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
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 27,016 $ 74,001
Adjustments to reconcile net income to cash flows from (used for) operating activities:    
Loss (gain) from equity method investment (610) (413)
Amortization 82,095 34,789
Depreciation 3,601 2,658
Prepaid and deferred compensation expense 34,960 12,559
Non-cash equity based compensation 46,877 6,355
Amortization of deferred debt issuance costs 8,546 1,758
Deferred income taxes (5,860) (56)
Loss on extinguishment of existing debt 8,634 1,708
Change (net of acquisitions and divestitures) in:    
Commissions and fees receivable - net 6,004 17,669
Accrued interest 602 19
Other current assets and accrued liabilities 27,751 (121,565)
Other non-current assets and accrued liabilities (85,241) (27,218)
Total cash flows provided by operating activities 154,375 2,264
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for acquisition - net of cash acquired (808,546)
Asset acquisitions (343,158) (5,236)
Prepaid incentives issued – net of repayments 4,136 (6,213)
Equity method investment in related party (23,500)
Capital expenditures (6,429) (10,596)
Total cash flows used for investing activities (345,451) (854,091)
CASH FLOWS FROM FINANCING ACTIVITIES    
Contribution of members' equity and preferred equity 118,936
Purchase of remaining interest in Ryan Re (48,368)
Payment of contingent consideration (4,495)
Repurchases of preferred equity (78,256)
Repayment of term debt (12,375) (140,625)
Repayments of unsecured promissory notes (1,108)
Borrowing of term debt 1,650,000
Repayment of subordinated notes (25,000)
Repayments on revolving credit facilities (428,697)
Finance lease and other costs paid (108) 230
Debt issuance costs paid (1,893) (70,484)
Total cash flows (used for) provided by financing activities 293,694 1,013,698
Effect of changes in foreign exchange rates on cash and cash equivalents (1,574) (1,095)
NET CHANGE IN CASH AND CASH EQUIVALENTS 101,044 160,776
CASH AND CASH EQUIVALENTS—Beginning balance 312,651 52,016
CASH AND CASH EQUIVALENTS—Ending balance 413,695 212,792
Supplemental cash flow information:    
Interest and financing costs paid 51,050 23,641
Income taxes paid 6,341 5,811
Exchange of Founders' subordinated promissory notes for equity issued (74,990)
Loss on extinguishment of Founders' subordinated promissory notes (6,941)
Common equity issued as consideration for business combination 102,000
IPO [Member]    
CASH FLOWS FROM FINANCING ACTIVITIES    
Euity repurchases from pre IPO unitholders (3,880) (44,957)
Cash Distribution to pre-IPO unitholders (47,039) (45,705)
Repurchase of pre-IPO LLC Units and payment of Alternative TRA Payments (780,352)
Common Equity [Member]    
Supplemental cash flow information:    
Equity issued in exchange for founders' subordinate promissory notes 7,661
Preferred Equity [Member]    
Supplemental cash flow information:    
Equity issued in exchange for founders' subordinate promissory notes 74,270
Common Class A [Member]    
Supplemental cash flow information:    
Issuance of common stock in connection with Common Blocker Merger 21
Common Class A [Member] | IPO [Member]    
CASH FLOWS FROM FINANCING ACTIVITIES    
Repurchase of Class A common stock in the IPO (183,616)
Issuance of Class A common stock in the IPO, net of offering costs paid 1,455,184
Common Class X [Member]    
Supplemental cash flow information:    
Issuance of common stock in connection with Common Blocker Merger $ 1