Focus Financial Partners (FOCS) 10-Q6 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 03, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-38604
Entity Registrant Name	Focus Financial Partners Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4780811
Entity Address, Address Line One	875 Third Avenue, 28th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	646
Local Phone Number	519-2456
Title of 12(b) Security	Class A common stock, par value$0.01 per share
Trading Symbol	FOCS
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
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001651052
Amendment Flag	false
Class A common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		55,114,842
Class B common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		17,025,646

Unaudited condensed consolidate

Unaudited condensed consolidated balance sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 169,715	$ 65,858
Accounts receivable less allowances of $2,178 at 2020 and $2,135 at 2021	176,558	169,220
Prepaid expenses and other assets	87,594	65,581
Fixed assets-net	48,711	49,209
Operating lease assets	229,132	229,748
Debt financing costs-net	6,276	6,950
Deferred tax assets-net	160,247	107,289
Goodwill	1,253,976	1,255,559
Other intangible assets-net	1,082,254	1,113,467
TOTAL ASSETS	3,214,463	3,062,881
LIABILITIES
Accounts payable	7,809	9,634
Accrued expenses	55,626	53,862
Due to affiliates	26,638	66,428
Deferred revenue	9,783	9,190
Other liabilities	238,089	222,911
Operating lease liabilities	255,145	253,295
Borrowings under credit facilities (stated value of $1,507,622 and $1,623,449 at December 31, 2020 and March 31, 2021, respectively)	1,619,831	1,507,119
Tax receivable agreements obligations	123,895	81,563
TOTAL LIABILITIES	2,336,816	2,204,002
COMMITMENTS AND CONTINGENCIES (Note 12)
EQUITY
Additional paid-in capital	590,022	526,664
Retained earnings	14,839	14,583
Accumulated other comprehensive income (loss)	917	(2,167)
Total shareholders' equity	606,499	539,799
Non-controlling interest	271,148	319,080
Total equity	877,647	858,879
TOTAL LIABILITIES AND EQUITY	3,214,463	3,062,881
Class A common stock
EQUITY
Common stock	551	512
Class B common stock
EQUITY
Common stock	$ 170	$ 207

Unaudited condensed consolida_2

Unaudited condensed consolidated balance sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts receivable, allowances	$ 2,135	$ 2,178
Borrowings under credit facilities, stated value	$ 1,623,449	$ 1,507,622
Class A common stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	500,000,000	500,000,000
Common stock, issued shares	55,114,842	51,158,712
Common stock, outstanding shares	55,114,842	51,158,712
Class B common stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	500,000,000	500,000,000
Common stock, issued shares	17,019,104	20,661,595
Common stock, outstanding shares	17,019,104	20,661,595

Unaudited condensed consolida_3

Unaudited condensed consolidated statements of operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES:
Total revenues	$ 394,175	$ 337,054
OPERATING EXPENSES:
Compensation and related expenses	141,043	117,844
Management fees	102,072	83,693
Selling, general and administrative	63,826	62,595
Intangible amortization	42,983	35,723
Non-cash changes in fair value of estimated contingent consideration	25,936	(31,373)
Depreciation and other amortization	3,607	2,982
Total operating expenses	379,467	271,464
INCOME FROM OPERATIONS	14,708	65,590
OTHER INCOME (EXPENSE):
Interest income	47	285
Interest expense	(10,521)	(13,586)
Amortization of debt financing costs	(852)	(782)
Loss on extinguishment of borrowings		(6,094)
Other income-net	3	612
Income from equity method investments	283	64
Total other expense-net	(11,040)	(19,501)
INCOME BEFORE INCOME TAX	3,668	46,089
INCOME TAX EXPENSE	1,186	12,070
NET INCOME	2,482	34,019
Non-controlling interest	(2,226)	(13,623)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	256	20,396
Wealth management fees
REVENUES:
Total revenues	374,845	318,603
Other
REVENUES:
Total revenues	$ 19,330	$ 18,451
Class A common stock
Income per share of Class A common stock:
Basic (in dollars per share)	$ 0	$ 0.43
Diluted (in dollars per share)	$ 0	$ 0.43
Weighted average shares of Class A common stock outstanding:
Basic (in shares)	52,200,029	47,436,555
Diluted (in shares)	52,654,822	47,441,172

Unaudited condensed consolida_4

Unaudited condensed consolidated statements of comprehensive income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Unaudited condensed consolidated statements of comprehensive income
Net income	$ 2,482	$ 34,019
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(441)	(8,565)
Unrealized gain (loss) on interest rate swap designated as a cash flow hedge	5,251	(2,944)
Comprehensive income	7,292	22,510
Less: Comprehensive income attributable to noncontrolling interest	(3,952)	(9,561)
Comprehensive income attributable to common shareholders	$ 3,340	$ 12,949

Unaudited condensed consolida_5

Unaudited condensed consolidated statements of cash flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,482	$ 34,019
Adjustments to reconcile net income to net cash provided by operating activities-net of effect of acquisitions:
Intangible amortization	42,983	35,723
Depreciation and other amortization	3,607	2,982
Amortization of debt financing costs	852	782
Non-cash equity compensation expense	12,356	5,034
Non-cash changes in fair value of estimated contingent consideration	25,936	(31,373)
Income from equity method investments	(283)	(64)
Distributions received from equity method investments	176	25
Deferred taxes and other non-cash items	436	4,104
Loss on extinguishment of borrowings		6,094
Changes in cash resulting from changes in operating assets and liabilities:
Accounts receivable	(7,393)	(9,047)
Prepaid expenses and other assets	(5,098)	(1,705)
Accounts payable	(1,637)	1,281
Accrued expenses	2,169	(1,612)
Due to affiliates	(39,818)	(41,785)
Other liabilities	(3,023)	(2,815)
Deferred revenue	383	1,739
Net cash provided by operating activities	34,128	3,382
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions and contingent consideration-net of cash acquired	(7,925)	(52,188)
Purchase of fixed assets	(2,835)	(3,188)
Investment and other, net	(17,500)
Net cash used in investing activities	(28,260)	(55,376)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities	524,375	285,000
Repayments of borrowings under credit facilities	(409,173)	(37,892)
Proceeds from issuance of common stock, net	12,119
Payments in connection with unit redemption, net	(12,119)
Payments in connection with tax receivable agreements	(4,112)
Contingent consideration paid	(4,172)	(21,428)
Payments of debt financing costs	(2,700)	(634)
Proceeds from exercise of stock options	2,863	77
Payments on finance lease obligations	(33)	(34)
Distributions for unitholders	(9,055)	(4,567)
Net cash provided by financing activities	97,993	220,522
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS	(4)	(667)
CHANGE IN CASH AND CASH EQUIVALENTS	103,857	167,861
CASH AND CASH EQUIVALENTS:
Beginning of period	65,858	65,178
End of period	$ 169,715	$ 233,039

Unaudited condensed consolida_6

Unaudited condensed consolidated statements of changes in equity - USD ($) $ in Thousands	Total Members' Deficit/Shareholders' Equity	Common StockClass A common stock	Common StockClass B common stock	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest	Total
Beginning balance at Dec. 31, 2019	$ 484,120	$ 474	$ 221	$ 498,186	$ (13,462)	$ (1,299)	$ 319,850	$ 803,970
Beginning balance (in shares) at Dec. 31, 2019		47,421,315	22,075,749
Increase (Decrease) in shareholders' equity
Net income	20,396				20,396		13,623	34,019
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights	6,036	$ 3	$ (3)	6,036				6,036
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights (in shares)		316,370	(316,370)
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights	1,272	$ 1		1,271				1,272
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights (in shares)		66,631
Exercise of stock options	77			77				77
Exercise of stock options (in shares)		2,713
Change in non-controlling interest allocation	14,087			14,087			(21,530)	(7,443)
Non-cash equity compensation expense	1,017			1,017				1,017
Currency translation adjustment - net of tax	(5,524)					(5,524)	(3,041)	(8,565)
Unrealized gain (loss) on interest rate swap designated as a cash flow hedge	(1,923)					(1,923)	(1,021)	(2,944)
Adjustments of deferred taxes, net of amounts payable under tax receivable agreements and changes from Focus LLC interest transactions	(393)			(393)				(393)
Ending balance at Mar. 31, 2020	519,165	$ 478	$ 218	520,281	6,934	(8,746)	307,881	827,046
Ending Balance (in shares) at Mar. 31, 2020		47,807,029	21,759,379
Beginning balance at Dec. 31, 2020	539,799	$ 512	$ 207	526,664	14,583	(2,167)	319,080	858,879
Beginning balance (in shares) at Dec. 31, 2020		51,158,712	20,661,595
Increase (Decrease) in shareholders' equity
Net income	256				256		2,226	2,482
Issuance (cancellation) of common stock in connection with offering, net	121,984	$ 26	$ (25)	121,983				121,984
Issuance (cancellation) of common stock in connection with offering, net (in shares)		2,640,369	(2,460,732)
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights	54,869	$ 12	$ (12)	54,869				54,869
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights (in shares)		1,181,759	(1,181,759)
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights	3,272	$ 1		3,271				3,272
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights (in shares)		70,465
Exercise of stock options	2,022			2,022				2,022
Exercise of stock options (in shares)		63,537
Change in non-controlling interest allocation	(125,836)			(125,836)			(51,884)	(177,720)
Non-cash equity compensation expense	1,164			1,164				1,164
Currency translation adjustment - net of tax	(312)					(312)	(129)	(441)
Unrealized gain (loss) on interest rate swap designated as a cash flow hedge	3,396					3,396	1,855	5,251
Adjustments of deferred taxes, net of amounts payable under tax receivable agreements and changes from Focus LLC interest transactions	5,885			5,885				5,885
Ending balance at Mar. 31, 2021	$ 606,499	$ 551	$ 170	$ 590,022	$ 14,839	$ 917	$ 271,148	$ 877,647
Ending Balance (in shares) at Mar. 31, 2021		55,114,842	17,019,104

GENERAL

GENERAL	3 Months Ended
GENERAL	Mar. 31, 2021
GENERAL
GENERAL	1. GENERAL Organization and Business Focus LLC is a Delaware limited liability company that was formed in November 2004. Focus LLC’s subsidiaries commenced revenue-generating and acquisition activities in January 2006. Focus LLC’s activities are governed by its Fourth Amended and Restated Operating Agreement (as amended, the “Operating Agreement”). Focus LLC is in the business of acquiring and overseeing independent fiduciary wealth management and related businesses.

