Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 229,913 $ 194,480 $ 163,257
Adjustments to reconcile net income to cash flows provided by operating activities:      
Loss (income) from equity method investment in related party (18,231) (8,731) 414
Amortization 157,845 106,799 103,601
Depreciation 9,785 9,038 5,690
Prepaid and deferred compensation expense 30,834 12,192 28,831
Non-cash equity-based compensation 78,995 69,743 77,480
Amortization of debt issuance costs 23,930 12,172 12,054
Amortization of interest rate cap premium 6,955 6,955 4,636
Deferred income tax expense 16,798 7,134 8,986
Deferred income tax expense from common control reorganizations 9,519 18,356 0
(Gain) loss on Tax Receivable Agreement (2,099) 11,170 5,553
Changes in operating assets and liabilities, net of acquisitions:      
Commissions and fees receivable – net (22,007) (44,185) (20,370)
Accrued interest liability 20,337 934 7,776
Other current and non-current assets (20,668) 5,773 (19,127)
Other current and non-current liabilities (7,038) 75,373 (43,267)
Total cash flows provided by operating activities 514,868 477,203 335,514
CASH FLOWS FROM INVESTING ACTIVITIES      
Business combinations – net of cash acquired and cash held in a fiduciary capacity (1,708,737) (446,682) 0
Capital expenditures (47,001) (29,776) (15,043)
Asset acquisitions 0 0 (7,714)
Repayments of prepaid incentives 0 228 337
Total cash flows used in investing activities (1,755,738) (476,230) (22,420)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from Senior Secured Notes 1,187,400 0 394,000
Borrowings on Revolving Credit Facility 1,250,000 0 0
Repayments on Revolving Credit Facility (1,250,000) 0 0
Debt issuance costs paid (25,536) 0 (2,369)
Proceeds from term debt 107,625 0 0
Repayment of term debt (8,250) (16,500) (16,500)
Payment of interest rate cap premium, net 0 0 (23,326)
Payment of contingent consideration 0 (4,477) (6,241)
Tax distributions to non-controlling LLC Unitholders (82,702) (71,674) (39,883)
Receipt of taxes related to net share settlement of equity awards 27,930 7,811 7,168
Taxes paid related to net share settlement of equity awards (27,460) (8,785) (7,168)
Payment of Tax Receivable Agreement liabilities (21,578) (16,206) (8,309)
Dividends paid to Class A common shareholders (80,236) 0 0
Distributions to non-controlling LLC Unitholders (22,209) 0 0
Payment of accrued return on Ryan Re preferred units (2,130) 0 0
Finance lease and other costs paid 0 0 (36)
Net change in fiduciary liabilities 114,003 97,221 17,420
Total cash flows provided by (used in) financing activities 1,166,857 (12,610) 314,756
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (1,514) 584 (126)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY (75,527) (11,053) 627,724
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance 1,756,332 1,767,385 1,139,661
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance 1,680,805 1,756,332 1,767,385
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity      
Cash and cash equivalents 540,203 838,790 992,723
Cash and cash equivalents held in a fiduciary capacity 1,140,602 917,542 774,662
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 1,680,805 $ 1,756,332 $ 1,767,385