0001068875-23-000109 | 10-Q | XBRL Viewer

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Fair Value Hierarchy of Financial Assets Carried at Fair Value and Measured on Recurring Basis

The fair value hierarchy of our financial assets and liabilities carried at estimated fair value and measured on a recurring basis were as follows (in thousands):


			Fair value measurements at the reporting date using
	June 30, 2023		Quoted prices in active markets using identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)


Cash equivalents: money market and other funds	$	216	$	216	$	—	$	—

















Deferred compensation assets	12,710		12,710		—		—
Total assets at fair value	$	12,926	$	12,926	$	—	$	—

Deferred compensation liabilities	$	12,710	$	12,710	$	—	$	—
Interest rate derivatives	16,814		—		16,814		—
Total liabilities at fair value	$	29,524	$	12,710	$	16,814	$	—


			Fair value measurements at the reporting date using
	December 31, 2022		Quoted prices in active markets using identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash equivalents: money market and other funds	$	4,369	$	4,369	$	—	$	—
Deferred compensation assets	7,974		7,974		—		—
Total assets at fair value	$	12,343	$	12,343	$	—	$	—


Deferred compensation liabilities	$	7,974	$	7,974	$	—	$	—
Total liabilities at fair value	$	7,974	$	7,974	$	—	$	—

Balance Sheet Components

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Note 8: Balance Sheet Components

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Prepaid expenses	$	22,499	$	7,857


Forgivable loans	6,023		5,951
Other current assets	1,532		1,219
Total prepaid expenses and other current assets	$	30,054	$	15,027

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Salaries and related benefit expenses	$	12,891	$	17,481



Accrued legal costs	2,897		1,102
Accrued vendor and advertising costs	1,411		2,726
Accrued taxes	5,076		85,965
Accrued fixed and variable acquisition consideration	1,139		897
Accrued cash-settled stock-based compensation	6,783		2,121
Interest rate derivatives	8,517		—
Other	2,218		920
Total accrued expenses and other current liabilities	$	40,932	$	111,212

Other long-term liabilities consisted of the following (in thousands):


	June 30, 2023		December 31, 2022
Deferred compensation	$	12,235	$	7,974
Accrued cash-settled stock-based compensation	3,864		7,556
Accrued tax positions	4,099		3,616
Interest rate derivatives	8,309		—
Other	2,943		3,330
Other long-term liabilities	$	31,450	$	22,476

Description of the Business	6 Months Ended
Description of the Business	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Note 1: Description of the Business Avantax, Inc. (the “Company,” “Avantax,” “we,” “our,” or “us”) is a leading provider of integrated tax-intelligent wealth management services and software, assisting consumers, small business owners, tax professionals, financial professionals, and certified public accounting (“CPA”) firms. Our integrated tax-intelligent wealth management services consist of the operations of Avantax Wealth Management and Avantax Planning Partners. Avantax Wealth Management provides tax-intelligent wealth management solutions for financial professionals, tax professionals, CPA firms, and their clients. Avantax Wealth Management offers its services through its registered broker-dealer, which is a leading U.S. tax-focused independent broker-dealer, registered investment advisor (“RIA”), and insurance agency subsidiaries. Avantax Wealth Management works with a nationwide network of financial professionals that operate as independent contractors. Avantax Wealth Management provides these financial professionals with an integrated platform of technical, practice, compliance, operations, sales, and product support tools that enable them to offer tax-intelligent planning, investing, and wealth management services to their clients. Avantax Planning Partners is an in-house/employee-based RIA, insurance agency, and wealth management business that partners with CPA firms in order to provide their consumer and small business clients with holistic financial planning and advisory services, as well as retirement plan solutions through Avantax Retirement Plan Services. Divestiture of Tax Software Business On October 31, 2022, we entered into a Stock Purchase Agreement (the “Purchase Agreement”) with TaxAct Holdings, Inc. (f/k/a Avantax Holdings, Inc.), a Delaware corporation and a direct subsidiary of Avantax, Franklin Cedar Bidco, LLC, a Delaware limited liability company (the “Buyer”), and, solely for purposes of certain provisions thereof, DS Admiral Bidco, LLC, a Delaware limited liability company, pursuant to which we sold our former tax software business to Buyer for an aggregate purchase price of $720.0 million in cash, subject to customary purchase price adjustments set forth in the Purchase Agreement (the “TaxAct Sale”). This transaction subsequently closed on December 19, 2022. In accordance with ASC 205 (“ASC 205”), Presentation of Financial Statements, we determined that the sale of our tax software business represented a strategic shift that will have a major effect on our operations and financial results. As a result of the TaxAct Sale, the historical results of our former tax software business, and any adjustments to amounts previously reported in discontinued operations in a prior period (if applicable) have been reclassified as a discontinued operation and are excluded from continuing operations for all periods presented within the condensed consolidated financial statements. Segments Our Chief Executive Officer is our chief operating decision maker and assesses performance and allocates resources on a consolidated basis. Given the similarities in economic characteristics between our operations and the common nature of the products, services, we currently operate in one reportable segment.

Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions		1 Months Ended	3 Months Ended				6 Months Ended
	Jan. 27, 2023	Aug. 04, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 19, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock	$ 250,000,000		$ 51,624,000	$ 279,562,000	$ 4,463,000	$ 30,537,000
Stock repurchased and retired during period (in shares)	8.3
Common stock purchase price (in dollars per share)	$ 30.00
Stock repurchased fees and expenses	$ 4,500,000
Stock repurchased excise taxes	$ 2,400,000
Stock Repurchase Authorization Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock			$ 51,200,000		$ 4,500,000		$ 76,000,000	$ 35,000,000
Stock repurchase authorization									$ 200,000,000
Stock repurchases (in shares)			2.2		0.2		3.2	1.9
Stock repurchase program, remaining authorized repurchase amount			$ 124,000,000				$ 124,000,000
Stock Repurchase Authorization Program \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock		$ 9,100,000
Stock repurchases (in shares)		0.4
Stock repurchase program, remaining authorized repurchase amount		$ 115,000,000.0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (USD per share)	$ 27.00
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (USD per share)	$ 31.00

Leases - Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Sublease term	5 years		5 years
Lease, Cost [Abstract]
Fixed lease cost	$ 974	$ 947	$ 1,936	$ 1,920
Variable lease cost	340	363	748	765
Operating lease cost, before sublease income	1,314	1,310	2,684	2,685
Sublease income	(479)	(234)	(958)	(468)
Total operating lease cost, net of sublease income	835	1,076	1,726	2,217
Additional lease information:
Cash paid on operating lease liabilities	1,312	1,262	2,619	2,491
Lease liabilities obtained from new right-of-use assets	$ 0	$ 128	$ 0	$ 128

Subsequent Events (Details) - USD ($) $ in Thousands, shares in Millions		1 Months Ended	3 Months Ended				6 Months Ended
	Jan. 27, 2023	Aug. 04, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Treasury stock	$ 250,000		$ 51,624	$ 279,562	$ 4,463	$ 30,537
Stock Repurchase Authorization Program
Subsequent Event [Line Items]
Stock repurchases (in shares)			2.2		0.2		3.2	1.9
Treasury stock			$ 51,200		$ 4,500		$ 76,000	$ 35,000
Stock repurchase program, remaining authorized repurchase amount			$ 124,000				$ 124,000
Subsequent Event \| Stock Repurchase Authorization Program
Subsequent Event [Line Items]
Stock repurchases (in shares)		0.4
Treasury stock		$ 9,100
Stock repurchase program, remaining authorized repurchase amount		$ 115,000

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Gross Fair Value of Our Derivative Financial Instruments

The following table presents the gross fair value of our derivative financial instruments as of June 30, 2023 and December 31, 2022 (in thousands):


	Derivative Assets				Derivative Liabilities
	June 30,		December 31,		June 30,		December 31,
	2023		2022		2023		2022
Derivatives designated as hedging instruments under ASC 815:
Interest rate collars (1)	$	—	$	—	$	15,938	$	—

Total derivatives designated as hedging instruments under ASC 815	—		—		15,938		—

Derivatives not designated as hedging instruments under ASC 815:

Interest rate caps (1)	—		—		876		—
Total derivatives not designated as hedging instruments under ASC 815	—		—		876		—
Total Derivatives	$	—	$	—	$	16,814	$	—

______________________ (1)As of June 30, 2023, approximately $8.5 million of the fair value of these derivative financial instruments was recorded within “Accrued expenses and other current liabilities,” with the remaining balance recorded within “Other long-term liabilities” on the condensed consolidated balance sheets.

Schedule of Gains and Losses Related to Derivative Financial Instruments and their Location

The table below presents the amount of gains and losses related to these derivative financial instruments and their location in the condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands):


	Gain (Loss) Recognized in OCI					Gain (Loss) Recognized in Income
Three Months Ended	June 30, 2023		June 30, 2022		Location of Gain (Loss) Recognized in Income	June 30, 2023		June 30, 2022
Interest rate collars, net of tax	$	(12,393)	$	—	Revenue	$	(332)	$	—

Six Months Ended
Interest rate collars, net of tax	$	(12,393)	$	—	Revenue	$	(332)	$	—


		Gain (Loss) Recognized in Income
Three Months Ended	Location of Gain (Loss) Recognized in Income	June 30, 2023		June 30, 2022
Interest rate caps	Interest expense and other, net	$	(842)	$	—

Six Months Ended
Interest rate caps	Interest expense and other, net	$	(842)	$	—

Schedule of Accumulated Other Comprehensive Loss

The table below presents a roll forward of the amounts included in accumulated other comprehensive income (loss), net of taxes, for the three and six months ended June 30, 2023 (in thousands):


	Interest Rate Collars		Deferred Taxes		Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2022	$	—	$	—	$	—

Balance as of March 31, 2023	—		—		—
Changes in fair value	(16,377)		3,984		(12,393)
Reclassification to earnings	439		(107)		332
Balance as of June 30, 2023	$	(15,938)	$	3,877	$	(12,061)

Discontinued Operations- Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain on disposal	$ 0	$ 0	$ 2,539	$ 0
Income from discontinued operations before income taxes	0	45,874	2,539	96,517
Income tax expense	0	(7,296)	(618)	(26,871)
Income from discontinued operations	0	38,578	1,921	69,646
Discontinued Operations, Disposed of by Sale \| Former Tax Software Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0	94,214	0	235,364
Operating expenses	0	40,435	0	123,154
Interest expense and other, net	0	(7,905)	0	(15,693)
Income from discontinued operations before gain on disposal and income taxes	0	45,874	0	96,517
Pre-tax gain on disposal	0	0	2,539	0
Income from discontinued operations before income taxes	0	45,874	2,539	96,517
Income tax expense	0	(7,296)	(618)	(26,871)
Income from discontinued operations	$ 0	$ 38,578	$ 1,921	$ 69,646

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 10: Fair Value Measurements

Certain of our assets and liabilities are carried at fair value and are valued using inputs that are classified in one of the following three categories:

•Level 1: Quoted market prices in active markets for identical assets or liabilities.

