Focus Financial Partners (FOCS) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 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	Q3
Entity Central Index Key	0001651052
Amendment Flag	false
Class A common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		60,333,968
Class B common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		12,338,777

Unaudited condensed consolidate

Unaudited condensed consolidated balance sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 642,207	$ 65,858
Accounts receivable less allowances of $2,178 at 2020 and $2,644 at 2021	189,201	169,220
Prepaid expenses and other assets	130,883	65,581
Fixed assets-net	45,625	49,209
Operating lease assets	226,036	229,748
Debt financing costs-net	4,928	6,950
Deferred tax assets-net	237,042	107,289
Goodwill	1,429,196	1,255,559
Other intangible assets-net	1,183,248	1,113,467
TOTAL ASSETS	4,088,366	3,062,881
LIABILITIES
Accounts payable	11,714	9,634
Accrued expenses	89,410	53,862
Due to affiliates	89,139	66,428
Deferred revenue	12,372	9,190
Other liabilities	292,306	222,911
Operating lease liabilities	253,191	253,295
Borrowings under credit facilities (stated value of $1,507,622 and $2,263,477 at December 31, 2020 and September 30, 2021, respectively)	2,250,321	1,507,119
Tax receivable agreements obligations	188,612	81,563
TOTAL LIABILITIES	3,187,065	2,204,002
COMMITMENTS AND CONTINGENCIES (Note 12)
EQUITY
Additional paid-in capital	659,541	526,664
Retained earnings	17,465	14,583
Accumulated other comprehensive loss	(2,677)	(2,167)
Total shareholders' equity	675,055	539,799
Non-controlling interest	226,246	319,080
Total equity	901,301	858,879
TOTAL LIABILITIES AND EQUITY	4,088,366	3,062,881
Class A common stock
EQUITY
Common stock	603	512
Class B common stock
EQUITY
Common stock	$ 123	$ 207

Unaudited condensed consolida_2

Unaudited condensed consolidated balance sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounts receivable, allowances	$ 2,644	$ 2,178
Borrowings under credit facilities, stated value	$ 2,263,477	$ 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	60,315,341	51,158,712
Common stock, outstanding shares	60,315,341	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	12,338,777	20,661,595
Common stock, outstanding shares	12,338,777	20,661,595

Unaudited condensed consolida_3

Unaudited condensed consolidated statements of operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
REVENUES:
Total revenues	$ 454,535	$ 331,483	$ 1,274,065	$ 981,646
OPERATING EXPENSES:
Compensation and related expenses	144,249	114,702	424,337	346,460
Management fees	127,166	86,414	345,443	247,094
Selling, general and administrative	75,637	57,437	208,481	172,784
Intangible amortization	46,055	37,024	133,041	108,759
Non-cash changes in fair value of estimated contingent consideration	36,243	14,280	96,241	(621)
Depreciation and other amortization	3,622	3,120	10,835	9,131
Total operating expenses	432,972	312,977	1,218,378	883,607
INCOME FROM OPERATIONS	21,563	18,506	55,687	98,039
OTHER INCOME (EXPENSE):
Interest income	206	61	310	412
Interest expense	(16,543)	(8,903)	(37,893)	(32,546)
Amortization of debt financing costs	(1,102)	(709)	(2,856)	(2,200)
Loss on extinguishment of borrowings				(6,094)
Other income (expense)-net	312	(657)	(219)	25
Income from equity method investments	91	51	514	167
Total other expense-net	(17,036)	(10,157)	(40,144)	(40,236)
INCOME BEFORE INCOME TAX	4,527	8,349	15,543	57,803
INCOME TAX EXPENSE	2,678	4,405	6,038	16,512
NET INCOME	1,849	3,944	9,505	41,291
Non-controlling interest	(1,200)	(2,302)	(6,623)	(16,844)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	649	1,642	2,882	24,447
Wealth management fees
REVENUES:
Total revenues	433,967	311,805	1,213,782	925,527
Other
REVENUES:
Total revenues	$ 20,568	$ 19,678	$ 60,283	$ 56,119
Class A common stock
Income per share of Class A common stock:
Basic (in dollars per share)	$ 0.01	$ 0.03	$ 0.05	$ 0.51
Diluted (in dollars per share)	$ 0.01	$ 0.03	$ 0.05	$ 0.51
Weighted average shares of Class A common stock outstanding:
Basic (in shares)	59,940,166	48,683,580	55,978,639	47,991,831
Diluted (in shares)	60,438,510	48,810,328	56,447,070	48,040,014

Unaudited condensed consolida_4

Unaudited condensed consolidated statements of comprehensive income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Unaudited condensed consolidated statements of comprehensive income
Net income	$ 1,849	$ 3,944	$ 9,505	$ 41,291
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(5,057)	3,103	(5,876)	316
Unrealized gain (loss) on interest rate swaps designated as cash flow hedges-net of tax	432	(981)	5,937	(9,308)
Comprehensive income (loss)	(2,776)	6,066	9,566	32,299
Less: Comprehensive income (loss) attributable to non-controlling interest	14	(3,219)	(7,194)	(13,864)
Comprehensive income (loss) attributable to common shareholders	$ (2,762)	$ 2,847	$ 2,372	$ 18,435

Unaudited condensed consolida_5

Unaudited condensed consolidated statements of cash flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 9,505	$ 41,291
Adjustments to reconcile net income to net cash provided by operating activities-net of effect of acquisitions:
Intangible amortization	133,041	108,759
Depreciation and other amortization	10,835	9,131
Amortization of debt financing costs	2,856	2,200
Non-cash equity compensation expense	24,569	15,588
Non-cash changes in fair value of estimated contingent consideration	96,241	(621)
Income from equity method investments	(514)	(167)
Distributions received from equity method investments	773	145
Deferred taxes and other non-cash items	(570)	4,148
Loss on extinguishment of borrowings		6,094
Changes in cash resulting from changes in operating assets and liabilities:
Accounts receivable	(22,247)	(25,716)
Prepaid expenses and other assets	(17,731)	(4,168)
Accounts payable	1,974	110
Accrued expenses	35,382	20,294
Due to affiliates	22,715	(11,749)
Other liabilities	(61,181)	(28,761)
Deferred revenue	2,200	1,889
Net cash provided by operating activities	237,848	138,467
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions and contingent consideration-net of cash acquired	(286,803)	(69,467)
Purchase of fixed assets	(6,560)	(12,691)
Investment and other, net	(17,232)
Net cash used in investing activities	(310,595)	(82,158)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities	1,169,500	305,000
Repayments of borrowings under credit facilities	(419,145)	(323,674)
Proceeds from issuance of common stock, net	25,767
Payments in connection with unit redemption, net	(25,767)
Payments in connection with tax receivable agreements	(4,423)
Contingent consideration paid	(67,735)	(45,069)
Payments of debt financing costs	(8,282)	(634)
Proceeds from exercise of stock options	6,186	1,559
Payments on finance lease obligations	(46)	(109)
Distributions for unitholders	(26,391)	(15,765)
Net cash provided by (used in) financing activities	649,664	(78,692)
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS	(568)	(140)
CHANGE IN CASH AND CASH EQUIVALENTS	576,349	(22,523)
CASH AND CASH EQUIVALENTS:
Beginning of period	65,858	65,178
End of period	$ 642,207	$ 42,655

