Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows (Unaudited)

v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 40,597 $ (4,389)  
Adjustments to reconcile net income (loss) to cash flows provided by operating activities:      
Income from equity method investments (5,531) (4,937)  
Amortization 65,340 64,985  
Depreciation 4,062 2,639  
Prepaid and deferred compensation expense 13,700 10,799  
Non-cash equity-based compensation 17,351 19,873  
Amortization of deferred debt issuance costs 2,422 2,374  
Amortization of interest rate cap premium 0 1,739  
Deferred income tax expense 3,142 2,720  
Deferred income tax expense from common control reorganization 0 48,115  
Changes in operating assets and liabilities, net of acquisitions:      
Commissions and fees receivable – net (77,800) (17,088)  
Accrued interest liability (21,470) (11,801)  
Other current and non-current assets 18,524 41,130  
Other current and non-current liabilities (227,748) (298,984)  
Total cash flows used in operating activities (167,411) (142,825)  
CASH FLOWS FROM INVESTING ACTIVITIES      
Business combinations – net of cash acquired and cash held in a fiduciary capacity 0 (555,641)  
Capital expenditures (13,265) (16,730)  
Asset acquisitions 0 (664)  
Total cash flows used in investing activities (13,265) (573,035)  
CASH FLOWS FROM FINANCING ACTIVITIES      
Borrowings on Revolving Credit Facility 524,942 574,056  
Repayments on Revolving Credit Facility (279,375) (150,000)  
Debt issuance costs paid 0 (1,548)  
Repayment of term debt (4,250) (4,250)  
Receipt of contingently returnable consideration 3,140 1,927  
Payment of contingent consideration (17) (25,150)  
Tax distributions to non-controlling LLC Unitholders (1,294) 0  
Receipt of taxes related to net share settlement of equity awards 1,714 1,569  
Taxes paid related to net share settlement of equity awards (1,496) (1,700)  
Class A common stock dividends and Dividend Equivalents paid (16,795) (15,074)  
Distributions and Declared Distributions paid to non-controlling LLC Unitholders (8,071) (6,796)  
Repurchases of Class A common stock (40,019) 0  
Payments related to Ryan Re preferred units 0 (85)  
Net change in fiduciary liabilities (92,194) (36,109)  
Total cash flows provided by financing activities 86,285 336,840  
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (5,191) 10,081  
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY (99,582) (368,939)  
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance 1,584,470 1,680,805 $ 1,680,805
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance 1,484,888 1,311,866 1,584,470
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity      
Cash and cash equivalents 154,650 203,549 158,322
Cash and cash equivalents held in a fiduciary capacity 1,330,238 1,108,317  
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 1,484,888 $ 1,311,866 $ 1,584,470