•Level 2: Observable market-based inputs, other than Level 1, or unobservable inputs that are corroborated by market data.

•Level 3: Unobservable inputs that are not corroborated by market data and reflect our own assumptions.

Assets and Liabilities Measured on a Recurring Basis

The fair value hierarchy of our financial assets and liabilities carried at estimated fair value and measured on a recurring basis were as follows (in thousands):


			Fair value measurements at the reporting date using
	June 30, 2023		Quoted prices in active markets using identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)


Cash equivalents: money market and other funds	$	216	$	216	$	—	$	—

















Deferred compensation assets	12,710		12,710		—		—
Total assets at fair value	$	12,926	$	12,926	$	—	$	—

Deferred compensation liabilities	$	12,710	$	12,710	$	—	$	—
Interest rate derivatives	16,814		—		16,814		—
Total liabilities at fair value	$	29,524	$	12,710	$	16,814	$	—


			Fair value measurements at the reporting date using
	December 31, 2022		Quoted prices in active markets using identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Cash equivalents: money market and other funds	$	4,369	$	4,369	$	—	$	—
Deferred compensation assets	7,974		7,974		—		—
Total assets at fair value	$	12,343	$	12,343	$	—	$	—


Deferred compensation liabilities	$	7,974	$	7,974	$	—	$	—
Total liabilities at fair value	$	7,974	$	7,974	$	—	$	—

Cash equivalents are classified within Level 1 of the fair value hierarchy because we value them utilizing quoted prices in active markets.

We offer non-qualified deferred compensation plans to our executive officers, board of directors, and certain independent financial professionals. Participants in these plans direct the investment of their accounts among the available investment options, which are generally the same as those available under our 401(k) plan. We have elected to fund these obligations through a rabbi trust which mirrors the investment elections made by participants. The assets in the rabbi trust are held for the purpose of satisfying our obligations to participants, however, remain subject to the claims of our creditors in the event we become insolvent. Our obligations and corresponding investments held under these non-qualified deferred compensation plans primarily consist of money market and mutual funds and are classified within Level 1 of the fair value hierarchy because we value them utilizing quoted prices in active markets. These investments, and the corresponding deferred compensation liabilities, are primarily included within “Other long-term assets” and “Other long-term liabilities,” respectively, on the condensed consolidated balance sheets.

We utilize a third-party pricing service to estimate the fair value of our derivative financial instruments. Fair value is estimated using industry standard valuation models that primarily rely on observable market inputs, including daily simple secured overnight financing rates (“SOFR”) overnight index swap rate curves, SOFR swap rate curves, and volatility. Credit valuation adjustments are incorporated in the fair values to reflect nonperformance risk for both the Company and our counterparties. Although we have determined that the majority of the inputs used to value these derivative instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments utilize Level 3 inputs, such as estimates of current credit spreads. We have determined that the impact of the credit valuation adjustments is not significant to the overall valuation of these derivatives. As a result, we have classified our derivative financial instruments in Level 2 of the fair value hierarchy.

Fair Value of Financial Instruments

We consider the carrying values of accounts receivable, commissions receivable, other receivables, prepaid expenses, other current assets, financial professional loans, accounts payable, commissions and advisory fees payable, accrued expenses, and other current liabilities to approximate fair values primarily due to their short-term natures.

As of June 30, 2023, the principal amount outstanding for our Delayed Draw Term Loan Facility was $268.3 million. The principal amount outstanding approximated its fair value as it is a variable rate instrument, and its applicable margin is consistent with current market conditions.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 2,073	$ (4,053)	$ 1,592	$ (21,046)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 16: Subsequent EventsBetween July 1, 2023 and August 4, 2023, we repurchased approximately 0.4 million shares of our common stock under our stock repurchase authorization for an aggregate purchase price of approximately $9.1 million. The remaining authorized amount under the stock repurchase authorization as of August 4, 2023, was approximately $115.0 million.

Asset Acquisitions	6 Months Ended
Asset Acquisitions	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Asset Acquisitions	Note 5: Asset Acquisitions During the six months ended June 30, 2023, we completed acquisitions that met the criteria to be accounted for as asset acquisitions. Total initial purchase consideration, including acquisition costs and fixed deferred payments, was $4.9 million. This purchase consideration was allocated to client relationship intangibles. Client relationship intangibles are amortized on a straight-line basis over an amortization period of 15 years. We are subject to variable contingent consideration payments related to our asset acquisitions that are not recognized as a liability on our condensed consolidated balance sheets until all contingencies related to the achievement of future financial targets are resolved and the consideration is payable. As of June 30, 2023, the maximum future fixed and contingent payments associated with all prior asset acquisitions were $27.5 million, with specified payment dates from 2023 through 2027.

