$DRCT
Direct Digital Holdings, Inc.

2023 Q1 Form 10-Q Financial Statement

#000155837023009830 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $21.22M $11.37M
YoY Change 86.65% 99.7%
Cost Of Revenue $14.79M $6.590M
YoY Change 124.44% 144.39%
Gross Profit $6.433M $4.781M
YoY Change 34.56% 59.5%
Gross Profit Margin 30.31% 42.05%
Selling, General & Admin $6.574M $4.196M
YoY Change 56.68% 38.77%
% of Gross Profit 102.2% 87.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $56.49K $488.5K
YoY Change -88.43% 0.0%
% of Gross Profit 0.88% 10.22%
Operating Expenses $6.574M $4.196M
YoY Change 56.69% 38.77%
Operating Profit -$141.3K $584.9K
YoY Change -124.17% -2332.76%
Interest Expense $1.017M $713.8K
YoY Change 42.52% -12.07%
% of Operating Profit 122.04%
Other Income/Expense, Net -$1.267M -$1.256M
YoY Change 0.86% 60.45%
Pretax Income -$1.409M -$671.6K
YoY Change 109.73% -17.01%
Income Tax -$74.65K $0.00
% Of Pretax Income
Net Earnings -$1.334M -$671.6K
YoY Change 98.61% -17.01%
Net Earnings / Revenue -6.29% -5.91%
Basic Earnings Per Share -$0.09 -$0.09
Diluted Earnings Per Share -$0.09 -$0.09
COMMON SHARES
Basic Shares Outstanding 14.58M 7.106M
Diluted Shares Outstanding 14.58M 7.106M

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.719M $4.407M
YoY Change 52.46%
Cash & Equivalents $6.719M $4.407M
Short-Term Investments
Other Short-Term Assets $1.038M $875.9K
YoY Change 18.49%
Inventory
Prepaid Expenses
Receivables $19.05M $7.754M
Other Receivables $0.00 $0.00
Total Short-Term Assets $26.81M $13.04M
YoY Change 105.62%
LONG-TERM ASSETS
Property, Plant & Equipment $664.9K $917.9K
YoY Change -27.56%
Goodwill $6.520M $6.520M
YoY Change 0.0%
Intangibles $13.15M $15.10M
YoY Change -12.94%
Long-Term Investments
YoY Change
Other Assets $46.99K $56.60K
YoY Change -16.99%
Total Long-Term Assets $26.38M $22.66M
YoY Change 16.38%
TOTAL ASSETS
Total Short-Term Assets $26.81M $13.04M
Total Long-Term Assets $26.38M $22.66M
Total Assets $53.18M $35.70M
YoY Change 48.97% -0.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.79M $5.920M
YoY Change 132.86%
Accrued Expenses $4.674M $6.087M
YoY Change -23.22%
Deferred Revenue $949.6K $431.4K
YoY Change 120.11%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $818.8K $687.5K
YoY Change 19.09%
Total Short-Term Liabilities $21.97M $13.34M
YoY Change 64.74%
LONG-TERM LIABILITIES
Long-Term Debt $22.86M $19.86M
YoY Change 15.1%
Other Long-Term Liabilities $4.989M $708.3K
YoY Change 604.38%
Total Long-Term Liabilities $27.85M $20.57M
YoY Change 35.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.97M $13.34M
Total Long-Term Liabilities $27.85M $20.57M
Total Liabilities $49.82M $33.90M
YoY Change 46.94%
SHAREHOLDERS EQUITY
Retained Earnings -$4.977M -$5.489M
YoY Change -9.33%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.368M $1.798M
YoY Change
Total Liabilities & Shareholders Equity $53.18M $35.70M
YoY Change 48.97%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.334M -$671.6K
YoY Change 98.61% -17.01%
Depreciation, Depletion And Amortization $56.49K $488.5K
YoY Change -88.43% 0.0%
Cash From Operating Activities $3.163M -$852.3K
YoY Change -471.1% -123.88%
INVESTING ACTIVITIES
Capital Expenditures $48.21K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$48.21K
YoY Change
Cash From Investing Activities -$48.21K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.33M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -443.7K 574.7K
YoY Change -177.2% -837.3%
NET CHANGE
Cash From Operating Activities 3.163M -852.3K
Cash From Investing Activities -48.21K
Cash From Financing Activities -443.7K 574.7K
Net Change In Cash 2.671M -277.6K
YoY Change -1062.11% -107.95%
FREE CASH FLOW
Cash From Operating Activities $3.163M -$852.3K
Capital Expenditures $48.21K
Free Cash Flow $3.115M
YoY Change

