Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | ASSETMARK FINANCIAL HOLDINGS, INC. | |
Entity Central Index Key | 0001591587 | |
Entity File Number | 001-38980 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 30-0774039 | |
Entity Address, Address Line One | 1655 Grant Street | |
Entity Address, Address Line Two | 10th Floor | |
Entity Address, City or Town | Concord | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94520 | |
City Area Code | 925 | |
Local Phone Number | 521-2200 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | AMK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 73,847,106 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 137,210 | $ 76,707 |
Restricted cash | 13,000 | 13,000 |
Investments, at fair value | 12,919 | 14,498 |
Fees and other receivables, net | 15,789 | 9,019 |
Income tax receivable, net | 9,617 | 6,276 |
Prepaid expenses and other current assets | 11,293 | 14,673 |
Total current assets | 199,828 | 134,173 |
Property, plant and equipment, net | 7,467 | 8,015 |
Capitalized software, net | 85,110 | 73,701 |
Other intangible assets, net | 703,180 | 709,693 |
Operating lease right-of-use assets | 22,833 | 22,469 |
Goodwill | 437,154 | 436,821 |
Other assets | 11,633 | 2,090 |
Total assets | 1,467,205 | 1,386,962 |
Current liabilities: | ||
Accounts payable | 1,637 | 2,613 |
Accrued liabilities and other current liabilities | 52,118 | 56,249 |
Total current liabilities | 53,755 | 58,862 |
Long-term debt, net | 113,673 | 115,000 |
Other long-term liabilities | 14,686 | 16,468 |
Long-term portion of operating lease liabilities | 28,684 | 28,316 |
Deferred income tax liabilities, net | 159,257 | 158,930 |
Total long-term liabilities | 316,300 | 318,714 |
Total liabilities | 370,055 | 377,576 |
Stockholders’ equity: | ||
Common stock, $0.001 par value (675,000,000 shares authorized and 73,845,974 and 73,562,717 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively) | 74 | 74 |
Additional paid-in capital | 939,166 | 929,070 |
Retained earnings | 157,910 | 80,242 |
Total stockholders’ equity | 1,097,150 | 1,009,386 |
Total liabilities and stockholders’ equity | $ 1,467,205 | $ 1,386,962 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 675,000,000 | 675,000,000 |
Common stock, shares issued | 73,845,974 | 73,562,717 |
Common stock, shares outstanding | 73,845,974 | 73,562,717 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue: | ||||
Total revenue | $ 154,663 | $ 139,667 | $ 454,173 | $ 386,715 |
Operating expenses: | ||||
Asset-based expenses | 36,476 | 38,697 | 118,429 | 110,609 |
Spread-based expenses | 2,142 | (484) | 3,188 | 1,060 |
Employee compensation | 41,589 | 44,051 | 121,852 | 150,800 |
General and operating expenses | 21,667 | 18,794 | 65,949 | 52,599 |
Professional fees | 5,877 | 5,071 | 17,104 | 14,349 |
Depreciation and amortization | 7,961 | 10,648 | 23,141 | 29,849 |
Total operating expenses | 115,712 | 116,777 | 349,663 | 359,266 |
Interest expense | 1,560 | 1,061 | 4,207 | 2,606 |
Other income (expense), net | 11 | (119) | (195) | (82) |
Income before income taxes | 37,402 | 21,710 | 100,108 | 24,761 |
Provision for income taxes | 7,293 | 9,460 | 22,440 | 11,441 |
Net income | 30,109 | 12,250 | 77,668 | 13,320 |
Net comprehensive income | $ 30,109 | $ 12,250 | $ 77,668 | $ 13,320 |
Net income per share attributable to common stockholders: | ||||
Basic | $ 0.41 | $ 0.17 | $ 1.05 | $ 0.19 |
Diluted | $ 0.41 | $ 0.17 | $ 1.05 | $ 0.19 |
Weighted average number of common shares outstanding, basic | 73,842,297 | 72,921,794 | 73,682,881 | 71,764,582 |
Weighted average number of common shares outstanding, diluted | 73,844,689 | 73,566,777 | 73,783,858 | 71,940,398 |
Asset Based Revenue | ||||
Revenue: | ||||
Total revenue | $ 128,173 | $ 134,152 | $ 409,498 | $ 374,655 |
Spread Based Revenue | ||||
Revenue: | ||||
Total revenue | 21,160 | 1,235 | 30,265 | 6,513 |
Subscription Based Revenue | ||||
Revenue: | ||||
Total revenue | 3,126 | 3,172 | 9,703 | 3,172 |
Other Revenue | ||||
Revenue: | ||||
Total revenue | $ 2,204 | $ 1,108 | $ 4,707 | $ 2,375 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings |
Beginning balance at Dec. 31, 2020 | $ 905,073 | $ 72 | $ 850,430 | $ 54,571 |
Beginning balance, shares at Dec. 31, 2020 | 72,459,255 | |||
Net income | 13,320 | 13,320 | ||
Share-based compensation | 48,079 | 48,079 | ||
Issuance of common stock - vesting of restricted stock units | $ 1 | (1) | ||
Issuance of common stock - vesting of restricted stock units, shares | 93,940 | |||
Common stock issued in connection with business combination | 24,910 | $ 1 | 24,909 | |
Common stock issued in connection with business combination, shares | 994,028 | |||
Exercise of stock options | 94 | 94 | ||
Exercise of stock options, shares | 4,252 | |||
Cancellation of unvested restricted stock awards | (2,918) | |||
Ending balance at Sep. 30, 2021 | 991,476 | $ 74 | 923,511 | 67,891 |
Ending balance, shares at Sep. 30, 2021 | 73,548,557 | |||
Beginning balance at Jun. 30, 2021 | 946,248 | $ 73 | 890,534 | 55,641 |
Beginning balance, shares at Jun. 30, 2021 | 72,540,664 | |||
Net income | 12,250 | 12,250 | ||
Share-based compensation | 7,974 | 7,974 | ||
Issuance of common stock - vesting of restricted stock units, shares | 12,531 | |||
Common stock issued in connection with business combination | 24,910 | $ 1 | 24,909 | |
Common stock issued in connection with business combination, shares | 994,028 | |||
Exercise of stock options | 94 | 94 | ||
Exercise of stock options, shares | 4,252 | |||
Cancellation of unvested restricted stock awards | (2,918) | |||
Ending balance at Sep. 30, 2021 | 991,476 | $ 74 | 923,511 | 67,891 |
Ending balance, shares at Sep. 30, 2021 | 73,548,557 | |||
Beginning balance at Dec. 31, 2021 | 1,009,386 | $ 74 | 929,070 | 80,242 |
Beginning balance, shares at Dec. 31, 2021 | 73,562,717 | |||
Net income | 77,668 | 77,668 | ||
Share-based compensation | 10,096 | 10,096 | ||
Issuance of common stock - vesting of restricted stock units, shares | 283,036 | |||
Exercise of stock options, shares | 221 | |||
Ending balance at Sep. 30, 2022 | 1,097,150 | $ 74 | 939,166 | 157,910 |
Ending balance, shares at Sep. 30, 2022 | 73,845,974 | |||
Beginning balance at Jun. 30, 2022 | 1,063,118 | $ 74 | 935,243 | 127,801 |
Beginning balance, shares at Jun. 30, 2022 | 73,745,114 | |||
Net income | 30,109 | 30,109 | ||
Share-based compensation | 3,923 | 3,923 | ||
Issuance of common stock - vesting of restricted stock units, shares | 100,860 | |||
Ending balance at Sep. 30, 2022 | $ 1,097,150 | $ 74 | $ 939,166 | $ 157,910 |
Ending balance, shares at Sep. 30, 2022 | 73,845,974 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 77,668 | $ 13,320 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 23,141 | 29,849 |
Interest | 607 | 540 |
Deferred income taxes | 226 | |
Share-based compensation | 10,096 | 48,079 |
Debt acquisition cost write-down | 130 | |
Changes in certain assets and liabilities: | ||
Fees and other receivables, net | (7,338) | (594) |
Receivables from related party | 568 | (91) |
Prepaid expenses and other current assets | 6,732 | 4,866 |
Accounts payable, accrued liabilities and other current liabilities | (12,664) | 14 |
Income tax receivable and payable, net | (3,341) | (2,308) |
Net cash provided by operating activities | 95,599 | 93,901 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of Voyant, Inc., net of cash received | (124,236) | |
Purchase of investments | (2,211) | (2,435) |
Sale of investments | 384 | 173 |
Purchase of property and equipment | (1,440) | (652) |
Purchase of computer software | (26,049) | (26,016) |
Purchase of convertible notes receivable | (8,600) | |
Net cash used in investing activities | (37,916) | (153,166) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from revolving credit facility draw down | 75,000 | |
Proceeds from issuance of long-term debt, net | 122,508 | |
