Focus Financial Partners (FOCS) 10-K 17 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 14, 2022	Jun. 30, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	001-38604
Entity Registrant Name	Focus Financial Partners Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4780811
Entity Address, Address Line One	875 Third Avenue, 28th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	646
Local Phone Number	519-2456
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	FOCS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	New York, New York
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001651052
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 2,521,712,832
Class A common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		65,320,124
Class B common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		11,626,814

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 310,684	$ 65,858
Accounts receivable less allowances of $2,178 at 2020 and $3,255 at 2021	198,827	169,220
Prepaid expenses and other assets	123,826	65,581
Fixed assets-net	47,199	49,209
Operating lease assets	249,850	229,748
Debt financing costs-net	4,254	6,950
Deferred tax assets-net	267,332	107,289
Goodwill	1,925,315	1,255,559
Other intangible assets-net	1,581,719	1,113,467
TOTAL ASSETS	4,709,006	3,062,881
LIABILITIES
Accounts payable	11,580	9,634
Accrued expenses	72,572	53,862
Due to affiliates	105,722	66,428
Deferred revenue	10,932	9,190
Contingent consideration and other liabilities	468,284	196,176
Deferred tax liabilities	31,973	26,735
Operating lease liabilities	277,324	253,295
Borrowings under credit facilities (stated value of $1,507,622 and $2,407,302 at December 31, 2020 and December 31, 2021, respectively)	2,393,669	1,507,119
Tax receivable agreements obligations	219,542	81,563
TOTAL LIABILITIES	3,591,598	2,204,002
COMMITMENTS AND CONTINGENCIES (Note 14)
EQUITY
Additional paid-in capital	841,753	526,664
Retained earnings	24,995	14,583
Accumulated other comprehensive income (loss)	3,029	(2,167)
Total shareholders' equity	870,544	539,799
Non-controlling interest	246,864	319,080
Total equity	1,117,408	858,879
TOTAL LIABILITIES AND EQUITY	4,709,006	3,062,881
Class A common stock
EQUITY
Common stock	653	512
Class B common stock
EQUITY
Common stock	$ 114	$ 207

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable, allowances	$ 3,255	$ 2,178
Borrowings under credit facilities, stated value	$ 2,407,302	$ 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	65,320,124	51,158,712
Common stock, outstanding shares	65,320,124	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	11,439,019	20,661,595
Common stock, outstanding shares	11,439,019	20,661,595

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES:
Total revenues	$ 1,797,951	$ 1,361,319	$ 1,218,341
OPERATING EXPENSES:
Compensation and related expenses	591,121	476,208	431,465
Management fees	491,433	349,475	304,701
Selling, general and administrative	297,636	236,377	232,911
Management contract buyout			1,428
Intangible amortization	187,848	147,783	130,718
Non-cash changes in fair value of estimated contingent consideration	112,416	19,197	38,797
Depreciation and other amortization	14,625	12,451	10,675
Total operating expenses	1,695,079	1,241,491	1,150,695
INCOME FROM OPERATIONS	102,872	119,828	67,646
OTHER INCOME (EXPENSE):
Interest income	422	453	1,164
Interest expense	(55,001)	(41,658)	(58,291)
Amortization of debt financing costs	(3,958)	(2,909)	(3,452)
Loss on extinguishment of borrowings		(6,094)
Other expense-net	(337)	(214)	(1,049)
Income from equity method investments	524	219	755
Impairment of equity method investment			(11,749)
Total other expense-net	(58,350)	(50,203)	(72,622)
INCOME (LOSS) BEFORE INCOME TAX	44,522	69,625	(4,976)
INCOME TAX EXPENSE	20,082	20,660	7,049
NET INCOME (LOSS)	24,440	48,965	(12,025)
Non-controlling interest	(14,028)	(20,920)	(847)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	10,412	28,045	(12,872)
Wealth management fees
REVENUES:
Total revenues	1,717,365	1,286,130	1,149,655
Other
REVENUES:
Total revenues	$ 80,586	$ 75,189	$ 68,686
Class A common stock
Income (loss) per share of Class A common stock:
Basic (in dollars per share)	$ 0.18	$ 0.58	$ (0.28)
Diluted (in dollars per share)	$ 0.18	$ 0.57	$ (0.28)
Weighted average shares of Class A common stock outstanding:
Basic (in shares)	57,317,477	48,678,584	46,792,389
Diluted (in shares)	57,831,151	48,796,613	46,792,389

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 24,440	$ 48,965	$ (12,025)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(5,332)	7,555	768
Unrealized gain (loss) on interest rate swaps designated as cash flow hedges	13,212	(8,596)
Comprehensive income (loss)	32,320	47,924	(11,257)
Less: Comprehensive income loss attributable to noncontrolling interest	(16,712)	(20,747)	(1,090)
Comprehensive income (loss) attributable to common shareholders	$ 15,608	$ 27,177	$ (12,347)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 24,440	$ 48,965	$ (12,025)
Adjustments to reconcile net income (loss) to net cash provided by operating activities-net of effect of acquisitions:
Intangible amortization	187,848	147,783	130,718
Depreciation and other amortization	14,625	12,451	10,675
Amortization of debt financing costs	3,958	2,909	3,452
Non-cash equity compensation expense	31,602	22,285	18,329
Non-cash changes in fair value of estimated contingent consideration	112,416	19,197	38,797
Income from equity method investments	(524)	(219)	(755)
Impairment of equity method investment			11,749
Distributions received from equity method investments	1,143	231	751
Deferred taxes and other non-cash items	(8,568)	2,618	3,555
Loss on extinguishment of borrowings		6,094
Changes in cash resulting from changes in operating assets and liabilities:
Accounts receivable	(32,006)	(37,913)	(29,562)
Prepaid expenses and other assets	2,103	74	3,796
Accounts payable	486	606	(1,172)
Accrued expenses	14,444	10,876	8,276
Due to affiliates	38,831	7,650	18,989
Contingent consideration and other liabilities	(77,423)	(29,683)	(10,487)
Deferred revenue	543	(2,563)	(312)
Net cash provided by operating activities	313,918	211,361	194,774
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions and contingent consideration-net of cash acquired	(979,062)	(348,674)	(532,513)
Purchase of fixed assets	(11,018)	(19,349)	(25,472)
Investment and other	(17,232)	(4,950)	1,530
Net cash used in investing activities	(1,007,312)	(372,973)	(556,455)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities	1,318,375	555,000	969,125
Repayments of borrowings under credit facilities	(425,320)	(326,566)	(529,796)
Proceeds from issuance of common stock, net	219,636
Payments in connection with unit redemption, net	(57,735)
Payments in connection with tax receivable agreements	(4,423)
Contingent consideration paid	(78,092)	(49,891)	(22,040)
Payments of debt financing costs	(8,282)	(634)	(3,743)
Proceeds from exercise of stock options	8,350	6,912	838
Equity awards withholding	(1,343)	(386)
Payments on finance lease obligations	(58)	(147)	(176)
Distributions for unitholders	(32,311)	(22,457)	(20,641)
Net cash provided by financing activities	938,797	161,831	393,567
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS	(577)	461	79
CHANGE IN CASH AND CASH EQUIVALENTS	244,826	680	31,965
CASH AND CASH EQUIVALENTS:
Beginning of period	65,858	65,178	33,213
End of period	$ 310,684	$ 65,858	$ 65,178

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total 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, 2018	$ 469,662	$ 462	$ 228	$ 471,386	$ (590)	$ (1,824)	$ 342,858	$ 812,520
Beginning balance (in shares) at Dec. 31, 2018		46,265,903	22,823,272
Increase (Decrease) in shareholders' equity
Net income (loss)	(12,872)				(12,872)		847	(12,025)
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights	22,280	$ 8	$ (7)	22,279				22,280
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights (in shares)		747,523	(747,523)
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights	11,967	$ 4		11,963				11,967
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights (in shares)		394,814
Forfeiture of unvested Class A common stock	(412)			(412)				(412)
Forfeiture of unvested Class A common stock (in shares)		(12,500)
Exercise of stock options	838			838				838
Exercise of stock options (in shares)		25,575
Change in non-controlling interest allocation	(10,895)			(10,895)			(24,098)	(34,993)
Non-cash equity compensation expense	3,490			3,490				3,490
Currency translation adjustment - net of tax	525					525	243	768
Adjustments of deferred taxes, net of amounts payable under tax receivable agreements and changes from Focus LLC interest transactions	(463)			(463)				(463)
Ending balance at Dec. 31, 2019	484,120	$ 474	$ 221	498,186	(13,462)	(1,299)	319,850	803,970
Ending Balance (in shares) at Dec. 31, 2019		47,421,315	22,075,749
Increase (Decrease) in shareholders' equity
Net income (loss)	28,045				28,045		20,920	48,965
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights	43,235	$ 14	$ (14)	43,235				43,235
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights (in shares)		1,414,154	(1,414,154)
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights	69,457	$ 21		69,436				69,457
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights (in shares)		2,058,146
Forfeiture of unvested Class A common stock	(27)			(27)				(27)
Forfeiture of unvested Class A common stock (in shares)		(834)
Exercise of stock options	7,801	$ 2		7,799				7,801
Exercise of stock options (in shares)		251,913
Restricted stock units vesting and related withholdings	(386)	$ 1		(387)				(386)
Restricted stock units vesting and related withholdings (in shares)		14,018
Change in non-controlling interest allocation	(96,443)			(96,443)			(21,517)	(117,960)
Non-cash equity compensation expense	4,798			4,798				4,798
Currency translation adjustment - net of tax	4,689					4,689	2,866	7,555
Unrealized gain (loss) on interest rate swaps designated as cash flow hedges	(5,557)					(5,557)	(3,039)	(8,596)
Adjustments of deferred taxes, net of amounts payable under tax receivable agreements and changes from Focus LLC interest transactions	67			67				67
Ending balance at Dec. 31, 2020	539,799	$ 512	$ 207	526,664	14,583	(2,167)	319,080	858,879
Ending Balance (in shares) at Dec. 31, 2020		51,158,712	20,661,595
Increase (Decrease) in shareholders' equity
Net income (loss)	10,412				10,412		14,028	24,440
Issuance of common stock in connection with acquisitions and contingent consideration	3,520	$ 1	$ 5	3,514				3,520
Issuance of common stock in connection with acquisitions and contingent consideration (in shares)		58,657	614,362
Issuance (cancellation) of common stock in connection with offering, net	511,728	$ 100	$ (63)	511,691				511,728
Issuance (cancellation) of common stock in connection with offering, net (in shares)		10,114,939	(6,306,301)
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights	194,410	$ 35	$ (35)	194,410				194,410
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights (in shares)		3,542,853	(3,542,853)
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights	9,400	$ 2		9,398				9,400
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights (in shares)		185,563
Exercise of stock options	7,461	$ 3		7,458				7,461
Exercise of stock options (in shares)		235,684
Restricted stock units vesting and related withholdings	(971)			(971)				(971)
Restricted stock units vesting and related withholdings (in shares)		23,716
Restricted common units vesting (in shares)			12,216
Change in non-controlling interest allocation	(434,901)			(434,901)			(88,928)	(523,829)
Non-cash equity compensation expense	6,036			6,036				6,036
Currency translation adjustment - net of tax	(4,175)					(4,175)	(1,157)	(5,332)
Unrealized gain (loss) on interest rate swaps designated as cash flow hedges	9,371					9,371	3,841	13,212
Adjustment of deferred tax assets, net of amounts payable under tax receivable agreements and changes from LLC interest transactions	18,454			18,454				18,454
Ending balance at Dec. 31, 2021	$ 870,544	$ 653	$ 114	$ 841,753	$ 24,995	$ 3,029	$ 246,864	$ 1,117,408
Ending Balance (in shares) at Dec. 31, 2021		65,320,124	11,439,019

