Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 158,715 $ 120,274
Adjustments to reconcile net income to cash flows provided by operating activities:    
(Income) from equity method investment in related party (9,328) (3,611)
Amortization 58,529 49,553
Depreciation 4,353 4,369
Prepaid and deferred compensation expense 6,355 4,374
Non-cash equity-based compensation 38,205 36,528
Amortization of deferred debt issuance costs 6,436 6,080
Amortization of interest rate cap premium 3,477 3,477
Deferred income tax expense 15,314 11,853
Loss on Tax Receivable Agreement 372 216
Changes in operating assets and liabilities, net of acquisitions:    
Commissions and fees receivable - net (79,592) (67,525)
Accrued interest liability (62) (330)
Other current and non-current assets 4,017 15,862
Other current and non-current accrued liabilities (52,503) (36,284)
Total cash flows provided by operating activities 154,288 144,836
CASH FLOWS FROM INVESTING ACTIVITIES    
Business combinations - net of cash acquired and cash held in a fiduciary capacity (214,093) (103,927)
Capital expenditures (22,605) (5,362)
Repayments of prepaid incentives 0 15
Total cash flows used in investing activities (236,698) (109,274)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayment of term debt (8,250) (8,250)
Payment of contingent consideration 0 (4,477)
Tax distributions to non-controlling LLC Unitholders (44,610) (34,529)
Receipt of taxes related to net share settlement of equity awards 4,478 1,895
Taxes paid related to net share settlement of equity awards (4,586) (1,895)
Dividends paid to Class A common shareholders (53,022) 0
Distributions to non-controlling LLC Unitholders (11,250) 0
Payment of accrued return on Ryan Re preferred units (1,965) 0
Net change in fiduciary liabilities 191,396 198,073
Total cash flows provided by financing activities 72,191 150,817
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (2,010) (657)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY (12,229) 185,722
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY - Beginning balance 1,756,332 1,767,385
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY - Ending balance 1,744,103 1,953,107
Supplemental cash flow information:    
Cash and cash equivalents 612,437 965,987
Cash and cash equivalents held in a fiduciary capacity 1,131,666 987,120
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 1,744,103 $ 1,953,107