Focus Financial Partners (FOCS) 10-K 16 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 13, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
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
Entity Central Index Key	0001651052
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 1,963,340,301
Class A common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		65,935,962
Class B common stock
Document and Entity Information
Entity Common Stock, Shares Outstanding		11,827,321

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 139,973	$ 310,684
Accounts receivable less allowances of $3,255 at 2021 and $3,862 at 2022	217,219	198,827
Prepaid expenses and other assets	151,356	123,826
Fixed assets-net	54,748	47,199
Operating lease assets	258,697	249,850
Debt financing costs-net	7,590	4,254
Deferred tax assets-net	230,130	267,332
Goodwill	2,167,917	1,925,315
Other intangible assets-net	1,639,124	1,581,719
TOTAL ASSETS	4,866,754	4,709,006
LIABILITIES
Accounts payable	12,213	11,580
Accrued expenses	80,679	72,572
Due to affiliates	70,974	105,722
Deferred revenue	10,726	10,932
Contingent consideration and other liabilities	335,033	468,284
Deferred tax liabilities	29,579	31,973
Operating lease liabilities	288,895	277,324
Borrowings under credit facilities (stated value of $2,407,302 and $2,563,970 at December 31, 2021 and December 31, 2022, respectively)	2,510,749	2,393,669
Tax receivable agreements obligations	224,611	219,542
TOTAL LIABILITIES	3,563,459	3,591,598
COMMITMENTS AND CONTINGENCIES (Note 14)
EQUITY
Additional paid-in capital	918,044	841,753
Retained earnings	116,779	24,995
Accumulated other comprehensive income	18,318	3,029
Total shareholders' equity	1,053,918	870,544
Non-controlling interest	249,377	246,864
Total equity	1,303,295	1,117,408
TOTAL LIABILITIES AND EQUITY	4,866,754	4,709,006
Class A common stock
EQUITY
Common stock	659	653
Class B common stock
EQUITY
Common stock	$ 118	$ 114

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts receivable, allowances	$ 3,862	$ 3,255
Borrowings under credit facilities, stated value	$ 2,563,970	$ 2,407,302
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	65,929,644	65,320,124
Common stock, outstanding shares	65,929,644	65,320,124
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	11,827,321	11,439,019
Common stock, outstanding shares	11,827,321	11,439,019

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES:
Total revenues	$ 2,143,321	$ 1,797,951	$ 1,361,319
OPERATING EXPENSES:
Compensation and related expenses	729,891	591,121	476,208
Management fees	530,329	491,433	349,475
Selling, general and administrative	376,417	297,636	236,377
Intangible amortization	261,842	187,848	147,783
Non-cash changes in fair value of estimated contingent consideration	(64,747)	112,416	19,197
Depreciation and other amortization	15,281	14,625	12,451
Total operating expenses	1,849,013	1,695,079	1,241,491
INCOME FROM OPERATIONS	294,308	102,872	119,828
OTHER INCOME (EXPENSE):
Interest income	791	422	453
Interest expense	(99,887)	(55,001)	(41,658)
Amortization of debt financing costs	(3,999)	(3,958)	(2,909)
Loss on extinguishment of borrowings	(1,807)		(6,094)
Other expense-net	(11,370)	(337)	(214)
Income from equity method investments	319	524	219
Total other expense-net	(115,953)	(58,350)	(50,203)
INCOME BEFORE INCOME TAX	178,355	44,522	69,625
INCOME TAX EXPENSE	53,077	20,082	20,660
NET INCOME	125,278	24,440	48,965
Non-controlling interest	(33,494)	(14,028)	(20,920)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	91,784	10,412	28,045
Wealth management fees
REVENUES:
Total revenues	2,056,328	1,717,365	1,286,130
Other
REVENUES:
Total revenues	$ 86,993	$ 80,586	$ 75,189
Class A common stock
Income per share of Class A common stock:
Basic (in dollars per share)	$ 1.40	$ 0.18	$ 0.58
Diluted (in dollars per share)	$ 1.39	$ 0.18	$ 0.57
Weighted average shares of Class A common stock outstanding:
Basic (in shares)	65,552,592	57,317,477	48,678,584
Diluted (in shares)	65,810,215	57,831,151	48,796,613

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 125,278	$ 24,440	$ 48,965
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(10,255)	(5,332)	7,555
Unrealized gain (loss) on interest rate swaps designated as cash flow hedges	30,145	13,212	(8,596)
Comprehensive income	145,168	32,320	47,924
Less: Comprehensive income attributable to noncontrolling interest	(38,095)	(16,712)	(20,747)
Comprehensive income attributable to common shareholders	$ 107,073	$ 15,608	$ 27,177

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 125,278	$ 24,440	$ 48,965
Adjustments to reconcile net income to net cash provided by operating activities-net of effect of acquisitions:
Intangible amortization	261,842	187,848	147,783
Depreciation and other amortization	15,281	14,625	12,451
Amortization of debt financing costs	3,999	3,958	2,909
Non-cash equity compensation expense	30,453	31,602	22,285
Non-cash changes in fair value of estimated contingent consideration	(64,747)	112,416	19,197
Income from equity method investments	(319)	(524)	(219)
Distributions received from equity method investments	1,396	1,143	231
Deferred taxes and other non-cash items	32,243	(8,568)	2,618
Loss on extinguishment of borrowings	1,807		6,094
Changes in cash resulting from changes in operating assets and liabilities:
Accounts receivable	(16,778)	(32,006)	(37,913)
Prepaid expenses and other assets	(245)	2,103	74
Accounts payable	(82)	486	606
Accrued expenses	10,445	14,444	10,876
Due to affiliates	(35,060)	38,831	7,650
Contingent consideration and other liabilities	(74,765)	(77,423)	(29,683)
Deferred revenue	(2,149)	543	(2,563)
Net cash provided by operating activities	288,599	313,918	211,361
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for acquisitions and contingent consideration-net of cash acquired	(461,522)	(979,062)	(348,674)
Purchase of fixed assets	(21,017)	(11,018)	(19,349)
Investments and other, net	7,358	(17,232)	(4,950)
Net cash used in investing activities	(475,181)	(1,007,312)	(372,973)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit facilities	1,998,900	1,318,375	555,000
Repayments of borrowings under credit facilities	(1,873,332)	(425,320)	(326,566)
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	(3,856)	(4,423)
Contingent consideration paid	(62,025)	(78,092)	(49,891)
Payments of deferred acquisition consideration	(1,484)
Payments of debt financing costs	(19,072)	(8,282)	(634)
Proceeds from exercise of stock options	1,158	8,350	6,912
Equity awards withholding	(685)	(1,343)	(386)
Other	372	(58)	(147)
Distributions for unitholders	(22,984)	(32,311)	(22,457)
Net cash provided by financing activities	16,992	938,797	161,831
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS	(1,121)	(577)	461
CHANGE IN CASH AND CASH EQUIVALENTS	(170,711)	244,826	680
CASH AND CASH EQUIVALENTS:
Beginning of period	310,684	65,858	65,178
End of period	$ 139,973	$ 310,684	$ 65,858

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total Shareholders' Equity	Common Stock Class A common stock	Common Stock Class B common stock	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest	Total
Beginning balance at Dec. 31, 2019	$ 484,120	$ 474	$ 221	$ 498,186	$ (13,462)	$ (1,299)	$ 319,850	$ 803,970
Beginning balance (in shares) at Dec. 31, 2019		47,421,315	22,075,749
Increase (Decrease) in shareholders' equity
Net income	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 expenses	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-net of tax	(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	10,412				10,412		14,028	24,440
Issuance of common stock in connection with an acquisition and contingent consideration	3,520	$ 1	$ 5	3,514				3,520
Issuance of common stock in connection with an acquisition 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 expenses	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-net of tax	9,371					9,371	3,841	13,212
Adjustments of deferred taxes, net of amounts payable under tax receivable agreements and changes from Focus 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
Increase (Decrease) in shareholders' equity
Net income	91,784				91,784		33,494	125,278
Issuance of common stock in connection with an acquisition and contingent consideration	9		$ 9					9
Issuance of common stock in connection with an acquisition and contingent consideration (in shares)			839,184
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights	19,657	$ 5	$ (5)	19,657				19,657
Issuance (cancellation) of common stock in connection with exercise of Focus LLC common unit exchange rights (in shares)		488,258	(488,258)
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights	1,735	$ 1		1,734				1,735
Issuance of common stock in connection with exercise of Focus LLC incentive unit exchange rights (in shares)		43,720
Exercise of stock options	1,158			1,158				1,158
Exercise of stock options (in shares)		42,076
Restricted stock units vesting and related withholdings	(763)			(763)				(763)
Restricted stock units vesting and related withholdings (in shares)		35,466
Restricted common units vesting (in shares)			37,376
Change in non-controlling interest allocation	53,127			53,127			(35,582)	17,545
Non-cash equity compensation expenses	8,726			8,726				8,726
Currency translation adjustment - net of tax	(8,336)					(8,336)	(1,919)	(10,255)
Unrealized gain (loss) on interest rate swaps designated as cash flow hedges-net of tax	23,625					23,625	6,520	30,145
Adjustments of deferred taxes, net of amounts payable under tax receivable agreements and changes from Focus LLC interest transactions	(7,348)			(7,348)				(7,348)
Ending balance at Dec. 31, 2022	$ 1,053,918	$ 659	$ 118	$ 918,044	$ 116,779	$ 18,318	$ 249,377	$ 1,303,295
Ending Balance (in shares) at Dec. 31, 2022		65,929,644	11,827,321

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2022
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 or equity 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, 2022
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. 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 Per Share Income 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 composed 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, 2020, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 Domestic revenue ​ $ 1,291,630 ​ $ 1,691,345 ​ $ 2,016,845 International revenue ​ 69,689 ​ 106,606 ​ 126,476 Total revenue ​ $ 1,361,319 ​ $ 1,797,951 ​ $ 2,143,321 ​ International revenue consists of revenue generated by partner firm legal entities primarily in Australia, Canada, Switzerland, the United Kingdom and in other non-US jurisdictions. 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 2021 and 2022, the Company acquired minority equity interests in wealth management firms for $1,632 and $5,232 in cash 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. During the year ended December 31, 2021, the Company invested $18,000 in a publicly traded mutual fund that was sold during the year ended December 31, 2022. Unrealized and realized gains and losses are recognized in other expense-net in the consolidated statements of operations. 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 First Lien Revolver borrowings (as defined below) and First Lien Term Loan A borrowings (as defined below) 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 B (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 as hedges and have been designated as part of a hedging relationship for accounting purposes do not impact earnings until the hedged item is recognized in earnings. The Company uses interest rate swaps to manage its mix of fixed and floating rate debt. These instruments have been designated as cash flow hedges at inception and are measured for effectiveness both at inception and on an ongoing basis. In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU No. 2020-04 provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London InterBank Offered Rate (“LIBOR”) or another rate that is expected to be discontinued. The Company applied the provisions of ASU No. 2020-04 in connection with the November 2022 amendment to the Credit Facility and related modification of its derivative contracts (See Notes 8 and 9). 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, 2021 and 2022. 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. An option premium of $2,000 was paid by the Company to a Singapore based wealth management firm during the year ended December 31, 2022 and is included in prepaid expenses and other assets in the consolidated balance sheets as of December 31, 2022. There were no option premiums as of December 31, 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 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.

