Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net Income $ 163,257 $ 56,632 $ 70,513
Adjustments to reconcile net income to cash flows provided by operating activities:      
Loss (gain) from equity method investment in related party 414 759 (440)
Amortization 103,601 107,877 63,567
Depreciation 5,690 4,806 3,934
Prepaid and deferred compensation expense 28,831 46,470 21,619
Non-cash equity-based compensation 77,480 67,534 10,800
Amortization of deferred debt issuance costs 12,054 11,372 5,002
Amortization of interest rate cap premium 4,636 0 0
Deferred income tax expense (benefit) 8,986 (1,154) 203
Loss on extinguishment of existing debt 0 8,634 1,708
Loss on Tax Receivable Agreement 5,553 0 0
Change (net of acquisitions) in:      
Commissions and fees receivable - net (20,370) (29,657) (31,174)
Accrued interest liability 7,776 760 4
Other current assets and accrued liabilities (63,659) 78,728 15,516
Other non-current assets and accrued liabilities 1,265 (79,268) (25,859)
Total cash flows provided by operating activities 335,514 273,493 135,393
CASH FLOWS FROM INVESTING ACTIVITIES      
Business combinations - net of cash acquired and cash held in fiduciary capacity 0 (108,883) (717,961)
Asset acquisitions (7,714) (343,158) (5,236)
Prepaid incentives issued- net of repayments 337 3,885 (9,313)
Equity method investment in related party 0 0 (23,500)
Capital expenditures (15,043) (9,781) (12,498)
Total cash flows used for investing activities (22,420) (457,937) (768,508)
CASH FLOWS FROM FINANCING ACTIVITIES      
Contributions of members' and mezzanine equity 0 0 118,122
Allocation of contribution to Redeemable Preferred Units embedded derivative 0 0 814
Proceeds from senior secured notes 394,000 0 0
Payment of interest rate cap premium (25,500) 0 0
Interest rate cap receipts 2,174 0 0
Repayment of term debt (16,500) (16,500) (144,750)
Borrowing of term debt 0 0 1,650,000
Debt issuance costs paid (2,369) (2,431) (78,799)
Finance lease and other costs paid (36) (129) 235
Payment of contingent consideration (6,241) (4,495) 0
Purchase of remaining interest in Ryan Re 0 (48,368) 0
Repurchases of preferred equity 0 (78,256) 0
Tax distributions to LLC unitholders (39,883) (47,096) (50,121)
Repayments of unsecured promissory notes 0 (1,108) 0
Repayment of subordinated notes 0 0 (25,000)
Borrowings on revolving credit facilities 0 0 305,517
Repayments on revolving credit facilities 0 0 (734,214)
Receipt of taxes related to net share settlement of equity awards 7,168 0 0
Taxes paid related to net share settlement of equity awards (7,168) 0 0
Payment of Tax Receivable Agreement liabilities (8,309) 0 0
Net change in fiduciary liabilities 17,420 147,418 136,062
Total cash flows provided by financing activities 314,756 429,284 1,125,304
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash held in a fiduciary capacity (126) (883) 1,353
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN A FIDUCIARY CAPACITY 627,724 243,957 493,542
CASH, CASH EQUIVALENTS, AND CASH HELD IN A FIDUCIARY CAPACITY-Beginning balance 1,139,661 895,704 402,162
CASH, CASH EQUIVALENTS, AND CASH HELD IN A FIDUCIARY CAPACITY-Ending balance 1,767,385 1,139,661 895,704
Supplemental cash flow information:      
Cash and cash equivalents 992,723 386,962 312,651
Cash held in a fiduciary capacity 774,662 752,699 583,053
Total cash, cash equivalents, and cash held in a fiduciary capacity 1,767,385 1,139,661 895,704
IPO [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES      
Equity repurchases from pre-IPO unitholders 0 (3,880) (52,562)
Repurchase of pre-IPO LLC Units and payment of Alternative TRA Payments 0 (780,352) 0
Common Class A [Member] | IPO [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES      
Repurchase of Class A common stock in the IPO 0 (183,616) 0
Issuance of Class A common stock in the IPO, net of offering costs paid $ 0 $ 1,448,097 $ 0