491 Lease liabilities obtained from new right-of-use assets $ — $ 128 $ — $ 128 Right-of-use assets and operating lease liabilities were recorded on the condensed consolidated balance sheets as follows (in thousands): June 30, 2023 December 31, 2022 Right-of-use assets, net $ 18,556 $ 19,361 Current lease liabilities $ 5,177 $ 5,139 Long-term lease liabilities 28,622 30,332 Total operating lease liabilities $ 33,799 $ 35,471 Weighted-average remaining lease term (in years) 9.1 9.4 Weighted-average discount rate 5.5 % 5.5 % The maturities of our operating lease liabilities as of June 30, 2023 were as follows (in thousands): Undiscounted cash flows: Remainder of 2023 $ 2,670 2024 5,184 2025 5,086 2026 4,256 2027 3,858 Thereafter 22,315 Total undiscounted cash flows 43,369 Imputed interest (9,570) Present value of cash flows $ 33,799
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 comprehensive income (loss). During the three and six months ended June 30, 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 and six months ended June 30, 2023 and 2022 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed lease cost $ 974 $ 947 $ 1,936 $ 1,920 Variable lease cost 340 363 748 765 Operating lease cost, before sublease income 1,314 1,310 2,684 2,685 Sublease income (479) (234) (958) (468) Total operating lease cost, net of sublease income $ 835 $ 1,076 $ 1,726 $ 2,217 Additional lease information: Cash paid on operating lease liabilities $ 1,312 $ 1,262 $ 2,619 $ 2,491 Lease liabilities obtained from new right-of-use assets $ — $ 128 $ — $ 128 Right-of-use assets and operating lease liabilities were recorded on the condensed consolidated balance sheets as follows (in thousands): June 30, 2023 December 31, 2022 Right-of-use assets, net $ 18,556 $ 19,361 Current lease liabilities $ 5,177 $ 5,139 Long-term lease liabilities 28,622 30,332 Total operating lease liabilities $ 33,799 $ 35,471 Weighted-average remaining lease term (in years) 9.1 9.4 Weighted-average discount rate 5.5 % 5.5 % The maturities of our operating lease liabilities as of June 30, 2023 were as follows (in thousands): Undiscounted cash flows: Remainder of 2023 $ 2,670 2024 5,184 2025 5,086 2026 4,256 2027 3,858 Thereafter 22,315 Total undiscounted cash flows 43,369 Imputed interest (9,570) Present value of cash flows $ 33,799

Balance Sheet Components

Balance Sheet Components	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Prepaid expenses $ 22,499 $ 7,857 Forgivable loans 6,023 5,951 Other current assets 1,532 1,219 Total prepaid expenses and other current assets $ 30,054 $ 15,027 Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Salaries and related benefit expenses $ 12,891 $ 17,481 Accrued legal costs 2,897 1,102 Accrued vendor and advertising costs 1,411 2,726 Accrued taxes 5,076 85,965 Accrued fixed and variable acquisition consideration 1,139 897 Accrued cash-settled stock-based compensation 6,783 2,121 Interest rate derivatives 8,517 — Other 2,218 920 Total accrued expenses and other current liabilities $ 40,932 $ 111,212 Other long-term liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Deferred compensation $ 12,235 $ 7,974 Accrued cash-settled stock-based compensation 3,864 7,556 Accrued tax positions 4,099 3,616 Interest rate derivatives 8,309 — Other 2,943 3,330 Other long-term liabilities $ 31,450 $ 22,476