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	24,447				24,447		16,844	41,291
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights	33,736	$ 12	$ (12)	33,736				33,736
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights (in shares)		1,180,368	(1,180,368)
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights	64,813	$ 20		64,793				64,813
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights (in shares)		1,943,838
Forfeiture of unvested Class A common stock	(27)			(27)				(27)
Forfeiture of unvested Class A common stock (in shares)		(834)
Exercise of stock options	1,559			1,559				1,559
Exercise of stock options (in shares)		49,685
Change in non-controlling interest allocation	(65,993)			(65,993)			(36,036)	(102,029)
Non-cash equity compensation expense	3,397			3,397				3,397
Currency translation adjustment - net of tax	13					13	303	316
Unrealized gain (loss) on interest rate swaps designated as cash flow hedges-net of tax	(6,025)					(6,025)	(3,283)	(9,308)
Adjustments of deferred taxes, net of amounts payable under tax receivable agreements and changes from Focus LLC interest transactions	968			968				968
Ending balance at Sep. 30, 2020	541,008	$ 506	$ 209	536,619	10,985	(7,311)	297,678	838,686
Ending Balance (in shares) at Sep. 30, 2020		50,594,372	20,895,381
Beginning balance at Jun. 30, 2020	504,732	$ 481	$ 215	503,209	9,343	(8,516)	326,478	831,210
Beginning balance (in shares) at Jun. 30, 2020		48,091,707	21,496,103
Increase (Decrease) in shareholders' equity
Net income	1,642				1,642		2,302	3,944
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights	20,370	$ 6	$ (6)	20,370				20,370
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights (in shares)		600,722	(600,722)
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights	63,010	$ 19		62,991				63,010
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights (in shares)		1,858,136
Exercise of stock options	1,392			1,392				1,392
Exercise of stock options (in shares)		43,807
Change in non-controlling interest allocation	(53,865)			(53,865)			(32,019)	(85,884)
Non-cash equity compensation expense	1,207			1,207				1,207
Currency translation adjustment - net of tax	1,823					1,823	1,280	3,103
Unrealized gain (loss) on interest rate swaps designated as cash flow hedges-net of tax	(618)					(618)	(363)	(981)
Adjustments of deferred taxes, net of amounts payable under tax receivable agreements and changes from Focus LLC interest transactions	1,315			1,315				1,315
Ending balance at Sep. 30, 2020	541,008	$ 506	$ 209	536,619	10,985	(7,311)	297,678	838,686
Ending Balance (in shares) at Sep. 30, 2020		50,594,372	20,895,381
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	2,882				2,882		6,623	9,505
Issuance (cancellation) of common stock in connection with offering, net	317,860	$ 65	$ (63)	317,858				317,860
Issuance (cancellation) of common stock in connection with offering, net (in shares)		6,568,098	(6,306,301)
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights	109,677	$ 22	$ (22)	109,677				109,677
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights (in shares)		2,249,615	(2,249,615)
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights	8,350	$ 2		8,348				8,350
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights (in shares)		169,530
Exercise of stock options	5,345	$ 2		5,343				5,345
Exercise of stock options (in shares)		169,386
Issuance of common stock in connection with acquisitions and contingent consideration	1		$ 1					1
Issuance of common stock in connection with acquisitions and contingent consideration (in shares)			233,098
Change in non-controlling interest allocation	(328,318)			(328,318)			(100,028)	(428,346)
Non-cash equity compensation expense	3,859			3,859				3,859
Currency translation adjustment - net of tax	(4,516)					(4,516)	(1,360)	(5,876)
Unrealized gain (loss) on interest rate swaps designated as cash flow hedges-net of tax	4,006					4,006	1,931	5,937
Adjustment of deferred tax assets, net of amounts payable under tax receivable agreements and changes from LLC interest transactions	16,110			16,110				16,110
Ending balance at Sep. 30, 2021	675,055	$ 603	$ 123	659,541	17,465	(2,677)	226,246	901,301
Ending Balance (in shares) at Sep. 30, 2021		60,315,341	12,338,777
Beginning balance at Jun. 30, 2021	668,696	$ 598	$ 127	650,421	16,816	734	230,389	899,085
Beginning balance (in shares) at Jun. 30, 2021		59,792,889	12,692,740
Increase (Decrease) in shareholders' equity
Net income	649				649		1,200	1,849
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights	21,901	$ 4	$ (4)	21,901				21,901
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights (in shares)		418,669	(418,669)
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights	1,825			1,825				1,825
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights (in shares)		34,898
Exercise of stock options	2,169	$ 1		2,168				2,169
Exercise of stock options (in shares)		68,885
Issuance of common stock in connection with acquisitions and contingent consideration (in shares)			64,706
Change in non-controlling interest allocation	(18,833)			(18,833)			(4,129)	(22,962)
Non-cash equity compensation expense	1,569			1,569				1,569
Currency translation adjustment - net of tax	(3,735)					(3,735)	(1,322)	(5,057)
Unrealized gain (loss) on interest rate swaps designated as cash flow hedges-net of tax	324					324	108	432
Adjustments of deferred taxes, net of amounts payable under tax receivable agreements and changes from Focus LLC interest transactions	490			490				490
Ending balance at Sep. 30, 2021	$ 675,055	$ 603	$ 123	$ 659,541	$ 17,465	$ (2,677)	$ 226,246	$ 901,301
Ending Balance (in shares) at Sep. 30, 2021		60,315,341	12,338,777