NON-CONTROLLING INTERESTS AND I

NON-CONTROLLING INTERESTS AND INCOME PER SHARE	12 Months Ended
	Dec. 31, 2022
NON-CONTROLLING INTERESTS AND INCOME PER SHARE
NON-CONTROLLING INTERESTS AND INCOME PER SHARE	3. NON-CONTROLLING INTERESTS AND INCOME PER SHARE The calculation of controlling and non-controlling interest is as follows as of December 31, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ 2022 ​ Focus LLC common units 11,439,019 ​ ​ 11,827,321 ​ Focus LLC restricted common units ​ 193,625 ​ ​ 296,548 ​ Common unit equivalents of outstanding vested and unvested Focus LLC incentive units(1) ​ 8,996,789 ​ ​ 5,196,288 ​ Total common units, restricted common units and common unit equivalents attributable to non-controlling interest ​ 20,629,433 ​ ​ 17,320,157 ​ Total common units, restricted common units and common unit equivalents of incentive units outstanding ​ 85,949,557 ​ ​ 83,249,801 ​ Non-controlling interest allocation ​ 24.0 % ​ 20.8 % Company’s interest in Focus LLC ​ 76.0 % ​ 79.2 % (1) Focus LLC common units issuable upon conversion of 16,146,524 and 16,602,886 (see Note 10) vested and unvested Focus LLC incentive units outstanding as of December 31, 2021 and 2022, 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 per share is calculated utilizing net income attributable to common shareholders divided by the weighted average number of shares of Class A common stock outstanding during the same period. The calculation of basic income per share for the years ended December 31, 2020, 2021 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 ​ Basic income per share: ​ ​ ​ ​ ​ ​ ​ Net income attributable to common shareholders ​ $ 28,045 ​ $ 10,412 ​ $ 91,784 ​ Weighted average shares of Class A common stock outstanding ​ 48,678,584 ​ 57,317,477 ​ 65,552,592 ​ Basic income per share ​ $ 0.58 ​ $ 0.18 ​ $ 1.40 ​ ​ Diluted income per share is calculated utilizing net income attributable to common shareholders divided by the weighted average number of shares of Class A common stock outstanding during the same periods plus the effect, if any, of the potentially dilutive shares of the Company’s Class A common stock from stock options, unvested Class A Common Stock, restricted stock units and Focus LLC common units, 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 per share for the years ended December 31, 2020, 2021 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ Diluted income per share: ​ ​ ​ ​ ​ ​ ​ Net income attributable to common shareholders ​ $ 28,045 ​ $ 10,412 ​ $ 91,784 ​ Weighted average shares of Class A common stock outstanding ​ 48,678,584 ​ 57,317,477 ​ 65,552,592 ​ Effect of dilutive stock options ​ ​ 77,302 ​ ​ 461,306 ​ ​ 235,187 ​ Effect of dilutive unvested Class A common stock ​ ​ 23,822 ​ ​ — ​ ​ — ​ Effect of dilutive restricted stock units ​ ​ 16,905 ​ ​ 52,368 ​ ​ 22,436 ​ Total ​ 48,796,613 ​ 57,831,151 ​ 65,810,215 ​ Diluted income per share ​ $ 0.57 ​ $ 0.18 ​ $ 1.39 ​ ​ ​ Diluted income per share for the years ended December 31, 2020, 2021 and 2022 excludes shares related to market-based stock options and Focus LLC incentive units, as modified, that vest on the sixth anniversary of the pricing of the Company’s initial public offering (“IPO”) with vesting based on the highest volume weighted average per share price for any ninety-calendar day period (“90-day VWAP”) prior to the anniversary, with 0% vesting if the highest 90-day VWAP is $80.00 or less and 100% vesting if the highest 90-day VWAP is $110.00 or more, with linear interpolation in between (see Note 10). These market-based stock options and Focus LLC incentive units will also vest upon a change of control linearly based on the share price used in the transaction with 100% vesting if the price used is $110.00, 0% vesting if the price used is equal to or less than $33.00, and linear interopolation in between, except as governed by the employment agreements entered into with the Company’s executive officers. Such market-based and other criteria were not met during the years ended December 31, 2020, 2021 and 2022. ​ 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 per share, net income attributable to Class A common shareholders would be adjusted due to the elimination of the non-controlling interests (including any associated tax impact). For the years ended December 31, 2020, 2021 and 2022, such exchange is not reflected in diluted income per share as the assumed exchange is not dilutive.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2022
ACQUISITIONS
ACQUISITIONS	4. ACQUISITIONS Business Acquisitions The purchase price associated with business acquisitions and the allocation thereof during the years ended December 31, 2020, 2021 and 2022, is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 Number of business acquisitions closed ​ ​ 21 ​ ​ 36 ​ 18 Consideration: ​ ​ ​ ​ ​ ​ ​ ​ Cash due at closing ​ $ 327,722 ​ $ 983,240 ​ $ 450,943 Estimated working capital adjustments and other ​ ​ (174) ​ ​ (577) ​ ​ 1,127 Cash due subsequent to closing at net present value ​ ​ — ​ ​ 86,778 ​ ​ 9,611 Fair market value of Focus LLC common units issued ​ — ​ ​ 23,118 ​ ​ 28,992 Fair market value of Class A common stock issued ​ ​ — ​ ​ 3,515 ​ ​ — Fair market value of estimated contingent consideration ​ 46,918 ​ ​ 212,074 ​ ​ 56,604 Total consideration ​ $ 374,466 ​ $ 1,308,148 ​ $ 547,277 Allocation of purchase price: ​ ​ ​ ​ ​ ​ ​ ​ Total tangible assets ​ $ 21,216 ​ $ 61,854 ​ $ 29,991 Total liabilities assumed ​ (31,680) ​ ​ (83,444) ​ ​ (32,551) Customer relationships ​ 215,686 ​ ​ 616,283 ​ ​ 287,172 Management contracts ​ 7,774 ​ ​ 33,350 ​ ​ 11,414 Goodwill ​ 160,341 ​ ​ 677,195 ​ ​ 249,677 Other acquired intangibles ​ 1,129 ​ ​ 2,910 ​ ​ 1,574 Total allocated consideration ​ $ 374,466 ​ $ 1,308,148 ​ $ 547,277 ​ Management believes approximately $461,746 of tax goodwill and intangibles related to business acquisitions completed during the year ended December 31, 2022 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, 2022 includes revenue and income from operations for business acquisitions that are new subsidiary partner firms from the date they were acquired of $29,883 and $3,140, 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 December 31, 2020, 2021 and 2022, the Company paid $2,451, $4,577 and $9,071, respectively, of additional purchase price consideration related to asset acquisitions. Intangible assets acquired in asset acquisitions for the years ended December 31, 2020, 2021 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 Customer relationships ​ $ 24,851 ​ $ 2,916 ​ $ 12,297 Other acquired intangibles ​ 1,308 ​ 125 ​ 495 Total ​ $ 26,159 ​ $ 3,041 ​ $ 12,792 ​ The weighted-average useful life of intangibles acquired during the years ended December 31, 2020, 2021 and 2022 through business acquisitions and asset acquisitions are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 2022 Management contracts 18 ​ 14 ​ 7 Customer relationships 9 ​ 9 ​ 9 Other acquired intangibles 5 ​ 5 ​ 5 Weighted-average useful life of all intangibles acquired 9 ​ 9 ​ 9 ​ From January 1, 2023 to February 16, 2023, the Company completed wealth management business acquisitions for cash consideration of $28,771 at closing, deferred cash consideration of $2,366, plus contingent consideration. ​

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2022
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, 2020, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 Balance beginning 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 Goodwill acquired ​ 160,341 ​ 677,195 ​ ​ 249,677 Other ​ 4,987 ​ (7,439) ​ ​ (7,075) ​ ​ 165,328 ​ 669,756 ​ ​ 242,602 Balance end of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ 1,278,183 ​ 1,947,939 ​ ​ 2,190,541 Cumulative impairment losses ​ (22,624) ​ (22,624) ​ ​ (22,624) ​ ​ $ 1,255,559 ​ $ 1,925,315 ​ $ 2,167,917 ​ There were no goodwill impairment losses during the years ended December 31, 2020, 2021 and 2022. 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 ​ The following table summarizes the amortizing acquired intangible assets at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Carry Accumulated Net Book ​ ​ Amount ​ Amortization ​ Value Customer relationships ​ $ 2,530,062 ​ $ (1,029,197) ​ $ 1,500,865 Management contracts ​ 202,479 ​ ​ (70,624) ​ ​ 131,855 Other acquired intangibles ​ 13,416 ​ ​ (7,012) ​ ​ 6,404 Total ​ $ 2,745,957 ​ $ (1,106,833) ​ $ 1,639,124 ​ 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 2023 ​ $ 270,828 2024 ​ 254,749 2025 ​ 241,575 2026 ​ 217,115 2027 ​ 181,401 ​

FIXED ASSETS

FIXED ASSETS	12 Months Ended
	Dec. 31, 2022
FIXED ASSETS
FIXED ASSETS	6. FIXED ASSETS Fixed assets consist of the following at December 31, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 Leasehold improvements ​ $ 46,252 ​ $ 51,926 Computers, software development and equipment ​ ​ 39,074 ​ ​ 44,612 Furniture and fixtures ​ 20,834 ​ 24,689 Subtotal ​ 106,160 ​ 121,227 Less accumulated depreciation and amortization ​ (58,961) ​ (66,479) Total ​ $ 47,199 ​ $ 54,748 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2022
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 First Lien Term Loan B The implied fair value of the Company’s First Lien Term Loan B (as defined below) based on Level 2 inputs is as follows as of December 31, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ Stated Fair Stated Fair ​ ​ Value ​ Value ​ Value ​ Value First Lien Term Loan B - Tranche A ​ $ 1,610,928 ​ $ 1,598,846 ​ $ 1,755,600 ​ $ 1,735,850 First Lien Term Loan B - Tranche B ​ 796,374 ​ 792,392 ​ 788,370 ​ 772,603 ​ Derivatives At December 31, 2021 and 2022, the fair value of the Company’s $850,000 notional amount interest rate swap agreements was $5,810 and $44,219, respectively, which are included in prepaid expenses and other assets 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. At December 31, 2021 and 2022, deferred cash consideration in connection with business acquisitions of $114,156 and $122,079, respectively, are included in contingent consideration and other liabilities in the consolidated balance sheets at present value. At December 31, 2022, amounts due are as follows: $19,357 in 2023, $21,947 in 2024, $8,157 in 2025, $0 in 2026, $4,748 in 2027, $0 in 2028 and $67,870 in 2029. The following table represents changes in the fair value of estimated contingent consideration for business acquisitions for the years ended December 31, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 Balance at January 1, ​ $ 169,670 $ 350,027 Additions to estimated contingent consideration ​ 212,074 ​ ​ 56,604 Assumed estimated contingent consideration obligation ​ ​ — ​ ​ 12,637 Payments of contingent consideration ​ (143,107) ​ ​ (148,638) Non-cash changes in fair value of estimated contingent consideration ​ 112,416 ​ ​ (64,747) Other ​ (1,026) ​ ​ (1,575) Balance at December 31, ​ $ 350,027 ​ $ 204,308 ​ Estimated contingent consideration is included in contingent consideration and other liabilities in the accompanying consolidated balance sheets. 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 the year ended December 31, 2022, the Company paid $138,940 in cash and issued $9,698 in Focus LLC common units as contingent consideration associated with business acquisitions During the years ended December 31, 2021 and 2022, the Company paid cash of $4,577 and $9,071 , 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, 2021 and 2022 are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information About Level 3 ​ ​ Fair Value Measurements Fair Value at Valuation Unobservable ​ December 31, 2022 ​ Techniques ​ Inputs ​ Ranges $ 204,308 ​ Monte Carlo Simulation Model ​ Forecasted growth rates ​ (7.8)% - 32.4 % ​ ​ ​ ​ ​ Discount rates ​ 13.0% - % ​