Fair Value Measurements - Schedule of Fair Value Hierarchy of Financial Assets Carried at Fair Value and Measured on Recurring Basis (Details) - Fair Value Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Deferred compensation assets	$ 12,710	$ 7,974
Total assets at fair value	12,926	12,343
Liabilities
Deferred compensation liabilities	12,710	7,974
Interest rate derivatives	16,814
Total liabilities at fair value	29,524	7,974
Money market and other funds
ASSETS
Cash equivalents: money market and other funds	216	4,369
Quoted prices in active markets using identical assets (Level 1)
ASSETS
Deferred compensation assets	12,710	7,974
Total assets at fair value	12,926	12,343
Liabilities
Deferred compensation liabilities	12,710	7,974
Interest rate derivatives	0
Total liabilities at fair value	12,710	7,974
Quoted prices in active markets using identical assets (Level 1) \| Money market and other funds
ASSETS
Cash equivalents: money market and other funds	216	4,369
Significant other observable inputs (Level 2)
ASSETS
Deferred compensation assets	0	0
Total assets at fair value	0	0
Liabilities
Deferred compensation liabilities	0	0
Interest rate derivatives	16,814
Total liabilities at fair value	16,814	0
Significant other observable inputs (Level 2) \| Money market and other funds
ASSETS
Cash equivalents: money market and other funds	0	0
Significant unobservable inputs (Level 3)
ASSETS
Deferred compensation assets	0	0
Total assets at fair value	0	0
Liabilities
Deferred compensation liabilities	0	0
Interest rate derivatives	0
Total liabilities at fair value	0	0
Significant unobservable inputs (Level 3) \| Money market and other funds
ASSETS
Cash equivalents: money market and other funds	$ 0	$ 0

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Salaries and related benefit expenses	$ 12,891	$ 17,481
Accrued legal costs	2,897	1,102
Accrued vendor and advertising costs	1,411	2,726
Accrued taxes	5,076	85,965
Accrued fixed and variable acquisition consideration	1,139	897
Accrued cash-settled stock-based compensation	6,783	2,121
Interest rate derivatives	8,517	0
Other	2,218	920
Total accrued expenses and other current liabilities	$ 40,932	$ 111,212

Revenue Recognition

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Note 4: Revenue Recognition

Revenue primarily consists of advisory revenue, commission revenue, asset-based revenue, and transaction and fee revenue.

Revenues by major category and the timing of revenue recognition was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Recognized upon transaction:
Commission	$	18,084	$	17,881	$	36,885	$	38,505
Transaction and fee	1,079		1,262		2,012		2,506
Total revenue recognized upon transaction	$	19,163	$	19,143	$	38,897	$	41,011
Recognized over time:
Advisory	$	103,316	$	104,155	$	200,841	$	211,324
Commission	23,755		24,954		46,426		51,985
Asset-based	33,193		6,964		67,080		12,627
Transaction and fee	7,501		7,453		11,664		12,125
Total revenue recognized over time	$	167,765	$	143,526	$	326,011	$	288,061
Total revenue:
Advisory	$	103,316	$	104,155	$	200,841	$	211,324
Commission	41,839		42,835		83,311		90,490
Asset-based	33,193		6,964		67,080		12,627
Transaction and fee	8,580		8,715		13,676		14,631
Total revenue	$	186,928	$	162,669	$	364,908	$	329,072

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Derivative Financial Instruments - Schedule of Gross Fair Value of Our Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 0	$ 0
Derivative Liabilities	16,814	0
Accrued Expenses and Other Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	8,500
Derivatives designated as hedging instruments under ASC 815
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	15,938	0
Derivatives not designated as hedging instruments under ASC 815
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	876	0
Interest Rate Collars \| Derivatives designated as hedging instruments under ASC 815
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	15,938	0
Interest rate caps \| Derivatives not designated as hedging instruments under ASC 815
Derivatives, Fair Value [Line Items]
Derivative Assets	0	0
Derivative Liabilities	$ 876	$ 0

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Operating Lease Expense

Operating lease cost, net of sublease income, and cash paid on operating lease liabilities for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed lease cost	$	974	$	947	$	1,936	$	1,920
Variable lease cost	340		363		748		765
Operating lease cost, before sublease income	1,314		1,310		2,684		2,685
Sublease income	(479)		(234)		(958)		(468)
Total operating lease cost, net of sublease income	$	835	$	1,076	$	1,726	$	2,217

Additional lease information:
Cash paid on operating lease liabilities	$	1,312	$	1,262	$	2,619	$	2,491
Lease liabilities obtained from new right-of-use assets	$	—	$	128	$	—	$	128

Schedule of Supplemental Balance Sheet Information Related to Leases

Right-of-use assets and operating lease liabilities were recorded on the condensed consolidated balance sheets as follows (in thousands):


	June 30, 2023			December 31, 2022
Right-of-use assets, net	$	18,556		$	19,361

Current lease liabilities	$	5,177		$	5,139
Long-term lease liabilities	28,622			30,332
Total operating lease liabilities	$	33,799		$	35,471

Weighted-average remaining lease term (in years)	9.1			9.4
Weighted-average discount rate	5.5		%	5.5		%

Schedule of Maturities of Operating Lease Liabilities

The maturities of our operating lease liabilities as of June 30, 2023 were as follows (in thousands):



Undiscounted cash flows:
Remainder of 2023	$	2,670
2024	5,184
2025	5,086
2026	4,256
2027	3,858
Thereafter	22,315
Total undiscounted cash flows	43,369
Imputed interest	(9,570)
Present value of cash flows	$	33,799