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 applicable insurance policies will cover all or a substantial portion of any claims made by the Buyer under such indemnification obligations. The current carrying amount of the liability for these indemnification obligations is approximately $0.9 million as of June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2023 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 216 $ 216 $ — $ — Deferred compensation assets 12,710 12,710 — — Total assets at fair value $ 12,926 $ 12,926 $ — $ — Deferred compensation liabilities $ 12,710 $ 12,710 $ — $ — Interest rate derivatives 16,814 — 16,814 — Total liabilities at fair value $ 29,524 $ 12,710 $ 16,814 $ — 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. We utilize a third-party pricing service to estimate the fair value of our derivative financial instruments. Fair value is estimated using industry standard valuation models that primarily rely on observable market inputs, including daily simple secured overnight financing rates ( “SOFR” ) overnight index swap rate curves, SOFR swap rate curves, and volatility. Credit valuation adjustments are incorporated in the fair values to reflect nonperformance risk for both the Company and our counterparties. Although we have determined that the majority of the inputs used to value these derivative instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments utilize Level 3 inputs, such as estimates of current credit spreads. We have determined that the impact of the credit valuation adjustments is not significant to the overall valuation of these derivatives. As a result, we have classified our derivative financial instruments in Level 2 of the fair value hierarchy. 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.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 11: Derivative Financial Instruments We primarily enter into derivative financial instruments as part of our strategy to manage our exposure to changes in interest rates. Our objective in using interest rate derivatives is to reduce variability in the future cash flows we earn from our cash sweep program by limiting our exposure to changes in our contractually specified rate, which is primarily tied to the federal funds rate. To accomplish this objective, we currently utilize interest rate collar and interest rate cap derivative instruments. Our interest rate collar derivatives involve the payment of variable-rate amounts if interest rates rise above the cap strike rate on the contracts and receipts of fixed-rate amounts if interest rates fall below the floor strike rate on the contracts. Our interest rate cap derivatives involve the payment of variable-rate amounts if interest rates rise above the cap strike rate on the contracts. Our interest rate collar derivatives are designated and qualify as cash flow hedges, as defined in ASC 815. Our interest rate cap derivatives do not qualify for cash flow hedge accounting and are considered economic hedges. As of June 30, 2023, the total notional value of our interest rate derivatives represented approximately 64% of the ending client cash balances in our cash sweep program. We are exposed to credit risk in the event of nonperformance of counterparties for our derivative financial instruments. We manage concentration of counterparty credit risk by limiting acceptable counterparties to major financial institutions with investment grade credit ratings, limiting the amount of credit exposure to individual counterparties and actively monitoring counterparty credit ratings. We also employ master netting arrangements which allow us to net settle positive and negative positions (assets and liabilities) arising from different transactions with the same counterparty. Although not completely eliminated, we do not consider the risk of counterparty default to be significant as a result of these protections. Further, none of our derivative financial instruments are subject to collateral or other security arrangements, nor do they contain provisions that are dependent on our credit ratings from any credit rating agency. We recognize derivative financial instruments in the condensed consolidated financial statements at fair value regardless of the purpose or intent for holding the instruments. The following table presents the gross fair value of our derivative financial instruments as of June 30, 2023 and December 31, 2022 (in thousands): Derivative Assets Derivative Liabilities June 30, December 31, June 30, December 31, 2023 2022 2023 2022 Derivatives designated as hedging instruments under ASC 815: Interest rate collars (1) $ — $ — $ 15,938 $ — Total derivatives designated as hedging instruments under ASC 815 — — 15,938 — Derivatives not designated as hedging instruments under ASC 815: Interest rate caps (1) — — 876 — Total derivatives not designated as hedging instruments under ASC 815 — — 876 — Total Derivatives $ — $ — $ 16,814 $ — ______________________ (1) As of June 30, 2023, approximately $8.5 million of the fair value of these derivative financial instruments was recorded within “Accrued expenses and other current liabilities,” with the remaining balance recorded within “Other long-term liabilities” on the condensed consolidated balance sheets. Cash Flow Hedges of Interest Rate Risk During the second quarter of 2023, we entered into two interest rate collar derivative contracts for a total notional value of $1.5 billion. Each contract is indexed to daily simple SOFR and is a combination of a purchased floor instrument with a strike rate of 2.5% and a sold cap instrument with a strike rate of 5.5%, both of which expire on May 31, 2026. The total cost for these interest rate collars was $15.3 million, which we have elected to defer and will settle through monthly straight-line cash payments to the counterparties over the term of the instruments. This hedging strategy enables us to limit the downside risk of significant reductions to interest rates over the term of the instruments in exchange for capping the amount of our future cash flows that may be received from our cash sweep program for the comparable notional amount hedged. We designated these derivative instruments as cash flow hedges and determined that they are highly effective at achieving offsetting changes in cash flows attributable to interest rate fluctuations associated with our cash sweep program. The changes in fair value of the effective portion of these derivative instruments are initially recorded net of tax in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. These accumulated gains or losses are reclassified into “Revenue” (where the hedged transaction is recorded) on the condensed consolidated statements of comprehensive income (loss) when the hedged transaction affects earnings. We have elected to exclude the change in fair value of these derivative instruments attributable to the passage of time from the assessment of hedge effectiveness. Changes in the fair value of amounts excluded from the assessment of effectiveness are recorded net of tax in accumulated other comprehensive income (loss) and recognized as a reduction to “Revenue” on the condensed consolidated statements of comprehensive income (loss) using a straight-line amortization method over the term of the instruments. The table below presents the amount of gains and losses related to these derivative financial instruments and their location in the condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands): Gain (Loss) Gain (Loss) Three Months Ended June 30, 2023 June 30, 2022 Location of Gain (Loss) Recognized in Income June 30, 2023 June 30, 2022 Interest rate collars, net of tax $ (12,393) $ — Revenue $ (332) $ — Six Months Ended Interest rate collars, net of tax $ (12,393) $ — Revenue $ (332) $ — As of June 30, 2023, we estimate that $4.9 million of the deferred amounts recorded in accumulated other comprehensive income (loss) for our cash flow hedges will be reclassified into earnings within the next twelve months. Gains and losses on our cash flow hedges are net of income tax benefit of $3.9 million for the three and six months ended June 30, 2023, respectively. Cash flows from these derivative instruments are included within operating activities in the condensed consolidated statements of cash flows, as our accounting policy is to present cash flows from hedging instruments in the same category as the item being hedged. Economic Hedges of Interest Rate Risk We also utilize interest rate cap derivatives to manage our economic exposure to interest rate movements which do not meet the hedge accounting requirements of ASC 815. During the second quarter of 2023, we sold two interest rate cap derivative contracts for a total notional value of $240.0 million. Each contract is indexed to daily simple SOFR, has a strike rate of 5.5%, and expires on May 31, 2026. These interest rate caps were sold for a total premium of $1.2 million, which have been deferred and will be settled by the counterparties through monthly straight-line cash payments over the term of the instruments. This hedging strategy enables us to offset a portion of the total cost of our interest rate collar derivatives by capping the amount of our future cash flows that may be received from our cash sweep program for the comparable notional amount hedged. These derivative instruments are not designated for hedge accounting treatment, therefore, realized and unrealized gains or losses on the instruments are immediately recognized within “Interest expense and other, net” on the condensed consolidated statements of comprehensive income (loss). Cash flows from these derivative instruments are included within operating activities in the condensed consolidated statements of cash flows. The table below presents the amount of gains and losses related to these derivative financial instruments and their location in the condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands): Gain (Loss) Three Months Ended Location of Gain (Loss) June 30, 2023 June 30, 2022 Interest rate caps Interest expense and other, net $ (842) $ — Six Months Ended Interest rate caps Interest expense and other, net $ (842) $ — Accumulated Other Comprehensive Income (Loss) The table below presents a roll forward of the amounts included in accumulated other comprehensive income (loss), net of taxes, for the three and six months ended June 30, 2023 (in thousands): Interest Rate Collars Deferred Taxes Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2022 $ — $ — $ — Balance as of March 31, 2023 — — — Changes in fair value (16,377) 3,984 (12,393) Reclassification to earnings 439 (107) 332 Balance as of June 30, 2023 $ (15,938) $ 3,877 $ (12,061)