CREDIT FACILITY

CREDIT FACILITY	12 Months Ended
	Dec. 31, 2022
CREDIT FACILITY.
CREDIT FACILITY	8. As of December 31, 2022, Focus LLC’s credit facility (the “Credit Facility”) consisted of a $2,543,970 first lien term loan B (the “First Lien Term Loan B”), consisting of a $1,755,600 tranche A (“First Lien Term Loan B - Tranche A”) and $788,370 tranche B (“First Lien Term Loan B - Tranche B”), a $240,000 delayed draw first lien term loan A (the “First Lien Term Loan A”), and a $650,000 first lien revolving credit facility (the “First Lien Revolver”). In April 2022, Focus LLC amended the First Lien Revolver to extend the maturity date to June 2024 and change the benchmark interest rate from LIBOR to the Secured Overnight Financing Rate (“SOFR”). In November 2022, Focus LLC amended the Credit Facility to, among other things, (i) repay the then existing $1,598,408 First Lien Term Loan B - Tranche A and issue $1,760,000 stated value First Lien Term Loan B - Tranche A with a maturity date of June 2028, (ii) change the First Lien Term Loan B - Tranche B benchmark interest rate from LIBOR to SOFR, (iii) issue $240,000 delayed draw First Lien Term Loan A with a maturity date of November 2027 and (iv) change the maturity date of the First Lien Revolver to November 2027. The First Lien Term Loan B - Tranche A bears interest (at Focus LLC’s option) at: (i) SOFR plus a margin of 3.25% with a 0.50% SOFR floor or (ii) the lender’s Base Rate (as defined in the Credit Facility) plus a margin of 2.25%. The First Lien Term Loan B - Tranche A requires quarterly installment repayments of $4,400 and has a maturity date of June 2028. The refinanced debt was issued at a discount of 1.75% or $30,800 which is being amortized to interest expense over the term of the First Lien Term Loan B - Tranche A. The First Lien Term Loan B - Tranche A also requires a prepayment penalty of 1%, of the then outstanding principal amount of the First Lien Term Loan B - Tranche A if repaid prior to May 2023. The First Lien Term Loan B - Tranche B bears interest (at Focus LLC’s option) at: (i) SOFR plus a margin of 2.50% with a 0.50% SOFR floor or (ii) the lender’s Base Rate plus a margin of 1.50%. The First Lien Term Loan B - Tranche B requires quarterly installment repayments of $2,001 and has a maturity date of June 2028. The First Lien Term Loan A bears interest (at Focus LLC’s option) at: (i) SOFR plus a margin of 2.50% with a 0.50% SOFR floor or (ii) the lender’s Base Rate plus a margin of 1.50% . The First Lien Term Loan A has a nine month delayed draw feature, which expires in August 2023. The delayed draw feature has a ticking fee with respect to the undrawn commitments with (i) of the interest rate margin for the First Lien Term Loan A after 121 days of the closing date. The First Lien Term Loan A, when drawn, will be issued at a discount of which will be amortized to interest expense over the remaining term from the date that it is drawn. When drawn, the First Lien Term Loan A will require quarterly installment repayments equal to 2025 As amended, the First Lien Revolver bears interest (at Focus LLC’s option) at SOFR plus a margin of 2.25% with step downs to 2.00% and 1.75% or the lender’s Base Rate plus a margin of 1.25% with step downs to 1.00% and 0.75%, 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. 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 has a maturity date of November 2027. 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, 2022, Focus LLC's First Lien Leverage Ratio was 4.19:1.00, which satisfied the maximum ratio of 6.25:1.00. First Lien Leverage Ratio means the ratio of amounts outstanding under the Credit Facility 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 $578,396 at December 31, 2022. 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, 2021 and 2022. Based on the excess cash flow calculation for the year ended December 31, 2022, no contingent principal payments are required to be made during the year ending December 31, 2023. In connection with the April 2022 and November 2022 amendments, Focus LLC paid $1,111 and $17,961, respectively, in debt financing costs and recognized a loss on extinguishment of borrowings of $1,807 in connection with the November 2022 amendment. The Company defers and amortizes its debt financing costs and original issue discounts over the respective terms of the borrowings. The debt financing costs related to the First Lien Term Loan B and First Lien Term Loan A are recorded as a reduction of the carrying amounts of the respective borrowings 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, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 First Lien Term Loan B - Tranche A ​ $ 1,610,928 ​ $ 1,755,600 First Lien Term Loan B - Tranche B ​ ​ 796,374 ​ ​ 788,370 First Lien Term Loan A ​ ​ — ​ ​ 20,000 First Lien Revolver ​ ​ — ​ ​ — Unamortized debt financing costs ​ (7,523) ​ (17,750) Unamortized discount ​ (6,110) ​ (35,471) Total ​ $ 2,393,669 ​ $ 2,510,749 ​ At December 31, 2021 and 2022, unamortized debt financing costs associated with the First Lien Revolver of $4,254 and $7,590, respectively, were recorded in debt financing costs-net in the consolidated balance sheets. In connection with January 2021 and July 2021 amendments to its First Lien Term Loan B Focus LLC paid $8,282 in debt financing costs. For the years ended December 31, 2021 and 2022, weighted-average interest rates for borrowings were approximately 3% and 4%, respectively. As of December 31, 2021 and 2022, the First Lien Revolver available unused commitment line was $642,085 and $639,997 respectively. As of December 31, 2021 and 2022, Focus LLC was contingently obligated for letters of credit in the amount of $7,915 and $10,003, respectively, each bearing interest at an annual rate of approximately 2%.

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2022
DERIVATIVES
DERIVATIVES	9. DERIVATIVES In connection with the November 2022 amendment to the Credit Facility, the Company terminated its three then existing interest rate swaps, with notional amounts of $400,000, $250,000 and $200,000, which provided the Company pay interest to the counterparty each month at a rate of 0.713%, 0.537% and 0.5315%, respectively, and receive interest from each of the counterparties each month at the 1 month LIBOR rate, subject to a 0.0% floor (the “LIBOR Swaps”), and entered into the SOFR Swaps (as defined below) with the same notional amounts. ​ At December 31, 2022, the Company has three floating to fixed interest rate swap agreements with notional amounts of $400,000, $250,000 and $200,000, the terms of which provide that the Company pay interest to the counterparty each month at a rate of 0.619%, 0.447% and 0.440%, respectively, and receive interest from each of the counterparties each month at the 1 month USD Term SOFR rate, subject to a 0.50% floor (the "SOFR Swaps"). ​ The interest rate swaps effectively fix the variable interest rate applicable to the first $850,000 of the Company’s variable interest rate borrowings outstanding. The Company designated these swaps as cash flow hedges of the Company’s exposure to the variability of the payment of interest on this portion of its borrowings. ​ At December 31, 2021, the fair value of the LIBOR Swaps was $5,810, and at December 31, 2022, the fair value of the SOFR Swaps was $44,219. These amounts are included in prepaid expenses and other assets 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 $1,194 and $9,458 at December 31, 2021 and 2022, respectively.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2022
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. Other In February 2022, Focus LLC issued 187,795 common units and Focus Inc. issued a corresponding number of shares of Class B common stock in connection with a contingent consideration payment. In April 2022, Focus LLC issued 512,290 common units and Focus Inc. issued a corresponding number of shares of Class B common stock in connection with an acquisition. In November 2022, Focus LLC issued 139,099 common units and Focus Inc. 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, 2020, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ Stock Weighted Average ​ ​ Options ​ Exercise Price Outstanding—January 1, 2020 1,832,966 ​ $ 30.42 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 Granted ​ 686,130 ​ ​ 44.82 Exercised ​ (42,076) ​ ​ 27.54 Forfeited ​ (114,605) ​ ​ 47.27 Outstanding—December 31, 2022 ​ 2,461,317 ​ ​ 39.24 Vested—December 31, 2022 ​ 1,172,105 ​ ​ 33.53 ​ ​ 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, 2020, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ 2021 ​ ​ 2022 ​ Expected term ​ 6.3 years ​ ​ 6.3 years ​ 6.3 years Expected stock price volatility ​ 34 % ​ ​ 34 % ​ ​ 34 % Risk-free interest rate ​ 0.54 % ​ ​ 1.29 % ​ ​ 2.78 % Expected dividend yield ​ — % ​ ​ — % ​ ​ — % Weighted average grant date fair value $ 15.37 ​ ​ $ 20.89 ​ ​ $ 17.27 ​ ​ 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 would have vested on the fifth anniversary of the IPO if the 90-day 90-day 90-day 90-day or more, with linear interpolation in between. The vested stock options can only be exercised in accordance with the following schedule: (i) a total of ​ 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, 2020, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Restricted ​ Average ​ ​ Stock ​ Grant Date ​ Units Fair Value Outstanding—January 1, 2020 ​ 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 Granted ​ 138,708 ​ ​ 37.59 Forfeited ​ (17,245) ​ ​ 46.49 Vested ​ (56,500) ​ ​ 44.16 Outstanding—December 31, 2022 ​ 252,719 ​ ​ 43.02 ​ Restricted stock units generally vest ratably over a four-year period commencing on the grant date. The Company recognized $5,485, $6,036 and $8,727 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, 2020, 2021 and 2022, respectively. Total unrecognized expense, adjusted for estimated forfeitures, related to unvested stock options at December 31, 2022 was $17,078 and is expected to be recognized over a weighted-average period of 3.1 years. Total unrecognized expense, adjusted for estimated forfeitures, related to restricted stock units at December 31, 2022 was $10,252, and is expected to be recognized over a period of 3.2 years. Focus LLC Common Units As of December 31, 2022, Focus LLC had 11,827,321 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 2022, the Company issued an aggregate of 26,956 shares of Class A common stock and retired 25,000 shares of Class B common stock and 4,250 incentive units in Focus LLC and acquired 26,956 common units in Focus LLC, in each case as part of the regular quarterly exchanges offered to holders of units in Focus LLC. In May 2022, the Company issued an aggregate of 80,000 shares of Class A common stock and retired 80,000 shares of Class B common stock and acquired 80,000 common units in Focus LLC, in each case as part of the regular quarterly exchanges offered to holders of units in Focus LLC. In August 2022, the Company issued an aggregate of 396,731 shares of Class A common stock and retired 381,573 shares of Class B common stock and 36,357 incentive units in Focus LLC and acquired 396,731 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 2022, the Company issued an aggregate of 28,291 shares of Class A common stock and retired 1,685 shares of Class B common stock and 71,176 incentive units in Focus LLC and acquired 28,291 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, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Restricted ​ Average ​ ​ Common ​ Grant Date ​ Units Fair Value Outstanding—January 1, 2020 ​ — ​ $ — Granted ​ 73,276 ​ ​ 44.71 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 Granted ​ 157,057 ​ ​ 37.59 Vested ​ (54,134) ​ ​ 53.91 Outstanding—December 31, 2022 ​ 296,548 ​ ​ 45.78 ​ 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. The following table provides information relating to the status of, and changes in, Focus LLC incentive units granted during the years ended December 31, 2020, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Incentive Units ​ Hurdle Price ​ ​ ​ ​ ​ ​ Outstanding—January 1, 2020 ​ 19,754,450 ​ $ 21.59 Granted ​ 855,006 ​ ​ 44.21 Forfeited ​ (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 Granted 568,145 ​ 38.17 Exchanged ​ (111,783) ​ ​ 24.93 Outstanding—December 31, 2022 16,602,886 ​ 26.86 Vested—December 31, 2022 11,021,925 ​ 22.15 ​ 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 2020, 2021 and 2022 time-based incentive unit grants were calculated based on the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 Expected term ​ 5.0 ​ years ​ 5.0 ​ years ​ 5.0 years Expected unit price volatility ​ 35 ​ % ​ 34 ​ % ​ 36 % Risk-free interest rate ​ 0.39 ​ % ​ 1.19 ​ % ​ 3.58 % Expected dividend yield ​ — ​ % ​ — ​ % ​ — % Weighted average grant date fair value ​ $ 13.72 ​ ​ $ 18.35 ​ ​ $ 14.30 ​ ​ 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 would have vested on the fifth anniversary of the IPO if the 90-day 90-day 90-day 90-day or more, with linear interpolation in between. The vested incentive units can only be exchanged for Class A common stock in accordance with the following schedule: (i) a total of in July 2025, and (iii) an additional 50% (for a total of 100%) of the vested incentive units may be exchanged on and following the second anniversary of the date of vesting in July 2026. These market-based incentive units will also vest upon a change of control linearly based on the share price used in the transaction with 100% vesting if the price used is $110.00, 0% vesting if the price used is equal to or less than $33.00, and linear interopolation in between, except as governed by the employment agreements entered into with the Company’s executive officers. In connection with the modification, the Company will recognize incremental non-cash equity compensation expense of $10,144, less any forfeitures, from the modification date through July 2024, the sixth anniversary of the IPO. ​ 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 all 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 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, 2022 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 3,017,692 ​ 3,017,692 22.00 796,417 ​ 796,417 23.00 524,828 ​ 524,828 26.26 ​ 12,500 ​ 6,250 27.00 12,484 ​ 12,484 27.90 ​ 1,890,440 ​ 1,395,592 28.50 ​ 1,424,225 ​ 1,424,225 30.48 ​ 30,000 ​ 20,000 33.00 3,617,500 ​ 7,500 36.64 ​ 30,000 ​ 30,000 37.59 ​ 508,145 ​ — 43.07 ​ 60,000 ​ — 43.50 ​ 30,000 ​ 30,000 44.71 ​ 806,324 ​ 406,279 58.50 ​ 662,277 ​ 170,604 ​ ​ 16,602,886 ​ 11,021,925 ​ ​ The Company has recorded $16,800, $25,566 and $21,726 of non-cash equity compensation expense for incentive units and restricted common units during the years ended December 31, 2020, 2021 and 2022, respectively. ​ Total unrecognized expense, adjusted for estimated forfeitures, related to restricted common units at December 31, 2022, was $13,113 and is expected to be recognized over a weighted-average period of 3.3 years. ​ Total unrecognized expense, adjusted for estimated forfeitures, related to unvested incentive units at December 31, 2022, was $27,427 and is expected to be recognized over a weighted-average period of 2.5 years.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
INCOME TAXES	11. INCOME TAXES Income tax expense for year ended December 31, 2022 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 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 before income tax for the years ended December 31, 2020, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 Income before income tax: ​ ​ ​ United States ​ $ 65,472 ​ $ 36,274 ​ $ 163,923 Foreign ​ 4,153 ​ 8,248 ​ 14,432 Total income before income tax ​ $ 69,625 ​ $ 44,522 ​ $ 178,355 ​ The following represents the U.S. and foreign components of income tax expense for the years ended December 31, 2020, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 Current provision: ​ ​ ​ Federal ​ $ 10,363 ​ $ 19,742 ​ $ 12,373 State and local ​ 5,355 ​ 7,855 ​ 8,221 Foreign ​ 4,169 ​ 6,906 ​ 8,726 Subtotal ​ 19,887 ​ ​ 34,503 ​ ​ 29,320 Deferred provision (benefit): ​ ​ ​ Federal ​ 1,854 ​ (7,958) ​ 19,913 State and local ​ 580 ​ (3,674) ​ 8,065 Foreign ​ (1,661) ​ (2,789) ​ (4,221) Subtotal ​ 773 ​ (14,421) ​ 23,757 Total income tax expense ​ $ 20,660 ​ $ 20,082 ​ $ 53,077 ​ At December 31, 2021 and 2022, tax effects of book/tax temporary differences give rise to deferred tax assets (liabilities) as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 Deferred tax assets: ​ ​ Investment in Focus LLC, net ​ $ 254,454 ​ $ 224,004 Federal net operating loss carryforwards ​ ​ 11,561 ​ ​ 5,289 Business interest carryforwards ​ ​ — ​ ​ 6,494 Deferred rent and other ​ 2,353 ​ 2,479 Gross deferred tax assets ​ 268,368 ​ 238,266 Valuation allowance ​ ​ — ​ ​ (6,494) Deferred tax assets: ​ ​ 268,368 ​ ​ 231,772 Deferred tax liabilities: ​ ​ Intangible assets ​ (32,483) ​ (30,811) Fixed assets and other ​ (526) ​ (410) Gross deferred tax liabilities ​ (33,009) ​ (31,221) Net deferred tax assets ​ $ 235,359 ​ $ 200,551 ​ ​ A reconciliation of the differences between the U.S. federal statutory tax rate and the effective tax rate for the years ended December 31, 2020, 2021 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Income passed through to individual members (7.6) (6.1) (4.7) ​ Foreign income taxes 3.6 9.2 2.5 ​ Non-cash equity compensation expense ​ 3.5 ​ 7.7 ​ 1.8 ​ Non-cash changes in fair value of estimated contingent consideration ​ — ​ — ​ (1.5) ​ Other non-deductible expenses 0.9 2.7 0.3 ​ State and local income taxes, net of U.S. federal tax benefit 7.0 8.1 6.6 ​ Valuation allowance — — 3.6 ​ Other 1.3 2.5 0.2 ​ Effective income tax rate 29.7 % 45.1 % 29.8 % ​ At December 31, 2022, the Company had $25,185 of U.S. federal net operating loss carryforwards. At December 31, 2022, the Company had $24,053 of business interest carryforwards. These net operating loss carryforwards and business interest 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. Due to the uncertainty regarding the Company’s ability to utilize certain deferred tax assets in the future, the Company provided a valuation allowance of $6,494 at December 31, 2022 against certain of its deferred tax assets, which more than likely will not be realized. 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 2019. 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, 2022
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 $219,542 and $224,611 relating to its obligations under the Tax Receivable Agreements as of December 31, 2021 and 2022, respectively. During the years ended December 31, 2021 and 2022, payments totaling