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2: Summary of Significant Accounting Policies Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared by us under the rules and regulations of the SEC for interim financial reporting. These condensed consolidated financial statements are unaudited and, in management’s opinion, include all adjustments, consisting of normal recurring adjustments and accruals, necessary for a fair presentation of the condensed consolidated financial position, results of operations, and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2022. Interim results are not necessarily indicative of results for a full year. A summary of our significant accounting policies is included in Note 2 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022. Other than below, there have been no significant changes in our significant accounting policies since December 31, 2022. Derivative Financial Instruments We primarily enter into derivative financial instruments as part of our strategy to manage our exposure to changes in interest rates. Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying term (such as an interest rate or index) as specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying term. We do not enter into derivative instruments for any purpose other than hedging interest rate risk, and none of our derivative instruments are used for trading purposes. We recognize derivatives as assets or liabilities on our consolidated balance sheets at their fair value in accordance with ASC 815, Derivatives and Hedging. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Currently, we have only designated derivative instruments as cash flow hedges. We may also enter into derivative contracts that are intended to economically hedge interest rate risk, even though hedge accounting does not apply or we elect not to apply hedge accounting. To qualify for hedge accounting, concurrent with the execution of a derivative contract, we formally document our risk management objective and strategy for undertaking the hedging transaction, how the hedging instrument is expected to hedge the designated risk related to the hedged item, and the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. For derivatives designated as cash flow hedging instruments, changes in fair value are initially recorded net of tax in accumulated other comprehensive income (loss) and subsequently reclassified into earnings when the hedged transaction affects earnings. Additionally, changes in the fair value of amounts excluded from the assessment of effectiveness are recorded net of tax in accumulated other comprehensive income (loss) and recognized in earnings using a straight-line amortization method over the term of instrument. Changes in fair value for derivative contracts that do not qualify for hedge accounting (or for those that we elect to not apply hedge accounting), are immediately recognized within earnings. Realized and unrealized gains and losses for derivatives are presented in the statements of comprehensive income (loss) based on the nature and use of the instrument. We prospectively discontinue hedge accounting if it is determined that the derivative is no longer effective in offsetting the designated risk of the hedged item, the derivative is terminated prior to maturity, or the occurrence of the forecasted transaction (for a cash flow hedge) is no longer probable. When hedge accounting for a cash flow hedge is discontinued, any subsequent changes in fair value of the derivative are recognized immediately in earnings. The cumulative unrealized gain or loss related to the discontinued hedge continues to be reported in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the same manner discussed above, unless it is probable that the forecasted transaction will not occur by the end of the originally specified time period, in which case the cumulative unrealized gain or loss is reclassified into earnings immediately.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 5,254	$ 74,045
Less: Income from discontinued operations, net of income taxes	1,921	69,646
Income from continuing operations	3,333	4,399
Adjustments to reconcile income from continuing operations to net cash from operating activities:
Depreciation and amortization of acquired intangible assets	19,745	18,178
Stock-based compensation	11,093	9,818
Change in the fair value of acquisition-related contingent consideration	0	(5,320)
Reduction of right-of-use lease assets	805	715
Deferred income taxes	(858)	(1,023)
Amortization of debt discount and issuance costs	440	0
Accretion of lease liabilities	948	1,020
Other non-cash items	2,739	2,575
Changes in operating assets and liabilities, net of acquisitions and disposals:
Accounts receivable, net	(992)	4,430
Commissions and advisory fees receivable	(1,326)	3,859
Prepaid expenses and other current assets	(14,531)	(2,333)
Other long-term assets	(5,406)	(8,816)
Accounts payable	(5,359)	(4,178)
Commissions and advisory fees payable	1,054	(4,316)
Lease liabilities	(2,620)	(2,491)
Deferred revenue	617	(443)
Accrued expenses and other current and long-term liabilities	(84,901)	(1,166)
Net cash provided (used) by operating activities from continuing operations	(75,219)	14,908
Investing activities:
Purchases of property, equipment, and software	(5,499)	(9,019)
Asset acquisitions	(5,451)	(1,858)
Net cash used by investing activities from continuing operations	(10,950)	(10,877)
Financing activities:
Proceeds from credit facilities, net of debt discount and issuance costs	261,543	0
Payments on credit facilities	(1,688)	(906)
Acquisition-related fixed and contingent consideration payments	(287)	(98)
Stock repurchases	(328,119)	(35,000)
Proceeds from issuance of stock through employee stock purchase plan	1,584	2,324
Proceeds from stock option exercises	1,057	174
Tax payments from shares withheld for equity awards	(4,270)	(2,036)
Net cash used by financing activities from continuing operations	(70,180)	(35,542)
Net cash used by continuing operations	(156,349)	(31,511)
Net cash provided by operating activities from discontinued operations	0	32,980
Net cash provided (used) by investing activities from discontinued operations	2,212	(2,771)
Net cash provided by financing activities from discontinued operations	0	0
Net cash provided by discontinued operations	2,212	30,209
Net decrease in cash and cash equivalents	(154,137)	(1,302)
Cash and cash equivalents, beginning of period	263,928	100,629
Cash and cash equivalents, end of period	109,791	99,327
Supplemental cash flow information:
Cash paid for income taxes	97,420	1,958
Cash paid for interest	$ 6,041	$ 14,301