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2021
GENERAL
GENERAL	1. GENERAL Organization Focus Financial Partners Inc. (“Focus Inc.”) is a holding company that was formed as a Delaware corporation on July 29, 2015. Focus Inc. is the managing member of Focus Financial Partners, LLC (“Focus LLC”) and operates and controls the businesses and affairs of Focus LLC. 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”). The consolidated financial statements reflect the results of operations and financial position of Focus Inc. and its subsidiaries (the “Company”). Business The Company is in the business of acquiring and overseeing independent fiduciary wealth management and related businesses. The Company typically acquires 100% of the net assets of the wealth management businesses on terms that are generally consistent for each acquisition. To determine the acquisition price, the Company first estimates the operating cash flow of the business to be acquired based on current and projected levels of revenue and expenses. For this purpose, the Company defines operating cash flow as cash revenue of the business, less cash expenses, other than compensation and benefits to the selling entrepreneurs or individuals who typically become principals of the management entities discussed below. The Company refers to the estimated operating cash flow earnings before partner compensation as target earnings (“Target Earnings”). The acquisition price is a multiple of a portion of the Target Earnings, referred to as base earnings (“Base Earnings”). At the date of each of the respective acquisitions, the Company typically enters into a management agreement (“Management Agreement”) with a management company (“Management Company”) that is owned substantially by the selling principals of the acquired businesses. The Management Company earns management fees to manage the daily operations of the acquired business. The terms of the Management Agreements are generally six years with automatic renewals for consecutive one-year terms, unless terminated by either the Management Company or the Company. Under the Management Agreement, the Management Company is entitled to management fees typically consisting of all future earnings of the acquired business in excess of the Base Earnings up to Target Earnings, plus a percentage of any earnings in excess of Target Earnings. The Company, through its respective operating subsidiary, retains a preferred position in the Base Earnings. To the extent earnings of an acquired business in any year are less than the Base Earnings, in the following year the Company, through its respective operating subsidiary, is entitled to receive the Base Earnings together with the prior years’ shortfall before any management fees are earned by the Management Company. Since each Management Company is neither acquired nor consolidated, management fees are included in the Company’s consolidated statements of operations as operating expenses. Estimated management fees due are included in due to affiliates in the accompanying consolidated balance sheets. ​ ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries. The Company consolidates Focus LLC and its subsidiaries’ financial statements and records the interests in Focus LLC consisting of common units, restricted common units and the common unit equivalent of incentive units of Focus LLC that the Company does not own as non-controlling interests, see Note 3. Intercompany transactions and balances have been eliminated in consolidation. Other liabilities as presented in the December 31, 2020 consolidated balance sheet has been disaggregated into deferred tax liabilities, and contingent consideration and other liabilities to conform to the December 31, 2021 presentation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Income (Loss) Per Share Income (loss) per share is computed in accordance with Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share Revenue Recognition Wealth Management Fees The Company recognizes revenue from wealth management fees, which are primarily comprised of fees earned for advising on the assets of clients, financial and tax planning fees, consulting fees, tax return preparation fees, fees for family office services, and fees for wealth management and operational support services provided to third-party wealth management firms. Client arrangements may contain one of the services or multiple services, resulting in either a single or multiple performance obligations within the same client arrangement, each of which are separately identifiable and priced, and accounted for as the related services are provided and consumed over time. Fees are primarily based either on a contractual percentage of the client’s assets based on the market value of the client’s assets on the predetermined billing date, a flat fee, an hourly rate based on predetermined billing rates or a combination of such fees and are billed either in advance or arrears on a monthly, quarterly, or semiannual basis. Revenue is recognized over the respective service period based on time elapsed or hours expended, as the case may be, which is deemed to be the most faithful depiction of the transfer of services as clients benefit from services over the respective period. Revenue for wealth management and operational support services provided to third party wealth management firms is presented net since these services are performed in an agent capacity. Client agreements typically do not have a specified term and may be terminated at any time by either party subject to the respective termination and notification provisions in each agreement. A majority of the Company’s wealth management fees are correlated to the markets, and therefore are considered variable consideration. The Company’s market-correlated fees are dependent on the market and, thus, are susceptible to factors outside the Company’s control. Therefore, at inception of the contractual service period for fees which are based on the market values at the end of the service period, the Company cannot conclude that it is probable that a reversal in the cumulative revenue recognized would not occur if the estimate was included in the transaction price at that time. However, at each quarterly reporting date, the Company updates its estimate of the transaction price as the market uncertainty is typically resolved. The Company can then reasonably conclude that a reversal of the variable consideration will not occur for those services already provided. Wealth management fees are recorded when: (i) an arrangement with a client has been identified; (ii) the performance obligations have been identified; (iii) the fee or other transaction price has been determined; (iv) the fee or other transaction price has been allocated to each performance obligation based on standalone fee rates; and (v) the Company has satisfied the applicable performance obligation. Other Other revenue includes fees earned for recordkeeping and administration services provided to employee benefit plans as well as commissions and distribution fees and outsourced services. Client arrangements may contain a single or multiple performance obligations, each of which are separately identifiable and accounted for as the related services are provided and consumed over time. Recordkeeping and administration and outsourced services revenue, in accordance with the same five criteria above, are recognized over the period in which services are provided. Commissions and distribution fees are recognized when earned. The Company disaggregates revenue based on the above two categories. 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, for the years ended December 31, 2019, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Domestic revenue ​ $ 1,170,169 ​ $ 1,291,630 ​ $ 1,691,345 International revenue ​ 48,172 ​ 69,689 ​ 106,606 Total revenue ​ $ 1,218,341 ​ $ 1,361,319 ​ $ 1,797,951 ​ International revenue consists of revenue generated by partner firm legal entities in Australia, Canada and the United Kingdom. Deferred Revenue Fees collected in advance are deferred and recognized in revenue over the period earned with the unrecognized portion of fees collected in advance recorded as deferred revenue in the accompanying consolidated balance sheets. Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents. Accounts Receivable Accounts receivable are stated at their net realizable value. Allowances for uncollectible accounts are maintained for estimated losses resulting from the inability of customers to make required payments. In determining these estimates, historical write-offs, the aging of the receivables and other factors, such as overall economic conditions, are considered. Fixed Assets Fixed assets are initially recorded at cost and are depreciated using the straight-line method over their estimated useful lives. The estimated useful lives for fixed assets, primarily consisting of computers, equipment and furniture fixtures three Debt Financing Costs Direct costs incurred with obtaining debt financing are capitalized or recorded as a reduction of the underlying debt. The costs are amortized over the respective term of the underlying debt and are included in amortization of debt financing costs in the accompanying consolidated statements of operations. 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 business acquisitions. These arrangements may result in the payment of additional purchase price consideration to the sellers based on the growth of certain financial thresholds for periods following the closing of the respective acquisition. The additional purchase price consideration is payable in the form of cash and, in some cases, equity. The Company recognizes the fair value of estimated contingent consideration at the acquisition date as part of the consideration transferred in exchange for the acquired business. The contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. Any changes in fair value are recognized each reporting period in non-cash changes in fair value of estimated contingent consideration in the accompanying consolidated statements of operations. The results of the acquired businesses have been included in the Company’s consolidated financial statements from the respective dates of acquisition. Investments The equity method of accounting is applied to investments where the Company has the ability to exercise significant influence over operating and financial matters. During the years ended December 2020 and 2021, the Company acquired minority equity interests in wealth management firms for $4,950 and $1,632 in cash, respectively, that are accounted for using the equity method of accounting. The Company records other equity investments that do not have readily determinable fair values at cost less impairment, if any, plus or minus changes resulting from observable price changes. Investments are periodically reviewed for impairment. In January 2021, the Company invested $18,000 in a publicly traded mutual fund. Unrealized gains and losses are recognized in other expense-net in the consolidated statements of operations. One of the Company’s subsidiaries is a sub-adviser to the mutual fund. The Company’s investments are included in prepaid expenses and other assets in the consolidated balance sheets. Goodwill, Intangible Assets and Other Long-Lived Assets Goodwill is deemed to have an indefinite useful life and is not amortized. Intangible and other long-lived assets are amortized over their respective estimated useful lives. The Company has no indefinite-lived intangible assets. Goodwill is tested annually for impairment as of October 1, or more frequently if events and circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company compares the fair value of the reporting unit to the carrying value of the net assets of the reporting unit. The fair value of the reporting unit is determined using a market approach. If the fair value of the reporting unit exceeds the carrying value of the net assets of the reporting unit no further consideration is necessary. If the carrying value exceeds the fair value of the reporting unit, the Company would record an impairment charge for the amount that the carrying value exceeds the fair value of the reporting unit. Intangible assets and other long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the asset might be impaired or that the estimated useful life should be changed prospectively. If impairment indicators are present, the recoverability of these assets is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset, which is determined using a discounted cash flow approach. Fair Value of Financial Instruments The carrying amounts of substantially all of the Company’s financial assets and liabilities are considered to approximate their fair values because of their short-term nature. The carrying amount of revolver borrowings under the Credit Facility (as defined below) approximates fair value, as the debt bears interest at selected short-term variable market rates. The Company measures the implied fair value of its First Lien Term Loan (as defined below) and interest rate swap agreements using trading levels and the relevant interest rate forward curves obtained from third-party service providers; accordingly, they are classified within Level 2 of the valuation hierarchy. The fair value of the Company’s investment in a mutual fund was determined using quoted market prices within Level 1 of the valuation hierarchy. See Note 7 for further information regarding the Company’s fair value measurements. Derivatives The Company uses derivative instruments for purposes other than trading. Derivative instruments are accounted for in accordance with ASC Topic No. 815, Derivatives and Hedging Income Taxes Focus Inc. is a holding company whose most significant asset is a membership interest in Focus LLC. Focus Inc. is subject to U.S. federal, state and local income taxes on Focus Inc.’s allocable portion of taxable income from Focus LLC. Focus LLC is treated as a partnership for U.S. federal income tax purposes. Accordingly, Focus LLC is generally not and has not been subject to U.S. federal and certain state income taxes at the entity level, although it has been subject to the New York City Unincorporated Business Tax and certain of its subsidiaries have been subject to U.S. federal and certain state and local or foreign income taxes. Instead, for U.S. federal and certain state income tax purposes, the income, deductions, losses and credits of Focus LLC are passed through to its unitholders, including Focus Inc. Focus LLC makes tax distribution payments to the extent of available cash, in accordance with the Operating Agreement. The Company files income tax returns with the U.S. federal government as well as various state and local jurisdictions. The asset and liability method is applied for deferred income taxes. Deferred tax assets and liabilities are recognized on a net basis for each tax paying component for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. Valuation allowances, if any, are recorded to reduce the deferred tax assets to an amount that is more likely than not to be realized. The Company reviews and evaluates tax positions in its major tax jurisdictions and determines whether or not there are uncertain tax positions that require financial statement recognition. Based on this review, no reserves for uncertain tax positions were recorded at December 31, 2020 and 2021. Segment Reporting Management has determined that the Company operates in one operating segment, as a wealth management focused organization, which is consistent with its structure and how the Company manages the business. The Company’s acquired businesses have similar economic and business characteristics. The services provided are wealth management related and the Company’s businesses are subject to a similar regulatory framework. Furthermore, the Company’s Chief Operating Decision Maker, which is the Company’s Chief Executive Officer, monitors and reviews financial information at a consolidated level for assessing operating results and the allocation of resources. Translation of Non-U.S. Currency Amounts Assets and liabilities of non-U.S. subsidiaries that have a foreign currency as their functional currency are re-measured to U.S. dollars at year-end exchange rates, and revenues and expenses are re-measured at average rates of exchange prevailing during the year. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in other expense—net in the consolidated statements of operations. Consolidation Considerations ASC Topic 810, Consolidations The Company’s subsidiaries have Management Agreements with the respective Management Company, which causes these Company subsidiaries to be VIEs. The Company has assessed whether or not it is the primary beneficiary for these subsidiaries and has concluded that it is the primary beneficiary. Accordingly, the results of these subsidiaries have been consolidated. Certain of the Company’s subsidiaries have variable interests in certain investment funds that are deemed voting interest entities. Due to substantive kick-out rights possessed by the limited partners of these funds, the Company does not consolidate the investment funds. From time to time, the Company enters into option agreements with wealth management businesses (the “Optionee”). In exchange for payment of an option premium, the option agreement allows the Company, at its sole discretion, to acquire the Optionee at a predetermined time and at a predetermined purchase price formula. If the Company chooses to exercise its option to acquire the Optionee, the acquisition and the corresponding Management Agreement would be executed in accordance with the Company’s typical acquisition structure as discussed in Note 1. The Company has determined that the option agreements with the Optionees qualify the Optionees as VIEs. The Company has determined that it is not the primary beneficiary of the Optionees and does not consolidate the results of the Optionees. There were no option premiums outstanding as of December 31, 2020 and 2021. Stock Based Compensation Costs Compensation cost for Focus LLC incentive units and Focus Inc. stock option awards is measured based on the fair value of awards determined by the Black-Scholes option pricing model or the Monte Carlo Simulation Model on the date that the awards are granted or modified, and is adjusted for the estimated number of awards that are expected to be forfeited. Compensation cost for unvested Class A common stock and restricted stock units, as well as Focus LLC restricted common units, is measured based on the market value of the Company’s Class A common stock on the date that the awards are granted and is adjusted for the estimated number of awards that are expected to be forfeited. The compensation cost is recognized on a straight-line basis over the requisite service period. Non-cash equity compensation expense, associated with employees and non-employees, including principals in the management companies, is included in compensation and related expenses in the consolidated statements of operations. The Company estimates forfeitures at the time of the respective grant and revises those estimates in subsequent periods if actual forfeitures differ materially from those estimates. The Company uses historical data to estimate forfeitures and records non-cash equity compensation expense only for those awards that are expected to vest. Leases The Company leases office space in various locations under noncancelable lease agreements with various expiration dates. The Company determines if a contract contains a lease at inception. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Many of these lease agreements provide for tenant improvement allowances, rent increases, and/or rent-free periods. Operating lease expense is recognized on a straight-line basis commencing with the possession date of the property, which is typically the earlier of the lease commencement date or the date when the Company takes possession of the property. Operating lease costs are included in selling, general and administrative expenses in the consolidated statements of operations. Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is an estimated incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. We generally use the base, non-cancelable, lease term when determining the lease assets and liabilities. Lease assets also include any prepaid lease payments and lease incentives. Leases with an initial term of 12 months or less, which are immaterial to the consolidated financial statements, are not recorded on the balance sheet. The Company has a limited number of finance leases which are not material to the consolidated financial statements. Recent Accounting Pronouncements In December 2019, the FASB issued 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

NON-CONTROLLING INTERESTS AND I

NON-CONTROLLING INTERESTS AND INCOME (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2021
NON-CONTROLLING INTERESTS AND INCOME (LOSS) PER SHARE
NON-CONTROLLING INTERESTS AND INCOME (LOSS) PER SHARE	3. NON-CONTROLLING INTERESTS AND INCOME (LOSS) PER SHARE The calculation of controlling and non-controlling interest is as follows as of December 31, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ 2021 ​ Focus LLC common units 20,661,595 ​ ​ 11,439,019 ​ Focus LLC restricted common units ​ 73,276 ​ ​ 193,625 ​ Common unit equivalents of outstanding vested and unvested Focus LLC incentive units(1) ​ 7,614,473 ​ ​ 8,996,789 ​ Total common units, restricted common units and common unit equivalents attributable to non-controlling interest ​ 28,349,344 ​ ​ 20,629,433 ​ Total common units, restricted common units and common unit equivalents of incentive units outstanding ​ 79,508,056 ​ ​ 85,949,557 ​ Non-controlling interest allocation ​ 35.7 % ​ 24.0 % Company’s interest in Focus LLC ​ 64.3 % ​ 76.0 % (1) Focus LLC common units issuable upon conversion of 17,234,497 and 16,146,524 (see Note 10) vested and unvested Focus LLC incentive units outstanding as of December 31, 2020 and 2021, respectively, were 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 period. Basic income (loss) per share is calculated utilizing net income (loss) attributable to common shareholders divided by the weighted average number of shares of Class A common stock outstanding during the same period. The calculation of basic income (loss) per share for the years ended December 31, 2019, 2020 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ Basic income (loss) per share: ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to common shareholders ​ $ (12,872) ​ $ 28,045 ​ $ 10,412 ​ Weighted average shares of Class A common stock outstanding ​ 46,792,389 ​ 48,678,584 ​ 57,317,477 ​ Basic income (loss) per share ​ $ (0.28) ​ $ 0.58 ​ $ 0.18 ​ ​ Diluted income (loss) per share is calculated utilizing net income (loss) 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, including contingently issuable Focus LLC common units, if any, restricted common units and incentive units as calculated using the treasury stock method. The calculation of diluted income (loss) per share for the years ended December 31, 2019, 2020 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ Diluted income (loss) per share: ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to common shareholders ​ $ (12,872) ​ $ 28,045 ​ $ 10,412 ​ Weighted average shares of Class A common stock outstanding ​ 46,792,389 ​ 48,678,584 ​ 57,317,477 ​ Effect of dilutive stock options ​ ​ — ​ ​ 77,302 ​ ​ 461,306 ​ Effect of dilutive unvested Class A common stock ​ ​ — ​ ​ 23,822 ​ ​ — ​ Effect of dilutive restricted stock units ​ ​ — ​ ​ 16,905 ​ ​ 52,368 ​ Total ​ 46,792,389 ​ 48,796,613 ​ 57,831,151 ​ Diluted income (loss) per share ​ $ (0.28) ​ $ 0.57 ​ $ 0.18 ​ ​ ​ Diluted loss per share for the year ended December 31, 2019 excludes incremental shares of 373 related to time-based stock options and incremental shares of 20,055 related to unvested Class A common, since the effect would be antidilutive. ​ Diluted income (loss) per share for the years ended December 31, 2019, 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 initial public offering in July 2018 (“ IPO”) if the volume weighted average per share price for any ninety ​ Focus LLC common units and vested incentive units may be exchanged for Class A common stock, subject to certain limitations (see Note 10). In computing the dilutive effect, if any, that the exchange would have on net income (loss) per share, net income (loss) 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 years ended December 31, 2019, 2020 and 2021, such exchange is not reflected in diluted income (loss) per share as the assumed exchange is not dilutive.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2021
ACQUISITIONS
ACQUISITIONS	4. ACQUISITIONS Business Acquisitions The purchase price associated with business acquisitions and the allocation thereof during the years ended December 31, 2019, 2020 and 2021, is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Number of business acquisitions closed ​ ​ 31 ​ ​ 21 ​ 36 Consideration: ​ ​ ​ ​ ​ ​ ​ ​ Cash and option premium ​ $ 507,498 ​ $ 327,722 ​ $ 983,240 Cash due subsequent to closing at net present value and working capital adjustments ​ ​ 4,341 ​ ​ (174) ​ ​ 86,201 Fair market value of Focus LLC common units issued ​ — ​ ​ — ​ ​ 23,118 Fair market value of Class A common stock issued ​ ​ — ​ ​ — ​ ​ 3,515 Fair market value of estimated contingent consideration ​ 82,781 ​ ​ 46,918 ​ ​ 212,074 Total consideration ​ $ 594,620 ​ $ 374,466 ​ $ 1,308,148 Allocation of purchase price: ​ ​ ​ ​ ​ ​ ​ ​ Total tangible assets ​ $ 50,761 ​ $ 21,216 ​ $ 61,854 Total liabilities assumed ​ (53,394) ​ ​ (31,680) ​ ​ (83,444) Customer relationships ​ 349,447 ​ ​ 215,686 ​ ​ 616,283 Management contracts ​ 17,284 ​ ​ 7,774 ​ ​ 33,350 Goodwill ​ 229,799 ​ ​ 160,341 ​ ​ 677,195 Other acquired intangibles ​ 723 ​ ​ 1,129 ​ ​ 2,910 Total allocated consideration ​ $ 594,620 ​ $ 374,466 ​ $ 1,308,148 ​ Management believes approximately $837,879 of tax goodwill and intangibles related to business acquisitions completed during the year ended December 31, 2021 will be deductible for tax purposes over a 15 year period. Additional tax goodwill may be deductible when estimated contingent consideration is earned and paid. A portion of the cash due at closing for one of the Company’s 2021 business acquisitions was placed in escrow for the satisfaction of certain indemnifications and other related items, if any. The accompanying consolidated statement of operations for the year ended December 31, 2021 includes revenue and income from operations for business acquisitions that are new subsidiary partner firms from the date they were acquired of $54,251 and $9,209, respectively. Asset Acquisitions 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 and 2021, the Company paid $3,452, $2,451 and $4,577, respectively, of additional purchase price consideration related to asset acquisitions. Intangible assets acquired in asset acquisitions for the years ended December 31, 2019, 2020 and 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Customer relationships ​ $ 808 ​ $ 24,851 ​ $ 2,916 Management contracts ​ 12 ​ — ​ — Other acquired intangibles ​ 30 ​ 1,308 ​ 125 Total ​ $ 850 ​ $ 26,159 ​ $ 3,041 ​ The weighted-average useful life of intangibles acquired during the years ended December 31, 2019, 2020 and 2021 through business acquisitions and asset acquisitions are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 2021 Management contracts 18 ​ 18 ​ 14 Customer relationships 9 ​ 9 ​ 9 Other acquired intangibles 5 ​ 5 ​ 5 Weighted-average useful life of all intangibles acquired 9 ​ 9 ​ 9 ​ ​

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	5. GOODWILL AND OTHER INTANGIBLE ASSETS The following table summarizes the change in the goodwill balances for the years ended December 31, 2019, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 Balance beginning of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 883,119 ​ $ 1,112,855 ​ $ 1,278,183 Cumulative impairment losses ​ (22,624) ​ (22,624) ​ ​ (22,624) ​ ​ ​ 860,495 ​ ​ 1,090,231 ​ ​ 1,255,559 Goodwill acquired ​ 229,799 ​ 160,341 ​ ​ 677,195 Other ​ (63) ​ 4,987 ​ ​ (7,439) ​ ​ 229,736 ​ 165,328 ​ ​ 669,756 Balance end of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ 1,112,855 ​ 1,278,183 ​ ​ 1,947,939 Cumulative impairment losses ​ (22,624) ​ (22,624) ​ ​ (22,624) ​ ​ $ 1,090,231 ​ $ 1,255,559 ​ $ 1,925,315 ​ There were no goodwill impairment losses during the years ended December 31, 2019, 2020 and 2021. 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 December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Carry Accumulated Net Book ​ ​ Amount ​ Amortization ​ Value Customer relationships ​ $ 2,228,461 ​ $ (787,016) ​ $ 1,441,445 Management contracts ​ 191,578 ​ ​ (57,153) ​ ​ 134,425 Other acquired intangibles ​ 10,911 ​ ​ (5,062) ​ ​ 5,849 Total ​ $ 2,430,950 ​ $ (849,231) ​ $ 1,581,719 ​ Management contracts and other acquired intangibles are amortized on a straight-line basis over their estimated useful lives ranging from 2 to 20 years. Customer relationships are amortized on a straight-line basis over their estimated useful lives of 4 to 10 years. Estimated amortization expense for each of the next five years is as follows: ​ ​ ​ ​ ​ Years Ending December 31, Amount 2022 ​ $ 240,862 2023 ​ 229,531 2024 ​ 216,594 2025 ​ 203,331 2026 ​ 179,095 ​