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2021
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES	2. SUMMARY OF ACCOUNTING POLICIES Basis of Presentation Operating results for the three and nine months ended September 30, 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 ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2020 2021 2020 2021 ​ Domestic revenue ​ $ 313,956 ​ $ 427,729 ​ $ 933,420 ​ $ 1,197,874 ​ International revenue ​ 17,527 ​ 26,806 ​ 48,226 ​ 76,191 ​ Total revenue ​ $ 331,483 ​ $ 454,535 ​ $ 981,646 ​ $ 1,274,065 ​ ​ 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	9 Months Ended
	Sep. 30, 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 September 30, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ 2021 ​ Focus LLC common units 20,895,381 ​ ​ 12,338,777 ​ Focus LLC restricted common units ​ — ​ ​ 71,374 ​ Common unit equivalents of outstanding vested and unvested Focus LLC incentive units(1) ​ 4,860,295 ​ ​ 8,656,088 ​ Total common units, restricted common units and common unit equivalents attributable to non-controlling interest ​ 25,755,676 ​ ​ 21,066,239 ​ Total common units, restricted common units and common unit equivalents of incentive units outstanding ​ 76,350,048 ​ ​ 81,381,580 ​ Non-controlling interest allocation ​ 33.7 % ​ 25.9 % Company’s interest in Focus LLC ​ 66.3 % ​ 74.1 % (1) Focus LLC common units issuable upon conversion of 16,658,578 and 16,233,899 (see Note 9) vested and unvested Focus LLC incentive units outstanding as of September 30, 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. ​ 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 2021 2020 2021 ​ Basic income per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common shareholders ​ $ 1,642 ​ $ 649 ​ $ 24,447 ​ $ 2,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ 48,683,580 ​ 59,940,166 ​ 47,991,831 ​ 55,978,639 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic income per share ​ $ 0.03 ​ $ 0.01 ​ $ 0.51 ​ $ 0.05 ​ ​ 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 ​ Nine Months Ended ​ ​ ​ September 30, ​ ​ September 30, ​ 2020 2021 2020 2021 Diluted income per share: ​ ​ ​ ​ ​ ​ ​ Net income attributable to common shareholders ​ $ 1,642 ​ $ 649 ​ $ 24,447 ​ $ 2,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ 48,683,580 ​ 59,940,166 ​ 47,991,831 ​ 55,978,639 Effect of dilutive stock options ​ ​ 60,974 ​ ​ 441,809 ​ ​ 21,728 ​ ​ 420,801 Effect of dilutive unvested Class A common stock ​ ​ 65,774 ​ ​ — ​ ​ 26,455 ​ ​ — Effect of dilutive restricted stock units ​ ​ — ​ ​ 56,535 ​ ​ — ​ ​ 47,630 Total ​ 48,810,328 ​ 60,438,510 ​ 48,040,014 ​ 56,447,070 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted income per share ​ $ 0.03 ​ $ 0.01 ​ $ 0.51 ​ $ 0.05 ​ Diluted income per share for the three and nine months ended September 30, 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 September 30, 2020 and 2021. Focus LLC common, restricted 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 and nine months ended September 30, 2020 and 2021, such exchange is not reflected in diluted net income per share as the assumed exchange is not dilutive.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2021 is as follows: ​ ​ ​ ​ ​ ​ 2021 Number of business acquisitions closed ​ 15 Consideration: ​ ​ ​ Cash due at closing ​ $ 285,975 Fair market value of Focus LLC common units issued at closing ​ ​ 272 Fair market value of estimated contingent consideration ​ ​ 96,236 Total consideration ​ $ 382,483 Allocation of purchase price: ​ ​ ​ Total tangible assets ​ $ 14,241 Total liabilities assumed ​ ​ (14,677) Customer relationships ​ ​ 192,578 Management contracts ​ ​ 10,060 Goodwill ​ ​ 180,009 Other acquired intangibles ​ ​ 272 Total allocated consideration ​ $ 382,483 ​ Management believes approximately $283,782 of tax goodwill and intangibles related to business acquisitions completed during the nine months ended September 30, 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 nine months ended September 30, 2021 includes revenue and income from operations for the five business acquisitions that are new subsidiary partner firms from the acquisition date of $21,676 and $4,183, respectively. Asset Acquisition The Company also separately purchases customer relationships and other intangible assets. These purchases are accounted for as asset acquisitions as they do not qualify as business acquisitions pursuant to ASC Topic 805: Business Combinations The weighted-average useful lives of intangible assets acquired during the nine months ended September 30, 2021 through business acquisitions and the asset acquisition are as follows: ​ ​ ​ ​ ​ ​ ​ ​ Number of years Management contracts ​ 17 Customer relationships ​ 9 Other acquired intangibles ​ 5 Weighted-average useful life of all intangibles acquired ​ 10 ​ From October 1, 2021 to November 4, 2021, the Company completed 12 business acquisitions for cash consideration of $421,237 and in certain cases subject to customary post-closing adjustments, plus contingent consideration. A portion of the cash due at closing for one of the business acquisitions was placed in escrow for the satisfaction of certain indemnifications and other related items, if any.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, September 30, ​ ​ 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 ​ ​ 180,009 Other ​ 4,987 ​ ​ (6,372) ​ ​ 165,328 ​ ​ 173,637 Balance end of period: ​ ​ ​ ​ ​ ​ Goodwill ​ 1,278,183 ​ ​ 1,451,820 Cumulative impairment losses ​ (22,624) ​ ​ (22,624) ​ ​ $ 1,255,559 ​ $ 1,429,196 ​ 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 September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Carry Accumulated Net Book ​ ​ Amount ​ Amortization ​ Value Customer relationships ​ $ 1,801,900 ​ $ (736,070) ​ $ 1,065,830 Management contracts ​ 168,459 ​ ​ (54,447) ​ ​ 114,012 Other acquired intangibles ​ 8,122 ​ ​ (4,716) ​ ​ 3,406 Total ​ $ 1,978,481 ​ $ (795,233) ​ $ 1,183,248 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2021, the fair value of the Company’s investment in a mutual fund was $16,972. The fair value was determined using Level 1 inputs (see also Note 15). ​ 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 September 30, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ September 30, 2021 ​ Stated Fair Stated Fair ​ ​ Value ​ Value ​ Value ​ Value First Lien Term Loan - Tranche A ​ $ 1,127,622 ​ $ 1,120,574 ​ $ 1,615,102 ​ $ 1,605,008 First Lien Term Loan - Tranche B ​ — ​ — ​ 648,375 ​ 646,754 ​ Derivatives At December 31, 2020 and September 30, 2021, the fair value of the Company’s $850,000 notional amount interest rate swap agreements was $(10,400) and $(3,321), respectively, which is included in other liabilities in the accompanying unaudited condensed consolidated balance sheets. 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 nine months ended September 30, 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 ​ ​ 96,236 Payments of contingent consideration ​ ​ (116,311) Non-cash changes in fair value of estimated contingent consideration ​ ​ 96,241 Other ​ ​ (1,193) Balance at September 30, 2021 ​ $ 244,643 ​ 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 nine months ended September 30, 2021, the Company paid $105,031 in cash and issued $11,280 in Focus LLC common units as contingent consideration associated with business acquisitions. In addition, the Company also paid $1,961 and $3,911 of contingent consideration for the nine months ended September 30, 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 September 30, 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 ​ September 30, 2021 ​ Techniques ​ Inputs ​ Ranges $ 244,643 ​ Monte Carlo Simulation Model ​ Forecasted growth rates ​ (16.6)% - 39.7 % ​ ​ ​ ​ ​ Discount rates ​ 9.0% - 16.0 % ​

CREDIT FACILITY

CREDIT FACILITY	9 Months Ended
	Sep. 30, 2021
CREDIT FACILITY
CREDIT FACILITY	7. CREDIT FACILITY As of September 30, 2021, Focus LLC’s credit facility (the “Credit Facility”) consisted of a $2,263,477 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 tranche A of its First Lien Term Loan (“Tranche A”) to reduce the interest rates. Tranche A 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 Tranche A, respectively. In January 2021, Focus LLC amended and expanded Tranche A 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 Tranche A. The required quarterly installment repayments of $2,891 for Tranche A were increased to $4,173. Tranche A has a maturity date of July 2024. In July 2021, Focus LLC amended and expanded its First Lien Term Loan by $800,000 (“Tranche B”). Of this amount, $650,000 was borrowed on the July 2021 closing date bearing interest at LIBOR plus a margin of 2.50% with a 0.50% LIBOR floor, and was issued at a discount of 0.75% or $4,875 which will be amortized to interest expense over the term of the debt. The remaining $150,000 of Tranche B has a six month LIBOR floor. The delayed draw feature has a ticking fee with respect to the undrawn commitments with (i) margin after 60 days from the closing date. The delayed draw Tranche B will also be issued at a discount of which will be amortized to interest expense over the term of the debt from the date that it is drawn. In connection with the Tranche B, Focus LLC paid 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 September 30, 2021, Focus LLC’s First Lien Leverage Ratio was 3.54:1.00, 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 $458,642 at September 30, 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 and tranches 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 September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, September 30, ​ ​ 2020 ​ 2021 First Lien Term Loan - Tranche A ​ $ 1,127,622 ​ $ 1,615,102 First Lien Term Loan - Tranche B ​ ​ — ​ ​ 648,375 First Lien Revolver ​ ​ 380,000 ​ ​ — Unamortized debt financing costs ​ (503) ​ (7,951) Unamortized discount ​ — ​ (5,205) Total ​ $ 1,507,119 ​ $ 2,250,321 ​ At December 31, 2020 and September 30, 2021, unamortized debt financing costs associated with the First Lien Revolver of $6,950 and $4,928, 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 the nine months ended September 30, 2021. As of December 31, 2020 and September 30, 2021, the First Lien Revolver available unused commitment line was $262,413 and $642,391, respectively. As of December 31, 2020 and September 30, 2021, Focus LLC was contingently obligated for letters of credit in the amount of $7,587 and $7,609, respectively, each bearing interest at an annual rate of approximately 2%.