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4684431
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6718559
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4406800
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
650
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
879361
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
559069
CY2022Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
1137025
CY2022Q1 drct Redemption Of Common Units Included In Accursed Liabilities
RedemptionOfCommonUnitsIncludedInAccursedLiabilities
3962162
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates include the allocation of purchase price consideration in the business combination and the related valuation of acquired assets and liabilities, intangible assets, and goodwill impairment testing. The Company bases its estimates on past experiences, market conditions, and other assumptions that the Company believes are reasonable under the circumstances, and the Company evaluates these estimates on an ongoing basis.</p>
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
5218686
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4203
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4323
CY2023Q1 drct Accounts Receivable Guaranteed Recovery Of Uncollected Balances From Insurance Percent
AccountsReceivableGuaranteedRecoveryOfUncollectedBalancesFromInsurancePercent
0.90
CY2023Q1 drct Accounts Receivable Remittance From Insurance On Collection Of Full Amounts Percent
AccountsReceivableRemittanceFromInsuranceOnCollectionOfFullAmountsPercent
0.10
CY2023Q1 drct Accounts Receivable Provision For Doubtful Accounts Percent
AccountsReceivableProvisionForDoubtfulAccountsPercent
0.10
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-120
CY2022Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-2425
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13149304
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13637759
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of credit risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company has customers on both the buy-and sell-side of its business. The following table sets forth our consolidated concentration of accounts receivable:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.19%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:68.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">March 31, </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">December 31, </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;"> </b></p></td></tr><tr><td style="vertical-align:bottom;width:68.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:middle;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">    </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.22%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:middle;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">    </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.22%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;"> </b></p></td></tr><tr><td style="vertical-align:bottom;width:68.19%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Customer A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"> 67.3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">%  </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"> 79.8</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;width:68.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Customer H</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"> 8.7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">%  </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"> 5.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">%</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2023Q1 us-gaap Goodwill
Goodwill
6519636
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
949604
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
546710
CY2023Q1 us-gaap Advertising Expense
AdvertisingExpense
463438
CY2022Q1 us-gaap Advertising Expense
AdvertisingExpense
102348
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6718559
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
755648
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
707436
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
90711
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
34218
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
664937
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
673218
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
56493
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
0
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
56493
CY2020Q3 us-gaap Goodwill
Goodwill
4095700
CY2020Q3 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
18033850
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
488455
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
18033850
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4884546
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13149304
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1465364
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1953818
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1878602
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1652952
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1652952
CY2023Q1 drct Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
4545616
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13149304
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3312350
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4128505
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
364596
CY2022Q4 drct Liability Related To Tax Receivable Agreement Net Of Current Portion
LiabilityRelatedToTaxReceivableAgreementNetOfCurrentPortion
4149619
CY2023Q1 drct Liability Related To Tax Receivable Agreement
LiabilityRelatedToTaxReceivableAgreement
4286375
CY2022Q4 drct Liability Related To Tax Receivable Agreement
LiabilityRelatedToTaxReceivableAgreement
4332190
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
712631
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
206639
CY2023Q1 drct Accrued Severance Current
AccruedSeveranceCurrent
271495
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
12713
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
13524
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4673785
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4777764
CY2022Q3 us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
515096
CY2022Q3 drct Litigation Settlement Installment Payment Period
LitigationSettlementInstallmentPaymentPeriod
P24M
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
491250
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1310000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1310473
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
22411965
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