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
LEASES
LEASES	13. LEASES The future minimum lease payments under operating leases in place as of December 31, 2022 were as follows: ​ ​ ​ ​ ​ Year ending December 31, Amount 2023 $ 60,113 2024 ​ 56,357 2025 ​ 49,917 2026 ​ 43,387 2027 ​ 37,541 2028 and thereafter ​ 99,413 ​ ​ ​ 346,728 Less: present value discount ​ ​ (57,833) Operating lease liabilities at December 31, 2022 ​ $ 288,895 ​ at December 31, 2021 and 2022. The weighted average remaining lease term at December 31, 2021 and 2022 was approximately ​ Other information pertaining to leases for the years ended December 31, 2021 and 2022 consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 Operating lease costs included in selling, general and administrative expenses ​ $ 74,340 ​ $ 61,057 Operating cash flows from operating leases ​ ​ 73,481 ​ ​ 59,090 Operating lease assets obtained in exchange for operating lease obligations ​ ​ 61,750 ​ ​ 72,012 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
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, 2021 and 2022, 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 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, 2021 and 2022, 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. 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 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, 2022
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, 2020, 2021 and 2022, the amounts recorded in expense relating to these plans were $9,357, $13,628 and $16,726, 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, 2022
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, 2021 and 2022, all regulated subsidiaries subject to minimum net capital requirements individually had net capital in excess of minimum net capital requirements. 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. As of December 31, 2022, these subsidiaries had aggregate net capital of $25,318 which was $20,280 in excess of aggregate minimum net capital requirements of $5,038.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2022
CASH FLOW INFORMATION
CASH FLOW INFORMATION	17. CASH FLOW INFORMATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2021 2022 Supplemental disclosures of cash flow information—cash paid for: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 41,352 ​ $ 53,721 ​ $ 93,851 Income taxes ​ $ 18,927 ​ $ 36,806 ​ $ 33,212 Supplemental non-cash cash flow information: ​ ​ ​ ​ ​ ​ Fair market value of estimated contingent consideration in connection with acquisitions ​ $ 46,918 ​ $ 212,074 ​ $ 56,604 ​

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2022
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, 2020, 2021 and 2022, the Company recognized expenses of $1,280, $2,326 and $3,678, 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. Certain Company employees perform outsourced accounting services to an affiliated entity. In connection with these services, the Company recognized revenues of $12,298, $12,384 and $12,459 during the years ended December 31, 2020, 2021 and 2022, respectively. ​ Affiliates of current and former holders of the Company’s Class A common stock and Class B common stock earned underwriting fees of $5,644 in connection with equity offerings during the year ended December 31, 2021. ​ At December 31, 2022, affiliates of current holders of the Company’s Class A common stock and Class B common stock are lenders under the First Lien Term Loan B. During the years ended December 31, 2021 and 2022, certain current and former affiliates received $394 and $1,000 in fees, respectively, in connection with amendments to the Credit Facility.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
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.
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 Per Share	Income Per Share Income per share is computed in accordance with Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share
Revenue Recognition	Revenue Recognition Wealth Management Fees The Company recognizes revenue from wealth management fees, which are primarily composed 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, 2020, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 Domestic revenue ​ $ 1,291,630 ​ $ 1,691,345 ​ $ 2,016,845 International revenue ​ 69,689 ​ 106,606 ​ 126,476 Total revenue ​ $ 1,361,319 ​ $ 1,797,951 ​ $ 2,143,321 ​ International revenue consists of revenue generated by partner firm legal entities primarily in Australia, Canada, Switzerland, the United Kingdom and in other non-US jurisdictions. 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 2021 and 2022, the Company acquired minority equity interests in wealth management firms for $1,632 and $5,232 in cash 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. During the year ended December 31, 2021, the Company invested $18,000 in a publicly traded mutual fund that was sold during the year ended December 31, 2022. Unrealized and realized gains and losses are recognized in other expense-net in the consolidated statements of operations. 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 First Lien Revolver borrowings (as defined below) and First Lien Term Loan A borrowings (as defined below) 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 B (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 as hedges and have been designated as part of a hedging relationship for accounting purposes do not impact earnings until the hedged item is recognized in earnings. The Company uses interest rate swaps to manage its mix of fixed and floating rate debt. These instruments have been designated as cash flow hedges at inception and are measured for effectiveness both at inception and on an ongoing basis. In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU No. 2020-04 provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London InterBank Offered Rate (“LIBOR”) or another rate that is expected to be discontinued. The Company applied the provisions of ASU No. 2020-04 in connection with the November 2022 amendment to the Credit Facility and related modification of its derivative contracts (See Notes 8 and 9).
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, 2021 and 2022.
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. An option premium of $2,000 was paid by the Company to a Singapore based wealth management firm during the year ended December 31, 2022 and is included in prepaid expenses and other assets in the consolidated balance sheets as of December 31, 2022. There were no option premiums as of December 31, 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 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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of disaggregated revenues based on the location of the partner firm	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 Domestic revenue ​ $ 1,291,630 ​ $ 1,691,345 ​ $ 2,016,845 International revenue ​ 69,689 ​ 106,606 ​ 126,476 Total revenue ​ $ 1,361,319 ​ $ 1,797,951 ​ $ 2,143,321 ​

NON-CONTROLLING INTERESTS AND_2

NON-CONTROLLING INTERESTS AND INCOME PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
NON-CONTROLLING INTERESTS AND INCOME PER SHARE
Schedule of controlling and non-controlling interest	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ 2022 ​ Focus LLC common units 11,439,019 ​ ​ 11,827,321 ​ Focus LLC restricted common units ​ 193,625 ​ ​ 296,548 ​ Common unit equivalents of outstanding vested and unvested Focus LLC incentive units(1) ​ 8,996,789 ​ ​ 5,196,288 ​ Total common units, restricted common units and common unit equivalents attributable to non-controlling interest ​ 20,629,433 ​ ​ 17,320,157 ​ Total common units, restricted common units and common unit equivalents of incentive units outstanding ​ 85,949,557 ​ ​ 83,249,801 ​ Non-controlling interest allocation ​ 24.0 % ​ 20.8 % Company’s interest in Focus LLC ​ 76.0 % ​ 79.2 % (1) Focus LLC common units issuable upon conversion of 16,146,524 and 16,602,886 (see Note 10) vested and unvested Focus LLC incentive units outstanding as of December 31, 2021 and 2022, 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 per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 ​ Basic income per share: ​ ​ ​ ​ ​ ​ ​ Net income attributable to common shareholders ​ $ 28,045 ​ $ 10,412 ​ $ 91,784 ​ Weighted average shares of Class A common stock outstanding ​ 48,678,584 ​ 57,317,477 ​ 65,552,592 ​ Basic income per share ​ $ 0.58 ​ $ 0.18 ​ $ 1.40 ​ ​
Schedule of calculation of diluted income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 ​ Diluted income per share: ​ ​ ​ ​ ​ ​ ​ Net income attributable to common shareholders ​ $ 28,045 ​ $ 10,412 ​ $ 91,784 ​ Weighted average shares of Class A common stock outstanding ​ 48,678,584 ​ 57,317,477 ​ 65,552,592 ​ Effect of dilutive stock options ​ ​ 77,302 ​ ​ 461,306 ​ ​ 235,187 ​ Effect of dilutive unvested Class A common stock ​ ​ 23,822 ​ ​ — ​ ​ — ​ Effect of dilutive restricted stock units ​ ​ 16,905 ​ ​ 52,368 ​ ​ 22,436 ​ Total ​ 48,796,613 ​ 57,831,151 ​ 65,810,215 ​ Diluted income per share ​ $ 0.57 ​ $ 0.18 ​ $ 1.39 ​ ​

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of purchase price associated with business acquisitions and the allocation thereof	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 Number of business acquisitions closed ​ ​ 21 ​ ​ 36 ​ 18 Consideration: ​ ​ ​ ​ ​ ​ ​ ​ Cash due at closing ​ $ 327,722 ​ $ 983,240 ​ $ 450,943 Estimated working capital adjustments and other ​ ​ (174) ​ ​ (577) ​ ​ 1,127 Cash due subsequent to closing at net present value ​ ​ — ​ ​ 86,778 ​ ​ 9,611 Fair market value of Focus LLC common units issued ​ — ​ ​ 23,118 ​ ​ 28,992 Fair market value of Class A common stock issued ​ ​ — ​ ​ 3,515 ​ ​ — Fair market value of estimated contingent consideration ​ 46,918 ​ ​ 212,074 ​ ​ 56,604 Total consideration ​ $ 374,466 ​ $ 1,308,148 ​ $ 547,277 Allocation of purchase price: ​ ​ ​ ​ ​ ​ ​ ​ Total tangible assets ​ $ 21,216 ​ $ 61,854 ​ $ 29,991 Total liabilities assumed ​ (31,680) ​ ​ (83,444) ​ ​ (32,551) Customer relationships ​ 215,686 ​ ​ 616,283 ​ ​ 287,172 Management contracts ​ 7,774 ​ ​ 33,350 ​ ​ 11,414 Goodwill ​ 160,341 ​ ​ 677,195 ​ ​ 249,677 Other acquired intangibles ​ 1,129 ​ ​ 2,910 ​ ​ 1,574 Total allocated consideration ​ $ 374,466 ​ $ 1,308,148 ​ $ 547,277 ​
Schedule of weighted-average useful lives of intangible assets acquired	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 2022 Management contracts 18 ​ 14 ​ 7 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 Customer relationships ​ $ 24,851 ​ $ 2,916 ​ $ 12,297 Other acquired intangibles ​ 1,308 ​ 125 ​ 495 Total ​ $ 26,159 ​ $ 3,041 ​ $ 12,792 ​

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Summary of changes in the goodwill balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 Balance beginning 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 Goodwill acquired ​ 160,341 ​ 677,195 ​ ​ 249,677 Other ​ 4,987 ​ (7,439) ​ ​ (7,075) ​ ​ 165,328 ​ 669,756 ​ ​ 242,602 Balance end of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ 1,278,183 ​ 1,947,939 ​ ​ 2,190,541 Cumulative impairment losses ​ (22,624) ​ (22,624) ​ ​ (22,624) ​ ​ $ 1,255,559 ​ $ 1,925,315 ​ $ 2,167,917 ​
Summary of amortizing acquired intangible assets	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 ​ The following table summarizes the amortizing acquired intangible assets at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Carry Accumulated Net Book ​ ​ Amount ​ Amortization ​ Value Customer relationships ​ $ 2,530,062 ​ $ (1,029,197) ​ $ 1,500,865 Management contracts ​ 202,479 ​ ​ (70,624) ​ ​ 131,855 Other acquired intangibles ​ 13,416 ​ ​ (7,012) ​ ​ 6,404 Total ​ $ 2,745,957 ​ $ (1,106,833) ​ $ 1,639,124 ​
Schedule of estimated amortization expense	​ ​ ​ ​ ​ Years Ending December 31, Amount 2023 ​ $ 270,828 2024 ​ 254,749 2025 ​ 241,575 2026 ​ 217,115 2027 ​ 181,401

