Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 36,457 $ 18,076
Adjustments to reconcile net income to cash flows used for operating activities:    
Loss (gain) from equity method investment in related party (1,995) 543
Amortization 25,185 26,663
Depreciation 2,192 1,211
Prepaid and deferred compensation expense 2,212 9,684
Non-cash equity based compensation 17,879 23,248
Amortization of deferred debt issuance costs 3,039 2,811
Amortization of interest rate cap premium 1,739 0
Deferred income tax expense (benefit) 2,875 (8,251)
Loss on Tax Receivable Agreement 0 7,718
Change (net of acquisitions) in:    
Commissions and fees receivable - net (1,212) 20,543
Accrued interest liability (4,743) 2,877
Other current assets and accrued liabilities (250,299) (164,924)
Other non-current assets and accrued liabilities 7,460 (5,669)
Total cash flows used for operating activities (159,211) (65,470)
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (2,793) (2,224)
Business combinations - net of cash acquired and cash held in a fiduciary capacity (102,059) 0
Prepaid incentives issued - net of repayments 0 (497)
Total cash flows used for investing activities (104,852) (2,721)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from senior secured notes 0 394,000
Repayment of term debt (4,125) (4,125)
Debt issuance costs paid 0 (1,803)
Finance lease and other costs paid 0 (6)
Payment of contingent consideration (4,477) 0
Tax distributions to LLC Unitholders (264) (187)
Receipt of taxes related to net share settlement of equity awards 404 105
Taxes paid related to net share settlement of equity awards (404) (105)
Net Change In Fiduciary Liabilities (20,754) (79,148)
Total cash flows (used for) provided by financing activities (29,620) 308,731
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash held in a fiduciary capacity 85 816
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN A FIDUCIARY CAPACITY (293,598) 241,356
Cash, cash equivalents, and cash held in a fiduciary capacity-Beginning balance 1,767,385 1,139,661
Cash, cash equivalents, and cash held in a fiduciary capacity-Ending balance 1,473,787 1,381,017
Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents 704,746 706,370
Cash held in a fiduciary capacity 769,041 674,647
Total cash, cash equivalents, and cash held in a fiduciary capacity $ 1,473,787 $ 1,381,017