Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows (Unaudited)

v3.25.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (4,389) $ 40,677
Adjustments to reconcile net income (loss) to cash flows provided by operating activities:    
Income from equity method investment in related party (4,937) (5,606)
Amortization 64,985 27,988
Depreciation 2,639 2,080
Prepaid and deferred compensation expense 10,799 918
Non-cash equity-based compensation 19,873 17,310
Amortization of deferred debt issuance costs 2,374 3,409
Amortization of interest rate cap premium 1,739 1,739
Deferred income tax expense 2,720 2,139
Deferred income tax expense from common control reorganization 48,115 0
Changes in operating assets and liabilities, net of acquisitions:    
Commissions and fees receivable – net (17,088) (4,751)
Accrued interest liability (11,801) 5,958
Other current and non-current assets 41,130 2,061
Other current and non-current accrued liabilities (298,984) (210,461)
Total cash flows used in operating activities (142,825) (116,539)
CASH FLOWS FROM INVESTING ACTIVITIES    
Business combinations – net of cash acquired and cash held in a fiduciary capacity (555,641) 0
Capital expenditures (16,730) (7,628)
Asset acquisitions (664) 0
Total cash flows used in investing activities (573,035) (7,628)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on Revolving Credit Facility 574,056 0
Repayments on Revolving Credit Facility (150,000) 0
Debt issuance costs paid (1,548) 0
Repayment of term debt (4,250) 0
Receipt of contingently returnable consideration 1,927 0
Payment of contingent consideration (25,150) 0
Receipt of taxes related to net share settlement of equity awards 1,569 130
Taxes paid related to net share settlement of equity awards (1,700) (130)
Class A common stock dividends and Dividend Equivalents paid (15,074) (40,021)
Distributions and Declared Distributions paid to non-controlling LLC Unitholders (6,796) (5,617)
Payment of accrued return on Ryan Re preferred units (85) (1,883)
Net change in fiduciary liabilities (36,109) 37,326
Total cash flows provided by (used in) financing activities 336,840 (10,195)
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 10,081 (657)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY (368,939) (135,019)
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance 1,680,805 1,756,332
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance 1,311,866 1,621,313
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity    
Cash and cash equivalents 203,549 665,420
Cash and cash equivalents held in a fiduciary capacity 1,108,317 955,893
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 1,311,866 $ 1,621,313