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 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 September 30, 2021, the fair value of the interest rate swaps was $(10,400) and $(3,321), respectively, which is included in other liabilities in the accompanying unaudited condensed consolidated 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 $662 at December 31, 2020 and September 30, 2021, respectively.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2021
EQUITY
EQUITY	9. EQUITY Offerings 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 “March 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 March 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. In June 2021, the Company completed an underwritten offering of 7,417,929 shares of its Class A common stock at $50.30 per share. This amount included 7,144,244 shares offered by certain selling stockholders of the Company affiliated with the Company’s private equity investors and 273,685 shares offered by the Company (the “June Offering”) on behalf of certain of the existing unitholders of Focus LLC. The net proceeds to the Company were $13,648, after deducting underwriting discounts and before other offering expenses of $287. 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 June Offering, the Company issued an aggregate of 3,927,729 shares of Class A common stock and retired 3,845,569 shares of Class B common stock and 144,850 incentive units in Focus LLC, and acquired 3,927,729 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. In June 2021, the Company issued an aggregate of 713,354 shares of Class A common stock and retired 649,187 shares of Class B common stock and 119,357 incentive units in Focus LLC and acquired 713,354 common units in Focus LLC, in each case as part of the regular quarterly exchanges offered to holders of units in Focus LLC. In September 2021, the Company issued an aggregate of 453,567 shares of Class A common stock and retired 418,669 shares of Class B common stock and 50,000 incentive units in Focus LLC and acquired 453,567 common units in Focus LLC, in each case as part of the regular quarterly exchanges offered to holders of units in Focus LLC. Other During the three months ended June 30, 2021, Focus LLC issued 168,392 common units and the Company issued a corresponding number of shares of Class B common stock in connection with an acquisition. During the three months ended September 30, 2021, Focus LLC issued 64,706 common units and the Company issued a corresponding number of shares of Class B common stock in connection with a contingent consideration payment. Stock Options and Restricted Stock Units The following table provides information relating to the changes in the Company’s stock options during the nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Stock ​ Exercise ​ ​ Options ​ Price Outstanding—January 1, 2021 1,845,317 ​ $ 32.57 Granted ​ — ​ ​ — Exercised ​ (169,386) ​ ​ 31.56 Forfeited ​ (34,906) ​ ​ 32.65 Outstanding—September 30, 2021 ​ 1,641,025 ​ ​ 32.67 Vested—September 30, 2021 ​ 637,247 ​ ​ 31.33 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Restricted ​ Average ​ ​ Stock ​ Grant Date ​ Units Fair Value Outstanding—January 1, 2021 141,095 ​ $ 36.63 Granted ​ 312 ​ ​ 48.09 Forfeited ​ (6,954) ​ ​ 34.46 Vested ​ — ​ ​ — Outstanding—September 30, 2021 ​ 134,453 ​ ​ 36.77 ​ The Company recognized $1,380 and $3,910 of non-cash equity compensation expense in relation to the stock options, unvested Class A common stock and restricted stock units during the three and nine months ended September 30, 2020, respectively. The Company recognized $1,570 and $3,860 of non-cash equity compensation expense in relation to the stock options and restricted stock units during the three and nine months ended September 30, 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 nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Restricted ​ Average ​ ​ Common ​ Grant Date ​ ​ Units ​ Fair Value Outstanding—January 1, 2021 73,276 ​ $ 44.71 Granted — ​ ​ — Forfeited (1,902) ​ ​ 44.71 Vested ​ — ​ ​ — Outstanding—September 30, 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 nine months ended September 30, 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 nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Incentive ​ Hurdle ​ ​ Units ​ Price Outstanding—January 1, 2021 17,234,497 ​ $ 24.34 Granted 30,000 ​ ​ 43.50 Exchanged ​ (831,140) ​ ​ 23.21 Forfeited (199,458) ​ ​ 23.22 Outstanding—September 30, 2021 16,233,899 ​ 24.45 Vested—September 30, 2021 9,025,107 ​ 18.30 ​ ​ Incentive units outstanding and vested at September 30, 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 1,308,107 ​ 1,308,107 11.00 813,001 ​ 813,001 12.00 513,043 ​ 513,043 13.00 540,000 ​ 540,000 14.00 10,098 ​ 10,098 16.00 45,191 ​ 45,191 17.00 20,000 ​ 20,000 19.00 527,928 ​ 527,928 21.00 3,170,236 ​ 3,170,236 22.00 836,417 ​ 539,313 23.00 524,828 ​ 393,621 26.26 ​ 18,750 ​ — 27.00 20,136 ​ 12,765 27.90 ​ 1,929,424 ​ 428,933 28.50 ​ 1,440,230 ​ 662,685 30.48 ​ 30,000 ​ 10,000 33.00 3,617,500 ​ 7,500 36.64 ​ 30,000 ​ 20,000 43.50 ​ 30,000 ​ — 44.71 ​ 806,324 ​ — ​ ​ 16,233,899 ​ 9,025,107 ​ 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 period immediately preceding the third anniversary of the Company’s IPO. In July 2021, the third anniversary of the Company’s IPO, In connection with the modification that resulted in the vesting of 896,230 units, the Company recognized additional non-cash equity compensation expense of $6,439 during the nine months ended September 30, 2021. In connection with the modification of the vesting terms of the 266,270 incentive units, the Company has recognized incremental non-cash equity compensation expense of $1,544 during the nine months ended September 30, 2021. ​ The Company recorded $3,926 and $11,678 of non-cash equity compensation expense for incentive units during the three and nine months ended September 30, 2020, respectively. The Company recorded $4,368 and $20,709 in total non-cash equity compensation expense for incentive units and restricted common units during the three and nine months ended September 30, 2021, respectively.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2021
INCOME TAXES
INCOME TAXES	10. INCOME TAXES The estimated annual effective tax rate for the nine months ended September 30, 2021 was 37.5% as compared to 29.7% for the year ended December 31, 2020. Income tax expense for the nine months ended September 30, 2021 includes a discrete tax expense of approximately $209, 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 nine months ended September 30, 2021, there were no changes to the Company’s uncertain tax positions. ​

TAX RECEIVABLE AGREEMENTS

TAX RECEIVABLE AGREEMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2021, the Company had recorded a liability of $188,612 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 totaling $4,112 and $311, respectively, were made under the Tax Receivable Agreements.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Credit Risk through its clearing brokers, and therefore, the Company believes there is no maximum amount assignable to the right of the clearing brokers. Accordingly, at December 31, 2020 and September 30, 2021, the Company had recorded no liabilities in connection with this right. 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 September 30, 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 and its subsidiaries receive requests for information from governmental authorities regarding business activities. The Company has cooperated and plans to continue to cooperate with all governmental authorities. 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	9 Months Ended
	Sep. 30, 2021
CASH FLOW INFORMATION
CASH FLOW INFORMATION	13. CASH FLOW INFORMATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, ​ 2020 2021 Supplemental disclosures of cash flow information—cash paid for: ​ ​ ​ ​ ​ ​ Interest ​ $ 32,109 ​ $ 36,201 Income taxes ​ $ 13,036 ​ $ 30,567 Supplemental non-cash cash flow information: ​ ​ Fair market value of estimated contingent consideration in connection with acquisitions ​ $ 8,963 ​ $ 96,236 ​

RELATED PARTIES

RELATED PARTIES	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2020, the Company recognized expenses of $267 and $719, respectively, related to these reimbursements. During the three and nine months ended September 30, 2021, the Company recognized expenses of $381 and $1,559, 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 September 30, 2021, affiliates of a certain holder of the Company’s Class A common stock and Class B common stock were lenders under the Credit Facility. Affiliates of current and former holders of the Company’s Class A common stock and Class B common stock earned underwriting fees of $4,596 in connection with the March Offering.