FIXED ASSETS

FIXED ASSETS	12 Months Ended
	Dec. 31, 2021
FIXED ASSETS
FIXED ASSETS	6. FIXED ASSETS Fixed assets consist of the following at December 31, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 Leasehold improvements ​ $ 44,865 ​ $ 46,252 Computers, software development and equipment ​ ​ 41,219 ​ ​ 39,074 Furniture and fixtures ​ 19,339 ​ 20,834 Subtotal ​ 105,423 ​ 106,160 Less accumulated depreciation and amortization ​ (56,214) ​ (58,961) Total ​ $ 49,209 ​ $ 47,199 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	7. 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 December 31, 2021, the fair value of the Company’s investment in a mutual fund was $16,856. The fair value was determined using Level 1 inputs. ​ First Lien Term Loan The implied fair value of the Company’s First Lien Term Loan (as defined below) based on Level 2 inputs is as follows as of December 31, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ Stated Fair Stated Fair ​ ​ Value ​ Value ​ Value ​ Value First Lien Term Loan - Tranche A ​ $ 1,127,622 ​ $ 1,120,574 ​ $ 1,610,928 ​ $ 1,598,846 First Lien Term Loan - Tranche B ​ — ​ — ​ 796,374 ​ 792,392 ​ Derivatives At December 31, 2020 and 2021, the fair value of the Company’s $850,000 notional amount interest rate swap agreements was $(10,400) and $5,810, respectively, which are included in contingent consideration and other liabilities and prepaid expenses and other assets, respectively, in the accompanying 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 years ended December 31, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 Balance at January 1, ​ $ 183,568 $ 169,670 Additions to estimated contingent consideration ​ 46,918 ​ ​ 212,074 Payments of contingent consideration ​ (80,803) ​ ​ (143,107) Non-cash changes in fair value of estimated contingent consideration ​ 19,197 ​ ​ 112,416 Other ​ 790 ​ ​ (1,026) Balance at December 31, ​ $ 169,670 ​ $ 350,027 ​ Estimated contingent consideration is included in contingent consideration and other liabilities in the accompanying consolidated balance sheets. At December 31, 2020 and 2021, amounts due to sellers in connection with business acquisitions of $13,389 and $114,156, respectively, are included in contingent consideration and other liabilities in the consolidated balance sheets. During the year ended December 31, 2020, the Company paid cash of $80,803 as contingent consideration associated with business acquisitions. During the year ended December 31, 2021, the Company paid $131,827 in cash and issued $11,280 in Focus LLC common units as contingent consideration associated with business acquisitions. During the years ended December 31, 2020 and 2021, the Company paid cash of $2,451 and $4,577 , respectively, as contingent consideration 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 consolidated statement of cash flows. In determining fair value of the estimated contingent consideration, the acquired business’s 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 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 ​ December 31, 2021 ​ Techniques ​ Inputs ​ Ranges $ 350,027 ​ Monte Carlo Simulation Model ​ Forecasted growth rates ​ 0.7% - 20.1 % ​ ​ ​ ​ ​ Discount rates ​ 9.0% - 15.0 % ​

CREDIT FACILITY

CREDIT FACILITY	12 Months Ended
	Dec. 31, 2021
CREDIT FACILITY.
CREDIT FACILITY	8. As of December 31, 2021, Focus LLC’s credit facility (the “Credit Facility”) consisted of a $2,407,302 first lien term loan (the “First Lien Term Loan”), consisting of a tranche A (“Tranche A”) and tranche B (“Tranche B”), and a $650,000 first lien revolving credit facility (the “First Lien Revolver”). 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%. 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 Tranche A. The required quarterly installment repayments of $2,891 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 and added Tranche B of $800,000. Of this amount, $650,000 was borrowed on the July 2021 closing date and $150,000 was borrowed in December 2021 under a delayed draw feature. Tranche B bears 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 $6,000 which will be amortized to interest expense over the term of Tranche B. The delayed draw feature had a ticking fee with respect to the undrawn commitments with (i) margin after 60 days from the closing date. Tranche B requires quarterly installment repayments of 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 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 December 31, 2021, Focus LLC's First Lien Leverage Ratio was 3.85:1.00, 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 $544,814 at December 31, 2021. Focus LLC is also subject on an annual basis to contingent principal payments based on an excess cash flow calculation (as defined in the Credit Facility) for any fiscal year if the First Lien Leverage Ratio exceeds 3.75:1.00. No contingent principal payments were required to be made during the years ended December 31, 2020 and 2021. Based on the excess cash flow calculation for the year ended December 31, 2021, no contingent principal payments are required to be made during the year ending December 31, 2022. The Company defers and amortizes its debt financing costs over the respective terms of the First Lien Term Loan and First Lien Revolver. The debt financing costs related to the First Lien Term Loan are recorded as a reduction of the carrying amount of the First Lien Term Loan in the consolidated balance sheets. The debt financing costs related to the First Lien Revolver are recorded in debt financing costs-net in the 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 consolidated balance sheets at December 31, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 First Lien Term Loan - Tranche A ​ $ 1,127,622 ​ $ 1,610,928 First Lien Term Loan - Tranche B ​ ​ — ​ ​ 796,374 First Lien Revolver ​ ​ 380,000 ​ ​ — Unamortized debt financing costs ​ (503) ​ (7,523) Unamortized discount ​ — ​ (6,110) Total ​ $ 1,507,119 ​ $ 2,393,669 ​ In connection with a January 2020 amendment to Tranche A to reduce the interest rates, Focus LLC paid $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, respectively. At December 31, 2020 and 2021, unamortized debt financing costs associated with the First Lien Revolver of $6,950 and $4,254, respectively, were recorded in debt financing costs-net in the consolidated balance sheets. Weighted-average interest rates for borrowings were approximately 3% for the years ended December 31, 2020 and December 31, 2021, respectively. As of December 31, 2020 and 2021, the First Lien Revolver available unused commitment line was $262,413 and $642,085 respectively. As of December 31, 2020 and 2021, Focus LLC was contingently obligated for letters of credit in the amount of $7,587 and $7,915, respectively, each bearing interest at an annual rate of approximately 2%.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2021
DERIVATIVES
DERIVATIVES	9. DERIVATIVES At December 31, 2021, the Company has (i) a 4 year floating to fixed interest rate swap with a notional amount of $400,000 that was entered into in March 2020, the terms of which provide that the Company pays interest to the counterparty each month at a rate of 0.713% and receives interest from the counterparty each month at the 1 month USD LIBOR rate, subject to a 0% floor, (ii) two 4 year floating to fixed interest rate swap agreements with notional amounts of $250,000 and $200,000, respectively, that were entered into in April 2020, the terms of which provide that the Company pays interest to the counterparties each month at a rate of 0.537% and 0.5315%, respectively, and receives interest from the counterparties each month at the 1 month USD LIBOR rate, subject to a 0% floor. The interest rate swaps effectively fix the variable interest rate applicable to of borrowings outstanding on the First Lien Term Loan. 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 2021, the fair value of the interest rate swaps was $(10,400) and $5,810 , respectively, which are included in contingent consideration and other liabilities and prepaid expenses and other assets, respectively, in the accompanying 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 income (loss), net of tax of $1,804 and $(1,194) at December 31, 2020 and 2021, respectively.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2021
EQUITY
EQUITY	10. EQUITY The following is a summary of the capital stock of the Company: Class A Common Stock Voting Rights Holders of shares of the Company’s Class A common stock are entitled to one vote per share held of record on all matters to be voted upon by the shareholders. The holders of Class A common stock do not have cumulative voting rights in the election of directors. Dividend Rights Holders of shares of the Company’s Class A common stock are entitled to ratably receive dividends when and if declared by the Company’s Board of Directors (the “Board”) out of funds legally available for that purpose, subject to any statutory or contractual restrictions on the payment of dividends and to any prior rights and preferences that may be applicable to any outstanding preferred stock. Liquidation Rights Upon the Company’s liquidation, dissolution, distribution of assets or other winding up, the holders of Class A common stock are entitled to receive ratably the assets available for distribution to the shareholders after payment of liabilities and the liquidation preference of any of the Company’s outstanding shares of preferred stock. Other Matters The shares of the Company’s Class A common stock have no preemptive or conversion rights and are not subject to further calls or assessment by the Company. There are no redemption or sinking fund provisions applicable to the Class A common stock. All outstanding shares of the Company’s Class A common stock are fully paid and non-assessable. Class B Common Stock Voting Rights Holders of shares of the Company’s Class B common stock are entitled to one vote per share held of record on all matters to be voted upon by the shareholders. Holders of shares of the Company’s Class A common stock and Class B common stock vote together as a single class on all matters presented to the Company’s shareholders for their vote or approval, except the amendment of certain provisions of the Company’s certificate of incorporation that would alter or change the powers, preferences or special rights of the Class B common stock so as to affect them adversely must be approved by a majority of the votes entitled to be cast by the holders of the shares affected by the amendment, voting as a single class, or as otherwise required by applicable law. Dividend and Liquidation Rights Holders of the Company’s Class B common stock do not have any right to receive dividends, unless the dividend consists of shares of the Company’s Class B common stock or of rights, options, warrants or other securities convertible or exercisable into or exchangeable for shares of Class B common stock paid proportionally with respect to each outstanding share of our Class B common stock and a dividend consisting of shares of Class A common stock or of rights, options, warrants or other securities convertible or exercisable into or exchangeable for shares of Class A common stock on equivalent terms is simultaneously paid to the holders of Class A common stock. Holders of the Company’s Class B common stock do not have any right to receive a distribution upon a liquidation, dissolution or winding up of the Company. Preferred Stock The Company’s certificate of incorporation authorizes the Board, subject to any limitations prescribed by law, without further shareholder approval, to establish and to issue from time to time one or more classes or series of preferred stock, par value $0.01 per share, covering up to an aggregate of 500,000,000 shares of preferred stock. Each class or series of preferred stock will cover the number of shares and will have the powers, preferences, rights, qualifications, limitations and restrictions determined by the Board, which may include, among others, dividend rights, liquidation preferences, voting rights, conversion rights, preemptive rights and redemption rights. Except as provided by law or in a preferred stock designation, the holders of preferred stock will not be entitled to vote at or receive notice of any meeting of shareholders. Offerings In March 2021, the Company completed an underwritten offering of 7,987,367 shares of its Class A common stock 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 current and former 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 current and former 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. In December 2021, the Company completed an underwritten offering of 3,546,841 shares of its Class A common stock at $57.00 per share (the “December Offering”). The net proceeds to the Company were $194,083, after deducting underwriting discounts and before other offering expenses of $214. 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 a portion of the contributed amount to purchase units in Focus LLC from certain incentive unitholders. In connection with the December Offering, the Company issued an aggregate of 3,546,841 shares of Class A common stock and retired 725,000 incentive units in Focus LLC, and acquired 3,546,841 common units in Focus LLC. Other In June 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 and a contingent consideration payment. In September 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. In December 2021, the Company 58,657 shares of Class A common stock in connection with an acquisition. In December 2021, Focus LLC issued 381,264 common units and the Company issued a corresponding number of shares of Class B common stock in connection with an acquisition. 2018 Omnibus Incentive Plan On July 30, 2018, the Board adopted the Focus Financial Partners Inc. 2018 Omnibus Incentive Plan (the “Omnibus Plan”) for the employees, consultants and the directors of the Company and its affiliates who perform services for it. The Omnibus Plan provides for potential grants of the following awards with respect to shares of the Company’s Class A common stock, to the extent applicable: (i) incentive stock options qualified as such under U.S. federal income tax laws; (ii) non-qualified stock options or any other form of stock options; (iii) restricted stock awards; (iv) phantom stock awards; (v) restricted stock units; (vi) bonus stock; (vii) performance awards; (viii) annual cash incentive awards; (ix) any of the foregoing award types (other than incentive stock options) as awards related to Focus LLC’s units; and (x) incentive units in Focus LLC. The maximum aggregate number of shares of the Company’s Class A common stock that may be issued pursuant to awards under the Omnibus Plan shall not exceed 6,000,000 shares (including such number of Focus LLC’s units or other securities which can be exchanged or converted into shares of Class A common stock). The reserve pool is subject to adjustment due to recapitalization or reorganization, or related to forfeitures or the expiration of awards, as provided under the Omnibus Plan. If the shares or units subject to any award are not issued or transferred, or cease to be issuable or transferable for any reason, including (but not exclusively) because shares or units are withheld or surrendered in payment of taxes or any exercise or purchase price relating to an award or because an award is forfeited, terminated, expires unexercised, is settled in cash or is otherwise terminated without a delivery of shares or units, those shares or units will again be available for issue, transfer or exercise pursuant to awards under the Omnibus Plan to the extent allowable by law. The Omnibus Plan also contains a provision that will add an additional number of shares of Class A common stock equal to the lesser of (a) 3,000,000 shares, (b) 5% of the outstanding (vested and unvested) shares of Class A common stock and Focus LLC units on the last day of the previous year, and (c) an amount determined by the Board, each year between 2019 and 2028. Stock Options The following table provides information relating to the status of, and changes in, the Company’s stock options granted during years ended December 31, 2019, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ Stock Weighted Average ​ ​ Options ​ Exercise Price Outstanding—January 1, 2019 1,401,276 ​ $ 31.34 Granted 558,021 ​ ​ 28.19 Exercised ​ (25,575) ​ ​ 32.75 Forfeited (100,756) ​ ​ 30.31 Outstanding—December 31, 2019 1,832,966 ​ 30.42 Vested—December 31, 2019 ​ 698,805 ​ ​ 32.01 Granted ​ 286,081 ​ ​ 44.71 Exercised ​ (251,913) ​ ​ 30.97 Forfeited ​ (21,817) ​ ​ 29.27 Outstanding—December 31, 2020 ​ 1,845,317 ​ ​ 32.57 Vested—December 31, 2020 785,257 ​ ​ 31.36 Granted ​ 357,141 ​ ​ 58.50 Exercised ​ (235,684) ​ ​ 31.65 Forfeited ​ (34,906) ​ ​ 32.65 Outstanding—December 31, 2021 ​ 1,931,868 ​ ​ 37.47 Vested—December 31, 2021 ​ 852,579 ​ ​ 31.56 ​ For the purpose of calculating equity-based compensation expense for time-based stock option awards, the grant date fair value was determined using the Black-Scholes model with the following weighted average assumptions for the years ended December 31, 2019, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ 2020 ​ ​ 2021 ​ Expected term ​ 6.2 years ​ ​ 6.3 years ​ 6.3 years Expected stock price volatility ​ 29 % ​ ​ 34 % ​ ​ 34 % Risk-free interest rate ​ 1.76 % ​ ​ 0.54 % ​ ​ 1.29 % Expected dividend yield ​ — % ​ ​ — % ​ ​ — % Weighted average grant date fair value $ 9.03 ​ ​ $ 15.37 ​ ​ $ 20.89 ​ ​ Time-based stock options generally vest ratably over a four-year period commencing on the grant date. In connection with the IPO, the Company granted market-based stock options to purchase an aggregate of 155,000 shares of Class A common stock that vest on the fifth anniversary of the IPO if the volume weighted average per share price for any ninety calendar day period within such five year period immediately following the IPO reaches at least $100. For the purpose of calculating equity-based compensation expense for these market condition-based awards, the grant date fair value was determined through the application of the Monte Carlo Simulation Model with the following weighted average assumptions: ​ ​ ​ ​ ​ ​ Expected term ​ 5.0 years Expected stock price volatility ​ 30 % Risk-free interest rate ​ 2.78 % Expected dividend yield ​ — % Weighted average grant date fair value ​ $ 3.97 ​ ​ Restricted stock units The following table provides information relating to the status of, and changes in, the Company’s restricted stock units granted during the year ended December 31, 2019, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Restricted ​ Average ​ ​ Stock ​ Grant Date ​ Units Fair Value Outstanding—January 1, 2019 ​ — ​ $ — Granted ​ 98,061 ​ ​ 27.90 Forfeited ​ — ​ ​ — Vested ​ — ​ ​ — Outstanding—December 31, 2019 ​ 98,061 ​ ​ 27.90 Granted ​ 73,310 ​ ​ 44.71 Forfeited ​ (7,707) ​ ​ 27.90 Vested ​ (22,569) ​ ​ 27.90 Outstanding—December 31, 2020 141,095 ​ ​ 36.63 Granted ​ 92,420 ​ ​ 58.46 Forfeited ​ (6,954) ​ ​ 34.46 Vested ​ (38,805) ​ ​ 35.53 Outstanding—December 31, 2021 ​ 187,756 ​ ​ 47.69 ​ Restricted stock units generally vest ratably over a four-year period commencing on the grant date. The Company recognized $4,247, $5,485 and $6,036 of non-cash equity compensation expense in relation to stock options, unvested Class A common stock and restricted stock units during the years ended December 31, 2019, 2020 and 2021, respectively. Total unrecognized expense, adjusted for estimated forfeitures, related to unvested stock options at December 31, 2021 was $13,259 and is expected to be recognized over a weighted-average period of 3.2 years. Total unrecognized expense, adjusted for estimated forfeitures, related to restricted stock units at December 31, 2021 was $8,448, and is expected to be recognized over a period of 3.4 years. Focus LLC Common Units As of December 31, 2021, Focus LLC had 11,439,019 common units that had a corresponding share of the Company’s Class B common stock outstanding. Each common unit holder, restricted common unit holder and incentive unitholder of Focus LLC (other than the Company), subject to certain limitations, has the right to cause Focus LLC to redeem all or a portion of their vested common units and vested incentive units (“Exchange Right”). Upon an exercise of an Exchange Right with respect to vested incentive units, such incentive units will first be converted into a number of common units that takes into account the then-current value of the common units and such incentive units’ aggregate hurdle amount. Upon an exercise of an Exchange Right with respect to vested common units, and immediately after the conversion of vested incentive units into common units, Focus LLC will acquire each tendered common unit for, at its election, (i) one share of Class A common stock, subject to conversion rate adjustments for stock splits, stock dividends, reclassification and other similar transactions, or (ii) an equivalent amount of cash. In addition, in connection with any redemption of vested common units (other than common units received upon a conversion of incentive units as described in this paragraph), the corresponding shares of Class B common stock will be cancelled. Alternatively, upon the exercise of any Exchange Right, the Company (instead of Focus LLC) will have the right to acquire each tendered common unit (and corresponding share of Class B common stock, as applicable) from the exchanging unitholder for, at its election, (i) one share of Class A common stock, subject to conversion rate adjustments for stock splits, stock dividends, reclassification and other similar transactions, or (ii) an equivalent amount of cash. The Exchange Rights are subject to certain limitations and restrictions intended to ensure that Focus LLC will continue to be treated as a partnership for U.S. federal income tax purposes. 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. In November 2021, the Company issued an aggregate of 1,309,271 shares of Class A common stock and retired 1,293,238 shares of Class B common stock and 24,652 incentive units in Focus LLC and acquired 1,309,271 common units in Focus LLC, in each case as part of the regular quarterly exchanges offered to holders of units in Focus LLC. Focus LLC Restricted Common Units The following table provides information relating to the changes in Focus LLC restricted common units during the years ended December 31, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Restricted ​ Average ​ ​ Common ​ Grant Date ​ Units Fair Value Outstanding—January 1, 2020 ​ — ​ $ — Granted ​ 73,276 ​ ​ 44.71 Forfeited ​ — ​ ​ — Vested ​ — ​ ​ — Outstanding—December 31, 2020 73,276 ​ ​ 44.71 Granted ​ 140,258 ​ ​ 58.50 Forfeited ​ (1,902) ​ ​ 44.71 Vested ​ (18,007) ​ ​ 44.71 Outstanding—December 31, 2021 ​ 193,625 ​ ​ 54.70 ​ Restricted common units generally vest ratably over a four-year period commencing on the grant date. Focus LLC Incentive Units Focus LLC’s Operating Agreement provides for the granting of incentive units. Grants are designed as profits interests, which entitle a holder to receive distributions in excess of a specific hurdle amount, subject to the provisions of Focus LLC’s Operating Agreement. Incentive unit vesting provisions are either time-based or market-based. The following table provides information relating to the status of, and changes in, Focus LLC incentive units granted during the years ended December 31, 2019, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Incentive Units ​ Hurdle Price ​ ​ ​ ​ ​ ​ Outstanding—January 1, 2019 ​ 18,597,474 ​ $ 20.63 Granted ​ 2,106,131 ​ ​ 28.01 Forfeited ​ (618,117) ​ ​ 11.24 Redeemed ​ (331,038) ​ ​ 27.80 Outstanding—December 31, 2019 ​ 19,754,450 ​ ​ 21.59 Vested—December 31, 2019 ​ 10,288,263 ​ ​ 15.37 Granted ​ 855,006 ​ ​ 44.21 Exchanged ​ (3,153,308) ​ ​ 12.51 Forfeited ​ (221,651) ​ ​ 24.67 Outstanding—December 31, 2020 ​ 17,234,497 ​ ​ 24.34 Vested—December 31, 2020 ​ 8,509,652 ​ ​ 18.31 Granted 692,277 ​ 57.85 Exchanged ​ (1,580,792) ​ ​ 17.65 Forfeited (199,458) ​ 23.22 Outstanding—December 31, 2021 16,146,524 ​ 26.44 Vested—December 31, 2021 9,804,757 ​ 20.44 ​ 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 values of the 2019, 2020 and 2021 time-based incentive unit grants were calculated based on the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 Expected term ​ 4.0 ​ years ​ 5.0 ​ years ​ 5.0 years Expected unit price volatility ​ 29 ​ % ​ 35 ​ % ​ 34 % Risk-free interest rate ​ 1.64 ​ % ​ 0.39 ​ % ​ 1.19 % Expected dividend yield ​ — ​ % ​ — ​ % ​ — % Weighted average grant date fair value ​ $ 7.15 ​ ​ $ 13.72 ​ ​ $ 18.35 ​ ​ Incentive units generally vest ratably over a four-year period commencing on the grant date. In connection with the IPO, Focus LLC granted 3,845,000 market-based incentive units with a hurdle rate of $33.00 that vest on the fifth anniversary of the IPO if the volume weighted average per share price for any ninety For the purpose of calculating equity-based compensation expense for these market condition-based incentive units, the grant date fair value was determined through the application of the Monte Carlo Simulation Model with the following weighted average assumptions: ​ ​ ​ ​ ​ ​ Expected term ​ 4.1 years Expected unit price volatility ​ 30 % Risk-free interest rate ​ 2.74 % Expected dividend yield ​ — % Weighted average grant date fair value ​ $ 5.05 ​ ​ 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 year ended December 31, 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 year ended December 31, 2021. ​ Incentive units outstanding and vested at December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ Number Vested Incentive Hurdle Rates ​ Outstanding ​ Units $1.42 421 ​ 421 5.50 798 ​ 798 6.00 386 ​ 386 7.00 1,081 ​ 1,081 9.00 708,107 ​ 708,107 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 3,045,236 ​ 3,045,236 22.00 821,417 ​ 821,417 23.00 524,828 ​ 524,828 26.26 ​ 12,500 ​ — 27.00 16,734 ​ 9,363 27.90 ​ 1,929,424 ​ 931,758 28.50 ​ 1,440,230 ​ 1,051,459 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 ​ 203,142 58.50 ​ 662,277 ​ — ​ ​ 16,146,524 ​ 9,804,757 ​ ​ The Company has recorded $14,082, $16,800 and $25,566 of non-cash equity compensation expense for incentive units and restricted common units during the years ended December 31, 2019, 2020 and 2021, respectively. ​ Total unrecognized expense, adjusted for estimated forfeitures, related to restricted common units at December 31, 2021, was $10,240 and is expected to be recognized over a weighted-average period of 3.7 years. ​ Total unrecognized expense, adjusted for estimated forfeitures, related to unvested incentive units at December 31, 2021, was $35,904 and is expected to be recognized over a weighted-average period of 2.7 years.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	11. INCOME TAXES Income tax expense for year ended December 31, 2021 is primarily related to U.S. federal, state and local income taxes imposed on Focus Inc.’s allocable portion of taxable income from Focus LLC. The allocable portion of taxable income primarily differs from the net income (loss) attributable to Focus Inc. due to permanent differences such as non-deductible equity-based compensation expense of Focus LLC. The following represents the U.S. and foreign components of income (loss) before income tax for the years ended December 31, 2019, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Income (loss) before income tax: ​ ​ ​ United States ​ $ (7,828) ​ $ 65,472 ​ $ 36,274 Foreign ​ 2,852 ​ 4,153 ​ 8,248 Total income (loss) before income tax ​ $ (4,976) ​ $ 69,625 ​ $ 44,522 ​ The following represents the U.S. and foreign components of income tax expense for the years ended December 31, 2019, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Current provision: ​ ​ ​ Federal ​ $ 1,201 ​ $ 10,363 ​ $ 19,742 State and local ​ 1,579 ​ 5,355 ​ 7,855 Foreign ​ 2,419 ​ 4,169 ​ 6,906 Subtotal ​ 5,199 ​ ​ 19,887 ​ ​ 34,503 Deferred provision (benefit): ​ ​ ​ Federal ​ 2,293 ​ 1,854 ​ (7,958) State and local ​ 435 ​ 580 ​ (3,674) Foreign ​ (878) ​ (1,661) ​ (2,789) Subtotal ​ 1,850 ​ 773 ​ (14,421) Total income tax expense ​ $ 7,049 ​ $ 20,660 ​ $ 20,082 ​ At December 31, 2020 and 2021, tax effects of book/tax temporary differences give rise to deferred tax assets (liabilities) as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 Deferred tax assets: ​ ​ Investment in Focus LLC ​ $ 106,553 ​ $ 254,454 Federal net operating loss carryforwards ​ ​ — ​ ​ 11,561 Deferred rent and other ​ 1,444 ​ 2,353 Gross deferred tax assets ​ 107,997 ​ 268,368 Deferred tax liabilities: ​ ​ Intangible assets ​ (27,084) ​ (32,483) Fixed assets and other ​ (359) ​ (526) Gross deferred tax liabilities ​ (27,443) ​ (33,009) Net deferred tax assets ​ $ 80,554 ​ $ 235,359 ​ ​ A reconciliation of the differences between the U.S. federal statutory tax rate and the effective tax rate for the years ended December 31, 2019, 2020 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Income passed through to individual members (11.3) (7.6) (6.1) ​ Foreign income taxes (31.0) 3.6 9.2 ​ Non-cash equity compensation expense ​ (41.8) ​ 3.5 ​ 7.7 ​ Impairment of equity method investment ​ (31.0) ​ — ​ — ​ Other non-deductible expenses (19.2) 0.9 2.7 ​ State and local income taxes, net of U.S. federal tax benefit (32.6) 7.0 8.1 ​ Other 4.2 1.3 2.5 ​ Effective income tax rate (141.7) % 29.7 % 45.1 % ​ At December 31, 2021, the Company had $55,051 of U.S. federal net operating loss carry forwards. These net operating loss carryforwards have an indefinite carryforward period. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. Based on this assessment, no valuation allowances were recorded at December 31, 2020 and 2021, respectively. The Company files tax returns in U.S. federal, local and state jurisdictions and certain of the Company’s subsidiaries file income tax returns in foreign jurisdictions. The Company is no longer subject to income tax examinations for years prior to 2018. In addition, open tax years related to local, state and foreign jurisdictions remain subject to examination, but are not considered material to the Company’s consolidated financial position, results of operations or cash flows. The Company is not aware of any tax position for which it is reasonably possible that the total amount of unrecognized benefits will change materially in the next 12 months.

