Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows (Unaudited)

v3.25.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 182,919 $ 187,358
Adjustments to reconcile net income to cash flows provided by operating activities:    
Income from equity method investments (15,050) (13,510)
Amortization 204,841 97,711
Depreciation 9,134 6,820
Prepaid and deferred compensation expense 33,613 25,220
Non-cash equity-based compensation 50,988 61,664
Amortization of deferred debt issuance costs 7,157 21,838
Amortization of interest rate cap premium 5,216 5,216
Deferred income tax expense (benefit) 11,472 (1,959)
Deferred income tax expense from common control reorganization 47,978 0
Loss on Tax Receivable Agreement 783 646
Changes in operating assets and liabilities, net of acquisitions:    
Commissions and fees receivable – net (6,392) 21,514
Accrued interest liability (12,489) 2,260
Other current and non-current assets 19,520 (12,826)
Other current and non-current accrued liabilities (159,269) (146,724)
Total cash flows provided by operating activities 380,421 255,228
CASH FLOWS FROM INVESTING ACTIVITIES    
Business combinations – net of cash acquired and cash held in a fiduciary capacity (636,925) (1,256,732)
Capital expenditures (50,678) (29,705)
Equity method investment in VSIC (16,561) 0
Asset acquisitions (3,014) 0
Total cash flows used in investing activities (707,178) (1,286,437)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from Senior Secured Notes 0 595,200
Borrowings on Revolving Credit Facility 1,114,872 850,000
Repayments on Revolving Credit Facility (990,857) (850,000)
Debt issuance costs paid (2,889) (16,771)
Proceeds from term debt 0 107,625
Repayment of term debt (12,750) (8,250)
Receipt of contingently returnable consideration 1,927 0
Payment of contingent consideration (29,252) 0
Tax distributions to non-controlling LLC Unitholders (45,695) (65,833)
Receipt of taxes related to net share settlement of equity awards 35,174 26,502
Taxes paid related to net share settlement of equity awards (36,051) (18,516)
Class A common stock dividends and Dividend Equivalents paid (46,825) (66,507)
Distributions and Declared Distributions paid to non-controlling LLC Unitholders (20,428) (16,754)
Payment of accrued return on Ryan Re preferred units (249) (2,047)
Net change in fiduciary liabilities 38,341 90,700
Total cash flows provided by financing activities 5,318 625,349
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 14,507 5,641
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY (306,932) (400,219)
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 1,373,873 1,356,113
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity    
Cash and cash equivalents 153,485 235,199
Cash and cash equivalents held in a fiduciary capacity 1,220,388 1,120,914
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 1,373,873 $ 1,356,113