Derivative Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended	38 Months Ended
	Jun. 30, 2023 USD ($) derivativeContract derivativeContractSold	Jun. 30, 2023 USD ($)	May 31, 2026 USD ($)
Derivative [Line Items]
Notional value representing cash balance percentage	64.00%	64.00%
Cash flow hedges reclassified into earnings within next twelve months	$ 4.9	$ 4.9
Income tax benefit	$ 3.9	3.9
Interest Rate Collars \| Cash Flow Hedges of Interest Rate Risk
Derivative [Line Items]
Number of derivative contracts \| derivativeContract	2
Notional value	$ 1,500.0	$ 1,500.0
Floor instrument strike rate	2.50%	2.50%
Interest Rate Collars \| Cash Flow Hedges of Interest Rate Risk \| Forecast
Derivative [Line Items]
Total interest rate cost			$ 15.3
Interest rate caps \| Economic Hedges of Interest Rate Risk
Derivative [Line Items]
Notional value	$ 240.0	$ 240.0
Number of derivative contracts sold \| derivativeContractSold	2
Derivative strike rate	5.50%	5.50%
Interest rate caps sold		$ 1.2
Interest rate caps \| Cash Flow Hedges of Interest Rate Risk
Derivative [Line Items]
Cap instrument strike rate	5.50%	5.50%

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Note 12: Stockholders' Equity Capital Return Program On January 27, 2023, we commenced a modified “Dutch Auction” tender offer (the “Tender Offer”) to purchase shares of our common stock for an aggregate purchase price of up to $250.0 million at a price per share not less than $27.00 and not greater than $31.00. The Tender Offer was in addition to, and separate from, the $200.0 million stock repurchase authorization discussed below. Upon the conclusion of the Tender Offer, we repurchased and subsequently retired approximately 8.3 million shares of our common stock at the purchase price of $30.00 per share, for aggregate cash consideration of $250.0 million. We incurred approximately $4.5 million for fees and expenses associated with the Tender Offer, including approximately $2.4 million for estimated excise taxes owed under the Inflation Reduction Act of 2022, which were recorded within stockholders’ equity. Repurchased common stock that is subsequently retired is deducted from common stock for par value and from additional paid-in capital for the excess over par value. Direct costs incurred to repurchase common stock are included in the total cost of the shares. Stock Repurchase Authorization On December 19, 2022, we announced that our board of directors authorized the Company to repurchase up to $200.0 million of our common stock. This repurchase authorization does not obligate us to repurchase any specific number of shares, may be suspended or discontinued at any time, and does not have a specified expiration date. For the three months ended June 30, 2023, we repurchased approximately 2.2 million shares of our common stock under the stock repurchase authorization for an aggregate purchase price of approximately $51.2 million. For the six months ended June 30, 2023, we repurchased approximately 3.2 million shares of our common stock under the stock repurchase authorization for an aggregate purchase price of approximately $76.0 million. The remaining authorized amount under the stock repurchase authorization as of June 30, 2023, was approximately $124.0 million. For the three months ended June 30, 2022, we repurchased approximately 0.2 million shares of our common stock under our previous stock repurchase plan for an aggregate purchase price of approximately $4.5 million. For the six months ended June 30, 2022, we repurchased approximately 1.9 million shares of our common stock under our previous stock repurchase plan for an aggregate purchase price of approximately $35.0 million. Between July 1, 2023 and August 4, 2023, we repurchased approximately 0.4 million shares of our common stock under the stock repurchase authorization for an aggregate purchase price of approximately $9.1 million. The remaining authorized amount under the stock repurchase authorization as of August 4, 2023, was approximately $115.0 million.

- Definition

The entire disclosure for equity.

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+ Details

Derivative Financial Instruments - Schedule of Rollforward of the Amounts Included in Accumulated Other Comprehensive Loss, Net of Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Equity attributable to parent	$ 411,200	$ 743,198	$ 389,453	$ 348,873	$ 341,622
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	468,044
Changes in fair value	(12,393)
Reclassification to earnings	332
Ending balance	411,200
Accumulated Other Comprehensive Income (Loss)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Equity attributable to parent	(12,061)	0	$ 0	$ 0	$ 0
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0
Ending balance	(12,061)
Interest Rate Collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Equity attributable to parent	(15,938)	0
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0
Changes in fair value	(16,377)
Reclassification to earnings	439
Ending balance	(15,938)
Deferred Taxes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Equity attributable to parent	3,877	$ 0
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0
Changes in fair value	3,984
Reclassification to earnings	(107)
Ending balance	$ 3,877

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Income from continuing operations	$ 3,581		$ 847		$ 3,333	$ 4,399
Income from discontinued operations	0		38,578		1,921	69,646
Net income	$ 3,581	$ 1,673	$ 39,425	$ 34,620	$ 5,254	$ 74,045
Denominator:
Basic weighted average common shares outstanding (in shares)	38,349		47,582		41,497	48,048
Dilutive potential common shares (in shares)	852		1,108		1,018	1,172
Diluted weighted average common shares outstanding (in shares)	39,201		48,690		42,515	49,220
Basic net income per share:
Continuing operations (in dollars per share)	$ 0.09		$ 0.02		$ 0.08	$ 0.09
Discontinued operations (in dollars per share)	0		0.81		0.05	1.45
Basic net income per share: (in dollars per share)	0.09		0.83		0.13	1.54
Diluted net income per share:
Continuing operations (in dollars per share)	0.09		0.02		0.08	0.09
Discontinued operations (in dollars per share)	0		0.79		0.04	1.41
Diluted net income per share: (in dollars per share)	$ 0.09		$ 0.81		$ 0.12	$ 1.50
Shares excluded (in shares)	510		960		427	935