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF ACCOUNTING POLICIES	Mar. 31, 2021
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES	2. SUMMARY OF ACCOUNTING POLICIES Basis of Presentation Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Use of Estimates Revenue The Company disaggregates revenue by wealth management fees and other. The Company does not allocate revenue by the type of service provided in connection with providing holistic wealth management client services. The Company generally manages its business based on the operating results of the enterprise taken as a whole, not by geographic region. The following table disaggregates the revenues based on the location of the partner firm legal entities that generate the revenues and therefore may not be reflective of the geography in which clients are located. Three Months Ended March 31, 2020 2021 Domestic revenue $ 321,983 $ 370,954 International revenue 15,071 23,221 Total revenue $ 337,054 $ 394,175 International revenue consists of revenue generated by partner firm legal entities in Australia, Canada and the United Kingdom. Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “ Simplifying the Accounting for Income Taxes Income Taxes In March 2020, the FASB issued ASU No. 2020-04, “ Facilitation of the Effects of Reference Rate Reform on Financial Reporting .” ASU No. 2020-04 provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London InterBank Offered Rate (“LIBOR”) or another rate that is expected to be discontinued. The amendments in ASU No. 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of ASU No. 2020-04 did not have a material impact on the Company’s consolidated financial statements; however, the Company will continue to evaluate the impacts, if any, of the provisions of ASU No. 2020-04 on the Company’s debt and hedging arrangements through December 31, 2022.

NON-CONTROLLING INTEREST AND IN

NON-CONTROLLING INTEREST AND INCOME PER SHARE	3 Months Ended
NON-CONTROLLING INTEREST AND INCOME PER SHARE	Mar. 31, 2021
NON-CONTROLLING INTEREST AND INCOME PER SHARE
NON-CONTROLLING INTEREST AND INCOME PER SHARE	3. NON-CONTROLLING INTEREST AND INCOME PER SHARE The calculation of controlling and non-controlling interest is as follows as of March 31, 2020 and 2021: 2020 2021 Focus LLC common units held by continuing owners 21,759,379 17,019,104 Focus LLC restricted common units — 71,374 Common unit equivalents of outstanding vested and unvested incentive units(1) 3,623,660 7,006,625 Total common units, restricted common units and common unit equivalents attributable to non-controlling interest 25,383,039 24,097,103 Total common units, restricted common units and common unit equivalents of incentive units outstanding 73,190,068 79,211,945 Non-controlling interest allocation 34.7 % 30.4 % Company’s interest in Focus LLC 65.3 % 69.6 % (1) Focus LLC common units issuable upon conversion of 19,369,928 and 16,728,882 (see Note 9) vested and unvested Focus LLC incentive units outstanding as of March 31, 2020 and 2021, respectively, was calculated using the common unit equivalent of vested and unvested Focus LLC incentive units based on the closing price of the Company’s Class A common stock on the last trading day of the periods. The calculation of basic and diluted income per share is described below: Basic income per share is calculated utilizing net income attributable to common shareholders divided by the weighted average number of shares of Class A common stock outstanding during the same periods: Three Months Ended March 31, 2020 2021 Basic income per share: Net income attributable to common shareholders $ 20,396 $ 256 Weighted average shares of Class A common stock outstanding 47,436,555 52,200,029 Basic income per share $ 0.43 $ 0.00 Diluted income per share is calculated utilizing net income attributable to common shareholders divided by the weighted average number of shares of Class A common stock outstanding during the same periods plus the effect, if any, of the potentially dilutive shares of the Company’s Class A common stock from stock options, unvested Class A common stock, restricted stock units and Focus LLC common units, restricted common units and incentive units as calculated using the treasury stock method: Three Months Ended March 31, 2020 2021 Diluted income per share: Net income attributable to common shareholders $ 20,396 $ 256 Weighted average shares of Class A common stock outstanding 47,436,555 52,200,029 Effect of dilutive stock options 2,573 415,041 Effect of dilutive unvested Class A common stock 2,044 — Effect of dilutive restricted stock units — 39,752 Total 47,441,172 52,654,822 Diluted income per share $ 0.43 $ 0.00 Diluted income per share for the three months ended March 31, 2020 and 2021 excludes shares related to 155,000 market-based stock options that vest on the fifth anniversary of the pricing of the Company’s IPO if the volume weighted average per share price for any ninety-calendar day period within such five-year period immediately following the pricing of the IPO reaches at least $100. Such market-based criteria were not met at March 31, 2020 and 2021. Focus LLC common and incentive units may be exchanged for the Company’s Class A common stock, subject to certain limitations (see Note 9). In computing the dilutive effect, if any, that the exchange would have on net income per share, net income attributable to Class A common shareholders would be adjusted due to the elimination of the non-controlling interests (including any associated tax impact). For the three months ended March 31, 2020 and 2021, such exchange is not reflected in diluted net income per share as the assumed exchange is not dilutive.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
ACQUISITIONS	Mar. 31, 2021
ACQUISITIONS
ACQUISITIONS	4. ACQUISITIONS Business Acquisitions Business acquisitions are accounted for in accordance with ASC Topic 805: Business Combinations The Company has incorporated contingent consideration, or earn out provisions, into the structure of its acquisitions. The Company recognizes the fair value of estimated contingent consideration at the acquisition date as part of the consideration transferred in the exchange. The contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. The purchase price associated with business acquisitions and the allocation thereof during the three months ended March 31, 2021 is as follows: Number of business acquisitions closed 2 Consideration: Cash due at closing $ 7,664 Fair market value of estimated contingent consideration 6,187 Total consideration $ 13,851 Allocation of purchase price: Total tangible assets $ 1,288 Total liabilities assumed (829) Customer relationships 11,229 Management contract 280 Goodwill 1,883 Total allocated consideration $ 13,851 Management believes approximately $7,335 of tax goodwill and intangibles related to business acquisitions completed during the three months ended March 31, 2021 will be deductible for tax purposes over a 15 year period. Additional tax goodwill may be deductible when estimated contingent consideration is earned and paid. The accompanying unaudited condensed consolidated statement of operations for the three months ended March 31, 2021 includes revenue and loss from operations for the one business acquisition that is a new subsidiary partner firm from the acquisition date of $241 and $(73), respectively. The weighted-average useful lives of intangible assets acquired during the three months ended March 31, 2021 through business acquisitions are as follows: Number of years Management contract 20 Customer relationships 9 Weighted-average useful life of all intangibles acquired 9 From April 1, 2021 to May 6, 2021, the Company completed 5 business acquisitions for cash and equity of $74,687, plus contingent consideration.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Mar. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	5. GOODWILL AND OTHER INTANGIBLE ASSETS The following table summarizes the change in the goodwill balances for the year ended December 31, 2020 and the three months ended March 31, 2021: December 31, March 31, 2020 2021 Balance beginning of period: Goodwill $ 1,112,855 $ 1,278,183 Cumulative impairment losses (22,624) (22,624) 1,090,231 1,255,559 Goodwill acquired 160,341 1,883 Other 4,987 (3,466) 165,328 (1,583) Balance end of period: Goodwill 1,278,183 1,276,600 Cumulative impairment losses (22,624) (22,624) $ 1,255,559 $ 1,253,976 The following table summarizes the amortizing acquired intangible assets at December 31, 2020: Gross Carry Accumulated Net Book Amount Amortization Value Customer relationships $ 1,610,971 $ (612,037) $ 998,934 Management contracts 158,526 (47,881) 110,645 Other acquired intangibles 7,733 (3,845) 3,888 Total $ 1,777,230 $ (663,763) $ 1,113,467 The following table summarizes the amortizing acquired intangible assets at March 31, 2021: Gross Carry Accumulated Net Book Amount Amortization Value Customer relationships $ 1,622,173 (652,363) 969,810 Management contracts 158,819 (49,991) 108,828 Other acquired intangibles 7,740 (4,124) 3,616 Total $ 1,788,732 $ (706,478) $ 1,082,254