OTHER

OTHER	9 Months Ended
	Sep. 30, 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 other income (expense)-net 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)	9 Months Ended
	Sep. 30, 2021
SUMMARY OF ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation Operating results for the three and nine months ended September 30, 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 ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2020 2021 2020 2021 ​ Domestic revenue ​ $ 313,956 ​ $ 427,729 ​ $ 933,420 ​ $ 1,197,874 ​ International revenue ​ 17,527 ​ 26,806 ​ 48,226 ​ 76,191 ​ Total revenue ​ $ 331,483 ​ $ 454,535 ​ $ 981,646 ​ $ 1,274,065 ​ ​ 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
	Sep. 30, 2021
SUMMARY OF ACCOUNTING POLICIES
Schedule of disaggregated revenues based on the location of the partner firm	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2020 2021 2020 2021 ​ Domestic revenue ​ $ 313,956 ​ $ 427,729 ​ $ 933,420 ​ $ 1,197,874 ​ International revenue ​ 17,527 ​ 26,806 ​ 48,226 ​ 76,191 ​ Total revenue ​ $ 331,483 ​ $ 454,535 ​ $ 981,646 ​ $ 1,274,065 ​

NON-CONTROLLING INTEREST AND _2

NON-CONTROLLING INTEREST AND INCOME PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
NON-CONTROLLING INTEREST AND INCOME PER SHARE
Schedule of controlling and non-controlling interest	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ 2021 ​ Focus LLC common units 20,895,381 ​ ​ 12,338,777 ​ Focus LLC restricted common units ​ — ​ ​ 71,374 ​ Common unit equivalents of outstanding vested and unvested Focus LLC incentive units(1) ​ 4,860,295 ​ ​ 8,656,088 ​ Total common units, restricted common units and common unit equivalents attributable to non-controlling interest ​ 25,755,676 ​ ​ 21,066,239 ​ Total common units, restricted common units and common unit equivalents of incentive units outstanding ​ 76,350,048 ​ ​ 81,381,580 ​ Non-controlling interest allocation ​ 33.7 % ​ 25.9 % Company’s interest in Focus LLC ​ 66.3 % ​ 74.1 % (1) Focus LLC common units issuable upon conversion of 16,658,578 and 16,233,899 (see Note 9) vested and unvested Focus LLC incentive units outstanding as of September 30, 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 2021 2020 2021 ​ Basic income per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to common shareholders ​ $ 1,642 ​ $ 649 ​ $ 24,447 ​ $ 2,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ 48,683,580 ​ 59,940,166 ​ 47,991,831 ​ 55,978,639 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic income per share ​ $ 0.03 ​ $ 0.01 ​ $ 0.51 ​ $ 0.05 ​
Schedule of calculation of diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ ​ September 30, ​ 2020 2021 2020 2021 Diluted income per share: ​ ​ ​ ​ ​ ​ ​ Net income attributable to common shareholders ​ $ 1,642 ​ $ 649 ​ $ 24,447 ​ $ 2,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares of Class A common stock outstanding ​ 48,683,580 ​ 59,940,166 ​ 47,991,831 ​ 55,978,639 Effect of dilutive stock options ​ ​ 60,974 ​ ​ 441,809 ​ ​ 21,728 ​ ​ 420,801 Effect of dilutive unvested Class A common stock ​ ​ 65,774 ​ ​ — ​ ​ 26,455 ​ ​ — Effect of dilutive restricted stock units ​ ​ — ​ ​ 56,535 ​ ​ — ​ ​ 47,630 Total ​ 48,810,328 ​ 60,438,510 ​ 48,040,014 ​ 56,447,070 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted income per share ​ $ 0.03 ​ $ 0.01 ​ $ 0.51 ​ $ 0.05

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2021
ACQUISITIONS
Schedule of purchase price associated with business acquisitions and the allocation thereof	​ ​ ​ ​ ​ ​ 2021 Number of business acquisitions closed ​ 15 Consideration: ​ ​ ​ Cash due at closing ​ $ 285,975 Fair market value of Focus LLC common units issued at closing ​ ​ 272 Fair market value of estimated contingent consideration ​ ​ 96,236 Total consideration ​ $ 382,483 Allocation of purchase price: ​ ​ ​ Total tangible assets ​ $ 14,241 Total liabilities assumed ​ ​ (14,677) Customer relationships ​ ​ 192,578 Management contracts ​ ​ 10,060 Goodwill ​ ​ 180,009 Other acquired intangibles ​ ​ 272 Total allocated consideration ​ $ 382,483 ​
Schedule of weighted-average useful lives of intangible assets acquired	​ ​ ​ ​ ​ ​ ​ ​ Number of years Management contracts ​ 17 Customer relationships ​ 9 Other acquired intangibles ​ 5 Weighted-average useful life of all intangibles acquired ​ 10

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Summary of changes in the goodwill balances	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, September 30, ​ ​ 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 ​ ​ 180,009 Other ​ 4,987 ​ ​ (6,372) ​ ​ 165,328 ​ ​ 173,637 Balance end of period: ​ ​ ​ ​ ​ ​ Goodwill ​ 1,278,183 ​ ​ 1,451,820 Cumulative impairment losses ​ (22,624) ​ ​ (22,624) ​ ​ $ 1,255,559 ​ $ 1,429,196 ​
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 September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Carry Accumulated Net Book ​ ​ Amount ​ Amortization ​ Value Customer relationships ​ $ 1,801,900 ​ $ (736,070) ​ $ 1,065,830 Management contracts ​ 168,459 ​ ​ (54,447) ​ ​ 114,012 Other acquired intangibles ​ 8,122 ​ ​ (4,716) ​ ​ 3,406 Total ​ $ 1,978,481 ​ $ (795,233) ​ $ 1,183,248

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
FAIR VALUE MEASUREMENTS
Schedule of implied fair value of the Company's First Lien Term Loan (as defined below)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ September 30, 2021 ​ Stated Fair Stated Fair ​ ​ Value ​ Value ​ Value ​ Value First Lien Term Loan - Tranche A ​ $ 1,127,622 ​ $ 1,120,574 ​ $ 1,615,102 ​ $ 1,605,008 First Lien Term Loan - Tranche B ​ — ​ — ​ 648,375 ​ 646,754
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 ​ ​ 96,236 Payments of contingent consideration ​ ​ (116,311) Non-cash changes in fair value of estimated contingent consideration ​ ​ 96,241 Other ​ ​ (1,193) Balance at September 30, 2021 ​ $ 244,643 ​
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 ​ September 30, 2021 ​ Techniques ​ Inputs ​ Ranges $ 244,643 ​ Monte Carlo Simulation Model ​ Forecasted growth rates ​ (16.6)% - 39.7 % ​ ​ ​ ​ ​ Discount rates ​ 9.0% - 16.0 %

CREDIT FACILITY (Tables)

CREDIT FACILITY (Tables)	9 Months Ended
	Sep. 30, 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, September 30, ​ ​ 2020 ​ 2021 First Lien Term Loan - Tranche A ​ $ 1,127,622 ​ $ 1,615,102 First Lien Term Loan - Tranche B ​ ​ — ​ ​ 648,375 First Lien Revolver ​ ​ 380,000 ​ ​ — Unamortized debt financing costs ​ (503) ​ (7,951) Unamortized discount ​ — ​ (5,205) Total ​ $ 1,507,119 ​ $ 2,250,321

