Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 135,977 $ 117,475
Adjustments to reconcile net income to cash flows provided by operating activities:    
Loss (income) from equity method investment in related party (5,882) 414
Amortization 79,125 78,563
Depreciation 6,570 3,903
Prepaid and deferred compensation expense 8,882 27,256
Non-cash equity based compensation 54,136 61,084
Amortization of deferred debt issuance costs 9,125 9,017
Amortization of interest rate cap premium 5,216 2,898
Deferred income tax expense 11,745 4,597
Deferred income tax expense from reorganization 20,679 0
Loss on Tax Receivable Agreement 478 7,173
Change (net of acquisitions) in:    
Commissions and fees receivable - net 3,875 24,341
Accrued interest liability (4,293) 3,016
Other current assets and accrued liabilities (98,213) (192,752)
Other non-current assets and accrued liabilities 22,915 3,999
Total cash flows provided by operating activities 250,335 150,984
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (16,013) (12,026)
Business combinations - net of cash acquired and cash held in a fiduciary capacity (366,149) 0
Repayments of prepaid incentives 228 337
Total cash flows used for investing activities (381,934) (11,689)
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 (12,375) (12,375)
Debt issuance costs paid 0 (2,369)
Finance lease and other costs paid 0 (27)
Payment of contingent consideration (4,477) (6,241)
Tax distributions to LLC Unitholders (52,633) (32,678)
Receipt of taxes related to net share settlement of equity awards 7,786 7,132
Taxes paid related to net share settlement of equity awards (7,091) (6,832)
Net change in fiduciary liabilities 36,832 (54,775)
Total cash flows (used for) provided by financing activities (31,958) 260,335
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash held in a fiduciary capacity (828) (1,274)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN A FIDUCIARY CAPACITY (164,385) 398,356
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 1,603,000 1,538,017
Supplemental Cash Flow Information [Abstract]    
Cash and cash equivalents 754,370 833,135
Cash held in a fiduciary capacity 848,630 704,882
Total cash, cash equivalents, and cash held in a fiduciary capacity $ 1,603,000 $ 1,538,017