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	6. FAIR VALUE MEASUREMENTS ASC Topic 820, Fair Value Measurement The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows: Level 1 Level 2 Level 3 Marketable securities At March 31, 2021, the fair value of the Company’s investment in a mutual fund was $17,619 . The fair value was determined using Level 1 inputs. First Lien Term Loan The implied fair value of the Company’s First Lien Term Loan (as defined below) based on Level 2 inputs at December 31, 2020 and March 31, 2021 are as follows: December 31, 2020 March 31, 2021 Stated Fair Stated Fair Value Value Value Value First Lien Term Loan $ 1,127,622 $ 1,120,574 $ 1,623,449 $ 1,605,185 Derivatives At December 31, 2020 and March 31, 2021, the fair value of the Company’s $850,000 notional amount interest rate swap agreements was $(10,400) and $(4,116), respectively. The fair value was based on Level 2 inputs which included the relevant interest rate forward curves. Business acquisitions For business acquisitions, the Company recognizes the fair value of goodwill and other acquired intangible assets, and estimated contingent consideration at the acquisition date as part of purchase price. This fair value measurement is based on unobservable (Level 3) inputs. The following table represents changes in the fair value of estimated contingent consideration for business acquisitions for the year ended December 31, 2020 and the three months ended March 31, 2021: Balance at January 1, 2020 $ 183,568 Additions to estimated contingent consideration 46,918 Payments of contingent consideration (80,803) Non-cash changes in fair value of estimated contingent consideration 19,197 Other 790 Balance at December 31, 2020 $ 169,670 Additions to estimated contingent consideration 6,187 Payments of contingent consideration (9,448) Non-cash changes in fair value of estimated contingent consideration 25,936 Other (218) Balance at March 31, 2021 $ 192,127 Estimated contingent consideration is included in other liabilities in the accompanying unaudited condensed consolidated balance sheets. During the year ended December 31, 2020, the Company paid $80,803 in cash as contingent consideration associated with business acquisitions. During the three months ended March 31, 2021, the Company paid $9,448 in cash as contingent consideration associated with business acquisitions. In addition, the Company also paid $382 and $591 of contingent consideration for the three months ended March 31, 2020 and 2021, respectively, associated with asset acquisitions. These amounts are included in cash paid for acquisitions and contingent consideration—net of cash acquired in investing activities in the unaudited condensed consolidated statement of cash flows. In determining fair value of the estimated contingent consideration, the acquired business’ future performance is estimated using financial projections for the acquired business. These financial projections, as well as alternative scenarios of financial performance, are measured against the performance targets specified in each respective acquisition agreement. In addition, discount rates are established based on the cost of debt and the cost of equity. The Company uses the Monte Carlo Simulation Model to determine the fair value of the Company’s estimated contingent consideration. The significant unobservable inputs used in the fair value measurement of the Company’s estimated contingent consideration are the forecasted growth rates over the measurement period and discount rates. Significant increases or decreases in the Company’s forecasted growth rates over the measurement period or discount rates would result in a higher or lower fair value measurement. Inputs used in the fair value measurement of estimated contingent consideration at December 31, 2020 and March 31, 2021 are summarized below: Quantitative Information About Level 3 Fair Value Measurements Fair Value at Valuation Unobservable December 31, 2020 Techniques Inputs Ranges $ 169,670 Monte Carlo Simulation Model Forecasted growth rates (33.6)% - 20.9 % Discount rates 10.0% - 18.0 % Quantitative Information About Level 3 Fair Value Measurements Fair Value at Valuation Unobservable March 31, 2021 Techniques Inputs Ranges $ 192,127 Monte Carlo Simulation Model Forecasted growth rates (27.7)% - 25.2 % Discount rates 9.0% - 16.0 %

CREDIT FACILITY

CREDIT FACILITY	3 Months Ended
CREDIT FACILITY	Mar. 31, 2021
CREDIT FACILITY
CREDIT FACILITY	7. CREDIT FACILITY As of March 31, 2021, Focus LLC’s credit facility (the “Credit Facility”) consisted of a $1,623,449 first lien term loan (the “First Lien Term Loan”) and a $650,000 first lien revolving credit facility (the “First Lien Revolver”). In January 2020, Focus LLC amended its First Lien Term Loan to reduce the interest rates. The First Lien Term Loan bears interest (at Focus LLC’s option) at: (i) LIBOR plus a margin of 2.00% or (ii) the lender’s Base Rate (as defined in the Credit Facility) plus a margin of 1.00%. As a result of the amendment, Focus LLC paid approximately $634 in debt financing costs and recorded a loss on extinguishment of borrowings of $6,094, representing the write off of $5,306 and $788 in deferred financing costs and unamortized discount related to the First Lien Term Loan, respectively. In January 2021, Focus LLC amended and expanded its First Lien Term Loan by $500,000 and incurred $2,700 in debt financing costs. The debt was issued at a discount of 0.125% or $625 which is being amortized to interest expense over the remaining term of the First Lien Term Loan. The required quarterly installment repayments of $2,891 were increased to $4,173. The First Lien Term Loan has a maturity date of July 2024. The First Lien Revolver has a maturity date of July 2023. Up to $30,000 of the First Lien Revolver is available for the issuance of letters of credit, subject to certain limitations. The First Lien Revolver bears interest (at Focus LLC’s option) at LIBOR plus a margin of 2.00% with step downs to 1.75%, 1.50% and 1.25% or the lender’s Base Rate plus a margin of 1.00% with step downs to 0.75%, 0.50% and 0.25%, based on achievement of a specified First Lien Leverage Ratio. The First Lien Revolver unused commitment fee is 0.50% with step downs to 0.375% and 0.25% based on achievement of a specified First Lien Leverage Ratio. Focus LLC’s obligations under the Credit Facility are collateralized by the majority of Focus LLC’s assets. The Credit Facility contains various customary covenants, including, but not limited to: (i) incurring additional indebtedness or guarantees, (ii) creating liens or other encumbrances on property or granting negative pledges, (iii) entering into a merger or similar transaction, (iv) selling or transferring certain property and (v) declaring dividends or making other restricted payments. Focus LLC is required to maintain a First Lien Leverage Ratio (as defined in the Credit Facility) of not more than 6.25:1.00 as of the last day of each fiscal quarter. At March 31, 2021, Focus LLC's First Lien Leverage Ratio was 3.79:1.00, which satisfied the maximum ratio of 6.25:1.00. First Lien Leverage Ratio means the ratio of amounts outstanding under the First Lien Term Loan and First Lien Revolver plus other outstanding debt obligations secured by a lien on the assets of Focus LLC (excluding letters of credit other than unpaid drawings thereunder) minus unrestricted cash and cash equivalents to Consolidated EBITDA (as defined in the Credit Facility). Consolidated EBITDA for purposes of the Credit Facility was $383,357 at March 31, 2021. Focus LLC is also subject on an annual basis to contingent principal payments based on an excess cash flow calculation (as defined in the Credit Facility) for any fiscal year if the First Lien Leverage Ratio exceeds 3.75:1.00. No contingent principal payments were required to be made in 2020. Based on the excess cash flow calculation for the year ended December 31, 2020, no contingent principal payments are required to be made in 2021. The Company defers and amortizes its debt financing costs over the respective terms of the First Lien Term Loan and First Lien Revolver. The debt financing costs related to the First Lien Term Loan are recorded as a reduction of the carrying amount of the First Lien Term Loan in the unaudited condensed consolidated balance sheets. The debt financing costs related to the First Lien Revolver are recorded in debt financing costs-net in the unaudited condensed consolidated balance sheets. The following is a reconciliation of principal amounts outstanding under the Credit Facility to borrowings under the Credit Facility recorded in the unaudited condensed consolidated balance sheets at December 31, 2020 and March 31, 2021: December 31, March 31, 2020 2021 First Lien Term Loan $ 1,127,622 $ 1,623,449 First Lien Revolver 380,000 — Unamortized debt financing costs (503) (3,025) Unamortized discount — (593) Total $ 1,507,119 $ 1,619,831 At December 31, 2020 and March 31, 2021, unamortized debt financing costs associated with the First Lien Revolver of $6,950 and $6,276, respectively, were recorded in debt financing costs-net in the unaudited condensed consolidated balance sheets. Weighted-average interest rates for outstanding borrowings were approximately 3% for the year ended December 31, 2020 and approximately 2% for the three months ended March 31, 2021. As of December 31, 2020 and March 31, 2021, the First Lien Revolver available unused commitment line was $262,413 and $642,355, respectively. As of December 31, 2020 and March 31, 2021, Focus LLC was contingently obligated for letters of credit in the amount of $7,587 and $7,645, respectively, each bearing interest at an annual rate of approximately 2%.

DERIVATIVES

DERIVATIVES	3 Months Ended
DERIVATIVES	Mar. 31, 2021
DERIVATIVES
DERIVATIVES	8. DERIVATIVES In March 2020, the Company entered into a 4 year floating to fixed interest rate swap with a notional amount of $400,000. The interest rate swap effectively fixes the variable interest rate applicable to $400,000 of borrowings outstanding on the First Lien Term Loan. The terms of the interest rate swap provide that the Company pays interest to the counterparty each month at a rate of 0.713% and receive interest from the counterparty each month at the 1 month USD LIBOR rate, subject to a 0% floor. In April 2020, the Company entered into two additional 4 year floating to fixed interest rate swap agreements with notional amounts of $250,000 and $200,000, respectively. These swaps effectively fix the variable interest rate applicable to $450,000 of borrowings outstanding on the First Lien Term Loan. The terms of these swaps provide that the Company pays interest to the counterparties each month at a rate of 0.537% and 0.5315%, respectively, and receive interest from the counterparties each month at the 1 month USD LIBOR rate, subject to a 0% floor. The Company designated these swaps as cash flow hedges of the Company’s exposure to the variability of the payment of interest on these portions of its First Lien Term Loan borrowings. At December 31, 2020 and March 31, 2021, the fair value of the interest rate swaps was $(10,400) and balance sheets. The interest rate swaps continue to be effective hedges, and as such, the offsetting adjustment to the fair value is recorded in accumulated other comprehensive loss, net of tax of $1,804 and $771 at December 31, 2020 and March 31, 2021, respectively.