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2021
Stock options
Schedule of stock options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Stock ​ Exercise ​ ​ Options ​ Price Outstanding—January 1, 2021 1,845,317 ​ $ 32.57 Granted ​ — ​ ​ — Exercised ​ (169,386) ​ ​ 31.56 Forfeited ​ (34,906) ​ ​ 32.65 Outstanding—September 30, 2021 ​ 1,641,025 ​ ​ 32.67 Vested—September 30, 2021 ​ 637,247 ​ ​ 31.33
Restricted Stock Units (RSUs)
Schedule of changes in restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Restricted ​ Average ​ ​ Stock ​ Grant Date ​ Units Fair Value Outstanding—January 1, 2021 141,095 ​ $ 36.63 Granted ​ 312 ​ ​ 48.09 Forfeited ​ (6,954) ​ ​ 34.46 Vested ​ — ​ ​ — Outstanding—September 30, 2021 ​ 134,453 ​ ​ 36.77
Focus LLC Restricted Common Units
Schedule of changes in restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Restricted ​ Average ​ ​ Common ​ Grant Date ​ ​ Units ​ Fair Value Outstanding—January 1, 2021 73,276 ​ $ 44.71 Granted — ​ ​ — Forfeited (1,902) ​ ​ 44.71 Vested ​ — ​ ​ — Outstanding—September 30, 2021 71,374 ​ 44.71
Incentive Units
Schedule of incentive units granted	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Incentive ​ Hurdle ​ ​ Units ​ Price Outstanding—January 1, 2021 17,234,497 ​ $ 24.34 Granted 30,000 ​ ​ 43.50 Exchanged ​ (831,140) ​ ​ 23.21 Forfeited (199,458) ​ ​ 23.22 Outstanding—September 30, 2021 16,233,899 ​ 24.45 Vested—September 30, 2021 9,025,107 ​ 18.30
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 1,308,107 ​ 1,308,107 11.00 813,001 ​ 813,001 12.00 513,043 ​ 513,043 13.00 540,000 ​ 540,000 14.00 10,098 ​ 10,098 16.00 45,191 ​ 45,191 17.00 20,000 ​ 20,000 19.00 527,928 ​ 527,928 21.00 3,170,236 ​ 3,170,236 22.00 836,417 ​ 539,313 23.00 524,828 ​ 393,621 26.26 ​ 18,750 ​ — 27.00 20,136 ​ 12,765 27.90 ​ 1,929,424 ​ 428,933 28.50 ​ 1,440,230 ​ 662,685 30.48 ​ 30,000 ​ 10,000 33.00 3,617,500 ​ 7,500 36.64 ​ 30,000 ​ 20,000 43.50 ​ 30,000 ​ — 44.71 ​ 806,324 ​ — ​ ​ 16,233,899 ​ 9,025,107
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)	9 Months Ended
	Sep. 30, 2021
CASH FLOW INFORMATION
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, ​ 2020 2021 Supplemental disclosures of cash flow information—cash paid for: ​ ​ ​ ​ ​ ​ Interest ​ $ 32,109 ​ $ 36,201 Income taxes ​ $ 13,036 ​ $ 30,567 Supplemental non-cash cash flow information: ​ ​ Fair market value of estimated contingent consideration in connection with acquisitions ​ $ 8,963 ​ $ 96,236

SUMMARY OF ACCOUNTING POLICIE_3

SUMMARY OF ACCOUNTING POLICIES - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue Recognition
Total revenues	$ 454,535	$ 331,483	$ 1,274,065	$ 981,646
Domestic revenue
Revenue Recognition
Total revenues	427,729	313,956	1,197,874	933,420
International revenue
Revenue Recognition
Total revenues	$ 26,806	$ 17,527	$ 76,191	$ 48,226

NON-CONTROLLING INTEREST AND _3

NON-CONTROLLING INTEREST AND INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic income per share:
Net income attributable to common shareholders	$ 649	$ 1,642	$ 2,882	$ 24,447
Diluted income (loss) per share:
Net income attributable to common shareholders	649	1,642	2,882	24,447
Class A common stock
Basic income per share:
Net income attributable to common shareholders	$ 649	$ 1,642	$ 2,882	$ 24,447
Weighted average shares of Class A common stock outstanding	59,940,166	48,683,580	55,978,639	47,991,831
Basic income per share	$ 0.01	$ 0.03	$ 0.05	$ 0.51
Diluted income (loss) per share:
Net income attributable to common shareholders	$ 649	$ 1,642	$ 2,882	$ 24,447
Weighted average shares of Class A common stock outstanding	59,940,166	48,683,580	55,978,639	47,991,831
Effect of dilutive stock options	441,809	60,974	420,801	21,728
Effect of dilutive unvested Class A common stock		65,774		26,455
Effect of dilutive restricted stock units	56,535		47,630
Total	60,438,510	48,810,328	56,447,070	48,040,014
Diluted income per share	$ 0.01	$ 0.03	$ 0.05	$ 0.51
Market based stock options
Diluted income (loss) per share:
Antidilutive shares	155,000	155,000	155,000	155,000
Threshold period	90 days	90 days	90 days	90 days
Vesting period	5 years	5 years	5 years	5 years
Market based stock options | Minimum
Diluted income (loss) per share:
Threshold volume weighted average per share price trigger	$ 100	$ 100	$ 100	$ 100
Focus LLC
LOSS PER SHARE
Focus LLC common units	12,338,777	20,895,381	12,338,777	20,895,381
Focus LLC restricted common units	71,374		71,374
Common unit equivalents of outstanding vested and unvested Focus LLC incentive units	8,656,088	4,860,295	8,656,088	4,860,295
Total common units, restricted common units and common unit equivalents attributable to non-controlling interest	21,066,239	25,755,676	21,066,239	25,755,676
Total common units, restricted common units and common unit equivalents of incentive units outstanding	81,381,580	76,350,048	81,381,580	76,350,048
Non-controlling interest allocation	25.90%	33.70%	25.90%	33.70%
Company's interest in Focus LLC	74.10%	66.30%	74.10%	66.30%
Convertible incentive units	16,233,899	16,658,578	16,233,899	16,658,578

ACQUISITIONS - Business Acquisi

ACQUISITIONS - Business Acquisitions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Allocation of purchase price:
Goodwill	$ 1,429,196	$ 1,255,559	$ 1,090,231
Business acquisitions
ACQUISITIONS
Number of business acquisitions closed	15
Consideration:
Cash due at closing	$ 285,975
Fair market value of Focus LLC common units issued at closing	272
Fair market value of estimated contingent consideration	96,236
Total consideration	382,483
Allocation of purchase price:
Total tangible assets	14,241
Total liabilities assumed	(14,677)
Goodwill	180,009
Total allocated consideration	382,483
Amount of goodwill and intangibles expected to be deductible for tax purposes	$ 283,782
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	5
Revenue from acquired entity in business acquisitions	$ 21,676
Income from acquired entity in business acquisitions	4,183
Business acquisitions | Customer relationships
Allocation of purchase price:
Finite-lived intangible assets	192,578
Business acquisitions | Management contracts
Allocation of purchase price:
Finite-lived intangible assets	10,060
Business acquisitions | Other acquired intangibles
Allocation of purchase price:
Finite-lived intangible assets	$ 272

ACQUISITIONS - Asset Acquisitio

ACQUISITIONS - Asset Acquisitions (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 04, 2021USD ($)item	Sep. 30, 2021USD ($)item
Asset Acquisitions
Weighted-average useful life of all intangibles acquired		10 years
Business acquisitions
Asset Acquisitions
Number of business acquisitions		15
Purchase consideration for asset acquisitions		$ 285,975
Business acquisitions | Subsequent Events
Asset Acquisitions
Number of business acquisitions | item	12
Purchase consideration for asset acquisitions	$ 421,237
Asset acquisitions
Asset Acquisitions
Number of asset acquisitions | item		1
Total purchase consideration		$ 541
Number of quarters installments to be paid | item		4
Management contracts
Asset Acquisitions
Weighted-average useful life of all intangibles acquired		17 years
Customer relationships
Asset Acquisitions
Weighted-average useful life of all intangibles acquired		9 years
Other acquired intangibles
Asset Acquisitions
Weighted-average useful life of all intangibles acquired		5 years