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Note 12: 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 June 30, 2023, we repurchased approximately 2.2 million shares of our common stock under the stock repurchase authorization for an aggregate purchase price of approximately $51.2 million. For the six months ended June 30, 2023, we repurchased approximately 3.2 million shares of our common stock under the stock repurchase authorization for an aggregate purchase price of approximately $76.0 million. The remaining authorized amount under the stock repurchase authorization as of June 30, 2023, was approximately $124.0 million. For the three months ended June 30, 2022, we repurchased approximately 0.2 million shares of our common stock under our previous stock repurchase plan for an aggregate purchase price of approximately $4.5 million. For the six months ended June 30, 2022, we repurchased approximately 1.9 million shares of our common stock under our previous stock repurchase plan for an aggregate purchase price of approximately $35.0 million. Between July 1, 2023 and August 4, 2023, we repurchased approximately 0.4 million shares of our common stock under the stock repurchase authorization for an aggregate purchase price of approximately $9.1 million. The remaining authorized amount under the stock repurchase authorization as of August 4, 2023, was approximately $115.0 million.

Interest Expense and Other, Net

Interest Expense and Other, Net	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Interest Expense and Other, Net	Note 13: Interest Expense and Other, Net “Interest expense and other, net” on the condensed consolidated statements of comprehensive income (loss) consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest expense $ 4,661 $ 57 $ 6,192 $ 81 Amortization of debt issuance costs 246 — 374 — Amortization of debt discount 41 — 66 — Total interest expense 4,948 57 6,632 81 Interest income and other (49) 155 (1,024) 184 Transition services agreement income (1,043) — (2,646) — Derivative losses - interest rate caps 842 — 842 — Interest expense and other, net $ 4,698 $ 212 $ 3,804 $ 265

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 14: 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 income tax expense of $2.1 million and $1.6 million for the three and six months ended June 30, 2023, respectively. Our effective income tax rate for the three and six months ended June 30, 2023 differed from the 21% statutory rate primarily due to non-deductible compensation and the effect of state taxes.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income Per Share	Note 15: Net Income 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 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 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 per share is as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Income from continuing operations $ 3,581 $ 847 $ 3,333 $ 4,399 Income from discontinued operations — 38,578 1,921 69,646 Net income $ 3,581 $ 39,425 $ 5,254 $ 74,045 Denominator: Basic weighted average common shares outstanding 38,349 47,582 41,497 48,048 Dilutive potential common shares (1) 852 1,108 1,018 1,172 Diluted weighted average common shares outstanding 39,201 48,690 42,515 49,220 Basic net income per share: Continuing operations $ 0.09 $ 0.02 $ 0.08 $ 0.09 Discontinued operations — 0.81 0.05 1.45 Basic net income per share: $ 0.09 $ 0.83 $ 0.13 $ 1.54 Diluted net income per share: Continuing operations $ 0.09 $ 0.02 $ 0.08 $ 0.09 Discontinued operations — 0.79 0.04 1.41 Diluted net income per share: $ 0.09 $ 0.81 $ 0.12 $ 1.50 Shares excluded (1) 510 960 427 935 ________________________ (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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 16: Subsequent EventsBetween July 1, 2023 and August 4, 2023, we repurchased approximately 0.4 million shares of our common stock under our stock repurchase authorization for an aggregate purchase price of approximately $9.1 million. The remaining authorized amount under the stock repurchase authorization as of August 4, 2023, was approximately $115.0 million.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 3,581	$ 1,673	$ 39,425	$ 34,620	$ 5,254	$ 74,045