TAX RECEIVABLE AGREEMENTS

TAX RECEIVABLE AGREEMENTS	12 Months Ended
	Dec. 31, 2021
TAX RECEIVABLE AGREEMENTS
TAX RECEIVABLE AGREEMENTS	12. TAX RECEIVABLE AGREEMENTS In connection with the IPO and the reorganization transactions that occurred in connection with the IPO, Focus Inc. entered into two tax receivable agreements: one with certain entities affiliated with the private equity investors of Focus LLC 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 (the three agreements, collectively, the “Tax Receivable Agreements”) for tax receivable agreement holders that join Focus LLC as members after the closing of the IPO (the parties to the Tax Receivable Agreements, collectively, the “TRA Holders”). New Focus LLC owners in the future may also become party to this additional Tax Receivable Agreement. The Tax Receivable Agreements generally provide for the payment by Focus Inc. 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 Focus Inc. 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 that occurred in connection with the IPO and in periods after the IPO or after entering into the Tax Receivable Agreements, as applicable, as a result of certain increases in tax bases and certain tax benefits attributable to imputed interest. Focus Inc. will retain the benefit of the remaining 15% of these cash savings. The Company had a liability of $81,563 and $219,542 relating to its obligations under the Tax Receivable Agreements as of December 31, 2020 and 2021, respectively. During the year ended December 31, 2021, payments totaling $4,423 were made under the Tax Receivable Agreements. In February 2022, payments totaling $3,856 were made under the Tax Receivable Agreements. ​ ​ ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
LEASES
LEASES	13. LEASES The future minimum lease payments under operating leases in place as of December 31, 2021 were as follows: ​ ​ ​ ​ ​ Year ending December 31, Amount 2022 $ 54,815 2023 ​ 51,033 2024 ​ 46,755 2025 ​ 40,331 2026 ​ 34,186 2027 and thereafter ​ 112,686 ​ ​ ​ 339,806 Less: present value discount ​ ​ (62,482) Operating lease liabilities at December 31, 2021 ​ $ 277,324 ​ ​ Other information pertaining to leases for the years ended December 31, 2020 and 2021 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 Operating lease costs included in selling, general and administrative expenses ​ $ 50,123 ​ $ 74,340 Operating cash flows from operating leases ​ ​ 47,798 ​ ​ 73,481 Operating lease assets obtained in exchange for operating lease obligations ​ ​ 87,699 ​ ​ 61,750 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Credit Risk The Company’s broker-dealer subsidiaries clear all transactions through clearing brokers on a fully disclosed basis. Pursuant to the terms of the agreements between the Company’s broker-dealer subsidiaries and their clearing brokers, the clearing brokers have the right to charge the Company’s broker-dealer subsidiaries for losses that result from a counterparty’s failure to fulfill its contractual obligations. This right applies to all trades executed 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 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 Company intends to monitor the developments with respect to the planned phasing out of LIBOR and work with its lenders to ensure such transition away from LIBOR will have minimal impact on its financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. 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 2021, a significant portion of cash and cash equivalents were held at a single institution. Contingent Consideration Arrangements As discussed in Notes 2 and 7, contingent consideration is payable in the form of cash, and in some cases, equity. Since the contingent consideration to be paid is based on forecasted growth rates over the measurement period, the Company cannot calculate the maximum contingent consideration that may be payable under these arrangements. Legal and Regulatory Matters In the ordinary course of business, the Company and its subsidiaries are involved in lawsuits, regulatory matters and other claims. The Company has insurance to cover certain losses that arise in such matters; however, this insurance may not be sufficient to cover these losses. One of the Company’s subsidiaries has settled most of the investor demands related to a private fund (that held approximately $27 million in client assets) during the year ended December 31, 2021. The Company has notified its insurance carriers of the matter. Management, after consultation with legal counsel, currently does not anticipate that the aggregate liability, if any, arising out of any existing legal matters will have a material effect on the Company’s consolidated financial position, results of operations or cash flows. 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 In the ordinary course of business, the Company enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances. The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined. Management believes that the likelihood of any 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 consolidated balance sheets.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	15. EMPLOYEE BENEFIT PLANS The Company and its subsidiaries have defined contribution retirement plans, including 401(k) and profit-sharing plans covering eligible employees. During the years ended December 31, 2019, 2020 and 2021, the amounts recorded in expense relating to these plans were $10,235, $9,357 and $13,628, respectively, and are included in compensation and related expenses in the consolidated statements of operations.

NET CAPITAL REQUIREMENTS

NET CAPITAL REQUIREMENTS	12 Months Ended
	Dec. 31, 2021
NET CAPITAL REQUIREMENTS
NET CAPITAL REQUIREMENTS	16. NET CAPITAL REQUIREMENTS Certain of the Company’s regulated subsidiaries are subject to minimum net capital requirements. As of December 31, 2020 and 2021, all regulated subsidiaries subject to minimum net capital requirements individually had net capital in excess of minimum net capital requirements. As of December 31, 2020, these subsidiaries had aggregate net capital of $12,253, which was $9,516 in excess of aggregate minimum net capital requirements of $2,737. As of December 31, 2021, these subsidiaries had aggregate net capital of $19,520, which was $15,853 in excess of aggregate minimum net capital requirements of $3,667.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2021
CASH FLOW INFORMATION
CASH FLOW INFORMATION	17. CASH FLOW INFORMATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2019 2020 2021 Supplemental disclosures of cash flow information—cash paid for: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 57,344 ​ $ 41,352 ​ $ 53,721 Income taxes ​ $ 7,775 ​ $ 18,927 ​ $ 36,806 Supplemental non-cash cash flow information: ​ ​ ​ ​ ​ Fair market value of estimated contingent consideration in connection with acquisitions ​ $ 82,781 ​ $ 46,918 ​ $ 212,074 ​

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2021
RELATED PARTIES
RELATED PARTIES	18. 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 years ended December 31, 2019, 2020 and 2021, the Company recognized expenses of $1,906, $1,280 and $2,326, 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. 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 and $1,048 in connection with the December Offering. At December 31, 2021, affiliates of current and former holders of the Company’s Class A common stock and Class B common stock are lenders under the First Lien Term Loan. During the years ended December 31, 2019 and 2021, these affiliates received $135 and $394 in fees, respectively, in connection with amendments to the First Lien Term Loan.