3337
CY2023Q1 drct Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
142975
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
25670000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
818750
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1994724
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
22856526
CY2023Q1 drct Current Portion Of Liability Related To Tax Receivable Agreement
CurrentPortionOfLiabilityRelatedToTaxReceivableAgreement
41141
CY2022Q4 drct Current Portion Of Liability Related To Tax Receivable Agreement
CurrentPortionOfLiabilityRelatedToTaxReceivableAgreement
182571
CY2023Q1 drct Liability Related To Tax Receivable Agreement Net Of Current Portion
LiabilityRelatedToTaxReceivableAgreementNetOfCurrentPortion
4245234
CY2022Q3 us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
515096
CY2022Q3 drct Litigation Settlement Installment Payment Period
LitigationSettlementInstallmentPaymentPeriod
P24M
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
79761
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
52288
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
756654
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
70014
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
743572
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
813586
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
121831
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
110215
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
156077
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
159755
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
163474
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
413729
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1125081
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
311495
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
813586
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5.50
CY2022Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
10167043
CY2022Q3 drct Remainder Of Principal And Interest For Common Units Redemption Price
RemainderOfPrincipalAndInterestForCommonUnitsRedemptionPrice
3998635
CY2023Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3220000
CY2022Q4 drct Class Of Warrant Or Right Weighted Average Exercise Price
ClassOfWarrantOrRightWeightedAverageExercisePrice
5.50
CY2022 drct Class Of Warrant Or Right Weighted Average Remaining Contractual Term Outstanding
ClassOfWarrantOrRightWeightedAverageRemainingContractualTermOutstanding
P4Y4M17D
CY2023Q1 drct Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
-2200
CY2023Q1 drct Class Of Warrant Or Right Weighted Average Exercise Price Exercised
ClassOfWarrantOrRightWeightedAverageExercisePriceExercised
5.50
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3217800
CY2023Q1 drct Class Of Warrant Or Right Weighted Average Exercise Price
ClassOfWarrantOrRightWeightedAverageExercisePrice
5.50
CY2023Q1 drct Class Of Warrant Or Right Weighted Average Remaining Contractual Term Outstanding
ClassOfWarrantOrRightWeightedAverageRemainingContractualTermOutstanding
P4Y4M17D
CY2023Q1 drct Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
3217800
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
254000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.69
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y5M8D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
19486
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
135015
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.96
CY2023Q1 drct Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedIntrinsicValue
24303
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
400
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.62
CY2023Q1 drct Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedIntrinsicValue
908
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
388615
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.48
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
393705
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
352764
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.67
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
236754
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.93
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
400
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
1.62
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
589118
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.58
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1333934
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-671623
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14575845
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7106471
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14575845
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7106471
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3606415
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3220000
CY2023Q1 drct Tax Receivable Agreement Percentage Of Net Cash Saving To Be Paid
TaxReceivableAgreementPercentageOfNetCashSavingToBePaid
0.85
CY2023Q1 drct Tax Receivable Agreement Percentage Of Net Cash Saving To Be Retained
TaxReceivableAgreementPercentageOfNetCashSavingToBeRetained
0.15
CY2022 drct Adjustments To Additional Paid In Capital Liability Related To Tax Receivable Agreement
AdjustmentsToAdditionalPaidInCapitalLiabilityRelatedToTaxReceivableAgreement
823481
CY2023Q1 drct Outside Basis Difference In Partnership On Non Cash Financial Activities
OutsideBasisDifferenceInPartnershipOnNonCashFinancialActivities
5240074
CY2023Q1 drct Liability Related To Tax Receivable Agreement
LiabilityRelatedToTaxReceivableAgreement
4286375
CY2023Q1 drct Current Portion Of Liability Related To Tax Receivable Agreement
CurrentPortionOfLiabilityRelatedToTaxReceivableAgreement
41141
CY2023Q1 drct Payment For Tax Receivable Agreement
PaymentForTaxReceivableAgreement
45815
CY2022Q1 drct Corporate Income Tax Rate On Taxable Income
CorporateIncomeTaxRateOnTaxableIncome
0.197
CY2022Q3 drct Corporate Income Tax Rate On Taxable Income
CorporateIncomeTaxRateOnTaxableIncome
0.2045
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-74648
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-74648
CY2023Q1 drct Corotate Income Tax Rate On Taxable Income
CorotateIncomeTaxRateOnTaxableIncome
0.053
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-74648
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
21222910
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11370337
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-141339
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
584871
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1408582
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-671623
CY2023Q1 us-gaap Assets
Assets
53184328
CY2022Q4 us-gaap Assets
Assets
58126039

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