Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.22.2.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 117,475 $ 27,016
Adjustments to reconcile net income to cash flows provided by operating activities:    
Loss (gain) from equity method investment 414 (610)
Amortization 78,563 82,095
Depreciation 3,903 3,601
Prepaid and deferred compensation expense 27,256 34,960
Non-cash equity based compensation 61,084 46,877
Amortization of deferred debt issuance costs 9,017 8,546
Amortization of interest rate cap premium 2,898 0
Deferred income tax expense (benefit) 4,597 (5,860)
Loss on extinguishment of existing debt 0 8,634
Loss on tax receivable agreement 7,173 0
Change (net of acquisitions) in:    
Commissions and fees receivable - net 24,341 6,004
Accrued interest liability 3,016 602
Other current assets and accrued liabilities (192,752) 27,751
Other non-current assets and accrued liabilities 3,999 (85,241)
Total cash flows provided by operating activities 150,984 154,375
CASH FLOWS FROM INVESTING ACTIVITIES    
Asset acquisitions 0 (343,158)
Prepaid incentives - repayments 337 4,136
Capital expenditures (12,026) (6,429)
Total cash flows used for investing activities (11,689) (345,451)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from senior secured notes 394,000 0
Payment of interest rate cap premium (25,500) 0
Repayment of term debt (12,375) (12,375)
Debt issuance costs paid (2,369) (1,893)
Finance lease and other costs paid (27) (108)
Payment of contingent consideration (6,241) (4,495)
Purchase of remaining interest in Ryan Re 0 (48,368)
Repurchases of preferred equity 0 (78,256)
Cash distribution to LLC Unitholders (32,678) (47,039)
Repayments of unsecured promissory notes 0 (1,108)
Receipt of taxes related to net share settlement of equity awards 7,132 0
Taxes paid related to net share settlement of equity awards (6,832) 0
Net Change In Fiduciary Liabilities (54,775) 52,422
Total cash flows provided by financing activities 260,335 346,116
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash held in a fiduciary capacity (1,274) (1,486)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN A FIDUCIARY CAPACITY 398,356 153,554
Cash, cash equivalents, and cash held in a fiduciary capacity-Beginning balance 1,139,661 895,704
Cash, cash equivalents, and cash held in a fiduciary capacity-Ending balance 1,538,017 1,049,258
Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents 833,135 413,695
Cash held in a fiduciary capacity 704,882 635,563
Total cash, cash equivalents, and cash held in a fiduciary capacity 1,538,017 1,049,258
IPO [Member]    
CASH FLOWS FROM FINANCING ACTIVITIES    
Equity repurchases from pre-IPO unitholders 0 (3,880)
Repurchase of pre-IPO LLC Units and payment of Alternative TRA Payments 0 (780,352)
Common Class A [Member] | IPO [Member]    
CASH FLOWS FROM FINANCING ACTIVITIES    
Repurchase of Class A common stock in the IPO 0 (183,616)
Issuance of Class A common stock in the IPO, net of offering costs paid $ 0 $ 1,455,184