Proceeds from exercise of stock options | 94 | |
Payments on revolving credit facility | (115,000) | (35,000) |
Payments on long-term debt | (4,688) | |
Net cash provided by financing activities | 2,820 | 40,094 |
Net change in cash, cash equivalents, and restricted cash | 60,503 | (19,171) |
Cash, cash equivalents, and restricted cash at beginning of period | 89,707 | 81,619 |
Cash, cash equivalents, and restricted cash at end of period | 150,210 | 62,448 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Income taxes paid | 26,176 | 15,977 |
Interest paid | 2,714 | 1,870 |
Non-cash operating and investing activities: | ||
Non-cash changes to right-of-use assets | 3,396 | (1,176) |
Non-cash changes to lease liabilities | $ 3,396 | (1,176) |
Common stock issued in acquisition of business | $ 24,910 |
Overview
Overview | 9 Months Ended |
Sep. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Overview | Note 1. Overview Organization and Nature of Business These unaudited condensed consolidated financial statements include AssetMark Financial Holdings, Inc. (“AFHI” or the “Company”) and its subsidiaries. AFHI is the parent company of AssetMark, Inc., AssetMark Trust Company, AssetMark Brokerage, LLC, AssetMark Retirement Services, Inc., Global Financial Private Capital, Inc., Global Financial Advisory, LLC, Voyant, Inc., Voyant UK Limited, Voyant Financial Technologies Inc. and Voyant Australia Pty Ltd (collectively, the “Company”). We completed an internal restructuring on January 1, 2022, whereby AssetMark Financial, Inc. (formerly a direct, wholly owned subsidiary of AFHI) merged with and into AFHI, at which time AFHI automatically became the direct parent company of AssetMark, Inc., AssetMark Trust Company, AssetMark Brokerage, LLC, AssetMark Retirement Services, Inc., Global Financial Private Capital, Inc., Global Financial Advisory, LLC, Voyant, Inc., Voyant UK Limited, Voyant Financial Technologies Inc. and Voyant Australia Pty Ltd. The Company offers a broad array of wealth management solutions to individual investors through financial advisers by providing an open-architecture product platform along with tailored client advice, asset allocation options, practice management, support services and technology to the financial adviser channel. The following is a description of the products and services offered by our primary operating subsidiaries. AssetMark, Inc. (“AMI”) is a registered investment adviser that was incorporated under the laws of the State of California on May 13, 1999. AMI offers a broad array of wealth management solutions to individual investors through financial advisers by providing an open-architecture product platform along with tailored client advice, asset allocation options, practice management, support services and technology solutions to the financial adviser channel. AMI serves as investment adviser to the Company’s proprietary GuideMark Funds, GuidePath Funds and the Savos Dynamic Hedging Fund, each of which is a mutual fund offered to clients of financial advisers. AssetMark Trust Company (“ATC”) is a licensed trust company and was incorporated under the laws of the State of Arizona on August 24, 1994. ATC is regulated by the Arizona Department of Insurance and Financial Institutions. ATC provides custodial recordkeeping services primarily to investor clients of registered investment advisers (including AMI) located throughout the United States. AssetMark Brokerage, LLC (“AMB”) is a limited-purpose broker-dealer located in Concord, California and was incorporated under the laws of the State of Delaware on September 25, 2013. AMB’s primary function is to distribute the mutual funds of the Company and to sponsor the Financial Industry Regulatory Authority licensing of those AssetMark associates who provide distribution support through promotion of the AssetMark programs and strategies that employ the Company’s mutual funds. Voyant, Inc. (“Voyant”) is a SaaS-based financial planning, wellness and client digital engagement solutions company that was originally formed in Texas on December 29, 2005 and was converted to a Delaware corporation on November 21, 2008. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | N ote 2. Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of only normal recurring adjustments, considered necessary for fair presentation have been included. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ended December 31, 2022 or any future period. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited condensed consolidated financial statements and related notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Risks and Uncertainties The COVID-19 pandemic continues to evolve and has adversely impacted global commercial activities. Management expects COVID-19 related changes in market and investor behaviors to continue to impact our asset- and spread-based revenue. However, given the uncertainty around the duration and extent of the COVID-19 pandemic, management cannot predict the impact on the Company’s results of operations, financial condition or liquidity in subsequent periods. Estimates and assumptions about future events and their effects on the Company cannot be determined with certainty and therefore require the exercise of judgment. The Company is not aware of any specific events or circumstances that would require the Company to update its estimates, assumptions or judgments or revise the carrying value of its assets or liabilities. The Company will update the estimates and assumptions underlying the condensed consolidated financial statements in future periods as events and circumstances develop. Geographic Sources of Revenue Revenue attributable to customers outside of the United States totaled $3,527 and $3,514 in the three months ended September 30, 2022 and 2021, respectively, and $10,691 and $3,514 in the nine months ended September 30, 2022 and 2021, respectively. Recent Accounting Pronouncements – Not Yet Adopted In August 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (the “Update”). The amendments in this Update require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The guidance is effective for the Company beginning in the fiscal year ending December 31, 2023 and will be applied prospectively upon adoption. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Sep. 30, 2022 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Prepaid Expenses and Other Current Assets | Note 3. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: September 30, 2022 December 31, 2021 Prepaid expenses $ 5,968 $ 9,355 Operating lease right-of-use assets 4,195 4,198 Other 1,130 1,120 Total $ 11,293 $ 14,673 |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Business Combinations | Note 4. Business Combinations Acquisition of Adhesion Wealth Advisor Solutions, Inc. On June 13, 2022, the Company entered into an agreement to acquire Adhesion Wealth Advisor Solutions, Inc. (“Adhesion Wealth”). The transaction is subject to customary closing conditions, including regulatory approval. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 5 . Goodwill and Other Intangible Assets Goodwill The Company’s goodwill balance was $437,154 and $436,821 as of September 30, 2022 and December 31, 2021, respectively. The Company performed an annual test for goodwill impairment in December for the years ended December 31, 2021 and 2020 and determined that goodwill was not impaired. The Company performed a qualitative analysis of factors and determined that goodwill was not impaired as of September 30, 2022. Other Intangible Assets Information regarding the Company’s intangible assets is as follows: September 30, 2022 Gross carrying amount Accumulated amortization Net carrying amount Estimated remaining useful life Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Voyant enterprise distribution channel customer relationships 32,100 — 32,100 Definite-lived intangible assets: Trade names 45,830 (13,558 ) 32,272 14 years Broker-dealer license 11,550 (3,417 ) 8,133 14 years ATC regulatory status 23,300 (6,893 ) 16,407 14 years Voyant non-enterprise distribution channel customer relationships 9,500 (848 ) 8,652 13 years GFPC adviser relationships 14,250 (3,520 ) 10,730 11 years OBS adviser and trust relationships 9,500 (1,942 ) 7,558 10 years Voyant trade name 3,200 (364 ) 2,836 10 years Voyant technology 16,000 (2,222 ) 13,778 8 years Voyant non-compete agreement 400 (166 ) 234 2 years Total $ 736,110 $ (32,930 ) $ 703,180 December 31, 2021 Gross carrying amount Accumulated amortization Net carrying amount Estimated remaining useful life Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Voyant enterprise distribution channel customer relationships 32,100 — 32,100 Definite-lived intangible assets: Trade names 45,830 (11,839 ) 33,991 15 years Broker-dealer license 11,550 (2,984 ) 8,566 15 years ATC regulatory status 23,300 (6,019 ) 17,281 15 years Voyant non-enterprise distribution channel customer relationships 9,500 (339 ) 9,161 14 years GFPC adviser relationships 14,250 (2,757 ) 11,493 11 years OBS adviser and trust relationships 9,500 (1,378 ) 8,122 11 years Voyant trade name 3,200 (145 ) 3,055 11 years Voyant technology 16,000 (889 ) 15,111 9 years Voyant non-compete agreement 400 (67 ) 333 3 years Total $ 736,110 $ (26,417 ) $ 709,693 The weighted average estimated remaining useful life was 12.3 Estimated amortization expense for definite‑lived intangible assets for future years is as follows: Remainder of 2022 $ 2,171 2023 8,684 2024 8,617 2025 8,551 2026 8,551 2027 and thereafter 64,026 Total $ 100,600 |
Accrued Liabilities and Other C
Accrued Liabilities and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities and Other Current Liabilities | Note 6 . Accrued Liabilities and Other Current Liabilities The following table shows the breakdown of accrued liabilities and other current liabilities: September 30, 2022 December 31, 2021 Accrued bonus $ 15,079 $ 20,718 Current portion of long-term debt, net 6,118 — Compensation and benefits payable 4,909 7,182 Current portion of operating lease liabilities 4,408 4,223 Reserve for uncertain tax positions 3,695 3,695 Asset-based payables 819 1,709 Other accrued expenses 17,090 18,722 Total $ 52,118 $ 56,249 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | Note 7. Other Long-Term Liabilities Other long-term liabilities consisted of the following: September 30, 2022 December 31, 2021 Deferred compensation plan liability $ 12,811 $ 14,379 Contractor liability 1,449 1,602 Other 426 487 Total $ 14,686 $ 16,468 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8. Fair Value Measurements The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value in the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, based on the three-tier fair value hierarchy: September 30, 2022 Fair Value Level I Level II Level III Assets: Equity securities investments (1) $ 108 $ 108 $ — $ — Assets to fund deferred compensation liability (2) 12,811 12,811 — — Convertible notes receivable (3) 8,600 — — 8,600 Total assets $ 21,519 $ 12,919 $ — $ 8,600 Liabilities: Deferred compensation liability (4) $ 12,811 12,811 $ — $ — Total liabilities $ 12,811 $ 12,811 $ — $ — (1) The fair values of the Company’s assets consisting of investment funds that invest in listed equity securities are based on the month-end quoted market prices for the net asset value of the various funds, which mature on a daily basis. (2) The deferred compensation asset fair value is based on the month-end quoted market prices for the net asset value of the various investment funds. The Company recognized unrealized loss of $710 and $3,385 related to this asset within the statements of comprehensive income for the three and nine months ended September 30, 2022, respectively. ( 3 ) On August 9, 2022, the Company, as lender, entered into a loan and security agreement under which the Company agreed to purchase up to $25,000 in principal amount of convertible notes from the borrower. The notes are convertible into shares of the borrower’s common stock at the end of 2025. ( 4 ) The deferred compensation liability is included in other long-term liabilities in the condensed consolidated balance sheets and its fair market value is based on the month-end market prices for the net asset value of the various funds in the Company’s Rabbi trust that the participants have selected. The Company recognized other income of $710 and $3,385 related to this liability within the statements of comprehensive income for the three and nine months ended September 30, 2022, respectively. December 31, 2021 Fair Value Level I Level II Level III Assets: Equity securities investments (1) $ 119 $ 119 $ — $ — Assets to fund deferred compensation liability (2) 14,379 14,379 — — Total assets $ 14,498 $ 14,498 $ — $ — Liabilities: Deferred compensation liability (3) $ 14,379 $ 14,379 $ — $ — Total liabilities $ 14,379 $ 14,379 $ — $ — (1) The fair values of the Company’s assets consisting of investment funds that invest in listed equity securities are based on the month-end quoted market prices for the net asset value of the various funds, which mature on a daily basis. (2) The deferred compensation asset fair value is based on the month-end quoted market prices for the net asset value of the various investment funds. The Company recognized unrealized gains of $1,690 related to this asset within the statements of comprehensive income for the year ended December 31, 2021. (3) The deferred compensation liability is included in other long-term liabilities in the condensed consolidated balance sheets and its fair market value is based on the month-end market prices for the net asset value of the various funds in the Company’s Rabbi trust that the participants have selected. The Company recognized other expenses of $1,690 related to this liability within the statements of comprehensive income for the year ended December 31, 2021. |
Asset-Based Expenses
Asset-Based Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Operating Costs And Expenses [Abstract] | |
Asset-Based Expenses | Note 9 . Asset-Based Expenses Asset-based expenses incurred by the Company relating to the generation of asset-based revenues are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Strategist and manager fees $ 32,437 $ 33,778 $ 104,554 $ 93,767 Custody fees 1,519 1,588 5,098 5,022 Premier broker-dealer fees 1,272 1,930 5,055 7,530 Fund advisory fees 1,226 1,125 3,443 3,283 Marketing allowance — 276 257 1,005 Other 22 — 22 2 Total $ 36,476 $ 38,697 $ 118,429 $ 110,609 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Note 10 . Debt On December 30, 2020, the Company entered into a Credit Agreement (the “2020 Credit Agreement”) with Bank of Montreal for a senior secured credit facility in an aggregate principal amount of $250,000, consisting of a revolving credit facility with commitments in an aggregate principal amount of $250,000 (the “2020 Revolving Credit Facility” and the loans thereunder, the “2020 Revolving Loans”), with an accordion option of up to $25,000. The total outstanding principal under the 2020 Credit Agreement was paid in full on January 12, 2022. On January 12, 2022, the Company amended the 2020 Credit Agreement to, among other things, add a term loan facility (as amended and restated, the “2022 Credit Agreement”). Joint lead arrangers and joint bookrunners for the 2022 Credit Agreement are BMO Capital Markets Corp., JPMorgan Chase Bank, N.A., Truist Securities, Inc., U.S. Bank National Association and Wells Fargo Securities, LLC. The 2022 Credit Agreement provides for a senior secured credit facility in an aggregate principal amount of $500,000, consisting of a revolving credit facility with commitments in an aggregate principal amount of $375,000 (the “2022 Revolving Credit