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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. 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, 2022. Other than below, there have been no significant changes in our significant accounting policies since December 31, 2022.
Derivative Financial Instruments	We primarily enter into derivative financial instruments as part of our strategy to manage our exposure to changes in interest rates. Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying term (such as an interest rate or index) as specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying term. We do not enter into derivative instruments for any purpose other than hedging interest rate risk, and none of our derivative instruments are used for trading purposes. We recognize derivatives as assets or liabilities on our consolidated balance sheets at their fair value in accordance with ASC 815, Derivatives and Hedging . The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Currently, we have only designated derivative instruments as cash flow hedges. We may also enter into derivative contracts that are intended to economically hedge interest rate risk, even though hedge accounting does not apply or we elect not to apply hedge accounting. To qualify for hedge accounting, concurrent with the execution of a derivative contract, we formally document our risk management objective and strategy for undertaking the hedging transaction, how the hedging instrument is expected to hedge the designated risk related to the hedged item, and the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. For derivatives designated as cash flow hedging instruments, changes in fair value are initially recorded net of tax in accumulated other comprehensive income (loss) and subsequently reclassified into earnings when the hedged transaction affects earnings. Additionally, changes in the fair value of amounts excluded from the assessment of effectiveness are recorded net of tax in accumulated other comprehensive income (loss) and recognized in earnings using a straight-line amortization method over the term of instrument. Changes in fair value for derivative contracts that do not qualify for hedge accounting (or for those that we elect to not apply hedge accounting), are immediately recognized within earnings. Realized and unrealized gains and losses for derivatives are presented in the statements of comprehensive income (loss) based on the nature and use of the instrument.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Financial Information	The following table presents summarized information regarding certain components of income (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenues $ — $ 94,214 $ — $ 235,364 Operating expenses — 40,435 — 123,154 Interest expense and other, net — (7,905) — (15,693) Income from discontinued operations before gain on disposal and income taxes — 45,874 — 96,517 Pre-tax gain on disposal — — 2,539 — Income from discontinued operations before income taxes — 45,874 2,539 96,517 Income tax expense — (7,296) (618) (26,871) Income from discontinued operations $ — $ 38,578 $ 1,921 $ 69,646

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Recognized upon transaction: Commission $ 18,084 $ 17,881 $ 36,885 $ 38,505 Transaction and fee 1,079 1,262 2,012 2,506 Total revenue recognized upon transaction $ 19,163 $ 19,143 $ 38,897 $ 41,011 Recognized over time: Advisory $ 103,316 $ 104,155 $ 200,841 $ 211,324 Commission 23,755 24,954 46,426 51,985 Asset-based 33,193 6,964 67,080 12,627 Transaction and fee 7,501 7,453 11,664 12,125 Total revenue recognized over time $ 167,765 $ 143,526 $ 326,011 $ 288,061 Total revenue: Advisory $ 103,316 $ 104,155 $ 200,841 $ 211,324 Commission 41,839 42,835 83,311 90,490 Asset-based 33,193 6,964 67,080 12,627 Transaction and fee 8,580 8,715 13,676 14,631 Total revenue $ 186,928 $ 162,669 $ 364,908 $ 329,072

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Delayed Draw Term Loan Facility Principal outstanding $ 268,313 $ — Unamortized debt issuance costs (5,505) — Unamortized debt discount (1,284) — Net carrying value $ 261,524 $ —

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Operating Lease Expense	Operating lease cost, net of sublease income, and cash paid on operating lease liabilities for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed lease cost $ 974 $ 947 $ 1,936 $ 1,920 Variable lease cost 340 363 748 765 Operating lease cost, before sublease income 1,314 1,310 2,684 2,685 Sublease income (479) (234) (958) (468) Total operating lease cost, net of sublease income $ 835 $ 1,076 $ 1,726 $ 2,217 Additional lease information: Cash paid on operating lease liabilities $ 1,312 $ 1,262 $ 2,619 $ 2,491 Lease liabilities obtained from new right-of-use assets $ — $ 128 $ — $ 128
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): June 30, 2023 December 31, 2022 Right-of-use assets, net $ 18,556 $ 19,361 Current lease liabilities $ 5,177 $ 5,139 Long-term lease liabilities 28,622 30,332 Total operating lease liabilities $ 33,799 $ 35,471 Weighted-average remaining lease term (in years) 9.1 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 June 30, 2023 were as follows (in thousands): Undiscounted cash flows: Remainder of 2023 $ 2,670 2024 5,184 2025 5,086 2026 4,256 2027 3,858 Thereafter 22,315 Total undiscounted cash flows 43,369 Imputed interest (9,570) Present value of cash flows $ 33,799

