XML 95 R9.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net income $ 20,440 $ 20,881
Less: Net income from discontinued operation, net of tax 0 834
Net income from continuing operations 20,440 20,047
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 8,966 3,340
Allowance for credit losses 69 0
(Gains) losses on sale of intangible assets and property and equipment (86) 12
Stock-based compensation expense 1,012 0
Non-cash lease expense 756 503
Other non-cash items (10) 5
Change in:    
Commission receivable (3,889) (4,216)
Accounts receivable (2,800) (1,667)
Other current and non-current assets 151 (74)
Commissions payable 1,951 4,284
Operating lease liabilities (802) (537)
Other current liabilities 3,121 1,567
Net cash provided by operating activities from continuing operations 28,879 23,264
Net cash provided by operating activities from discontinued operation 0 839
Net cash provided by operating activities 28,879 24,103
Cash Flows from Investing Activities    
Proceeds from disposition of intangible assets 84 524
Proceeds from disposition of property and equipment 2 2
Purchase of intangible assets (21,395) (6,315)
Purchase of property and equipment (280) (217)
Net cash used in investing activities from continuing operations (21,589) (6,006)
Net cash provided by investing activities from discontinued operation 0 64
Net cash used in investing activities (21,589) (5,942)
Cash Flows from Financing Activities    
Proceeds from borrowings 0 10,000
Repayment of borrowings (42,968) (1,973)
Distributions to members (7,099) (13,163)
Cash derecognized upon distribution of EVO to members (see Note 2) 0 (2,229)
Net proceeds from IPO, net of underwriting costs 200,674 0
Payment of deferred offering costs (7,122) (127)
Payment of equity issuance costs (38) 0
Net change in carrier liabilities 4,547 1,414
Payment of deferred acquisition payable (847) (8)
Net cash provided by (used in) financing activities from continuing operations 147,147 (6,086)
Net cash used in financing activities from discontinued operation 0 (11,305)
Net cash provided by (used in) financing activities 147,147 (17,391)
Net change in cash, cash equivalents and restricted cash from continuing operations 154,437 11,172
Net change in cash, cash equivalents and restricted cash from discontinued operation 0 (10,402)
Net change in cash, cash equivalents and restricted cash 154,437 770
Cash, cash equivalents and restricted cash from continuing operations - beginning balance 46,468 30,262
Cash, cash equivalents and restricted cash from discontinued operation - beginning balance 0 10,402
Cash, cash equivalents and restricted cash - beginning balance 46,468 40,664
Cash, cash equivalents and restricted cash - ending balance 200,905 41,434
Less: Cash, cash equivalents and restricted cash from discontinued operation - ending balance 0 0
Cash, cash equivalents and restricted cash from continuing operations - ending balance 200,905 41,434
Reconciliation of cash, cash equivalents and restricted cash, end of period:    
Cash and cash equivalents 191,196 33,623
Restricted cash 9,709 7,811
Cash, cash equivalents and restricted cash, end of period 200,905 41,434
Net change in cash and cash equivalents 151,899 890
Net change in restricted cash 2,538 (120)
Net change in cash, cash equivalents and restricted cash 154,437 770
Supplemental cash flow information:    
Cash paid for interest 2,298 328
Non-cash investing and financing activities:    
Additions to intangible assets and offsetting additions to deferred acquisition payable 396 1,395
Additions to intangible assets and offsetting additions to members' equity 25,560 0
Additions to intangible assets and offsetting additions to other current liabilities 8 0
Settlement of deferred acquisition payable through the issuance of Class A common units 4,524 0
Distribution to members $ 0 $ 6,260