Facility”) and a term loan facility with commitments in an aggregate amount of $125,000 (the “2022 Term Loans”), with an accordion option to increase the revolving commitments by $100,000. The 2022 Term Loans bear interest at a rate per annum equal to, at the Company’s option, either (i) SOFR plus a margin based on the Company’s Total Leverage Ratio (as defined in the 2022 Credit Agreement) or (ii) the Base Rate (as defined in the 2022 Credit Agreement) plus a margin based on the Company’s Total Leverage Ratio. The margin ranges between 0.875% and 2.5% for base rate loans and between 1.875% and 3.5% for SOFR loans. The Company will pay a commitment fee based on the average daily unused portion of the commitments under the 2022 Revolving Credit Facility, a letter of credit fee equal to the margin then in effect with respect to the SOFR loans under the 2022 Revolving Credit Facility, a fronting fee and any customary documentary and processing charges for any letter of credit issued under the 2022 Credit Agreement. The 2022 Term Loans are subject to quarterly amortization payments and will mature on January 12, 2027. Interest expense was $1,560 and $1,061 for the three months ended September 30, 2022 and 2021, respectively, and $4,207 and $2,606 for the nine months ended September 30, 2022 and 2021, respectively. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Note 11 . Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in other current assets, operating lease right-of-use (“ROU”) assets, accrued liabilities and other current liabilities, and long-term portion of operating lease liabilities on the Company’s condensed consolidated balance sheets. The Company does not have material finance leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligations to make payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the remaining lease term. The majority of the Company's leases are for corporate facilities that contain terms for renewal and extension of the lease agreement. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company includes the lease extensions when it is reasonably certain the Company will exercise the extension. Several of the Company's leases are subject to periodic rent adjustments that are not tied to an index or specific interest rate. The Company uses an estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components. The Company has elected to use the practical expedient to exclude the non-lease component from the lease for all asset classes. Operating lease costs of $1,325 and $1,311, and related variable lease costs of $152 and $187, were recorded in general and operating expenses for the three months ended September 30, 2022 and 2021, respectively. Operating lease costs of $3,952 and $3,855, and related variable lease costs of $495 and $533, were recorded in general and operating expenses for the nine months ended September 30, 2022 and 2021, respectively. September Future minimum lease payments under non-cancellable leases, as of September Remainder of 2022 $ 2,921 2023 5,326 2024 6,480 2025 6,370 2026 5,877 2027 and thereafter 11,335 Total future minimum lease payments 38,309 Less: imputed interest (5,217 ) Total operating lease liabilities $ 33,092 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 12. Share-Based Compensation On July 3, 2019, the Company’s Board of Directors adopted, and the Company’s sole stockholder approved, the 2019 Equity Incentive Plan (the “2019 Equity Incentive Plan”), which became effective on July 17, 2019, the date of effectiveness of the Company’s i nitial p ublic o ffering (“IPO”) registration statement on Form S-1. As of September 30, 2022 , 682,353 shares were available for issuance under the 2019 Equity Incentive Plan. Restricted Stock Awards Immediately following the pricing of the IPO, the Company issued an aggregate number of restricted stock awards (“RSAs”) equal to Subject to the recipient’s continued employment through the vesting date, 50% of these RSAs vested in three (3) equal installments on the third, fourth and fifth anniversaries of November 18, 2016, and 50% vested subject to the recipient’s continued employment through February 1, 2021 and the satisfaction of a performance-based vesting condition. The performance condition for these RSAs was deemed to have been satisfied in connection with the IPO. In the event that the vesting conditions were not satisfied for any portion of an award, the shares covered by such RSAs transferred automatically to the Company. On November 18, 2021, the last installment of outstanding unvested RSAs vested. Share-based compensation expense related to the RSAs was $0 and $4,503 for the three months ended September 30, 2022 and 2021, respectively, and $0 and $ Stock Options In connection with the IPO, the Company issued options to certain officers to acquire an aggregate of 918,981 shares of the Company’s common stock outside of the 2019 Equity Incentive Plan, with an exercise price of $22 dollars per share. Each of these options is scheduled to vest and become exercisable in substantially equal installments on each of the first three anniversaries of July 18, 2019, subject to the recipient’s continued employment through the vesting date and have a ten-year Share-based compensation expense related to the stock options was $64 and $394 for the three months ended September 30, 2022 and 2021, respectively, and $670 and $ Restricted Stock Units Periodically, the Company issues restricted stock units (“RSUs”) to officers, certain employees and independent directors of the board under the 2019 Equity Incentive Plan. During the first nine months of 2022, the Company issued Share-based compensation expense related to the RSUs was $2,321 and $2,024 for the three months ended September 30, 2022 and 2021, respectively, and $5,850 and $ Stock Appreciation Rights Periodically, the Company issues stock appreciation rights (“SARs”) to certain officers with respect to shares of the Company’s common stock under the 2019 Equity Incentive Plan. Each SAR has a strike price equal to the fair market value of the Company’s common stock on the date of grant and is scheduled to vest and become exercisable in substantially equal installments on each of the first four anniversaries of their grant date, subject to the recipient’s continued employment through the vesting date, and have a ten-year . During the first nine months of 2022, the Company issued 1,030,037 SARs to certain officers. Share-based compensation expense related to SARs was $1,538 and $1,053 for the three months ended September 30, 2022 and 2021, respectively, and $3,576 and $ |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 . Commitments and Contingencies Litigation The Company faces the risk of litigation and regulatory investigations and actions in the ordinary course of operating the Company’s businesses, including the risk of class action lawsuits. The Company’s pending legal and regulatory actions include proceedings specific to the Company and others generally applicable to business practices in the industries in which the Company operates. The Company is also subject to litigation arising out of the Company’s general business activities such as the Company’s contractual and employment relationships. In addition, the Company is subject to various regulatory inquiries, such as information requests, subpoenas, books and record examinations and market conduct and financial examinations from state, federal and other authorities. Plaintiffs in class action and other lawsuits against the Company may seek very large or indeterminate amounts which may remain unknown for substantial periods of time. A substantial legal liability or a significant regulatory action against the Company could have an adverse effect on the Company’s business, financial condition and results of operations. Moreover, even if the Company ultimately prevails in the litigation, regulatory action or investigation, the Company could suffer significant reputational harm, which could have an adverse effect on the Company’s business, financial condition or results of operations. In the opinion of management, after discussions with legal counsel, the ultimate resolution of the pending legal proceedings will not have a material effect on the consolidated financial condition, results of operations or cash flows of the Company. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14. Income Taxes The Company’s effective income tax rate differs from the federal corporate tax rate of 21.0%, primarily as a result of state taxes and the effect of research and development tax credits. The Company’s effective tax rate was 19.5% and 43.6% for the three months ended September 30, 2022 and 2021, respectively, and 22.4% and 46.2% for the nine months ended September 30, 2022 and 2021, respectively. These changes were primarily due to changes in the relative amounts of the Company’s share-based compensation and income before taxes |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note As of September 30, 2022 and December 31, 2021, the Company had a receivable due from Huatai Securities Co., Ltd. (“HTSC”) of $0 and $234, respectively, which represents the cash paid by the Company on behalf of HTSC for certain professional services. |
Net Income Per Share Attributab
Net Income Per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Share Attributable to Common Stockholders | Note 16. Net Income Per Share Attributable to Common Stockholders Basic net income per share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the period. For the calculation of diluted net income per share, the basic weighted average number of shares of common stock outstanding is increased by the dilutive effect (if any) of stock options, restricted stock awards, restricted stock units and stock appreciation rights. The following table provides a reconciliation of the numerators and denominators used in computing basic and diluted net income per share attributable to common stockholders: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to common stockholders $ 30,109 $ 12,250 $ 77,668 $ 13,320 Weighted average number of shares of common stock used in computing net income per share attributable to common stockholders, basic 73,842,297 72,921,794 73,682,881 71,764,582 Net income per share attributable to common stockholders, basic $ 0.41 $ 0.17 $ 1.05 $ 0.19 Weighted average shares used in computing net income per share attributable to common stockholders, basic 73,842,297 72,921,794 73,682,881 71,764,582 Effect of dilutive shares: Unvested RSAs — 414,753 — — Unvested RSUs 2,392 230,230 100,977 175,816 Diluted number of weighted-average shares outstanding 73,844,689 73,566,777 73,783,858 71,940,398 Net income per share attributable to common stockholders, diluted $ 0.41 $ 0.17 $ 1.05 $ 0.19 The following securities were not included in the computation of diluted shares because such securities did not have a dilutive effect. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options 803,306 889,215 803,306 889,215 SARs 2,631,761 1,702,546 2,631,761 1,702,546 RSUs 1,038,682 192,733 671,935 207,187 RSAs — — — 601,594 Total 4,473,749 2,784,494 4,107,002 3,400,542 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties | Risks and Uncertainties The COVID-19 pandemic continues to evolve and has adversely impacted global commercial activities. Management expects COVID-19 related changes in market and investor behaviors to continue to impact our asset- and spread-based revenue. However, given the uncertainty around the duration and extent of the COVID-19 pandemic, management cannot predict the impact on the Company’s results of operations, financial condition or liquidity in subsequent periods. Estimates and assumptions about future events and their effects on the Company cannot be determined with certainty and therefore require the exercise of judgment. The Company is not aware of any specific events or circumstances that would require the Company to update its estimates, assumptions or judgments or revise the carrying value of its assets or liabilities. The Company will update the estimates and assumptions underlying the condensed consolidated financial statements in future periods as events and circumstances develop. |
Geographic Sources of Revenue | Geographic Sources of Revenue Revenue attributable to customers outside of the United States totaled $3,527 and $3,514 in the three months ended September 30, 2022 and 2021, respectively, and $10,691 and $3,514 in the nine months ended September 30, 2022 and 2021, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements – Not Yet Adopted In August 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (the “Update”). The amendments in this Update require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The guidance is effective for the Company beginning in the fiscal year ending December 31, 2023 and will be applied prospectively upon adoption. |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Schedule of Prepaid expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: September 30, 2022 December 31, 2021 Prepaid expenses $ 5,968 $ 9,355 Operating lease right-of-use assets 4,195 4,198 Other 1,130 1,120 Total $ 11,293 $ 14,673 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Information regarding the Company’s intangible assets is as follows: September 30, 2022 Gross carrying amount Accumulated amortization Net carrying amount Estimated remaining useful life Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Voyant enterprise distribution channel customer relationships 32,100 — 32,100 Definite-lived intangible assets: Trade names 45,830 (13,558 ) 32,272 14 years Broker-dealer license 11,550 (3,417 ) 8,133 14 years ATC regulatory status 23,300 (6,893 ) 16,407 14 years Voyant non-enterprise distribution channel customer relationships 9,500 (848 ) 8,652 13 years GFPC adviser relationships 14,250 (3,520 ) 10,730 11 years OBS adviser and trust relationships 9,500 (1,942 ) 7,558 10 years Voyant trade name 3,200 (364 ) 2,836 10 years Voyant technology 16,000 (2,222 ) 13,778 8 years Voyant non-compete agreement 400 (166 ) 234 2 years Total $ 736,110 $ (32,930 ) $ 703,180 December 31, 2021 Gross carrying amount Accumulated amortization Net carrying amount Estimated remaining useful life Indefinite-lived intangible assets: Broker-dealer relationships $ 570,480 $ — $ 570,480 Voyant enterprise distribution channel customer relationships 32,100 — 32,100 Definite-lived intangible assets: Trade names 45,830 (11,839 ) 33,991 15 years Broker-dealer license 11,550 (2,984 ) 8,566 15 years ATC regulatory status 23,300 (6,019 ) 17,281 15 years Voyant non-enterprise distribution channel customer relationships 9,500 (339 ) 9,161 14 years GFPC adviser relationships 14,250 (2,757 ) 11,493 11 years OBS adviser and trust relationships 9,500 (1,378 ) 8,122 11 years Voyant trade name 3,200 (145 ) 3,055 11 years Voyant technology 16,000 (889 ) 15,111 9 years Voyant non-compete agreement 400 (67 ) 333 3 years Total $ 736,110 $ (26,417 ) $ 709,693 |
Summary of Estimated Amortization Expense for Definite-Lived Intangible Assets | Estimated amortization expense for definite‑lived intangible assets for future years is as follows: Remainder of 2022 $ 2,171 2023 8,684 2024 8,617 2025 8,551 2026 8,551 2027 and thereafter 64,026 Total $ 100,600 |
Accrued Liabilities and Other_2
