Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 194,480 $ 163,257 $ 56,632
Adjustments to reconcile net income to cash flows provided by operating activities:      
Loss (income) from equity method investment in related party (8,731) 414 759
Amortization 106,799 103,601 107,877
Depreciation 9,038 5,690 4,806
Prepaid and deferred compensation expense 12,192 28,831 46,470
Non-cash equity-based compensation 69,743 77,480 67,534
Amortization of deferred debt issuance costs 12,172 12,054 11,372
Amortization of interest rate cap premium 6,955 4,636 0
Deferred income tax expense (benefit) 7,134 8,986 (1,154)
Deferred income tax expense from common control reorganizations 18,356 0 0
Loss on extinguishment of existing debt 0 0 8,634
Loss on Tax Receivable Agreement 11,170 5,553 0
Changes in operating assets and liabilities, net of acquisitions:      
Commissions and fees receivable - net (44,185) (20,370) (29,657)
Accrued interest liability 934 7,776 760
Other current assets and accrued liabilities 40,360 (63,659) 78,728
Other non-current assets and accrued liabilities 40,786 1,265 (79,268)
Total cash flows provided by operating activities 477,203 335,514 273,493
CASH FLOWS FROM INVESTING ACTIVITIES      
Business combinations - net of cash acquired and cash held in fiduciary capacity (446,682) 0 (108,883)
Asset acquisitions 0 (7,714) (343,158)
Repayments of prepaid incentives 228 337 3,885
Capital expenditures (29,776) (15,043) (9,781)
Total cash flows used in investing activities (476,230) (22,420) (457,937)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from senior secured notes 0 394,000 0
Payment of interest rate cap premium, net 0 (23,326) 0
Repayment of term debt (16,500) (16,500) (16,500)
Debt issuance costs paid 0 (2,369) (2,431)
Finance lease and other costs paid 0 (36) (129)
Payment of contingent consideration (4,477) (6,241) (4,495)
Purchase of remaining interest in Ryan Re 0 0 (48,368)
Repurchase of preferred equity 0 0 (78,256)
Tax distributions to LLC unitholders (71,674) (39,883) (47,096)
Equity repurchases from pre-IPO unitholders 0 0 (3,880)
Repayments of unsecured promissory notes 0 0 (1,108)
Receipt of taxes related to net share settlement of equity awards 7,811 7,168 0
Taxes paid related to net share settlement of equity awards (8,785) (7,168) 0
Payment of Tax Receivable Agreement liabilities (16,206) (8,309) 0
Net change in fiduciary liabilities 97,221 17,420 147,418
Total cash flows provided by (used in) financing activities (12,610) 314,756 429,284
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 584 (126) (883)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY (11,053) 627,724 243,957
CASH, CASH EQUIVALENTS, AND CASH HELD IN A FIDUCIARY CAPACITY-Beginning balance 1,767,385 1,139,661 895,704
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY - Ending balance 1,756,332 1,767,385 1,139,661
Supplemental cash flow information:      
Cash and cash equivalents 838,790 992,723 386,962
Cash and cash equivalents held in a fiduciary capacity 917,542 774,662 752,699
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity 1,756,332 1,767,385 1,139,661
IPO [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES      
Repurchase of pre-IPO LLC Units and payment of Alternative TRA Payments 0 0 (780,352)
Common Class A [Member] | IPO [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES      
Repurchase of Class A common stock in the IPO 0 0 (183,616)
Issuance of Class A common stock in the IPO, net of offering costs paid $ 0 $ 0 $ 1,448,097