EQUITY

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2021
EQUITY
EQUITY	9. EQUITY Offering In March 2021, the Company completed an underwritten offering of 7,987,367 shares of its Class A common stock, including 987,367 shares of Class A common stock sold in connection with a partial exercise of the option to purchase additional shares granted to the underwriters, at $48.00 per share. This amount included 7,725,061 shares offered by certain selling stockholders of the Company affiliated with the Company’s private equity investors and 262,306 shares offered by the Company (the “Offering”) on behalf of certain of the existing unitholders of Focus LLC. The net proceeds to the Company were $12,119, after deducting underwriting discounts and before other offering expenses of $1,122. The Company contributed the net proceeds from the sale of the shares of Class A common stock that it offered to Focus LLC in exchange for newly issued common units in Focus LLC. Focus LLC used the contributed amounts to purchase units in Focus LLC from certain unitholders and in connection with such purchase, the Company retired the corresponding shares of its Class B common stock, as applicable . In connection with the Offering, the Company issued an aggregate of 2,640,369 shares of Class A common stock and retired 2,460,732 shares of Class B common stock and 364,180 incentive units in Focus LLC, and acquired 2,640,369 common units in Focus LLC. Exchange rights Each Focus LLC common unit, together with a corresponding share of the Company’s Class B common stock, and Focus LLC incentive unit (after conversion into a number of Focus LLC common units taking into account the then-current value of the common units and such incentive unit’s aggregate hurdle amount) is exchangeable, pursuant to the terms and subject to the conditions set forth in the Operating Agreement, for one share of the Company’s Class A common stock, or, if either the Company or Focus LLC so elects, cash. In March 2021, the Company issued an aggregate of 1,252,224 shares of Class A common stock and retired 1,181,759 shares of Class B common stock and 152,753 incentive units in Focus LLC, and acquired 1,252,224 common units in Focus LLC, in each case as part of the regular quarterly exchanges offered to holders of units in Focus LLC. Stock Options and Restricted Stock Units The following table provides information relating to the changes in the Company’s stock options during the three months ended March 31, 2021: Stock Weighted Average Options Exercise Price Outstanding—January 1, 2021 1,845,317 $ 32.57 Granted — — Exercised (63,537) 31.83 Forfeited — — Outstanding—March 31, 2021 1,781,780 32.60 Vested—March 31, 2021 727,970 31.33 Weighted Average Restricted Stock Grant Date Units Fair Value Outstanding—January 1, 2021 141,095 $ 36.63 Granted — — Forfeited — — Vested — — Outstanding—March 31, 2021 141,095 36.63 The Company recognized $1,187 and $1,164 of non-cash equity compensation expense in relation to the stock options, unvested Class A common stock and restricted stock units during the three months ended March 31, 2020 and 2021, respectively. Focus LLC Restricted Common Units and Focus LLC Incentive Units The following table provides information relating to the changes in Focus LLC restricted common units during the three months ended March 31, 2021: Weighted Average Restricted Grant Date Common Units Fair Value Outstanding—January 1, 2021 73,276 $ 44.71 Granted — — Forfeited (1,902) 44.71 Vested — — Outstanding—March 31, 2021 71,374 44.71 The Company uses the Black-Scholes option-pricing model to determine the fair value of time-based incentive units. The determination of the fair value using the Black-Scholes option-pricing model is affected by the Company’s estimated common unit price, as well as by assumptions regarding a number of complex and subjective variables. These variables include the Company’s expected unit price volatility over the term of the incentive unit, expected term, risk-free interest rates and expected dividend yield. The estimated grant-date fair value of the time-based incentive unit grants during the three months ended March 31, 2021 was calculated based on the following weighted-average assumptions: Expected term 5.0 years Expected stock price volatility 34.75 % Risk-free interest rate 0.36 % Expected dividend yield — % Weighted average grant date fair value $ 13.43 The following table provides information relating to the changes in Focus LLC incentive units during the three months ended March 31, 2021: Weighted Average Incentive Units Hurdle Price Outstanding—January 1, 2021 17,234,497 $ 24.34 Granted 30,000 43.50 Exchanged (516,933) 24.67 Forfeited (18,682) 44.71 Outstanding—March 31, 2021 16,728,882 24.34 Vested—March 31, 2021 8,896,320 18.22 Incentive units outstanding and vested at March 31, 2021 were as follows: Number Vested Hurdle Rates Outstanding Units $1.42 421 421 5.50 798 798 6.00 386 386 7.00 1,081 1,081 9.00 1,323,708 1,323,708 11.00 841,706 841,706 12.00 520,000 520,000 13.00 548,750 548,750 14.00 17,848 17,848 16.00 45,191 45,191 17.00 20,000 20,000 19.00 549,643 549,643 21.00 3,440,620 2,836,850 22.00 888,417 591,313 23.00 524,828 393,621 26.26 18,750 — 27.00 29,484 22,113 27.90 1,951,339 450,848 28.50 1,492,088 714,543 30.48 30,000 — 33.00 3,617,500 7,500 36.64 30,000 10,000 43.50 30,000 — 44.71 806,324 — 16,728,882 8,896,320 In February 2021, the compensation committee of the Company applied its discretion to provide for a new measurement period for 1,162,500 incentive units of certain officers of the Company. As a result of the modification, 896,230 units were vested based on the weighted average price per share for the seven days prior to February 23, 2021, with vesting calculated based on the same stock price hurdles that were to apply on the third anniversary of the IPO. This vesting criteria provided that if the specified weighted average price per share was: (i) less than . The remaining period immediately preceding the third anniversary of the Company’s IPO. In connection with the modification that resulted in the vesting of The Company recorded $3,847 and $11,192 in total non-cash equity compensation expense for incentive units during the three months ended March 31, 2020 and 2021, respectively.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2021
INCOME TAXES
INCOME TAXES	10. INCOME TAXES The estimated annual effective tax rate for the three months ended March 31, 2021 was 26.7% as compared to 29.7% for the year ended December 31, 2020. Income tax expense for the three months ended March 31, 2021 includes a discrete tax expense of approximately $207, and is primarily related to federal, state and local income taxes imposed on the Company’s allocable portion of taxable income from Focus LLC. The allocable portion of taxable income primarily differs from the net income attributable to the Company due to permanent differences such as non-deductible equity-based compensation expense of Focus LLC. During the three months ended March 31, 2021, there were no changes to the Company’s uncertain tax positions.

TAX RECEIVABLE AGREEMENTS

TAX RECEIVABLE AGREEMENTS	3 Months Ended
TAX RECEIVABLE AGREEMENTS	Mar. 31, 2021
TAX RECEIVABLE AGREEMENTS
TAX RECEIVABLE AGREEMENTS	11. TAX RECEIVABLE AGREEMENTS In connection with the Reorganization Transactions and the closing of the IPO, the Company entered into two Tax Receivable Agreements (“TRAs”): one with certain entities affiliated with the Company’s private equity investors and the other with certain other continuing and former owners of Focus LLC. In March 2020 Focus Inc. entered into an additional Tax Receivable Agreement for TRA holders that join Focus LLC as members after the closing of the IPO (the parties to the three agreements, collectively, the “TRA holders”). New Focus LLC owners in the future may also become party to this additional Tax Receivable Agreement. The agreements generally provide for the payment by the Company to each TRA holder of 85% of the net cash savings, if any, in U.S. federal, state and local income and franchise tax that the Company actually realizes (computed using simplifying assumptions to address the impact of state and local taxes) or is deemed to realize in certain circumstances in connection with the Reorganization Transactions and in periods after the IPO or after entering into the Tax Receivable Agreement, as applicable, as a result of certain increases in tax bases and certain tax benefits attributable to imputed interest. The Company will retain the benefit of the remaining 15% of these cash savings. As of March 31, 2021, the Company had recorded a liability of $123,895 relating to the TRA obligations. Future payments under the TRAs in respect of future exchanges of Focus LLC units for shares of Class A common stock will be in addition to the amount recorded. In February 2021 and April 2021, payments totalling $4,112 and $311, respectively, were made under the Tax Receivable Agreements.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Credit Risk In addition, the Company has the right to pursue collection or performance from the counterparties who do not perform under their contractual obligations. The Company monitors the credit standing of the clearing brokers and counterparties with which they conduct business. The Company is exposed to credit risk for accounts receivable from clients. Such credit risk is limited to the amount of accounts receivable. The Company is also exposed to credit risk for changes in the benchmark interest rate (LIBOR or Base Rate) in connection with its Credit Facility. The counterparties to the Company’s derivative financial instruments are major international financial institutions. The Company is exposed to credit risk for the net exchanges under these agreements, but not for the notional amounts. The Company does not anticipate non-performance by any of its counterparties. The Company maintains its cash in bank depository accounts, which, at times, may exceed federally insured limits. The Company selects depository institutions based, in part, upon management’s review of the financial stability of the institution. At December 31, 2020 and March 31, 2021, a significant portion of cash and cash equivalents were held at a single institution. Contingent Consideration Arrangements Legal and Regulatory Matters From time to time, the Company’s subsidiaries receive requests for information from governmental authorities regarding business activities. The Company has cooperated and plans to continue to cooperate with all governmental agencies. The Company continues to believe that the resolution of any governmental inquiry will not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. Indemnifications Management believes that the likelihood of any material liability arising under these indemnification provisions is remote. Management cannot estimate any potential maximum exposure due to both the remoteness of any potential claims and the fact that items that would be included within any such calculated claim would be beyond the control of the Company. Consequently, no liability has been recorded in the unaudited condensed consolidated balance sheets.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	3 Months Ended
CASH FLOW INFORMATION	Mar. 31, 2021
CASH FLOW INFORMATION
CASH FLOW INFORMATION	13. CASH FLOW INFORMATION Three Months Ended March 31, 2020 2021 Supplemental disclosures of cash flow information—cash paid for: Interest $ 13,555 $ 10,267 Income taxes $ 2,047 $ 3,739 Supplemental non-cash cash flow information: Fair market value of estimated contingent consideration in connection with acquisitions $ 3,367 $ 6,187