Debt - Schedule of Company's Debt (Details) - Delayed Draw Term Loan Facility - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal outstanding	$ 268,313	$ 0
Unamortized debt issuance costs	(5,505)	0
Unamortized debt discount	(1,284)	0
Net carrying value	$ 261,524	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 3,581	$ 1,673	$ 39,425	$ 34,620	$ 5,254	$ 74,045

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Note 6: Debt

Our debt consisted of the following as of the periods indicated in the table below (in thousands):


	June 30, 2023		December 31, 2022
	Delayed Draw Term Loan Facility
Principal outstanding	$	268,313	$	—
Unamortized debt issuance costs	(5,505)		—
Unamortized debt discount	(1,284)		—
Net carrying value	$	261,524	$	—

In May 2017, we entered into a credit agreement (as the same has been amended, the “Credit Agreement”) with a syndicate of lenders, which provided for a term loan facility and a revolving line of credit (including a letter of credit sub-facility) for working capital, capital expenditures, and general business purposes. Subject to the terms of the Credit Agreement, we repaid the remaining principal amount outstanding under the Credit Agreement in connection with the TaxAct Sale in the fourth quarter of 2022.

On January 24, 2023 (the “Closing Date”), we entered into a restatement agreement (the “Amended and Restated Credit Agreement”), which amended and restated in its entirety our previous Credit Agreement. The Amended and Restated Credit Agreement provides for a new delayed draw term loan facility up to a maximum principal amount of $270.0 million (the “Delayed Draw Term Loan Facility”) and a revolving credit facility with a commitment amount of $50.0 million (the “Revolving Credit Facility”). We may borrow term loans under the Delayed Draw Term Loan Facility (the “Term Loans”) until January 24, 2024. The stated maturity date of the Delayed Draw Term Loan Facility and the Revolving Credit Facility is January 24, 2028 (the “Maturity Date”). The proceeds of any Term Loans may be used to fund shareholder distributions and for general corporate purposes. The proceeds of any loans under the Revolving Credit Facility may be used to finance working capital needs and for general corporate purposes. On February 24, 2023, we borrowed $170.0 million under the Delayed Draw Term Loan Facility. During the second quarter of 2023, we borrowed the remaining $100.0 million available under the Delayed Draw Term Loan Facility.

We capitalized approximately $8.5 million of debt discount and issuance costs in connection with the Amended and Restated Credit Agreement. A portion of these costs were allocated to the Revolving Credit Facility and are included in other long-term assets on the Company’s condensed consolidated balance sheets.

As of June 30, 2023, we had $268.3 million in principal amount outstanding under the Delayed Draw Term Loan Facility and no amounts outstanding under the Revolving Credit Facility. As of June 30, 2023, $50.0 million was available for future borrowings under the Revolving Credit Facility, subject to customary terms and conditions. Subject to certain conditions set forth in the Amended and Restated Credit Agreement, we may borrow, prepay, and reborrow under the Revolving Credit Facility and terminate or reduce the Lenders’ commitments at any time prior to the Maturity Date.

We are required to make quarterly principal amortization payments on the Delayed Draw Term Loan Facility on the last business day of each fiscal quarter, beginning with the last business day of June 2023. These payments will amortize in equal quarterly installments based on the following aggregate annual amounts (expressed as a percentage of the principal amount of Term Loans borrowed): 2.5% during the first year ended December 31, 2023, 5% during years two and three, 7.5% during year four, and 10% during year five. Any remaining Term Loans outstanding are due on the Maturity Date.

Commencing with the first year ending December 31, 2023, we may be required to make annual prepayments on the Term Loans in an amount equal to a percentage of Excess Cash Flow (as defined in the Amended and Restated Credit Agreement). The percentage of Excess Cash Flow ranges from 0% to 50% depending on our Consolidated First Lien Net Leverage Ratio (as defined in the Amended and Restated Credit Agreement). We may voluntarily prepay the Term Loans in whole or in part without premium or penalty.

Subject to customary reference rate availability provisions, the borrowings under the Amended and Restated Credit Agreement will bear interest at a rate per annum equal to (i) the Term SOFR Rate (as defined in the Amended and Restated Credit Agreement, and which includes a 0.10% credit spread adjustment) plus a margin ranging from 2.25% to 2.75% (which margin would be 2.75% as of the Closing Date), or (ii) a base rate based on the highest of the Wall Street Journal prime rate, the federal funds rate plus 0.50% and the Term SOFR (as defined in the Amended and Restated Credit Agreement, and which includes a 0.10% credit spread adjustment) rate plus

1.00%, in each case plus a margin ranging from 1.25% to 1.75% (which margin would be 1.75% as of the Closing Date). The margin is determined based on the Company’s Consolidated First Lien Net Leverage Ratio (as defined in the Amended and Restated Credit Agreement). We are required to pay a quarterly commitment fee on the daily amount of the undrawn portion of the revolving commitments under the Revolving Credit Facility ranging from 0.35% to 0.45%. Interest is payable at the end of each interest period, typically quarterly.

The obligations of the Company under the Amended and Restated Credit Agreement are secured by a first-priority security interest in substantially all of the existing and future personal property of the Company and certain of its subsidiaries.

