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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Cash flows from operating activities            
Net income (loss) $ (368) $ 177 $ 10,146 $ (191) $ 18,981  
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:            
Non-cash equity-based compensation expense       22,123 1,156  
Depreciation expense on property and equipment       173 137  
Amortization of intangible assets 700   800 1,492 1,603 $ 3,201
Amortization of deferred debt issuance costs 300   100 694 226  
Bad debt expense       235 219  
Deferred taxes       (865) 0  
Tax receivable agreement liability adjustments       (156) 0  
Changes in operating assets and liabilities:            
Accounts receivable       21,775 (974)  
Prepaid expenses and other current assets       2,472 (261)  
Other assets       310 (4,625)  
Accounts payable       (51,940) 25,167  
Accrued expenses       (1,922) (2,344)  
Net cash (used in) provided by operating activities       (5,800) 39,285  
Cash flows from investing activities            
Purchases of property and equipment       (470) (92)  
Purchase of cost method investment       0 (10,000)  
Net cash (used in) investing activities       (470) (10,092)  
Cash flows from financing activities            
Revolving line of credit       0 7,500  
Repayments on revolving line of credit       0 (7,500)  
Repayments on long-term debt       0 (812)  
Repurchase of Class B units at QLH up to fair value       0 (1,453)  
Distributions       (110) (10,527)  
Shares withheld for taxes on vesting of restricted stock units       (2,174) 0  
Net cash (used in) financing activities       (2,284) (12,792)  
Net (decrease) increase in cash and cash equivalents       (8,554) 16,401  
Cash and cash equivalents, beginning of period   $ 23,554   23,554 10,028 10,028
Cash and cash equivalents, end of period $ 15,000   $ 26,429 15,000 26,429 $ 23,554
Supplemental disclosures of cash flow information            
Interest       2,644 3,028  
Redemption of Class B units of QLH in excess of fair value       0 791  
Non-cash Investing and Financing Activities:            
Establishment of liabilities under the tax receivable agreement       (53,519) 0  
Establishment of deferred tax assets       $ (59,763) $ 0