Accrued Liabilities and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | The following table shows the breakdown of accrued liabilities and other current liabilities: September 30, 2022 December 31, 2021 Accrued bonus $ 15,079 $ 20,718 Current portion of long-term debt, net 6,118 — Compensation and benefits payable 4,909 7,182 Current portion of operating lease liabilities 4,408 4,223 Reserve for uncertain tax positions 3,695 3,695 Asset-based payables 819 1,709 Other accrued expenses 17,090 18,722 Total $ 52,118 $ 56,249 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | Other long-term liabilities consisted of the following: September 30, 2022 December 31, 2021 Deferred compensation plan liability $ 12,811 $ 14,379 Contractor liability 1,449 1,602 Other 426 487 Total $ 14,686 $ 16,468 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value in the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021, based on the three-tier fair value hierarchy: September 30, 2022 Fair Value Level I Level II Level III Assets: Equity securities investments (1) $ 108 $ 108 $ — $ — Assets to fund deferred compensation liability (2) 12,811 12,811 — — Convertible notes receivable (3) 8,600 — — 8,600 Total assets $ 21,519 $ 12,919 $ — $ 8,600 Liabilities: Deferred compensation liability (4) $ 12,811 12,811 $ — $ — Total liabilities $ 12,811 $ 12,811 $ — $ — (1) The fair values of the Company’s assets consisting of investment funds that invest in listed equity securities are based on the month-end quoted market prices for the net asset value of the various funds, which mature on a daily basis. (2) The deferred compensation asset fair value is based on the month-end quoted market prices for the net asset value of the various investment funds. The Company recognized unrealized loss of $710 and $3,385 related to this asset within the statements of comprehensive income for the three and nine months ended September 30, 2022, respectively. ( 3 ) On August 9, 2022, the Company, as lender, entered into a loan and security agreement under which the Company agreed to purchase up to $25,000 in principal amount of convertible notes from the borrower. The notes are convertible into shares of the borrower’s common stock at the end of 2025. ( 4 ) The deferred compensation liability is included in other long-term liabilities in the condensed consolidated balance sheets and its fair market value is based on the month-end market prices for the net asset value of the various funds in the Company’s Rabbi trust that the participants have selected. The Company recognized other income of $710 and $3,385 related to this liability within the statements of comprehensive income for the three and nine months ended September 30, 2022, respectively. December 31, 2021 Fair Value Level I Level II Level III Assets: Equity securities investments (1) $ 119 $ 119 $ — $ — Assets to fund deferred compensation liability (2) 14,379 14,379 — — Total assets $ 14,498 $ 14,498 $ — $ — Liabilities: Deferred compensation liability (3) $ 14,379 $ 14,379 $ — $ — Total liabilities $ 14,379 $ 14,379 $ — $ — (1) The fair values of the Company’s assets consisting of investment funds that invest in listed equity securities are based on the month-end quoted market prices for the net asset value of the various funds, which mature on a daily basis. (2) The deferred compensation asset fair value is based on the month-end quoted market prices for the net asset value of the various investment funds. The Company recognized unrealized gains of $1,690 related to this asset within the statements of comprehensive income for the year ended December 31, 2021. (3) The deferred compensation liability is included in other long-term liabilities in the condensed consolidated balance sheets and its fair market value is based on the month-end market prices for the net asset value of the various funds in the Company’s Rabbi trust that the participants have selected. The Company recognized other expenses of $1,690 related to this liability within the statements of comprehensive income for the year ended December 31, 2021. |
Asset-Based Expenses (Tables)
Asset-Based Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Operating Costs And Expenses [Abstract] | |
Schedule of Asset-Based Expenses | Asset-based expenses incurred by the Company relating to the generation of asset-based revenues are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Strategist and manager fees $ 32,437 $ 33,778 $ 104,554 $ 93,767 Custody fees 1,519 1,588 5,098 5,022 Premier broker-dealer fees 1,272 1,930 5,055 7,530 Fund advisory fees 1,226 1,125 3,443 3,283 Marketing allowance — 276 257 1,005 Other 22 — 22 2 Total $ 36,476 $ 38,697 $ 118,429 $ 110,609 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments Under Non-cancellable Leases | Future minimum lease payments under non-cancellable leases, as of September Remainder of 2022 $ 2,921 2023 5,326 2024 6,480 2025 6,370 2026 5,877 2027 and thereafter 11,335 Total future minimum lease payments 38,309 Less: imputed interest (5,217 ) Total operating lease liabilities $ 33,092 |
Net Income Per Share Attribut_2
Net Income Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Numerators and Denominators Used in Computing Basic and Diluted Net Income Per Share | The following table provides a reconciliation of the numerators and denominators used in computing basic and diluted net income per share attributable to common stockholders: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net income attributable to common stockholders $ 30,109 $ 12,250 $ 77,668 $ 13,320 Weighted average number of shares of common stock used in computing net income per share attributable to common stockholders, basic 73,842,297 72,921,794 73,682,881 71,764,582 Net income per share attributable to common stockholders, basic $ 0.41 $ 0.17 $ 1.05 $ 0.19 Weighted average shares used in computing net income per share attributable to common stockholders, basic 73,842,297 72,921,794 73,682,881 71,764,582 Effect of dilutive shares: Unvested RSAs — 414,753 — — Unvested RSUs 2,392 230,230 100,977 175,816 Diluted number of weighted-average shares outstanding 73,844,689 73,566,777 73,783,858 71,940,398 Net income per share attributable to common stockholders, diluted $ 0.41 $ 0.17 $ 1.05 $ 0.19 |
Schedule of Anti-dilutive Securities Were Not Included in Computation of Diluted Shares Outstanding | The following securities were not included in the computation of diluted shares because such securities did not have a dilutive effect. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Stock options 803,306 889,215 803,306 889,215 SARs 2,631,761 1,702,546 2,631,761 1,702,546 RSUs 1,038,682 192,733 671,935 207,187 RSAs — — — 601,594 Total 4,473,749 2,784,494 4,107,002 3,400,542 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Outside United States | ||||
Product Information [Line Items] | ||||
Revenue | $ 3,527 | $ 3,514 | $ 10,691 | $ 3,514 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expense and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid expenses | $ 5,968 | $ 9,355 |
Operating lease right-of-use assets | 4,195 | 4,198 |
Other | 1,130 | 1,120 |
Total | $ 11,293 | $ 14,673 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 437,154 | $ 437,154 | $ 436,821 | ||
Weighted average estimated remaining useful life | 12 years 3 months 18 days | ||||
Amortization of Intangible Assets | $ 2,171 | $ 2,312 | $ 6,513 | $ 5,213 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Accumulated amortization | $ (32,930) | $ (26,417) |
Definite-lived intangible assets, Net carrying amount | 100,600 | |
Intangible assets, Gross carrying amount | 736,110 | 736,110 |
Intangible assets, Net carrying amount | 703,180 | 709,693 |
Broker-Dealer Relationships | ||
Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, Net carrying amount | 570,480 | 570,480 |
Voyant Enterprise Distribution Channel Customer Relationships | ||
Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, Net carrying amount | 32,100 | 32,100 |
Trade Names | ||
Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | 45,830 | 45,830 |
Definite-lived intangible assets, Accumulated amortization | (13,558) | (11,839) |
Definite-lived intangible assets, Net carrying amount | $ 32,272 | $ 33,991 |