Pursuant to the Amended and Restated Credit Agreement, we shall not permit (i) the Consolidated Total Net Leverage Ratio (as defined in the Amended and Restated Credit Agreement) to exceed 4.00 to 1.00 between March 31, 2023 and June 30, 2024, or 3.75 to 1.00 between July 1, 2024 and the Maturity Date, (ii) the Consolidated Fixed Charge Coverage Ratio (as defined in the Amended and Restated Credit Agreement) to be less than 1.25 to 1.00 or (iii) Liquidity (as defined in the Amended and Restated Credit Agreement) on the last day of any fiscal quarter to be less than $50 million. The Company was in compliance with the debt covenants of the Amended and Restated Credit Agreement as of June 30, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 186,928	$ 162,669	$ 364,908	$ 329,072
Operating expenses:
Cost of revenue	110,847	114,446	219,099	235,634
Engineering and technology	2,191	2,302	4,912	4,116
Sales and marketing	27,423	24,882	53,604	47,056
General and administrative	26,335	21,721	58,736	45,596
Acquisition and integration	(39)	(6,792)	83	(5,126)
Depreciation	3,588	2,642	7,176	5,085
Amortization of acquired intangible assets	6,231	6,462	12,569	13,093
Total operating expenses	176,576	165,663	356,179	345,454
Operating income (loss) from continuing operations	10,352	(2,994)	8,729	(16,382)
Interest expense and other, net	(4,698)	(212)	(3,804)	(265)
Income (loss) from continuing operations before income taxes	5,654	(3,206)	4,925	(16,647)
Income tax benefit (expense)	(2,073)	4,053	(1,592)	21,046
Income from continuing operations	3,581	847	3,333	4,399
Discontinued operations (Note 3)
Income from discontinued operations before gain on disposal and income taxes	0	45,874	0	96,517
Pre-tax gain on disposal	0	0	2,539	0
Income from discontinued operations before income taxes	0	45,874	2,539	96,517
Income tax benefit (expense)	0	(7,296)	(618)	(26,871)
Income from discontinued operations	0	38,578	1,921	69,646
Net income	$ 3,581	$ 39,425	$ 5,254	$ 74,045
Basic net income per share:
Continuing operations (in dollars per share)	$ 0.09	$ 0.02	$ 0.08	$ 0.09
Discontinued operations (in dollars per share)	0	0.81	0.05	1.45
Basic net income per share: (in dollars per share)	0.09	0.83	0.13	1.54
Diluted net income per share:
Continuing operations (in dollars per share)	0.09	0.02	0.08	0.09
Discontinued operations (in dollars per share)	0	0.79	0.04	1.41
Diluted net income per share: (in dollars per share)	$ 0.09	$ 0.81	$ 0.12	$ 1.50
Weighted average shares outstanding:
Basic (in shares)	38,349	47,582	41,497	48,048
Diluted (in shares)	39,201	48,690	42,515	49,220
Comprehensive income (loss):
Net income	$ 3,581	$ 39,425	$ 5,254	$ 74,045
Other comprehensive loss, net of tax	(12,061)	0	(12,061)	0
Comprehensive income (loss)	$ (8,480)	$ 39,425	$ (6,807)	$ 74,045

Debt - Narrative (Details) - USD ($)			3 Months Ended	6 Months Ended
Debt - Narrative (Details) - USD ($)	Feb. 24, 2023	Jan. 24, 2023	Jun. 30, 2023	Jun. 30, 2023
Term Loan
Debt Instrument [Line Items]
Debt outstanding			$ 268,300,000	$ 268,300,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding			0	0
Amended and Restate Credit Facility
Debt Instrument [Line Items]
Payments of debt issuance costs		$ 8,500,000
Amount available for future borrowings			50,000,000	$ 50,000,000
Credit spread adjustment (as a percent)		0.10%
Liquidity requirement		$ 50,000,000
Amended and Restate Credit Facility \| April 1, 2021 Through December 31, 2021
Debt Instrument [Line Items]
Line of credit facility, leverage ratio		4.00
Amended and Restate Credit Facility \| January 1, 2022 Through September 30, 2022
Debt Instrument [Line Items]
Line of credit facility, leverage ratio		3.75
Amended and Restate Credit Facility \| October 1, 2022 Through December 31, 2022
Debt Instrument [Line Items]
Line of credit facility, leverage ratio		1.25
Amended and Restate Credit Facility \| Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.35%
Amended and Restate Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.45%
Amended and Restate Credit Facility \| SOFR
Debt Instrument [Line Items]
Variable interest rate		2.75%
Amended and Restate Credit Facility \| SOFR \| Minimum
Debt Instrument [Line Items]
Variable interest rate		2.25%
Amended and Restate Credit Facility \| SOFR \| Maximum
Debt Instrument [Line Items]
Variable interest rate		2.75%
Amended and Restate Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Variable interest rate		0.50%
Amended and Restate Credit Facility \| Base rate
Debt Instrument [Line Items]
Credit spread adjustment (as a percent)		0.10%
Variable interest rate		1.00%
Amended and Restate Credit Facility \| Base rate \| Minimum
Debt Instrument [Line Items]
Variable interest rate		1.25%
Amended and Restate Credit Facility \| Base rate \| Maximum
Debt Instrument [Line Items]
Variable interest rate		1.75%
Amended and Restate Credit Facility \| Term Loan
Debt Instrument [Line Items]
Credit facility		$ 270,000,000
Proceeds from credit facilities, net of debt discount and issuance costs	$ 170,000,000		$ 100,000,000
Quarterly amortization, year one (as a percent)			2.50%	2.50%