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2023 December 31, 2022 Prepaid expenses $ 22,499 $ 7,857 Forgivable loans 6,023 5,951 Other current assets 1,532 1,219 Total prepaid expenses and other current assets $ 30,054 $ 15,027
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Salaries and related benefit expenses $ 12,891 $ 17,481 Accrued legal costs 2,897 1,102 Accrued vendor and advertising costs 1,411 2,726 Accrued taxes 5,076 85,965 Accrued fixed and variable acquisition consideration 1,139 897 Accrued cash-settled stock-based compensation 6,783 2,121 Interest rate derivatives 8,517 — Other 2,218 920 Total accrued expenses and other current liabilities $ 40,932 $ 111,212
Schedule of Other Liabilities	Other long-term liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Deferred compensation $ 12,235 $ 7,974 Accrued cash-settled stock-based compensation 3,864 7,556 Accrued tax positions 4,099 3,616 Interest rate derivatives 8,309 — Other 2,943 3,330 Other long-term liabilities $ 31,450 $ 22,476

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 Quoted prices in Significant other Significant Cash equivalents: money market and other funds $ 216 $ 216 $ — $ — Deferred compensation assets 12,710 12,710 — — Total assets at fair value $ 12,926 $ 12,926 $ — $ — Deferred compensation liabilities $ 12,710 $ 12,710 $ — $ — Interest rate derivatives 16,814 — 16,814 — Total liabilities at fair value $ 29,524 $ 12,710 $ 16,814 $ — 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 $ — $ —

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Gross Fair Value of Our Derivative Financial Instruments	The following table presents the gross fair value of our derivative financial instruments as of June 30, 2023 and December 31, 2022 (in thousands): Derivative Assets Derivative Liabilities June 30, December 31, June 30, December 31, 2023 2022 2023 2022 Derivatives designated as hedging instruments under ASC 815: Interest rate collars (1) $ — $ — $ 15,938 $ — Total derivatives designated as hedging instruments under ASC 815 — — 15,938 — Derivatives not designated as hedging instruments under ASC 815: Interest rate caps (1) — — 876 — Total derivatives not designated as hedging instruments under ASC 815 — — 876 — Total Derivatives $ — $ — $ 16,814 $ — ______________________
Schedule of Gains and Losses Related to Derivative Financial Instruments and their Location	The table below presents the amount of gains and losses related to these derivative financial instruments and their location in the condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands): Gain (Loss) Gain (Loss) Three Months Ended June 30, 2023 June 30, 2022 Location of Gain (Loss) Recognized in Income June 30, 2023 June 30, 2022 Interest rate collars, net of tax $ (12,393) $ — Revenue $ (332) $ — Six Months Ended Interest rate collars, net of tax $ (12,393) $ — Revenue $ (332) $ — The table below presents the amount of gains and losses related to these derivative financial instruments and their location in the condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands): Gain (Loss) Three Months Ended Location of Gain (Loss) June 30, 2023 June 30, 2022 Interest rate caps Interest expense and other, net $ (842) $ — Six Months Ended Interest rate caps Interest expense and other, net $ (842) $ —
Schedule of Accumulated Other Comprehensive Loss	The table below presents a roll forward of the amounts included in accumulated other comprehensive income (loss), net of taxes, for the three and six months ended June 30, 2023 (in thousands): Interest Rate Collars Deferred Taxes Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2022 $ — $ — $ — Balance as of March 31, 2023 — — — Changes in fair value (16,377) 3,984 (12,393) Reclassification to earnings 439 (107) 332 Balance as of June 30, 2023 $ (15,938) $ 3,877 $ (12,061)

Interest Expense and Other, N_2

Interest Expense and Other, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Schedule of Other Loss, Net	“Interest expense and other, net” on the condensed consolidated statements of comprehensive income (loss) consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Interest expense $ 4,661 $ 57 $ 6,192 $ 81 Amortization of debt issuance costs 246 — 374 — Amortization of debt discount 41 — 66 — Total interest expense 4,948 57 6,632 81 Interest income and other (49) 155 (1,024) 184 Transition services agreement income (1,043) — (2,646) — Derivative losses - interest rate caps 842 — 842 — Interest expense and other, net $ 4,698 $ 212 $ 3,804 $ 265