Definite-lived intangible assets, Estimated remaining useful life | 14 years | 15 years |
Broker-Dealer License | ||
Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | $ 11,550 | $ 11,550 |
Definite-lived intangible assets, Accumulated amortization | (3,417) | (2,984) |
Definite-lived intangible assets, Net carrying amount | $ 8,133 | $ 8,566 |
Definite-lived intangible assets, Estimated remaining useful life | 14 years | 15 years |
ATC Regulatory Status | ||
Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | $ 23,300 | $ 23,300 |
Definite-lived intangible assets, Accumulated amortization | (6,893) | (6,019) |
Definite-lived intangible assets, Net carrying amount | $ 16,407 | $ 17,281 |
Definite-lived intangible assets, Estimated remaining useful life | 14 years | 15 years |
GFPC Adviser Relationships | ||
Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | $ 14,250 | $ 14,250 |
Definite-lived intangible assets, Accumulated amortization | (3,520) | (2,757) |
Definite-lived intangible assets, Net carrying amount | $ 10,730 | $ 11,493 |
Definite-lived intangible assets, Estimated remaining useful life | 11 years | 11 years |
Voyant Non-enterprise Distribution Channel Customer Relationships | ||
Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | $ 9,500 | $ 9,500 |
Definite-lived intangible assets, Accumulated amortization | (848) | (339) |
Definite-lived intangible assets, Net carrying amount | $ 8,652 | $ 9,161 |
Definite-lived intangible assets, Estimated remaining useful life | 13 years | 14 years |
OBS Adviser and Trust Relationships | ||
Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | $ 9,500 | $ 9,500 |
Definite-lived intangible assets, Accumulated amortization | (1,942) | (1,378) |
Definite-lived intangible assets, Net carrying amount | $ 7,558 | $ 8,122 |
Definite-lived intangible assets, Estimated remaining useful life | 10 years | 11 years |
Voyant Trade Name | ||
Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | $ 3,200 | $ 3,200 |
Definite-lived intangible assets, Accumulated amortization | (364) | (145) |
Definite-lived intangible assets, Net carrying amount | $ 2,836 | $ 3,055 |
Definite-lived intangible assets, Estimated remaining useful life | 10 years | 11 years |
Voyant Technology | ||
Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | $ 16,000 | $ 16,000 |
Definite-lived intangible assets, Accumulated amortization | (2,222) | (889) |
Definite-lived intangible assets, Net carrying amount | $ 13,778 | $ 15,111 |
Definite-lived intangible assets, Estimated remaining useful life | 8 years | 9 years |
Voyant Non-compete Agreement | ||
Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | $ 400 | $ 400 |
Definite-lived intangible assets, Accumulated amortization | (166) | (67) |
Definite-lived intangible assets, Net carrying amount | $ 234 | $ 333 |
Definite-lived intangible assets, Estimated remaining useful life | 2 years | 3 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Estimated Amortization Expense for Definite-Lived Intangible Assets (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Remainder of 2022 | $ 2,171 |
2023 | 8,684 |
2024 | 8,617 |
2025 | 8,551 |
2026 | 8,551 |
2027 and thereafter | 64,026 |
Definite-lived intangible assets, Net carrying amount | $ 100,600 |
Accrued Liabilities and Other_3
Accrued Liabilities and Other Current Liabilities - Schedule of Accrued Liabilities and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
Accrued bonus | $ 15,079 | $ 20,718 |
Current portion of long-term debt, net | 6,118 | |
Compensation and benefits payable | 4,909 | 7,182 |
Current portion of operating lease liabilities | 4,408 | 4,223 |
Reserve for uncertain tax positions | 3,695 | 3,695 |
Asset-based payables | 819 | 1,709 |
Other accrued expenses | 17,090 | 18,722 |
Total | $ 52,118 | $ 56,249 |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Deferred compensation plan liability | $ 12,811 | $ 14,379 |
Contractor liability | 1,449 | 1,602 |
Other | 426 | 487 |
Total | $ 14,686 | $ 16,468 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |||
Assets: | |||||
Total assets | $ 21,519 | $ 14,498 | |||
Liabilities: | |||||
Total liabilities | 12,811 | 14,379 | |||
Equity Security Investments | |||||
Assets: | |||||
Total assets | [1] | 108 | 119 | ||
Assets To Fund Deferred Compensation Liability | |||||
Assets: | |||||
Total assets | 12,811 | [2] | 14,379 | [3] | |
Convertible Notes Receivable | |||||
Assets: | |||||
Total assets | [4] | 8,600 | |||
Deferred Compensation Liability | |||||
Liabilities: | |||||
Total liabilities | 12,811 | [5] | 14,379 | [6] | |
Level I | |||||
Assets: | |||||
Total assets | 12,919 | 14,498 | |||
Liabilities: | |||||
Total liabilities | 12,811 | 14,379 | |||
Level I | Equity Security Investments | |||||
Assets: | |||||
Total assets | [1] | 108 | 119 | ||
Level I | Assets To Fund Deferred Compensation Liability | |||||
Assets: | |||||
Total assets | 12,811 | [2] | 14,379 | [3] | |
Level I | Deferred Compensation Liability | |||||
Liabilities: | |||||
Total liabilities | 12,811 | [5] | $ 14,379 | [6] | |
Level III | |||||
Assets: | |||||
Total assets | 8,600 | ||||
Level III | Convertible Notes Receivable | |||||
Assets: | |||||
Total assets | [4] | $ 8,600 | |||
[1]The fair values of the Company’s assets consisting of investment funds that invest in listed equity securities are based on the month-end quoted market prices for the net asset value of the various funds, which mature on a daily basis.[2]The deferred compensation asset fair value is based on the month-end quoted market prices for the net asset value of the various investment funds. The Company recognized unrealized loss of $710 and $3,385 related to this asset within the statements of comprehensive income for the three and nine months ended September 30, 2022, respectively.[3]The deferred compensation asset fair value is based on the month-end quoted market prices for the net asset value of the various investment funds. The Company recognized unrealized gains of $1,690 related to this asset within the statements of comprehensive income for the year ended December 31, 2021.[4]On August 9, 2022, the Company, as lender, entered into a loan and security agreement under which the Company agreed to purchase up to $25,000 in principal amount of convertible notes from the borrower. The notes are convertible into shares of the borrower’s common stock at the end of 2025. |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Parenthetical) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Aug. 09, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Unrealized (loss) gains on deferred compensation asset | $ (710,000) | $ (3,385,000) | $ 1,690,000 | |
Other Expenses | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
(Income) expense on deferred compensation liability | $ (710,000) | $ (3,385,000) | $ 1,690,000 | |
Loan and Security Agreement | Convertible Notes Receivable | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Debt conversion, description | On August 9, 2022, the Company, as lender, entered into a loan and security agreement under which the Company agreed to purchase up to $25,000 in principal amount of convertible notes from the borrower. The notes are convertible into shares of the borrower’s common stock at the end of 2025. The convertible notes are included in other assets in the condensed consolidated balance sheets. The convertible notes contain certain Level 3 inputs related to the creditworthiness of the borrower. The Company has determined that the face value of the notes at the purchase date approximates the fair value of the notes as of September 30, 2022. | |||
Loan and Security Agreement | Convertible Notes Receivable | Maximum | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Principal amount of convertible notes | $ 25,000,000 |
Asset-Based Expenses - Schedule