RELATED PARTIES

RELATED PARTIES	3 Months Ended
RELATED PARTIES	Mar. 31, 2021
RELATED PARTIES
RELATED PARTIES	14. RELATED PARTIES The Company’s Chief Executive Officer, through an entity owned and controlled by him, owns a personal aircraft that was acquired without Company resources that he uses for business travel. The Company reimburses the Company’s Chief Executive Officer for certain costs and third party payments associated with the use of his personal aircraft for Company-related business travel. The Company also pays pilot fees for such business travel flights. During the three months ended March 31, 2020 and 2021, the Company recognized expenses of $417 and $603, respectively, related to these reimbursements. Given the geography of the Company’s partner firms and prospects, the Company believes that the use of private aircraft creates efficiencies to enhance the productivity of the Company’s Chief Executive Officer and certain other authorized personnel. At March 31, 2021, affiliates of certain holders of the Company’s Class A common stock and Class B common stock were lenders under the Credit Facility. Affiliates of certain holders of the Company’s Class A common stock and Class B common stock earned estimated underwriting fees of $4,707 in connection with the Offering.

OTHER

OTHER	3 Months Ended
OTHER	Mar. 31, 2021
OTHER
OTHER	15. OTHER In January 2021, the Company invested $18,000 in a publicly traded mutual fund. The investment is recorded at its fair value each period in prepaid expenses and other assets in the unaudited condensed consolidated balance sheets. Unrealized gains and losses are recognized in the unaudited condensed consolidated statements of operations. One of the Company’s subsidiaries is a sub-adviser to the mutual fund.

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF ACCOUNTING POLICIES (Policies)	Mar. 31, 2021
SUMMARY OF ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
Use of Estimates	Use of Estimates
Revenue	Revenue The Company disaggregates revenue by wealth management fees and other. The Company does not allocate revenue by the type of service provided in connection with providing holistic wealth management client services. The Company generally manages its business based on the operating results of the enterprise taken as a whole, not by geographic region. The following table disaggregates the revenues based on the location of the partner firm legal entities that generate the revenues and therefore may not be reflective of the geography in which clients are located. Three Months Ended March 31, 2020 2021 Domestic revenue $ 321,983 $ 370,954 International revenue 15,071 23,221 Total revenue $ 337,054 $ 394,175 International revenue consists of revenue generated by partner firm legal entities in Australia, Canada and the United Kingdom.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “ Simplifying the Accounting for Income Taxes Income Taxes In March 2020, the FASB issued ASU No. 2020-04, “ Facilitation of the Effects of Reference Rate Reform on Financial Reporting .” ASU No. 2020-04 provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London InterBank Offered Rate (“LIBOR”) or another rate that is expected to be discontinued. The amendments in ASU No. 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of ASU No. 2020-04 did not have a material impact on the Company’s consolidated financial statements; however, the Company will continue to evaluate the impacts, if any, of the provisions of ASU No. 2020-04 on the Company’s debt and hedging arrangements through December 31, 2022.

SUMMARY OF ACCOUNTING POLICIE_2

SUMMARY OF ACCOUNTING POLICIES (Tables)	3 Months Ended
SUMMARY OF ACCOUNTING POLICIES (Tables)	Mar. 31, 2021
SUMMARY OF ACCOUNTING POLICIES
Schedule of disaggregated revenues based on the location of the partner firm	Three Months Ended March 31, 2020 2021 Domestic revenue $ 321,983 $ 370,954 International revenue 15,071 23,221 Total revenue $ 337,054 $ 394,175

NON-CONTROLLING INTEREST AND _2

NON-CONTROLLING INTEREST AND INCOME PER SHARE (Tables)	3 Months Ended
NON-CONTROLLING INTEREST AND INCOME PER SHARE (Tables)	Mar. 31, 2021
NON-CONTROLLING INTEREST AND INCOME PER SHARE
Schedule of controlling and non-controlling interest	2020 2021 Focus LLC common units held by continuing owners 21,759,379 17,019,104 Focus LLC restricted common units — 71,374 Common unit equivalents of outstanding vested and unvested incentive units(1) 3,623,660 7,006,625 Total common units, restricted common units and common unit equivalents attributable to non-controlling interest 25,383,039 24,097,103 Total common units, restricted common units and common unit equivalents of incentive units outstanding 73,190,068 79,211,945 Non-controlling interest allocation 34.7 % 30.4 % Company’s interest in Focus LLC 65.3 % 69.6 % (1) Focus LLC common units issuable upon conversion of 19,369,928 and 16,728,882 (see Note 9) vested and unvested Focus LLC incentive units outstanding as of March 31, 2020 and 2021, respectively, was calculated using the common unit equivalent of vested and unvested Focus LLC incentive units based on the closing price of the Company’s Class A common stock on the last trading day of the periods.
Schedule of calculation of basic earnings per share	Three Months Ended March 31, 2020 2021 Basic income per share: Net income attributable to common shareholders $ 20,396 $ 256 Weighted average shares of Class A common stock outstanding 47,436,555 52,200,029 Basic income per share $ 0.43 $ 0.00
Schedule of calculation of diluted earnings per share	Three Months Ended March 31, 2020 2021 Diluted income per share: Net income attributable to common shareholders $ 20,396 $ 256 Weighted average shares of Class A common stock outstanding 47,436,555 52,200,029 Effect of dilutive stock options 2,573 415,041 Effect of dilutive unvested Class A common stock 2,044 — Effect of dilutive restricted stock units — 39,752 Total 47,441,172 52,654,822 Diluted income per share $ 0.43 $ 0.00

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
ACQUISITIONS (Tables)	Mar. 31, 2021
ACQUISITIONS
Schedule of purchase price associated with business acquisitions and the allocation thereof	Number of business acquisitions closed 2 Consideration: Cash due at closing $ 7,664 Fair market value of estimated contingent consideration 6,187 Total consideration $ 13,851 Allocation of purchase price: Total tangible assets $ 1,288 Total liabilities assumed (829) Customer relationships 11,229 Management contract 280 Goodwill 1,883 Total allocated consideration $ 13,851
Schedule of weighted-average useful lives of intangible assets acquired	The weighted-average useful lives of intangible assets acquired during the three months ended March 31, 2021 through business acquisitions are as follows: Number of years Management contract 20 Customer relationships 9 Weighted-average useful life of all intangibles acquired 9

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Mar. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Summary of changes in the goodwill balances	December 31, March 31, 2020 2021 Balance beginning of period: Goodwill $ 1,112,855 $ 1,278,183 Cumulative impairment losses (22,624) (22,624) 1,090,231 1,255,559 Goodwill acquired 160,341 1,883 Other 4,987 (3,466) 165,328 (1,583) Balance end of period: Goodwill 1,278,183 1,276,600 Cumulative impairment losses (22,624) (22,624) $ 1,255,559 $ 1,253,976
Summary of amortizing acquired intangible assets	The following table summarizes the amortizing acquired intangible assets at December 31, 2020: Gross Carry Accumulated Net Book Amount Amortization Value Customer relationships $ 1,610,971 $ (612,037) $ 998,934 Management contracts 158,526 (47,881) 110,645 Other acquired intangibles 7,733 (3,845) 3,888 Total $ 1,777,230 $ (663,763) $ 1,113,467 The following table summarizes the amortizing acquired intangible assets at March 31, 2021: Gross Carry Accumulated Net Book Amount Amortization Value Customer relationships $ 1,622,173 (652,363) 969,810 Management contracts 158,819 (49,991) 108,828 Other acquired intangibles 7,740 (4,124) 3,616 Total $ 1,788,732 $ (706,478) $ 1,082,254

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2021
FAIR VALUE MEASUREMENTS
Schedule of implied fair value of the Company's First Lien Term Loan (as defined below)	December 31, 2020 March 31, 2021 Stated Fair Stated Fair Value Value Value Value First Lien Term Loan $ 1,127,622 $ 1,120,574 $ 1,623,449 $ 1,605,185
Schedule of changes in the fair value of estimated contingent consideration for business acquisitions	Balance at January 1, 2020 $ 183,568 Additions to estimated contingent consideration 46,918 Payments of contingent consideration (80,803) Non-cash changes in fair value of estimated contingent consideration 19,197 Other 790 Balance at December 31, 2020 $ 169,670 Additions to estimated contingent consideration 6,187 Payments of contingent consideration (9,448) Non-cash changes in fair value of estimated contingent consideration 25,936 Other (218) Balance at March 31, 2021 $ 192,127
Schedule of inputs used in the fair value measurement of estimated contingent consideration	Quantitative Information About Level 3 Fair Value Measurements Fair Value at Valuation Unobservable December 31, 2020 Techniques Inputs Ranges $ 169,670 Monte Carlo Simulation Model Forecasted growth rates (33.6)% - 20.9 % Discount rates 10.0% - 18.0 % Quantitative Information About Level 3 Fair Value Measurements Fair Value at Valuation Unobservable March 31, 2021 Techniques Inputs Ranges $ 192,127 Monte Carlo Simulation Model Forecasted growth rates (27.7)% - 25.2 % Discount rates 9.0% - 16.0 %

