XML 26 R7.htm IDEA: XBRL DOCUMENT v3.22.4
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 $ 2,630 $ 8,296 $ 18,755
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 7,109 5,117 3,570
Bad debt expense 6,198 2,999 1,576
Equity based compensation 19,642 7,292 4,745
Impact of tax receivable agreement 24,703 40,759 48,760
Deferred income taxes (22,478) (43,277) (49,066)
Noncash lease expense 1,998 5,949 13,623
Changes in operating assets and liabilities:      
Receivable from franchisees (722) (11,647) (7,085)
Commissions and agency fees receivable (4,504) 4,722 (12,909)
Prepaid expenses 451 (1,080) (1,718)
Other assets 548 (805) (2,581)
Accounts payable and accrued expenses 2,513 4,004 2,541
Deferred rent 0 0 (7,365)
Contract liabilities (2,055) 14,407 11,406
Premiums payable (309) 629 400
Payments pursuant to the tax receivable agreement 0 (1,921) (9)
Net cash provided by operating activities 35,724 35,444 24,643
Cash flows from investing activities:      
Proceeds from notes receivable 43 32 35
Purchase of software (2,484) (2,669) (393)
Purchase of property and equipment (10,130) (12,738) (9,975)
Net cash used for investing activities (12,571) (15,375) (10,333)
Cash flows from financing activities:      
Debt issuance cost 0 (666) (677)
Repayment of revolving credit facility (50,000) 0 0
Repayment of term note payable (4,375) (4,369) (27,821)
Proceeds from revolving credit facility 25,000 20,000 5,000
Proceeds from term note payable 0 24,619 59,821
Proceeds from the issuance of Class A common stock 6,130 4,590 5,040
Member distributions and dividends to stockholders 0 (60,000) (44,697)
Net cash used for financing activities (23,245) (15,826) (3,334)
Net increase (decrease) in cash and cash equivalents, and restricted cash (92) 4,243 10,976
Cash and cash equivalents, and restricted cash, beginning of period 30,479 26,236 15,260
Cash and cash equivalents, and restricted cash, end of period 30,387 30,479 26,236
Supplemental disclosure of cash flow data:      
Cash paid during the year for interest 4,774 2,351 1,887
Cash paid for income taxes $ 484 $ 272 $ 270