XML 17 R6.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Cash flows from operating activities              
Net (loss) $ (18,698,000) $ (14,584,000) $ (21,226,000) $ (9,848,000) $ (53,262,000) $ (44,096,000)  
Adjustments to reconcile net (loss) to net cash provided by operating activities:              
Non-cash equity-based compensation expense         43,943,000 44,216,000  
Non-cash lease expense         508,000 539,000  
Depreciation expense on property and equipment         275,000 295,000  
Amortization of intangible assets 1,700,000   1,700,000   5,188,000 4,064,000 $ 5,755,000
Amortization of deferred debt issuance costs 200,000   200,000   597,000 626,000  
Change in fair value of contingent consideration         0 (6,591,000)  
Impairment of cost method investment 0       1,406,000 8,594,000  
Credit losses         (220,000) (109,000)  
Deferred taxes         0 1,054,000  
Tax receivable agreement liability adjustments         6,000 (576,000)  
Changes in operating assets and liabilities:              
Accounts receivable         27,167,000 42,840,000  
Prepaid expenses and other current assets         3,059,000 5,451,000  
Other assets         375,000 322,000  
Accounts payable         (15,243,000) (19,452,000)  
Accrued expenses         1,138,000 (2,223,000)  
Net cash provided by operating activities         14,937,000 34,954,000  
Cash flows from investing activities              
Purchases of property and equipment         (60,000) (93,000)  
Cash consideration paid in connection with CHT acquisition         0 (49,677,000)  
Net cash (used in) investing activities         (60,000) (49,770,000)  
Cash flows from financing activities              
Revolving credit facility         0 25,000,000  
Repayments on revolving line of credit         0 (15,000,000)  
Repayments on long-term debt         (7,125,000) (7,125,000)  
Repurchases of Class A common stock         0 (5,008,000)  
Contributions from QLH’s members         196,000 0  
Distributions         (1,572,000) (590,000)  
Payments pursuant to tax receivable agreement         (2,822,000) (216,000)  
Shares withheld for taxes on vesting of restricted stock units         (2,900,000) (2,601,000)  
Net cash (used in) financing activities         (14,223,000) (5,540,000)  
Net increase (decrease) in cash and cash equivalents         654,000 (20,356,000)  
Cash and cash equivalents, beginning of period   $ 14,542,000   $ 50,564,000 14,542,000 50,564,000 50,564,000
Cash and cash equivalents, end of period $ 15,196,000   $ 30,208,000   15,196,000 30,208,000 $ 14,542,000
Supplemental disclosures of cash flow information              
Interest         10,081,000 4,628,000  
Income taxes paid, net of refunds         (233,000) (2,144,000)  
Non-cash Investing and Financing Activities:              
Adjustments to liabilities under the tax receivable agreement         0 (1,619,000)  
Establishment of deferred tax assets in connection with the Reorganization Transactions         0 (1,642,000)  
Fair value of contingent consideration in connection with CHT acquisition         $ 0 $ 7,007,000