Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 187,358 $ 135,977
Adjustments to reconcile net income to cash flows provided by operating activities:    
(Income) from equity method investment in related party (13,510) (5,882)
Amortization 97,711 79,125
Depreciation 6,820 6,570
Prepaid and deferred compensation expense 25,220 8,882
Non-cash equity-based compensation 61,664 54,136
Amortization of deferred debt issuance costs 21,838 9,125
Amortization of interest rate cap premium 5,216 5,216
Deferred income tax expense (benefit) (1,959) 11,745
Deferred income tax expense from reorganization 0 20,679
Loss on Tax Receivable Agreement 646 478
Changes in operating assets and liabilities, net of acquisitions:    
Commissions and fees receivable – net 21,514 3,875
Accrued interest liability 2,260 (4,293)
Other current and non-current assets (12,826) 10,935
Other current and non-current accrued liabilities (146,724) (86,233)
Total cash flows provided by operating activities 255,228 250,335
CASH FLOWS FROM INVESTING ACTIVITIES    
Business combinations – net of cash acquired and cash held in a fiduciary capacity (1,256,732) (366,149)
Capital expenditures (29,705) (16,013)
Repayments of prepaid incentives 0 228
Total cash flows used in investing activities (1,286,437) (381,934)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from Senior Secured Notes 595,200 0
Borrowings on Revolving Credit Facility 850,000 0
Repayments on Revolving Credit Facility (850,000) 0
Debt issuance costs paid (16,771) 0
Proceeds from term debt 107,625 0
Repayment of term debt (8,250) (12,375)
Payment of contingent consideration 0 (4,477)
Tax distributions to non-controlling LLC Unitholders (65,833) (52,633)
Receipt of taxes related to net share settlement of equity awards 26,502 7,786
Taxes paid related to net share settlement of equity awards (18,516) (7,091)
Dividends paid to Class A common shareholders (66,507) 0
Distributions to non-controlling LLC Unitholders (16,754) 0
Payment of accrued return on Ryan Re preferred units (2,047) 0
Net change in fiduciary liabilities 90,700 36,832
Total cash flows provided by (used in) financing activities 625,349 (31,958)
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 5,641 (828)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY (400,219) (164,385)
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 1,356,113 1,603,000
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity    
Cash and cash equivalents 235,199 754,370
Cash and cash equivalents held in a fiduciary capacity 1,120,914 848,630
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 1,356,113 $ 1,603,000