CREDIT FACILITY (Tables)

CREDIT FACILITY (Tables)	3 Months Ended
CREDIT FACILITY (Tables)	Mar. 31, 2021
CREDIT FACILITY
Schedule of reconciliation of principal amounts outstanding under the Credit Facility to borrowings under credit facilities recorded in the consolidated balance sheets	December 31, March 31, 2020 2021 First Lien Term Loan $ 1,127,622 $ 1,623,449 First Lien Revolver 380,000 — Unamortized debt financing costs (503) (3,025) Unamortized discount — (593) Total $ 1,507,119 $ 1,619,831

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
EQUITY (Tables)	Mar. 31, 2021
Stock options
Schedule of stock options granted	Stock Weighted Average Options Exercise Price Outstanding—January 1, 2021 1,845,317 $ 32.57 Granted — — Exercised (63,537) 31.83 Forfeited — — Outstanding—March 31, 2021 1,781,780 32.60 Vested—March 31, 2021 727,970 31.33
Restricted Stock Units (RSUs)
Schedule of changes in restricted stock units	Weighted Average Restricted Stock Grant Date Units Fair Value Outstanding—January 1, 2021 141,095 $ 36.63 Granted — — Forfeited — — Vested — — Outstanding—March 31, 2021 141,095 36.63
Focus LLC Restricted Common Units
Schedule of changes in restricted stock units	Weighted Average Restricted Grant Date Common Units Fair Value Outstanding—January 1, 2021 73,276 $ 44.71 Granted — — Forfeited (1,902) 44.71 Vested — — Outstanding—March 31, 2021 71,374 44.71
Incentive Units
Schedule of incentive units granted	Weighted Average Incentive Units Hurdle Price Outstanding—January 1, 2021 17,234,497 $ 24.34 Granted 30,000 43.50 Exchanged (516,933) 24.67 Forfeited (18,682) 44.71 Outstanding—March 31, 2021 16,728,882 24.34 Vested—March 31, 2021 8,896,320 18.22
Schedule of incentive units outstanding and vested by hurdle rates	Number Vested Hurdle Rates Outstanding Units $1.42 421 421 5.50 798 798 6.00 386 386 7.00 1,081 1,081 9.00 1,323,708 1,323,708 11.00 841,706 841,706 12.00 520,000 520,000 13.00 548,750 548,750 14.00 17,848 17,848 16.00 45,191 45,191 17.00 20,000 20,000 19.00 549,643 549,643 21.00 3,440,620 2,836,850 22.00 888,417 591,313 23.00 524,828 393,621 26.26 18,750 — 27.00 29,484 22,113 27.90 1,951,339 450,848 28.50 1,492,088 714,543 30.48 30,000 — 33.00 3,617,500 7,500 36.64 30,000 10,000 43.50 30,000 — 44.71 806,324 — 16,728,882 8,896,320
Time based incentive units
Schedule of fair value of stock options grants determined with assumptions	Expected term 5.0 years Expected stock price volatility 34.75 % Risk-free interest rate 0.36 % Expected dividend yield — % Weighted average grant date fair value $ 13.43

CASH FLOW INFORMATION (Tables)

CASH FLOW INFORMATION (Tables)	3 Months Ended
CASH FLOW INFORMATION (Tables)	Mar. 31, 2021
CASH FLOW INFORMATION
Schedule of supplemental cash flow information	Three Months Ended March 31, 2020 2021 Supplemental disclosures of cash flow information—cash paid for: Interest $ 13,555 $ 10,267 Income taxes $ 2,047 $ 3,739 Supplemental non-cash cash flow information: Fair market value of estimated contingent consideration in connection with acquisitions $ 3,367 $ 6,187

SUMMARY OF ACCOUNTING POLICIE_3

SUMMARY OF ACCOUNTING POLICIES - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue Recognition
Total revenues	$ 394,175	$ 337,054
Domestic revenue
Revenue Recognition
Total revenues	370,954	321,983
International revenue
Revenue Recognition
Total revenues	$ 23,221	$ 15,071

NON-CONTROLLING INTEREST AND _3

NON-CONTROLLING INTEREST AND INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic income per share:
Net income attributable to common shareholders	$ 256	$ 20,396
Diluted income (loss) per share:
Net income attributable to common shareholders	256	20,396
Class A common stock
Basic income per share:
Net income attributable to common shareholders	$ 256	$ 20,396
Weighted average shares of Class A common stock outstanding	52,200,029	47,436,555
Basic income per share	$ 0	$ 0.43
Diluted income (loss) per share:
Net income attributable to common shareholders	$ 256	$ 20,396
Weighted average shares of Class A common stock outstanding	52,200,029	47,436,555
Effect of dilutive stock options	415,041	2,573
Effect of dilutive unvested Class A common stock		2,044
Effect of dilutive restricted stock units	39,752
Total	52,654,822	47,441,172
Diluted income per share	$ 0	$ 0.43
Market based stock options
Diluted income (loss) per share:
Antidilutive shares	155,000	155,000
Threshold period	90 days	90 days
Vesting period	5 years	5 years
Market based stock options \| Minimum
Diluted income (loss) per share:
Threshold volume weighted average per share price trigger	$ 100	$ 100
Focus LLC
LOSS PER SHARE
Focus LLC common units held by continuing owners	17,019,104	21,759,379
Focus LLC restricted common units	71,374
Common unit equivalents of outstanding vested and unvested incentive units	7,006,625	3,623,660
Total common units, restricted common units and common unit equivalents attributable to non-controlling interest	24,097,103	25,383,039
Total common units, restricted common units and common unit equivalents of incentive units outstanding	79,211,945	73,190,068
Non-controlling interest allocation	30.40%	34.70%
Company's interest in Focus LLC	69.60%	65.30%
Convertible incentive units	16,728,882	19,369,928

ACQUISITIONS - Business Acquisi

ACQUISITIONS - Business Acquisitions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Allocation of purchase price:
Goodwill	$ 1,253,976	$ 1,255,559	$ 1,090,231
Business acquisitions
ACQUISITIONS
Number of business acquisitions closed	2
Consideration:
Cash due at closing	$ 7,664
Fair market value of estimated contingent consideration	6,187
Total consideration	13,851
Allocation of purchase price:
Total tangible assets	1,288
Total liabilities assumed	(829)
Goodwill	1,883
Total allocated consideration	13,851
Amount of goodwill and intangibles expected to be deductible for tax purposes	$ 7,335
Deductibility period for goodwill and intangible assets acquired in a business acquisition (in years)	15 years
Number of business acquisitions closed during the period which are new subsidiary partner firms \| item	1
Revenue from acquired entity in business acquisitions	$ 241
Income from acquired entity in business acquisitions	(73)
Business acquisitions \| Customer relationships
Allocation of purchase price:
Finite-lived intangible assets	11,229
Business acquisitions \| Management contracts
Allocation of purchase price:
Finite-lived intangible assets	$ 280

ACQUISITIONS - Asset Acquisitio

ACQUISITIONS - Asset Acquisitions (Details) $ in Thousands	1 Months Ended	3 Months Ended
ACQUISITIONS - Asset Acquisitions (Details) $ in Thousands	May 06, 2021USD ($)item	Mar. 31, 2021USD ($)
Asset Acquisitions
Weighted-average useful life of all intangibles acquired		9 years
Business acquisitions
Asset Acquisitions
Number of business acquisitions		2
Purchase consideration for asset acquisitions		$ 7,664
Business acquisitions \| Subsequent Events
Asset Acquisitions
Number of business acquisitions \| item	5
Purchase consideration for asset acquisitions	$ 74,687
Management contracts
Asset Acquisitions
Weighted-average useful life of all intangibles acquired		20 years
Customer relationships
Asset Acquisitions
Weighted-average useful life of all intangibles acquired		9 years

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Change in goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Change in the goodwill
Goodwill beginning of period	$ 1,278,183	$ 1,112,855
Cumulative impairment losses beginning of period	(22,624)	(22,624)
Balance beginning of period	1,255,559	1,090,231
Goodwill acquired	1,883	160,341
Other	(3,466)	4,987
Goodwill period increase (decrease)	(1,583)	165,328
Goodwill end of period	1,276,600	1,278,183
Cumulative impairment losses end of period	(22,624)	(22,624)
Balance end of period	$ 1,253,976	$ 1,255,559

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS- Intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortizing acquired intangible assets
Gross Carry Amount	$ 1,788,732	$ 1,777,230
Accumulated Amortization	(706,478)	(663,763)
Net Book Value	1,082,254	1,113,467
Customer relationships
Amortizing acquired intangible assets
Gross Carry Amount	1,622,173	1,610,971
Accumulated Amortization	(652,363)	(612,037)
Net Book Value	969,810	998,934
Management contracts
Amortizing acquired intangible assets
Gross Carry Amount	158,819	158,526
Accumulated Amortization	(49,991)	(47,881)
Net Book Value	108,828	110,645
Other acquired intangibles
Amortizing acquired intangible assets
Gross Carry Amount	7,740	7,733
Accumulated Amortization	(4,124)	(3,845)
Net Book Value	$ 3,616	$ 3,888