OTHER

OTHER	12 Months Ended
	Dec. 31, 2021
OTHER
OTHER	19. OTHER During the year ended December 31, 2019, the Company recorded a management contract buyout expense of $1,428 related to cash consideration for the buyout of a management agreement with one of the Company’s retiring principals whereby the business operations of the relevant partner firm were transitioned to one of the Company’s other partner firms. During the year ended December 31, 2019, the Company evaluated a minority interest investment in a financial services company accounted for using the equity method for impairment and determined that the impairment was an other-than temporary loss in fair value. The Company recognized an impairment in the fair value of the equity method investment of . The impairment is presented within other income (expense) in the Company’s consolidated statement of operations for the year ended December 31, 2019.

SUMMARY OF ACCOUNTING POLICIES

SUMMARY OF ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its subsidiaries. The Company consolidates Focus LLC and its subsidiaries’ financial statements and records the interests in Focus LLC consisting of common units, restricted common units and the common unit equivalent of incentive units of Focus LLC that the Company does not own as non-controlling interests, see Note 3. Intercompany transactions and balances have been eliminated in consolidation. Other liabilities as presented in the December 31, 2020 consolidated balance sheet has been disaggregated into deferred tax liabilities, and contingent consideration and other liabilities to conform to the December 31, 2021 presentation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Income (Loss) Per Share	Income (Loss) Per Share Income (loss) per share is computed in accordance with Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share
Revenue	Revenue Recognition Wealth Management Fees The Company recognizes revenue from wealth management fees, which are primarily comprised of fees earned for advising on the assets of clients, financial and tax planning fees, consulting fees, tax return preparation fees, fees for family office services, and fees for wealth management and operational support services provided to third-party wealth management firms. Client arrangements may contain one of the services or multiple services, resulting in either a single or multiple performance obligations within the same client arrangement, each of which are separately identifiable and priced, and accounted for as the related services are provided and consumed over time. Fees are primarily based either on a contractual percentage of the client’s assets based on the market value of the client’s assets on the predetermined billing date, a flat fee, an hourly rate based on predetermined billing rates or a combination of such fees and are billed either in advance or arrears on a monthly, quarterly, or semiannual basis. Revenue is recognized over the respective service period based on time elapsed or hours expended, as the case may be, which is deemed to be the most faithful depiction of the transfer of services as clients benefit from services over the respective period. Revenue for wealth management and operational support services provided to third party wealth management firms is presented net since these services are performed in an agent capacity. Client agreements typically do not have a specified term and may be terminated at any time by either party subject to the respective termination and notification provisions in each agreement. A majority of the Company’s wealth management fees are correlated to the markets, and therefore are considered variable consideration. The Company’s market-correlated fees are dependent on the market and, thus, are susceptible to factors outside the Company’s control. Therefore, at inception of the contractual service period for fees which are based on the market values at the end of the service period, the Company cannot conclude that it is probable that a reversal in the cumulative revenue recognized would not occur if the estimate was included in the transaction price at that time. However, at each quarterly reporting date, the Company updates its estimate of the transaction price as the market uncertainty is typically resolved. The Company can then reasonably conclude that a reversal of the variable consideration will not occur for those services already provided. Wealth management fees are recorded when: (i) an arrangement with a client has been identified; (ii) the performance obligations have been identified; (iii) the fee or other transaction price has been determined; (iv) the fee or other transaction price has been allocated to each performance obligation based on standalone fee rates; and (v) the Company has satisfied the applicable performance obligation. Other Other revenue includes fees earned for recordkeeping and administration services provided to employee benefit plans as well as commissions and distribution fees and outsourced services. Client arrangements may contain a single or multiple performance obligations, each of which are separately identifiable and accounted for as the related services are provided and consumed over time. Recordkeeping and administration and outsourced services revenue, in accordance with the same five criteria above, are recognized over the period in which services are provided. Commissions and distribution fees are recognized when earned. The Company disaggregates revenue based on the above two categories. 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, for the years ended December 31, 2019, 2020 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Domestic revenue ​ $ 1,170,169 ​ $ 1,291,630 ​ $ 1,691,345 International revenue ​ 48,172 ​ 69,689 ​ 106,606 Total revenue ​ $ 1,218,341 ​ $ 1,361,319 ​ $ 1,797,951 ​ International revenue consists of revenue generated by partner firm legal entities in Australia, Canada and the United Kingdom. Deferred Revenue Fees collected in advance are deferred and recognized in revenue over the period earned with the unrecognized portion of fees collected in advance recorded as deferred revenue in the accompanying consolidated balance sheets.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents.
Accounts Receivable	Accounts Receivable Accounts receivable are stated at their net realizable value. Allowances for uncollectible accounts are maintained for estimated losses resulting from the inability of customers to make required payments. In determining these estimates, historical write-offs, the aging of the receivables and other factors, such as overall economic conditions, are considered.
Fixed Assets	Fixed Assets Fixed assets are initially recorded at cost and are depreciated using the straight-line method over their estimated useful lives. The estimated useful lives for fixed assets, primarily consisting of computers, equipment and furniture fixtures three
Debt Financing Costs	Debt Financing Costs Direct costs incurred with obtaining debt financing are capitalized or recorded as a reduction of the underlying debt. The costs are amortized over the respective term of the underlying debt and are included in amortization of debt financing costs in the accompanying consolidated statements of operations.
Business 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 business acquisitions. These arrangements may result in the payment of additional purchase price consideration to the sellers based on the growth of certain financial thresholds for periods following the closing of the respective acquisition. The additional purchase price consideration is payable in the form of cash and, in some cases, equity. The Company recognizes the fair value of estimated contingent consideration at the acquisition date as part of the consideration transferred in exchange for the acquired business. The contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. Any changes in fair value are recognized each reporting period in non-cash changes in fair value of estimated contingent consideration in the accompanying consolidated statements of operations. The results of the acquired businesses have been included in the Company’s consolidated financial statements from the respective dates of acquisition.
Investments	Investments The equity method of accounting is applied to investments where the Company has the ability to exercise significant influence over operating and financial matters. During the years ended December 2020 and 2021, the Company acquired minority equity interests in wealth management firms for $4,950 and $1,632 in cash, respectively, that are accounted for using the equity method of accounting. The Company records other equity investments that do not have readily determinable fair values at cost less impairment, if any, plus or minus changes resulting from observable price changes. Investments are periodically reviewed for impairment. In January 2021, the Company invested $18,000 in a publicly traded mutual fund. Unrealized gains and losses are recognized in other expense-net in the consolidated statements of operations. One of the Company’s subsidiaries is a sub-adviser to the mutual fund. The Company’s investments are included in prepaid expenses and other assets in the consolidated balance sheets.
Goodwill, Intangible Assets and Other Long-Lived Assets	Goodwill, Intangible Assets and Other Long-Lived Assets Goodwill is deemed to have an indefinite useful life and is not amortized. Intangible and other long-lived assets are amortized over their respective estimated useful lives. The Company has no indefinite-lived intangible assets. Goodwill is tested annually for impairment as of October 1, or more frequently if events and circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company compares the fair value of the reporting unit to the carrying value of the net assets of the reporting unit. The fair value of the reporting unit is determined using a market approach. If the fair value of the reporting unit exceeds the carrying value of the net assets of the reporting unit no further consideration is necessary. If the carrying value exceeds the fair value of the reporting unit, the Company would record an impairment charge for the amount that the carrying value exceeds the fair value of the reporting unit. Intangible assets and other long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the asset might be impaired or that the estimated useful life should be changed prospectively. If impairment indicators are present, the recoverability of these assets is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset, which is determined using a discounted cash flow approach.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of substantially all of the Company’s financial assets and liabilities are considered to approximate their fair values because of their short-term nature. The carrying amount of revolver borrowings under the Credit Facility (as defined below) approximates fair value, as the debt bears interest at selected short-term variable market rates. The Company measures the implied fair value of its First Lien Term Loan (as defined below) and interest rate swap agreements using trading levels and the relevant interest rate forward curves obtained from third-party service providers; accordingly, they are classified within Level 2 of the valuation hierarchy. The fair value of the Company’s investment in a mutual fund was determined using quoted market prices within Level 1 of the valuation hierarchy. See Note 7 for further information regarding the Company’s fair value measurements.
Derivatives	Derivatives The Company uses derivative instruments for purposes other than trading. Derivative instruments are accounted for in accordance with ASC Topic No. 815, Derivatives and Hedging
Income Taxes	Income Taxes Focus Inc. is a holding company whose most significant asset is a membership interest in Focus LLC. Focus Inc. is subject to U.S. federal, state and local income taxes on Focus Inc.’s allocable portion of taxable income from Focus LLC. Focus LLC is treated as a partnership for U.S. federal income tax purposes. Accordingly, Focus LLC is generally not and has not been subject to U.S. federal and certain state income taxes at the entity level, although it has been subject to the New York City Unincorporated Business Tax and certain of its subsidiaries have been subject to U.S. federal and certain state and local or foreign income taxes. Instead, for U.S. federal and certain state income tax purposes, the income, deductions, losses and credits of Focus LLC are passed through to its unitholders, including Focus Inc. Focus LLC makes tax distribution payments to the extent of available cash, in accordance with the Operating Agreement. The Company files income tax returns with the U.S. federal government as well as various state and local jurisdictions. The asset and liability method is applied for deferred income taxes. Deferred tax assets and liabilities are recognized on a net basis for each tax paying component for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. Valuation allowances, if any, are recorded to reduce the deferred tax assets to an amount that is more likely than not to be realized. The Company reviews and evaluates tax positions in its major tax jurisdictions and determines whether or not there are uncertain tax positions that require financial statement recognition. Based on this review, no reserves for uncertain tax positions were recorded at December 31, 2020 and 2021.
Segment Reporting	Segment Reporting Management has determined that the Company operates in one operating segment, as a wealth management focused organization, which is consistent with its structure and how the Company manages the business. The Company’s acquired businesses have similar economic and business characteristics. The services provided are wealth management related and the Company’s businesses are subject to a similar regulatory framework. Furthermore, the Company’s Chief Operating Decision Maker, which is the Company’s Chief Executive Officer, monitors and reviews financial information at a consolidated level for assessing operating results and the allocation of resources.
Translation of Non-U.S. Currency Amounts	Translation of Non-U.S. Currency Amounts Assets and liabilities of non-U.S. subsidiaries that have a foreign currency as their functional currency are re-measured to U.S. dollars at year-end exchange rates, and revenues and expenses are re-measured at average rates of exchange prevailing during the year. The resulting translation adjustments are recorded in accumulated other comprehensive income (loss). Gains or losses resulting from foreign currency transactions are included in other expense—net in the consolidated statements of operations.
Consolidation Considerations	Consolidation Considerations ASC Topic 810, Consolidations The Company’s subsidiaries have Management Agreements with the respective Management Company, which causes these Company subsidiaries to be VIEs. The Company has assessed whether or not it is the primary beneficiary for these subsidiaries and has concluded that it is the primary beneficiary. Accordingly, the results of these subsidiaries have been consolidated. Certain of the Company’s subsidiaries have variable interests in certain investment funds that are deemed voting interest entities. Due to substantive kick-out rights possessed by the limited partners of these funds, the Company does not consolidate the investment funds. From time to time, the Company enters into option agreements with wealth management businesses (the “Optionee”). In exchange for payment of an option premium, the option agreement allows the Company, at its sole discretion, to acquire the Optionee at a predetermined time and at a predetermined purchase price formula. If the Company chooses to exercise its option to acquire the Optionee, the acquisition and the corresponding Management Agreement would be executed in accordance with the Company’s typical acquisition structure as discussed in Note 1. The Company has determined that the option agreements with the Optionees qualify the Optionees as VIEs. The Company has determined that it is not the primary beneficiary of the Optionees and does not consolidate the results of the Optionees. There were no option premiums outstanding as of December 31, 2020 and 2021.
Stock Based Compensation Costs	Stock Based Compensation Costs Compensation cost for Focus LLC incentive units and Focus Inc. stock option awards is measured based on the fair value of awards determined by the Black-Scholes option pricing model or the Monte Carlo Simulation Model on the date that the awards are granted or modified, and is adjusted for the estimated number of awards that are expected to be forfeited. Compensation cost for unvested Class A common stock and restricted stock units, as well as Focus LLC restricted common units, is measured based on the market value of the Company’s Class A common stock on the date that the awards are granted and is adjusted for the estimated number of awards that are expected to be forfeited. The compensation cost is recognized on a straight-line basis over the requisite service period. Non-cash equity compensation expense, associated with employees and non-employees, including principals in the management companies, is included in compensation and related expenses in the consolidated statements of operations. The Company estimates forfeitures at the time of the respective grant and revises those estimates in subsequent periods if actual forfeitures differ materially from those estimates. The Company uses historical data to estimate forfeitures and records non-cash equity compensation expense only for those awards that are expected to vest.
Leases	Leases The Company leases office space in various locations under noncancelable lease agreements with various expiration dates. The Company determines if a contract contains a lease at inception. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Many of these lease agreements provide for tenant improvement allowances, rent increases, and/or rent-free periods. Operating lease expense is recognized on a straight-line basis commencing with the possession date of the property, which is typically the earlier of the lease commencement date or the date when the Company takes possession of the property. Operating lease costs are included in selling, general and administrative expenses in the consolidated statements of operations. Lease assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is an estimated incremental borrowing rate, because the interest rate implicit in the Company’s leases is not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. We generally use the base, non-cancelable, lease term when determining the lease assets and liabilities. Lease assets also include any prepaid lease payments and lease incentives. Leases with an initial term of 12 months or less, which are immaterial to the consolidated financial statements, are not recorded on the balance sheet. The Company has a limited number of finance leases which are not material to the consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the FASB issued 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

SUMMARY OF ACCOUNTING POLICIE_2

SUMMARY OF ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of disaggregated revenues based on the location of the partner firm	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Domestic revenue ​ $ 1,170,169 ​ $ 1,291,630 ​ $ 1,691,345 International revenue ​ 48,172 ​ 69,689 ​ 106,606 Total revenue ​ $ 1,218,341 ​ $ 1,361,319 ​ $ 1,797,951

NON-CONTROLLING INTERESTS AND_2

NON-CONTROLLING INTERESTS AND INCOME (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
NON-CONTROLLING INTERESTS AND INCOME (LOSS) PER SHARE
Schedule of controlling and non-controlling interest	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ 2021 ​ Focus LLC common units 20,661,595 ​ ​ 11,439,019 ​ Focus LLC restricted common units ​ 73,276 ​ ​ 193,625 ​ Common unit equivalents of outstanding vested and unvested Focus LLC incentive units(1) ​ 7,614,473 ​ ​ 8,996,789 ​ Total common units, restricted common units and common unit equivalents attributable to non-controlling interest ​ 28,349,344 ​ ​ 20,629,433 ​ Total common units, restricted common units and common unit equivalents of incentive units outstanding ​ 79,508,056 ​ ​ 85,949,557 ​ Non-controlling interest allocation ​ 35.7 % ​ 24.0 % Company’s interest in Focus LLC ​ 64.3 % ​ 76.0 % (1) Focus LLC common units issuable upon conversion of 17,234,497 and 16,146,524 (see Note 10) vested and unvested Focus LLC incentive units outstanding as of December 31, 2020 and 2021, respectively, were 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 period.
Schedule of calculation of basic income (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 ​ Basic income (loss) per share: ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to common shareholders ​ $ (12,872) ​ $ 28,045 ​ $ 10,412 ​ Weighted average shares of Class A common stock outstanding ​ 46,792,389 ​ 48,678,584 ​ 57,317,477 ​ Basic income (loss) per share ​ $ (0.28) ​ $ 0.58 ​ $ 0.18 ​
Schedule of calculation of diluted income (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 ​ Diluted income (loss) per share: ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to common shareholders ​ $ (12,872) ​ $ 28,045 ​ $ 10,412 ​ Weighted average shares of Class A common stock outstanding ​ 46,792,389 ​ 48,678,584 ​ 57,317,477 ​ Effect of dilutive stock options ​ ​ — ​ ​ 77,302 ​ ​ 461,306 ​ Effect of dilutive unvested Class A common stock ​ ​ — ​ ​ 23,822 ​ ​ — ​ Effect of dilutive restricted stock units ​ ​ — ​ ​ 16,905 ​ ​ 52,368 ​ Total ​ 46,792,389 ​ 48,796,613 ​ 57,831,151 ​ Diluted income (loss) per share ​ $ (0.28) ​ $ 0.57 ​ $ 0.18 ​