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
FIXED ASSETS
Schedule of fixed assets	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 Leasehold improvements ​ $ 46,252 ​ $ 51,926 Computers, software development and equipment ​ ​ 39,074 ​ ​ 44,612 Furniture and fixtures ​ 20,834 ​ 24,689 Subtotal ​ 106,160 ​ 121,227 Less accumulated depreciation and amortization ​ (58,961) ​ (66,479) Total ​ $ 47,199 ​ $ 54,748

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
FAIR VALUE MEASUREMENTS
Schedule of implied fair value of the Company's First Lien Term Loan (as defined below)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 ​ Stated Fair Stated Fair ​ ​ Value ​ Value ​ Value ​ Value First Lien Term Loan B - Tranche A ​ $ 1,610,928 ​ $ 1,598,846 ​ $ 1,755,600 ​ $ 1,735,850 First Lien Term Loan B - Tranche B ​ 796,374 ​ 792,392 ​ 788,370 ​ 772,603 ​
Schedule of changes in the fair value of estimated contingent consideration for business acquisitions	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 Balance at January 1, ​ $ 169,670 $ 350,027 Additions to estimated contingent consideration ​ 212,074 ​ ​ 56,604 Assumed estimated contingent consideration obligation ​ ​ — ​ ​ 12,637 Payments of contingent consideration ​ (143,107) ​ ​ (148,638) Non-cash changes in fair value of estimated contingent consideration ​ 112,416 ​ ​ (64,747) Other ​ (1,026) ​ ​ (1,575) Balance at December 31, ​ $ 350,027 ​ $ 204,308 ​
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, 2021 ​ Techniques ​ Inputs ​ Ranges $ 350,027 ​ Monte Carlo Simulation Model ​ Forecasted growth rates ​ 0.7% - 20.1 % ​ ​ ​ ​ ​ Discount rates ​ 9.0% - 15.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantitative Information About Level 3 ​ ​ Fair Value Measurements Fair Value at Valuation Unobservable ​ December 31, 2022 ​ Techniques ​ Inputs ​ Ranges $ 204,308 ​ Monte Carlo Simulation Model ​ Forecasted growth rates ​ (7.8)% - 32.4 % ​ ​ ​ ​ ​ Discount rates ​ 13.0% - %

CREDIT FACILITY (Tables)

CREDIT FACILITY (Tables)	12 Months Ended
	Dec. 31, 2022
CREDIT FACILITY.
Schedule of reconciliation of principal amounts outstanding under the Credit Facility to borrowings under credit facilities recorded in the consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2022 First Lien Term Loan B - Tranche A ​ $ 1,610,928 ​ $ 1,755,600 First Lien Term Loan B - Tranche B ​ ​ 796,374 ​ ​ 788,370 First Lien Term Loan A ​ ​ — ​ ​ 20,000 First Lien Revolver ​ ​ — ​ ​ — Unamortized debt financing costs ​ (7,523) ​ (17,750) Unamortized discount ​ (6,110) ​ (35,471) Total ​ $ 2,393,669 ​ $ 2,510,749 ​

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of changes in restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Restricted ​ Average ​ ​ Stock ​ Grant Date ​ Units Fair Value Outstanding—January 1, 2020 ​ 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 Granted ​ 138,708 ​ ​ 37.59 Forfeited ​ (17,245) ​ ​ 46.49 Vested ​ (56,500) ​ ​ 44.16 Outstanding—December 31, 2022 ​ 252,719 ​ ​ 43.02 ​
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 3,017,692 ​ 3,017,692 22.00 796,417 ​ 796,417 23.00 524,828 ​ 524,828 26.26 ​ 12,500 ​ 6,250 27.00 12,484 ​ 12,484 27.90 ​ 1,890,440 ​ 1,395,592 28.50 ​ 1,424,225 ​ 1,424,225 30.48 ​ 30,000 ​ 20,000 33.00 3,617,500 ​ 7,500 36.64 ​ 30,000 ​ 30,000 37.59 ​ 508,145 ​ — 43.07 ​ 60,000 ​ — 43.50 ​ 30,000 ​ 30,000 44.71 ​ 806,324 ​ 406,279 58.50 ​ 662,277 ​ 170,604 ​ ​ 16,602,886 ​ 11,021,925 ​
Stock options
Schedule of stock options granted	​ ​ ​ ​ ​ ​ ​ ​ Stock Weighted Average ​ ​ Options ​ Exercise Price Outstanding—January 1, 2020 1,832,966 ​ $ 30.42 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 Granted ​ 686,130 ​ ​ 44.82 Exercised ​ (42,076) ​ ​ 27.54 Forfeited ​ (114,605) ​ ​ 47.27 Outstanding—December 31, 2022 ​ 2,461,317 ​ ​ 39.24 Vested—December 31, 2022 ​ 1,172,105 ​ ​ 33.53 ​
Time-based stock option awards
Schedule of fair value of stock options grants determined with assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ 2021 ​ ​ 2022 ​ Expected term ​ 6.3 years ​ ​ 6.3 years ​ 6.3 years Expected stock price volatility ​ 34 % ​ ​ 34 % ​ ​ 34 % Risk-free interest rate ​ 0.54 % ​ ​ 1.29 % ​ ​ 2.78 % Expected dividend yield ​ — % ​ ​ — % ​ ​ — % Weighted average grant date fair value $ 15.37 ​ ​ $ 20.89 ​ ​ $ 17.27 ​ ​
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 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 Granted ​ 157,057 ​ ​ 37.59 Vested ​ (54,134) ​ ​ 53.91 Outstanding—December 31, 2022 ​ 296,548 ​ ​ 45.78
Incentive Units
Schedule of incentive units granted	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Incentive Units ​ Hurdle Price ​ ​ ​ ​ ​ ​ Outstanding—January 1, 2020 ​ 19,754,450 ​ $ 21.59 Granted ​ 855,006 ​ ​ 44.21 Forfeited ​ (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 Granted 568,145 ​ 38.17 Exchanged ​ (111,783) ​ ​ 24.93 Outstanding—December 31, 2022 16,602,886 ​ 26.86 Vested—December 31, 2022 11,021,925 ​ 22.15 ​
Time based incentive units
Schedule of fair value of equity incentive units grants determined with assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2021 ​ 2022 Expected term ​ 5.0 ​ years ​ 5.0 ​ years ​ 5.0 years Expected unit price volatility ​ 35 ​ % ​ 34 ​ % ​ 36 % Risk-free interest rate ​ 0.39 ​ % ​ 1.19 ​ % ​ 3.58 % Expected dividend yield ​ — ​ % ​ — ​ % ​ — % Weighted average grant date fair value ​ $ 13.72 ​ ​ $ 18.35 ​ ​ $ 14.30 ​ ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
Schedule of U.S. and foreign components of income (loss) before income tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 Income before income tax: ​ ​ ​ United States ​ $ 65,472 ​ $ 36,274 ​ $ 163,923 Foreign ​ 4,153 ​ 8,248 ​ 14,432 Total income before income tax ​ $ 69,625 ​ $ 44,522 ​ $ 178,355 ​
Schedule of U.S. and foreign components of income tax expense (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 Current provision: ​ ​ ​ Federal ​ $ 10,363 ​ $ 19,742 ​ $ 12,373 State and local ​ 5,355 ​ 7,855 ​ 8,221 Foreign ​ 4,169 ​ 6,906 ​ 8,726 Subtotal ​ 19,887 ​ ​ 34,503 ​ ​ 29,320 Deferred provision (benefit): ​ ​ ​ Federal ​ 1,854 ​ (7,958) ​ 19,913 State and local ​ 580 ​ (3,674) ​ 8,065 Foreign ​ (1,661) ​ (2,789) ​ (4,221) Subtotal ​ 773 ​ (14,421) ​ 23,757 Total income tax expense ​ $ 20,660 ​ $ 20,082 ​ $ 53,077 ​
Schedule of deferred tax assets (liabilities)	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 Deferred tax assets: ​ ​ Investment in Focus LLC, net ​ $ 254,454 ​ $ 224,004 Federal net operating loss carryforwards ​ ​ 11,561 ​ ​ 5,289 Business interest carryforwards ​ ​ — ​ ​ 6,494 Deferred rent and other ​ 2,353 ​ 2,479 Gross deferred tax assets ​ 268,368 ​ 238,266 Valuation allowance ​ ​ — ​ ​ (6,494) Deferred tax assets: ​ ​ 268,368 ​ ​ 231,772 Deferred tax liabilities: ​ ​ Intangible assets ​ (32,483) ​ (30,811) Fixed assets and other ​ (526) ​ (410) Gross deferred tax liabilities ​ (33,009) ​ (31,221) Net deferred tax assets ​ $ 235,359 ​ $ 200,551 ​
Schedule of reconciliation of the differences between the U.S. federal statutory tax rate and the effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Income passed through to individual members (7.6) (6.1) (4.7) ​ Foreign income taxes 3.6 9.2 2.5 ​ Non-cash equity compensation expense ​ 3.5 ​ 7.7 ​ 1.8 ​ Non-cash changes in fair value of estimated contingent consideration ​ — ​ — ​ (1.5) ​ Other non-deductible expenses 0.9 2.7 0.3 ​ State and local income taxes, net of U.S. federal tax benefit 7.0 8.1 6.6 ​ Valuation allowance — — 3.6 ​ Other 1.3 2.5 0.2 ​ Effective income tax rate 29.7 % 45.1 % 29.8 % ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
LEASES
Future minimum lease payments under operating leases	​ ​ ​ ​ ​ Year ending December 31, Amount 2023 $ 60,113 2024 ​ 56,357 2025 ​ 49,917 2026 ​ 43,387 2027 ​ 37,541 2028 and thereafter ​ 99,413 ​ ​ ​ 346,728 Less: present value discount ​ ​ (57,833) Operating lease liabilities at December 31, 2022 ​ $ 288,895 ​
Other information pertaining to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 Operating lease costs included in selling, general and administrative expenses ​ $ 74,340 ​ $ 61,057 Operating cash flows from operating leases ​ ​ 73,481 ​ ​ 59,090 Operating lease assets obtained in exchange for operating lease obligations ​ ​ 61,750 ​ ​ 72,012

CASH FLOW INFORMATION (Tables)

CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
CASH FLOW INFORMATION
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2021 2022 Supplemental disclosures of cash flow information—cash paid for: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ $ 41,352 ​ $ 53,721 ​ $ 93,851 Income taxes ​ $ 18,927 ​ $ 36,806 ​ $ 33,212 Supplemental non-cash cash flow information: ​ ​ ​ ​ ​ ​ Fair market value of estimated contingent consideration in connection with acquisitions ​ $ 46,918 ​ $ 212,074 ​ $ 56,604

GENERAL (Details)

GENERAL (Details)	12 Months Ended
	Dec. 31, 2022
Business acquisitions
GENERAL
Acquisition of net assets of wealth management businesses (as a percent)	100%
Management Agreement
GENERAL
Term of agreement (in years)	6 years
Term of automatic renewal of agreement (in years)	1 year

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue Recognition
Total revenues	$ 2,143,321	$ 1,797,951	$ 1,361,319
Domestic
Revenue Recognition
Total revenues	2,016,845	1,691,345	1,291,630
International
Revenue Recognition
Total revenues	$ 126,476	$ 106,606	$ 69,689

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fixed Assets and Goodwill, Intangible Assets and Other Long Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments
Purchase of minority equity interest in wealth management firm	$ 5,232	$ 1,632
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_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting, Consolidation Considerations and Income Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Income Taxes
Uncertain tax positions reserve	$ 0	$ 0
Number of operating segments | segment	1
Option premium paid to a Singapore based wealth management firm	$ 2,000
Option premiums		$ 0