FAIR VALUE MEASUREMENTS - Marke

FAIR VALUE MEASUREMENTS - Marketable securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jan. 31, 2021
FAIR VALUE MEASUREMENTS
Marketable Securities	$ 17,619	$ 18,000

FAIR VALUE MEASUREMENTS - Impli

FAIR VALUE MEASUREMENTS - Implied fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Implied fair value based on level 2 inputs
Stated Value	$ 1,619,831	$ 1,507,119
First Lien Term Loan
Implied fair value based on level 2 inputs
Stated Value	1,623,449	1,127,622
Fair Value	$ 1,605,185	$ 1,120,574

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in the fair value (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Changes in the fair value of estimated contingent consideration for business acquisitions
Balance at beginning of period	$ 169,670	$ 183,568	$ 183,568
Additions to estimated contingent consideration	6,187		46,918
Payments of contingent consideration	(9,448)		(80,803)
Non-cash changes in fair value of estimated contingent consideration	25,936		19,197
Other	(218)		790
Balance at end of period	192,127		169,670
Contingent consideration paid in cash	591	382
Payments of contingent consideration	(591)	(382)
Interest rate swap
Changes in the fair value of estimated contingent consideration for business acquisitions
Notional amount	850,000	$ 400,000	850,000
Business acquisitions
Changes in the fair value of estimated contingent consideration for business acquisitions
Contingent consideration paid in cash	9,448
Payments of contingent consideration	(9,448)
Other liabilities \| Interest rate swap
Changes in the fair value of estimated contingent consideration for business acquisitions
Fair value of interest rate swap	$ (4,116)		(10,400)
Other liabilities \| Business acquisitions
Changes in the fair value of estimated contingent consideration for business acquisitions
Contingent consideration paid in cash			80,803
Payments of contingent consideration			$ (80,803)

FAIR VALUE MEASUREMENTS - Conti

FAIR VALUE MEASUREMENTS - Contingent consideration (Details) - Level 3 $ in Thousands	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Inputs used in the fair value measurement of estimated contingent consideration
Estimated contingent consideration	$ 192,127	$ 169,670
Minimum \| Forecasted growth rates
Inputs used in the fair value measurement of estimated contingent consideration
Estimated contingent consideration (in percent)	(27.7)	(33.6)
Minimum \| Discount Rates
Inputs used in the fair value measurement of estimated contingent consideration
Estimated contingent consideration (in percent)	9	10
Maximum \| Forecasted growth rates
Inputs used in the fair value measurement of estimated contingent consideration
Estimated contingent consideration (in percent)	25.2	20.9
Maximum \| Discount Rates
Inputs used in the fair value measurement of estimated contingent consideration
Estimated contingent consideration (in percent)	16	18

CREDIT FACILITY - Old and New C

CREDIT FACILITY - Old and New Credit Facility (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Credit Facility
Face amount of debt		$ 1,623,449		$ 1,507,622
Debt issuance costs		2,700	$ 634
Loss on extinguishment of borrowings			$ (6,094)
Contingent Principal Payments				0
Contingent principal payments due in current year		0
Deferred financing costs		$ 6,276		$ 6,950
Credit Facility
Credit Facility
Actual total secured leverage ratio		3.79
Consolidated EBITDA		$ 383,357
Secured leverage ratio threshold for contingent principal payments				3.75
Credit Facility \| Maximum
Credit Facility
Actual total secured leverage ratio		6.25
First Lien Term Loan
Credit Facility
Face amount of debt		$ 1,623,449
Debt issuance costs		634
Loss on extinguishment of borrowings		6,094
Write-off of debt issuance cost		5,306
Deferred financing costs and unamortized discount		$ 788
Borrowed amount	$ 500,000
Debt financing costs	$ 2,700
Debt discount (as a percent)	0.125%
Amortization of discount	$ 625
Repayments installments	$ 4,173			$ 2,891
First Lien Term Loan \| LIBOR
Credit Facility
Margin (as a percent)		2.00%
First Lien Term Loan \| Base rate
Credit Facility
Margin (as a percent)		1.00%
First Lien Revolver
Credit Facility
Accordion feature		$ 650,000
Maximum borrowing capacity		$ 30,000
Unused commitment fee (as a percent)		0.50%
Deferred financing costs		$ 6,276		$ 6,950
First Lien Revolver \| LIBOR
Credit Facility
Margin (as a percent)		2.00%
First Lien Revolver \| Base rate
Credit Facility
Margin (as a percent)		1.00%
First Lien Revolver Step Down One
Credit Facility
Unused commitment fee (as a percent)		0.375%
First Lien Revolver Step Down One \| LIBOR
Credit Facility
Margin (as a percent)		1.75%
First Lien Revolver Step Down One \| Base rate
Credit Facility
Margin (as a percent)		0.75%
First Lien Revolver Step Down Two
Credit Facility
Unused commitment fee (as a percent)		0.25%
First Lien Revolver Step Down Two \| LIBOR
Credit Facility
Margin (as a percent)		1.50%
First Lien Revolver Step Down Two \| Base rate
Credit Facility
Margin (as a percent)		0.50%
First Lien Revolver Step Down Three \| LIBOR
Credit Facility
Margin (as a percent)		1.25%
First Lien Revolver Step Down Three \| Base rate
Credit Facility
Margin (as a percent)		0.25%

CREDIT FACILITY - Reconciliatio

CREDIT FACILITY - Reconciliation of Principal Amounts Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Credit Facility
Unamortized debt financing costs	$ (3,025)	$ (503)
Unamortized discount	(593)
Amount outstanding under credit facility	1,619,831	1,507,119
First Lien Term Loan
Credit Facility
Amount outstanding under credit facility	$ 1,623,449	1,127,622
First Lien Revolver
Credit Facility
Amount outstanding under credit facility		$ 380,000

CREDIT FACILITY - First Lien Re

CREDIT FACILITY - First Lien Revolver and Letters of Credit (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Mar. 31, 2021
Credit Facility
Weighted average interest rate		3.00%	2.00%
Loss on extinguishment of borrowings	$ (6,094)
Deferred financing costs		$ 6,950	$ 6,276
First Lien Revolver
Credit Facility
Unused commitment line		262,413	642,355
Deferred financing costs		6,950	6,276
Letter of credit
Credit Facility
Letter of credit outstanding		$ 7,587	$ 7,645
Annual interest rate		2.00%

DERIVATIVES (Details)

DERIVATIVES (Details) $ in Thousands	1 Months Ended
DERIVATIVES (Details) $ in Thousands	Apr. 30, 2020USD ($)agreement	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Interest rate swap
Derivatives
Number of interest rate swap agreements \| agreement	2
Term of contract	4 years	4 years
Notional amount		$ 400,000	$ 850,000	$ 850,000
Outstanding debt	$ 450,000	$ 400,000
Interest received from counterparty (as a percent)	0.00%
Floating to fixed interest rate swap one
Derivatives
Notional amount	$ 250,000
Interest payable to counterparty (as a percent)	0.537%
Floating to fixed interest rate swap two
Derivatives
Notional amount	$ 200,000
Interest payable to counterparty (as a percent)	0.5315%
Other liabilities \| Interest rate swap
Derivatives
Fair value of interest rate swap			(4,116)	(10,400)
Offsetting adjustment in fair value in AOCI net of tax			$ 771	$ 1,804
LIBOR \| Floor
Derivatives
Interest received from counterparty (as a percent)		0.00%
LIBOR \| Interest rate swap
Derivatives
Interest payable to counterparty (as a percent)		0.713%

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2020
EQUITY
Net proceeds of deducting underwriting discounts		$ 12,119
Class A common stock
EQUITY
Issuance of common stock (in shares)	1,252,224
Share price (in dollar per share)	$ 48	$ 48
Class A common stock \| Offering
EQUITY
Issuance of common stock (in shares)	7,987,367
Class A common stock \| Underwriters option
EQUITY
Issuance of common stock (in shares)	987,367
Class B common stock
EQUITY
Common stock retired (in shares)	1,181,759
Class B common stock \| Offering
EQUITY
Common stock retired (in shares)	2,460,732
Incentive Units
Changes in unvested common stock, Grant Date Fair Value
Non-cash equity compensation expense		$ 11,192	$ 3,847
Focus LLC
EQUITY
Shares offered by certain selling stockholders	7,725,061
Number of shares offered	262,306
Inventive units retired (in shares)	152,753
Common units acquired (in shares)	1,252,224
Focus LLC \| Offering
EQUITY
Common units acquired (in shares)	2,640,369
Focus LLC \| Class A common stock
EQUITY
Net proceeds of deducting underwriting discounts	$ 12,119
Other offering expenses	$ 1,122
Focus LLC \| Class A common stock \| Offering
EQUITY
Issuance of common stock (in shares)	2,640,369
Focus LLC \| Class B common stock \| Offering
EQUITY
Common stock retired (in shares)	364,180
Stock options \| Class A common stock
Changes in unvested common stock, Grant Date Fair Value
Non-cash equity compensation expense		$ 1,164	$ 1,187
Restricted Stock Units (RSUs)
Changes in unvested common stock
Outstanding at the beginning of the period		141,095
Outstanding at the end of the period	141,095	141,095
Changes in unvested common stock, Grant Date Fair Value
Outstanding at the beginning of the period		$ 36.63
Outstanding at the end of the period	$ 36.63	$ 36.63
Common Stock \| Stock options
Changes in stock options
Outstanding at the beginning of the period		1,845,317
Exercised		(63,537)
Vested		727,970
Outstanding at the end of the period	1,781,780	1,781,780
Changes in stock option, Weighted Average Exercise Price
Outstanding at the beginning of the period		$ 32.57
Exercised		31.83
Outstanding at the end of the period	$ 32.60	32.60
Vested		$ 31.33
Changes in unvested common stock
Vested		(727,970)
Changes in unvested common stock, Grant Date Fair Value
Vested		$ 31.33