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Change in goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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	180,009	160,341
Other	(6,372)	4,987
Goodwill period increase (decrease)	173,637	165,328
Goodwill end of period	1,451,820	1,278,183
Cumulative impairment losses end of period	(22,624)	(22,624)
Balance end of period	$ 1,429,196	$ 1,255,559

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS- Intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Amortizing acquired intangible assets
Gross Carry Amount	$ 1,978,481	$ 1,777,230
Accumulated Amortization	(795,233)	(663,763)
Net Book Value	1,183,248	1,113,467
Customer relationships
Amortizing acquired intangible assets
Gross Carry Amount	1,801,900	1,610,971
Accumulated Amortization	(736,070)	(612,037)
Net Book Value	1,065,830	998,934
Management contracts
Amortizing acquired intangible assets
Gross Carry Amount	168,459	158,526
Accumulated Amortization	(54,447)	(47,881)
Net Book Value	114,012	110,645
Other acquired intangibles
Amortizing acquired intangible assets
Gross Carry Amount	8,122	7,733
Accumulated Amortization	(4,716)	(3,845)
Net Book Value	$ 3,406	$ 3,888

FAIR VALUE MEASUREMENTS - Marke

FAIR VALUE MEASUREMENTS - Marketable securities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jan. 31, 2021
FAIR VALUE MEASUREMENTS
Marketable Securities	$ 16,972	$ 18,000

FAIR VALUE MEASUREMENTS - Impli

FAIR VALUE MEASUREMENTS - Implied fair value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Implied fair value based on level 2 inputs
Stated Value	$ 2,250,321	$ 1,507,119
First Lien Term Loan Tranche A
Implied fair value based on level 2 inputs
Stated Value	1,615,102	1,127,622
Fair Value	1,605,008	$ 1,120,574
First Lien Term Loan Tranche B
Implied fair value based on level 2 inputs
Stated Value	648,375
Fair Value	$ 646,754

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in the fair value (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Mar. 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	96,236		46,918
Payments of contingent consideration	(116,311)		(80,803)
Non-cash changes in fair value of estimated contingent consideration	96,241		19,197
Other	(1,193)		790
Balance at end of period	244,643		169,670
Interest rate swap
Changes in the fair value of estimated contingent consideration for business acquisitions
Notional amount	850,000		850,000	$ 400,000
Business acquisitions
Changes in the fair value of estimated contingent consideration for business acquisitions
Issuance of restricted common units in connection with acquisitions and contingent consideration	11,280
Payments of contingent consideration	(105,031)
Asset acquisitions
Changes in the fair value of estimated contingent consideration for business acquisitions
Payments of contingent consideration	(3,911)	$ (1,961)
Other liabilities | Interest rate swap
Changes in the fair value of estimated contingent consideration for business acquisitions
Fair value of interest rate swap	$ (3,321)		(10,400)
Other liabilities | Business acquisitions
Changes in the fair value of estimated contingent consideration for business acquisitions
Payments of contingent consideration			$ (80,803)

FAIR VALUE MEASUREMENTS - Conti

FAIR VALUE MEASUREMENTS - Contingent consideration fair value inputs (Details) - Level 3 $ in Thousands	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Inputs used in the fair value measurement of estimated contingent consideration
Estimated contingent consideration	$ 244,643	$ 169,670
Minimum | Forecasted growth rates
Inputs used in the fair value measurement of estimated contingent consideration
Estimated contingent consideration (in percent)	(16.6)	(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)	39.7	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			9 Months Ended		12 Months Ended
	Jul. 31, 2021USD ($)	Jan. 31, 2021USD ($)	Jan. 31, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Credit Facility
Face amount of debt				$ 2,263,477		$ 1,507,622
Debt issuance costs				8,282	$ 634
Loss on extinguishment of borrowings					$ (6,094)
Debt discount (as a percent)	0.75%
Contingent Principal Payments						0
Contingent principal payments due in current year				0
Deferred financing costs				$ 4,928		$ 6,950
Debt Instrument Delayed Draw Term	6 months
Credit Facility
Credit Facility
Actual total secured leverage ratio				3.54
Consolidated EBITDA				$ 458,642
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				$ 2,263,477
First Lien Term Loan Tranche A
Credit Facility
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 Tranche A | LIBOR
Credit Facility
Margin (as a percent)			2.00%
First Lien Term Loan Tranche A | Base rate
Credit Facility
Margin (as a percent)			1.00%
First Lien Term Loan Tranche B
Credit Facility
Debt issuance costs	$ 5,582
Borrowed amount	800,000
Repayments installments	1,625
Remaining amount	150,000
Proceeds from Issuance of Debt	$ 650,000
Debt Instrument, Percentage of Quarterly Amortization	0.25%
First Lien Term Loan Tranche B | Minimum
Credit Facility
Debt discount (as a percent)	0.75%
First Lien Term Loan Tranche B | Maximum
Credit Facility
Amortization of discount	$ 4,875
First Lien Term Loan Tranche B | Zero to Thirty Days from Closing Date
Credit Facility
Percentage of Delayed Draw Ticking Fee on Undrawn Commitments	0.00%
First Lien Term Loan Tranche B | Thirty One to Sixty Days from Closing Date
Credit Facility
Percentage of Delayed Draw Ticking Fee on Undrawn Commitments	1.25%
First Lien Term Loan Tranche B | After Sixty Days
Credit Facility
Percentage of Delayed Draw Ticking Fee on Undrawn Commitments	2.50%
First Lien Term Loan Tranche B | LIBOR
Credit Facility
Margin (as a percent)	2.50%
First Lien Term Loan Tranche B | LIBOR Floor
Credit Facility
Margin (as a percent)	0.50%
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				$ 4,928		$ 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	Sep. 30, 2021	Dec. 31, 2020
Credit Facility
Unamortized debt financing costs	$ (7,951)	$ (503)
Unamortized discount	(5,205)
Amount outstanding under credit facility	2,250,321	1,507,119
First Lien Term Loan Tranche A
Credit Facility
Amount outstanding under credit facility	1,615,102	1,127,622
First Lien Term Loan Tranche B
Credit Facility
Amount outstanding under credit facility	$ 648,375
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	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021
Credit Facility
Weighted average interest rate	3.00%
Deferred financing costs	$ 6,950	$ 4,928
First Lien Revolver
Credit Facility
Unused commitment line	262,413	642,391
Deferred financing costs	6,950	4,928
Standby Letters of Credit
Credit Facility
Letter of credit outstanding	$ 7,587	$ 7,609
Annual interest rate	2.00%

DERIVATIVES (Details)

DERIVATIVES (Details) $ in Thousands	1 Months Ended
	Apr. 30, 2020USD ($)agreement	Mar. 31, 2020USD ($)	Sep. 30, 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
Interest payable to counterparty (as a percent)		0.713%
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			(3,321)	(10,400)
Offsetting adjustment in fair value in AOCI net of tax			$ 662	$ 1,804
LIBOR
Derivatives
Interest rate floor (as a percent)		0.00%
First Lien Term Loan | Interest rate swap
Derivatives
Outstanding debt	$ 450,000	$ 400,000