NON-CONTROLLING INTERESTS AND_3

NON-CONTROLLING INTERESTS AND INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic income per share:
Net income attributable to common shareholders	$ 91,784	$ 10,412	$ 28,045
Diluted income per share:
Net income attributable to common shareholders	91,784	10,412	28,045
Class A common stock
Basic income per share:
Net income attributable to common shareholders	$ 91,784	$ 10,412	$ 28,045
Weighted average shares of Class A common stock outstanding	65,552,592	57,317,477	48,678,584
Basic income per share	$ 1.40	$ 0.18	$ 0.58
Diluted income per share:
Net income attributable to common shareholders	$ 91,784	$ 10,412	$ 28,045
Weighted average shares of Class A common stock outstanding	65,552,592	57,317,477	48,678,584
Effect of dilutive stock options	235,187	461,306	77,302
Effect of dilutive unvested Class A common stock			23,822
Effect of dilutive restricted stock units	22,436	52,368	16,905
Total	65,810,215	57,831,151	48,796,613
Diluted income per share	$ 1.39	$ 0.18	$ 0.57
Market based stock options
Diluted income per share:
Threshold period	90 days	90 days	90 days
Highest 90-day VWAP is $80.00 or less | Market based stock options | IPO
Diluted income per share:
Threshold period	90 days	90 days	90 days
Threshold volume weighted average per share price trigger	$ 80	$ 80	$ 80
Vesting percentage	0%	0%	0%
Highest 90-day VWAP is $110.00 or more | Market based stock options | IPO
Diluted income per share:
Threshold period	90 days	90 days	90 days
Threshold volume weighted average per share price trigger	$ 110	$ 110	$ 110
Vesting percentage	100%	100%	100%
Share price used in change of control transaction is $110 | Market based stock options
Diluted income per share:
Share price used in change of control transaction	$ 110	$ 110	$ 110
Vesting percentage	100%	100%	100%
Share price used in change of control transaction is equal to or less than $33.00 | Market based stock options
Diluted income per share:
Share price used in change of control transaction	$ 33	$ 33	$ 33
Vesting percentage	0%	0%	0%
Focus LLC
NON-CONTROLLING INTEREST AND INCOME PER SHARE
Focus LLC common units	11,827,321	11,439,019
Focus LLC restricted common units	296,548	193,625
Common unit equivalents of outstanding vested and unvested Focus LLC incentive units	5,196,288	8,996,789
Total common units, restricted common units and common unit equivalents attributable to non-controlling interest	17,320,157	20,629,433
Total common units, restricted common units and common unit equivalents of incentive units outstanding	83,249,801	85,949,557
Non-controlling interest allocation	20.80%	24%
Company's interest in Focus LLC	79.20%	76%
Convertible incentive units	16,602,886	16,146,524

ACQUISITIONS - Business Acquisi

ACQUISITIONS - Business Acquisitions (Details) $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 16, 2023 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($)
Allocation of purchase price:
Goodwill		$ 2,167,917	$ 1,925,315	$ 1,255,559	$ 1,090,231
Business acquisitions
ACQUISITIONS
Number of business acquisitions closed | item		18	36	21
Consideration:
Cash due at closing		$ 450,943	$ 983,240	$ 327,722
Working capital adjustment and other		1,127	(577)	(174)
Cash due subsequent to closing at net present value		9,611	86,778
Fair market value of estimated contingent consideration		56,604	212,074	46,918
Total consideration		547,277	1,308,148	374,466
Allocation of purchase price:
Total tangible assets		29,991	61,854	21,216
Total liabilities assumed		(32,551)	(83,444)	(31,680)
Goodwill		249,677	677,195	160,341
Total allocated consideration		547,277	1,308,148	374,466
Amount of goodwill and intangibles expected to be deductible for tax purposes		$ 461,746
Deductibility period for goodwill and intangible assets acquired in a business acquisition (in years)		15 years
Revenue from acquired entity in business acquisitions		$ 29,883
Income from acquired entity in business acquisitions		3,140
Business acquisitions | Focus LLC
Consideration:
Fair market value of Focus LLC common units issued at closing		28,992	23,118
Business acquisitions | Customer relationships
Allocation of purchase price:
Finite-lived intangible assets		287,172	616,283	215,686
Business acquisitions | Management contracts
Allocation of purchase price:
Finite-lived intangible assets		11,414	33,350	7,774
Business acquisitions | Other acquired intangibles
Allocation of purchase price:
Finite-lived intangible assets		$ 1,574	2,910	$ 1,129
Business acquisitions | Class A common stock
Consideration:
Fair market value of Focus LLC common units issued at closing			$ 3,515
Wealth management business | Subsequent Events
Consideration:
Cash due at closing	$ 28,771
Allocation of purchase price:
Deferred cash consideration	$ 2,366

ACQUISITIONS - Asset Acquisitio

ACQUISITIONS - Asset Acquisitions (Details) - Asset acquisitions $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($) item
Asset Acquisitions
Cash payable subsequent to asset acquisition	$ 3,000
Number of asset acquisitions | item	6	2	4
Total purchase consideration	$ 9,718	$ 3,041	$ 26,159
Contingent consideration	9,071	4,577	2,451
Intangible assets acquired in asset acquisitions	$ 12,792	$ 3,041	$ 26,159
Weighted-average useful life of all intangibles acquired	9 years	9 years	9 years
Customer relationships
Asset Acquisitions
Intangible assets acquired in asset acquisitions	$ 12,297	$ 2,916	$ 24,851
Weighted-average useful life of all intangibles acquired	9 years	9 years	9 years
Management contracts
Asset Acquisitions
Weighted-average useful life of all intangibles acquired	7 years	14 years	18 years
Other acquired intangibles
Asset Acquisitions
Intangible assets acquired in asset acquisitions	$ 495	$ 125	$ 1,308
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in the goodwill
Goodwill, gross, beginning of period	$ 1,947,939	$ 1,278,183	$ 1,112,855
Cumulative impairment losses beginning of period	(22,624)	(22,624)	(22,624)
Goodwill, net, beginning of period	1,925,315	1,255,559	1,090,231
Goodwill acquired	249,677	677,195	160,341
Other	(7,075)	(7,439)	4,987
Goodwill period increase	242,602	669,756	165,328
Goodwill, gross, end of period	2,190,541	1,947,939	1,278,183
Cumulative impairment losses, end of period	(22,624)	(22,624)	(22,624)
Goodwill, net, end of period	2,167,917	1,925,315	1,255,559
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, 2022	Dec. 31, 2021
Amortizing acquired intangible assets
Gross Carry Amount	$ 2,745,957	$ 2,430,950
Accumulated Amortization	(1,106,833)	(849,231)
Net Book Value	1,639,124	1,581,719
Customer relationships
Amortizing acquired intangible assets
Gross Carry Amount	2,530,062	2,228,461
Accumulated Amortization	(1,029,197)	(787,016)
Net Book Value	$ 1,500,865	1,441,445
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	$ 202,479	191,578
Accumulated Amortization	(70,624)	(57,153)
Net Book Value	$ 131,855	134,425
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	$ 13,416	10,911
Accumulated Amortization	(7,012)	(5,062)
Net Book Value	$ 6,404	$ 5,849

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated amortization expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Estimated amortization expense
2023	$ 270,828
2024	254,749
2025	241,575
2026	217,115
2027	$ 181,401

FIXED ASSETS (Details)

FIXED ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fixed Assets
Subtotal	$ 121,227	$ 106,160
Less accumulated depreciation and amortization	(66,479)	(58,961)
Total	54,748	47,199
Leasehold improvements
Fixed Assets
Subtotal	51,926	46,252
Computers, software development and equipment
Fixed Assets
Subtotal	44,612	39,074
Furniture and fixtures
Fixed Assets
Subtotal	$ 24,689	$ 20,834

FAIR VALUE MEASUREMENTS - First

FAIR VALUE MEASUREMENTS - First Lien Term Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Implied fair value based on level 2 inputs
Stated Value	$ 2,510,749	$ 2,393,669
First Lien Term Loan Tranche A | Level 2
Implied fair value based on level 2 inputs
Stated Value	1,755,600	1,610,928
Fair Value	1,735,850	1,598,846
First Lien Term Loan Tranche B | Level 2
Implied fair value based on level 2 inputs
Stated Value	788,370	796,374
Fair Value	$ 772,603	$ 792,392

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in the fair value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in the fair value of estimated contingent consideration for business acquisitions
Balance at beginning of period	$ 350,027	$ 169,670
Additions to estimated contingent consideration	56,604	212,074
Assumed estimated contingent consideration obligation	12,637
Non-cash changes in fair value of estimated contingent consideration	(64,747)	112,416
Other	(1,575)	(1,026)
Balance at end of period	204,308	350,027
Contingent consideration paid in cash	148,638	143,107
Interest rate swap
Changes in the fair value of estimated contingent consideration for business acquisitions
Notional amount	850,000	850,000
Asset acquisitions
Changes in the fair value of estimated contingent consideration for business acquisitions
Contingent consideration paid in cash	9,071	4,577
Business acquisitions
Changes in the fair value of estimated contingent consideration for business acquisitions
Contingent consideration paid in cash	138,940	131,827
Contingent consideration issued of restricted common units	9,698	11,280
Contingent consideration and other liabilities
Changes in the fair value of estimated contingent consideration for business acquisitions
Deferred cash consideration	122,079	114,156
Amount due to sellers in 2023	19,357
Amount due to sellers in 2024	21,947
Amount due to sellers in 2025	8,157
Amount due to sellers in 2026	0
Amount due to sellers in 2027	4,748
Amount due to sellers in 2028	0
Amount due to sellers in 2029	67,870
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		$ 5,810
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	$ 44,219

FAIR VALUE MEASUREMENTS - Conti

FAIR VALUE MEASUREMENTS - Contingent consideration fair value inputs (Details) - Level 3 $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Inputs used in the fair value measurement of estimated contingent consideration
Estimated contingent consideration	$ 204,308	$ 350,027
Valuation Technique, Forecasted Growth Rates | Minimum
Inputs used in the fair value measurement of estimated contingent consideration
Measurement input	(7.8)	0.7
Valuation Technique, Forecasted Growth Rates | Maximum
Inputs used in the fair value measurement of estimated contingent consideration
Measurement input	32.4	20.1
Valuation Technique, Discount Rates | Minimum
Inputs used in the fair value measurement of estimated contingent consideration
Measurement input	13	9
Valuation Technique, Discount Rates | Maximum
Inputs used in the fair value measurement of estimated contingent consideration
Measurement input	19	15

CREDIT FACILITY - Old and New C

CREDIT FACILITY - Old and New Credit Facility (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2022	Nov. 30, 2022	Oct. 31, 2022	Dec. 31, 2022	Jul. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Credit Facility
Face amount of debt	$ 2,563,970			$ 2,563,970		$ 2,563,970	$ 2,407,302
Amount outstanding under credit facility	2,510,749			2,510,749		2,510,749	2,393,669
Debt issuance costs						19,072	8,282	$ 634
Borrowings under credit facilities						1,998,900	1,318,375	555,000
Loss on extinguishment of borrowings						(1,807)		$ (6,094)
Consolidated EBITDA	578,396			578,396		$ 578,396
Credit Facility
Credit Facility
First lien leverage ratio as defined in the Credit Facility						6.25%
Actual total secured leverage ratio						4.19
Secured leverage ratio threshold for contingent principal payments						3.75
Contingent principal payments due in current year						$ 0	0
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 Tranche A
Credit Facility
Debt financing costs					$ 8,282
First Lien Term Loan B
Credit Facility
Face amount of debt	2,543,970			2,543,970		$ 2,543,970
First Lien Term Loan B - Tranche A
Credit Facility
Face amount of debt	1,755,600	$ 1,760,000		1,755,600		1,755,600
Amount outstanding under credit facility	1,755,600			1,755,600		1,755,600	1,610,928
Quarterly installment repayments		$ 4,400
Prepayment penalty (as a percent)		1%
Amortization of discount		$ 30,800
Debt discount (as a percent)		1.75%
First Lien Term Loan B - Tranche A | SOFR
Credit Facility
Margin (as a percent)		3.25%
Floor rate		0.50%
First Lien Term Loan B - Tranche A | Base rate
Credit Facility
Margin (as a percent)		2.25%
First Lien Term Loan B - Tranche B
Credit Facility
Face amount of debt	788,370			788,370		788,370
Amount outstanding under credit facility	788,370			788,370		788,370	$ 796,374
Quarterly installment repayments		$ 2,001
First Lien Term Loan B - Tranche B | SOFR
Credit Facility
Margin (as a percent)		2.50%
Floor rate		0.50%
First Lien Term Loan B - Tranche B | Base rate
Credit Facility
Margin (as a percent)		1.50%
First Lien Term Loan A
Credit Facility
Face amount of debt	240,000	$ 240,000		240,000		240,000
Amount outstanding under credit facility	20,000			20,000		20,000
Debt discount (as a percent)		1.50%
Percentage of quarterly amortization of debt discount in 2023		0.25%
Percentage of quarterly amortization of debt discount in 2024		0.50%
Percentage of quarterly amortization of debt discount in 2025		0.50%
Percentage of quarterly amortization of debt discount in 2026		1.25%
Percentage of quarterly amortization of debt discount in 2027		1.875%
Borrowings under credit facilities	20,000
Debt discount amount	300			300		300
Amortization of discount	50
First Lien Term Loan A | 0 - 60 days from the closing date
Credit Facility
Percentage of Delayed Draw Ticking Fee on Undrawn Commitments		0%
First Lien Term Loan A | 61-120 days of the closing date
Credit Facility
Percentage of Delayed Draw Ticking Fee on Undrawn Commitments		50%
First Lien Term Loan A | After 121 days of the closing date
Credit Facility
Percentage of Delayed Draw Ticking Fee on Undrawn Commitments		100%
First Lien Term Loan A | SOFR
Credit Facility
Margin (as a percent)		2.50%
Floor rate		0.50%
First Lien Term Loan A | Base rate
Credit Facility
Margin (as a percent)		1.50%
Then existing First Lien Term Loan B - Tranche A
Credit Facility
Amount outstanding under credit facility		$ 1,598,408
First Lien Term Loan B & First Lien Term Loan A
Credit Facility
Debt issuance costs						17,961
Loss on extinguishment of borrowings						1,807
First Lien Revolver
Credit Facility
Face amount of debt	$ 650,000			$ 650,000		650,000
Debt issuance costs						$ 1,111
Unused commitment fee (as a percent)		0.50%
Maximum borrowing capacity		$ 30,000
First Lien Revolver | SOFR
Credit Facility
Margin (as a percent)		2.25%
First Lien Revolver | Base rate
Credit Facility
Margin (as a percent)				1.25%
First Lien Revolver Step Down One
Credit Facility
Unused commitment fee (as a percent)		0.375%
First Lien Revolver Step Down One | SOFR
Credit Facility
Margin (as a percent)		2%
First Lien Revolver Step Down One | Base rate
Credit Facility
Margin (as a percent)			1%
First Lien Revolver Step Down Two
Credit Facility
Unused commitment fee (as a percent)		0.25%
First Lien Revolver Step Down Two | SOFR
Credit Facility
Margin (as a percent)		1.75%
First Lien Revolver Step Down Two | Base rate
Credit Facility
Margin (as a percent)		0.75%