EQUITY - Focus LLC Restricted C

EQUITY - Focus LLC Restricted Common Units and Focus LLC Incentive Units - Hurdle Rates (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2021	Mar. 31, 2021	Mar. 31, 2020
Officers
Fair value of the stock option grants determined with assumptions
Granted	1,162,500
Vested	896,230
Stock price	7 days
Vesting percentage	50.00%
Unvested percentage	50.00%
Remaining not vested units	266,270
Anniversary period	90 days
Non-cash equity compensation expense		$ 6,439
Incremental Non-cash equity compensation expense recognized	$ 1,544
Less than $42 \| Officers
Fair value of the stock option grants determined with assumptions
Vesting percentage	42.00%
Greater Than $63 \| Officers
Fair value of the stock option grants determined with assumptions
Vesting percentage	63.00%
Between Than $42 And $63 \| Minimum \| Officers
Fair value of the stock option grants determined with assumptions
Weighted average price per share	$ 42
Between Than $42 And $63 \| Maximum \| Officers
Fair value of the stock option grants determined with assumptions
Weighted average price per share	$ 63
Focus LLC Restricted Common Units
Restricted Common Units
Outstanding at the beginning of the period		73,276
Forfeited		(1,902)
Outstanding at the end of the period		71,374
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period		$ 44.71
Forfeited		44.71
Outstanding at the end of the period		$ 44.71
Incentive Units
Incentive Units
Outstanding at the beginning of the period		17,234,497
Granted		30,000
Exchanged		516,933
Forfeited		(18,682)
Outstanding at the end of the period		16,728,882
Vested at the end of the period		8,896,320
Weighted Average Hurdle Price
Outstanding at the beginning of the period		$ 24.34
Granted		43.50
Exchanged		24.67
Forfeited		44.71
Outstanding at the end of the period		24.34
Vested at the end of the period		$ 18.22
Fair value of the stock option grants determined with assumptions
Non-cash equity compensation expense		$ 11,192	$ 3,847
Incentive Units \| Hurdle Rate $1.42
Incentive Units
Outstanding at the end of the period		421
Vested at the end of the period		421
Weighted Average Hurdle Price
Hurdle Rates		$ 1.42
Incentive Units \| Hurdle Rate 5.50
Incentive Units
Outstanding at the end of the period		798
Vested at the end of the period		798
Weighted Average Hurdle Price
Hurdle Rates		$ 5.50
Incentive Units \| Hurdle Rate 6.00
Incentive Units
Outstanding at the end of the period		386
Vested at the end of the period		386
Weighted Average Hurdle Price
Hurdle Rates		$ 6
Incentive Units \| Hurdle Rate 7.00
Incentive Units
Outstanding at the end of the period		1,081
Vested at the end of the period		1,081
Weighted Average Hurdle Price
Hurdle Rates		$ 7
Incentive Units \| Hurdle Rate 9.00
Incentive Units
Outstanding at the end of the period		1,323,708
Vested at the end of the period		1,323,708
Weighted Average Hurdle Price
Hurdle Rates		$ 9
Incentive Units \| Hurdle Rate 11.00
Incentive Units
Outstanding at the end of the period		841,706
Vested at the end of the period		841,706
Weighted Average Hurdle Price
Hurdle Rates		$ 11
Incentive Units \| Hurdle Rate 12.00
Incentive Units
Outstanding at the end of the period		520,000
Vested at the end of the period		520,000
Weighted Average Hurdle Price
Hurdle Rates		$ 12
Incentive Units \| Hurdle Rate 13.00
Incentive Units
Outstanding at the end of the period		548,750
Vested at the end of the period		548,750
Weighted Average Hurdle Price
Hurdle Rates		$ 13
Incentive Units \| Hurdle Rate 14.00
Incentive Units
Outstanding at the end of the period		17,848
Vested at the end of the period		17,848
Weighted Average Hurdle Price
Hurdle Rates		$ 14
Incentive Units \| Hurdle Rate 16.00
Incentive Units
Outstanding at the end of the period		45,191
Vested at the end of the period		45,191
Weighted Average Hurdle Price
Hurdle Rates		$ 16
Incentive Units \| Hurdle Rate 17.00
Incentive Units
Outstanding at the end of the period		20,000
Vested at the end of the period		20,000
Weighted Average Hurdle Price
Hurdle Rates		$ 17
Incentive Units \| Hurdle Rate 19.00
Incentive Units
Outstanding at the end of the period		549,643
Vested at the end of the period		549,643
Weighted Average Hurdle Price
Hurdle Rates		$ 19
Incentive Units \| Hurdle Rate 21.00
Incentive Units
Outstanding at the end of the period		3,440,620
Vested at the end of the period		2,836,850
Weighted Average Hurdle Price
Hurdle Rates		$ 21
Incentive Units \| Hurdle Rate 22.00
Incentive Units
Outstanding at the end of the period		888,417
Vested at the end of the period		591,313
Weighted Average Hurdle Price
Hurdle Rates		$ 22
Incentive Units \| Hurdle Rate 23.00
Incentive Units
Outstanding at the end of the period		524,828
Vested at the end of the period		393,621
Weighted Average Hurdle Price
Hurdle Rates		$ 23
Incentive Units \| Hurdle Rate 26.26
Incentive Units
Outstanding at the end of the period		18,750
Weighted Average Hurdle Price
Hurdle Rates		$ 26.26
Incentive Units \| Hurdle Rate 27.00
Incentive Units
Outstanding at the end of the period		29,484
Vested at the end of the period		22,113
Weighted Average Hurdle Price
Hurdle Rates		$ 27
Incentive Units \| Hurdle Rate 27.90
Incentive Units
Outstanding at the end of the period		1,951,339
Vested at the end of the period		450,848
Weighted Average Hurdle Price
Hurdle Rates		$ 27.90
Incentive Units \| Hurdle Rate 28.50
Incentive Units
Outstanding at the end of the period		1,492,088
Vested at the end of the period		714,543
Weighted Average Hurdle Price
Hurdle Rates		$ 28.50
Incentive Units \| Hurdle Rate 30.48
Incentive Units
Outstanding at the end of the period		30,000
Weighted Average Hurdle Price
Hurdle Rates		$ 30.48
Incentive Units \| Hurdle Rate 33.00
Incentive Units
Outstanding at the end of the period		3,617,500
Vested at the end of the period		7,500
Weighted Average Hurdle Price
Hurdle Rates		$ 33
Incentive Units \| Hurdle Rate 36.64
Incentive Units
Outstanding at the end of the period		30,000
Vested at the end of the period		10,000
Weighted Average Hurdle Price
Hurdle Rates		$ 36.64
Incentive Units \| Hurdle Rate 43.50
Incentive Units
Outstanding at the end of the period		30,000
Weighted Average Hurdle Price
Hurdle Rates		$ 43.50
Incentive Units \| Hurdle Rate 44.71
Incentive Units
Outstanding at the end of the period		806,324
Weighted Average Hurdle Price
Hurdle Rates		$ 44.71
Time based incentive units
Weighted Average Grant Date Fair Value
Granted		$ 13.43
Fair value of the stock option grants determined with assumptions
Expected term (in years)		5 years
Expected stock price volatility (in percent)		34.75%
Risk-free interest rate (in percent)		0.36%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
INCOME TAXES
Effective income tax rate (as a percent)	26.70%	29.70%
Discrete tax expense	$ 207
Uncertain tax positions reserve	$ 0

TAX RECEIVABLE AGREEMENTS (Deta

TAX RECEIVABLE AGREEMENTS (Details) $ in Thousands	1 Months Ended		3 Months Ended
TAX RECEIVABLE AGREEMENTS (Details) $ in Thousands	Apr. 30, 2021USD ($)	Feb. 28, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020agreement	Jul. 30, 2018agreement
TAX RECEIVABLE AGREEMENTS
Number of tax receivable agreements \| agreement				3	2
Payment to TRA holder on net cash savings (as a percent)			85.00%
Retained benefit on net cash savings (as a percent)			15.00%
Tax Receivable Agreement obligations			$ 123,895
Payments made under Tax Receivable Agreements	$ 311	$ 4,112

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Liabilities, clearing brokers	$ 0	$ 0

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Supplemental disclosures of cash flow information-cash paid for:
Interest	$ 10,267	$ 13,555
Income taxes	3,739	2,047
Supplemental non-cash cash flow information:
Fair market value of estimated contingent consideration in connection with acquisitions	$ 6,187	$ 3,367

RELATED PARTIES (Details)

RELATED PARTIES (Details) - USD ($) $ in Thousands	3 Months Ended
RELATED PARTIES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Expenses recognized	$ 603	$ 417
Debt issuance costs	2,700	$ 634
First Lien Term Loan
Debt issuance costs	634
Affiliates of holders of Class A common stock and Class B common stock
Estimated underwriting fees	$ 4,707

OTHER (Details)

OTHER (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jan. 31, 2021
OTHER
Investment in mutual fund	$ 17,619	$ 18,000