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 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 per share is as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Income from continuing operations $ 3,581 $ 847 $ 3,333 $ 4,399 Income from discontinued operations — 38,578 1,921 69,646 Net income $ 3,581 $ 39,425 $ 5,254 $ 74,045 Denominator: Basic weighted average common shares outstanding 38,349 47,582 41,497 48,048 Dilutive potential common shares (1) 852 1,108 1,018 1,172 Diluted weighted average common shares outstanding 39,201 48,690 42,515 49,220 Basic net income per share: Continuing operations $ 0.09 $ 0.02 $ 0.08 $ 0.09 Discontinued operations — 0.81 0.05 1.45 Basic net income per share: $ 0.09 $ 0.83 $ 0.13 $ 1.54 Diluted net income per share: Continuing operations $ 0.09 $ 0.02 $ 0.08 $ 0.09 Discontinued operations — 0.79 0.04 1.41 Diluted net income per share: $ 0.09 $ 0.81 $ 0.12 $ 1.50 Shares excluded (1) 510 960 427 935 ________________________ (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) $ in Millions		6 Months Ended
	Oct. 31, 2022 USD ($)	Jun. 30, 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		6 Months Ended
	Oct. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain on disposal		$ 0	$ 0	$ 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		$ 0	$ 0	$ 2,539	$ 0

Discontinued Operations- Income

Discontinued Operations- Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain on disposal	$ 0	$ 0	$ 2,539	$ 0
Income from discontinued operations before income taxes	0	45,874	2,539	96,517
Income tax expense	0	(7,296)	(618)	(26,871)
Income from discontinued operations	0	38,578	1,921	69,646
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	94,214	0	235,364
Operating expenses	0	40,435	0	123,154
Interest expense and other, net	0	(7,905)	0	(15,693)
Income from discontinued operations before gain on disposal and income taxes	0	45,874	0	96,517
Pre-tax gain on disposal	0	0	2,539	0
Income from discontinued operations before income taxes	0	45,874	2,539	96,517
Income tax expense	0	(7,296)	(618)	(26,871)
Income from discontinued operations	$ 0	$ 38,578	$ 1,921	$ 69,646

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 186,928	$ 162,669	$ 364,908	$ 329,072
Recognized upon transaction:
Disaggregation of Revenue [Line Items]
Total revenue	19,163	19,143	38,897	41,011
Recognized over time:
Disaggregation of Revenue [Line Items]
Total revenue	167,765	143,526	326,011	288,061
Commission
Disaggregation of Revenue [Line Items]
Total revenue	41,839	42,835	83,311	90,490
Commission | Recognized upon transaction:
Disaggregation of Revenue [Line Items]
Total revenue	18,084	17,881	36,885	38,505
Commission | Recognized over time:
Disaggregation of Revenue [Line Items]
Total revenue	23,755	24,954	46,426	51,985
Transaction and fee
Disaggregation of Revenue [Line Items]
Total revenue	8,580	8,715	13,676	14,631
Transaction and fee | Recognized upon transaction:
Disaggregation of Revenue [Line Items]
Total revenue	1,079	1,262	2,012	2,506
Transaction and fee | Recognized over time:
Disaggregation of Revenue [Line Items]
Total revenue	7,501	7,453	11,664	12,125
Advisory
Disaggregation of Revenue [Line Items]
Total revenue	103,316	104,155	200,841	211,324
Advisory | Recognized over time:
Disaggregation of Revenue [Line Items]
Total revenue	103,316	104,155	200,841	211,324
Asset-based
Disaggregation of Revenue [Line Items]
Total revenue	33,193	6,964	67,080	12,627
Asset-based | Recognized over time:
Disaggregation of Revenue [Line Items]
Total revenue	$ 33,193	$ 6,964	$ 67,080	$ 12,627

Asset Acquisitions (Details)

Asset Acquisitions (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Asset acquisition, consideration transferred	$ 4.9
Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Maximum future contingent payments	$ 27.5
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	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal outstanding	$ 268,313	$ 0
Unamortized debt issuance costs	(5,505)	0
Unamortized debt discount	(1,284)	0
Net carrying value	$ 261,524	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)			3 Months Ended	6 Months Ended
	Feb. 24, 2023	Jan. 24, 2023	Jun. 30, 2023	Jun. 30, 2023
Term Loan
Debt Instrument [Line Items]
Debt outstanding			$ 268,300,000	$ 268,300,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding			0	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	$ 50,000,000
Credit spread adjustment (as a percent)		0.10%
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 | SOFR
Debt Instrument [Line Items]
Variable interest rate		2.75%
Amended and Restate Credit Facility | SOFR | Minimum
Debt Instrument [Line Items]
Variable interest rate		2.25%
Amended and Restate Credit Facility | SOFR | 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		$ 100,000,000
Quarterly amortization, year one (as a percent)			2.50%	2.50%
Quarterly amortization, years two and three (as a percent)			5%	5%
Quarterly amortization, year four (as a percent)			7.50%	7.50%
Quarterly amortization, year five (as a percent)			10%	10%
Amended and Restate Credit Facility | Term Loan | Minimum
Debt Instrument [Line Items]
Percentage of excess cash flow				0%
Amended and Restate Credit Facility | Term Loan | Maximum
Debt Instrument [Line Items]
Percentage of excess cash flow				50%
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Sublease term	5 years		5 years
Lease, Cost [Abstract]
Fixed lease cost	$ 974	$ 947	$ 1,936	$ 1,920
Variable lease cost	340	363	748	765
Operating lease cost, before sublease income	1,314	1,310	2,684	2,685
Sublease income	(479)	(234)	(958)	(468)
Total operating lease cost, net of sublease income	835	1,076	1,726	2,217
Additional lease information:
Cash paid on operating lease liabilities	1,312	1,262	2,619	2,491
Lease liabilities obtained from new right-of-use assets	$ 0	$ 128	$ 0	$ 128