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Schedule of purchase price associated with business acquisitions and the allocation thereof	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Number of business acquisitions closed ​ ​ 31 ​ ​ 21 ​ 36 Consideration: ​ ​ ​ ​ ​ ​ ​ ​ Cash and option premium ​ $ 507,498 ​ $ 327,722 ​ $ 983,240 Cash due subsequent to closing at net present value and working capital adjustments ​ ​ 4,341 ​ ​ (174) ​ ​ 86,201 Fair market value of Focus LLC common units issued ​ — ​ ​ — ​ ​ 23,118 Fair market value of Class A common stock issued ​ ​ — ​ ​ — ​ ​ 3,515 Fair market value of estimated contingent consideration ​ 82,781 ​ ​ 46,918 ​ ​ 212,074 Total consideration ​ $ 594,620 ​ $ 374,466 ​ $ 1,308,148 Allocation of purchase price: ​ ​ ​ ​ ​ ​ ​ ​ Total tangible assets ​ $ 50,761 ​ $ 21,216 ​ $ 61,854 Total liabilities assumed ​ (53,394) ​ ​ (31,680) ​ ​ (83,444) Customer relationships ​ 349,447 ​ ​ 215,686 ​ ​ 616,283 Management contracts ​ 17,284 ​ ​ 7,774 ​ ​ 33,350 Goodwill ​ 229,799 ​ ​ 160,341 ​ ​ 677,195 Other acquired intangibles ​ 723 ​ ​ 1,129 ​ ​ 2,910 Total allocated consideration ​ $ 594,620 ​ $ 374,466 ​ $ 1,308,148
Schedule of weighted-average useful lives of intangible assets acquired	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 2021 Management contracts 18 ​ 18 ​ 14 Customer relationships 9 ​ 9 ​ 9 Other acquired intangibles 5 ​ 5 ​ 5 Weighted-average useful life of all intangibles acquired 9 ​ 9 ​ 9
Asset acquisitions
Schedule of intangible assets acquired	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Customer relationships ​ $ 808 ​ $ 24,851 ​ $ 2,916 Management contracts ​ 12 ​ — ​ — Other acquired intangibles ​ 30 ​ 1,308 ​ 125 Total ​ $ 850 ​ $ 26,159 ​ $ 3,041

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Summary of changes in the goodwill balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 Balance beginning of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ $ 883,119 ​ $ 1,112,855 ​ $ 1,278,183 Cumulative impairment losses ​ (22,624) ​ (22,624) ​ ​ (22,624) ​ ​ ​ 860,495 ​ ​ 1,090,231 ​ ​ 1,255,559 Goodwill acquired ​ 229,799 ​ 160,341 ​ ​ 677,195 Other ​ (63) ​ 4,987 ​ ​ (7,439) ​ ​ 229,736 ​ 165,328 ​ ​ 669,756 Balance end of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ 1,112,855 ​ 1,278,183 ​ ​ 1,947,939 Cumulative impairment losses ​ (22,624) ​ (22,624) ​ ​ (22,624) ​ ​ $ 1,090,231 ​ $ 1,255,559 ​ $ 1,925,315
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 December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Carry Accumulated Net Book ​ ​ Amount ​ Amortization ​ Value Customer relationships ​ $ 2,228,461 ​ $ (787,016) ​ $ 1,441,445 Management contracts ​ 191,578 ​ ​ (57,153) ​ ​ 134,425 Other acquired intangibles ​ 10,911 ​ ​ (5,062) ​ ​ 5,849 Total ​ $ 2,430,950 ​ $ (849,231) ​ $ 1,581,719
Schedule of estimated amortization expense	​ ​ ​ ​ ​ Years Ending December 31, Amount 2022 ​ $ 240,862 2023 ​ 229,531 2024 ​ 216,594 2025 ​ 203,331 2026 ​ 179,095

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
FIXED ASSETS
Schedule of fixed assets	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 Leasehold improvements ​ $ 44,865 ​ $ 46,252 Computers, software development and equipment ​ ​ 41,219 ​ ​ 39,074 Furniture and fixtures ​ 19,339 ​ 20,834 Subtotal ​ 105,423 ​ 106,160 Less accumulated depreciation and amortization ​ (56,214) ​ (58,961) Total ​ $ 49,209 ​ $ 47,199

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Schedule of implied fair value of the Company's First Lien Term Loan (as defined below)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ Stated Fair Stated Fair ​ ​ Value ​ Value ​ Value ​ Value First Lien Term Loan - Tranche A ​ $ 1,127,622 ​ $ 1,120,574 ​ $ 1,610,928 ​ $ 1,598,846 First Lien Term Loan - Tranche B ​ — ​ — ​ 796,374 ​ 792,392
Schedule of changes in the fair value of estimated contingent consideration for business acquisitions	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 Balance at January 1, ​ $ 183,568 $ 169,670 Additions to estimated contingent consideration ​ 46,918 ​ ​ 212,074 Payments of contingent consideration ​ (80,803) ​ ​ (143,107) Non-cash changes in fair value of estimated contingent consideration ​ 19,197 ​ ​ 112,416 Other ​ 790 ​ ​ (1,026) Balance at December 31, ​ $ 169,670 ​ $ 350,027
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 ​ December 31, 2021 ​ Techniques ​ Inputs ​ Ranges $ 350,027 ​ Monte Carlo Simulation Model ​ Forecasted growth rates ​ 0.7% - 20.1 % ​ ​ ​ ​ ​ Discount rates ​ 9.0% - 15.0 %

CREDIT FACILITY (Tables)

CREDIT FACILITY (Tables)	12 Months Ended
	Dec. 31, 2021
CREDIT FACILITY.
Schedule of reconciliation of principal amounts outstanding under the Credit Facility to borrowings under credit facilities recorded in the consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 First Lien Term Loan - Tranche A ​ $ 1,127,622 ​ $ 1,610,928 First Lien Term Loan - Tranche B ​ ​ — ​ ​ 796,374 First Lien Revolver ​ ​ 380,000 ​ ​ — Unamortized debt financing costs ​ (503) ​ (7,523) Unamortized discount ​ — ​ (6,110) Total ​ $ 1,507,119 ​ $ 2,393,669

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
Schedule of changes in restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Restricted ​ Average ​ ​ Stock ​ Grant Date ​ Units Fair Value Outstanding—January 1, 2019 ​ — ​ $ — Granted ​ 98,061 ​ ​ 27.90 Forfeited ​ — ​ ​ — Vested ​ — ​ ​ — Outstanding—December 31, 2019 ​ 98,061 ​ ​ 27.90 Granted ​ 73,310 ​ ​ 44.71 Forfeited ​ (7,707) ​ ​ 27.90 Vested ​ (22,569) ​ ​ 27.90 Outstanding—December 31, 2020 141,095 ​ ​ 36.63 Granted ​ 92,420 ​ ​ 58.46 Forfeited ​ (6,954) ​ ​ 34.46 Vested ​ (38,805) ​ ​ 35.53 Outstanding—December 31, 2021 ​ 187,756 ​ ​ 47.69
Schedule of incentive units outstanding and vested by hurdle rates	​ ​ ​ ​ ​ ​ ​ Number Vested Incentive Hurdle Rates ​ Outstanding ​ Units $1.42 421 ​ 421 5.50 798 ​ 798 6.00 386 ​ 386 7.00 1,081 ​ 1,081 9.00 708,107 ​ 708,107 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 3,045,236 ​ 3,045,236 22.00 821,417 ​ 821,417 23.00 524,828 ​ 524,828 26.26 ​ 12,500 ​ — 27.00 16,734 ​ 9,363 27.90 ​ 1,929,424 ​ 931,758 28.50 ​ 1,440,230 ​ 1,051,459 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 ​ 203,142 58.50 ​ 662,277 ​ — ​ ​ 16,146,524 ​ 9,804,757
Stock options
Schedule of stock options granted	​ ​ ​ ​ ​ ​ ​ ​ Stock Weighted Average ​ ​ Options ​ Exercise Price Outstanding—January 1, 2019 1,401,276 ​ $ 31.34 Granted 558,021 ​ ​ 28.19 Exercised ​ (25,575) ​ ​ 32.75 Forfeited (100,756) ​ ​ 30.31 Outstanding—December 31, 2019 1,832,966 ​ 30.42 Vested—December 31, 2019 ​ 698,805 ​ ​ 32.01 Granted ​ 286,081 ​ ​ 44.71 Exercised ​ (251,913) ​ ​ 30.97 Forfeited ​ (21,817) ​ ​ 29.27 Outstanding—December 31, 2020 ​ 1,845,317 ​ ​ 32.57 Vested—December 31, 2020 785,257 ​ ​ 31.36 Granted ​ 357,141 ​ ​ 58.50 Exercised ​ (235,684) ​ ​ 31.65 Forfeited ​ (34,906) ​ ​ 32.65 Outstanding—December 31, 2021 ​ 1,931,868 ​ ​ 37.47 Vested—December 31, 2021 ​ 852,579 ​ ​ 31.56
Time-based stock option awards
Schedule of fair value of stock options grants determined with assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ 2020 ​ ​ 2021 ​ Expected term ​ 6.2 years ​ ​ 6.3 years ​ 6.3 years Expected stock price volatility ​ 29 % ​ ​ 34 % ​ ​ 34 % Risk-free interest rate ​ 1.76 % ​ ​ 0.54 % ​ ​ 1.29 % Expected dividend yield ​ — % ​ ​ — % ​ ​ — % Weighted average grant date fair value $ 9.03 ​ ​ $ 15.37 ​ ​ $ 20.89 ​
Market condition-based awards
Schedule of fair value of stock options grants determined with assumptions	​ ​ ​ ​ ​ ​ Expected term ​ 5.0 years Expected stock price volatility ​ 30 % Risk-free interest rate ​ 2.78 % Expected dividend yield ​ — % Weighted average grant date fair value ​ $ 3.97 ​
Focus LLC Restricted Common Units
Schedule of changes in restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Restricted ​ Average ​ ​ Common ​ Grant Date ​ Units Fair Value Outstanding—January 1, 2020 ​ — ​ $ — Granted ​ 73,276 ​ ​ 44.71 Forfeited ​ — ​ ​ — Vested ​ — ​ ​ — Outstanding—December 31, 2020 73,276 ​ ​ 44.71 Granted ​ 140,258 ​ ​ 58.50 Forfeited ​ (1,902) ​ ​ 44.71 Vested ​ (18,007) ​ ​ 44.71 Outstanding—December 31, 2021 ​ 193,625 ​ ​ 54.70
Incentive Units
Schedule of incentive units granted	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Incentive Units ​ Hurdle Price ​ ​ ​ ​ ​ ​ Outstanding—January 1, 2019 ​ 18,597,474 ​ $ 20.63 Granted ​ 2,106,131 ​ ​ 28.01 Forfeited ​ (618,117) ​ ​ 11.24 Redeemed ​ (331,038) ​ ​ 27.80 Outstanding—December 31, 2019 ​ 19,754,450 ​ ​ 21.59 Vested—December 31, 2019 ​ 10,288,263 ​ ​ 15.37 Granted ​ 855,006 ​ ​ 44.21 Exchanged ​ (3,153,308) ​ ​ 12.51 Forfeited ​ (221,651) ​ ​ 24.67 Outstanding—December 31, 2020 ​ 17,234,497 ​ ​ 24.34 Vested—December 31, 2020 ​ 8,509,652 ​ ​ 18.31 Granted 692,277 ​ 57.85 Exchanged ​ (1,580,792) ​ ​ 17.65 Forfeited (199,458) ​ 23.22 Outstanding—December 31, 2021 16,146,524 ​ 26.44 Vested—December 31, 2021 9,804,757 ​ 20.44
Time based incentive units
Schedule of fair value of equity incentive units grants determined with assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ 2020 ​ 2021 Expected term ​ 4.0 ​ years ​ 5.0 ​ years ​ 5.0 years Expected unit price volatility ​ 29 ​ % ​ 35 ​ % ​ 34 % Risk-free interest rate ​ 1.64 ​ % ​ 0.39 ​ % ​ 1.19 % Expected dividend yield ​ — ​ % ​ — ​ % ​ — % Weighted average grant date fair value ​ $ 7.15 ​ ​ $ 13.72 ​ ​ $ 18.35 ​
Market-Based Incentive Units
Schedule of fair value of equity incentive units grants determined with assumptions	​ ​ ​ ​ ​ ​ Expected term ​ 4.1 years Expected unit price volatility ​ 30 % Risk-free interest rate ​ 2.74 % Expected dividend yield ​ — % Weighted average grant date fair value ​ $ 5.05 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of U.S. and foreign components of income (loss) before income tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Income (loss) before income tax: ​ ​ ​ United States ​ $ (7,828) ​ $ 65,472 ​ $ 36,274 Foreign ​ 2,852 ​ 4,153 ​ 8,248 Total income (loss) before income tax ​ $ (4,976) ​ $ 69,625 ​ $ 44,522 ​
Schedule of U.S. and foreign components of income tax expense (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 Current provision: ​ ​ ​ Federal ​ $ 1,201 ​ $ 10,363 ​ $ 19,742 State and local ​ 1,579 ​ 5,355 ​ 7,855 Foreign ​ 2,419 ​ 4,169 ​ 6,906 Subtotal ​ 5,199 ​ ​ 19,887 ​ ​ 34,503 Deferred provision (benefit): ​ ​ ​ Federal ​ 2,293 ​ 1,854 ​ (7,958) State and local ​ 435 ​ 580 ​ (3,674) Foreign ​ (878) ​ (1,661) ​ (2,789) Subtotal ​ 1,850 ​ 773 ​ (14,421) Total income tax expense ​ $ 7,049 ​ $ 20,660 ​ $ 20,082 ​
Schedule of deferred tax assets (liabilities)	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 Deferred tax assets: ​ ​ Investment in Focus LLC ​ $ 106,553 ​ $ 254,454 Federal net operating loss carryforwards ​ ​ — ​ ​ 11,561 Deferred rent and other ​ 1,444 ​ 2,353 Gross deferred tax assets ​ 107,997 ​ 268,368 Deferred tax liabilities: ​ ​ Intangible assets ​ (27,084) ​ (32,483) Fixed assets and other ​ (359) ​ (526) Gross deferred tax liabilities ​ (27,443) ​ (33,009) Net deferred tax assets ​ $ 80,554 ​ $ 235,359
Schedule of reconciliation of the differences between the U.S. federal statutory tax rate and the effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Income passed through to individual members (11.3) (7.6) (6.1) ​ Foreign income taxes (31.0) 3.6 9.2 ​ Non-cash equity compensation expense ​ (41.8) ​ 3.5 ​ 7.7 ​ Impairment of equity method investment ​ (31.0) ​ — ​ — ​ Other non-deductible expenses (19.2) 0.9 2.7 ​ State and local income taxes, net of U.S. federal tax benefit (32.6) 7.0 8.1 ​ Other 4.2 1.3 2.5 ​ Effective income tax rate (141.7) % 29.7 % 45.1 %

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
LEASES
Future minimum lease payments under operating leases	​ ​ ​ ​ ​ Year ending December 31, Amount 2022 $ 54,815 2023 ​ 51,033 2024 ​ 46,755 2025 ​ 40,331 2026 ​ 34,186 2027 and thereafter ​ 112,686 ​ ​ ​ 339,806 Less: present value discount ​ ​ (62,482) Operating lease liabilities at December 31, 2021 ​ $ 277,324
Other information pertaining to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 Operating lease costs included in selling, general and administrative expenses ​ $ 50,123 ​ $ 74,340 Operating cash flows from operating leases ​ ​ 47,798 ​ ​ 73,481 Operating lease assets obtained in exchange for operating lease obligations ​ ​ 87,699 ​ ​ 61,750

CASH FLOW INFORMATION (Tables)

CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
CASH FLOW INFORMATION
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2019 2020 2021 Supplemental disclosures of cash flow information—cash paid for: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 57,344 ​ $ 41,352 ​ $ 53,721 Income taxes ​ $ 7,775 ​ $ 18,927 ​ $ 36,806 Supplemental non-cash cash flow information: ​ ​ ​ ​ ​ Fair market value of estimated contingent consideration in connection with acquisitions ​ $ 82,781 ​ $ 46,918 ​ $ 212,074

GENERAL (Details)

GENERAL (Details)	12 Months Ended
	Dec. 31, 2021
Business acquisitions
GENERAL
Acquisition of net assets of wealth management businesses (as a percent)	100.00%
Management Agreement
GENERAL
Term of agreement (in years)	6 years
Term of automatic renewal of agreement (in years)	1 year

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue Recognition
Total revenues	$ 1,797,951	$ 1,361,319	$ 1,218,341
Domestic
Revenue Recognition
Total revenues	1,691,345	1,291,630	1,170,169
International
Revenue Recognition
Total revenues	$ 106,606	$ 69,689	$ 48,172

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fixed Assets and Goodwill, Intangible Assets and Other Long Lived Assets (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Investments
Purchase of minority equity interest in wealth management firm		$ 1,632	$ 4,950
Investments in publicly traded mutual funds	$ 18,000
Goodwill, Intangible Assets and Other Long-Lived Assets
Indefinite-lived intangible assets		$ 0
Computers | Minimum
Fixed Assets
Estimated useful lives (in years)		3 years
Computers | Maximum
Fixed Assets
Estimated useful lives (in years)		7 years
Equipment | Minimum
Fixed Assets
Estimated useful lives (in years)		3 years
Equipment | Maximum
Fixed Assets
Estimated useful lives (in years)		7 years
Furniture and fixtures | Minimum
Fixed Assets
Estimated useful lives (in years)		3 years
Furniture and fixtures | Maximum
Fixed Assets
Estimated useful lives (in years)		7 years

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting and Income Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Income Taxes
Uncertain tax positions reserve | $	$ 0	$ 0
Number of operating segments | segment	1