Asset-Based Expenses - Schedule of Asset-Based Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Costs And Expenses [Abstract] | ||||
Strategist and manager fees | $ 32,437 | $ 33,778 | $ 104,554 | $ 93,767 |
Custody fees | 1,519 | 1,588 | 5,098 | 5,022 |
Premier broker-dealer fees | 1,272 | 1,930 | 5,055 | 7,530 |
Fund advisory fees | 1,226 | 1,125 | 3,443 | 3,283 |
Marketing allowance | 276 | 257 | 1,005 | |
Other | 22 | 22 | 2 | |
Total | $ 36,476 | $ 38,697 | $ 118,429 | $ 110,609 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jan. 12, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 30, 2020 | |
Debt Instrument [Line Items] | ||||||
Interest expense | $ 1,560 | $ 1,061 | $ 4,207 | $ 2,606 | ||
2020 Credit Agreement | Bank of Montreal | Senior Secured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 250,000 | |||||
2020 Credit Agreement | Bank of Montreal | 2020 Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 250,000 | |||||
2022 Credit Agreement | 2022 Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 125,000 | |||||
Line of credit facility, description | The 2022 Term Loans are subject to quarterly amortization payments and will mature on January 12, 2027. | |||||
2022 Credit Agreement | Senior Secured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 500,000 | |||||
2022 Credit Agreement | 2022 Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 375,000 | |||||
Accordion Option | $ 100,000 | |||||
Minimum [Member] | 2022 Credit Agreement | 2022 Term Loans | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 0.875% | |||||
Minimum [Member] | 2022 Credit Agreement | 2022 Term Loans | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 1.875% | |||||
Maximum | 2020 Credit Agreement | Bank of Montreal | 2020 Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Accordion Option | $ 25,000 | |||||
Maximum | 2022 Credit Agreement | 2022 Term Loans | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 2.50% | |||||
Maximum | 2022 Credit Agreement | 2022 Term Loans | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate | 3.50% |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease costs | $ 1,325 | $ 1,311 | $ 3,952 | $ 3,855 |
Variable lease components recorded as general and operating expenses | $ 152 | $ 187 | $ 495 | $ 533 |
Weighted-average lease term | 6 years 1 month 6 days | 6 years 6 months | 6 years 1 month 6 days | 6 years 6 months |
Weighted-average discount rate | 4.60% | 3.62% | 4.60% | 3.62% |
Operating lease liability payments | $ 1,434 | $ 1,396 | $ 4,301 | $ 3,996 |
Leasehold improvements, gross | $ 541 | $ 541 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments Under Non-cancellable Leases (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
Remainder of 2022 | $ 2,921 |
2023 | 5,326 |
2024 | 6,480 |
2025 | 6,370 |
2026 | 5,877 |
2027 and thereafter | 11,335 |
Total future minimum lease payments | 38,309 |
Less: imputed interest | (5,217) |
Total operating lease liabilities | $ 33,092 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Installment $ / shares shares | Sep. 30, 2021 USD ($) | |
Restricted Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Exchange of shares with stockholders on IPO | 6,309,049 | |||
Vesting percentage | 50% | |||
Number of equal vesting installments | Installment | 3 | |||
Vesting upon satisfaction of condition | 50% | |||
Vesting description | Subject to the recipient’s continued employment through the vesting date, 50% of these RSAs vested in three (3) equal installments on the third, fourth and fifth anniversaries of November 18, 2016, and 50% vested subject to the recipient’s continued employment through February 1, 2021 and the satisfaction of a performance-based vesting condition. | |||
Share-based compensation expense | $ | $ 0 | $ 4,503 | $ 0 | $ 39,473 |
Stock Option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ | 64 | 394 | 670 | 2,024 |
Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ | 2,321 | 2,024 | 5,850 | 4,128 |
Stock Appreciation Rights (SARs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense | $ | $ 1,538 | $ 1,053 | $ 3,576 | $ 2,454 |
2019 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share available for issuance under the plan | 682,353 | 682,353 | ||
2019 Equity Incentive Plan | Stock Option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting description | Each of these options is scheduled to vest and become exercisable in substantially equal installments on each of the first three anniversaries of July 18, 2019, subject to the recipient’s continued employment through the vesting date and have a ten-year contractual term. | |||
Number of shares, granted | 918,981 | |||
Exercise price | $ / shares | $ 22 | |||
Contractual term | 10 years | |||
2019 Equity Incentive Plan | Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting description | Most of these RSUs are scheduled to vest in substantially equal installments on each of the first four anniversaries of their grant date. | |||
Shared granted under the plan | 442,956 | |||
2019 Equity Incentive Plan | Stock Appreciation Rights (SARs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting description | Each SAR has a strike price equal to the fair market value of the Company’s common stock on the date of grant and is scheduled to vest and become exercisable in substantially equal installments on each of the first four anniversaries of their grant date, subject to the recipient’s continued employment through the vesting date, and have a ten-year contractual term. | |||
Contractual term | 10 years | |||
Shared granted under the plan | 1,030,037 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Federal corporate tax rate | 21% | |||
Effective tax rate | 19.50% | 43.60% | 22.40% | 46.20% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Huatai Securities Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Receivable due from related parties | $ 0 | $ 234 |
Net Income Per Share Attribut_3
Net Income Per Share Attributable to Common Stockholders - Schedule of Reconciliation of Numerators and Denominators Used in Computing Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Net income | $ 30,109 | $ 12,250 | $ 77,668 | $ 13,320 |
Weighted average number of common shares outstanding, basic | 73,842,297 | 72,921,794 | 73,682,881 | 71,764,582 |
Basic | $ 0.41 | $ 0.17 | $ 1.05 | $ 0.19 |
Effect of dilutive shares: | ||||
Weighted average number of common shares outstanding, diluted | 73,844,689 | 73,566,777 | 73,783,858 | 71,940,398 |
Diluted | $ 0.41 | $ 0.17 | $ 1.05 | $ 0.19 |
Restricted Stock Awards (RSAs) | ||||
Effect of dilutive shares: | ||||
Unvested shares | $ 414,753 | |||
Restricted Stock Units (RSUs) | ||||
Effect of dilutive shares: | ||||
Unvested shares | $ 2,392 | $ 230,230 | $ 100,977 | $ 175,816 |
Net Income Per Share Attribut_4
Net Income Per Share Attributable to Common Stockholders - Schedule of Anti-dilutive Securities Were Not Included in Computation of Diluted Shares Outstanding (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive Securities were not included in computation of diluted shares outstanding | 4,473,749 | 2,784,494 | 4,107,002 | 3,400,542 |
Stock Option | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive Securities were not included in computation of diluted shares outstanding | 803,306 | 889,215 | 803,306 | 889,215 |
Stock Appreciation Rights (SARs) | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive Securities were not included in computation of diluted shares outstanding | 2,631,761 | 1,702,546 | 2,631,761 | 1,702,546 |
Restricted Stock Units (RSUs) | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive Securities were not included in computation of diluted shares outstanding | 1,038,682 | 192,733 | 671,935 | 207,187 |
Restricted Stock Awards (RSAs) | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-dilutive Securities were not included in computation of diluted shares outstanding | 601,594 |