Leases - Supplement Balance She

Leases - Supplement Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use assets, net	$ 18,556	$ 19,361
Current lease liabilities	5,177	5,139
Long-term lease liabilities	28,622	30,332
Total operating lease liabilities	$ 33,799	$ 35,471
Weighted-average remaining lease term (in years)	9 years 1 month 6 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	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of 2023	$ 2,670
2024	5,184
2025	5,086
2026	4,256
2027	3,858
Thereafter	22,315
Total undiscounted cash flows	43,369
Imputed interest	(9,570)
Present value of cash flows	$ 33,799	$ 35,471

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 22,499	$ 7,857
Forgivable loans	6,023	5,951
Other current assets	1,532	1,219
Total prepaid expenses and other current assets	$ 30,054	$ 15,027

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Salaries and related benefit expenses	$ 12,891	$ 17,481
Accrued legal costs	2,897	1,102
Accrued vendor and advertising costs	1,411	2,726
Accrued taxes	5,076	85,965
Accrued fixed and variable acquisition consideration	1,139	897
Accrued cash-settled stock-based compensation	6,783	2,121
Interest rate derivatives	8,517	0
Other	2,218	920
Total accrued expenses and other current liabilities	$ 40,932	$ 111,212

Balance Sheet Components - Ac_2

Balance Sheet Components - Accrued Other Long Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred compensation	$ 12,235	$ 7,974
Accrued cash-settled stock-based compensation	3,864	7,556
Accrued tax positions	4,099	3,616
Interest rate derivatives	8,309	0
Other	2,943	3,330
Other long-term liabilities	$ 31,450	$ 22,476

Commitments and Contingencies (

Commitments and Contingencies (Details) - Indemnification Agreement $ in Millions	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Maximum obligation	$ 5.4
Deductible amount	1
Loss contingency accrual	$ 0.9

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	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Deferred compensation assets	$ 12,710	$ 7,974
Total assets at fair value	12,926	12,343
Liabilities
Deferred compensation liabilities	12,710	7,974
Interest rate derivatives	16,814
Total liabilities at fair value	29,524	7,974
Money market and other funds
ASSETS
Cash equivalents: money market and other funds	216	4,369
Quoted prices in active markets using identical  assets (Level 1)
ASSETS
Deferred compensation assets	12,710	7,974
Total assets at fair value	12,926	12,343
Liabilities
Deferred compensation liabilities	12,710	7,974
Interest rate derivatives	0
Total liabilities at fair value	12,710	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	216	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
Interest rate derivatives	16,814
Total liabilities at fair value	16,814	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
Interest rate derivatives	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	Jun. 30, 2023	Dec. 31, 2022
Delayed Draw Term Loan Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Principal outstanding	$ 268,313	$ 0

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended	38 Months Ended
	Jun. 30, 2023 USD ($) derivativeContract derivativeContractSold	Jun. 30, 2023 USD ($)	May 31, 2026 USD ($)
Derivative [Line Items]
Notional value representing cash balance percentage	64%	64%
Cash flow hedges reclassified into earnings within next twelve months	$ 4.9	$ 4.9
Income tax benefit	$ 3.9	3.9
Interest Rate Collars | Cash Flow Hedges of Interest Rate Risk
Derivative [Line Items]
Number of derivative contracts | derivativeContract	2
Notional value	$ 1,500	$ 1,500
Floor instrument strike rate	2.50%	2.50%
Interest Rate Collars | Cash Flow Hedges of Interest Rate Risk | Forecast
Derivative [Line Items]
Total interest rate cost			$ 15.3
Interest rate caps | Economic Hedges of Interest Rate Risk
Derivative [Line Items]
Notional value	$ 240	$ 240
Number of derivative contracts sold | derivativeContractSold	2
Derivative strike rate	5.50%	5.50%
Interest rate caps sold		$ 1.2
Interest rate caps | Cash Flow Hedges of Interest Rate Risk
Derivative [Line Items]
Cap instrument strike rate	5.50%	5.50%