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended			9 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
EQUITY
Net proceeds of deducting underwriting discounts						$ 25,767
Class A common stock
EQUITY
Issuance of common stock (in shares)	713,354	1,252,224	453,567
Share price (in dollar per share)	$ 50.30	$ 48		$ 50.30
Class A common stock | Offering
EQUITY
Issuance of common stock (in shares)	7,417,929	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)	649,187	1,181,759	418,669
Class B common stock | Offering
EQUITY
Common stock retired (in shares)	3,845,569	2,460,732
Incentive Units
Changes in unvested common stock, Grant Date Fair Value
Non-cash equity compensation expense			$ 4,368		$ 3,926	20,709	$ 11,678
Focus LLC
EQUITY
Shares offered by certain selling stockholders	7,144,244	7,725,061
Number of shares offered	273,685	262,306
Incentive units retired (in shares)	119,357	152,753	50,000
Common units acquired (in shares)	713,354	1,252,224	453,567
Focus LLC | Offering
EQUITY
Common units acquired (in shares)	3,927,729	2,640,369
Focus LLC | Class A common stock
EQUITY
Net proceeds of deducting underwriting discounts	$ 13,648	$ 12,119
Other offering expenses	$ 287	$ 1,122
Focus LLC | Class A common stock | Offering
EQUITY
Issuance of common stock (in shares)	3,927,729	2,640,369
Focus LLC | Class B common stock
EQUITY
Issuance of common stock in connection with acquisitions and contingent consideration (in shares)			64,706	168,392
Focus LLC | Class B common stock | Offering
EQUITY
Common stock retired (in shares)	144,850	364,180
Stock options | Class A common stock
Changes in unvested common stock, Grant Date Fair Value
Non-cash equity compensation expense			$ 1,570		$ 1,380	$ 3,860	$ 3,910
Restricted Stock Units (RSUs)
Changes in stock options
Granted						312
Changes in unvested common stock
Outstanding at the beginning of the period						141,095
Granted						312
Forfeited						(6,954)
Outstanding at the end of the period			134,453			134,453
Changes in unvested common stock, Grant Date Fair Value
Outstanding at the beginning of the period						$ 36.63
Granted						48.09
Forfeited						34.46
Outstanding at the end of the period			$ 36.77			$ 36.77
Common Stock | Class B common stock
EQUITY
Issuance of common stock in connection with acquisitions and contingent consideration (in shares)			64,706			233,098
Common Stock | Stock options
Changes in stock options
Outstanding at the beginning of the period						1,845,317
Exercised						(169,386)
Forfeited						(34,906)
Vested						637,247
Outstanding at the end of the period			1,641,025			1,641,025
Changes in stock option, Weighted Average Exercise Price
Outstanding at the beginning of the period						$ 32.57
Exercised						31.56
Forfeited						32.65
Outstanding at the end of the period			$ 32.67			32.67
Vested						$ 31.33
Changes in unvested common stock
Vested						(637,247)
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		9 Months Ended
	Jul. 31, 2021	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 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
Individuals Other than Certain Officers [Member]
Fair value of the stock option grants determined with assumptions
Remaining not vested units		337,500
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		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		$ 44.71
Incentive Units
Incentive Units
Outstanding at the beginning of the period					17,234,497
Granted					30,000
Exchanged					(831,140)
Forfeited					(199,458)
Outstanding at the end of the period			16,233,899		16,233,899
Vested at the end of the period					9,025,107
Weighted Average Hurdle Price
Outstanding at the beginning of the period					$ 24.34
Granted					43.50
Exchanged					23.21
Forfeited					23.22
Outstanding at the end of the period			$ 24.45		24.45
Vested at the end of the period			$ 18.30		$ 18.30
Fair value of the stock option grants determined with assumptions
Non-cash equity compensation expense			$ 4,368	$ 3,926	$ 20,709	$ 11,678
Incentive Units | Hurdle Rate $1.42
Incentive Units
Outstanding at the end of the period			421		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		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		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		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			1,308,107		1,308,107
Vested at the end of the period					1,308,107
Weighted Average Hurdle Price
Hurdle Rates					$ 9
Incentive Units | Hurdle Rate 11.00
Incentive Units
Outstanding at the end of the period			813,001		813,001
Vested at the end of the period					813,001
Weighted Average Hurdle Price
Hurdle Rates					$ 11
Incentive Units | Hurdle Rate 12.00
Incentive Units
Outstanding at the end of the period			513,043		513,043
Vested at the end of the period					513,043
Weighted Average Hurdle Price
Hurdle Rates					$ 12
Incentive Units | Hurdle Rate 13.00
Incentive Units
Outstanding at the end of the period			540,000		540,000
Vested at the end of the period					540,000
Weighted Average Hurdle Price
Hurdle Rates					$ 13
Incentive Units | Hurdle Rate 14.00
Incentive Units
Outstanding at the end of the period			10,098		10,098
Vested at the end of the period					10,098
Weighted Average Hurdle Price
Hurdle Rates					$ 14
Incentive Units | Hurdle Rate 16.00
Incentive Units
Outstanding at the end of the period			45,191		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		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			527,928		527,928
Vested at the end of the period					527,928
Weighted Average Hurdle Price
Hurdle Rates					$ 19
Incentive Units | Hurdle Rate 21.00
Incentive Units
Outstanding at the end of the period			3,170,236		3,170,236
Vested at the end of the period					3,170,236
Weighted Average Hurdle Price
Hurdle Rates					$ 21
Incentive Units | Hurdle Rate 22.00
Incentive Units
Outstanding at the end of the period			836,417		836,417
Vested at the end of the period					539,313
Weighted Average Hurdle Price
Hurdle Rates					$ 22
Incentive Units | Hurdle Rate 23.00
Incentive Units
Outstanding at the end of the period			524,828		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		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			20,136		20,136
Vested at the end of the period					12,765
Weighted Average Hurdle Price
Hurdle Rates					$ 27
Incentive Units | Hurdle Rate 27.90
Incentive Units
Outstanding at the end of the period			1,929,424		1,929,424
Vested at the end of the period					428,933
Weighted Average Hurdle Price
Hurdle Rates					$ 27.90
Incentive Units | Hurdle Rate 28.50
Incentive Units
Outstanding at the end of the period			1,440,230		1,440,230
Vested at the end of the period					662,685
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		30,000
Vested at the end of the period					10,000
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		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		30,000
Vested at the end of the period					20,000
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		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		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%
Third Anniversary of Company's IPO Scenario One
Fair value of the stock option grants determined with assumptions
Vested	186,545
Forfeited	79,725
Remaining not vested units	266,270
Third Anniversary of Company's IPO Scenario Two
Fair value of the stock option grants determined with assumptions
Vested	236,449
Forfeited	101,051
Remaining not vested units	337,500

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
INCOME TAXES
Effective income tax rate (as a percent)	37.50%	29.70%
Discrete tax expense	$ 209
Uncertain tax positions reserve	$ 0

TAX RECEIVABLE AGREEMENTS (Deta

TAX RECEIVABLE AGREEMENTS (Details) $ in Thousands	1 Months Ended		9 Months Ended
	Apr. 30, 2021USD ($)	Feb. 28, 2021USD ($)	Sep. 30, 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			$ 188,612
Payments made under Tax Receivable Agreements	$ 311	$ 4,112

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Liabilities, clearing brokers	$ 0	$ 0
Client assets in a private fund	$ 28,000,000

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Supplemental disclosures of cash flow information-cash paid for:
Interest	$ 36,201	$ 32,109
Income taxes	30,567	13,036
Supplemental non-cash cash flow information:
Fair market value of estimated contingent consideration in connection with acquisitions	$ 96,236	$ 8,963

RELATED PARTIES (Details)

RELATED PARTIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Chief Executive Officer
Expenses recognized	$ 381	$ 267	$ 1,559	$ 719
Affiliates of holders of Class A common stock and Class B common stock
Estimated underwriting fees			$ 4,596

OTHER (Details)

OTHER (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jan. 31, 2021
OTHER
Investment in mutual fund	$ 16,972	$ 18,000