CREDIT FACILITY - Reconciliatio

CREDIT FACILITY - Reconciliation of Principal Amounts Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Credit Facility
Unamortized debt financing costs	$ (17,750)	$ (7,523)
Unamortized discount	(35,471)	(6,110)
Amount outstanding under credit facility	2,510,749	2,393,669
First Lien Term Loan B - Tranche A
Credit Facility
Amount outstanding under credit facility	1,755,600	1,610,928
First Lien Term Loan B - Tranche B
Credit Facility
Amount outstanding under credit facility	788,370	$ 796,374
First Lien Term Loan A
Credit Facility
Amount outstanding under credit facility	$ 20,000

CREDIT FACILITY - First Lien Re

CREDIT FACILITY - First Lien Revolver and Letters of Credit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Credit Facility
Weighted average interest rate	4%	3%
Deferred financing costs	$ 7,590	$ 4,254
First Lien Revolver
Credit Facility
Deferred financing costs	7,590	4,254
Unused commitment line	639,997	642,085
Standby Letters of Credit
Credit Facility
Letter of credit outstanding	$ 10,003	$ 7,915
Annual interest rate	2%	2%

DERIVATIVES (Details)

DERIVATIVES (Details) $ in Thousands	Dec. 31, 2022 USD ($) item	Nov. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Interest rate swaps
Derivatives
Number of swaps | item	3	3
Notional amount	$ 850,000		$ 850,000
Variable interest rate borrowings outstanding	850,000
Interest rate swaps | Prepaid expenses and other assets
Derivatives
Offsetting adjustment to fair value in accumulated other comprehensive income (loss), net of tax	$ 9,458		1,194
Interest rate swaps | LIBOR
Derivatives
Fixed interest rate per month		0%
Fair value			$ 5,810
Interest rate swaps | SOFR
Derivatives
Interest rate floor (as a percent)	0.50%
Fair value	$ 44,219
Interest rate swap, one
Derivatives
Notional amount	$ 400,000	$ 400,000
Variable interest rate per month		0.713%
Fixed interest rate per month	0.619%
Interest rate swap, two
Derivatives
Notional amount	$ 250,000	$ 250,000
Variable interest rate per month		0.537%
Fixed interest rate per month	0.447%
Interest rate swap, three
Derivatives
Notional amount	$ 200,000	$ 200,000
Variable interest rate per month		0.5315%
Fixed interest rate per month	0.44%

EQUITY - Common Stock (Details)

EQUITY - Common Stock (Details)	Dec. 31, 2022 Vote $ / shares shares
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		1 Months Ended							12 Months Ended
	Jul. 30, 2018	Nov. 30, 2022	Aug. 31, 2022	May 31, 2022	Apr. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Jul. 31, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EQUITY
Net proceeds of deducting underwriting discounts										$ 219,636
Class A common stock
EQUITY
Issuance of common stock (in shares)		28,291	396,731	80,000		26,956
Class B common stock
EQUITY
Common stock retired (in shares)		1,685	381,573	80,000
Common stock retired (in shares)						25,000
Issuance of common stock in connection with an acquisition and contingent consideration (in shares)		139,099			512,290		187,795
Incentive Units
EQUITY
Vesting period									4 years
Changes in unvested common stock, Grant Date Fair Value
Non-cash equity compensation expense									$ 21,726	25,566	$ 16,800
Focus LLC
EQUITY
Incentive units retired (in shares)		71,176	36,357			4,250
Common units acquired (in shares)		28,291	396,731	80,000		26,956
Stock options | Class A common stock
Changes in unvested common stock, Grant Date Fair Value
Non-cash equity compensation expense									$ 8,727	$ 6,036	$ 5,485
Time-based stock option awards
EQUITY
Vesting period									4 years
Changes in unvested common stock, Grant Date Fair Value
Granted									$ 17.27	$ 20.89	$ 15.37
Market condition-based awards
EQUITY
Vesting period								5 years
Threshold period								90 days
Threshold volume weighted average per share price trigger								$ 100
Market condition-based awards | Exercised on and following the first anniversary of the date of vesting in July 2025
EQUITY
Vested stock options exercised (in percent)						25%
Cumulative vested stock options exercised (in percent)						50%
Market condition-based awards | IPO
EQUITY
Threshold period						90 days
Incremental Non-cash equity compensation expense recognized						$ 518
Market condition-based awards | IPO | Share price used is $110.00
EQUITY
Share price (in dollar per share)						$ 110
Vesting percentage						100%
Market condition-based awards | IPO | Share price used is equal to or less than $33.00
EQUITY
Share price (in dollar per share)						$ 33
Vesting percentage						0%
Market condition-based awards | IPO | Highest 90-day VWAP is $80.00 or less
EQUITY
Vesting percentage						0%
Threshold period						90 days
Threshold volume weighted average per share price trigger						$ 80
Market condition-based awards | IPO | Highest 90-day VWAP is $110.00 or more
EQUITY
Vesting percentage						100%
Threshold period						90 days
Threshold volume weighted average per share price trigger						$ 110
Market condition-based awards | IPO | Exercised on and following the date of vesting
EQUITY
Vested stock options exercised (in percent)						25%
Market condition-based awards | IPO | Exercised on and following the second anniversary of the date of vesting in July 2026
EQUITY
Vested stock options exercised (in percent)						50%
Cumulative vested stock options exercised (in percent)						100%
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
Restricted Stock Units (RSUs)
EQUITY
Granted									138,708	92,420	73,310
Vesting period									4 years
Changes in stock options
Granted									138,708	92,420	73,310
Vested									56,500	38,805	22,569
Changes in stock option, Weighted Average Exercise Price
Vested									$ 44.16	$ 35.53	$ 27.90
Changes in unvested common stock
Outstanding at the beginning of the period									187,756	141,095	98,061
Granted									138,708	92,420	73,310
Forfeited									(17,245)	(6,954)	(7,707)
Vested									(56,500)	(38,805)	(22,569)
Outstanding at the end of the period									252,719	187,756	141,095
Changes in unvested common stock, Grant Date Fair Value
Outstanding at the beginning of the period									$ 47.69	$ 36.63	$ 27.90
Granted									37.59	58.46	44.71
Forfeited									46.49	34.46	27.90
Vested									44.16	35.53	27.90
Outstanding at the end of the period									$ 43.02	$ 47.69	$ 36.63
Common Stock | Class A common stock
EQUITY
Issuance of common stock in connection with an acquisition and contingent consideration (in shares)										58,657
Common Stock | Class B common stock
EQUITY
Issuance of common stock in connection with an acquisition and contingent consideration (in shares)									839,184	614,362
Common Stock | Stock options
EQUITY
Granted									686,130	357,141	286,081
Changes in stock options
Outstanding at the beginning of the period									1,931,868	1,845,317	1,832,966
Granted									686,130	357,141	286,081
Exercised									(42,076)	(235,684)	(251,913)
Forfeited									(114,605)	(34,906)	(21,817)
Vested									1,172,105	852,579	785,257
Outstanding at the end of the period									2,461,317	1,931,868	1,845,317
Changes in stock option, Weighted Average Exercise Price
Outstanding at the beginning of the period									$ 37.47	$ 32.57	$ 30.42
Granted									44.82	58.50	44.71
Exercised									27.54	31.65	30.97
Forfeited									47.27	32.65	29.27
Outstanding at the end of the period									39.24	37.47	32.57
Vested									$ 33.53	$ 31.56	$ 31.36
Changes in unvested common stock
Granted									686,130	357,141	286,081
Vested									(1,172,105)	(852,579)	(785,257)
Changes in unvested common stock, Grant Date Fair Value
Vested									$ 33.53	$ 31.56	$ 31.36
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%

EQUITY - Focus LLC Common Units

EQUITY - Focus LLC Common Units (Details) - USD ($) $ in Thousands	1 Months Ended						12 Months Ended
	Nov. 30, 2022	Aug. 31, 2022	May 31, 2022	Apr. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common Units
EQUITY
Outstanding common units							11,827,321
Class A common stock
EQUITY
Issuance of common stock (in shares)	28,291	396,731	80,000		26,956
Class B common stock
EQUITY
Common stock retired (in shares)					25,000
Issuance of common stock in connection with an acquisition and contingent consideration (in shares)	139,099			512,290		187,795
Incentive Units
EQUITY
Common stock exchanged (in shares)							111,783	1,580,792
Compensation expense recognized							$ 21,726	$ 25,566	$ 16,800