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Gross Fair Value of Our Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 0	$ 0
Derivative Liabilities	16,814	0
Accrued Expenses and Other Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	8,500
Derivatives designated as hedging instruments under ASC 815
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	15,938	0
Derivatives not designated as hedging instruments under ASC 815
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	876	0
Interest Rate Collars | Derivatives designated as hedging instruments under ASC 815
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	15,938	0
Interest rate caps | Derivatives not designated as hedging instruments under ASC 815
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	$ 876	$ 0

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Gains and Losses Related to Derivative Financial Instruments and their Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest Rate Collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in OCI	$ (12,393)	$ 0	$ (12,393)	$ 0
Interest Rate Collars | Revenue
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Income	$ (332)	$ 0	(332)	0
Interest rate caps | Interest expense and other, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in Income			$ (842)	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Rollforward of the Amounts Included in Accumulated Other Comprehensive Loss, Net of Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Equity attributable to parent	$ 411,200	$ 743,198	$ 389,453	$ 348,873	$ 341,622
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	468,044
Changes in fair value	(12,393)
Reclassification to earnings	332
Ending balance	411,200
Accumulated Other Comprehensive Income (Loss)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Equity attributable to parent	(12,061)	0	$ 0	$ 0	$ 0
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0
Ending balance	(12,061)
Interest Rate Collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Equity attributable to parent	(15,938)	0
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0
Changes in fair value	(16,377)
Reclassification to earnings	439
Ending balance	(15,938)
Deferred Taxes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Equity attributable to parent	3,877	$ 0
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0
Changes in fair value	3,984
Reclassification to earnings	(107)
Ending balance	$ 3,877

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions		1 Months Ended	3 Months Ended				6 Months Ended
	Jan. 27, 2023	Aug. 04, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 19, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock	$ 250,000,000		$ 51,624,000	$ 279,562,000	$ 4,463,000	$ 30,537,000
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			$ 51,200,000		$ 4,500,000		$ 76,000,000	$ 35,000,000
Stock repurchase authorization									$ 200,000,000
Stock repurchases (in shares)			2.2		0.2		3.2	1.9
Stock repurchase program, remaining authorized repurchase amount			$ 124,000,000				$ 124,000,000
Stock Repurchase Authorization Program | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock		$ 9,100,000
Stock repurchases (in shares)		0.4
Stock repurchase program, remaining authorized repurchase amount		$ 115,000,000
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Interest expense	$ 4,661	$ 57	$ 6,192	$ 81
Amortization of debt issuance costs	246	0	374	0
Amortization of debt discount	41	0	66	0
Total interest expense	4,948	57	6,632	81
Interest income and other	(49)	155	(1,024)	184
Transition services agreement income	(1,043)	0	(2,646)	0
Derivative losses - interest rate caps	842	0	842	0
Interest expense and other, net	$ 4,698	$ 212	$ 3,804	$ 265

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 2,073	$ (4,053)	$ 1,592	$ (21,046)

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Income from continuing operations	$ 3,581		$ 847		$ 3,333	$ 4,399
Income from discontinued operations	0		38,578		1,921	69,646
Net income	$ 3,581	$ 1,673	$ 39,425	$ 34,620	$ 5,254	$ 74,045
Denominator:
Basic weighted average common shares outstanding (in shares)	38,349		47,582		41,497	48,048
Dilutive potential common shares (in shares)	852		1,108		1,018	1,172
Diluted weighted average common shares outstanding (in shares)	39,201		48,690		42,515	49,220
Basic net income per share:
Continuing operations (in dollars per share)	$ 0.09		$ 0.02		$ 0.08	$ 0.09
Discontinued operations (in dollars per share)	0		0.81		0.05	1.45
Basic net income per share: (in dollars per share)	0.09		0.83		0.13	1.54
Diluted net income per share:
Continuing operations (in dollars per share)	0.09		0.02		0.08	0.09
Discontinued operations (in dollars per share)	0		0.79		0.04	1.41
Diluted net income per share: (in dollars per share)	$ 0.09		$ 0.81		$ 0.12	$ 1.50
Shares excluded (in shares)	510		960		427	935

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands, shares in Millions		1 Months Ended	3 Months Ended				6 Months Ended
	Jan. 27, 2023	Aug. 04, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Treasury stock	$ 250,000		$ 51,624	$ 279,562	$ 4,463	$ 30,537
Stock Repurchase Authorization Program
Subsequent Event [Line Items]
Stock repurchases (in shares)			2.2		0.2		3.2	1.9
Treasury stock			$ 51,200		$ 4,500		$ 76,000	$ 35,000
Stock repurchase program, remaining authorized repurchase amount			$ 124,000				$ 124,000
Subsequent Event | Stock Repurchase Authorization Program
Subsequent Event [Line Items]
Stock repurchases (in shares)		0.4
Treasury stock		$ 9,100
Stock repurchase program, remaining authorized repurchase amount		$ 115,000