NON-CONTROLLING INTERESTS AND_3

NON-CONTROLLING INTERESTS AND INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic income (loss) per share:
Net income (loss) attributable to common shareholders	$ 10,412	$ 28,045	$ (12,872)
Diluted income (loss) per share:
Net income (loss) attributable to common shareholders	10,412	28,045	(12,872)
Class A common stock
Basic income (loss) per share:
Net income (loss) attributable to common shareholders	$ 10,412	$ 28,045	$ (12,872)
Weighted average shares of Class A common stock outstanding	57,317,477	48,678,584	46,792,389
Basic income (loss) per share	$ 0.18	$ 0.58	$ (0.28)
Diluted income (loss) per share:
Net income (loss) attributable to common shareholders	$ 10,412	$ 28,045	$ (12,872)
Weighted average shares of Class A common stock outstanding	57,317,477	48,678,584	46,792,389
Effect of dilutive stock options	461,306	77,302
Effect of dilutive unvested Class A common stock		23,822
Effect of dilutive restricted stock units	52,368	16,905
Total	57,831,151	48,796,613	46,792,389
Diluted income (loss) per share	$ 0.18	$ 0.57	$ (0.28)
Antidilutive shares			20,055
Time based stock options
Diluted income (loss) per share:
Antidilutive shares			373
Market based stock options
Diluted income (loss) per share:
Antidilutive shares	155,000	155,000	155,000
Threshold period	90 days
Vesting period	5 years
Market based stock options | Minimum
Diluted income (loss) per share:
Threshold volume weighted average per share price trigger	$ 100
Focus LLC
NON-CONTROLLING INTERESTS AND INCOME (LOSS) PER SHARE
Focus LLC common units	11,439,019	20,661,595
Focus LLC restricted common units	193,625	73,276
Common unit equivalents of outstanding vested and unvested Focus LLC incentive units	8,996,789	7,614,473
Total common units, restricted common units and common unit equivalents attributable to non-controlling interest	20,629,433	28,349,344
Total common units, restricted common units and common unit equivalents of incentive units outstanding	85,949,557	79,508,056
Non-controlling interest allocation	24.00%	35.70%
Company's interest in Focus LLC	76.00%	64.30%
Convertible incentive units	16,146,524	17,234,497

ACQUISITIONS - Business Acquisi

ACQUISITIONS - Business Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Allocation of purchase price:
Goodwill	$ 1,925,315	$ 1,255,559	$ 1,090,231	$ 860,495
Business acquisitions
ACQUISITIONS
Number of business acquisitions closed | item	36	21	31
Consideration:
Cash due at closing	$ 983,240	$ 327,722	$ 507,498
Estimated working capital adjustment	86,201	(174)	4,341
Fair market value of estimated contingent consideration	212,074	46,918	82,781
Total consideration	1,308,148	374,466	594,620
Allocation of purchase price:
Total tangible assets	61,854	21,216	50,761
Total liabilities assumed	(83,444)	(31,680)	(53,394)
Goodwill	677,195	160,341	229,799
Total allocated consideration	1,308,148	374,466	594,620
Amount of goodwill and intangibles expected to be deductible for tax purposes	$ 837,879
Deductibility period for goodwill and intangible assets acquired in a business acquisition (in years)	15 years
Revenue from acquired entity in business acquisitions	$ 54,251
Income from acquired entity in business acquisitions	9,209
Business acquisitions | Focus LLC
Consideration:
Fair market value of Focus LLC common units issued at closing	23,118
Business acquisitions | Customer relationships
Allocation of purchase price:
Finite-lived intangible assets	616,283	215,686	349,447
Business acquisitions | Management contracts
Allocation of purchase price:
Finite-lived intangible assets	33,350	7,774	17,284
Business acquisitions | Other acquired intangibles
Allocation of purchase price:
Finite-lived intangible assets	2,910	$ 1,129	$ 723
Business acquisitions | Class A common stock
Consideration:
Fair market value of Focus LLC common units issued at closing	$ 3,515

ACQUISITIONS - Asset Acquisitio

ACQUISITIONS - Asset Acquisitions (Details) - Asset acquisitions $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item
Asset Acquisitions
Number of asset acquisitions | item	2	4	3
Total purchase consideration	$ 3,041	$ 26,159	$ 850
Contingent consideration	4,577	2,451	3,452
Intangible assets acquired in asset acquisitions	$ 3,041	$ 26,159	$ 850
Weighted-average useful life of all intangibles acquired	9 years	9 years	9 years
Management contracts
Asset Acquisitions
Intangible assets acquired in asset acquisitions			$ 12
Weighted-average useful life of all intangibles acquired	14 years	18 years	18 years
Customer relationships
Asset Acquisitions
Intangible assets acquired in asset acquisitions	$ 2,916	$ 24,851	$ 808
Weighted-average useful life of all intangibles acquired	9 years	9 years	9 years
Other acquired intangibles
Asset Acquisitions
Intangible assets acquired in asset acquisitions	$ 125	$ 1,308	$ 30
Weighted-average useful life of all intangibles acquired	5 years	5 years	5 years

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Change in goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in the goodwill
Goodwill beginning of period	$ 1,278,183	$ 1,112,855	$ 883,119
Cumulative impairment losses beginning of period	(22,624)	(22,624)	(22,624)
Balance beginning of period	1,255,559	1,090,231	860,495
Goodwill acquired	677,195	160,341	229,799
Other	(7,439)	4,987	(63)
Goodwill period increase (decrease)	669,756	165,328	229,736
Goodwill end of period	1,947,939	1,278,183	1,112,855
Cumulative impairment losses end of period	(22,624)	(22,624)	(22,624)
Balance end of period	1,925,315	1,255,559	1,090,231
Impairment loss of goodwill	$ 0	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Amortizing acquired intangible assets
Gross Carry Amount	$ 2,430,950	$ 1,777,230
Accumulated Amortization	(849,231)	(663,763)
Net Book Value	1,581,719	1,113,467
Customer relationships
Amortizing acquired intangible assets
Gross Carry Amount	2,228,461	1,610,971
Accumulated Amortization	(787,016)	(612,037)
Net Book Value	$ 1,441,445	998,934
Customer relationships | Minimum
Amortizing acquired intangible assets
Estimated useful lives (in years)	4 years
Customer relationships | Maximum
Amortizing acquired intangible assets
Estimated useful lives (in years)	10 years
Management contracts
Amortizing acquired intangible assets
Gross Carry Amount	$ 191,578	158,526
Accumulated Amortization	(57,153)	(47,881)
Net Book Value	$ 134,425	110,645
Management contracts | Minimum
Amortizing acquired intangible assets
Estimated useful lives (in years)	2 years
Management contracts | Maximum
Amortizing acquired intangible assets
Estimated useful lives (in years)	20 years
Other acquired intangibles
Amortizing acquired intangible assets
Gross Carry Amount	$ 10,911	7,733
Accumulated Amortization	(5,062)	(3,845)
Net Book Value	$ 5,849	$ 3,888

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated amortization expense (Details) $ in Thousands	Dec. 31, 2021USD ($)
Estimated amortization expense
2022	$ 240,862
2023	229,531
2024	216,594
2025	203,331
2026	$ 179,095

FIXED ASSETS (Details)

FIXED ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fixed Assets
Subtotal	$ 106,160	$ 105,423
Less accumulated depreciation and amortization	(58,961)	(56,214)
Total	47,199	49,209
Leasehold improvements
Fixed Assets
Subtotal	46,252	44,865
Computers, software development and equipment
Fixed Assets
Subtotal	39,074	41,219
Furniture and fixtures
Fixed Assets
Subtotal	$ 20,834	$ 19,339

FAIR VALUE MEASUREMENTS - Marke

FAIR VALUE MEASUREMENTS - Marketable securities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Level 1
Marketable securities
investments in mutual fund	$ 16,856

FAIR VALUE MEASUREMENTS - First

FAIR VALUE MEASUREMENTS - First Lien Term Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Implied fair value based on level 2 inputs
Stated Value	$ 2,393,669	$ 1,507,119
First Lien Term Loan Tranche A
Implied fair value based on level 2 inputs
Stated Value	1,610,928	1,127,622
First Lien Term Loan Tranche A | Level 2
Implied fair value based on level 2 inputs
Stated Value	1,610,928	1,127,622
Fair Value	1,598,846	$ 1,120,574
First Lien Term Loan Tranche B
Implied fair value based on level 2 inputs
Stated Value	796,374
First Lien Term Loan Tranche B | Level 2
Implied fair value based on level 2 inputs
Stated Value	796,374
Fair Value	$ 792,392

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in the fair value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	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
Additions to estimated contingent consideration	212,074	46,918
Non-cash changes in fair value of estimated contingent consideration	112,416	19,197
Other	(1,026)	790
Balance at end of period	350,027	169,670
Contingent consideration paid in cash	143,107	80,803
Interest rate swap
Changes in the fair value of estimated contingent consideration for business acquisitions
Notional amount	850,000	850,000	$ 400,000
Asset acquisitions
Changes in the fair value of estimated contingent consideration for business acquisitions
Contingent consideration paid in cash	4,577	2,451
Business acquisitions
Changes in the fair value of estimated contingent consideration for business acquisitions
Contingent consideration paid in cash	131,827	80,803
Contingent consideration issued of restricted common units	11,280
Contingent consideration and other liabilities
Changes in the fair value of estimated contingent consideration for business acquisitions
Amounts due to sellers	114,156	13,389
Contingent consideration and other liabilities | Interest rate swap
Changes in the fair value of estimated contingent consideration for business acquisitions
Fair value of interest rate swap		$ (10,400)
Prepaid expenses and other assets | Interest rate swap
Changes in the fair value of estimated contingent consideration for business acquisitions
Fair value of interest rate swap	$ 5,810

FAIR VALUE MEASUREMENTS - Conti

FAIR VALUE MEASUREMENTS - Contingent consideration fair value inputs (Details) - Level 3 $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Inputs used in the fair value measurement of estimated contingent consideration
Estimated contingent consideration	$ 350,027	$ 169,670
Valuation Technique, Forecasted Growth Rates | Minimum
Inputs used in the fair value measurement of estimated contingent consideration
Measurement input	0.7	(33.6)
Valuation Technique, Forecasted Growth Rates | Maximum
Inputs used in the fair value measurement of estimated contingent consideration
Measurement input	20.1	20.9
Valuation Technique, Discount Rates | Minimum
Inputs used in the fair value measurement of estimated contingent consideration
Measurement input	9	10
Valuation Technique, Discount Rates | Maximum
Inputs used in the fair value measurement of estimated contingent consideration
Measurement input	15	18

CREDIT FACILITY - Old and New C

CREDIT FACILITY - Old and New Credit Facility (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Dec. 31, 2021	Jul. 31, 2021	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Credit Facility
Face amount of debt	$ 2,407,302			$ 2,407,302	$ 1,507,622
Debt issuance costs				8,282	634	$ 3,743
Loss on extinguishment of borrowings					(6,094)
Consolidated EBITDA	544,814			544,814
Deferred financing costs	4,254			$ 4,254	6,950
Credit Facility
Credit Facility
Actual total secured leverage ratio				3.85
Secured leverage ratio threshold for contingent principal payments				3.75
Contingent principal payments due in current year				$ 0	0
First lien leverage ratio as defined in the Credit Facility				6.25%
Contingent principal payments due in next year				$ 0
Credit Facility | Maximum
Credit Facility
First lien leverage ratio as defined in the Credit Facility				6.25%
First Lien Term Loan
Credit Facility
Face amount of debt	2,407,302			$ 2,407,302
First Lien Term Loan Tranche A
Credit Facility
Loss on extinguishment of borrowings					6,094
Write-off of debt issuance cost					5,306
Deferred financing costs and unamortized discount					788
Debt financing costs					634
Amortization of discount			$ 625
Repayments installments			4,173		2,891
Deferred financing costs			$ 2,700
Debt discount (as a percent)			0.125%
Increased borrowing capacity			$ 500,000
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		2,001
Proceeds from Issuance of Debt	150,000	$ 650,000
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		$ 6,000
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			$ 650,000
Margin (as a percent)				0.50%
Maximum borrowing capacity	30,000			$ 30,000
Deferred financing costs	$ 4,254			$ 4,254	$ 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	Dec. 31, 2021	Dec. 31, 2020
Credit Facility
Unamortized debt financing costs	$ (7,523)	$ (503)
Unamortized discount	(6,110)
Amount outstanding under credit facility	2,393,669	1,507,119
First Lien Term Loan Tranche A
Credit Facility
Amount outstanding under credit facility	1,610,928	1,127,622
First Lien Term Loan Tranche B
Credit Facility
Amount outstanding under credit facility	$ 796,374
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, 2021	Dec. 31, 2020
Credit Facility
Weighted average interest rate	3.00%	3.00%
Deferred financing costs	$ 4,254	$ 6,950
First Lien Revolver
Credit Facility
Unused commitment line	642,085	262,413
Deferred financing costs	4,254	6,950
Standby Letters of Credit
Credit Facility
Letter of credit outstanding	$ 7,915	$ 7,587
Annual interest rate	2.00%	2.00%

DERIVATIVES (Details)

DERIVATIVES (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2020USD ($)agreement	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)
Interest rate swap
Derivatives
Number of interest rate swap agreements | agreement	2
Term of contract	4 years	4 years
Notional amount		$ 850,000	$ 850,000	$ 400,000
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%
Contingent consideration and other liabilities | Interest rate swap
Derivatives
Fair value of interest rate swap			(10,400)
Offsetting adjustment to fair value in accumulated other comprehensive income (loss), net of tax			$ 1,804
Prepaid expenses and other assets | Interest rate swap
Derivatives
Fair value of interest rate swap		$ 5,810
Offsetting adjustment to fair value in accumulated other comprehensive income (loss), net of tax		$ (1,194)
LIBOR
Derivatives
Interest rate floor (as a percent)		0.00%
First Lien Term Loan | Interest rate swap
Derivatives
Outstanding debt		$ 850,000

EQUITY - Common Stock (Details)

EQUITY - Common Stock (Details)	Dec. 31, 2021Vote$ / sharesshares
EQUITY
Preferred stock, par value | $ / shares	$ 0.01
Preferred stock, authorized shares | shares	500,000,000
Class A common stock
EQUITY
Voting rights per share	1
Class B common stock
EQUITY
Voting rights per share	1

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 30, 2018	Jul. 13, 2018	Dec. 31, 2021	Nov. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
EQUITY
Net proceeds of deducting underwriting discounts								$ 219,636
Class A common stock
EQUITY
Issuance of common stock (in shares)				1,309,271	453,567	713,354	1,252,224
Share price (in dollar per share)			$ 57			$ 50.30	$ 48	$ 57
Class A common stock | Offering
EQUITY
Issuance of common stock (in shares)			3,546,841			7,417,929	7,987,367
Class B common stock
EQUITY
Common stock retired (in shares)				1,293,238	418,669	649,187	1,181,759
Class B common stock | Offering
EQUITY
Common stock retired (in shares)						3,845,569	2,460,732
Incentive Units
EQUITY
Issuance of common stock in connection with acquisitions and contingent consideration (in shares)				1,309,271	453,567	713,354	1,252,224
Focus LLC
EQUITY
Shares offered by certain selling stockholders						7,144,244	7,725,061
Number of shares offered						273,685	262,306
Focus LLC | Offering
EQUITY
Common units acquired (in shares)			3,546,841			3,927,729	2,640,369
Focus LLC | Class A common stock
EQUITY
Net proceeds of deducting underwriting discounts			$ 194,083			$ 13,648	$ 12,119
Other offering expenses			$ 214			$ 287	$ 1,122
Issuance of common stock in connection with acquisitions and contingent consideration (in shares)			58,657
Focus LLC | Class A common stock | Offering
EQUITY
Issuance of common stock (in shares)			3,546,841			3,927,729	2,640,369
Common stock retired (in shares)			725,000
Focus LLC | Class B common stock
EQUITY
Issuance of common stock in connection with acquisitions and contingent consideration (in shares)			381,264		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								$ 6,036	$ 5,485	$ 4,247
Time-based stock option awards
Changes in unvested common stock, Grant Date Fair Value
Granted								$ 20.89	$ 15.37	$ 9.03
Market condition-based awards
Changes in unvested common stock, Grant Date Fair Value
Granted								$ 3.97
Restricted Stock Units (RSUs)
EQUITY
Granted								92,420	73,310	98,061
Changes in stock options
Granted								92,420	73,310	98,061
Vested								38,805	22,569
Changes in stock option, Weighted Average Exercise Price
Vested								$ 35.53	$ 27.90
Changes in unvested common stock
Outstanding at the beginning of the period								141,095	98,061
Granted								92,420	73,310	98,061
Forfeited								(6,954)	(7,707)
Vested								(38,805)	(22,569)
Outstanding at the end of the period			187,756					187,756	141,095	98,061
Changes in unvested common stock, Grant Date Fair Value
Outstanding at the beginning of the period								$ 36.63	$ 27.90
Granted								58.46	44.71	$ 27.90
Forfeited								34.46	27.90
Vested								35.53	27.90
Outstanding at the end of the period			$ 47.69					$ 47.69	$ 36.63	$ 27.90
Common Stock | Class A common stock
EQUITY
Issuance of common stock in connection with acquisitions and contingent consideration (in shares)								58,657
Common Stock | Class B common stock
EQUITY
Issuance of common stock in connection with acquisitions and contingent consideration (in shares)								614,362
Common Stock | Stock options
EQUITY
Granted								357,141	286,081	558,021
Changes in stock options
Outstanding at the beginning of the period								1,845,317	1,832,966	1,401,276
Granted								357,141	286,081	558,021
Exercised								(235,684)	(251,913)	(25,575)
Forfeited								(34,906)	(21,817)	(100,756)
Vested								852,579	785,257	698,805
Outstanding at the end of the period			1,931,868					1,931,868	1,845,317	1,832,966
Changes in stock option, Weighted Average Exercise Price
Outstanding at the beginning of the period								$ 32.57	$ 30.42	$ 31.34
Granted								58.50	44.71	28.19
Exercised								31.65	30.97	32.75
Forfeited								32.65	29.27	30.31
Outstanding at the end of the period			$ 37.47					37.47	32.57	30.42
Vested								$ 31.56	$ 31.36	$ 32.01
Changes in unvested common stock
Granted								357,141	286,081	558,021
Vested								(852,579)	(785,257)	(698,805)
Changes in unvested common stock, Grant Date Fair Value
Vested								$ 31.56	$ 31.36	$ 32.01
2018 Omnibus Incentive Plan | Market condition-based awards
EQUITY
Threshold period	90 days	5 years
Threshold volume weighted average per share price trigger	$ 100
2018 Omnibus Incentive Plan | Market condition-based awards | Class A common stock
EQUITY
Granted	155,000
Changes in stock options
Granted	155,000
Changes in unvested common stock
Granted	155,000
2018 Omnibus Incentive Plan | Maximum | Stock options | Class A common stock
EQUITY
Shares authorized	6,000,000
Additional shares authorized for issuance under an established share-based compensation plan	3,000,000
Percentage of additional shares authorized for issuance under an established share-based compensation plan to the outstanding shares	5.00%

