Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 120,274 $ 88,196
Adjustments to reconcile net income to cash flows provided by operating activities:    
Loss (income) from equity method investment in related party (3,611) 558
Amortization 49,553 52,896
Depreciation 4,369 2,440
Prepaid and deferred compensation expense 4,374 18,341
Non-cash equity based compensation 36,528 43,028
Amortization of deferred debt issuance costs 6,080 5,984
Amortization of interest rate cap premium 3,477 1,159
Deferred income tax expense (benefit) 11,853 (6,866)
Loss on Tax Receivable Agreement 216 7,173
Change (net of acquisitions) in:    
Commissions and fees receivable - net (67,525) (33,755)
Accrued interest liability (330) 7,456
Other current assets and accrued liabilities (31,807) (5,565)
Other non-current assets and accrued liabilities 11,385 (16,334)
Total cash flows provided by operating activities 144,836 164,711
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (5,362) (6,797)
Business combinations - net of cash acquired and cash held in a fiduciary capacity (103,927) 0
Repayments of prepaid incentives 15 7
Total cash flows used for investing activities (109,274) (6,790)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from senior secured notes 0 394,000
Payment of interest rate cap premium 0 (25,500)
Repayment of term debt (8,250) (8,250)
Debt issuance costs paid 0 (2,369)
Finance lease and other costs paid 0 (18)
Payment of contingent consideration (4,477) (6,241)
Tax distributions to LLC Unitholders (34,529) (26,222)
Receipt of taxes related to net share settlement of equity awards 1,895 1,062
Taxes paid related to net share settlement of equity awards (1,895) (1,062)
Net change in fiduciary liabilities 198,073 54,357
Total cash flows provided by financing activities 150,817 379,757
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash held in a fiduciary capacity (657) 352
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN A FIDUCIARY CAPACITY 185,722 538,030
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 1,953,107 1,677,691
Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents 965,987 866,669
Cash held in a fiduciary capacity 987,120 811,022
Total cash, cash equivalents, and cash held in a fiduciary capacity $ 1,953,107 $ 1,677,691