EQUITY - Focus LLC Restricted C

EQUITY - Focus LLC Restricted Common Units and Incentive Units (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Common Units
Incentive Units
Total unrecognized expense		$ 13,113
Weighted-average period to recognize compensation expense (in years)		3 years 3 months 18 days
Stock options
Incentive Units
Total unrecognized expense		$ 17,078
Weighted-average period to recognize compensation expense (in years)		3 years 1 month 6 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		$ 37.59	$ 58.46	$ 44.71
Incentive Units
Total unrecognized expense		$ 10,252
Weighted-average period to recognize compensation expense (in years)		3 years 2 months 12 days
Incentive Units
EQUITY
Grant date fair value (in dollars per unit)		$ 38.17	$ 57.85	$ 44.21
Vesting period		4 years
Incentive Units
Granted		568,145	692,277	855,006
Forfeited			199,458	3,153,308
Vested at the end of the period		11,021,925	9,804,757	8,509,652
Non-cash equity compensation expense		$ 21,726	$ 25,566	$ 16,800
Total unrecognized expense		$ 27,427
Weighted-average period to recognize compensation expense (in years)		2 years 6 months
Time based incentive units
Fair value of the stock option grants determined with assumptions
Expected term (in years)		5 years	5 years	5 years
Expected stock price volatility (in percent)		36%	34%	35%
Risk-free interest rate (in percent)		3.58%	1.19%	0.39%
Weighted average grant date fair value		$ 14.30	$ 18.35	$ 13.72
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 3 months 18 days
Expected stock price volatility (in percent)		34%	34%	34%
Risk-free interest rate (in percent)		2.78%	1.29%	0.54%
Weighted average grant date fair value		$ 17.27	$ 20.89	$ 15.37
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
Incentive Units
Granted	3,845,000
Market condition-based awards
EQUITY
Threshold period	90 days
Vesting period	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
	Mar. 31, 2022	Jul. 31, 2021	Feb. 28, 2021	Jul. 31, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Officers
Fair value of the stock option grants determined with assumptions
Granted			1,162,500
Vested			896,230
Number of days prior to February 23, 2021			7 days
Unvested percentage			50%
Remaining not vested units			266,270
Anniversary period			90 days
Non-cash equity compensation expense						$ 6,439
Incremental Non-cash equity compensation expense recognized			$ 1,544
Less than $42 | Officers
Fair value of the stock option grants determined with assumptions
Threshold volume weighted average per share price trigger			$ 42
Between Than $42 And $63 | Minimum | Officers
Fair value of the stock option grants determined with assumptions
Threshold volume weighted average per share price trigger			42
Between Than $42 And $63 | Maximum | Officers
Fair value of the stock option grants determined with assumptions
Threshold volume weighted average per share price trigger			$ 63
Focus LLC Restricted Common Units
Restricted Common Units
Outstanding at the beginning of the period					193,625	73,276
Granted					157,057	140,258	73,276
Forfeited						(1,902)
Vested					(54,134)	(18,007)
Outstanding at the end of the period					296,548	193,625	73,276
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period					$ 54.70	$ 44.71
Granted					37.59	58.50	$ 44.71
Forfeited						44.71
Vested					53.91	44.71
Outstanding at the end of the period					45.78	54.70	44.71
Fair value of the stock option grants determined with assumptions
Weighted average grant date fair value					$ 37.59	$ 58.50	$ 44.71
Vesting period					4 years
Restricted Stock Units (RSUs)
Restricted Common Units
Outstanding at the beginning of the period					187,756	141,095	98,061
Granted					138,708	92,420	73,310
Forfeited					(17,245)	(6,954)	(7,707)
Vested					(56,500)	(38,805)	(22,569)
Outstanding at the end of the period					252,719	187,756	141,095
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period					$ 47.69	$ 36.63	$ 27.90
Granted					37.59	58.46	44.71
Forfeited					46.49	34.46	27.90
Vested					44.16	35.53	27.90
Outstanding at the end of the period					43.02	47.69	36.63
Fair value of the stock option grants determined with assumptions
Weighted average grant date fair value					$ 37.59	$ 58.46	$ 44.71
Vesting period					4 years
Total unrecognized expense					$ 10,252
Weighted-average period to recognize compensation expense (in years)					3 years 2 months 12 days
Market-Based Incentive Units
Incentive Units
Granted				3,845,000
Fair value of the stock option grants determined with assumptions
Vesting period				5 years
Threshold period				90 days
Threshold volume weighted average per share price trigger				$ 100
Hurdle Rate				$ 33
Stock options
Fair value of the stock option grants determined with assumptions
Total unrecognized expense					$ 17,078
Weighted-average period to recognize compensation expense (in years)					3 years 1 month 6 days
Incentive Units
Incentive Units
Outstanding at the beginning of the period					16,146,524	17,234,497	19,754,450
Granted					568,145	692,277	855,006
Exchanged					(111,783)	(1,580,792)
Forfeited						(199,458)	(3,153,308)
Redeemed							(221,651)
Outstanding at the end of the period					16,602,886	16,146,524	17,234,497
Vested at the end of the period					11,021,925	9,804,757	8,509,652
Weighted Average Hurdle Price
Outstanding at the beginning of the period					$ 26.44	$ 24.34	$ 21.59
Granted					38.17	57.85	44.21
Exchanged					24.93	17.65
Forfeited						23.22	12.51
Redeemed							24.67
Outstanding at the end of the period					26.86	26.44	24.34
Vested at the end of the period					$ 22.15	$ 20.44	18.31
Fair value of the stock option grants determined with assumptions
Redeemed							$ 24.67
Vesting period					4 years
Non-cash equity compensation expense					$ 21,726	$ 25,566	$ 16,800
Total unrecognized expense					$ 27,427
Weighted-average period to recognize compensation expense (in years)					2 years 6 months
Incentive Units | Officers
Fair value of the stock option grants determined with assumptions
Remaining not vested units			266,270
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					3,017,692
Vested at the end of the period					3,017,692
Weighted Average Hurdle Price
Hurdle Rates					$ 21
Incentive Units | Hurdle Rate 22.00
Incentive Units
Outstanding at the end of the period					796,417
Vested at the end of the period					796,417
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
Vested at the end of the period					6,250
Weighted Average Hurdle Price
Hurdle Rates					$ 26.26
Incentive Units | Hurdle Rate 27.00
Incentive Units
Outstanding at the end of the period					12,484
Vested at the end of the period					12,484
Weighted Average Hurdle Price
Hurdle Rates					$ 27
Incentive Units | Hurdle Rate 27.90
Incentive Units
Outstanding at the end of the period					1,890,440
Vested at the end of the period					1,395,592
Weighted Average Hurdle Price
Hurdle Rates					$ 27.90
Incentive Units | Hurdle Rate 28.50
Incentive Units
Outstanding at the end of the period					1,424,225
Vested at the end of the period					1,424,225
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					20,000
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					30,000
Weighted Average Hurdle Price
Hurdle Rates					$ 36.64
Incentive Units | Hurdle Rate 37.59
Incentive Units
Outstanding at the end of the period					508,145
Weighted Average Hurdle Price
Hurdle Rates					$ 37.59
Incentive Units | Hurdle Rate 43.07
Incentive Units
Outstanding at the end of the period					60,000
Weighted Average Hurdle Price
Hurdle Rates					$ 43.07
Incentive Units | Hurdle Rate 43.50
Incentive Units
Outstanding at the end of the period					30,000
Vested 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					406,279
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
Vested at the end of the period					170,604
Weighted Average Hurdle Price
Hurdle Rates					$ 58.50
Incentive Units | Individuals Other than Certain Officers
Fair value of the stock option grants determined with assumptions
Remaining not vested units			337,500
Incentive Units | Less than $42 | Officers
Fair value of the stock option grants determined with assumptions
Vesting percentage			0%
Incentive Units | Greater Than $63 | Officers
Fair value of the stock option grants determined with assumptions
Vesting percentage			100%
Threshold volume weighted average per share price trigger			$ 63
Incentive Units | Between Than $42 And $63 | Officers
Fair value of the stock option grants determined with assumptions
Vesting percentage			50%
Incentive Units | Between Than $42 And $63 | Minimum | Officers
Fair value of the stock option grants determined with assumptions
Threshold volume weighted average per share price trigger			$ 42
Incentive Units | Between Than $42 And $63 | Maximum | Officers
Fair value of the stock option grants determined with assumptions
Threshold volume weighted average per share price trigger			$ 63
Time based incentive units
Weighted Average Grant Date Fair Value
Granted					$ 14.30	$ 18.35	$ 13.72
Fair value of the stock option grants determined with assumptions
Expected term (in years)					5 years	5 years	5 years
Expected stock price volatility (in percent)					36%	34%	35%
Risk-free interest rate (in percent)					3.58%	1.19%	0.39%
Weighted average grant date fair value					$ 14.30	$ 18.35	$ 13.72
Time-based stock option awards
Weighted Average Grant Date Fair Value
Granted					$ 17.27	$ 20.89	$ 15.37
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 3 months 18 days
Expected stock price volatility (in percent)					34%	34%	34%
Risk-free interest rate (in percent)					2.78%	1.29%	0.54%
Weighted average grant date fair value					$ 17.27	$ 20.89	$ 15.37
Vesting period					4 years
IPO | Market-Based Incentive Units
Fair value of the stock option grants determined with assumptions
Incremental Non-cash equity compensation expense recognized	$ 10,144
Threshold period	90 days
Highest 90-day VWAP is $80.00 or less | IPO | Market-Based Incentive Units
Fair value of the stock option grants determined with assumptions
Vesting percentage	0%
Threshold period	90 days
Threshold volume weighted average per share price trigger	$ 80
Highest 90-day VWAP is $110.00 or more | IPO | Market-Based Incentive Units
Fair value of the stock option grants determined with assumptions
Vesting percentage	100%
Threshold period	90 days
Threshold volume weighted average per share price trigger	$ 110
Exercised on and following the date of vesting | IPO | Market-Based Incentive Units
Fair value of the stock option grants determined with assumptions
Vested stock options exercised (in percent)	25%
Exercised on and following the first anniversary of the date of vesting in July 2025 | IPO | Market-Based Incentive Units
Fair value of the stock option grants determined with assumptions
Vested stock options exercised (in percent)	25%
Cumulative vested stock options exercised (in percent)	50%
Exercised on and following the second anniversary of the date of vesting in July 2026 | IPO | Market-Based Incentive Units
Fair value of the stock option grants determined with assumptions
Vested stock options exercised (in percent)	50%
Cumulative vested stock options exercised (in percent)	100%
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, 2022	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Income (loss) before income tax, United States	$ 163,923	$ 36,274	$ 65,472
Income (loss) before income tax, Foreign	14,432	8,248	4,153
INCOME BEFORE INCOME TAX	$ 178,355	$ 44,522	$ 69,625

INCOME TAXES - Components of _2

INCOME TAXES - Components of income tax expense (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current provision:
Federal	$ 12,373	$ 19,742	$ 10,363
State and local	8,221	7,855	5,355
Foreign	8,726	6,906	4,169
Total current provision	29,320	34,503	19,887
Deferred provision (benefit):
Federal	19,913	(7,958)	1,854
State and local	8,065	(3,674)	580
Foreign	(4,221)	(2,789)	(1,661)
Total deferred provision (benefit)	23,757	(14,421)	773
Total income tax expense (benefit)	$ 53,077	$ 20,082	$ 20,660

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets (liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Investment in Focus LLC	$ 224,004	$ 254,454
Federal net operating loss carryforwards	5,289	11,561
Business interest carryforwards	6,494
Deferred rent and other	2,479	2,353
Gross deferred tax assets	238,266	268,368
Valuation allowance	(6,494)
Deferred tax assets	231,772	268,368
Deferred tax liabilities:
Intangible assets	(30,811)	(32,483)
Fixed assets and other	(410)	(526)
Gross deferred tax liabilities	(31,221)	(33,009)
Net deferred tax assets (liabilities)	$ 200,551	$ 235,359

INCOME TAXES - Effective tax ra

INCOME TAXES - Effective tax rate reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
U.S. Federal statutory tax rate (as a percent)	21%	21%	21%
Income passed through to individual members (as a percent)	(4.70%)	(6.10%)	(7.60%)
Foreign income taxes (as a percent)	2.50%	9.20%	3.60%
Non-cash equity compensation expense (as a percent)	1.80%	7.70%	3.50%
Non-cash changes in fair value of estimated contingent consideration	(1.50%)
Other non-deductible expenses	0.30%	2.70%	0.90%
Valuation allowance (as a percent)	3.60%
State and local income taxes, net of U.S federal tax benefit (as a percent)	6.60%	8.10%	7%
Other (as a percent)	0.20%	2.50%	1.30%
Effective income tax rate (as a percent)	29.80%	45.10%	29.70%
Operating loss carryforwards	$ 25,185
Business interest having indefinite carryforward period	24,053
Valuation allowance	$ 6,494

TAX RECEIVABLE AGREEMENTS (Deta

TAX RECEIVABLE AGREEMENTS (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2020 agreement	Jul. 31, 2018 agreement
TAX RECEIVABLE AGREEMENTS
Number of tax receivable agreements | agreement				3	2
Payment to TRA holder on net cash savings (as a percent)		85%
Retained benefit on net cash savings (as a percent)		15%
Tax Receivable Agreement obligations		$ 224,611	$ 219,542
Payments made under Tax Receivable Agreements	$ 9,598	$ 4,423	$ 3,856

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Future minimum lease payments under operating leases
2023	$ 60,113
2024	56,357
2025	49,917
2026	43,387
2027	37,541
2028 and thereafter	99,413
Total	346,728
Less: present value discount	(57,833)
Operating lease liabilities	$ 288,895	$ 277,324
Weighted-average discount rate	5%	5%
Weighted-average remaining lease term	7 years	7 years
Other information pertaining to leases
Operating lease costs included in selling general and administrative expenses	$ 61,057	$ 74,340
Operating cash flows from operating leases	59,090	73,481
Operating lease assets obtained in exchange for operating lease obligations	$ 72,012	$ 61,750

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
Liabilities, clearing brokers	$ 0	$ 0

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Compensation and related expenses
EMPLOYEE BENEFIT PLANS
Employee benefit plan expense	$ 16,726	$ 13,628	$ 9,357

NET CAPITAL REQUIREMENTS (Detai

NET CAPITAL REQUIREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
NET CAPITAL REQUIREMENTS
Aggregate net capital of subsidiaries	$ 25,318	$ 19,520
Excess net capital	20,280	15,853
Minimum net capital requirement	$ 5,038	$ 3,667

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental disclosures of cash flow information-cash paid for:
Interest	$ 93,851	$ 53,721	$ 41,352
Income taxes	33,212	36,806	18,927
Supplemental non-cash cash flow information:
Fair market value of estimated contingent consideration in connection with acquisitions	$ 56,604	$ 212,074	$ 46,918

RELATED PARTIES (Details)

RELATED PARTIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from affiliated entity	$ 12,459	$ 12,384	$ 12,298
Debt issuance costs	19,072	8,282	634
Chief Executive Officer
Expenses recognized	3,678	2,326	$ 1,280
Affiliates of holders of Class A common stock and Class B common stock
Underwriting fees received by affiliates of stockholders		5,644
Affiliates of holders of Class A common stock and Class B common stock | First Lien Term Loan
Debt issuance costs	$ 1,000	$ 394