EQUITY - Focus LLC Common Units

EQUITY - Focus LLC Common Units (Details) - shares	1 Months Ended				12 Months Ended
	Nov. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Common Units
EQUITY
Outstanding common units					11,439,019
Class A common stock
EQUITY
Issuance of common stock (in shares)	1,309,271	453,567	713,354	1,252,224
Class B common stock
EQUITY
Common stock retired (in shares)	1,293,238	418,669	649,187	1,181,759
Incentive Units
EQUITY
Common stock exchanged (in shares)	24,652	50,000	119,357	152,753	1,580,792	3,153,308
Issuance of common stock in connection with acquisitions and contingent consideration (in shares)	1,309,271	453,567	713,354	1,252,224

EQUITY - Focus LLC Restricted C

EQUITY - Focus LLC Restricted Common Units and Incentive Units (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 30, 2018	Jul. 13, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employees and Nonemployees
Incentive Units
Non-cash equity compensation expense			$ 25,566	$ 16,800	$ 14,082
Restricted Common Units
Incentive Units
Total unrecognized expense			$ 10,240
Weighted-average period to recognize compensation expense (in years)			3 years 8 months 12 days
Stock options
Incentive Units
Total unrecognized expense			$ 13,259
Weighted-average period to recognize compensation expense (in years)			3 years 2 months 12 days
Restricted Stock Units (RSUs)
EQUITY
Vesting period			4 years
Fair value of the stock option grants determined with assumptions
Weighted average grant date fair value			$ 58.46	$ 44.71	$ 27.90
Incentive Units
Total unrecognized expense			$ 8,448
Weighted-average period to recognize compensation expense (in years)			3 years 4 months 24 days
Incentive Units
EQUITY
Grant date fair value (in dollars per unit)			$ 57.85	$ 44.21	$ 28.01
Vesting period			4 years
Incentive Units
Granted			692,277	855,006	2,106,131
Forfeited			199,458	221,651	618,117
Vested at the end of the period			9,804,757	8,509,652	10,288,263
Total unrecognized expense			$ 35,904
Weighted-average period to recognize compensation expense (in years)			2 years 8 months 12 days
Time based incentive units
Fair value of the stock option grants determined with assumptions
Expected term (in years)			5 years	5 years	4 years
Expected stock price volatility (in percent)			34.00%	35.00%	29.00%
Risk-free interest rate (in percent)			1.19%	0.39%	1.64%
Weighted average grant date fair value			$ 18.35	$ 13.72	$ 7.15
Time-based stock option awards
EQUITY
Vesting period			4 years
Fair value of the stock option grants determined with assumptions
Expected term (in years)			6 years 3 months 18 days	6 years 3 months 18 days	6 years 2 months 12 days
Expected stock price volatility (in percent)			34.00%	34.00%	29.00%
Risk-free interest rate (in percent)			1.29%	0.54%	1.76%
Weighted average grant date fair value			$ 20.89	$ 15.37	$ 9.03
Market-Based Incentive Units
EQUITY
Hurdle Rate	$ 33
Threshold period	90 days
Vesting period	5 years
Threshold volume weighted average per share price trigger	$ 100
Fair value of the stock option grants determined with assumptions
Expected term (in years)			4 years 1 month 6 days
Expected stock price volatility (in percent)			30.00%
Risk-free interest rate (in percent)			2.74%
Weighted average grant date fair value			$ 5.05
Incentive Units
Granted	3,845,000
Market condition-based awards
Fair value of the stock option grants determined with assumptions
Expected term (in years)			5 years
Expected stock price volatility (in percent)			30.00%
Risk-free interest rate (in percent)			2.78%
Weighted average grant date fair value			$ 3.97
2018 Omnibus Incentive Plan | Market condition-based awards
EQUITY
Threshold period	90 days	5 years
Threshold volume weighted average per share price trigger	$ 100

EQUITY - Focus LLC Restricted_2

EQUITY - Focus LLC Restricted Common Units and Focus LLC Incentive Units - Hurdle Rates (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended						12 Months Ended
	Nov. 30, 2021	Sep. 30, 2021	Jul. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Feb. 28, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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
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
Weighted Average Hurdle Price
Redeemed						$ 42
Fair value of the stock option grants determined with assumptions
Redeemed						42
Between Than $42 And $63 | Maximum | Officers
Weighted Average Hurdle Price
Redeemed						63
Fair value of the stock option grants determined with assumptions
Redeemed						$ 63
Focus LLC Restricted Common Units
Restricted Common Units
Outstanding at the beginning of the period							73,276
Granted							140,258	73,276
Forfeited							(1,902)
Vested							(18,007)
Outstanding at the end of the period							193,625	73,276
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period							$ 44.71
Granted							58.50	$ 44.71
Forfeited							44.71
Vested							44.71
Outstanding at the end of the period							$ 54.70	$ 44.71
Fair value of the stock option grants determined with assumptions
Vesting period							4 years
Restricted Stock Units (RSUs)
Restricted Common Units
Outstanding at the beginning of the period							141,095	98,061
Granted							92,420	73,310	98,061
Forfeited							(6,954)	(7,707)
Vested							(38,805)	(22,569)
Outstanding at the end of the period							187,756	141,095	98,061
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period							$ 36.63	$ 27.90
Granted							58.46	44.71	$ 27.90
Forfeited							34.46	27.90
Vested							35.53	27.90
Outstanding at the end of the period							$ 47.69	$ 36.63	$ 27.90
Fair value of the stock option grants determined with assumptions
Vesting period							4 years
Total unrecognized expense							$ 8,448
Weighted-average period to recognize compensation expense (in years)							3 years 4 months 24 days
Stock options
Fair value of the stock option grants determined with assumptions
Total unrecognized expense							$ 13,259
Weighted-average period to recognize compensation expense (in years)							3 years 2 months 12 days
Incentive Units
Incentive Units
Outstanding at the beginning of the period							17,234,497	19,754,450	18,597,474
Granted							692,277	855,006	2,106,131
Exchanged	(24,652)	(50,000)		(119,357)	(152,753)		(1,580,792)	(3,153,308)
Forfeited							(199,458)	(221,651)	(618,117)
Redeemed									(331,038)
Outstanding at the end of the period							16,146,524	17,234,497	19,754,450
Vested at the end of the period							9,804,757	8,509,652	10,288,263
Weighted Average Hurdle Price
Outstanding at the beginning of the period							$ 24.34	$ 21.59	$ 20.63
Granted							57.85	44.21	28.01
Exchanged							17.65	12.51
Forfeited							23.22	24.67	11.24
Redeemed									27.80
Outstanding at the end of the period							26.44	24.34	21.59
Vested at the end of the period							$ 20.44	18.31	15.37
Fair value of the stock option grants determined with assumptions
Redeemed									27.80
Vesting period							4 years
Total unrecognized expense							$ 35,904
Weighted-average period to recognize compensation expense (in years)							2 years 8 months 12 days
Incentive Units | Hurdle Rate $1.42
Incentive Units
Outstanding at the end of the period							421
Vested at the end of the period							421
Weighted Average Hurdle Price
Hurdle Rates							$ 1.42
Incentive Units | Hurdle Rate 5.50
Incentive Units
Outstanding at the end of the period							798
Vested at the end of the period							798
Weighted Average Hurdle Price
Hurdle Rates							$ 5.50
Incentive Units | Hurdle Rate 6.00
Incentive Units
Outstanding at the end of the period							386
Vested at the end of the period							386
Weighted Average Hurdle Price
Hurdle Rates							$ 6
Incentive Units | Hurdle Rate 7.00
Incentive Units
Outstanding at the end of the period							1,081
Vested at the end of the period							1,081
Weighted Average Hurdle Price
Hurdle Rates							$ 7
Incentive Units | Hurdle Rate 9.00
Incentive Units
Outstanding at the end of the period							708,107
Vested at the end of the period							708,107
Weighted Average Hurdle Price
Hurdle Rates							$ 9
Incentive Units | Hurdle Rate 11.00
Incentive Units
Outstanding at the end of the period							813,001
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
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
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
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
Vested at the end of the period							45,191
Weighted Average Hurdle Price
Hurdle Rates							$ 16
Incentive Units | Hurdle Rate 17.00
Incentive Units
Outstanding at the end of the period							20,000
Vested at the end of the period							20,000
Weighted Average Hurdle Price
Hurdle Rates							$ 17
Incentive Units | Hurdle Rate 19.00
Incentive Units
Outstanding at the end of the period							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							3,045,236
Vested at the end of the period							3,045,236
Weighted Average Hurdle Price
Hurdle Rates							$ 21
Incentive Units | Hurdle Rate 22.00
Incentive Units
Outstanding at the end of the period							821,417
Vested at the end of the period							821,417
Weighted Average Hurdle Price
Hurdle Rates							$ 22
Incentive Units | Hurdle Rate 23.00
Incentive Units
Outstanding at the end of the period							524,828
Vested at the end of the period							524,828
Weighted Average Hurdle Price
Hurdle Rates							$ 23
Incentive Units | Hurdle Rate 26.26
Incentive Units
Outstanding at the end of the period							12,500
Weighted Average Hurdle Price
Hurdle Rates							$ 26.26
Incentive Units | Hurdle Rate 27.00
Incentive Units
Outstanding at the end of the period							16,734
Vested at the end of the period							9,363
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
Vested at the end of the period							931,758
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
Vested at the end of the period							1,051,459
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
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
Vested at the end of the period							7,500
Weighted Average Hurdle Price
Hurdle Rates							$ 33
Incentive Units | Hurdle Rate 36.64
Incentive Units
Outstanding at the end of the period							30,000
Vested at the end of the period							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
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
Vested at the end of the period							203,142
Weighted Average Hurdle Price
Hurdle Rates							$ 44.71
Incentive Units | Hurdle Rate 58.50
Incentive Units
Outstanding at the end of the period							662,277
Weighted Average Hurdle Price
Hurdle Rates							$ 58.50
Time based incentive units
Weighted Average Grant Date Fair Value
Granted							$ 18.35	$ 13.72	$ 7.15
Fair value of the stock option grants determined with assumptions
Expected term (in years)							5 years	5 years	4 years
Expected stock price volatility (in percent)							34.00%	35.00%	29.00%
Risk-free interest rate (in percent)							1.19%	0.39%	1.64%
Time-based stock option awards
Weighted Average Grant Date Fair Value
Granted							$ 20.89	$ 15.37	$ 9.03
Fair value of the stock option grants determined with assumptions
Expected term (in years)							6 years 3 months 18 days	6 years 3 months 18 days	6 years 2 months 12 days
Expected stock price volatility (in percent)							34.00%	34.00%	29.00%
Risk-free interest rate (in percent)							1.29%	0.54%	1.76%
Vesting period							4 years
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 - Components of in

INCOME TAXES - Components of income (loss) before income tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Income (loss) before income tax, United States	$ 36,274	$ 65,472	$ (7,828)
Income (loss) before income tax, Foreign	8,248	4,153	2,852
INCOME (LOSS) BEFORE INCOME TAX	$ 44,522	$ 69,625	$ (4,976)

INCOME TAXES - Components of _2

INCOME TAXES - Components of income tax expense (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current provision:
Federal	$ 19,742	$ 10,363	$ 1,201
State and local	7,855	5,355	1,579
Foreign	6,906	4,169	2,419
Total current provision	34,503	19,887	5,199
Deferred provision (benefit):
Federal	(7,958)	1,854	2,293
State and local	(3,674)	580	435
Foreign	(2,789)	(1,661)	(878)
Total deferred provision (benefit)	(14,421)	773	1,850
Total income tax expense (benefit)	$ 20,082	$ 20,660	$ 7,049

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets (liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Investment in Focus LLC	$ 254,454	$ 106,553
Federal net operating loss carryforwards	11,561
Deferred rent and other	2,353	1,444
Gross deferred tax assets	268,368	107,997
Deferred tax liabilities:
Intangible assets	(32,483)	(27,084)
Fixed assets and other	(526)	(359)
Gross deferred tax liabilities	(33,009)	(27,443)
Net deferred tax assets (liabilities)	$ 235,359	$ 80,554

INCOME TAXES - Effective tax ra

INCOME TAXES - Effective tax rate reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
U.S. Federal statutory tax rate (as a percent)	21.00%	21.00%	21.00%
Income passed through to individual members (as a percent)	(6.10%)	(7.60%)	(11.30%)
Foreign income taxes (as a percent)	9.20%	3.60%	(31.00%)
Non-cash equity compensation expense (as a percent)	7.70%	3.50%	(41.80%)
Impairment of equity method investment			(31.00%)
Other non-deductible expenses	2.70%	0.90%	(19.20%)
State and local income taxes, net of U.S federal tax benefit (as a percent)	8.10%	7.00%	(32.60%)
Other (as a percent)	2.50%	1.30%	4.20%
Effective income tax rate (as a percent)	45.10%	29.70%	(141.70%)
Operating loss carryforwards	$ 55,051
Valuation allowance	$ 0	$ 0

TAX RECEIVABLE AGREEMENTS (Deta

TAX RECEIVABLE AGREEMENTS (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2022USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020agreement	Jul. 31, 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		$ 219,542	$ 81,563
Payments made under Tax Receivable Agreements	$ 3,856	$ 4,423

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Future minimum lease payments under operating leases
2022	$ 54,815
2023	51,033
2024	46,755
2025	40,331
2026	34,186
2027 and thereafter	112,686
Total	339,806
Less: present value discount	(62,482)
Operating lease liabilities	$ 277,324	$ 253,295
Weighted-average discount rate	5.00%	6.00%
Weighted-average remaining lease term	7 years	8 years
Other information pertaining to leases
Operating lease costs included in selling general and administrative expenses	$ 74,340	$ 50,123
Operating cash flows from operating leases	73,481	47,798
Operating lease assets obtained in exchange for operating lease obligations	$ 61,750	$ 87,699

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Liabilities, clearing brokers	$ 0	$ 0
Client assets in a private fund	$ 27,000

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Compensation and related expenses
EMPLOYEE BENEFIT PLANS
Employee benefit plan expense	$ 13,628	$ 9,357	$ 10,235

NET CAPITAL REQUIREMENTS (Detai

NET CAPITAL REQUIREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
NET CAPITAL REQUIREMENTS
Aggregate net capital of subsidiaries	$ 19,520	$ 12,253
Excess net capital	15,853	9,516
Minimum net capital requirement	$ 3,667	$ 2,737

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental disclosures of cash flow information-cash paid for:
Interest	$ 53,721	$ 41,352	$ 57,344
Income taxes	36,806	18,927	7,775
Supplemental non-cash cash flow information:
Fair market value of estimated contingent consideration in connection with acquisitions	$ 212,074	$ 46,918	$ 82,781

RELATED PARTIES (Details)

RELATED PARTIES (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt issuance costs			$ 8,282	$ 634	$ 3,743
Chief Executive Officer
Expenses recognized			2,326	$ 1,280	1,906
Affiliates of holders of Class A common stock and Class B common stock
Underwriting fees received by affiliates of stockholders	$ 1,048	$ 4,596
Affiliates of holders of Class A common stock and Class B common stock | First Lien Term Loan
Debt issuance costs			$ 394		$ 135

OTHER (Details)

OTHER (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
OTHER
Management contract buyout expense	$ 1,428
Impairment of equity method investment	$ 11,749