Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 59,606 $ 63,205
Adjustments to reconcile net income to cash flows from (used for) operating activities:    
Loss (gain) from non-controlling equity interest (434) (87)
Amortization 55,113 19,149
Depreciation 2,422 1,629
Prepaid & deferred compensation expense 23,035 7,297
Equity-based compensation expense 7,595 4,136
Amortization of deferred debt issuance costs 4,748 687
Deferred tax benefit (loss) (40) 196
Change (net of acquisitions and divestitures) in:    
Commissions and fees receivable - net (29,089) (24,434)
Accrued interest 333 129
Other current assets and accrued liabilities (11,932) 12,282
Other non-current assets and accrued liabilities (3,642) (15,855)
Total cash flows provided by operating activities 107,715 68,334
CASH FLOWS FROM INVESTING ACTIVITIES    
Asset acquisitions   (5,236)
Prepaid incentives issued – net of repayments 3,786 (4,279)
Equity method investment in related party   (23,500)
Capital expenditures (3,941) (7,858)
Total cash flows used for investing activities (155) (40,873)
CASH FLOWS FROM FINANCING ACTIVITIES    
Distribution to non-controlling interest holders (48,368)  
Equity repurchases (3,880) (39,156)
Repayment of term debt (8,250) (4,063)
Borrowing of term debt   150,000
Repayment of subordinated notes   (20,000)
Borrowings on revolving credit facilities   848
Repayments on revolving credit facilities   (44,000)
Deferred offering costs paid (4,191)  
Finance lease costs paid (75) (36)
Debt issuance costs paid (1,289)  
Cash distributions to members (47,039) (13,644)
Total cash flows (used for) provided by financing activities (113,092) 29,949
Effect of changes in foreign exchange rates on cash and cash equivalents 409 (2,130)
NET CHANGE IN CASH AND CASH EQUIVALENTS (5,123) 55,280
CASH AND CASH EQUIVALENTS—Beginning balance 312,651 52,016
CASH AND CASH EQUIVALENTS—Ending balance 307,528 107,296
Supplemental cash flow information:    
Interest and financing costs paid 32,518 14,032
Income taxes paid 5,897 2,055
Related party asset acquisition   (6,077)
Forgiveness of related party receivable   6,077
Accretion of premium on mezzanine equity 1,196 615
Accretion of premium on mezzanine equity in accumulated deficit (1,196) $ (615)
Repurchase of vested common units (745)  
Issuance of unsecured promissory note $ 745